Indian auto parts maker Hero Motors has set a price band of 79 rupees to 84 rupees ($0.8307-$0.8833) per share for its initial public offering that kicks off next week, a public filing showed early on Thursday.
At the top end of the range, the company is seeking a valuation of about 38.15 billion rupees ($401.16 million).
The three-day share sale of the $105 million IPO will open on September 16, while anchor investors can submit their bids on September 15.
The company will issue fresh shares worth up to 6 billion rupees ($63.09 million) while its existing shareholders will sell shares worth up to 4 billion rupees.
Hero Motors, which counts BMW and Ducati as its clients, is led by Pankaj Munjal. The Munjal family runs India’s largest two-wheeler maker by volumes, Hero MotoCorp.
Proceeds from the IPO will be used to trim debt and fund purchase of equipment to expand its facility in India’s Uttar Pradesh state.
ICICI Securities, JM Financial and DAM Capital are the book running lead managers of the offering.
($1 = 95.1000 Indian rupees)
Reuters
