Inventure IPO price band at Rs 100-117/share

Inventure Growth & Securities, the flagship company of Inventure Group today announced price band of Rs 100 to Rs 117 per equity share for its initial public offer (IPO) of 70 lakh equity shares of Rs 10 each.

The issue opens for subscription for all bidders on July 20, 2011 and closes on July 22, 2011. The issue is being made through 100% book building process.

"The price band of the issue has been fixed at Rs 100 to Rs 117 per equity share of Rs 10. The company is expected to raise Rs 70 crore at lower price band and Rs 81.80 crore on upper price band of the issue," Intensive Fiscal Services, Vice President-Investment Banking, Brijesh Parekh said.

Major portion of the IPO proceeds will be utilised as an investment in one of the subsidiaries Inventure Finance Private Limited and for augmenting long term working capital requirements, Parekh said.

The equity shares of the company are proposed to be listed on BSE and NSE. Intensive Fiscal Services Private Limited is the sole Book Running Lead Manager to the IPO.

Inventure was incorporated in 1995 as a public limited company promoted by Nagji K Rita, who was a member of the governing board of the BSE for the period 2004 to 2006.

Inventure offers a host of services under one roof such as trading services in equity-cash and derivatives market, PMS, debt market and currency futures segment. The company has membership in the cash and derivatives segment of both BSE and NSE, currency futures segment of NSE, MCX-SX and wholesale debt market segment of BSE and NSE.

The company is also a member of OTCEI and registered as a depository participant with CDSL. Its subsidiaries offer services such as commodity broking, financing activity, wealth management and distribution of financial and insurance products. One of its subsidiaries is also a commodity trading member of NCX, NCDEX, NMCE and NSEL.

Inventure has its major client base in Maharashtra and Gujarat. Its clientele includes institutional clients, high net worth individuals and retail investors across the country.