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Wednesday, December 05, 2007

J Kumar Infraprojects plans IPO of 65 lakh shares

J Kumar Infraprojects, a civil engineering and infrastructure development company with a primary focus on development of roads, flyovers, bridges, railway over bridges, irrigation projects, commercial and residential buildings, railway buildings, sports complexes and airport runways, has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI).

It will enter the capital market soon with an initial public offering (IPO) of 65,00,000 equity shares of Rs 10 each for cash at a price to be decided through a 100% book-building process.

The issue comprises a net issue to the public of 63,00,000 equity shares and a reservation of up to 200,000 shares for eligible employees of the company. The issue will constitute 31.36% and the net issue will constitute 30.40% respectively of the fully diluted post issue paid-up capital of the company. The equity shares issued through this DRHP are proposed to be listed on the Bombay Stock Exchange and the National Stock Exchange.

The proceeds from this issue are intended to be deployed for the purchase of capital equipments and for funding working capital requirements.

The company's core areas of expertise in the construction of infrastructure projects include: Transportation engineering, civil construction, irrigation projects and piling work using hydraulic rigs. It also undertakes the design and construction of flyover projects to the client's specified requirements on turnkey basis. It has been most active in Mumbai, Pune, Aurangabad and Vidharbha region of Maharashtra.

The company's total income increased to Rs 113.36 crore in Fiscal 2007 as compared to Rs 3.03 crore in Fiscal 2005. Its profit after tax increased to Rs 8.01 crore in Fiscal 2007 as compared to Rs 4.39 lakh in Fiscal 2005. Its order book, which includes some uncommenced projects and the unfinished and uncertified portions of its commenced projects, was Rs 315.31 crore as of June 01, 2007. Its income from operations has increased by a CAGR of 234.35% over the last 3 years and the profit after tax has increased by a CAGR of 471.51% over the last 3 years.

The book running lead manager to the issue is Anand Rathi Securities Limited.

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