Mumbai: Mumbai based Vishal Information, an IT service firm, prepares for Initial Public Opening (IPO) on July 21st. It will hit the capital market, with Rs.27.9 lakh equity shares, which will be listed on both BSE and NSE and it finally, closes on 24th July.

"We will set up a new facility in Chennai besides setting up a quality assurance center and marketing office in Mumbai," said the company's CEO G.S. Vishwanathan. Its opening will take place with the company offering the price band between Rs.140 and Rs.150 an equity share of Rs.10 each. It will constitute of 26.12 percent of the fully diluted equity share capital of the company, which constitutes Rs.17.9 lakh fresh issue of equity shares and an offer for sale of Rs.10 lakh equity shares by the 'selling shareholders'. The issue size is Rs.39.06 crore at the lower end of the price band and Rs.41.85 crore at the upper end. Moreover, of the total issue, 50 percent will be reserved for the qualified institutional buyers, 15 percent for the non-institutional buyers and the remaining 35 percent for the retail investors.

The opening is basically meant for part-financing its expansion plans, which shall include increasing data digitalization seats from the present 250 to 450, e-publishing seats from 150 to 250 and digital library seats from 75 to 100. The company currently operates from leased facilities in Chennai and Mumbai with approximately 475 workstations. It will also be used for setting up of subsidiaries in UK and U.S.