Aster Silicates IPO to open today

Mumbai: Aster Silicates, a manufacturer of sodium silicate, said its Rs. 53 crore initial public offer will open on Thursday. The company's open offer will commence from June 24 and closes on June 28, Aster Silicates said. The market cap of the company post the IPO will be Rs. 215 crore.

The company has fixed a price band of Rs 112-118 for the initial public offering. The Ahmedabad-based firm will utilise the proceeds for expanding its manufacturing facilities at Baruch, in Gujarat.

For the year ended March 31, 2009, the company has reported total sales of Rs. 34.05 crore. For the period of six months ended on September 2009, it has posted net profit of Rs. 2.32 crore on total income of Rs. 30.31 crore; it has debt of Rs. 13.01 crore on its books.

Saffron Capital Advisors is the book running lead manager for the issue and Sharepro Services (India) is the registrar. Aster Silicates has been involved in producing food grade sodium silicate for the last 14 years, which is used by the toothpaste, salt, cosmetics, pesticides tyre and rubber industries.