ARSS Infrastructure Projects has opened for subscription its initial public offering today through which the company plans to riase about Rs 103 crore.

The issue will close for subscription on February 11, 2010. The price band for the issue has been fixed at Rs 410-450 per share. At the upper price band the issue will constitute 16.67% of the post-issue equity capital of the company.

ARSS Infrastructure Projects is proposing to enter the capital markets with a public issue of its equity shares having face value of Rs 10 each aggregating to Rs 1,030 million for cash at a price to be decided through a 100% book-building process.

The company is engaged in construction activities of railway infrastructure, roads, highways, bridges and irrigation projects in India.

Sources revealed that the company has already filed a draft red herring prospectus (DRHP) with SEBI for the said purpose.