Timbor Home, a manufacturer and retailer of modular kitchens, plans to raise around Rs 19 crore to Rs 23 crore through its initial public offering. The issue will open on May 30 and close on June 2. A total of 36.9 lakh shares are on offer. The company plans to list on both the BSE and the NSE.
The proceeds of the issue will be used for the purchase of machinery for capacity expansion, working capital and establishment of new stores across the country.
The IPO, however, has been given grade 1/5 by Crisil Equities, indicating poor fundamentals.