The initial public offering of a private sector railway wagon manufacturer, Titagarh Wagons (TWL), has subscribed 6.75 times. It has received bids for 1.60 crore shares as against 23.83 lakh shares on public offer, till 5.30 pm today.
Till now, qualified institutional investors have supported the issue, their reserved portion of 14.21 lakh shares received bids for 1.47 crore shares and got subscribed 10.36 times.
The issue will close on March 27, 2008. The price band is between Rs 540 and Rs 610 per equity share. The net issue will constitute 12.8% of the post issue capital of the company.
It is primarily engaged in the business of manufacturing railway wagons, heavy earth moving and mining equipment, bailey bridges, steel and SG iron castings.
The objects of the Issue are to utilise the proceeds of the Fresh Issue towards the purposes of a) Setting up an EMU manufacturing facility at Uttarpara unit, b) Modernising and expanding the existing facilities at Titagarh and Uttarpara units, c) Setting up an axle machining and wheelset assembly facility at Uttarpara unit, d) Constructing a corporate office and a design cum research and development office, e) Strategic acquisition or investments, f) Brand building exercise and g) General corporate purposes.
The Company proposes to list its equity shares on the Bombay Stock Exchange and the National Stock Exchange. The book running lead manager to the issue is Kotak Mahindra Capital Company Limited and the co-book running lead manager is JM Financial Consultants Private Limited.
Source: Moneycontrol.com
Thursday, March 27, 2008
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