Euro Multivision, India's 2nd largest manufacturer of CDRs and DVDRs, has opened for subscription with an initial public offering of 88 lakh equity shares.

The company received 22.25 lakh bids against 88 lakh equity shares on first day of subscription. While, about 4.65 lakh bids were received at cut-off-price.
The price band has been fixed at Rs 70-75 each share and the issue will close on September 24, 2009.

The main purpose of the IPO is to raise resources for the company's photovoltaic solar cell manufacturing unit in an SEZ at Bhachau in Gujarat's Kutch district. The plant, being built at a cost of Rs 178.03 crores, will have a capacity of 40MW per year.

Apart from this, the company also intends to foray into solar energy space. Anand Rathi Advisors Limited is the book running lead manager.