New Delhi, May 23 -- Prostarm Info Systems Ltd is set to launch its initial public offering (IPO) on Tuesday, May 27, with the issue remaining open for subscription until Thursday, May 29. The company has fixed the price band of the IPO at Rs.95 to Rs.105 per share. The issue comprises a fresh sale of 1.60 crore equity shares, and at the upper price band, the company aims to raise Rs.168 crore.

The company plans to utilise the net proceeds from the issue for a variety of purposes. These include pre-payment or repayment of outstanding borrowings, funding inorganic growth through acquisitions and strategic initiatives, meeting working capital requirements, and general corporate needs. This broad use of funds indicates Prostarm's ambition t...