iValue Infosolutions Ltd. announced the price band for its initial public offering, which is set to open on Thursday, Sept. 18. The IPO consists only of an offer for sale of 1.87 crore equity shares of face value of Rs 2 each.
Investors can bid for shares in the price band of Rs 284 to Rs 299, as per a public advertisement on Monday. Bids can be made for a minimum of 50 equity shares (Rs 14,950) and in multiples thereafter. The IPO size based on the upper price band amounts to Rs 560 crore.
The iValue Infosolutions IPO will close on Sept. 22. The tentative date of allotment of shares to IPO investors will be Sept. 23, and the company will list on the BSE and NSE on Sept. 25.
Institutional investors can bid for the IPO in the anchor round on Sept. 17.
Promoters Sunil Kumar Pillai, Krishna Raj Sharma, and Srinivasan Sriram will offload their equity shares in the OFS, according to the draft red herring prospectus filed with the market regulator.
Investor Sundara (Mauritius) Ltd., an affiliate of private equity firm Creador, will also be selling 1.1 crore shares. Sundara had invested $18 million to pick up a minority stake in the business back in 2019.
A total of 13 shareholders are selling equity via OFS.
The proceeds from the entire issue, barring IPO expenses, will go to the selling shareholders. The promoters and the company will not receive any funds from the issue.
Motilal Oswal Financial Services and IIFL Securities are the lead book-running managers for the issue, while Kfin Technologies is the registrar for the issue.
iValue is an enterprise technology solutions provider focusing on securing and managing digital applications and data. The Bengaluru-based company offers security analytics, network security, application management, cloud integration, digital transformation, and risk assessment services to its customers in India.
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