Mumbai: Edelweiss Capital Ltd is all set to lift more than Rs 690 crore through an initial public offering (IPO) of 83,86,147 equity shares having face value of Rs 5 each.

The price band for the issue has been fixed between Rs 725 and Rs 825 a share, which will open on Nov 15 and ends on Nov 20.

The company has decided to list shares on both the BSE and the NSE.

The company utilized the income from the issue for the development of margin maintenance with bourses, setting up additional offices and acquiring office infrastructure, raising capability of existing technology and loans prepayment.

About 60% of the issue will be granted to the qualified institutional buyers, 10% to non-institutional investors and the resting 30% will be apportioned to retail capitalists.

Edelweiss Capital has posted a total consolidated income of Rs 371.2 crore during last fiscal 2006-07 (Apr-Mar), whereas its net profit for the same period was Rs 109 crore. Its consolidated total income for the five months ended August 2007, was Rs 284.8 crore and the net profit for the same period stood at Rs 80.9 crore.

The lead managers to the issue include Kotak Mahindra Capital, Citigroup and Lehman Brothers.