Le Meritt Holdings is poised to raise 122.6 million rupees ($4 million) in its initial public offering (IPO) early next year, the Mauritian property developer said on Wednesday.

Le Meritt would bid 83.2 million ordinary shares on January 24 at an indicative price of 10 rupees per share, the company said in a communique released today.

Proceeds of 122.6 million rupees from the share sale would be used for general working capital and to fund acquisitions, it was announced.

In the year ended June, the company reported a pretax profit of 187.96 million rupees ($6 million), from a loss of 34.27 million rupees ($1.1 million) in the same period in 2011.

Le Meritt was established in 2007. The company has developed prime and residential properties in Mauritius, in partnership with Singaporean firms it did not name.