Gurgaon-based, Nutek India Limited is entering the capital market on July 29, with an initial public offering (IPO) of 4,500,000 shares of Rs10 each for cash at a price to be determined through a 100% book building process.

The price band has been fixed at Rs170 and Rs192 per share. The issue comprises a fresh issue of 3,500,000 shares and an offer for sale of 1,000,000 shares by a strategic investor.

The Issue has been assigned an IPO grade of 3 out of 5 by rating agency, CRISIL Limited. The issue will close on August 1.

Nutek offers services to telecommunication equipment manufacturers, telecom operators, and third party infrastructure leasing companies for installing and maintaining telecom network equipment and infrastructure.

Nokia, Ericsson, Motorola, Tata Teleservices, Reliance Communication and Bharti Airtel are some of the major clients of Nutek India Limited.

The objectives of the fresh issue are to raise funds for capital expenditure, overseas acquisitions and augmenting long-term working capital requirement.

The equity shares of the Company are proposed to be listed on Bombay Stock Exchange Limited (“BSE”) and National Stock Exchange of India Limited (“NSE”).

The book running lead manager to the proposed issue is SPA Merchant Bankers Limited and India Infoline Limited.