Claris Life sets IPO price band at Rs278-293

Claris Life sets IPO price band at Rs278-293

Mumbai: Drugmaker Claris Lifesciences has set a price band of Rs278-293 a share for its initial public offer (IPO), the company said in a newspaper advertisement on Monday.

The offer opens on Wednesday and closes on Friday, it said.

The Ahmedabad-based firm plans to utilize the money to set up a new manufacturing unit, a research and development unit and pre-payment of a term loan, it had said in its initial filing to the stock market regulator Sebi.

It aims to raise Rs300 crore from the sale, it added in the filing.

Enam Securities, Edelweiss Capital, JM Financial Consultants and ICICI Securities are the book running lead managers to the issue, according to the advertisement.