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Jan 10, 2018 05:05 PM IST | Source: Moneycontrol.com

Amber Enterprises Rs 600-cr IPO to open on Jan 17, price band at Rs 855-859

The public issue comprises a fresh issue of equity shares aggregating up to Rs 475 crore and an offer for sale of up to Rs 125 crore by promoters Jasbir Singh aggregating up to Rs 62.5 crore and Daljit Singh up to Rs 62.5 crore.

Appliance maker Amber Enterprises India will open its Rs 600-crore initial public offering on January 17, with a price band at Rs 855-859 per share.

The public issue comprises a fresh issue of equity shares aggregating up to Rs 475 crore and an offer for sale of up to Rs 125 crore by promoters Jasbir Singh aggregating up to Rs 62.5 crore and Daljit Singh up to Rs 62.5 crore.

The issue will close on January 19. The anchor investor offer period will be one working day prior to the bid opening date, being, January 16.

Bids can be made for a minimum lot of 17 equity shares and in multiples of 17 shares thereafter.

Company intends to utilise the net proceeds from the fresh issue towards prepayment or repayment of all or a portion of certain borrowings and general corporate purposes.

Amber Enterprises is a market leader in the room air conditioner OEM/ODM industry in India with a market share of 55.4 percent in terms of volume in fiscal 2017, according to F&S report.

Currently it serves eight out of the 10 top RAC brands in India, which include leading RAC brands such as Daikin, Hitachi, LG, Panasonic, Voltas and Whirlpool.

Equity shares are proposed to be listed on the BSE and the National Stock Exchange of India. The book running lead managers to the offer are Edelweiss Financial Services, IDFC Bank, SBI Capital Markets and BNP Paribas.
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