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Wednesday, June 18, 2008

Sejal Architectural fixes issue price at Rs 115

Sejal Architectural Glass, a glass processing house in India, has fixed the Issue Price of its equity shares at Rs 115 per share for its initial public offering (“IPO”) of 9,194,155 equity shares of Rs 10 each determined through the 100% book building process (the “Issue”).

The Issue closed on June 12, 2008, and was subscribed 9.90 times (according to the preliminary information received by the stock exchanges). The Qualified Institutional Bidders (“QIBs”) portion was subscribed to approximately around 4.26 times; the Non-Institutional Bidders portion was subscribed to approximately around 33.18 times; the retail portion was subscribed to approximately around 7.96 times.

The Issue constitutes 32.84% of the fully diluted post issue paid up capital of the Company. The Equity Shares will be listed on National Stock Exchange of India Limited (“NSE”) and Bombay Stock Exchange Limited (“BSE”). Saffron Capital Advisors Private Limited is the sole Book Running Lead Manager (“BRLM”) to this Issue.

Incorporated in the year 1998, Sejal Architectural Glass Limited started its commercial operations in the year 2000-01 by setting up a processing facility for insulating glass. As a step forward, it started another process for toughened glass in the year 2001. Since then, the Company has expanded its operations by adding an automated lamination line in January 2007 and has broadened its scope of business activities by processing various value added glass for exterior and interior applications, including decorative glass.

Its glass has been used in well-known structures such as the Reliance Dhirubhai Ambani Corporate Centre (Navi Mumbai), Inorbit Mall (Mumbai), Bharat Diamond Bourse (Mumbai), Chhatrapati Shivaji International Airport, Domestic Terminal (Mumbai), New Bangalore International Airport and K. Raheja IT Park (Hyderabad) amongst others.

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