Carraro India has set a price band of 668 rupees to 704 rupees per share ($7.87-$8.29) for its downsized $147 million initial public offering, a newspaper advertisement showed on Tuesday.
Carraro India, a unit of Italian vehicle transmission systems manufacturer Carraro International, makes axles and transmission systems for agricultural tractors and construction vehicles in India.
The company is seeking a valuation of 40 billion rupees at the upper end of the IPO price range.
Carraro International, the sole seller of shares in the IPO, was earlier looking to offload about $213 million in shares, per its initial prospectus in August.
The issue will open on Dec. 20 and close on Dec. 24. Anchor investors can place their bids on Dec. 19.
Companies have been rushing to go public in India this year, with more than 300 firms raising about $17.5 billion so far, more than double the amount raised in the same period last year.
Reuters
