Mumbai, June 19 (UNI) Ellenbarrie Industrial Gases Limited has fixed the price band of Rs 380 to Rs 400 per equity share of face value Rs two each for its maiden initial public offer (IPO).

The IPO of the company will open on June 24 for subscription and close on June 26. Investors can bid for a minimum of 37 equity shares and in multiples of 37 equity shares thereafter.

The IPO is a mix of fresh issue of up to Rs 400 crore and an offer for sale up to 56,56,565 equity shares by Padam Kumar Agarwala, and up to 56,56,565 equity shares by Varun Agarwal.

The proceeds from the fresh issue to the extent of Rs 210 crore will be used for repayment / prepayment, in full or in part, of certain outstanding borrowings availed by the company; Rs 104.50 for setting up of an air separation unit at its Uluberia-II plant with a capacity of 220 TPD; and general corporate purposes.

The offer is being made through the book-building process, wherein not more than 50 percent of the net offer shall be available for allocation on a proportionate basis to qualified institutional buyers, not less than 15 pc of the offer shall be available for allocation to non-institutional investors, and not less than 35 pc of the offer shall be available for allocation to retail individual bidders.

Motilal Oswal Investment Advisors Limited, IIFL Capital Services Limited, JM Financial Limited are the book-running lead managers and KFin Technologies Limited is the registrar of the issue.

UNI JS SS