Mumbai: Construction company Capacit’e Infraprojects Ltd Wednesday said it will launch its Rs400 crore initial public offering (IPO) on 13 September.

The company will issue shares at a price band of Rs245-250. The IPO will see the company dilute 24% stake.

The company is backed by Siddharth Parekh-led private equity firm Paragon Partners.

The IPO will see the construction company sell up to 16 million new shares.

The share sale will end on 15 September.

In a statement, Capacit’e Infraprojects said it will use the funds for working capital requirements, purchasing capital assets and general corporate purposes.

Axis Capital Ltd, IIFL Holdings Ltd and Vivro Financial Services Pvt. Ltd are managing the share sale.

Capacit’e Infraprojects undertakes construction of residential, commercial and institutional buildings, primarily in the Mumbai metropolitan region, the National Capital Region and Bengaluru.

According to its IPO prospectus, Capacit’e Infraprojects had a revenue of Rs853 crore in fiscal 2015-16 up from a year ago.

For the nine-month period ended 31 December 2016, it had a revenue of Rs847 crore.

Also on Wednesday, two companies launched their IPOs.

They include Bharat Road Network Ltd, a road and highways company and Dixon Technologies (India) Ltd, a contract manufacturer of electronic products.

Bharat road network is looking to raise Rs600 core in a fresh issue of shares.

Dixon Technologies’ IPO consists of a fresh issue of shares worth Rs60 crore and an offer for sale of 3.05 million shares by its investor Motilal Oswal Private Equity.

So far this year, 15 firms have raised Rs12,589.94 crore through the IPO route, data from primary market tracker Prime Database shows. In 2015 and 2016, 47 companies raised a total of Rs40,107 crore through IPOs, data shows.

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