Receives bids for more than 3900 crore shares
State-run hydropower generator NHPC's initial public offer (IPO) closed with a subscription of 23.74 times. The IPO received bids for 3981.26 crore shares
as against 168 crore shares offered by the company. More than 179.39 crore shares were bid at cut off price.
The qualified institutional buyers (QIBs) category was subscribed 29.16 times. Investors in this category put in bids for 2861.44 crore shares as against 98.12 crore shares reserved for this category.
The non institutional investor category, made up of high net worth individuals and corporate investors, was subscribed 56.70 times. The category mopped up bids for 927.41 crore shares as against 16.35 crore shares set aside by the company.
The retail investor category was subscribed 3.87 times. Total bids in this category were for 190.01 crore shares as against 49.06 crore shares assigned by the company.
NHPC had offered 168 crore shares comprising of 5% divestment of stake by the government and infusion of 10% fresh equity. The price band for the IPO was Rs 30 to Rs 36 per equity share. The issue constituted 13.64% of the post-issue capital of NHPC.
NHPC is the largest hydroelectric power generating company in the country. It has 13 operating hydro electric power (HEP) plants with an installed capacity of 5,175 megawatts (MW) including two power stations of total 1,520-MW capacity set up through its joint venture subsidiary Narmada Hydroelectric Development Corporation (NHDC). Current total generating capacity is 5,134.2 MW, taking into account the downgrade of the capacity ratings of Loktak and Tanakpur power stations by the Central Electricity Authority.
NHPC is constructing 11 additional hydroelectric projects, which are expected to increase the installed capacity by 4,622 MW. These plants, barring Teesta Low Dam IV, are mostly in the north and northeastern states and scheduled to be commissioned between December 2009 and March 2013. The Teesta Low Dam IV project is coming up in the Darjeeling district of West Bengal.
NHPC is also awaiting government sanction to build another five projects with an anticipated capacity of 4,565 MW on its own and another 2,166-MW capacity projects through certain JV projects. In addition, the company is surveying and investigating proposals for nine additional projects totaling 7,255 MW of anticipated capacity.
Apart from development and operation of HEP projects, NHPC also develops, designs, and delivers HEP station to clients. The company has executed two HEP projects, i.e. Kurichhu HEP in Bhutan and Devighat HEP in Nepal, on contract. Further, it also provides technical, management advisory and consultancy services to domestic and international clients.
NHPC's consolidated net profit rose 3% to Rs 1244.15 crore on 19.2% growth in sales to Rs 3493.71 crore in the year ended March 2009 (FY 2009) over the year ended March 2008.
On post-IPO equity of Rs 12300.74 crore, the EPS for FY 2009 works out to Rs 1 and the PE is 30-36 times at the offer price band of Rs 30-Rs 36.
Source: CapitalMarket.com
Thursday, August 13, 2009
NHPC IPO: ASBA accounts 11.7% of total retail application
Nearly 1.5 lakh retail investors applied via ASBA (Application Supported by Blocked Amount) in NHPC IPO, reports CNBC-TV18 quoting sources. NHPC IPO received over 13 lakh retail applications and ASBA accounted for 11.7% of total retail application. Nearly 1.27 lakh ASBA came via ICICI Bank’s online platform.
ASBA, or Application Supported by Blocked Amount, enables investors to apply for IPOs and rights issue without making a payment. Instead, the amount is blocked in their own account and only an amount proportionate to the shares allotted goes out.
Source: Moneycontrol.com
ASBA, or Application Supported by Blocked Amount, enables investors to apply for IPOs and rights issue without making a payment. Instead, the amount is blocked in their own account and only an amount proportionate to the shares allotted goes out.
Source: Moneycontrol.com
Wednesday, August 12, 2009
Adani IPO Allotment is out
Adani IPO Allotment is out - please confirm your allotment here - http://mis.karvycomputershare.com/ipo/
Sunday, August 2, 2009
Excel Infoways IPO to list on August 3
Shares issued by Excel Infoways via IPO (initial public offering) will list on August 3, 2009 (Monday) on the bourses. The issue price has been fixed at Rs 85 a share. Its NSE ID is EXCELINFO and BSE ID is 533090.
Excel Infoways IPO had received mild response from investors and was subscribed 1.87 times.
Non-institutional investors and retail investors helped the issue to get subscribed; their portion subscribed 5.3 times and 2.64 times, respectively.
The Excel Infoways IPO had opened on July 14, 2009. The price band was fixed at Rs 80-85 per share.
The company raised over Rs 48 crore from this issue and the issue constituted 26.77% of the fully diluted post issue paid up capital of the company. The promoters hold 70.52% post the issue.
The company will utilise the money received from the issue for setting up new facilities and for strategic investment or joint ventures. And the rest of the money will be utilised for general corporate purpose and issue expenses.
Income from operations for the year ended March 31, 2009 stood at Rs 18.60 crore as against Rs 23.09 crore. The profit after tax for the same period was at 14.85 crore versus Rs 14.34 crore.
Excel Infoways is a BPO (Business Process Outsourcing) and Customer Contact Center based in India. It provides offshore BPO services to clients primarily in telecommunications and financial sector.
Source: Moneycontrol.com
Excel Infoways IPO had received mild response from investors and was subscribed 1.87 times.
Non-institutional investors and retail investors helped the issue to get subscribed; their portion subscribed 5.3 times and 2.64 times, respectively.
The Excel Infoways IPO had opened on July 14, 2009. The price band was fixed at Rs 80-85 per share.
The company raised over Rs 48 crore from this issue and the issue constituted 26.77% of the fully diluted post issue paid up capital of the company. The promoters hold 70.52% post the issue.
The company will utilise the money received from the issue for setting up new facilities and for strategic investment or joint ventures. And the rest of the money will be utilised for general corporate purpose and issue expenses.
Income from operations for the year ended March 31, 2009 stood at Rs 18.60 crore as against Rs 23.09 crore. The profit after tax for the same period was at 14.85 crore versus Rs 14.34 crore.
Excel Infoways is a BPO (Business Process Outsourcing) and Customer Contact Center based in India. It provides offshore BPO services to clients primarily in telecommunications and financial sector.
Source: Moneycontrol.com
Adani IPO closes; likely to list around Aug 20
Adani Power IPO (initial public offering witnessed huge investors' interest and was subscribed 21.64 times. The issue received bids for more than 538 crore shares as against the issue size of 30,16,52,031 shares, as per the data available on the NSE website.
Qualified institutional investors have given strong response to the issue and their reserved portion was subscribed 39.5 times. Non-institutional and retail investors' portion subscribed 8.62 times and 2.97 times, respectively.
Amit Desai, Director of Adani Power said almost all bids were at upper end of the band, Rs 100 a share. The company, he said, was likely to list its shares around August 20, 2009
The price band was fixed between Rs 90 and Rs 100 per equity share. The net issue would constitute 13.47% of the post-issue paid-up equity share capital of the company.
The company intends to utilize the net proceeds of the issue to part finance the construction and development of Mundra Phase IV Power project for 1,980 MW and fund equity contribution in its subsidiary, Adani Power Maharashtra Limited, to part finance the construction and development cost of power project for 1,980 MW at Tiroda, Maharashtra.
Here is a verbatim transcript of the exclusive interview with Ameet Desai on CNBC-TV18. Also watch the accompanying video.
Q: Last we checked it was 14 times, what are your numbers suggesting?
A: As of 3 pm the overall number has gone close to 19 times – 18.85 times.
Q: How much of that is QIP? How much HNI and how much retail?
A: The QIP portion is oversubscribed by about 36 times. This is after the anchor investment allotment which has been done and HNI has gone past 4.5 times and retail is inching towards 2 times but of course I understand more bids will be uploaded between now and 5 pm for QIB and HNI and bankers are likely to seek little longer time for the retail bids update later in the evening.
Q: Where have most of the hits come at – the upper end of the band?
A: Almost 99% of the bids have come at Rs 100.
Q: So it seems likely that that is where you would choose to price the issue or because of this hefty subscription you will think of redoing it a little bit?
A: The bids have come at Rs 100 for most part of the issue and we would obviously now start discussing this issue with the investment banks but quite highly likely that we will go by where the bids flow has been.
Q: You placed two anchor investors at Rs 95, of course with the understanding that finally they would buy at the issue price but do you think it is likely that you may consider doing it at Rs 95 for goodwill – give Rs 5 to the investor or do you think you will make the anchor investors pay Rs 100?
A: All anchor investors have sent a separate communiqu̩ to the banks through which they came in that they would fully desire to participate at the rate at which the issue gets done. As such the regulation is that if we price the issue at Rs 100 Рthey pay the difference. So the fact that they have given the confirmation of Rs 100, they are not really looking at Rs 95.
Q: While you won’t get into specifics, just give a sense of the kind of names that have come into this QIB slot?
A: Very encouraging. Obviously the names would come out later but we have got demand from some of the highly respected long only investors from different parts of the world – Asia, Europe, US and domestic. So it is an extremely healthy combination in the book that we have been able to get as demand which is actually very gratifying.
Q: Does August 20 remain the proposed listing date if all goes well?
A: Absolutely. We are working towards that. The registrars and banks have been gearing up on that ever since the issue opened. So we surely are looking forward to list this scrip on August 20.
Q: How will you choose the institutions to which you will allot because there has been some talk that may be some of the institutions have got in for that flipping game – to buy now and to sell on listing day, can make a quick 10-25%? In that, would you be stringent on who you allot the stock to, so that these are slightly longer-term investors and not out for a quick buck?
A: This is not a discretionary allotment. This is a book built and at the price at which we priced the issue at that level whatever are the bids they get allotted in proportion of their application. So this becomes quite a non discretionary and very objective process.
Q: While you did indicate in your interview with Udayan a couple of days back that you’re not looking at any other fund raising mechanism, because of the kind of oversubscription you’ve got, would you look at tapping the market again to raise some money via QIP once you’re listed?
A: For Adani Power no. We do not need equity is what we have stated earlier and I think our objective was to raise this money for largely completing the equity funding of 6,600 megawatts. Balance money beyond what we need for 6,600 – a small proportion from IPO will go towards kick starting 3,300 megawatts and then we will finish that 3,300 megawatts from internal accruals. So a short answer to your question is no, we won’t come back to the market for Adani Power’s equity requirements.
Source: Moneycontrol.com
Qualified institutional investors have given strong response to the issue and their reserved portion was subscribed 39.5 times. Non-institutional and retail investors' portion subscribed 8.62 times and 2.97 times, respectively.
Amit Desai, Director of Adani Power said almost all bids were at upper end of the band, Rs 100 a share. The company, he said, was likely to list its shares around August 20, 2009
The price band was fixed between Rs 90 and Rs 100 per equity share. The net issue would constitute 13.47% of the post-issue paid-up equity share capital of the company.
The company intends to utilize the net proceeds of the issue to part finance the construction and development of Mundra Phase IV Power project for 1,980 MW and fund equity contribution in its subsidiary, Adani Power Maharashtra Limited, to part finance the construction and development cost of power project for 1,980 MW at Tiroda, Maharashtra.
Here is a verbatim transcript of the exclusive interview with Ameet Desai on CNBC-TV18. Also watch the accompanying video.
Q: Last we checked it was 14 times, what are your numbers suggesting?
A: As of 3 pm the overall number has gone close to 19 times – 18.85 times.
Q: How much of that is QIP? How much HNI and how much retail?
A: The QIP portion is oversubscribed by about 36 times. This is after the anchor investment allotment which has been done and HNI has gone past 4.5 times and retail is inching towards 2 times but of course I understand more bids will be uploaded between now and 5 pm for QIB and HNI and bankers are likely to seek little longer time for the retail bids update later in the evening.
Q: Where have most of the hits come at – the upper end of the band?
A: Almost 99% of the bids have come at Rs 100.
Q: So it seems likely that that is where you would choose to price the issue or because of this hefty subscription you will think of redoing it a little bit?
A: The bids have come at Rs 100 for most part of the issue and we would obviously now start discussing this issue with the investment banks but quite highly likely that we will go by where the bids flow has been.
Q: You placed two anchor investors at Rs 95, of course with the understanding that finally they would buy at the issue price but do you think it is likely that you may consider doing it at Rs 95 for goodwill – give Rs 5 to the investor or do you think you will make the anchor investors pay Rs 100?
A: All anchor investors have sent a separate communiqu̩ to the banks through which they came in that they would fully desire to participate at the rate at which the issue gets done. As such the regulation is that if we price the issue at Rs 100 Рthey pay the difference. So the fact that they have given the confirmation of Rs 100, they are not really looking at Rs 95.
Q: While you won’t get into specifics, just give a sense of the kind of names that have come into this QIB slot?
A: Very encouraging. Obviously the names would come out later but we have got demand from some of the highly respected long only investors from different parts of the world – Asia, Europe, US and domestic. So it is an extremely healthy combination in the book that we have been able to get as demand which is actually very gratifying.
Q: Does August 20 remain the proposed listing date if all goes well?
A: Absolutely. We are working towards that. The registrars and banks have been gearing up on that ever since the issue opened. So we surely are looking forward to list this scrip on August 20.
Q: How will you choose the institutions to which you will allot because there has been some talk that may be some of the institutions have got in for that flipping game – to buy now and to sell on listing day, can make a quick 10-25%? In that, would you be stringent on who you allot the stock to, so that these are slightly longer-term investors and not out for a quick buck?
A: This is not a discretionary allotment. This is a book built and at the price at which we priced the issue at that level whatever are the bids they get allotted in proportion of their application. So this becomes quite a non discretionary and very objective process.
Q: While you did indicate in your interview with Udayan a couple of days back that you’re not looking at any other fund raising mechanism, because of the kind of oversubscription you’ve got, would you look at tapping the market again to raise some money via QIP once you’re listed?
A: For Adani Power no. We do not need equity is what we have stated earlier and I think our objective was to raise this money for largely completing the equity funding of 6,600 megawatts. Balance money beyond what we need for 6,600 – a small proportion from IPO will go towards kick starting 3,300 megawatts and then we will finish that 3,300 megawatts from internal accruals. So a short answer to your question is no, we won’t come back to the market for Adani Power’s equity requirements.
Source: Moneycontrol.com
Friday, July 24, 2009
Subscribe to Adani Power IPO: Nirmal Bang
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.
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 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.
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
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
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