Thursday, October 27, 2005

Piramyd Retail fixes price band for IPO


Piramyd Retail, one of India's major retailers with presence in the lifestyle retail and food, home and personal care segments has fixed the price band for its forthcoming initial public offering as Rs 120-140, according to a release.
The price band has been approved at the meeting of the board of directors of Piramyd Retail held on October 25, 2005.
Piramyd Retail is entering the capital market with an initial public offering of 90,00,000 equity shares of Rs 10 each for cash, at a premium to be determined through the book building process.
The issue includes a promoter contribution of 40,00,000 equity shares and the balance 50,00,000 equity shares comprise the net offer to public.
Of the net offer to public, at least 50% will be reserved for allotment on a discretionary basis to qualified institutional buyers, not less than 15% will be available for allotment to non-institutional investors and not less than 35% will be available to retail investors on a proportionate basis.
The book running lead managers for this issue are Enam Financial Consultants, DSP Merrill Lynch and Edelweiss Capital.

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