Timbor Home IPO opens tomorrow; expects to mop up Rs 23cr

The initial public offering of Timbor Home Ltd, manufacturer and retailer of modular kitchen, will hit the market on Monday, through which the company expects to raise over Rs 23 crore.

The company has set a price band of Rs 54-63 per share for the initial public offering of 36.9 lakh equity shares. Timbor hopes to sell these shares at the upper price band of Rs 63, which would rake in more than Rs 23 crore. The proceeds would be mainly utilised for expansion plans. Through the offering, the firm would sell 25 per cent of its shares. The IPO, starting on May 30, would end on June 2. Out of the total issue, 50% would be available for allocation on a proportionate basis to Qualified Institutional Buyers (QIBs) while 35% would be allocated to retail investors.