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Racks & Rollers IPO to open on April 30; price band at Rs 73-78 per share
Storage racking system maker Racks & Rollers on Monday said its initial public offer will hit the capital markets on April 30 to raise around Rs 29.95 crore from public investors.
The public issue will open for subscription on the BSE's SME platform on Tuesday and will close on May 3, the company said in a statement.
The Bengaluru-based company, which is engaged in a storage racking system, with specialisation in design, manufacturing, installation services of metal storage racks, automated warehouses and other storage solutions has fixed the price band at Rs 73-78 per share.
The initial public offering (IPO) is only a fresh issue of up to 38.40 lakh equity shares of Rs 10 each.
At the upper end of the price band, the company will fetch up to Rs 29.95 crore. Investors can bid for a minimum of 1,600 equity shares and in multiples of 1,600 shares thereafter.
Of the total net proceeds to be raised through the issue, Rs 27.50 crore will be used to meet working capital requirements and