Kraft paper manufacturer Nikita Papers on Saturday fixed the price band at ₹95-104 a share for its ₹67.5 crore initial public offering.

The initial share sale will open for public subscription on May 27 and conclude on May 29. The shares of the company will be listed on the NSE’s SME platform Emerge, the company said in a statement.

Investors can bid for a minimum of 1,200 equity shares and in multiples thereof. At the upper end of the price band, the company is going to mobilise around ₹67.54 crore, it added.

The Initial Public Offering (IPO) of the company is entirely a fresh issue of 64.94 lakh equity shares.

The net proceeds from the fresh issue will be utilised to meet capital expenditure for setting up a power plant, funds will also be used towards the working capital requirements of the company, and rest balance for general corporate purposes and issue expenses.

“As we take the next step in our journey through the proposed initial public offering, our focus remains on building long-term value through responsible growth. At Nikita Papers Ltd, we have steadily expanded our capabilities in Kraft paper manufacturing while maintaining a clear commitment to sustainability and operational efficiency,” Nikita Papers Chairman Sudhir Kumar Bansal said.

Incorporated in 1989, Shamli, Uttar Pradesh-based Nikita Papers is engaged in the manufacturing of paper and paper products. The company specialises in producing a range of paper grades suitable for industrial, commercial, and printing applications.

The company reported revenue of ₹338.60 crore and a profit after tax of ₹16.60 crore in FY24.

Fast Track Finsec is the book running lead manager and Skyline Financial Services is the registrar of the issue.