Birla Pacific Medspa fixes issue price at Rs 10

Yash Birla Group Company Birla Pacific Medspa has fixed the issue price of the company at Rs 10 per share, the lower end of the price band.

The company had tapped the capital market to raise Rs 65 crore through an IPO of 651.75 lakh equity shares at a price band of Rs 10-11 per share.

The issue, which opened for subscription on June 20 was subscribed 1.18 times, as it received total bids for 768.62 lakh equity shares against 651.75 lakh shares on offer. 

The equity shares offered through this IPO are proposed to be listed on the Bombay Stock Exchange. 

Birla Pacific Medspa proposes to utilise Rs 49 crore for establishing 55 'Evolve' outlets, around Rs 6 crore for brand building and the balance for meeting working capital, Issue and other preliminary expenses.

The company is considering alocations in Delhi, Bangalore,Ahmedabad, Pune, Chennai, Hyderabad, Jaipur and Goa for the centres, among other cities.