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
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
Saturday, June 27, 2009
Mahindra Holidays IPO receives solid response: subscribed 9.74 times
Mahindra Holidays IPO receives bids for 9.02 crore shares as against 92.65 lakh shares on offer.
Mahindra Holidays & Resorts India initial public offer was subscribed 9.74 times on the last day of subscription today as per the data on NSE website at 17:00 IST. The issue which opened for subscription on 23 June 2009 got bids for 9.02 crore shares as against 92.65 lakh shares on offer.
The company's 92.65 lakh public issue represents 11% of the post-issue paid up capital. The Mahindra Holidays IPO price band is Rs 275-Rs 325.
Mahindra Holidays & Resorts India runs the shared vacation home business, Club Mahindra Holidays. India's largest tractor maker by sales Mahindra & Mahindra holds 93.64% in the company.
The Mahindra Holidays IPO proceeds will be utilised in expanding current properties and adding five new properties at Kumbalgarh in Rajasthan, Kadambakkam in Tamil Nadu, Binsar in Uttaranchal, Theog in Himachal Pradesh, and Tungi in Maharashtra.
Mahindra Holidays & Resorts India, a unit of Mahindra & Mahindra, had raised nearly Rs 120 crore by selling 2% stake to State Bank of India and 1% stake to Jacob Ballas India Fund in February 2008. The transaction had taken place at Rs 479 a share.
The company's net profit fell 5% to Rs 79.80 crore on 11% rise in sales to Rs 393.19 crore in the year ended March 2009 over the year ended March 2008.
Source: CapitalMarket.com
Mahindra Holidays & Resorts India initial public offer was subscribed 9.74 times on the last day of subscription today as per the data on NSE website at 17:00 IST. The issue which opened for subscription on 23 June 2009 got bids for 9.02 crore shares as against 92.65 lakh shares on offer.
The company's 92.65 lakh public issue represents 11% of the post-issue paid up capital. The Mahindra Holidays IPO price band is Rs 275-Rs 325.
Mahindra Holidays & Resorts India runs the shared vacation home business, Club Mahindra Holidays. India's largest tractor maker by sales Mahindra & Mahindra holds 93.64% in the company.
The Mahindra Holidays IPO proceeds will be utilised in expanding current properties and adding five new properties at Kumbalgarh in Rajasthan, Kadambakkam in Tamil Nadu, Binsar in Uttaranchal, Theog in Himachal Pradesh, and Tungi in Maharashtra.
Mahindra Holidays & Resorts India, a unit of Mahindra & Mahindra, had raised nearly Rs 120 crore by selling 2% stake to State Bank of India and 1% stake to Jacob Ballas India Fund in February 2008. The transaction had taken place at Rs 479 a share.
The company's net profit fell 5% to Rs 79.80 crore on 11% rise in sales to Rs 393.19 crore in the year ended March 2009 over the year ended March 2008.
Source: CapitalMarket.com
Thursday, June 25, 2009
Adani Power IPO to hit markets on 20th July
SEBI has given green signal to Adani Power Limited’s initial public offer (IPO). The company is expected to hit the capital market on 20th July. APL, which had postponed its IPO due to bad market condition in September 2008, is now planning to raise over Rs 3,000 crore for financing its 6600 MW power plants at Mundra and Tiroda in Gujarat and Maharashtra respectively.As per the plan, Adani Power Limited is offering 33.77 crore equity shares through the IPO. The company is expected to charge a premium of around Rs 120 per share of Rs 10, sources familiar with the situation said.
At present, the promoters hold 87 per cent equity in the company. Post IPO, the promoters will have around 73.5 per cent holding as it is raising an additional 15 per cent equity through IPO. It may be pointed out that a UK based private equity fund has already picked up 8 per cent equity in the company.
Source: greymarket.in
Mahindra Holidays IPO subscribed 0.86 times
Mahindra Holidays and Resorts India (MHRIL), a part of the Mahindra Group, opened for subscrption with an initial public offering (IPO) of 92,65,275 equity shares of Rs 10 each for cash at a price to be decided through a 100% book-building process. The issue was subscribed 0.86 times, till 5 pm on June 25 - the third day - as per the data available on the NSE website.Mahindra Holidays IPO has received bids for 79,58,540 shares as against issue size of 92,65,275 shares.
Qualified institutional investors gave good response to the issue compared to retail and domestic institutional investors; their portion subscribed 0.63 times, till June 24.
The bid/ issue will close on June 26, 2009. The Mahindra Holidays IPO price band has been fixed at Rs 275-325 per share. The size of the issue stands Rs 301 crore at the upper end of the price band and Rs 255 crore at the lower end of the band. M&M (Mahindra and Mahindra) will raise Rs 90.7-123 crore from the sale of 33 lakh shares and it will hold 83% of the Mahindra Holidays post issue.
The issue comprises a fresh issue of 58,96,084 equity shares and an offer for sale of 33,69,191 equity shares by Mahindra and Mahindra (the "selling shareholder"). The issue would constitute 11.0% of the fully diluted post-issue paid-up capital of the company.
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) is Kotak Mahindra Capital Company Limited. HSBC Securities & Capital Markets (India) Private Limited and SBI Capital Markets are the BRLMs. The equity shares are proposed to be listed on the Nationa
Source: MoneyControl.com
Rishabhdev Technocables IPO to list on June 29
After receiving fabulous response to the follow-on public offer (FPO), Rishabhdev Technocables will list its equity shares on the BSE on June 29, 2009. It has been fixed its FPO issue price at Rs 33 a share (including Rs 23 premium) and raised over Rs 29.70 crore.
The Rishabhdev Technocables IPO had opened for subscription between June 4 and June 9, 2009. It was subscribed 7.76 times, as per data available on the NSE website.
Rishabhdev Technocables is specialized, controlled and power cables manufacturer promoted by Sunil Golchha. The funds are being raised to finance the setting up of a brand new, low voltage power cables plant at Silvassa. Machinery for this plant has been ordered and the plant is expected to go on stream by the end of the year.
The company currently has two units in Daman, one for specialized cables and the other for controlled cables and smaller size power cables. Additional facilities are being added to both units to make them more cost efficient. The Company has a blue-chip clientele which includes Tata Power, Grasim, Reliance, Essar, Siemens, Sanghi, Alok Industries and Welspun, among others.
Its shares are currently listed on the Pune and Jaipur stock exchanges and the company now proposed to list on Bombay Stock Exchange.
The book running lead managers were IDBI Capital Market Services and PL Capital Markets Pvt. Ltd. while the co-book running lead manager was Ashika Capital Ltd.
Source: MoneyControl.com
The Rishabhdev Technocables IPO had opened for subscription between June 4 and June 9, 2009. It was subscribed 7.76 times, as per data available on the NSE website.
Rishabhdev Technocables is specialized, controlled and power cables manufacturer promoted by Sunil Golchha. The funds are being raised to finance the setting up of a brand new, low voltage power cables plant at Silvassa. Machinery for this plant has been ordered and the plant is expected to go on stream by the end of the year.
The company currently has two units in Daman, one for specialized cables and the other for controlled cables and smaller size power cables. Additional facilities are being added to both units to make them more cost efficient. The Company has a blue-chip clientele which includes Tata Power, Grasim, Reliance, Essar, Siemens, Sanghi, Alok Industries and Welspun, among others.
Its shares are currently listed on the Pune and Jaipur stock exchanges and the company now proposed to list on Bombay Stock Exchange.
The book running lead managers were IDBI Capital Market Services and PL Capital Markets Pvt. Ltd. while the co-book running lead manager was Ashika Capital Ltd.
Source: MoneyControl.com
Wednesday, June 24, 2009
Subscribe to Mahindra Holidays IPO: Angel Broking
Angel Broking has come out with its research report on Mahindra Holidays and Resorts India's initial public offering (IPO). Mahindra Holidays has opened for subscription with an IPO of 92,65,275 equity shares of Rs 10 each, at a price band of Rs 275-325 a share. The issue will close on June 26, 2009. The research firm has recommended investors to subscribe the issue albeit at the lower end of the price band.
Angel's report on Mahindra Holidays’ IPO:
Through this IPO, which also involves an offer for sale by the promoter company M&M, MHRIL intends to finance expansion of its resorts in Coorg, Ooty and Ashtamudi, and for setting up new ones in Tungi and Theog. However, MHRIL is being priced at a ‘considerable’ premium to the other listed hospitality players, who already have premium properties. Nonetheless, we believe that the good reputation enjoyed by the promoter group, justifies the premium valuation for the company to an extent, and hence we expect the IPO to be received well in the primary market. Also, in a pre-IPO placement that was done in February 2008, State Bank of India (SBI) and Jacob Ballas picked up 3% stake in the company at Rs 479 per share, which had valued MHRIL at USD1billion.
On the lower and upper end of the IPO price band, the stock would quote at 15.2x and 17.9x its post diluted FY2011E Earnings. On the basis of our workings on profits earned per member, we have arrived at a value of Rs 2,494 crore for the business, which translates into a per share value of Rs 296. Hence, we recommend a Subscribe on the IPO albeit at the lower end of the price band. Assumptions in our model: 1) Average revenue per member of Rs 2,25,000; 2) Estimated capex of Rs 34,200 to be made per member addition; 3) Marketing costs of Rs 75,000 per new member, and 4) Cost of providing service for the next 25 years Rs 63,925 per new member.
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
Angel's report on Mahindra Holidays’ IPO:
Through this IPO, which also involves an offer for sale by the promoter company M&M, MHRIL intends to finance expansion of its resorts in Coorg, Ooty and Ashtamudi, and for setting up new ones in Tungi and Theog. However, MHRIL is being priced at a ‘considerable’ premium to the other listed hospitality players, who already have premium properties. Nonetheless, we believe that the good reputation enjoyed by the promoter group, justifies the premium valuation for the company to an extent, and hence we expect the IPO to be received well in the primary market. Also, in a pre-IPO placement that was done in February 2008, State Bank of India (SBI) and Jacob Ballas picked up 3% stake in the company at Rs 479 per share, which had valued MHRIL at USD1billion.
On the lower and upper end of the IPO price band, the stock would quote at 15.2x and 17.9x its post diluted FY2011E Earnings. On the basis of our workings on profits earned per member, we have arrived at a value of Rs 2,494 crore for the business, which translates into a per share value of Rs 296. Hence, we recommend a Subscribe on the IPO albeit at the lower end of the price band. Assumptions in our model: 1) Average revenue per member of Rs 2,25,000; 2) Estimated capex of Rs 34,200 to be made per member addition; 3) Marketing costs of Rs 75,000 per new member, and 4) Cost of providing service for the next 25 years Rs 63,925 per new member.
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
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