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Tuesday, February 06, 2007

Evinix Accessories fixes IPO price band at Rs 100-120

Evinix Accessories, manufacturers of fashion accessories, proposes to enter the capital market with an initial public offering, IPO of 35 lakh equity shares in the price band of Rs 100 to Rs 120.

The issue is being made through a 100% book building process, where 50% of the issue shall be allocated to qualified institutional bidders; 5% of the QIB portion shall be available for mutual funds. Fifteen per cent of the issue shall be available for allocation to non-institutional bidders and 35% shall be allocated to retail individual investors. The issue would constitute 32.71% of the fully diluted post paid up equity capital of the company.

"We are looking to raise Rs 35-Rs 42 crore," said Mr Raujeev Tanjea, managing director of Evinix Accessories.

The proceeds will fund the company's expansion costing between Rs 42 crore and Rs 49 crore. The company is looking to expand capacities of its accessories from 20 lakh pieces per annum to 35 lakh and that of garments to 30 lakh pieces per annum.

Allianz Securities is the lead manager for the IPO and Beetal Financial and Computer Services is the registrar. The issue opens on February 12 and closes on February 15.

Evinix is in the business of manufacturing and exporting accessories like caps, belts, scarves and stoles, reports The Hindu Busines Line.

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