Lumax Auto Technologies' initial public offer, IPO of 30.12 lakh equity shares of Rs 10 each at a price of Rs 75 per equity share, was oversubscribed by 3.4 times.

The company would be raising Rs 22.59 crore through a fixed price issue, Lumax said in a release, reports The Economic Times.

The issue proceeds will be utilised for setting up of chassis assembly at Bhosari near Pune, expansion and modernisation of current manufacturing facilities at Chakan, near Pune and Waluj near Aurangabad, it said.

Lumax also plans to modernise its developing centre at Pune's Chinchwad locality, invest in its subsidiary for setting up automotive lighting unit at Pantnagar (Uttranchal), setting up a levelling motor unit and enhancement of infrastructure facilities near Gurgaon and Haryana.

The equity shares would be listed in National Stock Exchange and Bombay Stock Exchange.

Centrum Capital and S B and T Finance are the lead managers to the issue.