Tuesday, March 19, 2013

Opal Luxury IPO

Opal Luxury Time Products has come out with an IPO of 10 lakh equity shares and plans to raise Rs 13 crore through the issue. The company designs and manufactures wall & table clocks and market them under two brands - flagship premium brand Opal and budget brand Caliber.

The IPO shall open on 25 March, 2013 and shall close on 28 March, 2013. The company has fixed a price band of Rs 130 to Rs 135 per equity share. Investors need to bid for a minimum of 1000 shares and in multiples of 1000 thereafter. Retail investors can invest only 1000 shares as it amounts to Rs 1,30,000. 

The company intends to utilize the proceeds of the IPO for investments in moulds, tools & equipment, indigenisation of the designs for expansion of the existing manufacturing facility; enhancement of company’s brand through advertising and other brand building activities; and general corporate purposes.

IDBI Capital Market Services Limited is the lead manager of the issue. Karvy Computershare Private Limited is the registrar of the issue. The IPO shall get listed on NSE SME.

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