Indian IPO

All details about Hot Indian Primary Market.

Wednesday, January 23, 2008

IRB Infra IPO opens on Jan 31, price band Rs 185-220

IRB Infrastructure Developers, an infrastructure and construction company in India with extensive experience in the roads and highways sector and currently involved in 12 BOT projects in this sector, proposes to enter the capital markets on January 31, 2008 with a public issue of 5,10,57,666 equity shares of Rs 10 each through 100% book building process.

This includes reservation of up to 125,000 equity shares for subscription by eligible employees. The issue closes on February 5, 2008 and the price band has been fixed at Rs 185 to Rs 220 per equity share of Rs 10 each.

The issue will constitute 15.36% of the fully diluted post-issue equity share capital of the company. The equity shares are proposed to be listed on the BSE and the NSE. The company filed a red herring prospectus with the registrar of companies on January 14, 2008 .

The issue has been assigned a grade of 4/5 by Fitch Ratings India Private Limited, indicating that the fundamentals of the issue are above average, relative to other listed equity shares in India.

Deutsche Equities India Private Ltd is the sole global coordinator and BRLM for the issue and Kotak Mahindra Capital Co. Ltd is the Co-BRLM for the issue.

The company proposes to utilize the net proceeds of the issue for investment in subsidiary IDAA; prepayment and repayment of existing loans of the company and the subsidiaries Aryan Toll Road Pvt. Ltd, Modern Road Makers Pvt. Ltd, Thane Ghodbunder Toll Road Pvt. Ltd, NKT Road & Toll Pvt. Ltd and Mhaiskar Infrastructure Pvt. Ltd.

Currently, the company's shareholders include amongst others Deutsche Bank AG, Hong Kong Branch, Jade Dragon (Mauritius) Limited, and CPI Ballpark Investments Limited. Jade Dragon (Mauritius) Limited and CPI Ballpark Investments Limited are subsidiaries of Goldman Sachs and Merrill Lynch, respectively.

IRB Infrastructure Developers is currently involved in 12 BOT projects in the roads and highways sector. Out of these projects, 11 projects are in the operational phase, i.e., engineering, procurement and construction phases have been completed on these projects and the project SPVs are currently earning revenues from toll collection under the relevant concession agreements.

Among these completed projects one of the project is the concession rights to the Mumbai - Pune Corridor including the Mumbai Pune Expressway upto August 2019. One of the BOT projects involves four to six laning under NHDP Phase V on the Bharuch to Surat section of NH 8 project granted by NHAI in July 2006 to IDAA, one of its SPVs. is in the "under - construction" phase

Currently, the company's land reserves consist of approximately 925 acres of land in the Mauje Taje and Mauje Pimploli Taluka in Pune district, and it intends to acquire an additional approximately 475 acres of land for its proposed township project.

In fiscal 2007, the consolidated total income of the company was Rs 325.08 crore and it earned consolidated net profit, as restated, of Rs 29.96 crore. In the five months ended August 31, 2007, consolidated total income was Rs 285.26 crore and it earned consolidated net profit, as restated, of Rs 36.38 crore in this period.

Ashoka Buildcon files DRHP with SEBI

Ashoka Buildcon, an infrastructure developer that currently operates toll-based BOT (build, operate and transfer) projects in India, has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO) of 8,100,000 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 of 7,938,000 equity shares to the public and a reservation of 162,000 equity shares for eligible employees. The issue would constitute 15.05% of the post issue paid up capital of the company. The net issue would constitute 14.75% of the post issue paid up capital of the company.

The equity shares are proposed to be listed on the National Stock Exchange and the Bombay Stock Exchange.

Of the total equity float, at least 60% of the net issue shall be allocated on a proportionate basis to qualified institutional buyers (QIB) Bidders. Also, 5% of the QIB Portion shall be available for allocation on a proportionate basis to Mutual Funds only. Further, not less than 10% of the net issue shall be available for allocation on a proportionate basis to non-institutional bidders and not less than 30% of the net issue shall be available for allocation on a proportionate basis to retail individual bidders.

Headquartered in Nashik, Ashoka Buildcon Ltd. has operations reach across the states of Maharashtra, Madhya Pradesh, Chhattisgarh, Rajasthan, Gujarat, Goa and Tamil Nadu, the National Capital Territory of Delhi and the union territories of Dadra and Nagar Haveli and Daman and Diu. In addition to BOT projects, it also engineers and designs; procures the raw materials and equipment for; and constructs roads, bridges, commercial buildings, industrial buildings and institutional buildings for third parties.

It also manufactures and sells ready-mix concrete and bitumen; and collects tolls on roads and bridges owned and constructed by third parties. The business is organised into four divisions: the BOT division; the engineering, procurement and construction (EPC) division; the RMC and bitumen division; and the toll collection contract division. As at November 30, 2007, its order book totalled Rs 14,998.52 million.

The book running lead managers to the Issue are IDFC-SSKI Private Limited, Enam Securities Private Limited and Kotak Mahindra Capital Company Limited.

Crisil assigns IPO Grade 5/5 to Acme Tele Power

Crisil has come out with research report on Acme Tele Power IPO. The firm has assigned a CRISIL IPO Grade 5/5 to the proposed initial public offer of the company. Acme Tele proposes to enter capital market with a public issue of 17,283,580 equity shares of face value Rs 2 targeted at an issue price in the range of Rs 800 to Rs 950 per share.

Crisil report on Acme Tele Power IPO

Crisil has assigned a CRISIL IPO Grade 5/5 to the proposed initial public offer of Acme Tele Power (ATPL). This grade indicates that the fundamentals of the issue are strong relative to other listed equity securities in India.

Crisil expects ATPL to report strong future growth while maintaining its track record of exceptional operating and financial performance. This reflects the company's solid market position, and its customers' focus on rapid expansion: ATPL's unique products are used by mobile operators to manage power consumption at cell sites in areas where the supply and quality of power is unreliable. With a market share of around 25 per cent across all cell site installations, ATPL enjoys leadership position in its segment. The company is thus well placed to benefit from the large investments planned by mobile operators in India, who propose to add almost half a million cell sites over the next five years.

ATPL has grown at remarkable pace over its relatively short history. CRISIL expects the company to continue its impressive growth in revenues and profits over the medium term, given its strong market position and the expected growth in mobile networks.

ATPL will also continue to benefit from the ongoing involvement of its promoter, Mr Manoj Upadhyay, in new product research and development. The company's strong product development capability is a significant plus in a market that is highly competitive. To maintain its growth momentum, however, ATPL will also need to ensure that it retains its key employees: it has faced a fair amount of employee turnover in the past.

About the company

ATPL, incorporated in January 2003, was promoted by Mr Manoj Upadhyay. The proposed IPO is in the form of an offer for sale of 17.3 million shares by the promoters. Subsequent to the IPO, the promoters' stake in the company will reduce to 84.6 per cent from 94.7 per cent.

ATPL manufactures shelters, power regulation equipment, and air conditioners, which are used at mobile operators' cell sites. It has manufacturing facilities at Pantnagar in Uttaranchal and Parawanoo in Himachal Pradesh. Until March 2005, the company had an exclusive agreement with Bharti Airtel, the market leader in mobile telephony, under which it could not sell its products to other operators until it had satisfied Bharti Airtel's requirements; the business relationship between
the two companies continues to be strong, long after the agreement has expired.

At the core of ATPL's offering to customers is a packaged solution, 'Green Shelter', consisting of:

* A fibreglass reinforced plastic or a nano-cooled enclosure that houses the BTS and other electronic equipment at cell sites
* A power management system called the power interface unit
* A thermal management system with phase change material, and
* Two air conditioners.

The utility of each of these products is distinct, and therefore the company also sells them individually.

ATPL also plans to launch a new gas-free compressor-less AC, and fuel cells, which produce energy more efficiently compared to diesel. Besides, the company intends to undertake geographical expansion into international markets.

For the year ended March 31, 2007, ATPL reported a net profit of Rs 2.30 billion on a turnover of Rs 6.43 billion, as compared with a net profit of Rs 1.16 billion and revenues of Rs 3.85 billion in the previous year.

Monday, January 21, 2008

Bang Overseas IPO opens on Jan 28, price band Rs 200 - 207

Bang Overseas, a provider of fashion fabrics and ready-to-wear requirements in apparel, textile and retail segment, is entering the capital market with an initial public offering (IPO) of 3,500,000 equity shares of Rs 10 each for cash at a price to be decided through a 100% book-building process. The issue will constitute 25.81% of the post-issue paid-up capital of the company.

The issue will open for subscription on January 28, 2008, and close on January 31, 2008. The price band has been fixed between Rs 200 and Rs 207 per equity share.

The issue comprises a net issue of 3,400,000 equity shares of Rs 10 each after a reservation for eligible employees of 100,000 equity shares of Rs 10 each for cash at a premium. The equity shares are proposed to be listed on Bombay Stock Exchange and National Stock Exchange.

At least 50% of the net issue shall be allotted to qualified institutional bidders (QIBs) on a proportionate basis, of which 5% shall be available to Mutual Funds only. If at least 50% of the net issue cannot be allotted to QIBs, then the entire application money shall be refunded. Further, not less than 15% of the Net Issue shall be available for allocation on a proportionate basis to non-institutional investors and not less than 35% of the Issue shall be available for allocation on a proportionate basis to retail individual bidders.

The proceeds from the proposed issue are to be deployed for setting up retail outlets across India; brand building; setting up a new apparel manufacturing unit; warehousing and logistic facilities; general corporate purposes and to meet Issue expenses.

At present, the company has an installed capacity of 720,000 and 540,000 pieces per annum at its two units namely Reunion Clothing Company and Formal Clothing Company respectively. Its products are presently retailed through 157 points of sale comprising its own retail outlets large format stores and Multi Brand Outlets.

Presently, Bang Overseas Limited has 12 retail outlets for the sale of “Thomas Scott” out of which 9 retail outlets are company operated and 3 are franchisee operated. The company now plans to expand its distribution network by adding 88 retail outlets across (41 to be operated by the company and 47 franchisee operated) the country for its Thomas Scott branded apparel products and fashion accessories. The Company also proposes to establish an apparel manufacturing unit in Kolar near Bangalore with a capacity of 6,00,000 pieces per month.

The public issue of the company has been graded by CARE, who has given CARE IPO GRADE 2, which indicates below average fundamentals to the initial public offering of the company.

The book running lead manager to the Issue is Almondz Global Securities Ltd.

Friday, January 18, 2008

Wockhardt Hosp IPO in Rs 280-310 price band

Wockhardt Hospitals has fixed the price band between Rs 280 and Rs 310 per equity share for its initial public offering (IPO) of 25,087,097 equity shares of Rs 10 each for cash at a price determined through a 100% book building process.

The issue comprises a net issue to the public of 24,587,097 equity shares of Rs 10 each and a reservation of upto 500,000 equity shares for subscription by eligible employees. The issue will constitute 24.06% of the post-issue paid up equity share capital of the company.

The company intends to utilise the proceeds from the issue to meet the cost of development and construction of greenfield and brownfield hospitals of the company, prepay some of the short term loans and to meet general corporate expenses.

The joint global co-ordinators and book running lead managers to the issue are Citigroup Global Markets India and Kotak Mahindra Capital Company.

The book running lead managers (BRLMs) to the issue are SBI Capital Markets and ICICI Securities.

Sea TV Network files DRHP with SEBI

Sea TV Network, an Agra (UP) based company providing services of a Multi System Operator to various local cable TV operators, has filed a draft red herring prospectus (DRHP) with the Securities & Exchange Board of India (SEBI) to enter the capital market with an initial public offering (IPO) of 10,000,000 equity shares of Rs 10 each for cash at a price to be decided through a 100% book-building process.

The issue comprises a promoters’ contribution of 3,351,000 equity shares of face value of Rs 10; 500,000 equity shares of face value of Rs 10 reserved for the employees of the company; and a net offer to the public of 6,149,000 equity shares of Rs 10 each, of which 614,900 equity shares being 10% of the net offer to the public to be compulsorily allotted to qualified institutional bidders.

The net offer to the public would constitute 36.17% of the fully diluted post issue paid up capital of the company. The project has a participation of Rs 895 lakh from Allahabad Bank. The company is considering a pre-IPO placement with certain investors, subject to a minimum of 25% of the post-issue paid up equity share capital being offered to the public. The equity shares are proposed to be listed on Bombay Stock Exchange and the National Stock Exchange.

The company focuses on the cable distribution business and intends to emerge as a MSO with an all India presence, while working in consonance with the broadcasters and the viewers. Sea TV also has its own free-to-air local channels, programmes of which are produced by its own production team. These include SEA News (24-hour news channel of Agra city), SEA Jinvani (religious channel for the Jain community), SEA TV (local cultural programmes channel) and SEA Bhakti (24-hour religious channel). It already has a network of about 150 franchisees throughout Agra city.

The objects of the issue are to raise financial resources for: Setting up complete Digital Headend and network for implementation of Conditional Access System (CAS); Setting up network for complete IPTV solution; Setting up of own cable distribution (underground optical fibre) network capable of digital transmission throughout Agra City and adjoining areas; Setting up own 20 branch-offices in the city including in the adjoining areas with required infrastructure for receiving digital signals and re-transmitting the same without much value addition through co-axial cables to individual customers/subscribers. Sea TV proposes to adopt latest technology; i.e., IPTV for providing TV channels to its viewers.

The book running lead manager to the Issue is Chartered Capital and Investment Limited.

25% listing price band for issues up to Rs 250cr: Sebi

The Securities and Exchange Board of India is proposing a 25% price band on listing day for issues up to Rs 250 crore, reports CNBC-TV18. At present, there are no price bands on IPOs above Rs 500 crore, if they are represented in the F&O market. The market regulator proposal is on account of increased volatility in issues less than Rs 250 crore.

How will this impact IPOs?

If we step back for a moment and analyze the way IPOs have performed in the first year of listing, most of the IPOs- Manaksia, Precision and Aries Agro; on the first year of listing, have registered an average increase of 76%.

That is a number that has come under the lens of the regulator because a lot of long-term investors have a problem with the fact that IPOs, on the first day of listing, tend to perform so well. Then, through the rest of the days, there is not much of a performance seen in those stocks.

Long-term investors say they stand to lose. Especially, in stocks that have lesser float and are smaller in size, as compared to large IPOs, there is room for some amount of manipulation. Therefore, this move has come from Sebi to protect the investors interest.

Sebi does recognise the fact that it is not exactly in the principle of having free market. But this move actually comes to protect the investor’s interest, so that there is no price manipulation in the first day of listing, as far as the smaller IPOs are concerned.

Are there any reactions yet to this proposed move?

Most of the people say that it is a fairly good move. CNBC-TV18 has not spoken to the smaller set of investment bankers, who are actually coming out with these issues. There could be some amount of complaining that could come from them. In fact, there could be a lot of investors, especially in the HNI category, who would complain because most of them actually tend to play in IPOs of the below Rs 250 crore size.

Pipavav Shipyard files IPO papers, to raise $ 200m

Pipavav Shipyard has filed IPO papers with market regulator, Sebi. The company will dilute 10% stake through this issue, reports CNBC-TV18 quoting sources.

It will raise USD 200 million and valued at USD 2 billion.

Punj Lloyd holds 25% stake in Pipavav Shipyard Pre-IPO. It had bought 25% stake for USD 100 million and that stake now valued at around USD 450 million.

KNR Constructions IPO opens on Jan 24

KNR Constructions, an infrastructure project development company, is coming out with an initial public offer (IPO) of 78.74 lakh shares at a price band of Rs 170-180 per share. The company is planning to raise between Rs 134-142 crore.

The issue will open for subscription on January 24 and close on 29, 2008. Promoters’ holding would be 71.21% post issue.

Crisil has assigned the CRISIL IPO Grade 3/5 to this issue, which indicates average fundamentals.

KNR Constructions is an infrastructure project development company, provides engineering, procurement and construction services across sectors namely roads & highways, irrigation and urban water infrastructure management.

Most of the road projects under execution are with joint venture partner, Patel Engineering. Unexecuted order book position is of Rs 1734 crore as on November 30, 2007.

Pipavav Shipyard plans Rs 2,900 cr shipyard project

Pipavav Shipyard is currently constructing a shipyard complex at Pipavav, located on the west coast of India adjacent to the maritime sea lane between the Persian Gulf and Asia. The Shipyard will have an estimated investment of Rs 2,888 crore. Upon completion of construction, the Pipavav Shipyard will be capable of ship construction and repairs for a range of vessels of different sizes and types, as well as the fabrication and construction of offshore platforms, rigs, jackets and vessels, for use by oil and gas companies in their exploration and production activities.

The company proposes to part finance this project cost with the help of Rs 1,248.67 crore (including premium) raised through equity already issued and term loans from banks and financial institutions to the tune of Rs 935.2 crore. To meet the remaining funding requirement, Pipavav Shipyard proposes to enter the capital markets with a public issue of 86,850,000 equity shares of Rs 10 each through 100% book building process. It has already filed DRHP with SEBI for the purpose.

JM Financial Consultants Pvt. Ltd, Citigroup Global Markets India Pvt. Ltd and Enam Securities Pvt. Ltd are the book running lead managers for the issue. SBI Capital Markets Ltd, Kotak Mahindra Capital Co. Ltd and Motilal Oswal Investment Advisors Pvt. Ltd are the Co-BRLMs for the Issue. IL&FS Investsmart Securities Limited is advisor to the proposed offerings.

The company is constructing the Pipavav Shipyard based upon the principle of concurrent shipbuilding, which involves the production of vessels while simultaneously completing construction of the shipyard. The construction of the Pipavav Shipyard is being conducted on an owner-managed basis. It has agreements with three international shipowners for the construction of 26 Panamax bulk carriers of 74,500 DWT each for delivery from 2009 to May 2012 at an aggregate contract value of USD 1,063.12 million (Rs. 42,992 million).

The Pipavav Shipyard was originally promoted by SKIL Infrastructure and Grevek Investments. Punj Lloyd has now joined as a co-promoter through its acquisition of 129,361,538 equity shares of the company. As a co-promoter, Punj Lloyd has agreed to conduct all of its offshore business, excluding the construction and fabrication of sub sea pipelines, in India through Pipavav Shipyard and is expected to provide the company with access to opportunities in the Offshore Business industry, which includes business opportunities in the fabrication and construction of offshore platforms, rigs, jackets and vessels for the oil and gas industry. The construction of the Pipavav Shipyard is expected to be completed in October 2008.

KNR Const to raise Rs 134-142 cr via IPO

KNR Constructions is coming out with an IPO and looking to raise between Rs 134-142 crore. Speaking to CNBC-TV18, K Jalandhar Reddy, ED at KNR Constructions informed that the raised money is going to be used for equipment purchase of Rs 21 crore. The company would be investing Rs. 80 crore for their BOT (Build, Operate and Transfer) projects, he added.

Thursday, January 10, 2008

Globus Spirits gets SEBI nod for IPO

Delhi-based alcohol beverage company Globus Spirits has received SEBI's nod for entering the capital market with its initial public offering aggregating to Rs 68 crore through the book building route.

Globus Spirits proposes to modernise and expand its production facilities at Behror, Rajasthan and Samalkha, Haryana; develop and acquire IMFL brands; and revamp its storage and bottling capacity.

The book running lead manager to the proposed issue is SREI Capital Markets Ltd. The company has already been assigned `CARE IPO Grade 3' by Credit Analysis and Research Ltd, a premier rating agency, reports The Hindu Business Line.

Euro Multivision files DRHP with SEBI

Euro Multivision (EML), the second largest company engaged in the manufacturing of CDRs and DVDRs (Source: Optical Disk Manufacturers Welfare Association), has filed the draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to enter the capital market soon with an initial public offering (IPO) of 88,00,000 equity shares of Rs 10 each for cash at a price to be decided through a 100% book-building process. The issue will constitute 36.97% of the post issue paid up capital of the company.

The issue comprises a net issue to public of 86,00,000 equity shares of Rs 10 each and a reservation of upto 2,00,000 equity shares of Rs 10 each for the employees. The company is considering a pre-IPO placement subject to a minimum net issue to the public being 25% of the post Issue paid-up capital of the company.

The equity shares are proposed to be listed on Bombay Stock Exchange and National Stock Exchange.

EML proposes to build a photovoltaic solar cell manufacturing unit with a capacity of 40MW per year at a total cost of Rs 16,756 lakh at Taluka Bhachau, Kutch, Gujarat. The Company proposes to set up this photovoltaic plant in a Special Economic Zone to be developed by them. The company proposes to meet this fund requirement through the proceeds from this Issue and the term loan component.

Incorporated in the year 2004, the Company has set up a plant for the manufacture of Compact Disc Recordables (CDRs) and Digital Versatile Disc Recordables (DVDRs). It commenced commercial production in April 2005 with five manufacturing lines having an installed capacity of 720 lakh units of CDRs and 72 lakh units of DVDRs a year. After successfully operating five lines in the first year of its commercial operation, the Company expanded its capacity by adding another five manufacturing lines in the second half of financial year 2006-07 taking the total to 10 manufacturing lines with a total installed capacity of CDRs to 1,800 lakh units a year. These lines are interchangeable and are convertible to manufacture DVDR as and when the requirement arises. Also these lines are compatible for manufacturing of pre recorded CD's and DVD's. In the same financial year, the DVDR manufacturing line was converted into CDR manufacturing line. The CDR production is fully stabilized and is operating on full capacity.

EML's manufacturing facility is situated at Taluka Bhachau, Kutch, Gujarat, which ensures international quality standards with optimum utilization of installed capacities. The major parts of the manufacturing facility are procured from VDL ODMS B.V, Netherlands , which is one of the leading suppliers for CDR manufacturing technology. Further, the manufacturing facility operates in Class 10000 (class 10,000 clean rooms, which enable it to produce clean, sterile, aseptic and dust-free products and components) environment with antistatic work stations. The manufacturing facility is completely powered by a captive power plant for uninterrupted supply.

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

Sebi clears Emaar-MGF IPO; price band Rs 725-850

learns from the sources that the market regulator, SEBI has cleared the Emaar-MGF IPO. The price band has been fixed at Rs 725-850 per share. The company may list by February 27 and expects to raise Rs 7000 crore.

J Kumar Infra fixes IPO price band at Rs 110-120/sh

J Kumar Infraprojects (JKIL), 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 fixed the price band between Rs 110 and Rs 120 for its 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 RHP 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 piling rigs. It also undertakes the design and construction of flyover projects to the client's specified requirements on turnkey basis.

The promoters and the experienced core team have got a past experience of over 2 decades in execution of different type of civil engineering projects. The company has a large fleet of its owned machineries and equipments. It has the ability to execute the project within stipulated time. Over the years, it has executed complex projects prior to the scheduled completion date and earned bonus for early completion.

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

Friday, January 04, 2008

Rel Power IPO opens on Jan 15, to raise Rs 10500-11500 Cr

Reliance Power today filed the red herring prospectus (RHP) with the Registrar of Companies, Maharshtra, Mumbai (ROC), for its proposed initial public offering (IPO).

Reliance Power has fixed the price band for the IPO at Rs 405 - 450 per share.

To enable large participation by retail investors, Reliance Power will offer a discount of Rs 20 per share to the retail investors, i.e. approximately 5% of the issue price.

Reliance Power has also fixed convenient payment terms for all categories of investors. While QIBs are required to pay 10% on the application, the HNIs and retail investors will have the option to pay Rs 115 on the application, i.e. only approximately 25% of the issue price. The balance amount will be payable on allotment.

The IPO is scheduled to open on January 15, 2008 and will close on January 18, 2008.

Reliance Power, through this IPO proposes to raise approximately Rs 10,500 - 11,500 crores - the largest IPO in the history of the Indian capital markets. Reliance Power proposes to issue 26 crore equity shares of Rs 10 each including a promoters’ contribution of 3.2 crore Equity Shares which shall be allotted at the IPO price to the Promoters. The balance 22.8 crore equity shares would constitute the net issue to the public. The issue will constitute 11.5% and the net issue will constitute 10.1% of the post-Issue paid-up equity capital of Reliance Power.

Reliance Power is part of the Reliance Anil Dhirubhai Ambani group and is currently engaged in the construction and development of various gas and coal based thermal power projects and hydro power projects in various parts of the country, of over 28,000 MW capacity - the largest development pipeline in the country.

The issue proceeds are proposed to be utilized for funding subsidiaries to part-finance the construction and development costs of the various projects under development and for general corporate purposes.

The equity shares of the company are proposed to be listed on the Bombay Stock Exchange and the National Stock Exchange.

Kotak Mahindra Capital Company Limited, UBS Securities India Private Limited, ABN AMRO Securities (India) Private Limited, Deutsche Equities India Private Limited, Enam Securities Private Limited, ICICI Securities Limited, JM Financial Consultants Private Limited and J.P. Morgan India Private Limited are acting as the Book Running Lead Managers to the Issue whilst Macquarie India Advisory Services Private Limited and SBI Capital Markets Limited are acting as Co-Book Running Lead Managers. Amarchand & Mangaldas & Suresh A. Shroff & Co. is advising the Company whilst Cleary Gottlieb Steen & Hamilton and J. Sagar and Associates are advising the BRLMs and CBRLMs in relation to the issue.

Future Cap Holdings sets IPO price band at Rs 700-765/sh

Future Capital Holdings (FCHL), the financial services arm of the Future Group, has fixed the price band between Rs 700 and Rs 765 per equity share for its initial public offering (IPO) of 6,422,800 equity shares of Rs 10 each for cash at a price to be decided through a 100% book-building process.

The company has filed its red herring prospectus with the Registrar of Companies, Mumbai, and is expected to hit the capital market in mid-January 2008. The issue would constitute 10.16% of the post-issue paid-up capital of the company.

FCHL was incorporated in 2005 and promoted by Pantaloon Retail (India) (the flagship company of the Future Group), its Managing Director Mr Kishore Biyani, and Mr Sameer Sain (a former Managing Director at Goldman Sachs International). One of the investors in the company is Och-Ziff, a prominent international fund.

FCHL's three primary lines of business are investment advisory services, retail financial services and research. Currently, the two main retail financial services products are consumption loans and personal loans. FCHL will also commence in the near future the distribution of financial products, including credit cards. It has entered into an agreement with ICICI Bank for marketing and distribution of the "Future Card", a credit card offering loyalty points.

The equity shares are proposed to be listed on Bombay Stock Exchange and National Stock Exchange.

The book running lead managers to the issue are Kotak Mahindra Capital Company Limited, Enam Securities Private Limited, JM Financial Consultants Private Limited and UBS Securities India Private Limited.