Titagarh Wagons (TWL), a private sector railway wagon manufacturer in India, closed at Rs 706.85, a gain 30.90% or Rs 166.85 as against its issue price of Rs 540 on the NSE. The stock has hit an intraday high of Rs 734.70 and an intraday low of Rs 540. The total traded quantity was 5384,541 shares and the turnover was at Rs 369 crore.
In an interview with CNBC-TV18, Umesh Chaudhry, Managing Director of Titagrah Wagons said that the railways had announced that they would be buying 20,000 wagons from Titagarh Wagons in FY09. Wagons have contributed to 80% of the company’s revenues, he said.
The share rose 30.96% to settle at 707.20, with volumes of 53,47,556 shares on the BSE. It has touched an intraday high/low of Rs 734.40 and Rs 550, respectively.
The company had come out with its initial public offering (IPO) of 23,83,768 equity shares of Rs 10 for cash at a price determined through 100% book building process. The issue was subscribed to 6.75 times.
It is a private sector railway wagon manufacturer in India, primarily engaged in the business of manufacturing railway wagons, heavy earth moving and mining equipment, bailey bridges, steel and SG iron castings.
Source: Moneycontrol.com
Showing posts with label Titagarh Wagons IPO. Show all posts
Showing posts with label Titagarh Wagons IPO. Show all posts
Monday, April 21, 2008
Thursday, April 17, 2008
What experts say about Titagarh Wagons listing?
Titagarh Wagons (TWL), a private sector railway wagon manufacturer in India, primarily engaged in the business of manufacturing railway wagons, heavy earth moving and mining equipment, bailey bridges, steel and SG iron castings, will list on the bourses with its equity shares on April 21, 2008.
According to Investment Advisor, S P Tulsian, "Titagarh Wagons having issued shares at Rs 540 is likely to list at Rs 565. Investors are advised to remain invested and go for profit booking above Rs 600."
R S Iyer of KR Choksey Securities said, "It is expected to list around its issue price but operators (like they did for Sita Shree Foods) will push the stock around Rs 650. Investors should use that opportunity to sell the stock."
It has been fixed the issue price at Rs 540 per equity share for its initial public offering (IPO) of 23,83,768 equity shares of Rs 10 for cash at a price determined through 100% book building process.
The issue was subscribed to 6.75 times. The qualified institutional bidders portion was subscribed approximately 10.37 times; non institutional bidder portion - 2.77 times; and retail bidder portion - 0.98 times.
Source: Moneycontrol.com
According to Investment Advisor, S P Tulsian, "Titagarh Wagons having issued shares at Rs 540 is likely to list at Rs 565. Investors are advised to remain invested and go for profit booking above Rs 600."
R S Iyer of KR Choksey Securities said, "It is expected to list around its issue price but operators (like they did for Sita Shree Foods) will push the stock around Rs 650. Investors should use that opportunity to sell the stock."
It has been fixed the issue price at Rs 540 per equity share for its initial public offering (IPO) of 23,83,768 equity shares of Rs 10 for cash at a price determined through 100% book building process.
The issue was subscribed to 6.75 times. The qualified institutional bidders portion was subscribed approximately 10.37 times; non institutional bidder portion - 2.77 times; and retail bidder portion - 0.98 times.
Source: Moneycontrol.com
Wednesday, April 16, 2008
Titagarh Wagons to list on April 21
Titagarh Wagons (TWL), a private sector railway wagon manufacturer in India, primarily engaged in the business of manufacturing railway wagons, heavy earth moving and mining equipment, bailey bridges, steel and SG iron castings, will list on the bourses with its equity shares on April 21, 2008.
It has been fixed the issue price at Rs 540 per equity share for its initial public offering (IPO) of 23,83,768 equity shares of Rs 10 for cash at a price determined through 100% book building process.
The issue was subscribed to 6.75 times. The qualified institutional bidders portion was subscribed approximately 10.37 times; non institutional bidder portion - 2.77 times; and retail bidder portion - 0.98 times.
The objects of the issue were to utilise the proceeds of the fresh issue towards the purposes of a) Setting up an EMU manufacturing facility at Uttarpara unit; b) Modernising and expanding the existing facilities at Titagarh and Uttarpara units; c) Setting up an axle machining and wheelset assembly facility at Uttarpara unit; d) Constructing a corporate office and a design cum research and development office; e) Strategic acquisition or investments; f) Brand building exercise; and g) general corporate purposes.
The book running lead manager to the issue is Kotak Mahindra Capital Company Limited and the co-book running lead manager is JM Financial Consultants Private Limited.
Source: Moneycontrol.com
It has been fixed the issue price at Rs 540 per equity share for its initial public offering (IPO) of 23,83,768 equity shares of Rs 10 for cash at a price determined through 100% book building process.
The issue was subscribed to 6.75 times. The qualified institutional bidders portion was subscribed approximately 10.37 times; non institutional bidder portion - 2.77 times; and retail bidder portion - 0.98 times.
The objects of the issue were to utilise the proceeds of the fresh issue towards the purposes of a) Setting up an EMU manufacturing facility at Uttarpara unit; b) Modernising and expanding the existing facilities at Titagarh and Uttarpara units; c) Setting up an axle machining and wheelset assembly facility at Uttarpara unit; d) Constructing a corporate office and a design cum research and development office; e) Strategic acquisition or investments; f) Brand building exercise; and g) general corporate purposes.
The book running lead manager to the issue is Kotak Mahindra Capital Company Limited and the co-book running lead manager is JM Financial Consultants Private Limited.
Source: Moneycontrol.com
Wednesday, April 2, 2008
Titagarh Wagons fixes issue price at Rs 540/share
Titagarh Wagons (TWL), a private sector railway wagon manufacturer in India, primarily engaged in the business of manufacturing railway wagons, heavy earth moving and mining equipment, bailey bridges, steel and SG iron castings, has fixed the issue price at Rs 540 per equity share for its initial public offering (IPO) of 23,83,768 equity shares of Rs 10 for cash at a price determined through 100% book building process.
The issue closed on March 27, 2008, and was subscribed to 6.75 times based on the preliminary bidding data received from the stock exchanges on the closing day. The qualified institutional bidders portion was subscribed approximately 10.37 times; the non institutional bidder portion was subscribed approximately 2.77 times; and the retail bidder portion was subscribed approximately 0.98 times. The company proposes to list its equity shares on the Bombay Stock Exchange and the National Stock Exchange.
The issue comprises a fresh issue of 20,68,111 equity shares and an offer for sale of 3,15,657 equity shares by Mrs Rashmi Chowdhary and Strategic Ventures Fund (Mauritius) Limited (the selling shareholders). The issue consists of a net issue of 23,68,768 equity shares and a reservation of up to 15,000 equity shares for subscription by eligible employees. The net issue constitutes 12.8% of the post issue capital of the company.
The objects of the issue are to utilise the proceeds of the fresh issue towards the purposes of a) Setting up an EMU manufacturing facility at Uttarpara unit; b) Modernising and expanding the existing facilities at Titagarh and Uttarpara units; c) Setting up an axle machining and wheelset assembly facility at Uttarpara unit; d) Constructing a corporate office and a design cum research and development office; e) Strategic acquisition or investments; f) Brand building exercise; and g) general corporate purposes.
The Company is structured along three broad business lines: a) wagon manufacturing division, b) special projects division (includes defence, bailey bridges and other fabricated equipment) and c) heavy earth moving and mining equipment division.
The book running lead manager to the issue is Kotak Mahindra Capital Company Limited and the co-book running lead manager is JM Financial Consultants Private Limited.
Source: Moneycontrol.com
The issue closed on March 27, 2008, and was subscribed to 6.75 times based on the preliminary bidding data received from the stock exchanges on the closing day. The qualified institutional bidders portion was subscribed approximately 10.37 times; the non institutional bidder portion was subscribed approximately 2.77 times; and the retail bidder portion was subscribed approximately 0.98 times. The company proposes to list its equity shares on the Bombay Stock Exchange and the National Stock Exchange.
The issue comprises a fresh issue of 20,68,111 equity shares and an offer for sale of 3,15,657 equity shares by Mrs Rashmi Chowdhary and Strategic Ventures Fund (Mauritius) Limited (the selling shareholders). The issue consists of a net issue of 23,68,768 equity shares and a reservation of up to 15,000 equity shares for subscription by eligible employees. The net issue constitutes 12.8% of the post issue capital of the company.
The objects of the issue are to utilise the proceeds of the fresh issue towards the purposes of a) Setting up an EMU manufacturing facility at Uttarpara unit; b) Modernising and expanding the existing facilities at Titagarh and Uttarpara units; c) Setting up an axle machining and wheelset assembly facility at Uttarpara unit; d) Constructing a corporate office and a design cum research and development office; e) Strategic acquisition or investments; f) Brand building exercise; and g) general corporate purposes.
The Company is structured along three broad business lines: a) wagon manufacturing division, b) special projects division (includes defence, bailey bridges and other fabricated equipment) and c) heavy earth moving and mining equipment division.
The book running lead manager to the issue is Kotak Mahindra Capital Company Limited and the co-book running lead manager is JM Financial Consultants Private Limited.
Source: Moneycontrol.com
Thursday, March 27, 2008
Titagarh Wagons IPO subscribed 6.75 times
The initial public offering of a private sector railway wagon manufacturer, Titagarh Wagons (TWL), has subscribed 6.75 times. It has received bids for 1.60 crore shares as against 23.83 lakh shares on public offer, till 5.30 pm today.
Till now, qualified institutional investors have supported the issue, their reserved portion of 14.21 lakh shares received bids for 1.47 crore shares and got subscribed 10.36 times.
The issue will close on March 27, 2008. The price band is between Rs 540 and Rs 610 per equity share. The net issue will constitute 12.8% of the post issue capital of the company.
It is primarily engaged in the business of manufacturing railway wagons, heavy earth moving and mining equipment, bailey bridges, steel and SG iron castings.
The objects of the Issue are to utilise the proceeds of the Fresh Issue towards the purposes of a) Setting up an EMU manufacturing facility at Uttarpara unit, b) Modernising and expanding the existing facilities at Titagarh and Uttarpara units, c) Setting up an axle machining and wheelset assembly facility at Uttarpara unit, d) Constructing a corporate office and a design cum research and development office, e) Strategic acquisition or investments, f) Brand building exercise and g) General corporate purposes.
The Company proposes to list its equity shares on the Bombay Stock Exchange and the National Stock Exchange. The book running lead manager to the issue is Kotak Mahindra Capital Company Limited and the co-book running lead manager is JM Financial Consultants Private Limited.
Source: Moneycontrol.com
Till now, qualified institutional investors have supported the issue, their reserved portion of 14.21 lakh shares received bids for 1.47 crore shares and got subscribed 10.36 times.
The issue will close on March 27, 2008. The price band is between Rs 540 and Rs 610 per equity share. The net issue will constitute 12.8% of the post issue capital of the company.
It is primarily engaged in the business of manufacturing railway wagons, heavy earth moving and mining equipment, bailey bridges, steel and SG iron castings.
The objects of the Issue are to utilise the proceeds of the Fresh Issue towards the purposes of a) Setting up an EMU manufacturing facility at Uttarpara unit, b) Modernising and expanding the existing facilities at Titagarh and Uttarpara units, c) Setting up an axle machining and wheelset assembly facility at Uttarpara unit, d) Constructing a corporate office and a design cum research and development office, e) Strategic acquisition or investments, f) Brand building exercise and g) General corporate purposes.
The Company proposes to list its equity shares on the Bombay Stock Exchange and the National Stock Exchange. The book running lead manager to the issue is Kotak Mahindra Capital Company Limited and the co-book running lead manager is JM Financial Consultants Private Limited.
Source: Moneycontrol.com
Await listing of Titagarh Wagons
Keynote Capitals has come out with report on Titagarh Wagons' IPO. It has recommended investors to await listing.
It has opened for subscription with its initial public offering (IPO) of 2.383 million Equity Shares of face value Rs 10 each. The issue will close on March 27, 2008. The price band has been fixed at Rs 540 to Rs 610 per equity share.
Keynote Capitals' report on Titagarh Wagons IPO
* Titagarh Wagons (TWL) is predominantly a railway wagon manufacturer (80% of FY07 sales) catering to the needs of Indian Railways (IRs) and non-Indian Railways customers (NIRs).
* In order to de-risk its business model, TWL is diversifying into earth moving and mining equipment. Further, it has acquired a steel foundry and is in the process of setting up a wheelset assembly and axle machining shop, leading to backward integration.
* In order to develop aluminium wagons which are lighter and more efficient than the steel wagons, TWL has signed a JV with FreightCar America, a leading manufacturer of wagons.
* The healthy order book of Rs 753 crore will get reflected in the financials in the next two years. Also the strong balance sheet with low post-issue gearing of 0.09x would help in exploring new opportunities including acquisitions.However,the industry’s pricing power may be under pressure going forward, which may cap margin expansion.
* The revenue and net earnings saw aggressive growth during FY04-07, at CAGR of 69.6% and 90% respectively. Due to the higher base, expect growth trajectory to taper off (CAGR of 39.5% and 34.9%) over FY07-10.
* Concerns include poor track record of the promoter group in shareholder wealth creation (no dividends from group companies Continental Valves Ltd. and Titagarh Steels Ltd.) and also poor corporate governance track record (delisting of Continental Valves Ltd. from the BSE during 1999-2003).
Valuation:
The IPO pricing, at 18.5x FY09 and 15.7x FY10 earnings, is expensive vis-à-vis domestic peer Texmaco (16.5x FY09 and 12.5x FY10) and larger global peers FreightCar America (14.8x FY09 and 12.7x FY10) and American Rail Industries (9.5x FY09 and 8.7x FY10). Given the robust growth prospects of the industry and strong company fundamentals, we recommend investors to await listing.
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
It has opened for subscription with its initial public offering (IPO) of 2.383 million Equity Shares of face value Rs 10 each. The issue will close on March 27, 2008. The price band has been fixed at Rs 540 to Rs 610 per equity share.
Keynote Capitals' report on Titagarh Wagons IPO
* Titagarh Wagons (TWL) is predominantly a railway wagon manufacturer (80% of FY07 sales) catering to the needs of Indian Railways (IRs) and non-Indian Railways customers (NIRs).
* In order to de-risk its business model, TWL is diversifying into earth moving and mining equipment. Further, it has acquired a steel foundry and is in the process of setting up a wheelset assembly and axle machining shop, leading to backward integration.
* In order to develop aluminium wagons which are lighter and more efficient than the steel wagons, TWL has signed a JV with FreightCar America, a leading manufacturer of wagons.
* The healthy order book of Rs 753 crore will get reflected in the financials in the next two years. Also the strong balance sheet with low post-issue gearing of 0.09x would help in exploring new opportunities including acquisitions.However,the industry’s pricing power may be under pressure going forward, which may cap margin expansion.
* The revenue and net earnings saw aggressive growth during FY04-07, at CAGR of 69.6% and 90% respectively. Due to the higher base, expect growth trajectory to taper off (CAGR of 39.5% and 34.9%) over FY07-10.
* Concerns include poor track record of the promoter group in shareholder wealth creation (no dividends from group companies Continental Valves Ltd. and Titagarh Steels Ltd.) and also poor corporate governance track record (delisting of Continental Valves Ltd. from the BSE during 1999-2003).
Valuation:
The IPO pricing, at 18.5x FY09 and 15.7x FY10 earnings, is expensive vis-à-vis domestic peer Texmaco (16.5x FY09 and 12.5x FY10) and larger global peers FreightCar America (14.8x FY09 and 12.7x FY10) and American Rail Industries (9.5x FY09 and 8.7x FY10). Given the robust growth prospects of the industry and strong company fundamentals, we recommend investors to await listing.
Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
Source: Moneycontrol.com
Monday, March 24, 2008
Experts reaction mixed on Titagarh Wagons IPO
Titagarh Wagons (TWL), a private sector railway wagon manufacturer in India, primarily engaged in the business of manufacturing railway wagons, heavy earth moving and mining equipment, bailey bridges, steel and SG iron castings, has opened for subscription with its initial public offering (IPO) of 23,83,768 equity shares of Rs 10 for cash at a price to be determined through 100% book building process. The issue will close on March 27, 2008. The price band has been fixed between Rs 540 and Rs 610 per equity share.
The issue comprises a fresh issue of 20,68,111 equity shares and an offer for sale of 3,15,657 equity shares by Mrs Rashmi Chowdhary and Strategic Ventures Fund (Mauritius) Limited (the selling shareholders). The issue consists of a net issue of 23,68,768 equity shares and a reservation of up to 15,000 equity shares for subscription by eligible employees. The net issue will constitute 12.8% of the post issue capital of the company.
The objects of the Issue are to utilise the proceeds of the Fresh Issue towards the purposes of a) Setting up an EMU manufacturing facility at Uttarpara unit, b) Modernising and expanding the existing facilities at Titagarh and Uttarpara units, c) Setting up an axle machining and wheelset assembly facility at Uttarpara unit, d) Constructing a corporate office and a design cum research and development office, e) Strategic acquisition or investments, f) Brand building exercise and g) General corporate purposes.
The order book of the cmpany stands at Rs 7,531.1 million with the rolling stock division constituting nearly Rs 6,693.9 million as on January 31, 2008.
The Company proposes to list its equity shares on the Bombay Stock Exchange and the National Stock Exchange. The book running lead manager to the issue is Kotak Mahindra Capital Company Limited and the co-book running lead manager is JM Financial Consultants Private Limited.
Source: Moneycontrol.com
The issue comprises a fresh issue of 20,68,111 equity shares and an offer for sale of 3,15,657 equity shares by Mrs Rashmi Chowdhary and Strategic Ventures Fund (Mauritius) Limited (the selling shareholders). The issue consists of a net issue of 23,68,768 equity shares and a reservation of up to 15,000 equity shares for subscription by eligible employees. The net issue will constitute 12.8% of the post issue capital of the company.
The objects of the Issue are to utilise the proceeds of the Fresh Issue towards the purposes of a) Setting up an EMU manufacturing facility at Uttarpara unit, b) Modernising and expanding the existing facilities at Titagarh and Uttarpara units, c) Setting up an axle machining and wheelset assembly facility at Uttarpara unit, d) Constructing a corporate office and a design cum research and development office, e) Strategic acquisition or investments, f) Brand building exercise and g) General corporate purposes.
The order book of the cmpany stands at Rs 7,531.1 million with the rolling stock division constituting nearly Rs 6,693.9 million as on January 31, 2008.
The Company proposes to list its equity shares on the Bombay Stock Exchange and the National Stock Exchange. The book running lead manager to the issue is Kotak Mahindra Capital Company Limited and the co-book running lead manager is JM Financial Consultants Private Limited.
Source: Moneycontrol.com
Friday, March 14, 2008
Titagarh Wagons IPO opens on Mar 24, price band Rs 540-610
Titagarh Wagons is entering capital market with an initial public offering, IPO of 24.87 lakh shares, including fresh sale of 3.15 lakh shares by Mrs Savitri Devi and Strategic Ventures Fund (Mauritius), of face value Rs 10 each on March 24. The price band has been fixed at Rs 540 to Rs 610. The issue will close on March 27, 2008.
It is planning to raise approximately Rs 129 crore to Rs 145 crore, out of which the company will get Rs 111.6 crore to Rs 126 crore. Issue will constitute 15% of post issue paid up capital.
Amongst PE investments, Blackstone has picked up a minority interest in Titagarh Wagons for Rs 672 a share, which is the fifth major investor to put money in Titagarh Wagons. Other investors include GE Capital Infrastructure (15%), JP Morgan (5%), 2i Capital (6%) and ChrysCapital (6.5%).
Money raised through this issue will be used for setting up an EMU manufacturing facility at Uttarpara unit, modernising and expanding the existing facilities at Titagarh and Uttarpara units, setting up an axle machining and wheelset assembly facility at Uttarpara unit, constructing a corporate office and a design cum research and development office. Money will also be used for strategic acquisition or investments and brand building exercise and General corporate purposes.
Titagarh Wagons is a leading private sector wagon manufacturer in India. It manufactures railway wagons, Bailey bridges, Heavy Earth Moving and Mining equipment, steel and SG iron castings of moderate to complex configuration etc. It is an Industry Partner to Defence Research and Development Organization, Ministry of Defence, manufactures special purpose wagons, shelters and other engineering equipments for defence.
It is into three broad business lines: a) wagon manufacturing, b) special projects (includes defence, bailey bridges and other fabricated equipment) and c) heavy earth moving and mining equipment division.
Current order book stands at Rs 753.11 crore. Rolling stock division is constituting nearly Rs 669.39 crore as on January 31, 2008.
Its subsidiary Titagarh Biotec Private (holds 98.14%), engaged in cultivating, producing, buying and selling all kinds of agricultural and forests produce. Wagon manufacturing business contributes around 86% of total income. 80% of the Order book for wagons comes from Railway.
Since Fiscal 2003, Sales and PBT CAGR stood at 57% and 76%. Wagon dispatches have increased from 644 wagons in 2003 to 2,073 wagons in Fiscal 2007.
Source: Moneycontrol.com
It is planning to raise approximately Rs 129 crore to Rs 145 crore, out of which the company will get Rs 111.6 crore to Rs 126 crore. Issue will constitute 15% of post issue paid up capital.
Amongst PE investments, Blackstone has picked up a minority interest in Titagarh Wagons for Rs 672 a share, which is the fifth major investor to put money in Titagarh Wagons. Other investors include GE Capital Infrastructure (15%), JP Morgan (5%), 2i Capital (6%) and ChrysCapital (6.5%).
Money raised through this issue will be used for setting up an EMU manufacturing facility at Uttarpara unit, modernising and expanding the existing facilities at Titagarh and Uttarpara units, setting up an axle machining and wheelset assembly facility at Uttarpara unit, constructing a corporate office and a design cum research and development office. Money will also be used for strategic acquisition or investments and brand building exercise and General corporate purposes.
Titagarh Wagons is a leading private sector wagon manufacturer in India. It manufactures railway wagons, Bailey bridges, Heavy Earth Moving and Mining equipment, steel and SG iron castings of moderate to complex configuration etc. It is an Industry Partner to Defence Research and Development Organization, Ministry of Defence, manufactures special purpose wagons, shelters and other engineering equipments for defence.
It is into three broad business lines: a) wagon manufacturing, b) special projects (includes defence, bailey bridges and other fabricated equipment) and c) heavy earth moving and mining equipment division.
Current order book stands at Rs 753.11 crore. Rolling stock division is constituting nearly Rs 669.39 crore as on January 31, 2008.
Its subsidiary Titagarh Biotec Private (holds 98.14%), engaged in cultivating, producing, buying and selling all kinds of agricultural and forests produce. Wagon manufacturing business contributes around 86% of total income. 80% of the Order book for wagons comes from Railway.
Since Fiscal 2003, Sales and PBT CAGR stood at 57% and 76%. Wagon dispatches have increased from 644 wagons in 2003 to 2,073 wagons in Fiscal 2007.
Source: Moneycontrol.com
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