Special Correspondent

HYDERABAD: MIC Electronics Ltd, a Hyderabad-based manufacturer of True Colour LED video display systems, entered the capital market on Monday with an initial public offer (IPO) of 51,00,000 equity shares of Rs. 10 each for cash. The price will be decided through 100 per cent book-building process for listing on BSE and NSE. The price band has been fixed between Rs. 129 and Rs. 150.

Giving details, Managing Director and CEO M.V. Ramana Rao said here that the issue will close on May 8. The IPO would constitute 25.34 per cent of the company's fully-diluted post issue paid-up equity capital.

He said that the funds generated through the IPO would be used for the setting up additional facilities for manufacturing LED (light emitting diodes) video modules and acquisition of Infostep Inc., a US-based company.