Blue Bird IPO opens on Nov 16

Blue Bird (India) Ltd, a manufacturer of paper based notebooks and stationary products, is entering the capital market with a public issue of 87.75 lakh equity shares of Rs 10 each for cash at a premium to be decided through a 100 per cent book building process.

The issue opens for subscription on November 16 and closes on November 22.

The price band for the issue has been fixed at Rs 90 to Rs 105. Out of the net offer to the public, 50 per cent is reserved for allotment to qualified institutional buyers, of which 5 per cent is reserved for mutual funds; 15 per cent is reserved for non-institutional buyers and the balance will be allotted to the retail investors on a proportionate basis.

The issue funds will finance the construction of the company's second notebook manufacturing and printing unit in South India and expand capacity at its existing Pune facility.

DSP Merrill Lynch is the book running lead manager to the issue.