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Fine Organic $89 million IPO to open on June 20

A rupee note is seen in this illustration photo June 1, 2017. REUTERS/Thomas White/Illustration/Files

(Reuters) - Indian additives maker Fine Organic Industries Ltd has set a price range of 780 rupees-783 rupees a share for an initial public offering (IPO) that will open on June 20, according to a public notice on Wednesday.

At the upper end of the range, the IPO, which closes on June 22, will raise about 6 billion rupees ($88.7 million), the notice said.

Fine Organic’s founders will sell up to 7.7 million shares through the IPO, comprising a quarter of the post-offer share capital of the company.

Edelweiss and JM Financial are the bookrunners for the sale.

($1 = 67.6300 Indian rupees)

Reporting by Vishal Sridhar in Bengaluru, Editing by Sherry Jacob-Phillips