IntraSoft Technologies has fixed its IPO band price. It will be in between Rs. 137 and Rs. 145.

The technology company is planning to sell 37 lakh equity shares with a face value of Rs. 10 each. The issue will be available for subscription on Tuesday March 23. It will close on Friday March 26.

The company expects to raise Rs. 50.69 crore at the lower end of the issue price and Rs. 53.69 crore at the upper band.

Both the upper and the lower sides of the band are more than 10 times greater than its face value. While the upper side is 13.7 times higher, the lower side is 14.5 times higher.

The company also said that the issue will constitute 25.12 per cent of paid-up capital of the company.

The issue, it is expected, will raise 50 per cent of the money through QIBs. As much as 15 per cent is reserved for the non-institutional bidders and the rest is for the retail investors.

The money generated through the public issue will be used in branding and promotion of the company. It will also buy a corporate office in Kolkata and the rest will be used for the development of infrastructure.