Indian IPO

All details about Hot Indian Primary Market.

Wednesday, June 28, 2006

Tech Mahindra IPO to hit market soon

IT solutions company Tech Mahindra on Tuesday said it would stick to its schedule for the initial public offer, despite the turbulent stock market and decreasing demand for IPOs, reports The Economic Times.

"After we get the approval from Sebi, we will check with the investment bankers. The market doesn't make difference... During bad markets, demand for good scrips is very high. We will past muster," Tech Mahindra CEO Vineet Nayyar told media.

He said Sebi clearance was likely to come by the third week of next month and the company will approach the market soon after.

The company would offer 11% of equity through the IPO to mobilise funds for expansion of its services delivery infrastructure.

Tech Mahindra is planning to have centres in Noida, Chennai, Hyderabad, Kolkata and Chandigarh with an investment of Rs 350 crore (Rs 3.5 billion). The centres in Kolkata, Chandigarh and Noida will have capacity to seat 2,000 professionals each.

Tech Mahindra is planning to develop its centres in Kolkata, Chandigarh and Pune as special economic zones, which offer a host of tax concessions.

The company has recently acquired Axes Technologies and is open to more acquisitions and joint ventures, if they fit in the overall strategy of growth.

Nayyar said the company is gradually reducing reliance on British Telecom and expanding its client base including in geographies as diverse as Egypt, Qatar, Singapore and China.

In the last three years, the company's revenue has grown by around 30% from Rs 742 crore (Rs 7.42 billlion) in 2004 to Rs 1,245 crore (Rs 12.45 billion) in 2006. Its net profit has grown from Rs 64 crore (Rs 640 million) to Rs 235 crore (Rs 2.35 billion) during the same time.

Friday, June 23, 2006

Indian Bank to come out with IPO next year

Indian Bank on Wednesday announced that it will come out with an Initial Public Offer some time next year, reports The Economic Times.

"We are on the recovery path. The final punch will come with the IPO next year," bank chairman and managing director K C Chakraborty told reporters.

The bank, he said, would file the prospectus in October or November this year.

"It (Public Issue) will hit the market sometime in 2007," he said, adding, it would be through the book building process.

Asked about overseas expansion, he said the bank was looking at Vietnam and Indonesia but it depended on receiving regulatory approvals.

He said the bank had more than doubled its disbursement to agriculture in two years, as against the three-year period stipulated by the Central government.

It also disbursed educational loans amounting to Rs 260.14 crore (Rs 2.60 billion) during 2005-06 to 24,809 students, which was expected to reach 30,000 this year.

The bank's plan for 2006-07 included 25% rise in net profit, NPA recovery of more than Rs 500 crore (Rs 5 billion) and covering the entire bank by Core Banking Solutions, he said.

Tech Mahindra files DRHP for IPOTech Mahindra files DRHP for IPO

Tech Mahindra, a global leader in providing end-to-end IT services and solutions to the Telecom industry, has filed draft red herring prospectus, DRHP, with Sebi for initial public offering, IPO.

In this issue, the company is going to offer 12.74 million shares. The company plans to dilute 11% of its total equity.

This is likely to unlock value for M&M's shareholders.

Tech Mahindra (formerly known as Mahindra-British Telecom) is the global leader in providing end-to-end IT services and solutions to the Telecom industry. Over 11000 professionals service clients across various telecom segments, from multiple offshore development centers across seven cities in India and UK and 13 sales offices across Americas, Europe and Asia-Pacific.

Majority owned by Mahindra & Mahindra, India’s fifth largest commercial group, in partnership with British Telecom, Europe’s second largest telecom service provider, Tech Mahindra has grown rapidly to become the 8th largest software exporter in India (Nasscom 2005).

Tech Mahindra has plans to raise cash to fund expansion in US, UK and Australia.

M&M informed the BSE that it would sell upto 5.32% stake in Tech Mahindra, TML, a subsidiary of the company, through IPO.

Recently, the company’s board cleared spending of up to USD 300 million on overseas acquisitions. This month, Tech Mahindra set up its Noida development centre employing 2,000 people at an investment of Rs 100 crore.

The Noida centre is the sixth development hub for the company after Chennai, Bangalore, Mumbai, Pune and Kolkata.

Tech Mahindra has reported a net profit of Rs 235.4 crore (Rs 2.35 billion) for the year ended March 2006, a growth of 130%. The company’s gross revenue grew by 31% at Rs 1,242.7 crore (Rs 12.42 billion).

Vishal Mega Mart plans IPO, to offload 20-25% stake

The Delhi-based Burman family, promoters of Dabur India, seems to have hopped on to the retail bandwagon. The company has invested Rs 4 crore (Rs 40 million) to pick up stake in North India-based retail chain Vishal Mega Mart. There has been widespread speculation over the past few months on the family making investments in the retail sector, reports The Hindu Business Line.

Confirming the development, Ram Chandra Agarwal, managing director of Vishal Mega Mart, said that the Burmans had picked up 1% stake in the company for Rs 200 per share. Incidentally, this is not the first strategic investment in Vishal Mega Mart. Earlier, Bennett Coleman & Co had picked up 12% stake in the company, which has since been diluted to 10% due to an expansion of its shareholding base.

IPO plans

Vishal Mega Mart, which is planning an IPO later this year, said it would offload 20-25% stake through the public issue. At present, the promoters hold 80-85% stake in the company.

The company plans to raise about Rs 125-150 crore (Rs 1.25-1.50 billon) from the IPO to fund its expansion plans, which includes opening around 40 stores by the next year. Industry watchers point out that the stake purchase in Vishal may be a sign of further investments in the booming retail sector by the Burman family.

There has been speculation that the Burmans have been in talks with a South-based retail chain, apart from scouting for other opportunities in this sector.

The Burman family, through its investment firms, has made significant investments across a wide range of sectors in the last few years. The family invested in tractor business late last year by picking up 11.19% stake in Chandigarh-based Punjab Tractors. It upped its stake in Punjab Tractors to about 13.5% subsequently.

The family has also invested in the financial services and life insurance sectors, and holds stakes in ABN Amro Securities, Lord Krishna Bank, Fidelity Mutual Fund Management and Aviva Life Insurance Company.

Blue Bird files DRHP with Sebi

Blue Bird (India), a leading manufacturer of paper-based notebook and stationery products with a strong presence in western and southern India, filed its draft red herring prospectus, DRHP, with the Securities & Exchange Board of India, Sebi to enter the capital market with its initial public offering of equity shares, as per the press release.

The company proposes to offer 10 million equity shares of Rs 10 each for cash at a premium to be decided through the book building process. Of the 10 million equity shares on offer, 50% is reserved for allotment to qualified institutional bidders, another 15% to non-institutional investors, and the remaining 35% is reserved for allotment to retail investors on a proportionate basis.

The issue will constitute 28.57% of the fully diluted post-issue equity capital of the company.

Nitin P Sontakke, chairman of the company, after filing the DRHP said "We plan to expand our market presence to enable us to retain our market leadership with 48% market share amongst large players in the organized market for paper-based student/exercise book products in India. We plan to develop facilities in south India during fiscal 2007 and 2008, and increase marketing efforts and penetration in sub-Saharan Africa".

The sole book running lead manager to the issue is DSP Merrill Lynch.

Wednesday, June 21, 2006

Vigneshwara Exports withdrawn IPO

The equity market's meltdown is beginning to have an impact on the primary market with two companies, Bluplast Industries and Vigneshwara Exports, being forced to withdraw their initial public offerings, IPO, due to poor response, reports The Hindu Business Line.

Despite bringing down the price band from Rs 121-140 range to Rs 110-124 band, Vigneshwara Exports could get only 89% subscription. When contacted, an official of Vigneshwara Exports said the company has decided to withdraw the issue, as most applicants submitted their bids at the bottom price of Rs 110.

"We feel the company deserved a better valuation than Rs 110," he said. The company had received another 20% through physical format, but due to technical reasons this could not be uploaded, he added. The company was planning to mobilise about Rs 55-60 crore through this IPO. Karvy Investor Services was the lead book runner for the IPO.

Weak investor sentiment

Bluplast Industries was forced to pull out its Rs 30-crore IPO due to weak investor sentiment, said Shashinand Nagori, its compliance officer. He said the company was exploring other funding options, including private placement of shares and even the debt option, to mobilise Rs 32 crore (Rs 320 million) required for the expansion plans. The Mumbai-based Allianz Securities was the lead manager for the issue.

Several recent public issues including Deccan Aviation, Patel Engineering, D S Kulkarni Developers and Unity Infraprojects are trading below the issue price. Prime Focus, which came out with an issue at Rs 417 per share, had a dismal opening day on Tuesday. Investment bankers said that good issues would sail through despite weak market sentiment.

For instance, Allcargo Global Logistics' IPO, priced at Rs 675 per share, was oversubscribed by seven times when the issue closed on June 6. "We don't see any problem for good IPOs. They will attract interest from investors," said an official of Enam Financial Consultant, the lead manager for Allcargo Global's IPO.

IPOs slated to hit the market in the next couple of months include DLF, MCX and Power Finance Corporation.

Sebi to be cautious in clearing DLF IPO

Capital market regulator Securities and Exchange Board of India, Sebi, wants to be fully satisfied with DLFs claims in the draft red herring prospectus, DRHP, before clearing its issue, highly-placed sources in Sebi said, reports The Financial Express.

The Sebi reaction came in the wake of some investor associations claiming that crucial disclosures like EPS and net profit in DLFs draft prospectus were misleading.

A top Sebi source confirmed that it has received queries from many investors regarding the issue. He further added, we want to be fully satisfied with every minor thing in the DLF issue. As a regulator, our responsibility becomes all the more greater in clearing such issues.

Meanwhile at a press conference, an association of about 200 investors (Midas Touch Investors) claimed that DLFs EPS, earnings per share, amounts to Rs 1.32 against Rs 12.84 given in the real estate major's DRHP for the mega issue. The figure (Rs 1.32) was calculated by dividing DLF's net profit of Rs 199.4 crore (Rs 1.99 billion) by 151.2 crore shares, as given in the DRHP.

Against an EPS of Rs 1.32, DLFs endeavour is to price the IPO at Rs 600. This would be a PE ratio of 454.5, whereas the current PE ratios of the top 30 firms range between 6.7-31.5. On a P/E ratio of 20, which is above average, the DLF share would be around Rs 26, investors claimed.

Reacting to investors allegations, a DLF spokesperson said, This is a campaign to malign DLF's IPO prospects. Sebi will take a call on it. The association stated from the DRHP that the profit of subsidiaries (Rs 236.5 crore (Rs 2.36 billion)) is more than the profit of the group (Rs 199.4 crore).

Restated profit of DLF (Rs 103.9 crore (Rs 1.03 billion)), along with subsidiaries' profit (Rs 236.5 crore), is more than DLFs consolidated net profit, and the discrepancy is not explained in the DRHP, they said.

The investors have written to Sebi and finance ministry to direct DLF to withdraw its offer document and file it again after compliance with DIP, disclosure and investor protection, guidelines. The investors also asked the market watchdog for duration of 21 days after re-filing to let them make an informed investment decision.

Bharat Hotels to go slow on maiden float

Bharat Hotels is going slow on its maiden issue plan following the recent volatility in the equity markets reports Business Standard.

The company had filed its draft red herring prospectus, DRHP, on March 23, 2006, with the Securities and Exchange Board of India, Sebi.

Lalit Suri, chairman and managing director, said he was waiting for clearances from Sebi.

He, however, said the firm would adopt a wait-and-watch attitude before hitting the market.

Suri's outlook could be justified by the weak response generated by IPOs of those companies that got listed around May 18, the day the Sensex plummeted 826 points (6.76%) to close at 11391.

Air Deccan had to extend its IPO deadline by three days and slash the lower limit of its price band to Rs 147 from Rs 150-175.

Since filing the prospectus, Bharat Hotel executives said the company's valuation has gone up with the purchase of a four-acre hotel site in Chandigarh.

This land was bought in equal partnership with DLF for Rs 75 crore (Rs 750 million).

Also, the Rajasthan government has in principal agreed to allot three acres to Bharat Hotels in Jaipur.

In an earlier interview, Suri had said the company would require an investment of Rs 1,100 crore (Rs 11 billion) to expand its five-star luxury brand, The Grand, to Hyderabad, Amritsar, Jaipur, Chandigarh and Noida.

Of the total investment, Suri hoped to raise Rs 600 crore (Rs 6 billion) from an initial public offer and the remaining Rs 500 crore (Rs 5 billion) from 1:1 debt equity ratio.

Textile cos step back on IPOs

A number of textile companies which were earlier planning big-ticket initial public offers, IPOs, are putting their plans on the backburner, steering clear of the volatile stock market, reports The Economic Times.

Apparel exporter Orient Craft, OCL, which had planned to raise about Rs 300 crore (Rs 3 billion) through an IPO and private equity has deferred its plan, sources said. KS Doshi, vice-president (finance), Texport Garments, said the Rs 300-crore company, which was looking to raise Rs 75 crore (Rs 750 million) to fund the expansion of its manufacturing facilities has also postponed its entry to 2008.

Other big exporters, including Shahi Exports, which had in place a similar roadmap to raise finances, are also shelving it for the moment.

Unless the market stabilises, one cannot expect people to invest. Most companies across sectors have deferred their IPO plans indefinitely, reasons Prithvi Haldea, MD, Prime Database, the New Delhi-based firm that tracks primary markets.

Analysts point out that while textile exporters with bigger turnover are staying away from the market, many small and medium companies are still raising money. Some companies like Abhishek Mills and Minar International are pressing ahead with their action plans.

All they are waiting for is the Sebi nod to raise Rs 50 crore (Rs 500 million) and Rs 85 crore (Rs 850 million) from the market.

As many as 15 companies had announced their intention of turning to the capital market to fund their business activities in 2006 expecting the momentum to be sustained.

Though textile companies are witnessing a lot of activities, the deal sizes are not as large as other industry heavyweights like oil and gas or telecom, sources said. Though market interest in IPOs had generally picked up, a large number of textile IPOs underperformed, they added.

No textile company has raised over Rs 500 crore (Rs 5 billion) from the market. Last year, Gokuldas Exports mopped up about Rs 132 crore (Rs 1.32 billion).

Bluplast Industries calls off IPO

Bluplast Industries has called off its IPO. While speaking to CNBC-TV18, Kamlesh Jain, managing director of Bluplast Industries said the IPO has been postponed in view of the volatile conditions in the markets.

He said the company is looking at other options to finance its expansion plans."Part of venture capital or some private participation and some debt acquisition," are the options the company is looking at.

He further added that discussions are going on with 2-3 parties and by next week some conclusions will come out

On bringing back the IPO at some point, Jain said "We will wait for the right time. Right now we have not decided when to issue it."

Monday, June 19, 2006

Reliance Haryana SEZ to list within three years

RIL-HSIDC (Reliance Industries-Haryana State Industrial Development Corporation) will be called Reliance Haryana SEZ. Reliance Haryana SEZ is likely to list within three years.

Reliance Industries is going to hold 90% and HSIDC 10% in Reliance Haryana SEZ.

HSIDC is to have two directors and RIL to have three directors.

Reliance Industries will set up three SEZs across India under different companies.

Mukesh Ambani is expected to sign an agreement with the Haryana government on the proposed 25,000 acre Haryana Special Economic Zone today. Reliance has estimated that it will invest up to Rs 25,000 crore (Rs 250 billion) in the zone.

Reliance is also expected to make an investment of Rs 4000 crore (Rs 40 billion) in West Bengal as part of its mega-retail plans, which would be unveiled later this week.

The company has sought nearly 10,000 acres from the state government with estimated investment in the first phase touching Rs 4000 crore.

Ambani's agricultural retail plans envisages creating farm-to-the-shelf chains by setting up exclusive farms and opening a chain of hypermarkets and super-markets across the country on the lines of Wal-Mart.

The SEZ would be set up in 25,000 acres; 15% of area would be residential while 35% would be industrial. RIL would also develop 5% of area for recreational purposes.

The company is mulling tie up with Disney, Time Warner or Universal for theme parks. It would invite third party investments to the tune of Rs 1 lakh crore (Rs 1000 billion).

The said SEZ is likely to generate 2 lakh jobs.

Mukesh Ambani is likely to announce setting up of mega power plant in Haryana, and international cargo airport and also setting up of inland container depot, dry port.

DLF IPO to hit market by July 15

Unfazed by the controversy over the issue of conversion of debentures and the prevailing volatile market conditions, real estate company DLF said its initial public offering, IPO to raise about Rs 13,500 crore (Rs 135 billion) is on schedule and would hit the market by July 15, reports The Hindu Business Line.

"We are on schedule as far as the IPO is concerned and it will hit the market in early July between July 10-15. There will also be no dilution as far as the number of shares to be issued are concerned or the amount that we plan to raise. The valuation is a product of discovery of price through the book-building route.

We will determine the price of the shares in consultation with the merchant bankers after we get Sebi's go ahead," Saurabh Chawla, Senior Vice-President-Finance, DLF said.

Letter of offer

The company also clarified its position with regard to allegations by the company's minority shareholders on non-receipt of Letter of Offer for DLF's rights issue of debenture that opened for subscription on December 29, 2005 and closed on January 18, 2006.

"The company circulated a Letter of Offer to its minority shareholders under Certificate of Posting on December 23, 2005 mailed by an independent licensed bulk mailing agency, and later also advertised in newspapers.

Many minority shareholders opted not to subscribe, and later realised that they missed the opportunity. We decided to go for the IPO in March this year," Chawla claimed at a conference here.

"We have put our case to Postal Department and Sebi. Let the investigation agencies come out with the facts, " he said.

The company claims that a total of 1,083 Letters of Offer were mailed and that the company received 138 applications.

Out of 138 applications, 10 were rejected for not complying with the terms of the rights issue and allotment was made to 128 applications out of which minority shareholders accounted for 78 applications to whom, debentures were also allotted.

As many as 107 letters were returned undelivered by the Postal Department and four applications were received before January 22 and 24," he said.

"We will co-operate with the investigation. In fact, we are surprised by the slow pace of investigation," Chawla said, adding that the Sebi enquiry is simultaneously on and the company is responding to all the queries being posed by the market regulator.

However, he declined to elaborate as to what kind of queries were coming from the Sebi.

Friday, June 16, 2006

State Bank of Mysore may enter market by fiscal-end

State Bank of Mysore, SBM looking for enhancing its capital base to achieve the Basel-II norm and the benchmark 12% capital adequacy ratio over next two years, is planning to tap the capital market with a public issue that may happen either before the end of current financial year or early next, according to Mr Y. Vijayanand, Managing Director of SBM. The Hindu Business Line.

But to enable SBM accessing capital market, an amendment of the SBI Subsidiary Banks Act needs to be passed so as to remove certain restrictions that come in the way of the subsidiary banks issuing fresh equity capital to shareholders.

Act amendment

The limitations presently faced are that no shareholder of subsidiary banks can have more than 200 shares and the minimum face value of its share pegged at Rs 100 as against the current market trend of having shares with face value of Rs 5 or Re 1.

The bank, in the absence of Act amendment, is also unable to dematerialise its shares as the SBM is already having a small percentage of retail shareholders (their number is 18,000 constituting 5 per cent of the total shares) through its earlier public issue long ago.

Strategy

"We hope the amendment of the SBI Subsidiary Banks aact would be gone through during the coming monsoon session which will also set the pace for all the subsidiary banks going to the capital market one by one over the next one year", Mr Vijayanand said.

Talking to press persons here, the SBM Managing Director said the proposed IPO (which is in fact a follow-up issue) by the bank could be through either rights issue or an IPO or both combined.

Thursday, June 15, 2006

Sebi clears MCX IPO

The Securities and Exchange Board of India, Sebi, has cleared the initial public offering, IPO, of commodity exchange MCX. When listed, MCX would be the country's first exchange to do so, joining a select few globally in that league, reports The Hindu Business Line.

Jignesh Shah, CEO and managing director of MCX, said that the exchange is going ahead with the issue despite the weak market sentiment. The company received Sebi's consent at the end of last week.

He said the exact price band for the issue would be finalised only after discussions with the merchant bankers of the issue, which include Citigroup, DSP Merrill Lynch and Kotak Mahindra.

The company is sticking to the original size of 50 lakh shares through the IPO. As per the original plan, the company hopes to mobilise about Rs 300 crore (Rs 3 billion) through the IPO, which would put the issue price in the region of Rs 600 per share. Though Shah did not reveal the exact timing of the IPO, he said the company "will not defer" it.

On the issue price, he said: "We are not asking for too much (from the investors)." He pointed out that leading global fund house Fidelity had taken a 9.24% stake in the company at Rs 600 per share. "Fidelity's stake has one-year lock-in arrangement," Shah said.

Financial Technologies (India), a listed entity, is the promoter of MCX. Its stake in MCX will come down to 53.75% from 64.30% after the IPO. Several other public sector banks including State Bank of India and its associate banks, NABARD and the National Stock Exchange also hold stakes in the company.

Tuesday, June 13, 2006

Cox & Kings postpones IPO plans

Tour operator Cox & Kings, C&K, India has postponed its initial public offering, IPO, plans by 6-12 months, reports Business Standard.

According to a company spokesperson, the ongoing volatile market scenario is a major factor for the company’s decision.

The company had plans to get listed by early 2006.

Indian operations being the most remunerative for the group, C&K has plans to shift its headquarters from UK to India, Good had said earlier.

C&K registered a total revenue of Rs 700 crore in 2005, more than 50 per cent of which was generated by its Indian operations.

Currently, C&K India is a subsidiary of C&K UK. C&K India has plans to buy out C&K UK to become the promoter company. Automatically, the stake of C&K UK in its sister concerns in Japan, US, Italy, Turkey and Australia will be transferred to C&K India, post-buyout.

The Kerkar family (of hotelier Ajit Kerkar) and C&K UK are major stakeholders in C&K India. C&K, established in 1758, is one of the oldest existing companies in the world.

Saturday, June 10, 2006

Unity Infraprojects IPO will list on June 12

Unity Infraprojects IPO will list on the stock exchanges on June 12, 2006.

Its BSE ID is 532746 and its NSE ID is UNITY. Its issue price had been fixed at Rs 675 per share. The issue had been subscribed 2.37 times.

Unity Infraprojects had entered the capital market, with a public issue of Rs 34.43 lakh equity shares of Rs 10 each. The issue closed on May 24.

The company intended to use the net proceeds of the fresh issue to purchase capital equipment, prepay debt, invest in build operate-transfer, BOT, projects, fund working capital requirements and for general corporate purposes.

The sole book running lead manager to the issue was DSP Merrill Lynch.

Unity Infraprojects is one of India's leading engineering and construction companies. It provides integrated engineering, procurement and construction, EPC, services for civil construction and infrastructure sector projects.

Friday, June 09, 2006

DLF may cut the size of India's biggest IPO

Indian real estate firm DLF Universal Ltd. may trim its planned Rs 3.5 billion share offer, India's largest IPO, amid a slide on the Mumbai share markets, reports Reuters.

"It is quite possible that the size could be cut but the decision will be taken next week after getting a feel about how much the investors are willing to pay," a senior banking source said.

Other sources also said the deal size may be cut. The BSE's main index has fallen by a quarter since it hit a record peak on May 11th, the day before DLF filed its offer document for the share sale.

Abhishek Mills files for IPO

Kolhapur based Abhishek Mills, AML, has filed a draft red herring prospectus, DRHP, for its initial public offer, IPO with Sebi. The company intends to offer 41 lakhs equity shares of Rs 10 each for cash at a price to be discovered through the book-building route. The issue would constitute 29.27% of the post issue paid-up capital of the company.

Abhishek Mills is promoted by Ramchandra Mohite, Annasaheb Mohite and Dr Anjali A Mohite is part of R. M. Mohite Group. Company has presence in two segments, yarn manufacturing through its 100% export oriented spinning unit and in construction.

Abhishek entered in the field of textiles in the year 1999 and has effectively managed export business by targeting the finer count premium segment, where there are comparatively fewer players due to stringent quality parameters and high level of technology. It has created a place for itself by having an export base in European countries like Germany, Italy, Switzerland and other countries including Vietnam, Bahrain, Hong Kong, Russia, Korea and Mauritius.

Abhishek Mills Ltd currently has 33120 spindles producing 100% combed cotton yarn and can manufacture yarn with finer counts in the range of 40s to 120s.

Annasaheb Mohite, Managing Director, Abhishek Mills, said, “We believe that the exports in premium segment of the fine yarn are growing which is our core activity. The potential markets for the same are still untapped. Apart from this we intend to set up an integrated yarn dyed shirting fabric project for growing overseas and domestic and overseas market.”

Mohite added further, “We are also planning to increase our spinning capacity by adding another 12000 spindles to meet additional requirement of yarn for our captive consumption.” He added that the total project cost is estimated at around Rs 21878 lakh to be financed through debt of Rs 14990 lakh, which is already tied up through various banks and balance through internal accrual and IPO proceeds.

The company ventured into construction business in the year 2000 and undertook job work for Morbe dam (earthern) project on Dhavri River, from M/s R.M. Mohite & Co., a group firm, which is a category Class IA registered contractor with PWD, GoM and pursuing government contracts for last 30 years.

For nine months period ended December 2005, out of the aggregate turnover of Rs 4625.63 lakh (Rs 462.5 million), sales turnover from its textile operations was around Rs 3010.09 lakh (Rs 301 million) and from our construction business was around Rs 1615.54 lakh (Rs 161.5 million).

The book running lead manager for the issue is UTI Bank and the registrar to the Issue is Intime Spectrum Registry.

Abhishek Mills files for IPO

Kolhapur based Abhishek Mills, AML, has filed a draft red herring prospectus, DRHP, for its initial public offer, IPO with Sebi. The company intends to offer 41 lakhs equity shares of Rs 10 each for cash at a price to be discovered through the book-building route. The issue would constitute 29.27% of the post issue paid-up capital of the company.

Abhishek Mills is promoted by Ramchandra Mohite, Annasaheb Mohite and Dr Anjali A Mohite is part of R. M. Mohite Group. Company has presence in two segments, yarn manufacturing through its 100% export oriented spinning unit and in construction.

Abhishek entered in the field of textiles in the year 1999 and has effectively managed export business by targeting the finer count premium segment, where there are comparatively fewer players due to stringent quality parameters and high level of technology. It has created a place for itself by having an export base in European countries like Germany, Italy, Switzerland and other countries including Vietnam, Bahrain, Hong Kong, Russia, Korea and Mauritius.

Abhishek Mills Ltd currently has 33120 spindles producing 100% combed cotton yarn and can manufacture yarn with finer counts in the range of 40s to 120s.

Annasaheb Mohite, Managing Director, Abhishek Mills, said, “We believe that the exports in premium segment of the fine yarn are growing which is our core activity. The potential markets for the same are still untapped. Apart from this we intend to set up an integrated yarn dyed shirting fabric project for growing overseas and domestic and overseas market.”

Mohite added further, “We are also planning to increase our spinning capacity by adding another 12000 spindles to meet additional requirement of yarn for our captive consumption.” He added that the total project cost is estimated at around Rs 21878 lakh to be financed through debt of Rs 14990 lakh, which is already tied up through various banks and balance through internal accrual and IPO proceeds.

The company ventured into construction business in the year 2000 and undertook job work for Morbe dam (earthern) project on Dhavri River, from M/s R.M. Mohite & Co., a group firm, which is a category Class IA registered contractor with PWD, GoM and pursuing government contracts for last 30 years.

For nine months period ended December 2005, out of the aggregate turnover of Rs 4625.63 lakh (Rs 462.5 million), sales turnover from its textile operations was around Rs 3010.09 lakh (Rs 301 million) and from our construction business was around Rs 1615.54 lakh (Rs 161.5 million).

The book running lead manager for the issue is UTI Bank and the registrar to the Issue is Intime Spectrum Registry.

SPS aims to raise Rs 70cr from IPO

SPS Steel & Power, a part of the SPS Group, will raise Rs 70 crore (Rs 700 million) from its initial public offer, IPO, which is likely to be floated within a month, a company official said, reports Business Standard.

SPS Group chairman Bipin Vohra told that the company was negotiating with Yes Bank and Enam Financial Consultants for this purpose.

The money raised would be used to part finance a 240-mw captive power plant to be set up at its plant in Orissa.

He said that the NTPC was currently doing the DPR for the project. The draft prospectus would be shortly filed with Sebi, Vohra said.

Vohra said that the issue would be made through the book-building process. The company, which makes TMT Bars, is also setting up a new steel plant at Himachal Pradesh with a capacity of 0.5 million tonnes. SPS has one plant in Durgapur also.

SPS steel clocked revenue of Rs 1200 crore (Rs 12 billion) in the last financial year. The target for the current year is Rs 2000 crore (Rs 20 billion), he said.

Gulshan Sugars & Chem files DRHP for follow-on issue

Gulshan Sugars & Chemicals, presently one of the largest producers of Calcium Carbonate in India, announced today that it has filed the draft prospectus with the Securities and Exchange Board of India, Sebi, to enter the capital market with a fixed price follow-on issue of equity shares as per the press release.

The company proposes to issue 66,00,000 equity shares of Rs 8 each for cash at a premium. The issue would constitute 51.51% of the fully diluted post issue paid up capital of the company.

The equity shares of the company are presently listed on Bombay Stock Exchange. It has now proposed to list the equity shares on National Stock Exchange also.

The funds raised by the company through the proposed issue are to fund its expansion plans. The company is setting up a 20,000 TPA Ground Calcium Carbonate, GCC, Unit and an additional 3 MW captive power plant at its manufacturing facilities at Muzaffarnagar, Uttar Pradesh.

The sole lead manager to the issue is SREI Capital Markets.

Thursday, June 08, 2006

GMR IPO to hit capital market by June end

GMR Infrastructure, which has won the modernisation bid for Delhi Airport, said its initial public offer is likely to hit the capital market by June end reports agencies.

The company has received the market regulator' Sebi's approval for its IPO, which comprises issue of 45,331,238 equity shares of Rs 10 each constituting 13.69% stake through 100% book building process, it said in a release.

GMR is also considering private placement of equity shares with investors on pre-IPO placement basis subject to minimum dilution of 10% as net offer to the public, it said.

As a part of its pre-IPO private placement, Citi Group recently acquired 1.12% stake for over Rs 100 crore (Rs 1 billion). Earlier, ICICI Ventures also picked up 2.89% stake for about Rs 250 crore (Rs 2.50 billion) in the company before filing of the DRHP with Sebi.

Besides, Quantum Fund also acquired 0.75% stake for about Rs 67 crore (Rs 670 million) and PNB had acquired 0.30% stake for about Rs 27 crore (Rs 270 million).

The company said it intends to use part of the issue proceeds for investment in various infrastructure SPVs, which are currently in the development stages, including investment of Rs 196 crore (Rs 1.96 billion) in Hyderabad and Delhi airport and Rs 463 crore (Rs 4.63 billion) for four road projects. GMR has interest in airports, power and roads development.

Wednesday, June 07, 2006

M&M to offload equity in tourism arm before IPO

Auto and farm equipment major Mahindra & Mahindra, M&M, is planning to sell shares in Mahindra Holidays & Resorts India, Mahindra Holidays, before its initial public offering, reports Business Standard.

The IPO of Mahindra Holidays, the tourism arm of the company, is likely to take place in the second half of this financial year.

M&M has an option to place 15-49% of the group companies with private financial institutions, said sources close to the company.

The Mahindra Holidays IPO will be followed by that of the group’s IT arm Tech Mahindra. Sources indicated that the group would resort to private equity placement prior to listing in this company as well.

However, Bharat Doshi, executive director, M&M declined to comment. “We will take appropriate decision at an appropriate time,” he said.

Mahindra Holidays is planning to raise about Rs 50-100 crore (Rs 500-1000 million) through private placements. Another Rs 100 crore (Rs 1 billion) is expected to be raised from the IPO, it is learnt.

“The proceeds from the private placements and the IPO will be primarily be utilised for acquisitions in US, Middle East and South East Asia,” said sources.

Mahindra Holidays recently set up a marketing office in US called Mahindra Holidays US. It has also set up representative offices in UAE and Kuwait in the West Asia.

Mahindra Holidays has reported a net profit of Rs 20.84 crore (Rs 208.4 million) for the year ended March 31, 2006, a growth of 126% compared to net profit of Rs 9.22 crore (Rs 92.2 million) reported in the previous year.

The company’s gross revenue grew by 48% at Rs 156.73 crore (Rs 1.56 billion), compared to Rs 106.15 crore (Rs 1.06 billion) reported in the previous year.

Tech Mahindra has plans to raise cash to fund expansion in US, UK and Australia.

M&M today informed the BSE that it would sell up to 5.32% stake in Tech Mahindra, TML, a subsidiary of the company, through IPO.

Recently, the company’s board cleared spending of up to USD 300 million on overseas acquisitions. This month, Tech Mahindra set up its Noida development centre employing 2,000 people at an investment of Rs 100 crore.

The Noida centre is the sixth development hub for the company after Chennai, Bangalore, Mumbai, Pune and Kolkata.

Tech Mahindra has reported a net profit of Rs 235.4 crore (Rs 2.35 billion) for the year ended March 2006, a growth of 130%. The company’s gross revenue grew by 31% at Rs 1,242.7 crore (Rs 12.42 billion).

Vigneshwara Exports IPO opens today for subscription

Vigneshwara Exports, the company in home textile business of made ups for more than a decade, is open for subscription today with a public issue of 47,60,000 equity shares of Rs 10 each through book building process.

The issue closes on June 13th, 2006 and the price band has been fixed at Rs 121 to Rs 140 per equity share of Rs 10 each.

The issue would constitute 46.21% of the total post issue paid up equity capital of the company.

Out of the public issue, 3,60,000 equity shares have been reserved for eligible employees leaving the net issue to the public of 44,00, 000 equity shares. The issue is being made through 100% book building process where in up to 50% of the net issue to the public shall be offered on a proportionate basis to qualified institutional buyers.

Five per cent of the portion available for allocation to QIBs shall be allocated proportionately to mutual funds. Further not less than 15% of the net issue to the public shall be available for the allocation on a proportionate basis to Non-institutional bidders and not less than 35% of the net issue to the public shall be available for allocation on a proportionate basis to retail individual bidders, subject to valid. Bids being received at or above the issue price 3,60,000 equity shares would be allotted on a proportionate basis to eligible employees.

Vigneshwara Exports proposes to set up a textile process and weaving house with an estimated investment of around Rs 200 crore (Rs 2 billion). The company has raised Rs 5.40 crore (Rs 54 million) through private placement and proposes to part finance this projects through a term loan of Rs 130.75 crore (Rs 1.30 billion). Part of the funding will be by way of internal accruals and to meet the balance fund requirement, the company proposes to enter the capital market with this public issue.

The company has a competitive edge by way of the lowest anti subsidy duty for its exports to the European Union. While the rest of the exporters in India have been levied with a duty ranging up to 12%, VEL enjoys an advantage till the January 18, 2009 with 4.4% anti subsidy duty on its exports, a significant portion of which are made to the European Union.

Vigneshwara Exports, the largest exporter of bed linen to Europe, launched its wide range of products in the USA during the New York market week. The company so far was concentrating on European markets only, however, in view of the impending vertical integration into weaving, processing and printing operations, the company had decided to introduce its high and medium segment product range into other markets like USA, Russia and Australia.

The growth in the company’s business can be judged from the fact that its total income has jumped from Rs 46.18 crore (Rs 461.8 million) for the year ended March 31st, 2002 to Rs 145.52 crore (Rs 1.45 billion) for the year ended March 31st, 2005 and the net profit during the same period has increased substantially from Rs 34 lakh to Rs 3.58 crore (Rs 35.8 million) respectively. During the first three quarters of the current year ended December 31st, 2005, the company has increased its net profit to Rs 7.75 crore (Rs 77.5 million) on a total income of Rs 115.56 crore (Rs 1.15 billion).

Karvy Investor Services is the BRLM for the issue and Bigshare Services private is the registrar.

Malwa group to bring out IPO of 2cr shares

Ludhiana-based Malwa Industries, a part of Rs 540-crore (Rs 5.40 billion) Malwa Group of companies, which is one of the leading players in the textile industry, will soon bring out an initial public offering, IPO, for 2 crore shares, reports Business Standard.

The Malwa group has varied interests in textiles ranging from cotton, yarn, denim, woollen garments and sewing thread

Apart from integrated operations in India, Malwa Industries has recently acquired a denim garment manufacturing facility in Jordan and also a denim garment finishing facility in Italy.

Rishi Oswal, chief executive officer and managing director, Malwa Industries said his company was a vertically integrated textile company, producing denim fabric and denim garments for Indian and international markets.

“We are coming out with an IPO for 2 crore shares in the current fiscal and we intend to raise market capital worth Rs 200 crore (Rs 2 billion) from it. Out of that money, Rs 60 crore (Rs 600 million) will be used for expansion purposes, Rs 50 crore (Rs 500 million) to pay off the debt of our Jordan and Italy plants, Rs 50 crore for working capital and Rs 28.5 crore (Rs 285 million) for setting up a 6 MW power plant where power will be generated from rice husk. This power plant will feed the entire complex and will start its production this July. Some of that money will also be used for acquisition of properties, as well as promotion of our own brands.”

The company’s installed capacity is 20 million meters per annum for denim fabric and 8.5 million pieces of denim garments comprising 4.5 million pieces per annum in India and 4 million pieces per annum in Jordan.

It also has high-end finishing capacity for 2.5 million pieces per annum in Italy. “The company plans to double the denim production capacity from 20 to 40 million meters per annum,” said Oswal.

Tuesday, June 06, 2006

Power Finance Corp files DRHP with SEBI

Power Finance Corporation, a leading power sector public financial institution, has filed its draft red herring prospectus, DRHP, with the Securities & Exchange Board of India, Sebi to enter the capital markets with an initial public offering, IPO, of 154,567,500 equity shares of Rs 10 each for cash at a price to be decided through the book building process.

The offer comprises of a fresh issue of upto 103,045,000 equity shares and an offer for sale of up to 51,522,500 equity shares by the Government of India. The issue would constitute approximately 13.64% of the post issue fully diluted equity share capital of PFC.

PFC has proposed to reserve up to 2,576,125 equity shares for allotment to its employees and the net issue to public is 151,991,375 equity shares.

V KGarg, chairman and managing director of Power Finance Corporation, after filing the documents with SEBI said “The issue will help us augment our capital base to meet the future capital requirements arising out of growth in our assets, primarily our loan and investment portfolio due to the growth of the Indian economy. We are seeking to strengthen our capital base to support the future growth in our assets.”

The book running lead managers to the issue are Enam Financial Consultants Pvt Ltd, ICICI Securities and Kotak Mahindra Capital Company.

Monday, June 05, 2006

Bluplast Industries IPO opens today

Plastic products manufacturer Bluplast Industries, offer opens today and will close on June 9.

Bluplast will raise around Rs 35 crore (Rs 350 million) from its proposed initial public offer, IPO to expand capacity of its Daman plant.

The company has received Sebi acknowledgement for its proposed IPO of 1.10 crore equity shares of Rs 10 each at a price of Rs 32 per share. Out of this, it has reserved 10 lakh equity shares for its permanent employees and the net public issue size is one crore equity shares.

The lead manager to the offer is Allianz Securities and the registrar is Bigshare Capital Services.

Bluplast proposes to use about half the proceeds to set up a PVC wood composite profile facility at Daman and a quarter to meet the enhanced working-capital requirements.

Bluplast is expanding its capacity of injection moulded household products at Daman from 5,400 MTPA to 9,000 MTPA and setting up facilities to manufacture 4,900 MTPA of high value PVC-wood composite profiles and sheets. The company is generating only 3-5% from exports and is trying to focus more on the local market.

By December end the company will launch its new product line. It is also expanding its existing capacities.

Kingfisher Air plans to raise $200m via IPO or FCCB route

Kingfisher Airlines will wait for the market to stabilise before firming up its plans to raise around USD 200 million either through an IPO or through the foreign currency convertible bonds, FCCB, route, reports The Hindu Business Line.

In another development, the airline is learnt to be in talks with four US-based airlines to use their air rights to start operations from the US to India. Sources close to the airline said that the talks were at a preliminary stage, as the first of the wide-bodied A340-500, which the airline has ordered, will joint the fleet in 2008.

"We have given ourselves one year to raise funds. Hopefully, the market will stabilise soon," the Kingfisher Airlines chairman, Vijay Mallya, told. The airline is planning to raise funds worth USD 200 million either through the FCCB route or through the private equity route. An initial public offering is another option the airline is looking at.

Buy orders

Early this year, the airline announced that it has placed orders for five ultra long haul A340-500s, which will joint the fleet in 2008. Another five aircraft are on option basis. Once Kingfisher Airlines gets these aircraft, it plans to get a US-based operator to fly them under the airline's brand from the US to India. Mallya has been critical of the current aviation policy, which does not allow Indian carriers to fly international routes until they complete five years of operations in the country.

Part of the USD 200-million, which will be raised, will be used to finance the purchase of more aircraft. The airline expects to have a total of 21 aircraft, including six ATRs in its fleet by the end of 2006.

"Easy to manoeuvre"

A pilot belonging to Kingfisher Airlines who test flew A380, the world's largest aircraft, said that the aircraft was extremely easy to manoeuvre.

"I really didn't feel that I was flying the world's biggest aircraft," said Capt Rajesh Malik, who has flown 1,500 hours on A320. He said the layout of the aircraft's cockpit was different from those of other aircraft. "There is a lot more back up in the cockpit compared with those of other aircraft," he said.

Kingfisher Airlines will get first of the five A380s it has ordered by 2010. The list price of the 555-seater aircraft is around USD 230 million.

Friday, June 02, 2006

Indian Bank IPO likely in 2007

Chennai-based Indian Bank is likely to hit the capital market with an intial public offer, IPO next year that may dilute government stake in the bank by 25%, reports The Economic Times.

The bank planned to come out with an IPO by the beginning of 2007.

The issue is expected to bring down government stake in Indian Bank to 75% from 100% at present.

GMR group lines up Rs 1200cr IPO

The GMR group has announced plans to enter the capital market by June end to raise between Rs 1,200 crore (Rs 12 billion) and Rs 1,500 crore (Rs 15 billion) through an initial public offering, IPO, to finance its all ongoing and future projects, reports Business Standard.

The power and infrastructure major has filed a draft prospectus for its IPO with the Securities Exchange Board of India, Sebi.

“We intend to go with the issue either by June-end or early July through the book-building process after obtaining the requisite Sebi clearances,” GMR chief financial officer Madhu Terdal told.

The company intends to use part of the issue proceeds for investments in GMR Hyderabad International Airport, Delhi International Airport and four expressways.

Another portion of the fund will go towards the repayment of unsecured loans (Rs 56 crore (Rs 560 million)), payment of sundry creditors and for general corporate purposes.

“About Rs 299 crore (Rs 2.99 billion) will be used to pay for the acquisition of 100% equity stake in GVL Investments, which holds 9% stake in the Delhi airport. The acquisition of GVL Investments will enable us to acquire a majority stake (50.1%) in the Delhi airport,” he said.

Infrastructure projects to be funded are: the 35-km Ambala-Chandigarh road on the Delhi-Chandigarh highway (NH 21/22) at an estimated cost of Rs 100 crore (Rs 1 billion); the 86-km Pochanpalli state highway from Adloor Yellareddy to Kalkallu in Andhra Pradesh (Rs 119 crore (Rs 1.19 billion)), the 46-km Jadcherla state highway from Faruknagar near Hyderabad (Rs 94.8 crore (Rs 948 million)) and the 73-km Ulundurpet state highway from Tindivanam in Tamil Nadu (Rs 145 crore (Rs 1.45 billion)).

Institutional investors such as ICICI, Quantum M of George Soros and IDM of Infrastructure Development Finance Company hold a minority stake in the GMR group holding firm.

“We have already raised Rs 325 crore (Rs 3.25 billion) in the first round of funding in which ICICI paid Rs 260 crore (Rs 2.60 billion) for 4.2% equity stake (95 lakh shares) and Quantum paid Rs 65.5 crore (Rs 655 million) at a premium of Rs 260 for Rs 10 per share. Another 4.15% stake was picked up by IDM in the second round of funding,” Terdal added.

Thursday, June 01, 2006

Ashtavinayak Cine Vision plans Rs 50cr IPO

Mumbai-based Shree Ashtavinayak Cine Vision has plans to enter the capital market through an initial public offer, IPO, of Rs 50 crore (Rs 500 million) to upgrade its film production facilities and to finance three films reports Business Standard.

"We plan to raise Rs 50 crore from the markets for purchasing state-of-the art film production equipment and also finance three films, out of which one has hit the floor and the other two are in the pre-production stage," said Shree Ashtavinayak chairman and managing director Dhilin Mehta.

The company has made a net profit of Rs 9.26 crore (Rs 92.6 million) for the nine months ended December 31, 2005, with a turnover of Rs 46.92 crore (Rs 469.2 million), he added.

Ashtavinayak plans to produce an average of five films in one year and would also take on the distribution of another 11-12 films annually. Currently, the production house is ready with its multi-starrer Golmaal and Bhagam-bhag, which would be released in June 2006, said Mehta.

The company has also entered into agreements with 18 single-screen exhibitors in Mumbai, Goa, Gujarat, northern Karnataka to provide them with content and also consultancy for marketing activities.

The company's strategy would be to produce two to three films with a budget of Rs 15-17 crore (Rs 150-170 million) and thus reduce the risk involved.

They are also looking at overseas territory satellite rights, music rights, in film advertising and DTH as other revenue options.

Allcargo Global Logistics IPO opens today for subscription

Allcargo Global Logistics, a logistics service provider involved in Multimodal Transport Operations, MTO, owning and operating Container Freight Station, CFS and handling of project cargo, is open for subscription today with a public issue of 2,079,000 equity share of Rs 10 each through book building process.

The price band has been fixed at Rs 625-725 per equity share of Rs 10 each. The issue closes on June 6th, 2006. The issue will constitute 10.26% of the post issue paid- up capital of the company.

The net issue to public of 2,028,000 equity shares, after allowing for reservation of 51,000 equity shares for employees, will constitute 10.01% of the post issue paid up capital of the company.

At least 60% of the issue shall be allocated on a proportionate basis to QIB bidders out of which 5% of the QIB Portion shall be available for allocation on a proportionate basis to mutual funds only, and the remainder of the QIB portion shall be available on a proportionate basis to all QIB bidders including mutual funds, subject to valid bids being received at or above the issue price.

Further, up to 10% of the issue shall be available to allocation on a proportionate basis to non-institutional bidders and up to 30% of the issue shall be available for allocation on a proportionate basis to retail individual bidders, subject to valid bids being received at or above the issue price.

The company intends to deploy the net proceeds of the issue for setting up of CFS/ICD, prepayment of loan availed from Yes Bank, and general corporate expenses including acquisitions. The company intends to set up CFS/ ICD at Chennai, Mundra and NCR. The CFS near Chennai Port is intended to cater to the container traffic in the southern region. Chennai port is second largest in terms of container traffic in India. It plans to set up the CFS in two phases.

Allcargo has achieved an income of Rs. 2321.93 million and adjusted PAT of Rs. 245.47 million for FY 2005. For the 9 month period ending December 31, 2005, it has achieved an income of Rs. 2041.21 million and adjusted PAT of Rs. 370.24 million.

Enam Financial Consultants is the BRLM, IL&FS Investsmart is the Senior Co-BRLM and Inga Advisors is the co- BRLM for the issue.

Navayuga plans IPO in second half of fiscal year

Having remained closely held for the last two decades, Navayuga Engineering Company, NEC, the Hyderabad-based multi-disciplinary engineering and construction company, is now planning an IPO reports The Hindu Business Line.

The offer is aimed at raising around Rs 500 crore (Rs 5 billion) by diluting over 20% of equity to meet aggressive growth plans and is being planned for sometime in the second half of the current fiscal, according to the chairman, C. Visweswar Rao.

As a part of the equity dilution plans, the company proposes to go in for private placement of up to 10% of equity before going public.

It plans to take advantage of the recent government decision to allow infrastructure ventures for pre-IPO private placement of equity with FIIs.

The company, which recorded growth of over 140% in topline at around Rs 610 crore (Rs 6.10 billion) during the fiscal ended March 2006, is eyeing a turnover of Rs 2,000 crore (Rs 20 billion) by 2010 through a conservative growth plan.

According to Rao, the company has around Rs 4,500 crore (Rs 45 billion) of orders on hand and is currently conservative in accepting the orders consciously.

"We expect a growth of over 40% in the next couple of years and at least 30% for another three years from then. It requires over Rs 10,000 crore (Rs 100 billion) worth of orders to reach the level of Rs 2,000-crore turnover."

He added: "The company's key strengths are in construction of pile foundations, marine and harbour structures such as berths and jetties, industrial structures and bridges."

Navayuga has a sizeable team of well-qualified professionals, a majority of whom have been with it since inception. It has an in-house design cell manned by engineers with extensive experience in the design of special foundations, marine works, and industrial structures.

The company, whose current strength is over 500 engineers, has set a target of employing 1,000 engineers by 2010. As a part of this, the company has already started aggressively recruiting engineers, Rao said.

Asia Leisure Services files with Sebi

Asia Leisure Services, engages in tours and travel, proposes to enter equity market with a public issue of 85,72,000 shares of Rs 10 each through 100% book building, reports The Economic Times.

The company intends to utilise the funds raised through this issue to part finance its expansion plan. The project envisages construction of hotels or taking over of existing hotels on long term lease, the company said in a statement.

It has appointed IDBI Capital Market Services as the book running manger and Intime Spectrum Registry as the registrar.