New Delhi, May 20 -- The initial public offer (IPO) for Harikanta Overseas opened for bidding on Wednesday, May 20. The offer will close for subscription later this week, on May 22.

Harikanta Overseas IPO price band has been fixed at Rs.91 to Rs.96 per share, with the company looking to raise Rs.35.6 crore at the upper end of the offer price. The SME IPO is entirely a fresh issue of 0.27 crore shares, with no offer-for-sale (OFS) component, meaning that all proceeds will be received by the company.

Investors can apply for the offer in lots of 1200 shares.

The company plans to use the funds raised from the fresh share sale for meeting capital expenditure needs towards purchasing new machines and setting up factory premises, along with w...