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Saturday, May 26, 2007

Binani Cement to list on May 28

Binani Cement, a subsidiary of Binani Industries, will list on Monday, May 28, 2007 with 20,31,01,274 shares on stock exchanges. The offer price has fixed at Rs 75 for its initial public offering (IPO) of 20,500,000 equity shares of Rs 10 each for cash, through an offer for sale by JP Morgan Special Situations (Mauritius).

The offer of equity shares was made through a 100% book building process and had a price band of Rs 75 to Rs 85 per equity share. The IPO was subscribed 1.36 times with the support from QIBs and retail investors (subscribed 1.32 times and 1.62 times, respectively).

The offer constitutes 10.09% of the post-offer paid-up capital of the company. The equity shares are proposed to be listed on the National Stock Exchange and the Bombay Stock Exchange.

It is focused on key markets in northern India with a significant presence in Rajasthan, Haryana and Delhi besides Gujarat in Western India. It has facilities for manufacture of 2.25 MTPA of cement. It manufactures OPC and PPC, with an OPC: PPC product mix of about 71:29 in fiscal 2005, 63:37 during fiscal 2006 and 51:49 for fiscal 2007. The Sirohi facility has been set up with the support of the Denmark-based F. L. Smidth and Larsen and Toubro Limited.

The book running lead manager to the offer is ICICI Securities Primary Dealership Limited and the co-book running lead manager is JP Morgan India Private Limited.

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