Indian IPO

All details about Hot Indian Primary Market.

Friday, May 16, 2008

Niraj Cement IPO opens on May 22; price band Rs 175-190

Niraj Cement Structurals, an engineering and construction company, will enter the capital market with an initial public offering, IPO of 32,50,000 equity shares of face value Rs 10 each on on May 22, 2008. The price band has been fixed at Rs 175-Rs 190 per equity share. The issue will close for subscription on May 28, 2008.

The issue price is 17.5 times the face value at the lower end of the price band and 19 times the face value at the higher end of the price band.

The issue comprises a reservation for eligible employees of 3,25,000 equity shares and net issue to the public of 29,25,000 equity shares. The issue would constitute 31.42% of the total post issue paid-up equity capital of the company.

The equity shares offered through this issue are proposed to be listed on the BSE. The issue has been graded by CARE and has been assigned the ‘CARE IPO GRADE 1’.

The book running lead manager to the issue is Allbank Finance Limited and Intime Spectrum Registry Limited is registrar.

Thursday, May 15, 2008

MoS Power says Fin Ministry rejects NTPC FPO

MoS Power said that Finance Ministry has rejected NTPC's follow on public offer, FPO,

Government was planning to divest 4.7% stake in NTPC via FPO.

MCX gets SEBI nod for IPO, likely by June end

Multi Commodity Exchange, MCX has received SEBI nod for its initial public offer (IPO) and likely to open by June-end,

The initial public offer will constitute 1 crore shares of face value of Rs 5 each. The price band is seen between Rs 600-700 per share. DSP ML appointed as senior book running lead manager and other lead managers include Citi, Enam, JM Financial.

CTT deferment to October will help MCX get the valuations. Financial Technologies, FT (a key shareholder in the MCX) will be diluting 10% stake, so the FT's stake will move down to 22% from 32% post IPO.

MCX valuation has zoomed to Rs 6,000-7,000 crore (nearly USD 1.5 billion). FT has placed stake to institutions at USD 1.2 billion valuation.

Reliance Infratel gets SEBI nod for IPO

Reliance Infratel, a subsidiary of Reliance Communication, has received SEBI nod for its initial public offering, IPO. The company is looking to raise Rs 5,000-6,000 crore via 10% dilution,

Reliance Communication holds 95% stake in Reliance Infratel.

Thursday, May 08, 2008

Reliance Capital's net profit tops Rs 1020 cr

Reliance Capital has posted a net profit of Rs 1020 crore for the year ended March 31, 2008, which is almost 60 per cent higher than the Rs 640 crore profit it registered in the previous fiscal.

The total income increased from Rs 880 crore to Rs 2070 crore, to register an increase of Rs 1190 crore, as per the company's audited accounts released here Tuesday.

Tuesday, May 06, 2008

Anu’s Labs IPO opens May 12; Price band fixed at Rs 200-210

Anu’s Laboratories, engaged in the manufacture of basic, advanced intermediates and fine chemicals and supplying them to various drug manufacturers, proposes to enter the capital markets on 12th May 2008 with a public issue of 38,20,000 Equity shares of Rs 10 each through 100% book building process. The price band has been fixed at Rs 200 to Rs 210 per equity share of Rs 10 each and the issue closes on 15th May 2008.

After allowing for reservation of 2,00,000 equity shares for eligible employees, the net issue to the public will be 36,20,000 equity shares, constituting 31.63% of the post issue paid-up capital of the company. The IPO has been graded by ICRA and has assigned “ICRA IPO Grade 2” to the Initial Public Offering. Almondz Global Securities Ltd, is the BRLM and Karvy Computershare Pvt Ltd is the Registrar for the Issue. The Equity shares are proposed to be listed on BSE.

Anu’s Laboratories was incorporated in 1996 for manufacture of Bulk Active Pharma Ingredients and Intermediates for drug molecules and was promoted by Mr. K. Hari Babu. Mr. N.S. Walimbe joined as co-promoter in 1997. The present manufacturing plant of Anu’s Laboratories Limited is located at Chilakamarri Village, Shadnagar of Mehboobnagar district in Andhra Pradesh. The Company is engaged in manufacture of Basic & Advanced Intermediates and fine chemicals and is presently having manufacturing facilities for key intermediates like 2,4-Dichloro-5-Fluoro Acetophenone (DCFA) (an intermediate for synthesizing quinolone antibiotics like ciprofloxacin); Chlorohexanone (key intermediate in the manufacture of cardio vascular medicine) and Methyl-4 (4-Chloro 1 oxo butane) a, a Di-Methyl Acetate (an intermediate in the manufacture of Fexofenadine an anti allergic drug).

The Company had started export of its products in the year 2002 to Israel followed by exports to other countries like Italy, Japan, France, USA and Singapore. Currently, its exports comprise of 19.97% of its total turnover.

The Company’s total income during the Financial Year ended March 31, 2007 was Rs 12,129.52 lakhs as against Rs. 9,533.93 lakhs in the Financial Year ended March 31, 2006 and the net profit during the corresponding period was Rs 1,359.15 lakhs against Rs. 557.25 lakhs respectively. The total income and the net profit for the nine months period ended December 31, 2007 were Rs. 11,382.26 lakhs and Rs. 1,312.36 lakhs respectively.

In order to diversify and expand its business activities by means of forward integration, the Company has decided to expand its operations by setting up a new plant for manufacturing of drug intermediates including Active Pharmaceutical Ingredients (APIs) at Vishakhapatnam at an estimated cost of Rs 55.09 crores and setting up a pilot plant for carrying out Contract Research and Manufacturing (CRAM) at Vishakhapatnam at an estimated cost of Rs 8.34 crores. The long term working capital requirements would be Rs 16.67 crores. The Company plans to meet the aforesaid objects by means of issue proceeds and internal accruals.

Monday, May 05, 2008

Adani Power files draft prospectus with SEBI

Adani Power Ltd, an Adani Enterprises company, has filed draft prospectus with SEBI on Thursday for raising Rs 5,630 crore through IPO to finance its six proposed thermal power projects in Gujarat, Maharashtra, and Rajasthan totalling 9,900 MW at an estimated investment of Rs 43,139 crore.

According to the DRHP, the company proposes to issue a total of 29.69 crore shares of Rs 10 each accounting for 14.35 per cent of the post-issue paid-up capital.

The proposed issue will lead to dilution of the controlling stake of Adani Enterprises in Adani Power from 86.45 per cent to 74.04 per cent. The company had previously allotted approximately 13.55 per cent shares to two PE firms — 3i Power Investment Ltd and Grow Power Trust — at an average price of Rs 144 a share.

Commercial production

While company sources were not available for comment, the industry sources told Business Line that Adanis may time the issue by third-quarter, barely a few months before they were scheduled to start commercial production from 1,320 MW Mundra I and II thermal power projects.

Both the projects are located in Mundra SEZ in Gujarat and are scheduled to commence commercial production in phases beginning January 2009. The projects are reportedly being implemented in a record 30 months.

Overall, the company is implementing 4,620 MW thermal project estimated to cost Rs 19,106 crore at Mundra. While I and II are of sub-critical generation capacity category, Mundra-III (1,320 MW) and Mundra IV (1,980 MW) are of super critical category and will be completed by 2011. APL has already awarded the EPC contracts and firm agreements for coal supplies from Adani group-owned mines in Indonesia. Power purchase agreements are also reached for Mundra-I, II and III.

Mundra apart, sources say that APL proposes to set up 1,980 MW Rs 9,263 crore thermal power plant at Tiroda in Maharashtra. The company is already awarded a coal block by the Union Coal Ministry for the phase-I of the project, which is expected to achieve financial closure shortly.

Adanis have also proposed to set up 1,980 MW (Rs 8,810 crore) generation capacity at Dahej in Gujarat and 1,320 MW (Rs 5,889 crore) at Kawai in Rajasthan by 2011-12.

Generation apart, the company will also create a transmission lines for evacuation of power from all its projects to the national grid. The total investment in transmission project and railway lines for coal supply is projected at Rs 2,393 crore. The cost of development of the mining blocks is estimated at Rs 790 crore, reports The Hindu Business Line.

GMR Energy to offload 10% stake through IPO

It could well be the next big ticket energy IPO. According to sources, GMR Energy, the wholly owned energy arm of infrastructure major GMR Group is looking at offloading 10% stake through an IPO. CNBC-TV18's Abhijit Neogy reports from Istanbul that the company is looking at raising around USD 500 million from the market.

GMR Energy, the wholly owned energy arm of infrastructure major GMR Group is planning to shed 10% stake through an IPO which may hit the markets after they stablise. Part of the proceeds may be used to fund the group's possible foray into ultra mega power projects.

GM Rao, the Chairman of GMR Group, said, "It's early days yet, there is an internal financial rejig on the table, there are a whole host of strategic initiatives which we are drawing up, but it's still premature."

Sources say, the energy arm is looking to mop up atleast USD 500 million from the market which values GMR Energy at USD 5 billion or Rs 20,000 crore, but for the moment though, the group has tied up with private equity funds to part finance its energy projects in India which are on stream.

GMR Energy has a basket of about 6000 MW of power projects in India, both thermal and Hydel, out of which 1,000 MW is Brownfield expansion at its Orissa thermal power plant.

The company hopes to take its India energy basket to 15,000 MW by 2015. GMR Energy is also planning to bid for generation, transmission and distribution of power in Turkey which is about to be privatised.

GMR Energy has raised adequate external commercial borrowings in December 2007 and this has already been partly put to use by buying energy assets like coal mines in South Africa, the possible IPO as well as unutilised ECB proceeds will act as a warchest to acquire other energy and infrastructure assets abroad for the group.

The GMR group has soaring ambitions in the fields of energy and infrastructure. In infrastructure specifically, there are long gestation periods that the company has to contend with. But the big question is, can GMR's execution track record now match up to its soaring ambitions?

Anu's Labs IPO opens on May 12, price band Rs 200-210

Anu's Laboratories is coming out with an initial public offering of 38,20,000 shares at a price band of Rs 200 to Rs 210 per equity share of face value of Rs 10 each. The issue price is 20 times the face value at the lower end of the price band and 21 times the face value at the higher end of the price band. The issue will open for subscription between May 12 and May 15, 2008.