Opal Luxury Time Products Ltd, which is a manufacturer of designer wall and table clocks, has launched a new Initial Public Offer (IPO) and the company is looking to raise about Rs 13 crore through the issue.

The Pune, Maharashtra based company has set a price band of Rs 130-135 for the issue and the shares will have a paid-up value of Rs. 10. The company has said that the investors will be required to bid for at-least 1000 shares and their multiples. The company's issue will be listed on EMERGE - NSE's small and medium enterprises (SME) exchange.

The issue will be open for subscription between 25 and 28 March and equity shares aggregating to Rs 65 lakh will be set aside for subscription by Market Maker in the IPO. CRISIL has granted a rating of `SME 4/5' to the issue and this indicates that Opal's fundamentals are superior to other similar firms. The IPO will be less than the 30 per cent of the post-issue equity but the company will have a free-float of more than 74 percent.

Opal Luxury Time Products, which was established in 2007 by Subhash Gujar in Pune, will use the money to invest in moulds, tools, equipment, and indigenisation of designs for expansion of existing manufacturing facility. A part of the money raised will also be used to strengthen the company's brand name through advertising and other related activities.