The maiden public offer of Haldia Petrochemicals Ltd would hit the capital market in the third quarter of the current financial year.
The company had just concluded talks with the country's leading merchant bankers and the selection would be done in a month, HPL sources told PTI in Kolkata.
The IPO would be through the book-building route, they said, adding the company was expecting to mop up about Rs 400 crore (Rs 4,000 million) from the offer.
Once the selection of merchant bankers was complete, the company would start the process of filing the offer document with the Securities and Exchange Board of India.
The IPO is part of the corporate debt restructuring package for the company, under which the institutions had asked the promoters of HPL to inject fresh equity to make the debt-equity ratio favourable.
Led by IDBI, the institutions and banks have cleared the CDR package, following which the interest burden would also come down significantly.