Maytas Infra IPO in Rs 320-370 price band

Maytas Infra, a construction and infrastructure development company, is entering the capital markets with an initial public offering of 8.85 million shares at a price band of Rs 320-370 a share. The company will mobilize Rs 283.20 crore to Rs 327.45 crore at lower and upper end of the price band. The issue will open for subscription on September 27, and will close on October 4, 2007.

The issue will constitute 15.04% of the fully diluted post-issue equity share capital of the company. Out of the total equity float, at least 60% of the issue shall be allocated on a proportionate basis to qualified institutional buyers, out of which 5% would be available for allocation on a proportionate basis to mutual funds.

Incorporated in 1988, Maytas Infra has adopted an integrated business model with a diversified order book. The company has historically focused on the irrigation, road and bridges, and buildings infrastructure sectors, a press release said.