Indian additives maker Fine Organic Industries 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.