Quippo Telecom may list by FY10 end or early FY11

Quippo Telecom, the telecom tower subsidiary of Srei Infrastructure, may look at listing by the end of FY10 or early FY11, subject to market conditions and profit levels, quoting sources.

The company may raise USD 250-500 million via an initial public offer (IPO), sources informed.

"It has a capex of Rs 9,000 crore in next two years and will set up 16,000 towers by the end of this fiscal year," sources added. The company currently has between 23,000-24,000 telecom towers.

Quippo Telecom has merged with Tata’s Wireless-TT Info-Services Limited in August and post the merger Quippo telecom has a 49% stake in the company while Tatas have a 51%.

Pipavav Shipyard fixes IPO price band at Rs 55-60/sh

Pipavav Shipyard has fixed its initial public offering (IPO) price band at Rs 55-60 per share. The issue will open for subscription on September 16 and close on September 18 to raise around Rs 470-512.7 crore by diluting nearly 12.74% equity.

As per the DRHP (draft red herring prospectus) filed with the SEBI, the company is coming out with a public issue of 86,850,000 equity shares of Rs 10 each. About 2,600,000 equity shares of Rs 10 each will be reserved in the issue for subscription by employees. The issue less the employee reservation portion shall be referred to as the net issue. The issue will constitute 13.04% of the fully diluted post-issue equity share capital of the company.

Proceeds from the issue will be used for construction of facilities for shipbuilding, ship repair and the Offshore Business, and margin for working capital.

The shares issued via IPO are proposed to be listed on the BSE and NSE. JM Financial Consultants Private Limited, Citigroup Global Markets India Private Limited and Enam Securities Private Limited are book running lead managers to the issue. Karvy Computershare Private Limited is the registrar.

Pipavav Shipyard is located on the west coast of India adjacent to major sea lanes between the Persian Gulf and Asia. Upon completion of construction, the Pipavav Shipyard will be capable of ship construction and repairs for a range of vessels of different sizes and types, as well as the fabrication and construction of products such as offshore platforms, rigs, jackets and vessels (but excluding subsea pipelines) for oil and gas companies which the company intends to offer in Offshore Business. It also intends to commence production of vessels while simultaneously completing construction of the Pipavav Shipyard.

Bhavesh Gandhi, the company’s Executive Vice Chairman, said “The sheer scale, size and state-of-the-art modern infrastructure that we have put in place, which includes the largest dry dock in the country, measuring 662/65 million tonne, serviced by two mammoth goliath cranes with a lifting capacity of 600 tonne each and a massive modern state-of-the-art fabrication infrastructure backed by modern and latest equipment that we have introduced allows us the opportunity to do multiple production and the focus being the defense, offshore, besides other sectors.”

Punj Lloyd bought 22.34% stake in the company at Rs 350 crore. Sea King Infra (SKIL Infrastructure) and Punj Lloyd are co-promoters, which hold 45.5% stake.

Oil India IPO overbid 31 times; heavy QIB interest seen

The initial public offering (IPO) of Oil India (OIL), the second largest oil and gas company in India, has received remarkable response from investors, especially QIB (qualified institutional investors).

It has been subscribed 30.82 times so far and has received bids for 81.5 crore shares as against issue size, as per the data available on the NSE website. QIBs' reserved portion got subscribed 54 times followed by non-institutional and retail investors; their portion subscribed 10.5 times and 1.8 times, respectively. The issue received more than 2.10 lakh applications.

Godrej Properties IPO in three months

Godrej Properties will hit the capital market with an initial public offer (IPO) in the next three months, its Chairman Adi Godrej said today.

"We have got clearance for our Draft Red Herring Prospectus (DRHP) from SEBI. We will come out with an IPO in three months time," Godrej told reporters here.

The real estate company will offload 10 per cent equity shares to the public, while 3.5 per cent shares will be available as pre-IPO placement, he said.

The company has mandated ICICI Securities and Kotak Mahindra to manage the issue.

Godrej Industries Ltd currently holds a little over 80 per cent in Godrej Properties.

The company, which is present in residential, commercial and retail spaces of real estate, may set up affordable housing projects in three cities.

"We are mulling affordable housing projects in Ahmedabad, Kolkata and suburban Mumbai," Godrej said.

GPL already has a presence in Pune, Hyderabad, Kolkata, Mumbai and Bangalore.

On consumer products, Godrej said rising sugar prices have made producers consider hiking prices of food products.

The Godrej Group manufactures chocolates and confectionery through subsidiaries Godrej Hershey Foods & Beverages Ltd and Godrej Beverages & Foods Ltd.

Texmo Pipes and Products proposes an IPO to fund expansion

Texmo Pipes and Products Limited, presently engaged into manufacturing of PVC and HDPE pipes, proposes the expansion of product range and setting up of manufacturing facilities for injection mouldings/fittings and woven sacks.

To fund this expansion plan, the Company proposes to enter the Capital markets with a public issue of 50,00,000 Equity shares of Rs 10 each through 100% book building process. The Issue would constitute 44.37% of the fully diluted post issue paid-up capital of the Company. Almondz Global Securities Ltd is the Book Running Lead Manager for the Issue and Karvy Computershare Pvt Ltd is the registrar.

Texmo Pipes and Products Limited has two production units at Burhanpur in Madhya Pradesh, where it manufactures PVC and HDPE pipes to meet the requirements of application in irrigation, agriculture, potable water supply schemes, sewerages and drainage systems, construction industry, telecom industry and bore/tube well for underground water suction.

Some of its clients during the financial year 2007-08 were Idea Cellular, Reliance Communication Infrastructure Ltd., and Videsh Sanchar Nigam Ltd. With the increase in demand for various types of pipes, the Company intends to expand its product range by venturing into manufacturing of CPVC, DWC and drip in-line pipes. Also in order to facilitate its clients with accessories for the pipes, it plans to venture into manufacturing of injection mouldings/fittings. The Company also intends to diversify in the manufacturing of woven sacks.

Great Eastern Energy Corporation Ltd has filed its draft red herring prospectus with the Securities and Exchange Board of India.

Great Eastern Energy Corporation Ltd has filed its draft red herring prospectus with the Securities and Exchange Board of India.

The company is in the business of exploration, development, production, distribution and sale of natural gas from coal seams, commonly known as CBM.

IPO details

Great Eastern Energy expects to enter the capital market with an initial public offering of up to 9.13 crore equity shares of Re one each for cash.

The price would be determined through a 100 per cent book building process.

The issue would constitute approximately 15.45 per cent of the fully diluted post-issue paid-up capital of the company.

The equity shares are proposed to be listed on both the Bombay and National stock exchanges.

The company’s Global Depository Receipts are listed on the Alternative Investment Market of the London Stock Exchange.

The company currently produces CBM from its block, which spans an aggregate area of 210 square kilometres.

The block situated in Raniganj, West Bengal, has an estimated 1.92 trillion cubic feet of gas-in-place (according to a report issued by Netherland, Sewell & Associates, Inc., on June 1, 2007).

The book running lead managers to the issue are Enam Securities, ABN AMRO Asia Equities (India) Ltd and SBI Capital Markets Ltd, reports The Hindu Business Line.

Reliance Infratel IPO deadline lapses

Reliance Infratel, the telecom infrastructure unit of Reliance Communications, is learnt to have deferred its plans for an initial public offering (IPO) because of the current volatility in the stock markets.

The outer deadline for completion of its IPO was August 11. A company has to complete the IPO process within 90 days after obtaining SEBI’s observations on its draft red herring prospectus.

Reliance Infratel had got the regulator’s approval for its proposed IPO on May 12. The prospectus was filed with SEBI on February 4.

The deadline, after which the regulator’s approval lapses, has passed without any announcement of an initial public offering by the company.

A spokesperson for Reliance Communications declined to comment on this development. It could not be ascertained whether the company would revive its IPO plans in the immediate future.

This is the third major IPO that is being deferred in recent times after that of commodity exchange MCX and mutual fund company UTI AMC. This clearly reflects the falling level of confidence among corporations and investors in the Indian financial markets, analysts said.

Moreover, all the Anil Dhirubhai Ambani Group stocks have been losing ground on the bourses. Analysts feel that the poor performance of the Reliance Power scrip, post its listing, could have also prompted the company to go cautious with the Infratel IPO. On the very day the RPower issue was listed, the scrip slipped below its offer price of Rs 450.

Reliance Infratel intended to issue 8.91 crore shares constituting 10.05 per cent of the post-issue paid-up equity capital of the company. Through this IPO, the company was expected to mop up about Rs 6,000 crore from the capital markets, reports The Hindu Business Line.

20 Microns IPO opens on Sept 8

20 Microns, a pioneer and leader in the micronised minerals and trend setter in the market for usage of ultrafine minerals for the Paints & Plastic Industries, proposes to enter the capital markets on September 8, 2008 with a public issue of 43,50,632 Equity shares of Rs 10 each through 100% book building process. The IPO will close on September 11, 2008. The company has fixed the price band between Rs 50 and Rs 55 per equity share.

The issue consists of a fresh issue of 16,75,000 equity shares of Rs 10 each and an offer for sale of 26,75,632 equity shares by Gujarat Venture Capital fund 1995. Up to 2,17,532 equity shares will be reserved for subscription by eligible employees. The issue will constitute 30.81% of the post issue paid up capital of the company. The issue has been graded by the Credit Analysis & Research (CARE) and has been assigned the IPO Grade 3 indicating Average Fundamentals.

The company intends to utilize the proceeds of the fresh issue in the IPO towards the current ongoing expansion plans of the manufacturing capacities at various locations, invest in the sub-micron particle sizes required by end-market and general corporate purposes.

The equity shares are proposed to be listed on Bombay Stock Exchange Ltd. and National Stock Exchange of India Ltd.

The book running lead manager is Keynote Corporate Services Limited.

MCX public issue by August

Braving the turbulent market conditions, the MCX initial public offering (IPO) is slated for launch during the first half of August. Mr Joseph Massey, Joint Managing Director, MCX, said the decision on the exact date for the IPO launch will be taken early next week.

MCX, which received the SEBI approval for IPO on May 15, has to tap the market before August 15, after which the SEBI approval will expire.

IPO deferred

Companies that had received SEBI’s nod has to complete the process of listing within 90 days, else they have to re-file their offer documents, said an analyst. Once the process is completed, MCX will become the first commodity exchange in India to be listed on a stock exchange.

At an expected price band of Rs 500-600, the company will raise about Rs 500 crore to Rs 600 crore, said a source. According to the draft red herring prospectus (DRHP), the public issue will be of one-crore equity shares of Rs 10 each.

The IPO would comprise fresh issue of 6-million shares and another 4-million shares will be offloaded by Financial Technologies Ltd and Corporation Bank. Earlier, MCX, in June 2006, deferred its IPO plan after receiving SEBI’s approval.

However, this time around, Mr Jignesh Shah, CEO and Managing Director of MCX, was on record that the issue will hit the market despite weak market sentiments. Recently, NYSE Euronext acquired 5 per cent equity stake in the MCX for Rs 220 crore, valuing the exchange at USD 1.1 billion.

Highest rating

Rating agency CRISIL recently rated MCX IPO at the highest grade of 5/5. The grade indicates that the fundamentals of the issue are strong. It is neither a trading recommendation, nor a comment on the future market price or its suitability, it said.

Currently, MCX enjoys market leadership, with a share of 77 per cent in volumes traded on commodities exchanges in India. The company has focused on commodities such as bullion, energy and metals, which are benchmarked to international prices, Crisil said. Of the company’s total turnover, bullion accounts for 53 per cent, metals for 28 per cent, energy for 16 per cent and agricultural commodities account for the rest, reports The Hindu Business Line.

Nu Tek India IPO opens on July 29, price band Rs 170-192

Nu Tek India, a telecom infrastructure services provider offering infrastructure rollout solutions for both mobile and fixed telecommunication networks, will enter the capital market on July 29, 2008, with an initial public offering (IPO) of 4,500,000 equity shares of Rs 10 each for cash at a price to be determined through a 100% book building process. The issue comprises a fresh issue of 3,500,000 equity shares and an offer for sale of 1,000,000 equity shares by a strategic investor.

The price band has been fixed between Rs 170 and Rs 192 per equity share. The issue will close on August 1, 2008. The issue constitutes 26.07% of the fully diluted post-issue paid up equity share capital of the company. The issue has been assigned an IPO grade of 3 out of 5 by rating agency, CRISIL Ltd.

The company intends to utilise the proceeds from the Issue to meet the cost of capital expenditure, overseas acquisitions and augmenting the long term working capital requirement amongst others.

The company’s expertise lies in the breadth of services it offers in the telecom infrastructure space. It offers all outsourced services related to design, installation, construction, operation and maintenance of telecom networks. It offers services to telecommunication equipment manufacturers, telecom operators as well as third party infrastructure leasing companies in installing and maintaining telecom network equipment & infrastructure. It is also registered with Department of Telecommunication as Infrastructure Provider - Category I.

The equity shares of the company are proposed to be listed on Bombay Stock Exchange and National Stock Exchange.

The book running lead managers to the Issue are SPA Merchant Bankers Limited and India Infoline Limited.

Vishal Information Technologies IPO opens for subscription

Vishal Information Technologies, a company in the field of ITES/BPO services and a subsidiary of Tutis Information Technologies will open for subscription today with a public issue of 27,90,000 Equity shares of Rs 10 each through 100% book building process. The Issue consists of fresh Issue of 17,90,000 Equity shares and an offer for sale of 10,00,000 Equity shares by "Selling shareholders’’. The price band has been fixed at Rs 140 to Rs 150 per equity share of Rs 10 each. The issue closes on 24th July 2008. The Issue will constitute 26.12% of the fully diluted Equity share capital of the Company. Credit Analysis and Research (CARE) has assigned "IPO Grade 3’’ to the Issue. The Equity shares are proposed to be listed on BSE and NSE. Keynote Corporate Services and IDBI Capital Market Services are the BRLMs for the Issue.

IDBI Capital Market Services has invested an amount of Rs 3.72 crores in the equity Share capital of the company by subscribing to 3,10,000 Equity shares of Rs 10 each at Rs 120 per Equity share. Vishal proposes to utilize the net proceeds of the Issue to part finance the cost of the proposed expansion of the facilities in Chennai and the cost of setting up of Quality Assurance Center and Marketing office in Mumbai. The expansion includes increasing Data digitalization seats from present 250 to 450, E-publishing seats from 150 to 250 and Digital Library seats from 75 to 100. The issue proceeds would also be utilized for setting up of subsidiaries in UK and USA.

Presently the Company operates from leased facilities in Chennai and Mumbai with approximately 475 workstations. As part of the expansion plans, the Company intends to set up new facilities to support the increase in business from existing and new clients. It proposes to buy an office space of approximately 15,000 sq. ft. at Special Economic Zone (SEZ) in Chennai.

Majority of the Company’s business is predominantly sourced from the United Kingdom and United States of America through tenders floated by the various government authorities, educational institutes, etc. Presently it does not have any presence in the UK and USA which many a times acts as hindrance for getting the work allotted. It feels that its offshore presence in the form of a subsidiary company would enable Vishal’s participation in the bidding process more active and fruitful. The various other marketing activities for Vishal would also be carried out from these subsidiaries.

UTI AMC defers IPO due to market conditions

UTI Asset Management Company has deferred its initial public offering (IPO) due to market conditions, reports CNBC-TV18.

As per DRHP filed with SEBI, the company planned a issue of 4.85 crore equity shares of Rs 10 each.

The objects of the offer are to achieve the benefits of listing on the stock exchanges and to carry out the sale of equity shares by the selling shareholders.

UTI AMC provides asset management services in India catering to a diverse group of individual and institutional investors through a wide variety of equity and debt funds. The company manages domestic mutual funds, as well as provide portfolio management services and manage overseas, venture capital and private equity funds.

Global coordinators and book running lead managers to the issue are JM Financial Consultants Pvt Ltd, Citigroup Global Markets India Pvt Ltd, Enam Securities Pvt Ltd, Glodman Sachs (India) Securities Pvt Ltd, UBS Securities India Pvt Ltd, ICICI Securities Ltd, SBI Capital Markets Ltd and CLSA India Ltd. Karvy Computershare Pvt Ltd is registrar to the issue.

Birla Cotsyn IPO opens on June 30

Birla Cotsyn (India) proposes to enter the capital markets with a public issue to raise Rs 14,418 lakh through equity shares of face value of Rs 10 each. The issue opens on June 30, 2008 and closes on July 04, 2008. The price band has been fixed at Rs 15-18 per equity share.

The issue price is 1.5 times of the face value at the lower end of the price band and 1.8 times of the face value at the higher end of the price band.

This issue has been graded by CARE and has been assigned the "IPO Grade 3".

Allbank Finance Limited is the book running lead manager to the issue.

Nexgen Capitals Limited, Saffron Capital Advisors Private Limited and Chartered Capital and Investment Limited are the co-book running lead managers to the issue.

Adroit Corporate Services Pvt. Limited is the registrar to the issue.

Somi Conveyor Beltings to raise Rs 16.5 cr through IPO

Somi Conveyor Beltings said they are raising Rs 16.55 crore through the Initial Public Offering (IPO) and also we are putting Rs 10 crore, so total comes to Rs 21 crore odd. The funds raised will be used exclusively for their plant.

DVC plans to float subsidiary for IPO

Damodar Valley Corporation is planning to float a subsidiary company with a view to come out with an initial public offer to raise funds for its projects during the 12th Plan.
"Since DVC is a statutory body and not registered under the Companies Act, it has to float a separate subsidiary to bring the IPO," DVC chairman, Mr Asim Barman said while addressing a Press conference here today. However, he did not give any time frame for the IPO.
Referring to a different initiative, Mr Barman said that DVC had formed a special purpose vehicle called Damodar Valley Tourism Development Private Limited with IL&FS Infrastructure Development Corporation Limited to develop tourism and tourism related infrastructure in DVC command areas.
He said: "We have identified six cites for undertaking tourism projects. These places are Maithon, Panchet, Tilaiya, Hazaribag, Konar and Rajrappa".
DVC, which is celebrating its golden jubilee this year, today reported a decline in net profit at Rs 1,126 crore for the financial year 2007-08.

Somi Conveyor Beltings IPO opens on June 24

Somi Conveyor Beltings will enter the capital market with an initial public offering, IPO of 62,27,860 equity shares of Rs 10 each through 100% book building process on June 24, 2008. The price has been fixed at Rs 35 per equity share. The issue will close for subscription on June 27, 2008.

The issue comprises of contribution by promoters, of 14,99,286 equity shares of Rs 10 each at a price of Rs 35 per equity share for cash aggregating to Rs 5.25 crores, and the net issue to the public of 47,28,574 equity shares of Rs 10 each at a price of Rs 35 per equity share for cash aggregating to Rs 16.55 crores including an allocation of atleast 10% of the net issue to the public to Aualified Institutional Buyers. The net issue to public would constitute 40% of the fully diluted post issue paid up capital of the company. The issue price is 3.5 times of the face value of the equity share.

The shares are proposed to be listed on the BSE.

Ashika Capital is the Lead manager to the issue.

Mondkar Computers is the Registrar to the issue.

Sejal Architectural fixes issue price at Rs 115

Sejal Architectural Glass, a glass processing house in India, has fixed the Issue Price of its equity shares at Rs 115 per share for its initial public offering (“IPO”) of 9,194,155 equity shares of Rs 10 each determined through the 100% book building process (the “Issue”).

The Issue closed on June 12, 2008, and was subscribed 9.90 times (according to the preliminary information received by the stock exchanges). The Qualified Institutional Bidders (“QIBs”) portion was subscribed to approximately around 4.26 times; the Non-Institutional Bidders portion was subscribed to approximately around 33.18 times; the retail portion was subscribed to approximately around 7.96 times.

The Issue constitutes 32.84% of the fully diluted post issue paid up capital of the Company. The Equity Shares will be listed on National Stock Exchange of India Limited (“NSE”) and Bombay Stock Exchange Limited (“BSE”). Saffron Capital Advisors Private Limited is the sole Book Running Lead Manager (“BRLM”) to this Issue.

Incorporated in the year 1998, Sejal Architectural Glass Limited started its commercial operations in the year 2000-01 by setting up a processing facility for insulating glass. As a step forward, it started another process for toughened glass in the year 2001. Since then, the Company has expanded its operations by adding an automated lamination line in January 2007 and has broadened its scope of business activities by processing various value added glass for exterior and interior applications, including decorative glass.

Its glass has been used in well-known structures such as the Reliance Dhirubhai Ambani Corporate Centre (Navi Mumbai), Inorbit Mall (Mumbai), Bharat Diamond Bourse (Mumbai), Chhatrapati Shivaji International Airport, Domestic Terminal (Mumbai), New Bangalore International Airport and K. Raheja IT Park (Hyderabad) amongst others.

Lotus Eye Care extends IPO to June 20, price band Rs 36-38

Lotus Eye Care Hospital has revised its IPO price band to Rs 36-38 from Rs 38-42 per share and extended by three days on the back of poor subscription. Now the issue will close on June 20, 2008 instead of today, June 17.

It has subscribed only 0.54 times as per the NSE web site. It has received total bids for 54,26,700 shares as against issue size of 1,00,00,000 shares.

The issue had opened for subscription on June 12, 2008 with a public issue of 1,00,00,000 equity shares of Rs 10 each through 100% book building process. The price band is between Rs 38 to Rs 42 per equity share of Rs 10 each.

The issue will constitute 48.09% of the fully diluted post issue paid-up equity share capital of the company.

Keynote Corporate Services Ltd is the BRLM and Canara Bank Merchant Banking Division is the co-lead manager for the issue and S.K.D.C. Consultants Ltd is the registrar to the issue.

The company proposes to utilise the net proceeds of the issue to part finance its Rs 5500 lacs expansion plan. The plan covers expansion of existing facilities and establishment of new centers with latest technology. To fund this plan, Lotus expects to raise Rs 4200 lakh through the public issue, it has tied up Rs 999.54 lakh of term loans from banks and raises remaining Rs 300.46 lakh through internal accruals.