Manaksia, a multi division and multi location company focusing on manufacturing of value added metal products and metal packaging products, has ended the day with mild premium of 4.7% at Rs 164.70 as against its issue price of Rs 160. The stock has touched a high/low of Rs 212 in early trade on the NSE. Some profit booking during the day has pulled the stock below its issue price to hit a low of Rs 161.70.
It traded with volumes of 2,20,42,252 shares and the turnover was at Rs 394 crore.
It closed at Rs 168.10 on the BSE and traded with volumes of 1,22,02,270 shares on the BSE. The stock has touched a high/low of Rs 248.70 and Rs 161.55, respectively.
The company had come out with an initial public offering of 15,500,000 equity shares of Rs 2 each at a price band between Rs 140 and Rs 160 per equity share and subscribed 8.79 times. It has raised Rs 248 crore from this issue.
The company intended to use the net proceeds of the issue for expansion of metals business by purchase of capital equipment, prepayment of certain term debt and for general corporate purposes. The expansion of metals business includes addition of certain equipments for de-bottlenecking to aluminium rolling line at Haldia is aimed at production of higher value added products as well as improving efficiency of its present production.
Source: Moneycontrol.com
Showing posts with label Manaksia IPO. Show all posts
Showing posts with label Manaksia IPO. Show all posts
Wednesday, January 9, 2008
Monday, January 7, 2008
Manaksia to list on January 8
Manaksia, a multi division and multi location company focusing on manufacturing of value added metal products and metal packaging products, will list on the bourses with equity shares on Tuesday, January 08, 2008. The issue price has been fixed at Rs 160 per equity share. It has raised Rs 248 crore from this issue.
The company had come out with an initial public offering of 15,500,000 equity shares of Rs 2 each at a price band between Rs 140 and Rs 160 per equity share.
It had subscribed 8.79 times, according to data available on NSE website. Big support was seen from qualified institutional investors, their reserved portion subscribed 13.7 times followed by retail and HNIs with 5.09 times and 2.72 times, respectively.
The company intended to use the net proceeds of the issue for expansion of metals business by purchase of capital equipment, prepayment of certain term debt and for general corporate purposes. The expansion of metals business includes addition of certain equipments for de-bottlenecking to aluminium rolling line at Haldia is aimed at production of higher value added products as well as improving efficiency of its present production.
ICICI Securities is the book running lead manager for the issue. The equity shares of the company are presently listed on the CSE and the equity shares offered through this public issue are proposed to be listed on the BSE, NSE and the CSE.
Source: Moneycontrol.com
The company had come out with an initial public offering of 15,500,000 equity shares of Rs 2 each at a price band between Rs 140 and Rs 160 per equity share.
It had subscribed 8.79 times, according to data available on NSE website. Big support was seen from qualified institutional investors, their reserved portion subscribed 13.7 times followed by retail and HNIs with 5.09 times and 2.72 times, respectively.
The company intended to use the net proceeds of the issue for expansion of metals business by purchase of capital equipment, prepayment of certain term debt and for general corporate purposes. The expansion of metals business includes addition of certain equipments for de-bottlenecking to aluminium rolling line at Haldia is aimed at production of higher value added products as well as improving efficiency of its present production.
ICICI Securities is the book running lead manager for the issue. The equity shares of the company are presently listed on the CSE and the equity shares offered through this public issue are proposed to be listed on the BSE, NSE and the CSE.
Source: Moneycontrol.com
Wednesday, December 19, 2007
Manaksia IPO subscribed 9 times
Manaksia, a multi division and multi location company focusing on manufacturing of value added metal products and metal packaging products, will close for subscription today. It was subscribed 8.79 times, till 5 pm, according to data available on NSE website.
The public issue received bids for 13.62 crore equity shares as against 155 lakh shares on offer.
Support was seen from qualified institutional investors, their reserved portion subscribed 4.6 times, till yesterday.
The company had entered capital market with a public issue of up to 15,500,000 equity shares of Rs 2 each for cash at a price band of Rs 140 to Rs 160 per equity share.
The total issue would constitute 22.29% and net issue 22.15% of the fully diluted post issue paid up capital of the company, respectively.
The company intends to use the net proceeds of the issue for expansion of metals business by purchase of capital equipment, prepayment of certain term debt and for general corporate purposes. The expansion of metals business includes addition of certain equipments for de-bottlenecking to aluminium rolling line at Haldia is aimed at production of higher value added products as well as improving efficiency of its present production.
ICICI Securities is the book running lead manager for the issue. The equity shares of the company are presently listed on the CSE and the equity shares offered through this public issue are proposed to be listed on the BSE, NSE and the CSE.
Source: Moneycontrol.com
The public issue received bids for 13.62 crore equity shares as against 155 lakh shares on offer.
Support was seen from qualified institutional investors, their reserved portion subscribed 4.6 times, till yesterday.
The company had entered capital market with a public issue of up to 15,500,000 equity shares of Rs 2 each for cash at a price band of Rs 140 to Rs 160 per equity share.
The total issue would constitute 22.29% and net issue 22.15% of the fully diluted post issue paid up capital of the company, respectively.
The company intends to use the net proceeds of the issue for expansion of metals business by purchase of capital equipment, prepayment of certain term debt and for general corporate purposes. The expansion of metals business includes addition of certain equipments for de-bottlenecking to aluminium rolling line at Haldia is aimed at production of higher value added products as well as improving efficiency of its present production.
ICICI Securities is the book running lead manager for the issue. The equity shares of the company are presently listed on the CSE and the equity shares offered through this public issue are proposed to be listed on the BSE, NSE and the CSE.
Source: Moneycontrol.com
Tuesday, December 18, 2007
Subscribe to Manaksia with long term view
Keynote Capitals has come out with report on Manaksia IPO. The firm has recommended subscribing to the issue with long term view.
Manaksia, a multi division and multi location company focusing on manufacturing of value added metal products and metal packaging products, has opened for subscription with a public issue of up to 15,500,000 equity shares of Rs 2 each for cash at a price band of Rs 140 to Rs 160 per equity share.
Keynote Capitals report on Manaksia IPO
Recommendation - Subscribe with a long term view
* Manaksia is a multi-product company with a product portfolio that includes value-added metal products, metal packaging, mosquito coils and engineering.
* Manaksia has a wide footprint, with subsidiaries in India, UAE, Nigeria and Ghana. We view the geographic footprint, in India and in Nigeria, as a positive. Nigeria, which offers benefits like low raw material prices and fiscal incentives, accounts for as much as 45% of total revenues.
* Its operations are spread across 15 manufacturing units in India and 3 international units in Africa, thereby exploiting the location advantages of raw material procurement, fiscal incentives, proximity to customer resulting in reduction in logistic costs and delivery time.
* Manaksia has successfully been able to integrate certain parts of its operations across a number of products. It has reduced third party dependence for procuring raw materials, leading to cost reductions and better product quality.
* In FY07, metal products constituted 72.5% of aggregate revenues. Going forward, we expect the dominance of metal products to continue, as it further expands its capacity out of the IPO proceeds.
* It plans to achieve vertical integration by setting up a steel cold rolling plant of 50,000tpa at Haldia, West Bengal, expected to be completed by December '07. This will provide raw material for its plants for galvanized operations located at Bankura and Nigeria.
* Production of mosquito coils lacks synergies with the core business of metal products. Even the core business has an erratic track record of revenue growth.
* The IPO is priced at 10.3x FY08E and 8.0x FY09E earnings and EV/EBIDTA of 7.6x and 5.8x for FY08E and FY09E respectively. Though the valuation appears to be at a discount to peers, we believe the discount is justified, as peers Bhushan Steel and JSW Steel both have captive power plants. Investors may consider this IPO with a long term view only.
Investment Concerns
* Lacks backward integration as it is not self sufficient in iron ore, coal, alumina resources and has no captive power generation capacity.
* Any change in incentive policy/structure may impact profitability.
* Nigeria accounting for 45% of FY07 sales, any currency rate fluctuation may impact earnings.
Source: Moneycontrol.com
Manaksia, a multi division and multi location company focusing on manufacturing of value added metal products and metal packaging products, has opened for subscription with a public issue of up to 15,500,000 equity shares of Rs 2 each for cash at a price band of Rs 140 to Rs 160 per equity share.
Keynote Capitals report on Manaksia IPO
Recommendation - Subscribe with a long term view
* Manaksia is a multi-product company with a product portfolio that includes value-added metal products, metal packaging, mosquito coils and engineering.
* Manaksia has a wide footprint, with subsidiaries in India, UAE, Nigeria and Ghana. We view the geographic footprint, in India and in Nigeria, as a positive. Nigeria, which offers benefits like low raw material prices and fiscal incentives, accounts for as much as 45% of total revenues.
* Its operations are spread across 15 manufacturing units in India and 3 international units in Africa, thereby exploiting the location advantages of raw material procurement, fiscal incentives, proximity to customer resulting in reduction in logistic costs and delivery time.
* Manaksia has successfully been able to integrate certain parts of its operations across a number of products. It has reduced third party dependence for procuring raw materials, leading to cost reductions and better product quality.
* In FY07, metal products constituted 72.5% of aggregate revenues. Going forward, we expect the dominance of metal products to continue, as it further expands its capacity out of the IPO proceeds.
* It plans to achieve vertical integration by setting up a steel cold rolling plant of 50,000tpa at Haldia, West Bengal, expected to be completed by December '07. This will provide raw material for its plants for galvanized operations located at Bankura and Nigeria.
* Production of mosquito coils lacks synergies with the core business of metal products. Even the core business has an erratic track record of revenue growth.
* The IPO is priced at 10.3x FY08E and 8.0x FY09E earnings and EV/EBIDTA of 7.6x and 5.8x for FY08E and FY09E respectively. Though the valuation appears to be at a discount to peers, we believe the discount is justified, as peers Bhushan Steel and JSW Steel both have captive power plants. Investors may consider this IPO with a long term view only.
Investment Concerns
* Lacks backward integration as it is not self sufficient in iron ore, coal, alumina resources and has no captive power generation capacity.
* Any change in incentive policy/structure may impact profitability.
* Nigeria accounting for 45% of FY07 sales, any currency rate fluctuation may impact earnings.
Source: Moneycontrol.com
Monday, December 17, 2007
Experts say apply for Manaksia issue
Manaksia, a multi division and multi location company focusing on manufacturing of value added metal products and metal packaging products, is open for subscription with a public issue of up to 15,500,000 equity shares of Rs 2 each for cash at a price band of Rs 140 to Rs 160 per equity share.
The issue will close for subscription on December 19, 2007. After allowing for reservation of up to 100,000 equity shares for the company's eligible employees, the net issue to the public will be up to 15,400,000 equity shares.
The total issue would constitute 22.29% and net issue 22.15% of the fully diluted post issue paid up capital of the company, respectively.
The company intends to use the net proceeds of the issue for expansion of metals business by purchase of capital equipment, prepayment of certain term debt and for general corporate purposes. The expansion of metals business includes addition of certain equipments for de-bottlenecking to aluminium rolling line at Haldia is aimed at production of higher value added products as well as improving efficiency of its present production.
ICICI Securities is the book running lead manager for the issue. The equity shares of the company are presently listed on the CSE and the equity shares offered through this public issue are proposed to be listed on the BSE, NSE and the CSE.
It has fifteen manufacturing units in India and three abroad; two in Nigeria and one in Ghana. The company's business can be categorized into (a) metal products; (b) packaging products; (c) mosquito coils; and (d) engineering and others.
Source: Moneycontrol.com
The issue will close for subscription on December 19, 2007. After allowing for reservation of up to 100,000 equity shares for the company's eligible employees, the net issue to the public will be up to 15,400,000 equity shares.
The total issue would constitute 22.29% and net issue 22.15% of the fully diluted post issue paid up capital of the company, respectively.
The company intends to use the net proceeds of the issue for expansion of metals business by purchase of capital equipment, prepayment of certain term debt and for general corporate purposes. The expansion of metals business includes addition of certain equipments for de-bottlenecking to aluminium rolling line at Haldia is aimed at production of higher value added products as well as improving efficiency of its present production.
ICICI Securities is the book running lead manager for the issue. The equity shares of the company are presently listed on the CSE and the equity shares offered through this public issue are proposed to be listed on the BSE, NSE and the CSE.
It has fifteen manufacturing units in India and three abroad; two in Nigeria and one in Ghana. The company's business can be categorized into (a) metal products; (b) packaging products; (c) mosquito coils; and (d) engineering and others.
Source: Moneycontrol.com
Subscribe to:
Posts (Atom)
