Astec LifeSciences, has plans to raise up to Rs 61.5 crore through an initial public offering (IPO) of 75 lakh equity shares of Rs 10 each. The issue, which will open tomorrow, would remain open for subscription till November 4, 2009. The company has fixed the price band between Rs 77 and Rs 82 per share.

Mumbai-based firm is engaged in the manufacture and sale of intermediates, active ingredients and formulations in the off patent-proprietary category with a focus on agrochemicals and pharmaceutical sector.

At present, the company has two manufacturing plants at Mahad in Maharashtra with a total capacity of 2,800 tonnes. Beside this, it also has a R&D centre at Dombivili, also in Maharashtra. Astec LifeSciences had started operations in 1994.

The company will utilize IPO proceeds worth Rs 32.5 crore to increase its production capacity at Mahad to 3950 tonnes, Rs 2.55 crore for expansion of its R&D facility at Dombivali, Rs 3.75 crore for meeting product registration expenses and Rs 11-crore for long-term working capital requirements.

The equity shares are proposed to be listed on the BSE and NSE.

Almondz Global Securities is the Book Running Lead Manager (BRLM) and IDBI Capital Market Services is the Co-Book Running Lead Manager to the issue.