MUMBAI: Digital cinema company UFO Moviez India has announced its Rs 600 crore initial public offering (IPO), which will open between 28-30 April.

Each share of face value of Rs 10 is priced at a Rs 615 - 625 per share. The minimum bid lot is 24 equity shares and in multiples of 24 thereafter.

Earlier this month, the Securities and Exchange Board of India (Sebi) had approved UFO Moviez’ IPO application.

The company's existing shareholders are selling the shares not just to offer them an exit but also increase visibility for the company.

Fifty per cent of the offer will be allocated to institutional shareholders. Non-institutional investors are allocated 15 per cent, and retail investors will get 35 per cent allocation.

While Axis Capital and Citigroup Global Markets are the merchant bankers handling the issue, 3i Research and P5 Asia Holding Investments are the selling shareholders.