Nirmal Bang has come out with its research report on Adani Power IPO. Adani Power IPO will open for subscription with an initial public offering of 301,652,031 equity shares of Rs 10 each for cash at a price to be decided through a 100% book-building process on July 28, 2009 and will close on July 31, 2009. The Adani Power IPO price band is fixed at Rs 90-100 per share.
The research firm has recommended investors to subscribe to the issue.
Nirmal Bang's report:
Adani Power Ltd. (APL) is a power project development company, which is developing, and will operate and maintain, power projects in India. The company has four thermal power projects under various stages of development, with a combined installed capacity of 6,600 MW.
We believe that Reliance Power is the best comparable company as both the companies are implementing large power plants and do not have any existing operational revenue generation. We tried to compare both the company on the basis of Enterprise Value(EV) per MW, Subscribe.
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Source: Moneycontrol.com
Friday, July 24, 2009
Thursday, July 16, 2009
Mahindra Holidays IPO ends with a modest premium
Mahindra Holidays and Resorts India IPO (MHRIL IPO), ended its first trading session with a premium of 5.82% to its issue price of Rs 300. The share closed at Rs 317.45 on the NSE.
It touched an intraday high of Rs 374.50 and intraday low of Rs 311.35. The total traded quantity was 1,27,46,398 shares and turnover was at Rs 41452.56 lakh.
On the BSE, the share closed at Rs 317.10 at a premium of 5.57% to its issue price. It touched an intraday high of Rs 339.70 and intraday low of Rs 311.10.
Mahindra Holidays IPO had listed at Rs 370 on the NSE at a premium of 23.33% to its issue price. On the BSE, the share had opened at Rs 315, at a premium of 5% to its issue price.
Mahindra Holidays IPO was subscribed 9.8 times.The proceeds from MHRIL's issue are expected to be deployed in the setting up of new projects and expansion of some of the existing resorts.
Source: MoneyControl.com
It touched an intraday high of Rs 374.50 and intraday low of Rs 311.35. The total traded quantity was 1,27,46,398 shares and turnover was at Rs 41452.56 lakh.
On the BSE, the share closed at Rs 317.10 at a premium of 5.57% to its issue price. It touched an intraday high of Rs 339.70 and intraday low of Rs 311.10.
Mahindra Holidays IPO had listed at Rs 370 on the NSE at a premium of 23.33% to its issue price. On the BSE, the share had opened at Rs 315, at a premium of 5% to its issue price.
Mahindra Holidays IPO was subscribed 9.8 times.The proceeds from MHRIL's issue are expected to be deployed in the setting up of new projects and expansion of some of the existing resorts.
Source: MoneyControl.com
Excel Infoways IPO subscribed 0.29 times on day 3
Excel Infoways IPO receives bids for 16.68 lakh shares as against 56.67 lakh shares on offer.
Excel Infoways IPO (initial public offer) continued to see muted response from investors on day three. It received bids for 16.68 lakh shares on the third day (by 16:00 IST) as against 56.67 shares on offer.
The Excel Infoways IPO was subscribed 0.29 times, with retail investors portion getting subscribed 0.12 times. The portion reserved for non-institutional investors was subscribed 0.38 times. However no bids were received from the qualified institutional buyers (QIBs).
The price band for the Excel Infoways IPO, which closes on 17 July 2009, is set between Rs 80 to Rs 85 per share. The company will raise Rs 45.33 crore at the lower end of the price band and Rs 48.16 crore at the higher end of the price band.
The IPO will constitute 26.77% of the fully diluted post issue paid up capital of the company. The promoters holding will be 70.52% post the issue. The equity shares are proposed to be listed on Bombay Stock Exchange of India (BSE) and National Stock Exchange (NSE).
The proceeds from the issue will be utilied in setting up new facilities and for strategic investment or joint ventures. The company has planned an expansion plan entailing a total investment of Rs 77.27 crore.
Excel Infoways plans to utilise the IPO proceeds for setting up new facilities in Borivali and Kandivali in Mumbai, at a cost of Rs 47.27 crore. After the expansion, the company will have added another 300 seats to the existing 150. The company also proposes to allocate Rs 30 crore, either to make strategic investments or to enter into joint ventures, Khurana added.
Rating agency CARE had assigned a ‘CARE IPO Grade 1' to Excel Infoways IPO, which indicates poor fundamentals.
Excel Infoways is a BPO and customer contact center based in India. It provides offshore BPO services to clients primarily in telecommunications and financial sector. It mostly caters to clients in the US and UK. The company is registered member of National Association of Software and Services Companies (NASSCOM).
Source: CapitalMarket.com
Excel Infoways IPO (initial public offer) continued to see muted response from investors on day three. It received bids for 16.68 lakh shares on the third day (by 16:00 IST) as against 56.67 shares on offer.
The Excel Infoways IPO was subscribed 0.29 times, with retail investors portion getting subscribed 0.12 times. The portion reserved for non-institutional investors was subscribed 0.38 times. However no bids were received from the qualified institutional buyers (QIBs).
The price band for the Excel Infoways IPO, which closes on 17 July 2009, is set between Rs 80 to Rs 85 per share. The company will raise Rs 45.33 crore at the lower end of the price band and Rs 48.16 crore at the higher end of the price band.
The IPO will constitute 26.77% of the fully diluted post issue paid up capital of the company. The promoters holding will be 70.52% post the issue. The equity shares are proposed to be listed on Bombay Stock Exchange of India (BSE) and National Stock Exchange (NSE).
The proceeds from the issue will be utilied in setting up new facilities and for strategic investment or joint ventures. The company has planned an expansion plan entailing a total investment of Rs 77.27 crore.
Excel Infoways plans to utilise the IPO proceeds for setting up new facilities in Borivali and Kandivali in Mumbai, at a cost of Rs 47.27 crore. After the expansion, the company will have added another 300 seats to the existing 150. The company also proposes to allocate Rs 30 crore, either to make strategic investments or to enter into joint ventures, Khurana added.
Rating agency CARE had assigned a ‘CARE IPO Grade 1' to Excel Infoways IPO, which indicates poor fundamentals.
Excel Infoways is a BPO and customer contact center based in India. It provides offshore BPO services to clients primarily in telecommunications and financial sector. It mostly caters to clients in the US and UK. The company is registered member of National Association of Software and Services Companies (NASSCOM).
Source: CapitalMarket.com
Oil India IPO to open on Sept 7
Government sources said Oil India IPO (initial public offering) open on September 7, 2009 and close on Setpember 11, 2009, reports CNBC-TV18 quoting NW18.
As per DRHP filed on December 14, 2007, the company was coming out with public issue of up to 26,449,982 equity shares of Rs 10 each. The issue comprised a net issue to the public of up to 24,045,438 equity shares and a reservation of up to 2,404,544 equity shares for subscription by eligible employees. The issue shall constitute 11% of the fully diluted post-issue capital of the company.
The objects of the issue were to fund requirements for fiscal 2009 and fiscal 2010 towards (a) exploration and appraisal activities; (b) development activities in producing fields; (c) purchase of capital equipments and contracts for facilities; and d) diversification of our existing business in downstream activities.
The company is engaged in the exploration, development, production and transportation of crude oil and natural gas onshore in India.
JM Financial Consultants Private Limited, Morgan Stanley India Company Private Limited, Citigroup Global Markets India Private Limited and HSBC Securities and Capital Markets (India) Private Limited were the book running lead managers to the issue. Karvy Computershare Private Limited was the registrar.
Source: Moneycontrol.com
As per DRHP filed on December 14, 2007, the company was coming out with public issue of up to 26,449,982 equity shares of Rs 10 each. The issue comprised a net issue to the public of up to 24,045,438 equity shares and a reservation of up to 2,404,544 equity shares for subscription by eligible employees. The issue shall constitute 11% of the fully diluted post-issue capital of the company.
The objects of the issue were to fund requirements for fiscal 2009 and fiscal 2010 towards (a) exploration and appraisal activities; (b) development activities in producing fields; (c) purchase of capital equipments and contracts for facilities; and d) diversification of our existing business in downstream activities.
The company is engaged in the exploration, development, production and transportation of crude oil and natural gas onshore in India.
JM Financial Consultants Private Limited, Morgan Stanley India Company Private Limited, Citigroup Global Markets India Private Limited and HSBC Securities and Capital Markets (India) Private Limited were the book running lead managers to the issue. Karvy Computershare Private Limited was the registrar.
Source: Moneycontrol.com
Monday, July 13, 2009
NHPC IPO to hit market in August
The Union Budget may not have had any divestment announcement but the government is serious about stake sale in public sector undertakings (PSUs). A year after NHPC had first filed its draft red herring prospectus, India's largest hydro power producer's IPO is set to hit markets next month. CNBC-TV18’s Mehak Kasbekar reports.
Here is a verbatim transcript of Mehak Kasbekar's comments on CNBC-TV18. Also watch the accompanying video.
Air India might not be ready but NHPC is and the IPO is set to hit next month. The road show for NHPC has already begun and it will be taken to Singapore next week. NHPC is going to issue about 167 crore shares, which will look to mopping up Rs 1,670 crore. Price discovery will be through book building process.
This money may be used for nine projects, which are commissioned by NHPC and will be finished by 2012, thereby taking the company’s capacity to 10,000MW, which right now is a little over 5,200MW.
For now, the government, which currently wholly owns the company, will divest 5% stake in it.
Source: Moneycontrol.com
Here is a verbatim transcript of Mehak Kasbekar's comments on CNBC-TV18. Also watch the accompanying video.
Air India might not be ready but NHPC is and the IPO is set to hit next month. The road show for NHPC has already begun and it will be taken to Singapore next week. NHPC is going to issue about 167 crore shares, which will look to mopping up Rs 1,670 crore. Price discovery will be through book building process.
This money may be used for nine projects, which are commissioned by NHPC and will be finished by 2012, thereby taking the company’s capacity to 10,000MW, which right now is a little over 5,200MW.
For now, the government, which currently wholly owns the company, will divest 5% stake in it.
Source: Moneycontrol.com
Mahindra Holidays IPO to list on July 16
Mahindra Holidays and Resorts India (MHRIL), a part of the Mahindra Group, will list its equity shares on the BSE and NSE on July 16 (Thursday). It has been fixed its issue price at Rs 300 a share. The price band was between Rs 275-325 a share.
The issue had opened for subscription between June 23 and June 26, 2009, with an initial public offering (IPO) of 92,65,275 equity shares.
The issue was subscribed 9.8 times. Qualified institutional buyers gave strong response to the issue, with their portion being subscribed 12.8 times followed by non institutional investors with 11 times subscription.
The size of the issue stood at Rs 277.95 crore at the issue price. M&M (Mahindra and Mahindra) raised over Rs 101 crore from the sale of 33,69,191 shares and it holds 83% of the Mahindra Holidays post the issue.
The proceeds from MHRIL’s proposed issue are expected to be deployed in the setting up of new projects and expansion of some of the existing resorts, to provide a larger range of resorts, and hence a wider choice of holiday destinations to members.
The global coordinator and book running lead manager (BRLM) was Kotak Mahindra Capital Company Limited. HSBC Securities & Capital Markets (India) Private Limited and SBI Capital Markets were the BRLMs. The equity shares are proposed to be listed on the National Stock Exchange of India Limited and the Bombay Stock Exchange Limited.
Source: Moneycontrol.com
The issue had opened for subscription between June 23 and June 26, 2009, with an initial public offering (IPO) of 92,65,275 equity shares.
The issue was subscribed 9.8 times. Qualified institutional buyers gave strong response to the issue, with their portion being subscribed 12.8 times followed by non institutional investors with 11 times subscription.
The size of the issue stood at Rs 277.95 crore at the issue price. M&M (Mahindra and Mahindra) raised over Rs 101 crore from the sale of 33,69,191 shares and it holds 83% of the Mahindra Holidays post the issue.
The proceeds from MHRIL’s proposed issue are expected to be deployed in the setting up of new projects and expansion of some of the existing resorts, to provide a larger range of resorts, and hence a wider choice of holiday destinations to members.
The global coordinator and book running lead manager (BRLM) was Kotak Mahindra Capital Company Limited. HSBC Securities & Capital Markets (India) Private Limited and SBI Capital Markets were the BRLMs. The equity shares are proposed to be listed on the National Stock Exchange of India Limited and the Bombay Stock Exchange Limited.
Source: Moneycontrol.com
Thursday, July 9, 2009
Excel Infoway IPO to open on 14 July 2009
The initial public offering (IPO) of Excel Infoway will open on 14 July 2009. The company proposes to approximately issue 5.7 crore equity shares of Rs 10 each for cash at a price to be decided through a 100% book-building process to finance its expansion plans. The issue will close on 17 July 2009.
The issue will constitute 26.93% of the fully diluted post issue paid-up capital of the company.
The equity shares are proposed to be listed on Bombay Stock Exchange of India (BSE) and National Stock Exchange (NSE).
Excel Infoway is a Mumbai-based business process outsourcing (BPO) and Customer contact centre and caters primarily to clients from telecommunication and financial sectors.
Source: CapitalMarket.com
The issue will constitute 26.93% of the fully diluted post issue paid-up capital of the company.
The equity shares are proposed to be listed on Bombay Stock Exchange of India (BSE) and National Stock Exchange (NSE).
Excel Infoway is a Mumbai-based business process outsourcing (BPO) and Customer contact centre and caters primarily to clients from telecommunication and financial sectors.
Source: CapitalMarket.com
Mahindra Holidays and Resorts IPO Allotment Status
Mahindra Holidays and Resorts IPO Allotment status is out and can be seen at below link:
http://mis.karvycomputershare.com/ipo/
http://mis.karvycomputershare.com/ipo/
Friday, July 3, 2009
IPO scam: Jhaveri settles case with SEBI
SEBI has agreed to dispose of pending proceedings against Mr Gautam Jhaveri for his involvement in the IPO scam of 2003-04, following settlement of the case through a consent order.
Mr Zhaveri who applied for the consent order, paid Rs 2.7 crore towards settlement, including a disgorgement amount of Rs 2.36 crore, settlement charges of Rs 23.6 lakh, compounding charges of Rs 9 lakh and legal charges of Rs 1 lakh.
The applicant (Zhaveri) had been proceeded against for irregular dealings in shares issued through IPOs, and for cornering shares meant for retail investors, making unlawful profits from the shares upon their listing.
SEBI had banned the applicant from dealing in the securities market; initiated adjudication proceedings against him, prosecution proceedings in the ACMM court in Mumbai under the Companies Act; and a protest petition before the CBI court for non-filing of chargesheet against the applicant.
SEBI’s consent order disposes of all these pending proceedings. SEBI will file an application for withdrawal of its protest application at the CBI special court, and shall not oppose compounding of prosecution in the ACMM court, the regulator said in its consent order.
SEBI said it would also drop proceedings against Pratik Stock Vision Pvt Ltd in the matter of carry forward transactions in the shares of Global Tele-systems Ltd in 2000-01. The applicant offered to settle the case, offering Rs 1.25 lakh towards settlement charges, reports The Hindu Business Line.
Source: Moneycontrol.com
Mr Zhaveri who applied for the consent order, paid Rs 2.7 crore towards settlement, including a disgorgement amount of Rs 2.36 crore, settlement charges of Rs 23.6 lakh, compounding charges of Rs 9 lakh and legal charges of Rs 1 lakh.
The applicant (Zhaveri) had been proceeded against for irregular dealings in shares issued through IPOs, and for cornering shares meant for retail investors, making unlawful profits from the shares upon their listing.
SEBI had banned the applicant from dealing in the securities market; initiated adjudication proceedings against him, prosecution proceedings in the ACMM court in Mumbai under the Companies Act; and a protest petition before the CBI court for non-filing of chargesheet against the applicant.
SEBI’s consent order disposes of all these pending proceedings. SEBI will file an application for withdrawal of its protest application at the CBI special court, and shall not oppose compounding of prosecution in the ACMM court, the regulator said in its consent order.
SEBI said it would also drop proceedings against Pratik Stock Vision Pvt Ltd in the matter of carry forward transactions in the shares of Global Tele-systems Ltd in 2000-01. The applicant offered to settle the case, offering Rs 1.25 lakh towards settlement charges, reports The Hindu Business Line.
Source: Moneycontrol.com
Kabirdass Motor plans IPO to raise Rs 60 cr
Chennai-based Kabirdass Motor Company, which sells Xite electric scooters, is planning to raise Rs 60 crore through an IPO.
The issue will be open in 45 to 60 days, said Mr Murali Kabirdass, Managing Director.
The fund-raising is primarily meant to set up a manufacturing facility with two-lakh-unit capacity at Sriperumbudur near Chennai. The project cost is Rs 102 crore. A Rs 20-crore loan from Union Bank and Rs 20 crore through equity funding will meet the rest of the project cost. The new facility is expected to be operational in eight to 10 months, said Mr Kabirdass.
The company – which makes four 250-watt scooters and one 1,500-watt scooter – has 33 dealers spread across Tamil Nadu, Karnataka and Andhra Pradesh. Kabirdass Motor plans to expand its dealership network to other States, including Kerala and Maharashtra.
Since its inception in February 2007, the company has sold around 2,000 electric scooters, of which 90 per cent were in rural Tamil Nadu. Mr Kabirdass said the target buyers of its 250-watt variants are teenagers who typically travel less than 20 km a day.
A driving licence is not required to ride this low-power scooter.
Mr Kabirdass said the company is in talks with a few European electric vehicle makers to acquire the licence to manufacture and market their products in India.
Source: Moneycontrol.com
The issue will be open in 45 to 60 days, said Mr Murali Kabirdass, Managing Director.
The fund-raising is primarily meant to set up a manufacturing facility with two-lakh-unit capacity at Sriperumbudur near Chennai. The project cost is Rs 102 crore. A Rs 20-crore loan from Union Bank and Rs 20 crore through equity funding will meet the rest of the project cost. The new facility is expected to be operational in eight to 10 months, said Mr Kabirdass.
The company – which makes four 250-watt scooters and one 1,500-watt scooter – has 33 dealers spread across Tamil Nadu, Karnataka and Andhra Pradesh. Kabirdass Motor plans to expand its dealership network to other States, including Kerala and Maharashtra.
Since its inception in February 2007, the company has sold around 2,000 electric scooters, of which 90 per cent were in rural Tamil Nadu. Mr Kabirdass said the target buyers of its 250-watt variants are teenagers who typically travel less than 20 km a day.
A driving licence is not required to ride this low-power scooter.
Mr Kabirdass said the company is in talks with a few European electric vehicle makers to acquire the licence to manufacture and market their products in India.
Source: Moneycontrol.com
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