Indian IPO

All details about Hot Indian Primary Market.

Thursday, November 29, 2007

M&M plans to float Mahindra Holidays IPO by Mar 08

Arun Nanda, ED, M&M said that the company has planned to float Mahindra Holidays and Resorts IPO by March 2008. It will file red herring prospectus next week and has finalised 2 merchant bankers for IPO, reports CNBC-TV18.

Internal accruals will also fund expansion plans of the Mahindra Resorts. Mahindra Holidays and Resorts will be a combination of resorts, real estate. They are looking for properties in S Asia, S Africa and Europe.

Thursday, November 22, 2007

V- Guard Industries files IPO papers with Sebi

V-Guard Industries, a company engaged in the manufacturing and marketing of electrical and electronic products based in Kerala proposes to tap the capital market with an initial public offer (IPO).

V-Guard proposes to use the proceeds from the IPO primarily for setting up of facilities for Cable manufacturing in Coimbatore and Uttranchal, setting up of Enameling plant at Coimbatore, setting up Development and Pilot Production Plants for water heaters, Fans and Pumps at Himachal Pradesh and Coimbatore, for setting up Service and Distribution Centres at Bangalore, Hubli and Vijaywada.

V-Guard has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) on November 20, 2007 to raise funds from the capital markets.

V-Guard Industries Limited is engaged in the manufacturing and marketing of Electronic Voltage Stabilizers, Monobloc, Jet, Submersible, Compressor pumps and Electric Motors, Insulated Electrical Cables (House Wiring, Industrial), Electric Storage and Instant Water Heaters, Solar Water Heaters, UPS, Electric Fans and is also in generation of Power in a small way. The products are sold through a network of over 7000 retail dealers and 105 distributors Pan India.

The total sale of the company for the year ending March 31st, 2007 is Rs. 222.27 crore.

The company proposes to offer 80,00,000 equity shares of Rs. 10 each at a premium to be decided through a 100% book building process out of which 4,00,000 equity shares have been reserved for Eligible Employees of the Company. The net offer to public to the public shall be 76,00,000 equity shares of Rs.10 each.

The issue will constitute 26.80% of the fully diluted post issue paid-up capital of the Company and the net issue to public will constitute 25.46% of the fully diluted post issue paid –up capital of the Company.

The book running lead manager to the issue is Anand Rathi Securities Ltd and the Registrar to the issue is Intime Spectrum Registry Ltd.

Wednesday, November 14, 2007

Jyothy Labs IPO opens on Nov 22, price band Rs 620-690/sh

Jyothy Laboratories is entering capital market with an initial public offering (IPO) of 44.30 lakh shares of Rs 5 each at a price band between Rs 620 and Rs 690 per equity share.

The company will raise Rs 274 at lower price band and Rs 305.6 crore at higher end of price band. The issue will open on November 22 and November 27, 2007.

The offer would constitute 30.52% of the post issue paid up capital of the company. Post issue, Jyothy Labs' promoters stake will remain at 69.47%. Its investors including Canzone Limited, ICICI Bank Canada, ICICI Bank UK PLC, South Asia Regional Fund and CDC Investment Holdings are selling their stakes through this offer.

Of the total equity float, not more than 50% of the offer will be available for allocation on a proportionate basis to qualified institutional buyers, out of which 5% will be available for allocation on a proportionate basis to mutual funds only. Further, at least 15% of the offer will be available for allocation on a proportionate basis to non-institutional bidders and at least 35% of the offer will be available for allocation on a proportionate basis to retail individual bidders. The equity shares are proposed to be listed on the NSE and the BSE.

FMCG company is in the fabric care, household insecticide, surface cleaning, personal care and air care segments of the Indian market. It offers branded products including fabric whitener, mosquito repellent, dishwashing, bath and incense products.

Enam Securities Pvt Ltd and Kotak Mahindra Capita Company Ltd are book running lead managers and Intime Spectrum Registry Limited is the registrar to the issue.

Friday, November 09, 2007

UTI MF plans IPO by mid-Feb

UTI Mutual Fund is planning to float its initial public offer by mid-February, Chairman and Managing Director U.K. Sinha said today.

"We have time to complete the entire process by Mar 31, but are hoping to come out with the IPO by first-half of February," he told Newswire18.

The fund house has finalised seven investment managers for the proposed IPO, he said.

JM Financial, Enam Securities and Citibank are the global co-ordinators, while UBS, Goldman Sachs, ICICI Securities and SBI Securities will act as the lead book-running managers.

Tuesday, NewsWire18 had reported that the fund house would decide on the timing of its proposed initial public offer and finalise the merchant bankers on Wednesday.

Sinha also said the public offer's valuation is still being worked upon. Last month, the fund house had said it would be filing draft offer documents for the IPO by December and would also sell 20% stake to a private player well before the issue.

UTI Mutual Fund will be the country's first mutual fund to be listed on a stock exchange. In October, assets under management of the third largest fund house stood at Rs 517.53 billion, up 15% from a month ago.

CNBC-TV18 has learnt that India's third largest mutual fund – UTI, is looking to raise nearly USD 1.5 billion dollars through its forthcoming IPO. There is reason for SBI, Bank of Baroda, LIC and PNB to celebrate.

Investors will soon be able to trade UTI, without investing in its funds. UTI mutual funds is all set to be India's first listed asset management company. It has roped in seven investment bankers - Citi, JM Financial, Enam, UBS, Goldman Sachs, SBI Capital and ICICI Securities. It is a two-part process.

First, UTI will raise funds through a pre-IPO placement, which will expand its equity by 20%. But no single investor will hold more than 5%.

The pre-IPO placement will help UTI raise about Rs 2,000-3,000 crore, which will be used for expansion plans.

"We are now going to raise a third fund. For that, we need seed capital and for that, we need money. We are also going to float an infrastructure PE fund of USD 500 million, for which we are looking for partners. But we need money for that. We are also planning branch expansion,” said U K Sinha, CMD, UTI MF.

By March ’08, UTI plans to double its branches to 150 and raise this to 300 branches over the next year.

That private placement will bring down the shareholding of its promoter PSUs - SBI, LIC, BOB and PNB, from the current 25% to 20% each. After which, each of these PSUs will dilute another 7.25% each, or 29% in all, for a total Rs 5,000- 6,000 crore. That means a tenfold return for these players. They will pocket Rs 1,250 crore for stake that was recently valued at Rs 156 crore. And all this money is expected to come to these investors over the next three months.

Gokul Refoils to raise 150 cr through IPO

Gokul Refoils and Solvent, a Gujarat based company, engaged in the business of solvent extraction, refining of Edible oils and Vanaspati manufacturing, proposes to tap the capital market with an initial public offer (IPO) of Rs 150 crore.

The objects of this issue are to set up a new 1500 TPD Soyabean processing plant near Gandhidham, expansion of its existing edible oil refinery at Surat, investment in its wholly owned Singapore subsidiary, funding part of its long term working capital, brand building activities, investment in increasing warehousing capacities and continuous Capex for existing units, general corporate purposes and public issue expenses.

The group's interest also includes power generation, commodity trading in the domestic and international markets. The company markets its products under the brand name "Gokul" in the states of Gujarat , Maharashtra, Rajasthan, Madhya Pradesh and Punjab.

Gokul Refoils has setup a Solvent Extraction plant and an oil refinery at Sidhpur, Gujarat, a refinery of 800 TPD and Vanaspati plant of 100 TPD at Gandhidham, four environment friendly wind mills of 1.25 MW each in Kutch for captive power consumption and a 100 TPD operational
refinery in Surat. It has also set up a co-generation power plant of 500 KWH at its Gandhidham unit. At present the company has 680 TPD of seed processing, 600 TPD of Solvent Extraction, 1200 TPD of refining and 200 TPD of Vanaspati manufacturing.

Gokul Refoils consolidated total income for the financial period ended July 31, 2007, March 31, 2007, 2006 and 2005 was Rs 657.91 crore, Rs 1566.90 crore, Rs 1255.76 crore and Rs 907.15 crore, respectively, and profit after tax for the said period was Rs 20.70 crore, Rs 25.42 crore, Rs 12.34 crore and Rs 20.05 crore respectively. Company's sales have grown at a CAGR of 39.22% over the last 5 financial years and its PAT has increased at a CAGR of 39.15% over the last 5 financial years.

Wednesday, November 07, 2007

Kolte-Patil Dvlprs sets IPO price band at Rs 125-145/sh

Kolte-Patil Developers, a real estate developer in India, is entering the capital markets with an initial public offering (IPO) of 19,000,836 equity shares of Rs 10 each for cash at a price to be decided through a 100% book-building process.

The issue will open on November 19, 2007, and will close on November 22, 2007. The price band has been fixed between Rs 125 and Rs 145 per equity share.

The objects of the issue are to finance acquisition of development rights; finance the construction and development costs for some of the proposed projects; fund expenditure for general corporate purposes and achieve the benefits of listing on the Stock Exchange.

The issue comprises a net issue of 18,812,709 equity shares to the public and a reservation of 188,127 equity shares for eligible employees. The issue will constitute 25.25% while the net issue will constitute 25% respectively of the post-Issue paid up capital of the company. The equity shares are proposed to be listed on the NSE and BSE.

Of the total equity float, not more than 50% of the net issue to the public will be available for allocation on a proportionate basis to qualified institutional buyers (QIBs), out of which 5% shall be available for allocation on a proportionate basis to mutual funds only. Further, not less than 15% of the net issue to the public will be available for allocation on a proportionate basis to non-institutional bidders and not less than 35% of the net issue to the public will be available for allocation on a proportionate basis to retail individual bidders.

Kolte-Patil Developers develops and constructs properties in Pune and also in Bangalore. As of September 30, 2007, it has developed and constructed 25 projects, including 22 in Pune and 3 in Bangalore, covering a total of approximately 4.01 million square feet of saleable area. These include 16 residential complexes, 4 commercial complexes, 3 complexes designed for mixed residential/commercial use, and 2 information technology parks.

As of September 30, 2007, Kolte-Patil Developers is in the process of developing 28 projects, including 24 in Pune, and 4 in Bangalore. These projects are being developed with the aim of generating over 17.80 million square feet of saleable area on 21.61 million square feet of land area, and to include 5 IT parks, 11 commercial complexes, 10 residential complexes, 1 serviced apartment building and 1 integrated township. Also, as of September 30, 2007, it owned, held development rights for or had signed memoranda of understanding to acquire or develop 21.58 million square feet of saleable area on 32.88 million square feet of land area. It received the Government of Maharashtra's first prize for "Best IT Infrastructure in the State of Maharashtra " for its GigaSpace I.T. Park project in Viman Nagar, Pune.

For three of its larger projects, Kolte-Patil Developers has entered into joint venture agreements with funds managed by a real estate private equity fund in India, ICICI Venture Fund Management Company Ltd. (ICICI Venture). It has also entered into a joint venture agreement with K2 Property Limited (a subsidiary of Yatra Capital Limited, a Jersey-based real estate fund) for the development of some of its properties. Such relationships provide it with the ability to capitalise quickly on new and bigger opportunities, raise equity and debt and undertake large-scale development projects.

The company posted a total income (consolidated) of Rs 2, 524.43 million in fiscal 2007 and an adjusted profit after tax of Rs 835.61 million. For the 3 months ended June 30, 2007 , the Company posted a total income (consolidated) of Rs 889.65 million and an adjusted profit after tax of Rs 338.76 million..

The book running lead managers to the issue are DSP Merrill Lynch Limited and Edelweiss Capital Limited.

Archidply Industries files DRHP with Sebi

Archidply Industries, has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) on November 5, 2007 to raise funds from the capital market.

Archidply Industries proposes to use the proceeds from the initial public offer (IPO) primarily for setting up a new manufacturing facility at Chintamani, Karnataka for plain particle board (PPB), pre laminated particle board (PLB) and decorative plywood and manufacturing facility at existing unit to manufacture medium density fibreboard (MDF) located at Rudrapur, Uttarakhand.

Archidply Industries is the flagship company of the Archidply group which has been associated with plywood manufacturing for more than 30 years.

The companies operational income and profit after tax (PAT) for the financial year ending March 31,2007 stood at Rs 9,842.37 lakh and Rs 524.85 lakh respectively. The operational income and profit after tax (PAT) for the half year ended September 30, 2007 stood at Rs 6,580.81 lakh and Rs 680.85 lakh reflecting a growth of 34% and 159% respectively on annualized basis.

The company has set up a large distribution network and operates through 16 marketing offices and 61 distributors and stockists across the country.

Tuesday, November 06, 2007

Burnpur Cement to raise Rs 26.20 cr through IPO

Burnpur Cement Limited is planning to come up with its Initial Public Offer and raise Rs 26.20 crore to part-finance a clinkerisation and cement grinding plant in Jharkhand.

Vice-chairman and managing director of Burnpur Cement Ashok Gutgutia told reporters here today the company had received approval from capital market regulator SEBI to float the IPO.

The company plans to offer 20.8 million shares, or 48.39 per cent of its pre-issue paid up caital, at a price of Rs 12 per share.

The issue would open on November 28 and close on December 3. Srei Capital markets is the lead manager of the issue.

The proceeds of the issue would be used to part-finance setting up of a 800 TPD clinkerisation and cement grinding plant in Jharkhand at a cost of Rs 120 crore.

The plant is expected to go on stream from 2008-end.

The remainder amount would be funded through debt and internal accruals.

Burnpur Cement currently produces 0.3 million tonnes of cement annually at its plant in West Bengal.

Friday, November 02, 2007

Surya Food files IPO papers with Sebi

Surya Food and Agro, the makers of “Priya Gold” brand biscuits have filed their draft red herring prospectus with SEBI to raise Rs 13590.75 lakh by way of an initial public offer (IPO) with book building process to finance their expansion plans.

It is one of the leading manufacturers of Biscuits in India for the past 15 years. During the period, Surya Food & Agro has established strong manufacturing capabilities and has invested substantially in developing consumer preference for its products. Its Biscuits are sold under a well-known brand name “Priyagold”. Its Trademarks/ brands “Hak Se Maango” & “Priyagold” have emerged as some of the most powerful brands in FMCG sector. The Company has continued to invest in the front end on Brands, its manufacturing capabilities, deliverables and distribution strength.