Indian IPO

All details about Hot Indian Primary Market.

Tuesday, June 24, 2008

Birla Cotsyn IPO opens on June 30

Birla Cotsyn (India) proposes to enter the capital markets with a public issue to raise Rs 14,418 lakh through equity shares of face value of Rs 10 each. The issue opens on June 30, 2008 and closes on July 04, 2008. The price band has been fixed at Rs 15-18 per equity share.

The issue price is 1.5 times of the face value at the lower end of the price band and 1.8 times of the face value at the higher end of the price band.

This issue has been graded by CARE and has been assigned the "IPO Grade 3".

Allbank Finance Limited is the book running lead manager to the issue.

Nexgen Capitals Limited, Saffron Capital Advisors Private Limited and Chartered Capital and Investment Limited are the co-book running lead managers to the issue.

Adroit Corporate Services Pvt. Limited is the registrar to the issue.

Somi Conveyor Beltings to raise Rs 16.5 cr through IPO

Somi Conveyor Beltings said they are raising Rs 16.55 crore through the Initial Public Offering (IPO) and also we are putting Rs 10 crore, so total comes to Rs 21 crore odd. The funds raised will be used exclusively for their plant.

Wednesday, June 18, 2008

DVC plans to float subsidiary for IPO

Damodar Valley Corporation is planning to float a subsidiary company with a view to come out with an initial public offer to raise funds for its projects during the 12th Plan.
"Since DVC is a statutory body and not registered under the Companies Act, it has to float a separate subsidiary to bring the IPO," DVC chairman, Mr Asim Barman said while addressing a Press conference here today. However, he did not give any time frame for the IPO.
Referring to a different initiative, Mr Barman said that DVC had formed a special purpose vehicle called Damodar Valley Tourism Development Private Limited with IL&FS Infrastructure Development Corporation Limited to develop tourism and tourism related infrastructure in DVC command areas.
He said: "We have identified six cites for undertaking tourism projects. These places are Maithon, Panchet, Tilaiya, Hazaribag, Konar and Rajrappa".
DVC, which is celebrating its golden jubilee this year, today reported a decline in net profit at Rs 1,126 crore for the financial year 2007-08.

Somi Conveyor Beltings IPO opens on June 24

Somi Conveyor Beltings will enter the capital market with an initial public offering, IPO of 62,27,860 equity shares of Rs 10 each through 100% book building process on June 24, 2008. The price has been fixed at Rs 35 per equity share. The issue will close for subscription on June 27, 2008.

The issue comprises of contribution by promoters, of 14,99,286 equity shares of Rs 10 each at a price of Rs 35 per equity share for cash aggregating to Rs 5.25 crores, and the net issue to the public of 47,28,574 equity shares of Rs 10 each at a price of Rs 35 per equity share for cash aggregating to Rs 16.55 crores including an allocation of atleast 10% of the net issue to the public to Aualified Institutional Buyers. The net issue to public would constitute 40% of the fully diluted post issue paid up capital of the company. The issue price is 3.5 times of the face value of the equity share.

The shares are proposed to be listed on the BSE.

Ashika Capital is the Lead manager to the issue.

Mondkar Computers is the Registrar to the issue.

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.

Lotus Eye Care extends IPO to June 20, price band Rs 36-38

Lotus Eye Care Hospital has revised its IPO price band to Rs 36-38 from Rs 38-42 per share and extended by three days on the back of poor subscription. Now the issue will close on June 20, 2008 instead of today, June 17.

It has subscribed only 0.54 times as per the NSE web site. It has received total bids for 54,26,700 shares as against issue size of 1,00,00,000 shares.

The issue had opened for subscription on June 12, 2008 with a public issue of 1,00,00,000 equity shares of Rs 10 each through 100% book building process. The price band is between Rs 38 to Rs 42 per equity share of Rs 10 each.

The issue will constitute 48.09% of the fully diluted post issue paid-up equity share capital of the company.

Keynote Corporate Services Ltd is the BRLM and Canara Bank Merchant Banking Division is the co-lead manager for the issue and S.K.D.C. Consultants Ltd is the registrar to the issue.

The company proposes to utilise the net proceeds of the issue to part finance its Rs 5500 lacs expansion plan. The plan covers expansion of existing facilities and establishment of new centers with latest technology. To fund this plan, Lotus expects to raise Rs 4200 lakh through the public issue, it has tied up Rs 999.54 lakh of term loans from banks and raises remaining Rs 300.46 lakh through internal accruals.

Friday, June 13, 2008

First Winner revises IPO price band to Rs 115-125

First Winner Industries presently engaged in the manufacture of grey fabrics and in trading of textile fabrics which are supplied to various wholesalers, apparel and garment manufacturers, announced that its public issue, which was initially slated to close on June 12, will now close on June 17. The price band has been revised downwards from Rs 120-130 to Rs 115-125. As on June 12 the issue had received bids for 40.69 lakh shares as against issue size of 55,00,000 shares and was subscribed only 0.74 times.

The issue had opened for subscription on June 9, 2008 with an Initial Public Offering (IPO) of 55,00,000 Equity Shares of Rs 10 each for cash at a price to be decided through a 100% book-building process.

The Equity Shares are proposed to be listed on Bombay Stock Exchange Limited (“BSE”) and National Stock Exchange of India Limited (“NSE”). Almondz Global Securities Limited is the sole Book Running Lead Manager (“BRLM”) to the Issue.

Wednesday, June 04, 2008

Godrej Properties files DRHP with SEBI

Godrej Properties, one of the leading real estate development companies in India, proposes to enter the capital markets to raise necessary funds for the company's expansion plans and has filed a draft red herring prospectus with SEBI.

The company proposes an initial public offering of 9,429,750 equity shares of Rs 10 each through 100% book building process to part finance this plan.

ICICI Securities Ltd and Kotak Mahindra Capital Company Ltd are the BRLMs for the issue.

Godrej Properties is in the business of real estate development including residential, commercial and township development. The company currently has real estate development projects in 11 cities in the country at various stages of development.

As of May 15, 2008, it has completed a total od 19 projects consisting 13 residential and 6 commercial projects, aggregating approximately 3.62 million sq. ft. of Developable Area.

Godrej Properties' land reserves currently stands at 404 acres, aggregating to approximately 78.87 million sq. ft. of developable area and 54.98 million sq. ft. of saleable area, which includes its ongoing projects and forthcoming projects. This land reserves include 54.1 acres which are in the process of being aggregated.

Its promoter and parent company Godrej Industries Limited, currently holds 81.41% of the equity share capital of Godrej Properties. Godrej Industries Limited is the listed flagship company of the Godrej Group of companies.

First Winner Industries IPO opens on June 9

First Winner Industries, presently engaged in the manufacture of grey fabrics and in trading of textile fabrics which are supplied to various wholesalers, apparel and garment manufacturers, proposes to enter the capital market on June 9, 2008, with an Initial Public Offering (IPO) of 55,00,000 Equity Shares of Rs. 10 each for cash at a price to be decided through a 100% Book-Building Process (the “Issue”).

The Issue comprises of an Employee Reservation of 100,000 Equity Shares and a Net Issue to Public of 54,00,000 Equity Shares. The Issue will constitute 31.02% of the post-Issue paid-up capital of the Company. The Price Band has been fixed at Rs. 120 to Rs. 130 per Equity Share and the Issue will close on June 12, 2008. The Equity Shares are proposed to be listed on Bombay Stock Exchange Limited (“BSE”) and National Stock Exchange of India Limited (“NSE”). Almondz Global Securities Limited is the sole Book Running Lead Manager (“BRLM”) to the Issue.

Incorporated in 2003, First Winner Industries Ltd. started its operations with the objective to supply the textile fabrics to wholesalers and apparel & garment manufacturers. Initially, it started trading in the textile fabrics and with a view to have its own manufacturing facilities, it has set up its own weaving unit during 2006-07 by installing 100 looms. The manufacturing facilities are located at MIDC, Tarapur, District Thane, Maharashtra. The unit has total installed capacity to manufacture 108 lakh meter grey fabrics per annum. The Company is also executing job works for fabric and garment manufacturers.

The Company has two subsidiaries; viz., Ramshyam Textile Industries Limited and First Winner Lifestyle Private Limited (formerly Realgold Exports Private Limited), which are engaged in the same business. Ramshyam Textile Industries Limited is having 48 looms with total installed capacity of 42.24 lakh meter fabrics per annum. First Winner Lifestyle Private Limited has a weaving unit with 48 looms and total installed capacity of 62 lakh meters per annum.

In order to diversify and expand its business activities, the Company has decided to set up a new apparel manufacturing facility with a production capacity of 5,000 pieces of men’s wear shirts per day at an estimated cost of Rs. 1,203.98 lakhs and setting up of a new weaving unit to increase its existing production capacity to 170 lakhs meter p.a. at an estimated cost of Rs. 2,163.47 lakhs. The Company also intends to make prepayment of term loan amounting to Rs. 1,800 lakhs. The Company plans to meet the aforesaid objectives by means of issue proceeds.

Avon Weighing Systems IPO opens on June 9

Avon Weighing Systems, a company engaged in the business of selling weighing systems in India, proposes to enter the capital markets on June 9, 2008 with a public issue of 1,37,33,033 equity shares of Rs 10 each at par aggregating to Rs 1373.30 lakh. This comprises of promoters’ contribution of 38,96,633 equity shares aggregating to Rs 389.66 lakh, leaving a net offer to the public of 98,36,400 equity shares aggregating Rs 983.64 lakh constituting 59.33% of the post issue paid-up capital of the company.

The issue closes on June 12, 2008. CARE has assigned “IPO Grade 2” to the issue. The equity shares are proposed to be listed on BSE.

Keynote Corporate Services Limited is the Lead Manager for the Issue and Datamatics Financial Services Limited is the Registrar to the Issue.

The company proposes to part finance its Rs 17.30 crore plan through the net proceeds of the issue. The plan include setting up of facility for manufacturing of a range of weighing systems, open four showrooms for display and sale of its weighing systems in Mumbai, Delhi, Chennai and Hyderabad, and purchase of additional office premises in Mumbai. The project is proposed to be funded through IPO of Rs 9.83 crores, promoters contribution of Rs 4.36 crores, internal accruals of Rs 0.50 crore and a term loan of Rs 2.60 crores from Bank of India.

The proposed manufacturing plant will be set up at Baddi in Himachal Pradesh with technical assistance from Tanita Corporation of Japan. Avon will be able to enjoy fiscal incentives provided by the Himachal Pradesh government for setting up plant at Baddi such as exemption of payment of Central Excise duty for 10 years, 100% income tax exemption for initial 5 years and thereafter 30% for further period of 5 years, Capital investment subsidy for 6 years @15% on their investment in plant & machineries subject to a ceiling of Rs 30 lacs, Central Sales Tax @1%, Electricity Duty exemption on captive power generated from D.G set/Hydel unit upto 31/03/2009, Price preference upto 15% for SSI.

Avon is the authorised dealer and one of the distributors of Tanita and A&D products (weighing systems) in India since 1999. The company also provides consultancy to various industrial houses, on the latest weighing systems and applications and is focused on software to enhance the applications of weighing scales.

Avon’s total income for the year ended March 31, 2008 was Rs 52.14 crore as against Rs 40.17 crore for 2006-07 and PAT was at Rs 1.85 crore as against Rs 1.37 crore.

Sejal Architectural Glass IPO to open on Jun 9

Sejal Architectural Glass on Wednesday said it will raise up to Rs 105.73 crore through an initial public offering that will open on June 9.

The price of the issue, which would include 91.94 lakh equity share of Rs 10 each, would be decided through 100 per cent book building process. The price band has been set at Rs 105-115.

The IPO would constitute 32.84 per cent of the fully diluted post issue paid-up equity capital of the company and the issue will open on June 9 and close on June 12. The company proposes to list its equity shares on the National Stock Exchange and Bombay Stock Exchange.

"The company would use proceedings from IPO in setting up a manufacturing for the production of float glass with an installed capacity of 2,00,750 MT per annum at Bharuch in Gujarat," Sejal Architectural Glass Ltd Joint Managing Director Dhiraj S Gada told reporters.

The proposed manufacturing unit would be the first greenfield plant to be set up by the company with an investment of around Rs 430 crore. The new production unit would start commercial operations from March 2009.

Presently, the company has processing facilities for insulating, toughened, laminated glasses and decorative glass.
The company has also raised around Rs 318 crore as long term debt from banks.

Setting up of the greenfield project would be a step toward backward integration for the company and would enable it to control its cost and enhance the quality of glass used for value-added products and brands like Kool Glass, Armor Glass, Fort Glass and Tone Glass, Gada said. The company has appointed Saffron Capital Advisors Pvt Ltd as the sole book running lead manager to the issue.