Textile company Jindal Cotex which is coming with over 1.12 crore equity shares will open its initial public offer from 27th August.
The company is coming with 1.24 crore shares for public subscription with price band for the issue at Rs 70-75.
The Ludhiana-based company, at the upper price band expects to garner Rs 93.40 crore, while at the lower price band it hopes to raise Rs 87.17 crore.
Up to 50 per cent of the issue would be allocated to Qualified Institutional Buyers (QIBs).
The fund for the forthcoming issue would be used mainly to enter technical textile space through investment in wholly-owned subsidiaries — Jindal Medicot and Jindal speciality Textiles.
Jindal Cotex is engaged in manufacturing acrylic and polyester yarns, including polyester viscose, polyester cotton, and combed and carded yarns, used in the making of apparels, suiting and knitted fabrics.
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