Astec Lifesciences' initial public offering (IPO) of 75 lakh equity shares of Rs 10 each opens for subscription on 29 October 2009. The company will raise Rs 57.75-61.50 crore by issuing shares in a price band of Rs 77-82 per equity share through the IPO which closes on 4 November 2009..

The company plans to use the issue proceeds for expansion of existing manufacturing facilities at Mahad, Maharashtra, expansion of existing research and development facility at Dombivli, Maharashtra, meeting registration expenses and meeting long-term working capital requirements.

Astec Lifesciences is engaged in the manufacture and sale of intermediates, active ingredients and formulations in the off patent-proprietary category with a focus on agrochemical and pharmaceutical sector. The issue constitutes 44.30% of the fully diluted post issue paid-up capital of the company.