Megatherm Induction IPO opened today with a target to raise Rs 54 crore through a fresh equity issue of up to 42.9 lakh shares. The company manufactures induction heating and melting products for the growing secondary steel sector in India. The IPO price band is set at Rs 100-108 per share, with a lot size of 1,200 shares. The funds raised will be used for construction, working capital, and general corporate purposes. The IPO is open until January 31, and the listing is expected on February 5.