Uttar Pradesh-based male condoms manufacturer Anondita Medicare is set to raise funds up to Rs 69.5 crore via initial share sale which will open for public subscription on August 22.
The anchor book of the issue will be launched on August 21, and the offer subscription for public will be closed on August 26.
The company will finalise IPO share allotment by August 28. Its shares will be available for trading on the NSE Emerge effective September 1
The IPO comprises of solely fresh issue of 47.93 lakh shares. The price band for the offer has been fixed at Rs 137-145 per share.
Anondita Medicare manufactures male condoms under the brand Cobra, having a production capacity of nearly 56.2 crore condoms per annum at its 11 existing manufacturing lines in Noida.
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The company that competes with only listed peer Cupid plans to spend Rs 6 crore of IPO proceeds for the purchase of equipment/machineries, Rs 35 crore for its working capital requirement, and the remainder funds for unidentified acquisition and general corporate purposes.
The merchant banker handling the Anondita Medicare IPO is Narnolia Financial Services.
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