Barak Valley Cements, a cement manufacturer in the north-east region, will list on the bourses on November 23, 2007.
R S Iyer of K R Choksey Securities said, "Barak Valley is expected to list at around Rs 60. One can start booking profits above Rs 80."
"Barak Valley is likely to get listed at Rs 63, as against the issue price of Rs 42. Profit booking is advised above Rs 60", according to Investment Advisor, S P Tulsian.
The company had entered the capital market with an initial public offer (IPO) of 56,60,000 equity shares of Rs 10 each for cash at a price of Rs 42 and its IPO was subscribed around 29 times.
The objects of the issue are to part finance expansion of clinkerisation capacity from present 420 TPD (tonnes per day) to 600 TPD, cement grinding capacity from 460 TPD to 750 TPD, investment in wholly owned subsidiary — Badarpur Energy (P) Ltd.; for setting up a 6 MW biomass based power project, to meet the working capital requirements and for general corporate purpose.
The book running lead manager to the Issue is UTI Securities Limited and the co- book running lead manager is Karvy Investor Services Limited.
Source: Moneycontrol.com
Thursday, November 22, 2007
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