Redington (India), Chennai-based provider of IT products and support services, is open for subscription with an initial public offering, IPO to raise around Rs 149.5 crore in the upper end of the price band of Rs 95-113 per share.
The proceeds will be used to part-fund setting up of automated distribution centres, ADCs and service and repair centers, SRC in India and Dubai.
The company's offering of 1.32 crore equity shares of Rs 10 each comprises about 16.99% of the fully diluted post-issue paid up capital of the company. The issue opens on January 22 and closes on January 25.
Redington is a distributor of IT products and a provider of logistics, supply chain management and other support services in India, West Asia and Africa. The company is to set up four automated ADCs in India and Dubai, apart from 68 SRCs in India.
Enam Financial Consultants and Cameo Corporate Services are the lead managers to the issue.