Retail investment advisory and intermediary company India Infoline on Tuesday said that it will double the number of its branches to 150 within the next 18 months.
"The proceeds of the initial public offering which are expected to be Rs 83 crore to Rs 95 crore (Rs 830 million to Rs 950 million), will be used for doubling the number of branches to 150 within the next 18 months besides setting up a centralised office in Mumbai," India Infoline Director R Venkatraman told reporters in Mumbai while announcing the launch of the IPO.
"We will also launch the facility of applying for IPOs online next month," he added.
The company would hit the capital market with an IPO of 1.18 crore (11.8 million) equity shares with a price band of Rs 70-80 per share. The issue would open on April 21 and close on April 27, he said.
Of the issue, 8.78 lakh (878,000) shares would be reserved for allotment to employees of the company and its subsidiaries. Of the balance, 55 lakh (5.5 million) shares have been reserved for allocation to Qualified Institutional Bidders (QIBs), while 27.5 lakh (2.75 million) shares have been reserved for allocation to non-institutional bidders and retail individual bidders, he said.
Enam Financial Consultants Private Ltd would be the sole book running lead manager to the issue, while Intime Spectrum Registry Ltd is the registrar to the issue.