Security and Intelligence Services (India) Ltd (SIS), a company in the business of providing security services and facility management, on Wednesday announced it will launch its over Rs780 crore initial public offer (IPO) on July 31.

"The company has set a price band of Rs 805-815 per equity share of face value Rs 10 for the share sale (combination of a fresh issue and an offer for sale) that closes on August 2," BJP MP R.K. Sinha, the owner and founder of SIS, said on Wednesday. "The company will raise Rs 362.3 crore from its fresh issue. Shareholders will also offload over 51.2 lakh shares in the three-day IPO."

Sinha said the promoter and private equity group CX Partners will sell 34.7 lakh shares through the offer for sale, which will see its stake in the company go down to 9.8 per cent. "Axis Capital, ICICI Securities, IIFL Holdings and Kotak Mahindra Capital Company are the book-running merchants for the offer," Sinha said. CX Partners invested Rs500 crore in SIS in 2012.

The IPO will see a fresh issue of 5.12 million shares, fetching the firm over Rs360 crore at the upper end of price band. The proceeds will be used to repay high-cost debt and to improve technology.

SIS, established in 1974, has 251 branches across 124 cities in India. Its focus is on three key verticals: security services, cash logistics and facility management services. Electronic security, home alarm monitoring and pest control contribute a small portion to its revenue. With 1.48 lakh employees in India and 5,754 in Australia, SIS is the second largest security services firm in India.

In 2008, SIS acquired Australia's largest security company Chubb Security, and in August 2011, the company entered into a joint venture with Terminix, to perform pest and termite control in India. The company plans to use part of the proceeds from its IPO to pare debt it took to acquire the Australian company.