India, Oct. 1 -- VANS Electroengineerings Limited is raising money through a book-built SME IPO that is entirely a fresh issue of up to 28,80,000 equity shares, worth about Rs 33.98 crore, with no offer for sale. That means every rupee raised goes to the company. The shares will list on the BSE SME platform, with Hem Securities as the lead manager. The price band is Rs 112 to Rs 118 per share, with a face value of Rs 10.

Minimum bid lot is 1,200 shares and retail investors need to apply for minimum 2 lots (2,400 shares). At the upper end of the band, that works out to Rs 2,83,200, which is way above a normal mainboard IPO. The issue has reserved 50% for QIBs, 15% for NIIs and 35% for retail investors. The net proceeds will be used for lo...