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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.

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