Papadmalji Agro Foods will open its Rs 20.18 crore initial public offering for subscription on September 29, with a price band of Rs 69 to Rs 72 per share.

The SME issue comprises a fresh issue of 25.73 lakh shares worth up to Rs 18.52 crore and an offer for sale of 2.30 lakh shares worth Rs 1.66 crore. The issue closes on October 1 and will list on the NSE SME.

Share allotment is expected on October 5, followed by demat credit on October 6. The tentative listing date is October 7. Kreo Capital is the book-running lead manager, while MAS Services is the registrar.

Individual investors must bid for at least two lots, or 3,200 shares, which costs up to Rs 2,30,400 at the upper end of the price band. The allocation includes up to 32,000 shares for qualified institutional buyers.

The Bikaner-based food manufacturer will use the proceeds to build a manufacturing facility at Bachhasar, including a 250 kW rooftop solar installation, repay bank borrowings and meet general corporate purposes.