New Delhi: SIRCA Paints India on Thursday said it has fixed a price band of Rs151-160 per share for its initial public offering through which it is estimated to raise Rs78 crore.

The company’s initial public offer (IPO) will open on 16 May and close on 22 May, SIRCA Paints said in a statement.

The company’s IPO committee has finalised allocation of up to 48,69,600 equity shares of face value of Rs10 for cash at a price band of Rs151–160 per share. At the upper end of the price band, the firm is expected to raise Rs77.91 crore.

The shares will be listed on NSE’s Emerge platform. Proceeds of the issue will be utilised to finance the expenditure of plant development; purchase of plant and machinery; and to meeting working capital requirements.