Sonaselection India IPO Opens September 17, Price Band Fixed At ₹94-₹99 Per Share

Sonaselection India Limited is set to launch its initial public offering (IPO) on September 17, offering up to 1.43 crore new equity shares. The shares, each with a face value of Rs 10, will be priced within a band of Rs 94 to Rs 99 per share. The IPO will close on September 21, with anchor investor bidding beginning on September 16.

Investors can purchase a minimum lot of 150 shares, with the price increasing progressively as the lot size grows. At the upper end of the price band, retail investors would need to invest at least Rs 14,850 for one lot. The issue could potentially raise around Rs 141.57 crore. Qualified institutional investors can secure up to 50% of the available shares, with the option to allot up to 60% of this to anchor investors.

Non-institutional investors will receive at least 15% of the issue, while retail investors are guaranteed at least 35%. The proceeds from the IPO will primarily be used to repay or prepay certain bank loans and to purchase additional machinery for Sonaselection India's Bhilwara, Rajasthan manufacturing facility. The remaining funds will be allocated for general corporate purposes.