Power Mech Projects will open its initial public offering (IPO) on Aug. 7, 2015. The company is offering 4.27 million equity shares of face value of Rs 10 each under the public issue. It has fixed the price band at Rs. 615 to Rs. 640 a share. The issue comprises a fresh issue of 2.13 million equity shares.

The issue will constitute 29.02% of the fully diluted post issue paid-up equity share capital of the company. The bid will close on Aug. 11, 2015. The minimum bid lot is 20 shares and in multiples of 20 equity shares thereafter. The issue will be through the book building process.

The equity shares are proposed to be listed on the NSE and the BSE. The book running lead managers (BRLMs) to the Issue are Kotak Mahindra Capital Company, IIFL Holdings and Motilal Oswal Investment Advisors. The registrar to the issue is Karvy Computershare.

The company proposes to use the IPO proceeds for funding working capital requirements of the company and general corporate purposes.