IntraSoft Technologies, which owns 123greetings.Com, today fixed the price band of its proposed initial

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public offer at Rs 137-145 per share hoping to raise up to Rs 53.65 crore.

At the lower end of the price band, the company plans to raise Rs 50.69 crore and at the upper-end, Rs 53.65 crore.

The issue will constitute 25.12 per cent of the post issue paid-up capital of the company.

The IPO will hit the capital markets on March 23. The issue closes on March 26.

"The object of the issue is to fund our capex plan. The company intends to spend Rs 13 crore for purchasing of a corporate office at Kolkata and Rs 20.2 crore for branding and promotion activities," IntraSoft Technologies' Managing Director Arvind Kajaria told reporters here.

The company's website 123greetings is the second largest electronic greeting cards website in the world with more than 91 million unique visitors, with an average 3,96,910 daily visitors.

It is also the largest electronic greeting cards website in India with a total of more than 15 million unique visitors, Kajaria said.