New Delhi, April 27 -- Amba Auto Sales & Services IPO Day 1: Amba Auto Sales & Services, a dealer for Bajaj Auto and LG Electronics, has launched its initial public offering (IPO) to raise Rs.65 crore. The SME IPO opened for bidding today, 27 April, and will remain open till Wednesday, 29 April.

The offer is entirely a fresh issue of 0.48 crore, meaning that all proceeds will be received by the company.

The price band for Amba Auto Sales & Services IPO has been set at Rs.130 to Rs.135 per share. Retail investors need to apply for at least two lots of 1,000 shares each, resulting in a minimum payout of Rs.135,000 at the upper end of the price band.

The company plans to use the IPO proceeds for funding capex towards setting up new stores...