Mumbai: Electrical equipment manufacturer HPL Electric and Power Ltd. on Friday announced a price band of 175-202 per share for its three-day initial public offering (IPO) that opens on 22 September.

The company will raise 361 crore in fresh capital. The company will use the proceeds for repayment of debt, funding working capital requirement and for general corporate purposes, the company said in its red herring prospectus.

SBI Capital Markets Ltd, ICICI Securities Ltd and IDFC Bank Ltd are financial advisers to the issue.

HPL, led by chairman and managing director (CMD) Lalit Sheth, will dilute 25% of the promoter stake to around 75% after the IPO, making it compliant with Securities and Exchange Board of India’s (Sebi) minimum public shareholding norms.

According to the prospectus, the company reported consolidated revenue of 1,121.25 crore for fiscal 2016 and a net profit of 36.16 crore.

In fiscal 2015, it reported consolidated revenue of 1,051.85 crore and a profit of 34.62 crore.

So far this year, 19 firms have raised an estimated 13,000 crore through initial share sales, according to data from stock exchanges.

ICICI Prudential Life Insurance Co. Ltd will sell shares to the public for the first time starting 19 September. The initial share sale aims to mobilize around 6,000 crore, valuing the company at 43,060-47,957 crore based on its price band of 300-324 per share.

L&T Technologies Services Ltd closed its issue on Thursday. Parent company Larsen & Toubro had aimed to raise 890 crore by selling 10.2% stake in the company.

Last year, 21 firms raised 13,614 crore through the IPO route, a four-year high, according to data from primary market tracker Prime Database.

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