Indian IPO

All details about Hot Indian Primary Market.

Friday, April 25, 2008

Gokul Refoils IPO opens on May 8, price band Rs 175-195

Gokul Refoils and Solvent, a Gujarat based company, engaged in the business of solvent extraction, refining of Edible oils and Vanaspati manufacturing, has received ROC clearance and has fixed a price band of Rs 175 to Rs 195 for its forthcoming initial public offer (IPO) of 71,58,392 equity shares of Rs 10 each for cash.

The net issue to the public comprises of 70,83,392 equity shares and 75,000 equity shares have been reserved for the employees. The issue will constitute 27.14% of the fully diluted post issue paid up equity share capital of the company. The face value of equity shares of is Rs 10, floor price is 17.5 times of the face value and the cap price is 19.5 times of the face value.

The company intends to raise Rs.139.59 crores at the cap price of the price band. The 100% Book Build Issue Opens on Thursday May 8, 2008 and Closes on Tuesday May13, 2008.

About Gokul Refoils and Solvent Limited

Gokul Refoil was incorporated in 1992 and is primarily engaged in the business of Solvent Extraction, refining of Edible oils and Vanaspati manufacturing. The company’s manufacturing facilities at Sidhpur, Gandhidham & Surat, have the ability to provide comprehensive range of oil products. Moreover, Gokul is one of the few players in the vegetable oil industry in India that are able to produce a broad variety of oil & derivative products. The manufacturing facilities are versatile in nature, can process various types of oils including palmolein, soyabean, cotton, sunflower, groundnut and mustard. The existing setup is such that the company can switch over from processing of one type of oil to another type of oil with no down time.



Financials:

Gokul Refoils consolidated total income for the financial years ended March 31, 2007 was Rs. 1599.86 crores and Rs.1347.82 crores for the period ended Nov, 2007. Profit after tax for the FY07 was Rs. 25.73 crores, and Rs.41.83 crores for the period ended Nov 30, 2007. Company’s sales have grown at a CAGR of 39.30% over the last 5 financial years and its PAT has increased at a CAGR of 41.16% over the last 5 financial years and EPS reported a growth of 24 % in last 3 years.



Present Business Activity & its Products:-
Today the group’s interest includes Refining of Edible oil, Castor oil & its derivatives, Vananspati, Solvent Extraction & Power Generation and Commodity trading in the domestic as well as international markets At present Gokul Refoils and Solvent Limited has 680 TPD of seed processing, 600 TPD of Solvent Extraction, 1200 TPD of refining & 200 TPD of Vanaspati manufacturing. The units are situated at: Sidhpur (Sidhpur unit, North Gujarat), Anjar (Gandhidham unit, Kutch), Navi Pardi (Surat unit, South Gujarat) & Kutch (Wind mills).

Anu's Labs files for IPO

Hyderabad-based Anu's Laboratories has filed draft red herring prospectus with Sebi to raise around Rs 800 million from the capital markets.

Anu's Labs is the market leader in producing Dichloro-5-Fluoro Acetophenone, or DCFA, a key intermediate for ciprofloxacin. The company has over 60% market share in the country.

The company plans to deploy the proceeds raised from the initial public offering to set up an intermediary plant and contract research facility at Pharma City in Visakhapatnam, reports The Hindu Business Line.

Tuesday, April 22, 2008

Clarifications sought on Reliance Infratel’s IPO

SEBI has sought clarifications from Anil Dhirubhai Ambani Group on its proposed initial public offering of Reliance Infratel, the telecom tower business arm.

Clarifications have been sought on the company’s business operations, promoters and promoters group, scheme of arrangement and board of directors of Reliance Infratel, the Minister of State for Finance, Mr P.K. Bansal, told the Rajya Sabha in a written reply.

Reliance Infratel had proposed to raise Rs 6,000 crore through the offer, with an issue of 8.91-crore shares, representing about 10.05 per cent equity in Reliance Infratel.

Reliance sources said that the queries may be routine in nature, reports The Hindu Business Line.

Wednesday, April 02, 2008

Bharat Oman Refineries files IPO papers with SEBI

Bharat Oman Refineries (BORL) has filed a draft red herring prospectus with the Securities and Exchange Board of India on March 28, 2008 for its initial public offering (IPO). BORL intends to raise approximately Rs 3850 crore as the equity contribution for a refinery project at Bina. BORL is promoted by Bharat Petroleum Corporation (BPCL), a fortune Global 500 Company, with interests in downstream oil refining and marketing of petroleum products.

BORL is in the process of constructing a grassroots petroleum refinery in Bina in the state of Madhya Pradesh, at an approximate capital cost of Rs 10400 crore. The project is intended to he funded with a mix of debt and equity in the ratio of 1.6:1. BORL has entered into an agreement with a consortium of lenders that provides for the debt component of approximately Rs 6400 crore.

The present issued and paid-up equity share capital of BORL is Rs 151 crore, which is primarily comprised of equity shares held by BPCL and Oman Oil Company S.A.O.C. The remaining equity of Rs 3850 crore will be raised through the issue of equity shares to BPCL, the Government of Madhya Pradesh, certain investors pursuant to a pre-IPO placement and the public pursuant to the IPO.

The refinery is designed to have a crude oil processing capacity of 6 million metric tonnes per annum and a higher complexity factor of 9.1, as measured using the Nelson Complexity Index. The project also includes a crude oil importing and storage system in Vadinar in the state of Gujarat, consisting of a single point mooring facility that can receive crude oil shipments from very large crude carriers in sizes of up to 320,000 dead weight tonnage and a crude oil terminal with a capacity of 480,000 cubic meters. The crude oil terminal will be connected to the refinery through an approximately 935 kilometer long crude oil supply pipeline. The project also includes a 99 megawatt captive co-generation power plant that will meet the power and steam requirements of the refinery. Petroleum coke produced by the refinery will be utilised towards the fuel requirements for this power plant. The refinery is expected to commence commercial operations in or around January 2010.

BORL has entered into an off-take agreement with BPCL pursuant to which BPCL has agreed to purchase substantially all of the refinery's petroleum products. BPCL intends to construct a marketing terminal at Bina and a pipeline connecting the marketing terminal to its existing product pipeline to enable it to transport a portion of refinery's petroleum products through its existing distribution channels. BORL will draw upon BPCL's project execution skills to help BORL to complete the project on schedule. BORL expects to realize significant operational synergies with BPCL, including with respect to crude sourcing, operations and maintenance, marketing of petroleum products and sharing of petroleum-related infrastructure.

The Government of Madhya Pradesh has granted several financial benefits and fiscal concessions to BORL in connection with the construction and operation of the refinery.

BORL believes that its project strategies, such as the flexibility in the design for crude processing at the refinery, the superior product slate of the refinery, including premium quality auto fuels with ultra low sulfur specification (maximum), the strategic location of the crude import facility, freight advantages resulting from the inland location of the refinery and potential residue upgrade to value-added products will enhance its gross refining margins.

RITES files DRHP with SEBI

RITES, a Mini Ratna Grade I multi-disciplinary public sector enterprise under the Ministry of Railways, operating in the fields of transport, infrastructure and related technologies, has filed a 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 140,00,000 equity shares of Rs 10 each for cash at a price to be decided through a 100% book-building process.

The issue comprises a fresh issue of up to 1,00,00,000 equity shares and an offer for sale of up to 40,00,000 equity shares by the President of India acting through the Ministry of Railways, Government of India (the selling shareholder). The issue comprises a net issue to the public of up to 126,00,000 equity shares and a reservation of up to 14,00,000 equity shares for subscription by eligible employees.

The issue will constitute 28% of the fully diluted post issue capital of the company. The equity shares are proposed to be listed on National Stock Exchange of India and Bombay Stock Exchange.

Of the total Issue, up to 50% of the net issue will be allocated on a proportionate basis to qualified institutional buyers. Also, 5% of the QIB portion will be available for allocation on a proportionate basis to Mutual Funds only. Further, at least 15% of the net issue will be available for allocation on a proportionate basis to non-institutional bidders and at least 35% of the net issue will be available for allocation on a proportionate basis to retail individual bidders.

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

At present, RITES is involved in the concessioning projects in Tanzania and Mozambique where it is engaged in the rehabilitation, operation and maintenance of the railway network for 25 years. RITES has 51 per cent and 26 per cent stakes in these concessioning projects respectively. The proceeds of the forthcoming IPO are proposed to be used among other things, for financing leasing of rolling stock and investment in BOT and BOOT projects in the infrastructure sector.