PVR, the multiplex cinema operator, has announced the price band of Rs 200 to Rs 240 for its forthcoming initial public offering of 77 lakh equity shares of Rs 10 each for cash, at a price to be determined through the book building process.
The issue comprises a fresh issue of 57 lakh equity shares by the company and an offer for sale of 20 lakh equity shares by The Western India Trustee and Executor Company. The investment manager for the issue is ICICI Venture Funds.
Of the net issue to the public, the company proposes to reserve up to 50 per cent or 36.25 lakh equity shares for allotment to the qualified institutional buyers.
Out of this reserved portion, 5 per cent or 181,250 equity shares have been reserved for allotment to mutual funds on a proportionate basis and the remainder is reserved for allotment to all QIBs.
Of the balance, atleast 15 per cent of the net issue (1,087,500 equity shares) would be allotted to non-institutional investors and atleast 35 per cent of the issue (2,537,500 equity shares) will be allotted to retail investors.
The company stated that the issued capital would be utilised to finance new cinema projects, expand film distribution business, technological upgradation and renovation of cinemas.
The company plans to set up multiplexes in Mumbai, Hyderabad, Delhi, Indore, Gurgaon, Lucknow, Chennai, Ludhiana, Aurangabad and Latur.
The issue will constitute 33.66 per cent of the fully diluted post-issue capital of the company of Rs. 22.87 crore (Rs 228.7 million).The book-running lead managers to the issue are ICICI Securities Ltd and Kotak Mahindra Capital Company Ltd.
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