Mumbai based Motilal Oswal Financial Services Limited fixed its Initial Public Offering (IPO) price band between Rs 725-825 per equity share. The IPO would be open to public from August 20 and intends to sell 29.8 lakh equity shares of Rs 5 each through 100 per cent book building process.
For the year ended March 31, 2007 the company made a net profit of Rs 69.5 crore on total revenues of Rs 379.1 crore. Outlining the need for raising the capital Chairman and Managing Director of the company Motilal Oswal said the company needs additional capital for long-term working capital requirements and wants to invest in additional office space and technology. Terming that the company is open to inorganic growth, Oswal said that the company wants to focus on Indian market and has no intentions to turn into a bank. "Our focus was to give Indian products to Indian investors and Indian products to foreign investors," Oswal said.
Motilal Oswal Financial Services operates through four subsidiaries namely Motilal Oswal Securities, Motilal Oswal Commodities Brokers, Motilal Oswal Venture Capital Advisors and Motilal Oswal Investment Advisors in the market. The issue closes on August 23.
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