Representational imageIBT Raghavendra N

Appliance maker Amber Enterprises India Private Limited, will open its initial public offer (IPO) on January 17. The price band for the IPO is set at Rs 855-859 per share. The issue is scheduled to close on January 19.

The Rs 600-crore initial public offer comprises a fresh issue of equity shares aggregating up to Rs 475 crore and an offer for sale of up to Rs 125 crore by promoters Jasbir Singh aggregating up to Rs 62.5 crore and Daljit Singh up to Rs 62.5 crore.

The equity shares of the company are proposed to be listed on both Bombay Stock Exchange and the National Stock Exchange of India. Edelweiss Financial Services, IDFC Bank, SBI Capital Markets and BNP Paribas are the book running lead managers of the IPO.

The company plans to utilise the net proceeds from the IPO for prepayment or repayment of all or a portion of certain borrowings and general corporate purposes, reports Money Control.

Amber Enterprises is a Punjab-based manufacturer of air conditioners and components. It has 10 manufacturing facilities across seven locations in India. In 2012, the firm acquired PICL, an electrical motor manufacturing company.

Currently, the firm serves eight out of the 10 top RAC brands in India, which include leading RAC brands such as Daikin, Hitachi, LG, Panasonic, Voltas and Whirlpool.

Many firms are waiting for the nod from the Securities and Exchange Board of India (SEBI) to float IPOs.