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Price band fixed at Rs 108-115 a share

MR U.K. NAMBIAR (Left), CMD, Minar International Ltd, with Mr B. Madhuprasad, Vice-Chairman, Keynote Corporate Services Ltd, at a press conference to announce the company's IPO in Mumbai on Monday. - Paul Noronha

Mumbai , Sept. 18

Home textiles exporter Minar International Ltd is coming out with a public issue of 69.23 lakh equity shares of Rs 10 each through book building in the price band of Rs 108 to Rs 115 per share.

The issue opens for subscription on September 25 and closes on September 29.

About 50 per cent of the issue has been allocated on a proportionate basis to qualified institutional buyers (QIBs), 5 per cent of which shall be made available for allocation on a proportionate basis to mutual funds only. At least 15 per cent of the net issue to public shall be available on a proportionate basis to non-institutional bidders and around 35 per cent of the issue shall be available for retail individual bidders.

The company has already made a pre-issue allotment of 10,76,923 equity shares valued at Rs 16.13 crore to two US buyers — Bristol Associates Ltd and Sunham Home Fashions LLC.

"These companies will hold 6.3 per cent equity stake in the company post-issue," said Mr U.K. Nambiar, CMD, Minar International.

The company proposes to utilise the proceeds of the issue to expand its fabric-processing unit in SIPCOT Industrial Growth Centre, Perundhurai, Tamil Nadu. The unit proposes to install new machinery, effluent treatment plant and caustic recovery plant to recover and reuse caustic lye solution in mercerising.

The company's net profit for the previous fiscal touched Rs 14.92 crore on a total income of Rs 369.76 crore.

"We have good presence in the US home textiles market. Nearly 90 per cent of our made-ups export is to the US," said Mr Nambiar.

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