Maharashtra based Man Infraconstruction has set Rs 243-252 as price band for its initial public offering (IPO).

The company is proposing to enter the capital markets with a public issue of its equity shares having face value of Rs 10 each aggregating to Rs 5.6 million equity shares for cash at a price to be decided through a 100% book-building process.

The issue opens on Feb.18, 2010 and closes on Feb. 22, 2010. The net issue will constitute 10.91% of the fully diluted post issue paid-up capital of the company.

The company has already filed a red herring prospectus (RHP) with market regulator, the Securities and Exchange Board of India (SEBI) for the said purpose. The equity shares of the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).

IDFC-SSKI, Edelweiss Capital, Link Intime are helping the company in the fund raising process. The company plans to use the issue proceeds for purchase of capital equipment and other corporate general purposes.

Man Infraconstruction is in a construction company headquartered in Mumbai. It has undertaken projects in the six States of Maharashtra, Kerala, Gujarat, West Bengal, Goa and Tamil Nadu. It provides construction services for port infrastructure, residential, industrial, commercial and road infrastructure projects.

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