Astron Paper fixes IPO price band at Rs. 45-50 per share

Astron Paper and Board Mill, a Gujarat-based kraft paper manufacturer, on Thursday announced that it will be launching its initial public offering (IPO) in the next week.

The issue will be open for subscription from December 15 to 20, 2017. The company has set a price band of Rs. 45 to 50 per equity share.

The public issue comprises 1.4 crore equity shares of face value of Rs. 10 each. The issue also comprises of reservation of up to 7 lakh equity shares for subscription by eligible employees. The company is looking to raise Rs. 70 crore through the issue.

Proceeds of the initial public offer will be used for setting up of an additional manufacturing facility to make kraft paper with lower GSM ranging from 80 to 180 GSM and lower B.F ranging from 12 B.F to 20 B.F; repayment of loans; working capital requirements; and for other general corporate purposes.

Pantomath Capital Advisors is the sole book running lead manager whereas Link Intime India is the registrar for the issue. The shares will be listed on NSE and BSE.