Oil and gas pipeline infrastructure service provider Likhitha Infrastructure on Wednesday said it has fixed price band of Rs 117-120 per share for its IPO, which will open on September 29. The initial public offer (IPO) consists of fresh issue of up to 51 lakh equity shares, representing 25.86 per cent of the post-issue shareholding, Likhitha Infrastructure said in a statement.

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At the upper end of the price band, the company will raise Rs 61.2 crore through the IPO. The initial share-sale will open for public subscription on September 29 and close on October 1.

Proceeds of initial share-sale will be utilised by the company towards its working capital requirements so as to capitalise on the growing demand from oil and gas sector, and for general corporate purposes. The Hyderabad-headquartered firm has over two decades of experience in laying pipeline networks along with construction of associated facilities, as well as providing operations and maintenance services to leading city gas distribution companies in India.

Likhitha Infrastructure, which is promoted by Srinivasa Rao Gaddipati and Likhitha Gaddipati, had executed the first trans-national cross-country pipeline of SouthEast Asia, connecting India to Nepal. Shares of the company will be listed on BSE and NSE. Unistone Capital is the book running lead manager to the issue.