20 Micron fixes IPO price band b/w Rs 50-55/share

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Mumbai, Aug 26: 20 Microns Limited, a pioneer and leader in the micronised minerals and trend setter in the market for usage of ultrafine minerals for the paints and plastic industries, has fixed the price band between Rs 50 and Rs 55 per equity share for its initial public offering (IPO) of 43,50,632 equity shares of Rs 10 each for cash at a price to be decided through a 100 per cent book-building Process.

The company filed a red herring prospectus (RHP) with the Registrar of Companies at Vadodara on August 19, according to a release here.

The issue consists of a fresh issue of 16,75,000 equity shares of Rs 10 each and an offer for sale of 26,75,632 equity shares by Gujarat Venture Capital Fund 1995. Upto 2,17,532 equity shares will be reserved for subscription by eligible employees. The issue will constitute 30.81 per cent of the post-issue paid up capital of the company. The issue had been graded by the Credit Analysis and Research Limited (CARE) and has been assigned the -- IPO Grade 3, indicating Average Fundamentals.

The company intends to utilise the proceeds of the fresh issue in the IPO towards the current ongoing expansion plans of the manufacturing capacities at various locations, invest in the sub-micron particle sizes required by end-market and general corporate purposes.

The equity shares are proposed to be listed on Bombay Stock Exchange Ltd (BSE) and National Stock Exchange of India Ltd (NSE).

20ML is one of the India's largest producers of white minerals with an annual turnover of over 1,80,000 tonnes from plants and deposits spanning in different regions of the country producing functional fillers, specialty chemicals and extenders, which are supplied globally. It has four different captive mines and eight manufacturing locations spanned over the country with total mineral reserve of 60,00,000 metric tonnes. Currently, it has about 70 international customers based in 30 countries utilising 450 product grades, which are in addition to approximately 700 local customers spread across India.

UNI

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