Engineering and construction major Larsen & Toubro plans to go ahead with the first of the three proposed initial public offering of its group companies in 2009-10.
The company, which has a wide portfolio of operations ranging from manufacturing to software services, intends to tap the capital market for its information technology arm L&T Infotech, L&T Infrastructure Development Projects and its financial services business.
“It’s most likely that the first of the three to get listed will be our information technology arm,” Mr A.M. Naik, Chairman and Managing Director of the company, told press persons on Thursday. He said that the IT arm will get listed in 2009-10, depending on market conditions, and that there would be an IPO every year for the other two companies.
The company, meanwhile, is gearing up to expand its business canvas by getting into power production and coal mining, in expectation of a strong growth in the power sector for the next 10 years. Although coal mining will not constitute a full-fledged business, L&T plans to take up mining operations to feed its proposed power plants.
Shipbuilding plans
L&T is also betting big on shipbuilding, with plans to set up a Rs 2,000-crore integrated greenfield shipbuilding yard at Ennore, north of Chennai. “We have appointed an international consultant from Germany to advice us on the type of vessels that would be built at the shipyard. We are scheduled to have a meeting with them (the consultants) next week,” Mr Naik said. He expected the shipyard to start making ships from 2011.
He did not specify the type of ships that the company proposed to build at the shipyard, but made it clear that the yard would not make the conventional bulk carriers or tankers. The yard will instead focus on specialised vessels of above 1.5 lakh DWT.
The company currently operates a small shipbuilding yard at Hazira in Gujarat, with the current order book position being Rs 1,300 crore. “We are not taking fresh orders for the time being due to capacity constraints,” he said.
Capex programme
Mr Naik said the company has lined up a capital expenditure programme of about Rs 2,000 crore to expand its various facilities in the current fiscal.
The company plans to sharpen focus on its operations in West Asia and Gulf, as “there is scope for doing more there.” Also, its overseas operations would provide the company an opportunity for better risk management in the event of an economic slowdown in specific geographies.
The international order book position for its engineering and construction business stands at Rs 8,210 crore, accounting for about 16 per cent of the segment’s order book, which was in the region of Rs 50,931 crore as on March 31, 2008.
In the real estate sector, L&T is in the process of concluding agreements with two real estate developers to undertake construction projects. “Both the projects will involve an investment of over Rs 5,000 crore to be executed in five years,” Mr Naik said. The company has already concluded similar agreements with the Hiranandani and Oberoi groups, reports The Hindu Business Line.
Source: Moneycontrol.com
Saturday, May 31, 2008
Niraj Cement's IPO subscribed fully
The IPO of Niraj Cement Structurals Limited has received total bids for 56.57 lac equity shares and was subscribed 1.74 times by 5.30pm on the closing day . The Company, an engineering and construction company focusing on road construction development, had entered the capital markets on 26th May 2008 with a public issue of 32,50,000 Equity shares of Rs 10 each in the price band of Rs 175 to Rs 190. The Issue would constitute 31.42% of the total post issue paid-up equity capital of the Company. Allbank Finance Ltd (wholly owned subsidiary of Allahabad Bank) is the BRLM for the Issue. The Equity shares are proposed to be listed on the BSE.
The Company proposes to utilize the net proceeds of the Issue to finance its plan for investment in capital equipment on a recurring basis, fund long term working capital requirements and for general corporate purposes. It intends to bid for road related infrastructure projects - leveraging and building the specialization and prequalification and thereby participating in more states and regions and gaining access to more complex projects. It will leverage its strength in Road Construction to bid for projects on BOOT and BOT basis which will enhance the core competence of the company.
Niraj is catering to road projects and has capability to execute various road construction projects. Its major clients include New Mangalore Port Trust, Orissa Work Govt. Dept, Indore Development Authority, Jaipur Development Authority and Kidco. Its present areas of operations are road construction and other infrastructure related works including providing EPC services.
Source: Moneycontrol.com
The Company proposes to utilize the net proceeds of the Issue to finance its plan for investment in capital equipment on a recurring basis, fund long term working capital requirements and for general corporate purposes. It intends to bid for road related infrastructure projects - leveraging and building the specialization and prequalification and thereby participating in more states and regions and gaining access to more complex projects. It will leverage its strength in Road Construction to bid for projects on BOOT and BOT basis which will enhance the core competence of the company.
Niraj is catering to road projects and has capability to execute various road construction projects. Its major clients include New Mangalore Port Trust, Orissa Work Govt. Dept, Indore Development Authority, Jaipur Development Authority and Kidco. Its present areas of operations are road construction and other infrastructure related works including providing EPC services.
Source: Moneycontrol.com
BSNL public issue caught in DoT-unions cross talk
There seems to be a disconnect between the Department of Telecom and the employees union of Bharat Sanchar Nigam Ltd on the latter’s IPO plans.
While DoT on Friday said that the employees’ union of the telecom company had assured it of positive response to the IPO proposal , BSNL Employees Union said no such assurance had been given.
In a statement, DoT said that the staff union had agreed to BSNL listing its shares on the stock exchanges during a meeting with the Communications and IT Minister, Mr A. Raja, on Thursday.
“The unions will respond positively to the suggestion for listing of BSNL before June 3, which will help BSNL in getting Navratna status – very essential to maintaining its image and ensuring its survival and growth,” said an official Government press release.
However, the employees union said that the information released by DoT was incorrect. When contacted, Mr V. A. N. Namboodiri, General Secretary of BSNL Employees Union, said, “We have given no such assurances to the Government. This is mischievous. We have maintained that the employees are opposed to any proposal for either disinvestment or an IPO. We had communicated this to the Minister during our meeting on Thursday, and not what DoT has put out in its release.” BSNLEU is the apex federation of the various employees unions of the company.
Quid pro quo
DoT officials, however, said that the union had agreed to support the IPO plans after the Minister gave his approval to the employees’ demand on pay issues. The official said that Mr Raja also agreed to the union’s demand on issues related to promotion and posting. They said that the union had also agreed that it would withdraw the call for indefinite fast and not to hold any more dharnas or strike on any of these issues.
The company had earlier proposed to dilute about 10 per cent stake through the IPO and had approached the Communications Ministry for approval. However, following stiff opposition from the employees union, the BSNL management had shelved its plans, reports The Hindu Business Line.
Source: Moneycontrol.com
While DoT on Friday said that the employees’ union of the telecom company had assured it of positive response to the IPO proposal , BSNL Employees Union said no such assurance had been given.
In a statement, DoT said that the staff union had agreed to BSNL listing its shares on the stock exchanges during a meeting with the Communications and IT Minister, Mr A. Raja, on Thursday.
“The unions will respond positively to the suggestion for listing of BSNL before June 3, which will help BSNL in getting Navratna status – very essential to maintaining its image and ensuring its survival and growth,” said an official Government press release.
However, the employees union said that the information released by DoT was incorrect. When contacted, Mr V. A. N. Namboodiri, General Secretary of BSNL Employees Union, said, “We have given no such assurances to the Government. This is mischievous. We have maintained that the employees are opposed to any proposal for either disinvestment or an IPO. We had communicated this to the Minister during our meeting on Thursday, and not what DoT has put out in its release.” BSNLEU is the apex federation of the various employees unions of the company.
Quid pro quo
DoT officials, however, said that the union had agreed to support the IPO plans after the Minister gave his approval to the employees’ demand on pay issues. The official said that Mr Raja also agreed to the union’s demand on issues related to promotion and posting. They said that the union had also agreed that it would withdraw the call for indefinite fast and not to hold any more dharnas or strike on any of these issues.
The company had earlier proposed to dilute about 10 per cent stake through the IPO and had approached the Communications Ministry for approval. However, following stiff opposition from the employees union, the BSNL management had shelved its plans, reports The Hindu Business Line.
Source: Moneycontrol.com
Wednesday, May 28, 2008
Niraj Cement Structurals IPO subscribed 0.3 times on day 3
Niraj Cement Structurals IPO was subscribed 0.3 times on third day of the issue. The IPO received bids for 9.89 lakh shares as against 32.5 lakh shares on offer.
The price band has been fixed at Rs 175 to Rs 190. The IPO is open for subscription from 26 May 2008 to 30 May 2008. After allowing for reservation of 3.25 lakh equity shares for eligible employees, the net issue to the public will be 29.25 lakh equity shares. The issue would constitute 31.42% of the total post issue paid-up equity capital of the company.
The company proposes to utilize the proceeds of the issue to finance its plan for investment in capital equipment on a recurring basis, fund long term working capital requirements and for general corporate purposes. It intends to bid for road related infrastructure projects - leveraging and building the specialization and pre-qualification and thereby participating in more states and regions and gaining access to more complex projects. It will leverage its strength in road construction to bid for projects on BOOT and buid, operate, transfer (BOT) basis which will enhance the core competence of the company.
Niraj is catering to road projects and has capability to execute various road construction projects. Its major clients include Orissa Work Govt. Dept, Indore Development Authority, Jaipur Development Authority, Kidco and New Mangalore Port Trust. Its present areas of operations are road construction and other infrastructure related works including providing EPC services.
The company reported a net profit of Rs 6.53 crore on total turnover of Rs 92.17 crore in the year ended March 2008.
Source: Capitalmarket.com
The price band has been fixed at Rs 175 to Rs 190. The IPO is open for subscription from 26 May 2008 to 30 May 2008. After allowing for reservation of 3.25 lakh equity shares for eligible employees, the net issue to the public will be 29.25 lakh equity shares. The issue would constitute 31.42% of the total post issue paid-up equity capital of the company.
The company proposes to utilize the proceeds of the issue to finance its plan for investment in capital equipment on a recurring basis, fund long term working capital requirements and for general corporate purposes. It intends to bid for road related infrastructure projects - leveraging and building the specialization and pre-qualification and thereby participating in more states and regions and gaining access to more complex projects. It will leverage its strength in road construction to bid for projects on BOOT and buid, operate, transfer (BOT) basis which will enhance the core competence of the company.
Niraj is catering to road projects and has capability to execute various road construction projects. Its major clients include Orissa Work Govt. Dept, Indore Development Authority, Jaipur Development Authority, Kidco and New Mangalore Port Trust. Its present areas of operations are road construction and other infrastructure related works including providing EPC services.
The company reported a net profit of Rs 6.53 crore on total turnover of Rs 92.17 crore in the year ended March 2008.
Source: Capitalmarket.com
CRISIL assigns IPO grade 3/5 to RITES
CRISIL has come out with a research report on RITES's IPO. It has assigned a CRISIL IPO Grade 3/5 to the company's IPO. The company proposes to raise around Rs 3.5 billion by this proposed public issue of 14,000,000 equity shares. (Of this, the dilution of 4,000,000 equity shares is by the President of India).
CRISIL's report on RITES's IPO:
CRISIL has assigned a CRISIL IPO Grade "3/5" to the proposed initial public offer of RITES Limited. This grade indicates that the fundamentals of the issue are average in relation to other listed equity securities in India. However, this grade is not an opinion on whether the issue price is appropriate in relation to the issue fundamentals. The offer price for the issue may be higher or lower than the level justified by its fundamentals. The grade is not a recommendation to buy / sell or hold the graded instrument, the graded instrument's future market price or its suitability for a particular investor.
The grading reflects RITES' business strength in the Indian rail consultancy and technical services segment and the potential to expand in the African continent through railway line concessions, export and leasing of rolling stock. The company has capitalised on its rail experience and has a modest presence in the other transport infrastructure segments like roadways, highways and ports, in the domestic market. Given its competitive strengths, it is well-placed to benefit from the large investments planned by Indian Railways and capital expenditure plans of steel and power players. Further, its access to the highly proficient and experienced railway employee pool, available on deputation, enhances its capability in the railway
segment.
However, its ability to sustain its business position in the highly competitive urban infrastructure and transport segments is a key monitorable. Further, increasing competition from Chinese players in the export market could pose a threat to leasing, export and concession businesses in Africa. The grading also factors in RITES' limited experience in running rail concessions and the capital intensive nature of both the concession and leasing businesses.
RITES Limited has debtor days of 106 (of which 22 per cent is outstanding for more than 3 years), which exert pressure on its working capital. Receivables management becomes crucial given the large exposure to government bodies as clients.
About the company and the issue:
RITES Limited was incorporated on April 26, 1974 as a private limited company by the Ministry of Railways. It provides engineering, technical and consultancy services for transport and infrastructure-related sectors and is also involved in the export, leasing and maintenance of rolling stock and other railway equipment. The company has entered into concession agreements to run specific railway lines in the African countries of Mozambique and Tanzania. Approximately, 50 per cent of its revenues is based in foreign currency (mainly in USD).
RITES Limited aims to raise around Rs 3.5 billion by this proposed public issue of 14,000,000 equity shares. (Of this, the dilution of 4,000,000 equity shares is by the President of India).
Source: Moneycontrol.com
CRISIL's report on RITES's IPO:
CRISIL has assigned a CRISIL IPO Grade "3/5" to the proposed initial public offer of RITES Limited. This grade indicates that the fundamentals of the issue are average in relation to other listed equity securities in India. However, this grade is not an opinion on whether the issue price is appropriate in relation to the issue fundamentals. The offer price for the issue may be higher or lower than the level justified by its fundamentals. The grade is not a recommendation to buy / sell or hold the graded instrument, the graded instrument's future market price or its suitability for a particular investor.
The grading reflects RITES' business strength in the Indian rail consultancy and technical services segment and the potential to expand in the African continent through railway line concessions, export and leasing of rolling stock. The company has capitalised on its rail experience and has a modest presence in the other transport infrastructure segments like roadways, highways and ports, in the domestic market. Given its competitive strengths, it is well-placed to benefit from the large investments planned by Indian Railways and capital expenditure plans of steel and power players. Further, its access to the highly proficient and experienced railway employee pool, available on deputation, enhances its capability in the railway
segment.
However, its ability to sustain its business position in the highly competitive urban infrastructure and transport segments is a key monitorable. Further, increasing competition from Chinese players in the export market could pose a threat to leasing, export and concession businesses in Africa. The grading also factors in RITES' limited experience in running rail concessions and the capital intensive nature of both the concession and leasing businesses.
RITES Limited has debtor days of 106 (of which 22 per cent is outstanding for more than 3 years), which exert pressure on its working capital. Receivables management becomes crucial given the large exposure to government bodies as clients.
About the company and the issue:
RITES Limited was incorporated on April 26, 1974 as a private limited company by the Ministry of Railways. It provides engineering, technical and consultancy services for transport and infrastructure-related sectors and is also involved in the export, leasing and maintenance of rolling stock and other railway equipment. The company has entered into concession agreements to run specific railway lines in the African countries of Mozambique and Tanzania. Approximately, 50 per cent of its revenues is based in foreign currency (mainly in USD).
RITES Limited aims to raise around Rs 3.5 billion by this proposed public issue of 14,000,000 equity shares. (Of this, the dilution of 4,000,000 equity shares is by the President of India).
Source: Moneycontrol.com
Subscribe to Bafna Pharmaceutical IPO
ICICI direct.com has come out with a report on Bafna Pharmaceutical's IPO. It has recommended investors to subscribe the issue.
The issue has opened for subscription with its initial public offering (IPO) of 64,00,000 equity shares of face value Rs 10 each. The issue will close on May 30, 2008. The price is fixed at Rs 40 per equity share.
ICICI direct.com report on Bafna Pharmaceutical IPO:
Bafna Pharmaceuticals is a Chennai-based company engaged in manufacturing drug formulations. Currently, it sells its products to domestic institutional clients and unregulated markets. It now plans to foray into the domestic retail and regulated markets. Bafna is awaiting approval from the UK MHRA for its newly constructed plant near Chennai. The facility is already EU GMP compliant. With the approval, the company plans to enter the regulated market of UK, which offers better growth and margin prospects. It also plans to enter the retail prescription market, which is margin accretive.
The company intends to enter the CRAMS segment, which would boost its growth outlook. CRAMS offers a better growth outlook due to low-cost advantage in India. The company is well diversified in terms of therapeutic segment exposure with presence in anti-infective, cardio-vascular, analgesic and antipyretic, antihelmintics, appetite stimulants, cough & cold preparations, antiulcerants, anti diabetic and vitamins.
The company would be badly impacted if it does not receive approval from the UK MHRA. Without the approval, it cannot sell its products in the high-margin UK market and its revenue profile would remain unchanged. It is currently operating on a wafer thin operating margin of 5-8%. Well established and bigger companies already have a presence in the regulated markets. For a new entrant like Bafna, it may be difficult to gain a foothold. The company intends to enter into the very competitive domestic retail prescription market. We believe this would result in an increase in marketing expenses and put pressure on the EBIDTA margins.
Valuation:
The annualized EPS for FY08 (on a nine-month profit and post-IPO fully diluted equity) of Rs 1.08 discounts the offer price of Rs 40 by 37.04x. The annualized weighted average FY08 EPS (at full year equity of Rs 9.58) of Rs 1.82 discounts the issue price by 22x. Though the pricing looks expensive, we believe the company’s foray into the lucrative regulated and domestic retail markets would boost revenue visibility. Meaningful revenue would accrue only from FY10 onwards. Investors with a long-term perspective should subscribe to the issue.
Source: Moneycontrol.com
The issue has opened for subscription with its initial public offering (IPO) of 64,00,000 equity shares of face value Rs 10 each. The issue will close on May 30, 2008. The price is fixed at Rs 40 per equity share.
ICICI direct.com report on Bafna Pharmaceutical IPO:
Bafna Pharmaceuticals is a Chennai-based company engaged in manufacturing drug formulations. Currently, it sells its products to domestic institutional clients and unregulated markets. It now plans to foray into the domestic retail and regulated markets. Bafna is awaiting approval from the UK MHRA for its newly constructed plant near Chennai. The facility is already EU GMP compliant. With the approval, the company plans to enter the regulated market of UK, which offers better growth and margin prospects. It also plans to enter the retail prescription market, which is margin accretive.
The company intends to enter the CRAMS segment, which would boost its growth outlook. CRAMS offers a better growth outlook due to low-cost advantage in India. The company is well diversified in terms of therapeutic segment exposure with presence in anti-infective, cardio-vascular, analgesic and antipyretic, antihelmintics, appetite stimulants, cough & cold preparations, antiulcerants, anti diabetic and vitamins.
The company would be badly impacted if it does not receive approval from the UK MHRA. Without the approval, it cannot sell its products in the high-margin UK market and its revenue profile would remain unchanged. It is currently operating on a wafer thin operating margin of 5-8%. Well established and bigger companies already have a presence in the regulated markets. For a new entrant like Bafna, it may be difficult to gain a foothold. The company intends to enter into the very competitive domestic retail prescription market. We believe this would result in an increase in marketing expenses and put pressure on the EBIDTA margins.
Valuation:
The annualized EPS for FY08 (on a nine-month profit and post-IPO fully diluted equity) of Rs 1.08 discounts the offer price of Rs 40 by 37.04x. The annualized weighted average FY08 EPS (at full year equity of Rs 9.58) of Rs 1.82 discounts the issue price by 22x. Though the pricing looks expensive, we believe the company’s foray into the lucrative regulated and domestic retail markets would boost revenue visibility. Meaningful revenue would accrue only from FY10 onwards. Investors with a long-term perspective should subscribe to the issue.
Source: Moneycontrol.com
Monday, May 26, 2008
Niraj Cement Structurals IPO subscribed 0.17 times on day 1
Niraj Cement Structurals IPO was subscribed 0.17 times on first day of the issue. The IPO received bids for 5.52 lakh shares as against 32.5 lakh shares on offer.
The price band has been fixed at Rs 175 to Rs 190. The IPO is open for subscription from 26 May 2008 to 30 May 2008. After allowing for reservation of 3.25 lakh equity shares for eligible employees, the net issue to the public will be 29.25 lakh equity shares. The issue would constitute 31.42% of the total post issue paid-up equity capital of the company.
The company proposes to utilize the proceeds of the issue to finance its plan for investment in capital equipment on a recurring basis, fund long term working capital requirements and for general corporate purposes. It intends to bid for road related infrastructure projects - leveraging and building the specialization and pre-qualification and thereby participating in more states and regions and gaining access to more complex projects. It will leverage its strength in road construction to bid for projects on BOOT and buid, operate, transfer (BOT) basis which will enhance the core competence of the company.
Niraj is catering to road projects and has capability to execute various road construction projects. Its major clients include Orissa Work Govt. Dept, Indore Development Authority, Jaipur Development Authority, Kidco and New Mangalore Port Trust. Its present areas of operations are road construction and other infrastructure related works including providing EPC services.
The company reported a net profit of Rs 6.52 crore on total turnover of Rs 92.86 crore in FY 2008.
Source: Moneycontrol.com
The price band has been fixed at Rs 175 to Rs 190. The IPO is open for subscription from 26 May 2008 to 30 May 2008. After allowing for reservation of 3.25 lakh equity shares for eligible employees, the net issue to the public will be 29.25 lakh equity shares. The issue would constitute 31.42% of the total post issue paid-up equity capital of the company.
The company proposes to utilize the proceeds of the issue to finance its plan for investment in capital equipment on a recurring basis, fund long term working capital requirements and for general corporate purposes. It intends to bid for road related infrastructure projects - leveraging and building the specialization and pre-qualification and thereby participating in more states and regions and gaining access to more complex projects. It will leverage its strength in road construction to bid for projects on BOOT and buid, operate, transfer (BOT) basis which will enhance the core competence of the company.
Niraj is catering to road projects and has capability to execute various road construction projects. Its major clients include Orissa Work Govt. Dept, Indore Development Authority, Jaipur Development Authority, Kidco and New Mangalore Port Trust. Its present areas of operations are road construction and other infrastructure related works including providing EPC services.
The company reported a net profit of Rs 6.52 crore on total turnover of Rs 92.86 crore in FY 2008.
Source: Moneycontrol.com
Friday, May 23, 2008
Latest IPO Grey Market Premium Rates
| Company | Open/Close | Offer Price | Premium | Kostak Rates |
|---|---|---|---|---|
| Bafna Pharmaceuticals Limited | 27 May - 30 May | 40 | ------- | ------- |
| Niraj Cement Structurals Ltd | 26 May - 28 May | 175 to 190 | ------- | ------- |
| Anu's Laboratories Limited | 12 May - 15 May | 200 to 210 | 34 to 35 | ------- |
| Gokul Refoils and Solvent Limited | 08 May - 13 May | 175 to 195 | 15 to 16 | ------- |
| Company | Expected Allotment Date | Expected Refund Date | Listing Date |
|---|---|---|---|
| Niraj Cement Structurals Ltd | 11 June | 12 June | ------- |
| Anu's Laboratories Limited | 29 May | 30 May | ------- |
| Gokul Refoils and Solvent Limited | 27 May | 28 May | ------- |
Thursday, May 22, 2008
CRISIL assigns IPO grade 5/5 to MCX
CRISIL has come out with a research report on Multi-Commodity Exchange of India's IPO. It has assigned a CRISIL IPO Grade 5/5 to the company's IPO. The company proposes an IPO in the form of an offer for sale of 4 million shares by the promoters and a fresh issue of 6 million shares. Subsequent to the IPO, the promoters' stake in the company will reduce to 26.1 per cent.
CRISIL's report on Multi- Commodity Exchange of India's IPO:
CRISIL has assigned a CRISIL IPO Grade 5/5 to the proposed initial public offer of Multi-Commodity Exchange of India (MCX). This grade indicates that the fundamentals of the issue are strong relative to other listed equity securities in India. However, this grade is not an opinion on whether the issue price is appropriate in relation to the issue fundamentals. The grade is not a recommendation to buy / sell or hold the graded instrument, or a comment on the graded instrument’s future market price or its suitability for a particular investor.
CRISIL expects MCX to maintain its dominant market position in the commodities market, backed by product innovation and strong technological capabilities. Currently, MCX enjoys market leadership, with a share of 77 per cent in volumes traded on commodities exchanges in India. The company has consciously focused on commodities such as bullion, energy and metals, which are benchmarked to international prices. The high liquidity in these commodities and the low impact costs (comparable to other leading exchanges), along with MCX’s strong technological capability - aided by its association with the promoter, FTIL, a leader in exchange related technology - are expected to help the company maintain its competitive advantage. MCX’s profitability and return indicators have been strong in the past 4 years.
Growth is likely to moderate in the short term due to the impact of the commodity transaction tax (CTT). However, in the medium term, MCX’s strong market position and continuous focus on product innovation would act as growth drivers. In the long term, growth could be spurred by the introduction of new instruments (like options) and participation by institutional players, once the necessary regulatory changes are in place. Mr Jignesh Shah, the founder and Non-Executive Vice Chairman and Mr Joseph Massey, the MD & CEO of MCX, have been the driving force behind the company’s business growth and product innovation. MCX also benefits from a strong and experienced senior management team as well as a highly capable product innovation and development team.
About the company and the issue:
Multi-Commodity Exchange of India Pvt Ltd. was incorporated on April 19, 2002. The proposed IPO is in the form of an offer for sale of 4 million shares by the promoters and a fresh issue of 6 million shares. Subsequent to the IPO, the promoters' stake in the company will reduce to 26.1 per cent.
On September 26, 2003, MCX received permanent recognition from the Government of India for facilitating online trading, clearing and settlement operations for commodity futures markets across the country. MCX offers trading in 56 different commodities categorised into various market segments such as bullion, energy, ferrous and non-ferrous metals, oil and oil seeds, cereals, pulses, plantations, spices, fibre and others. The company has leadership position in bullion, energy and
metals trading in India.
Of the company's total turnover, bullion accounts for 53 per cent, metals for 28 per cent, energy for 16 per cent and agricultural commodities account for the rest. Globally, MCX is the largest silver exchange, second-largest natural gas exchange, third-largest gold, crude oil and copper exchange in terms of number of contracts traded in each of these commodities. MCX was the first exchange to launch futures trading in steel, crude oil and plastics in India. The company has launched weather indices such as RAINDEX - to track the progress of monsoon rains in locations such as Mumbai, Indore and Jaipur - and also trading in carbon credits on the exchange. MCX was also the first exchange to initiate evening trading sessions to coincide with trading on international exchanges such as London, New York and other international markets. The company's initiative to constantly innovate and develop new products is expected to help increase volumes.
For the year ended March 31, 2007, MCX reported a net profit of Rs 930 million on a turnover of Rs 2 billion, as compared with a net profit of Rs 375 million and revenues of Rs 1 billion in the previous year.
Source: Moneycontrol.com
CRISIL's report on Multi- Commodity Exchange of India's IPO:
CRISIL has assigned a CRISIL IPO Grade 5/5 to the proposed initial public offer of Multi-Commodity Exchange of India (MCX). This grade indicates that the fundamentals of the issue are strong relative to other listed equity securities in India. However, this grade is not an opinion on whether the issue price is appropriate in relation to the issue fundamentals. The grade is not a recommendation to buy / sell or hold the graded instrument, or a comment on the graded instrument’s future market price or its suitability for a particular investor.
CRISIL expects MCX to maintain its dominant market position in the commodities market, backed by product innovation and strong technological capabilities. Currently, MCX enjoys market leadership, with a share of 77 per cent in volumes traded on commodities exchanges in India. The company has consciously focused on commodities such as bullion, energy and metals, which are benchmarked to international prices. The high liquidity in these commodities and the low impact costs (comparable to other leading exchanges), along with MCX’s strong technological capability - aided by its association with the promoter, FTIL, a leader in exchange related technology - are expected to help the company maintain its competitive advantage. MCX’s profitability and return indicators have been strong in the past 4 years.
Growth is likely to moderate in the short term due to the impact of the commodity transaction tax (CTT). However, in the medium term, MCX’s strong market position and continuous focus on product innovation would act as growth drivers. In the long term, growth could be spurred by the introduction of new instruments (like options) and participation by institutional players, once the necessary regulatory changes are in place. Mr Jignesh Shah, the founder and Non-Executive Vice Chairman and Mr Joseph Massey, the MD & CEO of MCX, have been the driving force behind the company’s business growth and product innovation. MCX also benefits from a strong and experienced senior management team as well as a highly capable product innovation and development team.
About the company and the issue:
Multi-Commodity Exchange of India Pvt Ltd. was incorporated on April 19, 2002. The proposed IPO is in the form of an offer for sale of 4 million shares by the promoters and a fresh issue of 6 million shares. Subsequent to the IPO, the promoters' stake in the company will reduce to 26.1 per cent.
On September 26, 2003, MCX received permanent recognition from the Government of India for facilitating online trading, clearing and settlement operations for commodity futures markets across the country. MCX offers trading in 56 different commodities categorised into various market segments such as bullion, energy, ferrous and non-ferrous metals, oil and oil seeds, cereals, pulses, plantations, spices, fibre and others. The company has leadership position in bullion, energy and
metals trading in India.
Of the company's total turnover, bullion accounts for 53 per cent, metals for 28 per cent, energy for 16 per cent and agricultural commodities account for the rest. Globally, MCX is the largest silver exchange, second-largest natural gas exchange, third-largest gold, crude oil and copper exchange in terms of number of contracts traded in each of these commodities. MCX was the first exchange to launch futures trading in steel, crude oil and plastics in India. The company has launched weather indices such as RAINDEX - to track the progress of monsoon rains in locations such as Mumbai, Indore and Jaipur - and also trading in carbon credits on the exchange. MCX was also the first exchange to initiate evening trading sessions to coincide with trading on international exchanges such as London, New York and other international markets. The company's initiative to constantly innovate and develop new products is expected to help increase volumes.
For the year ended March 31, 2007, MCX reported a net profit of Rs 930 million on a turnover of Rs 2 billion, as compared with a net profit of Rs 375 million and revenues of Rs 1 billion in the previous year.
Source: Moneycontrol.com
Sebi proposes alternative payment mode for share issue
The Securities and Exchange Board of India, or Sebi, has proposed an alternative payment mode for share issues, reports CNBC-TV18. The proposed ASBA, or Applications Supported by Blocked Amount, system will allow application money to stay in investors' accounts till finalization. Retail investors bidding at the cut-off price can apply through SCBs. Self certified syndicate banks would accept applications and block funds.
SCBs will unblock funds on finalisation of share allotment.
Source: Moneycontrol.com
SCBs will unblock funds on finalisation of share allotment.
Source: Moneycontrol.com
Wednesday, May 21, 2008
Bafna Pharmaceuticals IPO opens on May 27
Bafna Pharmaceuticals' public issue of 64,00,000 equity shares of Rs 10 each at a price of Rs 40 per equity share (including share premium of Rs 30 per equity share) for cash aggregating Rs 25.60 crores will open for subscription on May 27, 2008 and will close on May 30, 2008.
The issue will constitute 40.05% of the post issue paid-up capital of the company. The issue price is 4 times of the face value. The shares are proposed to be listed on the BSE.
Objects of the issue are as follows:
* Brand building in domestic markets Rs 10.44 crore.
* Part payment of loan from SBI Rs 4 crore.
* Brand building in international markets Rs 3.03 crore.
* Setting up R&D facilities Rs 3 crore.
* MHRA Accrediation Rs 1.08 crore.
* Public Issue expenses Rs 2.05 crore.
Cameo Corporate Services is the Registrar to the Issue.
Ashika Capital and Keynote Corporate Services are the Lead Managers to the Issue.
Source: Moneycontrol.com
The issue will constitute 40.05% of the post issue paid-up capital of the company. The issue price is 4 times of the face value. The shares are proposed to be listed on the BSE.
Objects of the issue are as follows:
* Brand building in domestic markets Rs 10.44 crore.
* Part payment of loan from SBI Rs 4 crore.
* Brand building in international markets Rs 3.03 crore.
* Setting up R&D facilities Rs 3 crore.
* MHRA Accrediation Rs 1.08 crore.
* Public Issue expenses Rs 2.05 crore.
Cameo Corporate Services is the Registrar to the Issue.
Ashika Capital and Keynote Corporate Services are the Lead Managers to the Issue.
Source: Moneycontrol.com
Niraj Cement IPO opens on May 26, price band Rs 175-190
Niraj Cement Structurals, an engineering and construction company, will enter the capital market with an initial public offering, IPO of 32,50,000 equity shares of face value Rs 10 each on May 26, 2008. The price band has been fixed at Rs 175-Rs 190 per equity share. The issue will close for subscription on May 30, 2008.
The issue price is 17.5 times the face value at the lower end of the price band and 19 times the face value at the higher end of the price band.
The issue comprises a reservation for eligible employees of 3,25,000 equity shares and net issue to the public of 29,25,000 equity shares. The issue would constitute 31.42% of the total post issue paid-up equity capital of the company.
The equity shares offered through this issue are proposed to be listed on the BSE. The issue has been graded by CARE and has been assigned the ‘CARE IPO GRADE 1’.
The book running lead manager to the issue is Allbank Finance Limited and Intime Spectrum Registry Limited is registrar.
Source: Moneycontrol.com
The issue price is 17.5 times the face value at the lower end of the price band and 19 times the face value at the higher end of the price band.
The issue comprises a reservation for eligible employees of 3,25,000 equity shares and net issue to the public of 29,25,000 equity shares. The issue would constitute 31.42% of the total post issue paid-up equity capital of the company.
The equity shares offered through this issue are proposed to be listed on the BSE. The issue has been graded by CARE and has been assigned the ‘CARE IPO GRADE 1’.
The book running lead manager to the issue is Allbank Finance Limited and Intime Spectrum Registry Limited is registrar.
Source: Moneycontrol.com
Archidply Industries gets SEBI go-ahead
Archidply Industries Limited, manufacturers of comprehensive engineered interior products which include Plywood, Block Board, Plain and Pre Laminated Particle Board, Decorative Laminates and Decorative Veneers, has received SEBI clearance for its forthcoming Initial Public Offer of 66,15,720 equity shares.
Also, ICRA has assigned an ICRA IPO Grade "3/5" (pronounced "three on five") to the proposed initial public offering of Archidply Industries Limited. The company had applied to ICRA for the grading of its IPO in the month of November 2007.
The capital raised from the issue will be deployed for
* Setting up a new manufacturing facility of Plain Particle Board (PPB), Pre Laminated Board (PLB) and decorative plywood at Chintamani in Karnataka,
* Setting up a new manufacturing capacity for medium density fibreboard (MDF) at Rudrapur in Uttarakhand and
* Margin Money for Working Capital
Motilal Oswal Investment Advisors Private Ltd. is the Sole Book Running Lead Manager to the IPO.
About Archidply Industries Limited
Archidply Industries Limited is the flagship company of the Archidply group. The promoters have been associated with plywood manufacturing for more than 30 years. The brand “Archidply”, has positioned itself in the premium segment of the wood panel and decorative surfacing products and is well known amongst architects, interior designers and contractors for more than three decades, making it one of the oldest active brands in its product category. Archidply group has grown significantly in recent periods from a small saw mill in Assam to a modern state of the art manufacturer of wood panel products and decorative surfacing products manufactured in an integrated multi-product facility strategically located in different geographical zones namely Mysore in south India and Rudrapur, Uttarakhand in the north of India and Assam in the east.
The company has eco friendly process and products as it uses renewable plantation timber from agro forestry activities such as silver oak trees grown at regular intervals in coffee estates and farm grown eucalyptus and poplar on short rotation basis.
Archidply Industries has installed biomass fuel based boilers at Uttarakhand thus reducing carbon emissions and thereby being eligible for carbon credits under the Kyoto Protocol. The company’s decorative laminates and water proof plywood are manufactured conforming to low formaldehyde emission standards thus reducing indoor pollution due to low gas emission caused in the environment.
Present Business Activity & its Products:-
Currently, the company’s products are manufactured in an integrated multi-product modern facility strategically located in two different geographical zones namely Mysore, Karnataka and Rudrapur, Uttarakhand. And the products are marketed through the company’s distribution network consisting of 16 marketing offices and 61 distributors and 586 dealers across the country. Archidply products comply with quality standards of BIS and International standards of BS of UK, NEMA of USA and DIN of Germany in addition the Company has been awarded an ISO 9001: 2000 for quality management systems.
Source: Moneycontrol.com
Also, ICRA has assigned an ICRA IPO Grade "3/5" (pronounced "three on five") to the proposed initial public offering of Archidply Industries Limited. The company had applied to ICRA for the grading of its IPO in the month of November 2007.
The capital raised from the issue will be deployed for
* Setting up a new manufacturing facility of Plain Particle Board (PPB), Pre Laminated Board (PLB) and decorative plywood at Chintamani in Karnataka,
* Setting up a new manufacturing capacity for medium density fibreboard (MDF) at Rudrapur in Uttarakhand and
* Margin Money for Working Capital
Motilal Oswal Investment Advisors Private Ltd. is the Sole Book Running Lead Manager to the IPO.
About Archidply Industries Limited
Archidply Industries Limited is the flagship company of the Archidply group. The promoters have been associated with plywood manufacturing for more than 30 years. The brand “Archidply”, has positioned itself in the premium segment of the wood panel and decorative surfacing products and is well known amongst architects, interior designers and contractors for more than three decades, making it one of the oldest active brands in its product category. Archidply group has grown significantly in recent periods from a small saw mill in Assam to a modern state of the art manufacturer of wood panel products and decorative surfacing products manufactured in an integrated multi-product facility strategically located in different geographical zones namely Mysore in south India and Rudrapur, Uttarakhand in the north of India and Assam in the east.
The company has eco friendly process and products as it uses renewable plantation timber from agro forestry activities such as silver oak trees grown at regular intervals in coffee estates and farm grown eucalyptus and poplar on short rotation basis.
Archidply Industries has installed biomass fuel based boilers at Uttarakhand thus reducing carbon emissions and thereby being eligible for carbon credits under the Kyoto Protocol. The company’s decorative laminates and water proof plywood are manufactured conforming to low formaldehyde emission standards thus reducing indoor pollution due to low gas emission caused in the environment.
Present Business Activity & its Products:-
Currently, the company’s products are manufactured in an integrated multi-product modern facility strategically located in two different geographical zones namely Mysore, Karnataka and Rudrapur, Uttarakhand. And the products are marketed through the company’s distribution network consisting of 16 marketing offices and 61 distributors and 586 dealers across the country. Archidply products comply with quality standards of BIS and International standards of BS of UK, NEMA of USA and DIN of Germany in addition the Company has been awarded an ISO 9001: 2000 for quality management systems.
Source: Moneycontrol.com
Sunday, May 18, 2008
Anu Lab's option to investors
The Hyderabad-based Anu’s Laboratories has given investors the option to withdraw from the public issue which closed on May 15. This follows the market regulator SEBI’s advice as the company failed to disclose a pending case in its offer document. The company had received a letter on May 14 from Sunmoon Chemicals Pvt. Ltd informing that it has filed a suit. Anu’s Laboratories had received a legal notice earlier on November 2, 2007 from Sunmoon Chemicals for a demand of Rs 46.8 lakh plus interest at 24 per cent towards three per cent commission on supplies made to a customer introduced by Sunmoon to Anu’s Labs. This case is still pending for adjudication. The company has put up a notice on the SEBI Web site giving investors the option to withdraw their bids within ten days from May 16, reports The Hindu Business Line.
Source: Moneycontrol.com
Source: Moneycontrol.com
Friday, May 16, 2008
Niraj Cement IPO opens on May 22; price band Rs 175-190
Niraj Cement Structurals, an engineering and construction company, will enter the capital market with an initial public offering, IPO of 32,50,000 equity shares of face value Rs 10 each on on May 22, 2008. The price band has been fixed at Rs 175-Rs 190 per equity share. The issue will close for subscription on May 28, 2008.
The issue price is 17.5 times the face value at the lower end of the price band and 19 times the face value at the higher end of the price band.
The issue comprises a reservation for eligible employees of 3,25,000 equity shares and net issue to the public of 29,25,000 equity shares. The issue would constitute 31.42% of the total post issue paid-up equity capital of the company.
The equity shares offered through this issue are proposed to be listed on the BSE. The issue has been graded by CARE and has been assigned the ‘CARE IPO GRADE 1’.
The book running lead manager to the issue is Allbank Finance Limited and Intime Spectrum Registry Limited is registrar.
Source: Moneycontrol.com
The issue price is 17.5 times the face value at the lower end of the price band and 19 times the face value at the higher end of the price band.
The issue comprises a reservation for eligible employees of 3,25,000 equity shares and net issue to the public of 29,25,000 equity shares. The issue would constitute 31.42% of the total post issue paid-up equity capital of the company.
The equity shares offered through this issue are proposed to be listed on the BSE. The issue has been graded by CARE and has been assigned the ‘CARE IPO GRADE 1’.
The book running lead manager to the issue is Allbank Finance Limited and Intime Spectrum Registry Limited is registrar.
Source: Moneycontrol.com
MCX gets SEBI nod for IPO, likely by June end
Multi Commodity Exchange, MCX has received SEBI nod for its initial public offer (IPO) and likely to open by June-end, reports CNBC-TV18 quoting sources.
The initial public offer will constitute 1 crore shares of face value of Rs 5 each. The price band is seen between Rs 600-700 per share. DSP ML appointed as senior book running lead manager and other lead managers include Citi, Enam, JM Financial.
CTT deferment to October will help MCX get the valuations. Financial Technologies, FT (a key shareholder in the MCX) will be diluting 10% stake, so the FT's stake will move down to 22% from 32% post IPO.
MCX valuation has zoomed to Rs 6,000-7,000 crore (nearly USD 1.5 billion). FT has placed stake to institutions at USD 1.2 billion valuation.
Management says, "We neither confirm nor deny the information."
Source: Moneycontrol.com
The initial public offer will constitute 1 crore shares of face value of Rs 5 each. The price band is seen between Rs 600-700 per share. DSP ML appointed as senior book running lead manager and other lead managers include Citi, Enam, JM Financial.
CTT deferment to October will help MCX get the valuations. Financial Technologies, FT (a key shareholder in the MCX) will be diluting 10% stake, so the FT's stake will move down to 22% from 32% post IPO.
MCX valuation has zoomed to Rs 6,000-7,000 crore (nearly USD 1.5 billion). FT has placed stake to institutions at USD 1.2 billion valuation.
Management says, "We neither confirm nor deny the information."
Source: Moneycontrol.com
Reliance Infratel gets SEBI nod for IPO
CNBC-TV18 learnt from sources that SEBI has given clearance for the Reliance InfraTel IPO (subsidiary of Reliance Communications and looks after the tower business). The company is planning to dilute 10% equity and is seeking a valuation of about Rs 5,000 to Rs 6,000 crore for that 10% equity. This is a significantly higher than what it fetched when it divested 5% stake (Rel Comm holds 95% stake) at Rs 1400 crore to PE investors in July 2006 so that would value Reliance InfraTel about Rs 28,000 crore. Now they are valuing the company at around Rs 50,000 crore to Rs 60,000 crore, the difference is because much has changed and there is now certainty to the GSM rollout.
So for every tower that the company has, there is an added tenant which is Reliance GSM, and also the company has expanded its tower base significantly. Back then in July 2006 it had about 13,000 towers, now it has about 35,000 towers and is hoping to add another 20,000 towers by the end of this Fiscal, and also it is looking at active infrastructure sharing agreements with other players. It is very close to signing the infrastructure sharing pacts with Shyam Telecom and BSNL so because of these triggers the company is seeking a higher valuation. There is no word yet on when this IPO will hit the markets, we are given to understand that it will be later this year but the exact timing is yet to be worked out.
Source: Moneycontrol.com
So for every tower that the company has, there is an added tenant which is Reliance GSM, and also the company has expanded its tower base significantly. Back then in July 2006 it had about 13,000 towers, now it has about 35,000 towers and is hoping to add another 20,000 towers by the end of this Fiscal, and also it is looking at active infrastructure sharing agreements with other players. It is very close to signing the infrastructure sharing pacts with Shyam Telecom and BSNL so because of these triggers the company is seeking a higher valuation. There is no word yet on when this IPO will hit the markets, we are given to understand that it will be later this year but the exact timing is yet to be worked out.
Source: Moneycontrol.com
Anu's Laboratories IPO ends with 8.43 times subscription
Anu's Laboratories IPO was subscribed 8.43 times on the last day of its issue. The IPO received bids for 3.22 crore shares as against 38.20 lakh shares on offer.
The qualified institutional buyers (QIBs) category was subscribed 2.83 times, the non institutional investors portion was subscribed 26.97 times and the retail investors portion was subscribed 9.64 times.
The company had fixed a price band of Rs 200-Rs 210 per share.
Anu's Laboratories is engaged in the manufacturing of basic, advanced intermediates and fine chemicals and supplying them to various drug manufacturers.
The company plans to utilize the proceeds for – setting up a new plant for manufacturing of drug intermediates including active pharmaceutical ingredients at Vishakhapatnam, setting up of pilot plant for carrying out contract research and manufacturing at Vishakhapatnam, for long term working capital requirement, general corporate purposes and for issue expenses.
Source: CapitalMarket.com
The qualified institutional buyers (QIBs) category was subscribed 2.83 times, the non institutional investors portion was subscribed 26.97 times and the retail investors portion was subscribed 9.64 times.
The company had fixed a price band of Rs 200-Rs 210 per share.
Anu's Laboratories is engaged in the manufacturing of basic, advanced intermediates and fine chemicals and supplying them to various drug manufacturers.
The company plans to utilize the proceeds for – setting up a new plant for manufacturing of drug intermediates including active pharmaceutical ingredients at Vishakhapatnam, setting up of pilot plant for carrying out contract research and manufacturing at Vishakhapatnam, for long term working capital requirement, general corporate purposes and for issue expenses.
Source: CapitalMarket.com
Wednesday, May 14, 2008
Gokul Refoils IPO oversubscribed 4.26 times
Receives bids for 3.05 crore shares
Gokul Refoils and Solvent IPO was subscribed 4.27 times on the last day of its issue. The IPO received bids for 3.05 crore shares as against 71.58 lakh shares on offer.
The qualified institutional buyers (QIBs) category was subscribed 2.72 times, the non institutional investors category was subscribed 6.58 times and the retail investors category was subscribed 5.59 times.
The company had fixed price band of Rs 175-Rs 195 per share for the IPO.
Gokul Refoils and Solvent is primarily engaged in the business of solvent extraction, refining of edible oils and vanaspati manufacturing. At present the company has 680 tonnes per day (TPD) of seed processing, 600 TPD of solvent extraction, 1200 TPD of refining and 200 TPD of vanaspati manufacturing capacities.
The company plans to utilize the proceeds of the IPO for setting up a new 1500 tonnes per day (TPD) soyabean processing plant near Gandhidham, Gujarat; expansion of the existing edible oil refinery at Surat; investment in Singapore subsidiary; funding part of the long term working capital; brand building activities; investment in increasing warehousing capacities and continuous capex for exising units; general corporate purposes and for public issue expenses. ICRA has assigned Grade 3/5 to the IPO.
The company reported a net profit of Rs 37.82 crore on sales of Rs 1,309.28 crore in eight months ended November 2007.
Source: Capitalmarket.com
Gokul Refoils and Solvent IPO was subscribed 4.27 times on the last day of its issue. The IPO received bids for 3.05 crore shares as against 71.58 lakh shares on offer.
The qualified institutional buyers (QIBs) category was subscribed 2.72 times, the non institutional investors category was subscribed 6.58 times and the retail investors category was subscribed 5.59 times.
The company had fixed price band of Rs 175-Rs 195 per share for the IPO.
Gokul Refoils and Solvent is primarily engaged in the business of solvent extraction, refining of edible oils and vanaspati manufacturing. At present the company has 680 tonnes per day (TPD) of seed processing, 600 TPD of solvent extraction, 1200 TPD of refining and 200 TPD of vanaspati manufacturing capacities.
The company plans to utilize the proceeds of the IPO for setting up a new 1500 tonnes per day (TPD) soyabean processing plant near Gandhidham, Gujarat; expansion of the existing edible oil refinery at Surat; investment in Singapore subsidiary; funding part of the long term working capital; brand building activities; investment in increasing warehousing capacities and continuous capex for exising units; general corporate purposes and for public issue expenses. ICRA has assigned Grade 3/5 to the IPO.
The company reported a net profit of Rs 37.82 crore on sales of Rs 1,309.28 crore in eight months ended November 2007.
Source: Capitalmarket.com
Anu's Laboratories IPO subscribed 0.25 times on day 3
Anu's Laboratories IPO was subscribed 0.25 times on third day of its issue. The IPO received bids for 9.63 lakh shares as against 38.20 lakh shares on offer. (As on 16:00 IST)
The company has fixed a price band of Rs 200-Rs 210 per share. The issue will close on 15 May 2008.
Anu's Laboratories is engaged in the manufacturing of basic, advanced intermediates and fine chemicals and supplying them to various drug manufacturers.
The company plans to utilize the proceeds for – setting up a new plant for manufacturing of drug intermediates including active pharmaceutical ingredients at Vishakhapatnam, setting up of pilot plant for carrying out contract research and manufacturing at Vishakhapatnam, for long term working capital requirement, general corporate purposes and for issue expenses.
ICRA has assigned Grade 2/5 to the IPO.
Source: Capitalmarket.com
The company has fixed a price band of Rs 200-Rs 210 per share. The issue will close on 15 May 2008.
Anu's Laboratories is engaged in the manufacturing of basic, advanced intermediates and fine chemicals and supplying them to various drug manufacturers.
The company plans to utilize the proceeds for – setting up a new plant for manufacturing of drug intermediates including active pharmaceutical ingredients at Vishakhapatnam, setting up of pilot plant for carrying out contract research and manufacturing at Vishakhapatnam, for long term working capital requirement, general corporate purposes and for issue expenses.
ICRA has assigned Grade 2/5 to the IPO.
Source: Capitalmarket.com
Tuesday, May 13, 2008
Gokul Refoils and Solvent IPO subscribed 2.95 times on last day
Gokul Refoils and Solvent IPO was subscribed 2.95 times on the last day of its issue. The IPO received bids for 2.1 crore shares as against 71.58 lakh shares on offer. (As on 16:00 IST)
The company had fixed price band of Rs 175-Rs 195 per share for the IPO.
Gokul Refoils and Solvent is primarily engaged in the business of solvent extraction, refining of edible oils and vanaspati manufacturing. At present the company has 680 tonnes per day (TPD) of seed processing, 600 TPD of solvent extraction, 1200 TPD of refining and 200 TPD of vanaspati manufacturing capacities.
The company plans to utilize the proceeds of the IPO for setting up a new 1500 tonnes per day (TPD) soyabean processing plant near Gandhidham, Gujarat; expansion of the existing edible oil refinery at Surat; investment in Singapore subsidiary; funding part of the long term working capital; brand building activities; investment in increasing warehousing capacities and continuous capex for exising units; general corporate purposes and for public issue expenses. ICRA has assigned Grade 3/5 to the IPO.
The company reported a net profit of Rs 37.82 crore on sales of Rs 1,309.28 crore in eight months ended November 2007.
Source: Moneycontrol.com
The company had fixed price band of Rs 175-Rs 195 per share for the IPO.
Gokul Refoils and Solvent is primarily engaged in the business of solvent extraction, refining of edible oils and vanaspati manufacturing. At present the company has 680 tonnes per day (TPD) of seed processing, 600 TPD of solvent extraction, 1200 TPD of refining and 200 TPD of vanaspati manufacturing capacities.
The company plans to utilize the proceeds of the IPO for setting up a new 1500 tonnes per day (TPD) soyabean processing plant near Gandhidham, Gujarat; expansion of the existing edible oil refinery at Surat; investment in Singapore subsidiary; funding part of the long term working capital; brand building activities; investment in increasing warehousing capacities and continuous capex for exising units; general corporate purposes and for public issue expenses. ICRA has assigned Grade 3/5 to the IPO.
The company reported a net profit of Rs 37.82 crore on sales of Rs 1,309.28 crore in eight months ended November 2007.
Source: Moneycontrol.com
Anu's Laboratories IPO subscribed 0.20 times on day 2
Anu's Laboratories IPO was subscribed 0.20 times on second day of its issue. The IPO received bids for 7.53 lakh shares as against 38.20 lakh shares on offer. (As at 16:00 IST)
The company has fixed a price band of Rs 200-Rs 210 per share. The issue will close on 15 May 2008.
Anu's Laboratories is engaged in the manufacturing of basic, advanced intermediates and fine chemicals and supplying them to various drug manufacturers.
The company plans to utilize the proceeds for – setting up a new plant for manufacturing of drug intermediates including active pharmaceutical ingredients at Vishakhapatnam, setting up of pilot plant for carrying out contract research and manufacturing at Vishakhapatnam, for long term working capital requirement, general corporate purposes and for issue expenses.
ICRA has assigned Grade 2/5 to the IPO.
Source: Moneycontrol.com
The company has fixed a price band of Rs 200-Rs 210 per share. The issue will close on 15 May 2008.
Anu's Laboratories is engaged in the manufacturing of basic, advanced intermediates and fine chemicals and supplying them to various drug manufacturers.
The company plans to utilize the proceeds for – setting up a new plant for manufacturing of drug intermediates including active pharmaceutical ingredients at Vishakhapatnam, setting up of pilot plant for carrying out contract research and manufacturing at Vishakhapatnam, for long term working capital requirement, general corporate purposes and for issue expenses.
ICRA has assigned Grade 2/5 to the IPO.
Source: Moneycontrol.com
Now, pay for IPO, rights on allotment
The Securities and Exchange Board of India, or Sebi, board has approved the escrow format for IPO or rights applications, reports CNBC-TV18. Now, retail investors will pay only on allotment.
Source: Moneycontrol.com
Source: Moneycontrol.com
Monday, May 12, 2008
Gokul Refoils and Solvent IPO subscribed 0.46 times on day 3
Gokul Refoils and Solvent IPO was subscribed 0.46 times on the third day of its issue. The IPO received bids for 32.82 lakh shares as against 71.58 lakh shares on offer. (As on 16:00 IST)
The company has fixed price band of Rs 175-Rs 195 per share for the IPO. The issue will close on 13 May 2008.
Gokul Refoils and Solvent is primarily engaged in the business of solvent extraction, refining of edible oils and vanaspati manufacturing. At present the company has 680 tonnes per day (TPD) of seed processing, 600 TPD of solvent extraction, 1200 TPD of refining and 200 TPD of vanaspati manufacturing capacities.
The company plans to utilize the proceeds of the IPO for setting up a new 1500 tonnes per day (TPD) soyabean processing plant near Gandhidham, Gujarat; expansion of the existing edible oil refinery at Surat; investment in Singapore subsidiary; funding part of the long term working capital; brand building activities; investment in increasing warehousing capacities and continuous capex for exising units; general corporate purposes and for public issue expenses. ICRA has assigned Grade 3/5 to the IPO.
The company reported a net profit of Rs 37.82 crore on sales of Rs 1,309.28 crore in eight months ended November 2007.
Source: CapitalMarket.com
The company has fixed price band of Rs 175-Rs 195 per share for the IPO. The issue will close on 13 May 2008.
Gokul Refoils and Solvent is primarily engaged in the business of solvent extraction, refining of edible oils and vanaspati manufacturing. At present the company has 680 tonnes per day (TPD) of seed processing, 600 TPD of solvent extraction, 1200 TPD of refining and 200 TPD of vanaspati manufacturing capacities.
The company plans to utilize the proceeds of the IPO for setting up a new 1500 tonnes per day (TPD) soyabean processing plant near Gandhidham, Gujarat; expansion of the existing edible oil refinery at Surat; investment in Singapore subsidiary; funding part of the long term working capital; brand building activities; investment in increasing warehousing capacities and continuous capex for exising units; general corporate purposes and for public issue expenses. ICRA has assigned Grade 3/5 to the IPO.
The company reported a net profit of Rs 37.82 crore on sales of Rs 1,309.28 crore in eight months ended November 2007.
Source: CapitalMarket.com
Sunday, May 11, 2008
Gokul Refoils and Solvent IPO subscribed 0.37 times on day 2
Receives bids for 26.69 lakh shares
Gokul Refoils and Solvent IPO was subscribed 0.37 times on the second day of its issue on Friday 9 May 2008. The IPO received bids for 26.69 lakh shares as against 71.58 lakh shares on offer.
The qualified institutional buyers category was subscribed 0.37 times while non institutional investors category was subscribed 0.78 times. Retail individual investors category was subscribed 0.18 times and employee reservation category was subscribed 1 time.
The company has fixed price band of Rs 175-Rs 195 per share for the IPO. The issue opened on 8 May 2008 and will close on 13 May 2008.
The issue comprises a reservation of upto 75,000 equity shares for employees and a net issue to the public of 70,83,392 equity shares. The issue will constitute 27.14% of the fully diluted post issue paid-up capital of the company.
Gokul Refoils and Solvent is primarily engaged in the business of solvent extraction, refining of edible oils and vanaspati manufacturing. At present the company has 680 tonnes per day (TPD) of seed processing, 600 TPD of solvent extraction, 1200 TPD of refining and 200 TPD of vanaspati manufacturing capacities.
The company plans to utilize the proceeds of the IPO for setting up a new 1500 TPD soyabean processing plant near Gandhidham, Gujarat; expansion of the existing edible oil refinery at Surat; investment in Singapore subsidiary; funding part of the long term working capital; brand building activities; investment in increasing warehousing capacities and continuous capex for exising units; general corporate purposes and for public issue expenses. ICRA has assigned Grade 3/5 to the IPO.
The company reported a net profit of Rs 37.82 crore on sales of Rs 1,309.28 crore in eight months ended November 2007.
Source: CapitalMarket.com
Gokul Refoils and Solvent IPO was subscribed 0.37 times on the second day of its issue on Friday 9 May 2008. The IPO received bids for 26.69 lakh shares as against 71.58 lakh shares on offer.
The qualified institutional buyers category was subscribed 0.37 times while non institutional investors category was subscribed 0.78 times. Retail individual investors category was subscribed 0.18 times and employee reservation category was subscribed 1 time.
The company has fixed price band of Rs 175-Rs 195 per share for the IPO. The issue opened on 8 May 2008 and will close on 13 May 2008.
The issue comprises a reservation of upto 75,000 equity shares for employees and a net issue to the public of 70,83,392 equity shares. The issue will constitute 27.14% of the fully diluted post issue paid-up capital of the company.
Gokul Refoils and Solvent is primarily engaged in the business of solvent extraction, refining of edible oils and vanaspati manufacturing. At present the company has 680 tonnes per day (TPD) of seed processing, 600 TPD of solvent extraction, 1200 TPD of refining and 200 TPD of vanaspati manufacturing capacities.
The company plans to utilize the proceeds of the IPO for setting up a new 1500 TPD soyabean processing plant near Gandhidham, Gujarat; expansion of the existing edible oil refinery at Surat; investment in Singapore subsidiary; funding part of the long term working capital; brand building activities; investment in increasing warehousing capacities and continuous capex for exising units; general corporate purposes and for public issue expenses. ICRA has assigned Grade 3/5 to the IPO.
The company reported a net profit of Rs 37.82 crore on sales of Rs 1,309.28 crore in eight months ended November 2007.
Source: CapitalMarket.com
Infinite Computer Solutions (India) files DRHP with SEBI
Infinite Computer Solutions (I) Ltd, a global IT solutions and services provider, has filed its Draft Red Herring Prospectus ("DRHP") with the Securities and Exchange Board of India to enter the capital market with its initial public offering of its equity shares.
The public issue consists of a fresh issue of 57,33,600 equity shares by the company and an offer for sale of 57,69,400 equity shares of Rs 10 each, at price to be decided through the 100% book building process. The Equity Shares offered through this Issue are proposed to be listed on the Bombay Stock Exchange Limited and the National Stock Exchange of India Limited.
Upto 50% of the Issue will be available for allocation to qualified institutional bidders on a proportionate basis, of which 5% shall be available to mutual funds only. Further, up to 35% of the Issue shall be available for allocation on a proportionate basis to non-institutional investors and up to 15% of the Issue shall be available for allocation on a proportionate basis to retail individual investors. The Issue will constitute 26.17% of the fully diluted post issue paid-up capital of the Company.
The Book Running Lead Managers (BRLM) to the Issue are India Infoline Ltd. and SPA Merchant Bankers Ltd. The shares are proposed to be listed on the Bombay Stock Exchange Limited (BSE) and National Stock Exchange of India Limited (NSE).
Source: Moneycontrol.com
The public issue consists of a fresh issue of 57,33,600 equity shares by the company and an offer for sale of 57,69,400 equity shares of Rs 10 each, at price to be decided through the 100% book building process. The Equity Shares offered through this Issue are proposed to be listed on the Bombay Stock Exchange Limited and the National Stock Exchange of India Limited.
Upto 50% of the Issue will be available for allocation to qualified institutional bidders on a proportionate basis, of which 5% shall be available to mutual funds only. Further, up to 35% of the Issue shall be available for allocation on a proportionate basis to non-institutional investors and up to 15% of the Issue shall be available for allocation on a proportionate basis to retail individual investors. The Issue will constitute 26.17% of the fully diluted post issue paid-up capital of the Company.
The Book Running Lead Managers (BRLM) to the Issue are India Infoline Ltd. and SPA Merchant Bankers Ltd. The shares are proposed to be listed on the Bombay Stock Exchange Limited (BSE) and National Stock Exchange of India Limited (NSE).
Source: Moneycontrol.com
Friday, May 9, 2008
Subscribe to Gokul IPO with medium term view
Keynote Capitals has come out with report on Gokul Refoils and Solvent's IPO. It has recommended investors to subscribe the issue with a medium term view.
The issue has opened for subscription with its initial public offering (IPO) of 7.2 million equity shares of face value Rs 10 each. The issue will close on May 13, 2008. The price band has been fixed at Rs 175 to Rs 195 per equity share.
Keynote's report on Gokul Refoils and Solvent's IPO:
GRSL was incorporated in 1992 and converted into public limited company in 1994. It is promoted by Mr. Balvantsinh Rajput, Mr. Kanubhai Thakkar, Mrs. Bhikhiben Rajput and Mrs. Manjulaben Thakkar who have 2 decades of experience in this industry. Gokul Refoils and Solvent Ltd. (GRSL) is an Ahmedabad-based oilseed processing, edible oil refining and vanaspati manufacturing company. GRSL is into processing of Mustard seed as well as Soyabean seed and refined oil for various seeds which it procures from domestic as well as export markets. It caters to the northern region markets in India as well as international markets such as US, Europe, South Asia, etc. Going forward; it plans to introduce new seeds for processing. Top line and bottom line grew @ CAGR of 46.5% and 44.1% respectively during FY04-07.
Valuation:
The pricing of the IPO - at 9.2xFY08E and 6.8xFY09E - is largely in line with that of peers Ruchi Soya which trades at 11.9xFY08, GAEL at 9.0xFY08 and K S Oils at 9.2xFY08E. We recommend subscribing with a medium term view.
Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
Source: Moneycontrol.com
The issue has opened for subscription with its initial public offering (IPO) of 7.2 million equity shares of face value Rs 10 each. The issue will close on May 13, 2008. The price band has been fixed at Rs 175 to Rs 195 per equity share.
Keynote's report on Gokul Refoils and Solvent's IPO:
GRSL was incorporated in 1992 and converted into public limited company in 1994. It is promoted by Mr. Balvantsinh Rajput, Mr. Kanubhai Thakkar, Mrs. Bhikhiben Rajput and Mrs. Manjulaben Thakkar who have 2 decades of experience in this industry. Gokul Refoils and Solvent Ltd. (GRSL) is an Ahmedabad-based oilseed processing, edible oil refining and vanaspati manufacturing company. GRSL is into processing of Mustard seed as well as Soyabean seed and refined oil for various seeds which it procures from domestic as well as export markets. It caters to the northern region markets in India as well as international markets such as US, Europe, South Asia, etc. Going forward; it plans to introduce new seeds for processing. Top line and bottom line grew @ CAGR of 46.5% and 44.1% respectively during FY04-07.
Valuation:
The pricing of the IPO - at 9.2xFY08E and 6.8xFY09E - is largely in line with that of peers Ruchi Soya which trades at 11.9xFY08, GAEL at 9.0xFY08 and K S Oils at 9.2xFY08E. We recommend subscribing with a medium term view.
Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
Source: Moneycontrol.com
Frankfinn plans to come out with IPO next year
Moving forward with its plans to launch a low-cost airline service, Frankfinn Aviation is now mulling a full service airline operation by 2009 end or the beginning of 2010.
The airhostess-training institute is also planning an IPO at the beginning of next year .
“We plan to operate both low-cost and higher end full service airline services."
The project is in an advanced phase and we are buying some time in order to avoid the present turbulent phase in the aviation industry resulting from the overall global slowdown,” a company source said to The Hindu Business Line.
Apart from the IPO route, the company may also invite equity participation from a foreign partner, he said.
Frankfinn had earlier said that it had plans to start only a low-cost airline, competing directly with majors such as Air Deccan, SpiceJet, GoAir and Indigo.
Finalise Project details
The company will operate its airline business under the Air Frankfinn brand and will initially start with six aircraft, Mr Samir Valia, Vice-President, Corporate Communication, told Business Line here, on the sidelines of a press conference. “Our corporate team in Mumbai is in the process of finalising project details. We will initially operate only domestically after getting the necessary approvals from the Government and our aircraft will constitute a mix of large Air bus and small ones,” he said.
An official said the aircraft basket will consist of three to four Airbus 380s and also a few ATRs.
The company has a target of achieving a fleet of 20-30 aircraft in three years. The company has appointed an aviation consultant to finalise the project, industry sources said.
Tie-up wth Jet Airways
Meanwhile, Frankfinn Airhostess Training Institute on Wednesday announced a tie-up with Jet Airways to familiarise its students with off and inflight procedures. The tie-up, however, is not a recruitment arrangement, Mr Valia clarified. The institute’s recruitment tie up with Air Deccan has been terminated, he said.
The company, which had registered a turnover of Rs 250 crore last year, plans to increase it by 25-30 per cent this year with 20-25 more centres coming up in the same period, Mr Valia said, reports The Hindu Business Line.
Source: Moneycontrol.com
The airhostess-training institute is also planning an IPO at the beginning of next year .
“We plan to operate both low-cost and higher end full service airline services."
The project is in an advanced phase and we are buying some time in order to avoid the present turbulent phase in the aviation industry resulting from the overall global slowdown,” a company source said to The Hindu Business Line.
Apart from the IPO route, the company may also invite equity participation from a foreign partner, he said.
Frankfinn had earlier said that it had plans to start only a low-cost airline, competing directly with majors such as Air Deccan, SpiceJet, GoAir and Indigo.
Finalise Project details
The company will operate its airline business under the Air Frankfinn brand and will initially start with six aircraft, Mr Samir Valia, Vice-President, Corporate Communication, told Business Line here, on the sidelines of a press conference. “Our corporate team in Mumbai is in the process of finalising project details. We will initially operate only domestically after getting the necessary approvals from the Government and our aircraft will constitute a mix of large Air bus and small ones,” he said.
An official said the aircraft basket will consist of three to four Airbus 380s and also a few ATRs.
The company has a target of achieving a fleet of 20-30 aircraft in three years. The company has appointed an aviation consultant to finalise the project, industry sources said.
Tie-up wth Jet Airways
Meanwhile, Frankfinn Airhostess Training Institute on Wednesday announced a tie-up with Jet Airways to familiarise its students with off and inflight procedures. The tie-up, however, is not a recruitment arrangement, Mr Valia clarified. The institute’s recruitment tie up with Air Deccan has been terminated, he said.
The company, which had registered a turnover of Rs 250 crore last year, plans to increase it by 25-30 per cent this year with 20-25 more centres coming up in the same period, Mr Valia said, reports The Hindu Business Line.
Source: Moneycontrol.com
Wednesday, May 7, 2008
Aishwarya Telecom ends with 160% premium
Aishwarya Telecom manufacturer of Test and Measurement Instruments like Mobile Tester, Fiber Optic Tester, Data Tester, Cable Fault Locator, etc closed at Rs 90.85 on the BSE with a premium of 160% on its issue price of Rs 35.
The share touched an intraday high of Rs 93 and an intraday low of Rs 50.10. Its total traded quantity was 8,27,85,723 shares.
The share opened at Rs 50.10 with a premium of 42.14 % on the BSE
Aishwarya Telecom is one of the important players in the T&M industry, which mainly supplies its products to major telecom operators.
The company had come out with its initial public offering of 40 lakh shares, which was subscribed 20 times.
Source: Moneycontrol.com
The share touched an intraday high of Rs 93 and an intraday low of Rs 50.10. Its total traded quantity was 8,27,85,723 shares.
The share opened at Rs 50.10 with a premium of 42.14 % on the BSE
Aishwarya Telecom is one of the important players in the T&M industry, which mainly supplies its products to major telecom operators.
The company had come out with its initial public offering of 40 lakh shares, which was subscribed 20 times.
Source: Moneycontrol.com
Subscribe to Gokul Refoils and Solvent's IPO
Hem Securities has come out with a report on Gokul Refoils and Solvent's IPO. It has recommended investors to subscribe the issue.
The issue will open for subscription on May 8, 2008 with its initial public offering (IPO) of 71,58,392 equity shares of face value Rs 10 each. The issue will close on May 13, 2008. The price band has been fixed at Rs 175 to Rs 195 per equity share.
Hem's report on Gokul Refoils and Solvent's IPO:
Company is engaged in the business of oil refining, seed processing, and Solvent Extraction. Company has wide range of products, offering Mustard oil, Sunflower oil, Groundnut oil, Cottonseed oil, Palmolein oil, Vanaspati oil and Soyabean oil. At present Company has 680 TPD of seed processing, 600 TPD of Solvent Extraction, 1200 TPD of refining and 200 TPD of Vanaspati manufacturing capacities. It is also into commodity, derivatives trading. Apart from India, company’s products are exported to USA, European, South East Asian and other countries. Company’s units are located at Sidhpur (Gujarat), Anjar (Gandhidham) andNaviPardi (Surat).Company also has a co-generation power plant of 500 KWH at its Gandhidham unit. Company has two wholly owned subsidiaries Maurigo International Limited and Maurigo Pte Limited. Maurigo International limited, based in Mauritius, is engaged in commodity trade in Chicago Board of Trade (CBOT) and MDEX, KL, Malaysia. Maurigo Pte Limited, based in Singapore is engaged in the business of procuring raw materials and trading in Edible / non edible oils and de-oiled cake in Singapore.
Valuation:
The company at a price band of Rs 175-195 per share will have the p/e multiple of 7.16-7.98 at post issue eps of Rs 24.44 (Basis PAT annualized for 8 months ending Nov’07).The company being one of the leading players with over 15 years of experience in the edible oil industry has strong pan India distribution network. In addition to that the topline of company has grown at a CAGR of 49 % from FY04 to FY07 while the bottomline of the company has witnessed the CAGR of 20% from FY04 to FY07. We recommend the investor to “Subscribe” the issue for achieving listing gains.
Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
Source: Moneycontrol.com
The issue will open for subscription on May 8, 2008 with its initial public offering (IPO) of 71,58,392 equity shares of face value Rs 10 each. The issue will close on May 13, 2008. The price band has been fixed at Rs 175 to Rs 195 per equity share.
Hem's report on Gokul Refoils and Solvent's IPO:
Company is engaged in the business of oil refining, seed processing, and Solvent Extraction. Company has wide range of products, offering Mustard oil, Sunflower oil, Groundnut oil, Cottonseed oil, Palmolein oil, Vanaspati oil and Soyabean oil. At present Company has 680 TPD of seed processing, 600 TPD of Solvent Extraction, 1200 TPD of refining and 200 TPD of Vanaspati manufacturing capacities. It is also into commodity, derivatives trading. Apart from India, company’s products are exported to USA, European, South East Asian and other countries. Company’s units are located at Sidhpur (Gujarat), Anjar (Gandhidham) andNaviPardi (Surat).Company also has a co-generation power plant of 500 KWH at its Gandhidham unit. Company has two wholly owned subsidiaries Maurigo International Limited and Maurigo Pte Limited. Maurigo International limited, based in Mauritius, is engaged in commodity trade in Chicago Board of Trade (CBOT) and MDEX, KL, Malaysia. Maurigo Pte Limited, based in Singapore is engaged in the business of procuring raw materials and trading in Edible / non edible oils and de-oiled cake in Singapore.
Valuation:
The company at a price band of Rs 175-195 per share will have the p/e multiple of 7.16-7.98 at post issue eps of Rs 24.44 (Basis PAT annualized for 8 months ending Nov’07).The company being one of the leading players with over 15 years of experience in the edible oil industry has strong pan India distribution network. In addition to that the topline of company has grown at a CAGR of 49 % from FY04 to FY07 while the bottomline of the company has witnessed the CAGR of 20% from FY04 to FY07. We recommend the investor to “Subscribe” the issue for achieving listing gains.
Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
Source: Moneycontrol.com
Tuesday, May 6, 2008
Avoid Gokul Refoils and Solvent's IPO
SPA Securities has come out with a report on Gokul Refoils and Solvent's IPO. It has recommended investors to ignore the issue.
The issue will open for subscription on May 8, 2008 with its initial public offering (IPO) of 7,158,392 Equity Shares of face value Rs 10 each. The issue will close on May 13, 2008. The price band has been fixed at Rs 175 to Rs 195 per equity share.
SPA's report on Gokul Refoils and Solvent's IPO:
GRSL is engaged in the business of seed processing and solvent extraction, refining edible oils and vanaspati manufacturing. GRSL has four manufacturing units located within the state of Gujarat. It exports its goods to USA, European, South Asia and other countries apart from catering to the domestic market.
ICRA has assigned an IPO grade “3/5” to this issue. This indicates average fundamentals of the company.
Valuation:
The stock is available at P/E of 7x and 8x on its lower and upper price band respectively on its annualized FY08E EPS of Rs 24.43. GRSL has been in the industry for 15 years but has failed to capitalize the domestic market completely. GRSL has forayed into the retail segment, but has limited presence in the segment and faces stiff competition from existing players. The EBITDA and PAT margins of GRSL for 8M FY 2008 have been 6.5% & 3.25% (the average in the past for the same EBITDA and PAT have been 3.28% and 1.8%) respectively. GRSL lacks delegated professional management. The company has made significant investment in non-core business activities. GRSL intends to increase its export business which carries the risk of exchange rate fluctuations. The demand for edible oil in India is significant which can give a boost to GRSL’s revenue. GRSL is into commodity trading business where the prices are highly volatile. GRSL operates in a highly government regulated industry. Hence, we recommend, to ignore the issue.
Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
Source: Moneycontrol.com
The issue will open for subscription on May 8, 2008 with its initial public offering (IPO) of 7,158,392 Equity Shares of face value Rs 10 each. The issue will close on May 13, 2008. The price band has been fixed at Rs 175 to Rs 195 per equity share.
SPA's report on Gokul Refoils and Solvent's IPO:
GRSL is engaged in the business of seed processing and solvent extraction, refining edible oils and vanaspati manufacturing. GRSL has four manufacturing units located within the state of Gujarat. It exports its goods to USA, European, South Asia and other countries apart from catering to the domestic market.
ICRA has assigned an IPO grade “3/5” to this issue. This indicates average fundamentals of the company.
Valuation:
The stock is available at P/E of 7x and 8x on its lower and upper price band respectively on its annualized FY08E EPS of Rs 24.43. GRSL has been in the industry for 15 years but has failed to capitalize the domestic market completely. GRSL has forayed into the retail segment, but has limited presence in the segment and faces stiff competition from existing players. The EBITDA and PAT margins of GRSL for 8M FY 2008 have been 6.5% & 3.25% (the average in the past for the same EBITDA and PAT have been 3.28% and 1.8%) respectively. GRSL lacks delegated professional management. The company has made significant investment in non-core business activities. GRSL intends to increase its export business which carries the risk of exchange rate fluctuations. The demand for edible oil in India is significant which can give a boost to GRSL’s revenue. GRSL is into commodity trading business where the prices are highly volatile. GRSL operates in a highly government regulated industry. Hence, we recommend, to ignore the issue.
Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
Source: Moneycontrol.com
Monday, May 5, 2008
Anu's Labs IPO opens on May 12, price band Rs 200-210
Anu's Laboratories is coming out with an initial public offering of 38,20,000 shares at a price band of Rs 200 to Rs 210 per equity share of face value of Rs 10 each. The issue price is 20 times the face value at the lower end of the price band and 21 times the face value at the higher end of the price band. The issue will open for subscription between May 12 and May 15, 2008.
Source: Moneycontrol.com
Source: Moneycontrol.com
JSW Energy IPO to be between $ 500-1000 mn
JSW Energy IPO to be between USD 500-1000 million reports CNBC-TV 18.
Source: Moneycontrol.com
Source: Moneycontrol.com
Saturday, May 3, 2008
Adani Power files draft prospectus with SEBI
Adani Power Ltd, an Adani Enterprises company, has filed draft prospectus with SEBI on Thursday for raising Rs 5,630 crore through IPO to finance its six proposed thermal power projects in Gujarat, Maharashtra, and Rajasthan totalling 9,900 MW at an estimated investment of Rs 43,139 crore.
According to the DRHP, the company proposes to issue a total of 29.69 crore shares of Rs 10 each accounting for 14.35 per cent of the post-issue paid-up capital.
The proposed issue will lead to dilution of the controlling stake of Adani Enterprises in Adani Power from 86.45 per cent to 74.04 per cent. The company had previously allotted approximately 13.55 per cent shares to two PE firms — 3i Power Investment Ltd and Grow Power Trust — at an average price of Rs 144 a share.
Commercial production
While company sources were not available for comment, the industry sources told Business Line that Adanis may time the issue by third-quarter, barely a few months before they were scheduled to start commercial production from 1,320 MW Mundra I and II thermal power projects.
Both the projects are located in Mundra SEZ in Gujarat and are scheduled to commence commercial production in phases beginning January 2009. The projects are reportedly being implemented in a record 30 months.
Overall, the company is implementing 4,620 MW thermal project estimated to cost Rs 19,106 crore at Mundra. While I and II are of sub-critical generation capacity category, Mundra-III (1,320 MW) and Mundra IV (1,980 MW) are of super critical category and will be completed by 2011. APL has already awarded the EPC contracts and firm agreements for coal supplies from Adani group-owned mines in Indonesia. Power purchase agreements are also reached for Mundra-I, II and III.
Mundra apart, sources say that APL proposes to set up 1,980 MW Rs 9,263 crore thermal power plant at Tiroda in Maharashtra. The company is already awarded a coal block by the Union Coal Ministry for the phase-I of the project, which is expected to achieve financial closure shortly.
Adanis have also proposed to set up 1,980 MW (Rs 8,810 crore) generation capacity at Dahej in Gujarat and 1,320 MW (Rs 5,889 crore) at Kawai in Rajasthan by 2011-12.
Generation apart, the company will also create a transmission lines for evacuation of power from all its projects to the national grid. The total investment in transmission project and railway lines for coal supply is projected at Rs 2,393 crore. The cost of development of the mining blocks is estimated at Rs 790 crore, reports The Hindu Business Line.
Source: Moneycontrol.com
According to the DRHP, the company proposes to issue a total of 29.69 crore shares of Rs 10 each accounting for 14.35 per cent of the post-issue paid-up capital.
The proposed issue will lead to dilution of the controlling stake of Adani Enterprises in Adani Power from 86.45 per cent to 74.04 per cent. The company had previously allotted approximately 13.55 per cent shares to two PE firms — 3i Power Investment Ltd and Grow Power Trust — at an average price of Rs 144 a share.
Commercial production
While company sources were not available for comment, the industry sources told Business Line that Adanis may time the issue by third-quarter, barely a few months before they were scheduled to start commercial production from 1,320 MW Mundra I and II thermal power projects.
Both the projects are located in Mundra SEZ in Gujarat and are scheduled to commence commercial production in phases beginning January 2009. The projects are reportedly being implemented in a record 30 months.
Overall, the company is implementing 4,620 MW thermal project estimated to cost Rs 19,106 crore at Mundra. While I and II are of sub-critical generation capacity category, Mundra-III (1,320 MW) and Mundra IV (1,980 MW) are of super critical category and will be completed by 2011. APL has already awarded the EPC contracts and firm agreements for coal supplies from Adani group-owned mines in Indonesia. Power purchase agreements are also reached for Mundra-I, II and III.
Mundra apart, sources say that APL proposes to set up 1,980 MW Rs 9,263 crore thermal power plant at Tiroda in Maharashtra. The company is already awarded a coal block by the Union Coal Ministry for the phase-I of the project, which is expected to achieve financial closure shortly.
Adanis have also proposed to set up 1,980 MW (Rs 8,810 crore) generation capacity at Dahej in Gujarat and 1,320 MW (Rs 5,889 crore) at Kawai in Rajasthan by 2011-12.
Generation apart, the company will also create a transmission lines for evacuation of power from all its projects to the national grid. The total investment in transmission project and railway lines for coal supply is projected at Rs 2,393 crore. The cost of development of the mining blocks is estimated at Rs 790 crore, reports The Hindu Business Line.
Source: Moneycontrol.com
Thursday, May 1, 2008
Latest Grey IPO Market Premium Rates
| Company | Expected Allotment Date | Expected Refund Date | Listing Date |
|---|---|---|---|
| Aishwarya Telecom Limited | 02 May | 05 May | ------- |
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