The initial public offering (IPO) of Cords Cable Industries, a specialised cable manufacturer for variety of industries, has closed for subscription. The issue received bids for 1.54 crore equity shares as against 30.85 lakh shares on offer.
Public issue subscribed 4.99 times, as per NSE website. QIBs reserved portion subscribed 6.83 times, HNIs 5.11 times and retail 2.58 times.
The price band was between Rs 125 and Rs 135 per equity share. The equity shares are proposed to be listed on Bombay Stock Exchange and National Stock Exchange.
The public issue includes an employee reservation of 70,000 equity shares and the net issue to the public is 30,15,000 equity shares. The issue would constitute 27% of the fully diluted post-issue paid-up capital of the company and the net issue would constitute 26.38%.
At present, CCIL manufacture cables upto 1.1 KV for various applications covering most segments of users including industrial, utility and buildings. It caters to a wide spectrum of cable users in various industries like power, steel, cement, fertilizers and chemicals, refinery / petroleum and many others. Its clients are from diverse industries and include names such as BHEL, NTPC, Hindalco, ACC, HPCL, GAIL, TATA STEEL, Siemens, Honeywell, L&T, MRPL and others.
The book running lead manager to the issue is Collins Stewart Inga Private Limited.
Source: Moneycontrol.com
Friday, January 25, 2008
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