Receives bids for 51.40 lakh shares as against 44.50 lakh on offer
The Resurgere Mines & Minerals India IPO was oversubscribed 1.16 times on its final day. The IPO received bids for 51.40 lakh shares as against 44.50 lakh on offer.
The qualified institutional buyers (QIB)’s portion was subscribed 1.34 times, non-institutional investors portion was subscribed 2.41 times and retail individual investor portion was subscribed 1 time.
The price band of the issue has been fixed between Rs 263 to Rs 272. The issue opened for subscription on 11 August 2008 and closed on 13 August 2008. At the upper end of the price band the company would raise up to Rs 121.04 crore, while at the lower level it would raise about Rs 117.04 crore.
The company plans to utilise the issue proceeds for purchasing plant and machinery and purchase railway rakes to set up own logistics infrastructure facilities and funding working capital requirements.
Resurgere Mines & Minerals India is in the business of extraction, processing and sale of mineral products and exploration and development of mining assets. The product range includes various forms of iron ore such as Lump ore, Size ore, Calibrated Lump ore (CLO) and iron ore fines etc. and bauxite. The company sells all these products domestically except iron ore fines, which the company exports to China.
The company reported 110.4% spurt in net profit to Rs 66.56 crore on 154.80% surge in net sales to Rs 418.57 crore in the year ended March 2008 over the year ended March 2007.
Source: Capitalmarket.com
Thursday, August 14, 2008
Wednesday, August 13, 2008
Oil India public offer likely in October
The Oil India Ltd IPO is likely to open in October.
The tentative decision on IPO timing follows the recent approval by the Centre for appointing six new independent directors on board and conform to clause 49 of the listing agreement.
This has cleared the last hurdle before the company can go ahead with the IPO.
According to sources, the OIL board will meet on Tuesday to approve inclusion of the new directors and discuss pending issues regarding the proposed Rs 1,400-crore IPO.
It may be mentioned that the IPO was originally scheduled to hit the capital market in February-March this year. However, the opening was delayed due to non-availability of due approval for expansion of the board which was considered a pre-requisite.
“The Centre recently cleared appointment of six new directors on our board. We are holding discussions relating to the IPO with our issue managers. The issue is expected to open in October, most preferably in the third week of October,” an OIL source told Business Line.
On the uncertainties in the capital market and its impact on the proposed IPO, the source said the issue managers do not foresee any problem in going ahead with the issue.
“As on date we are decided to go ahead with the issue,” he added.
Issue details:
OIL proposed fresh issue of 10 per cent of the company’s paid up capital through IPO. An additional one per cent capital will be issued to the employees.
The issue will coincide with the proposed disinvestment of 10 per cent of OIL’s paid up capital by the Government in favour of three downstream PSU oil companies – Indian Oil, Bharat Petroleum (BPCL) and Hindustan Petroleum (HPCL). The disinvestment will take place at a price discovered through the IPO.
Post disinvestmnent, IOC will pick up five per cent stake in OIL. BPCL and HPCL will get 2.5 per cent stake each.
HSBC, Morgan Stanley and Citibank are the lead managers to the issue, reports The Hindu Business Line.
Source: Moneycontrol.com
The tentative decision on IPO timing follows the recent approval by the Centre for appointing six new independent directors on board and conform to clause 49 of the listing agreement.
This has cleared the last hurdle before the company can go ahead with the IPO.
According to sources, the OIL board will meet on Tuesday to approve inclusion of the new directors and discuss pending issues regarding the proposed Rs 1,400-crore IPO.
It may be mentioned that the IPO was originally scheduled to hit the capital market in February-March this year. However, the opening was delayed due to non-availability of due approval for expansion of the board which was considered a pre-requisite.
“The Centre recently cleared appointment of six new directors on our board. We are holding discussions relating to the IPO with our issue managers. The issue is expected to open in October, most preferably in the third week of October,” an OIL source told Business Line.
On the uncertainties in the capital market and its impact on the proposed IPO, the source said the issue managers do not foresee any problem in going ahead with the issue.
“As on date we are decided to go ahead with the issue,” he added.
Issue details:
OIL proposed fresh issue of 10 per cent of the company’s paid up capital through IPO. An additional one per cent capital will be issued to the employees.
The issue will coincide with the proposed disinvestment of 10 per cent of OIL’s paid up capital by the Government in favour of three downstream PSU oil companies – Indian Oil, Bharat Petroleum (BPCL) and Hindustan Petroleum (HPCL). The disinvestment will take place at a price discovered through the IPO.
Post disinvestmnent, IOC will pick up five per cent stake in OIL. BPCL and HPCL will get 2.5 per cent stake each.
HSBC, Morgan Stanley and Citibank are the lead managers to the issue, reports The Hindu Business Line.
Source: Moneycontrol.com
Resurgere Mines IPO subscribed fully
The IPO of Resurgere Mines & Minerals India has received total bids for 49,44,840 equity shares as against the total issue size of 44,50,000 equity shares. The Issue has been subscribed 1.11 times as per NSE website. The issue had opened on 11th August 2008.
The price band has been fixed at Rs 263 to Rs 272 per Equity share of Rs 10 each. The Issue comprised of reservation of 250,000 Equity shares for eligible employees, leaving the net issue to the public of 4,200,000 Equity shares. The net issue would constitute 14.72% of the post issue paid-up capital of the Company.
Motilal Oswal Investment Advisors Pvt. Ltd is the BRLM for the Issue and PL Capital Markets Pvt. Ltd and Ashika Capital Ltd are the Co-BRLMs for the Issue. The Equity shares are proposed to be listed on BSE and NSE.
The Company proposes to utilize the net proceeds of the Issue to part finance its plan for purchase of Plant and Machinery valued at Rs 1,285.64 million for setting up of its own extraction and crushing facilities at the mines and purchase of six railway rakes worth Rs 1,163.60 million to set up own logistics infrastructure facilities, besides meeting margin money requirement for working capital.
The Company proposes to part finance the cost through term loans of Rs 860 million to be raised from banks, Rs 430 million through Private Equity funding from Merrill Lynch International and Rs 137.30 million through Pre-IPO allotment. Merrill Lynch International holds 3,000,000 Equity shares, India Business Excellence Fund-I holds 910,000 Equity shares, IL&FS Trust Co. Ltd ( Trustees of Business Excellence Trust-India Business Excellence Fund ) hold 402,500 Equity shares, Mr Motilal Oswal hold 250,000 Equity shares and Mr. Raamdeo Agarwal holds 200,000 Equity Shares in the Company.
Presently, the extraction and processing activities of Resurgere Mines & Minerals India Ltd at existing operational mining locations are outsourced to various service providers. In order to reduce its operational costs and to increase its volumes the Company intends to deploy own machinery, labour and other material resources at its existing mining locations as well as at newer mining locations that it purport to undertake.
Further, to facilitate easy movement of its products, the Company proposes to acquire six railway rakes for providing the same to railway authorities under the Wagon Investment Scheme. Under the Scheme, on handing over the purchased rakes to the railways, the Company would be provided with an assured supply of 4 rakes per month against each rake. Additionally, the Company will be entitled to a freight rebate of 10%. Furthermore, it will also be eligible to get additional 2 rakes per month against each rake given by it without freight rebate.
Resurgere Mines & Minerals India Ltd has a diverse product range which includes various forms of iron ore such as Lump ore, Size ore, Calibrated Lump ore (CLO) and iron ore fine etc. and bauxite.
Source: Moneycontrol.com
The price band has been fixed at Rs 263 to Rs 272 per Equity share of Rs 10 each. The Issue comprised of reservation of 250,000 Equity shares for eligible employees, leaving the net issue to the public of 4,200,000 Equity shares. The net issue would constitute 14.72% of the post issue paid-up capital of the Company.
Motilal Oswal Investment Advisors Pvt. Ltd is the BRLM for the Issue and PL Capital Markets Pvt. Ltd and Ashika Capital Ltd are the Co-BRLMs for the Issue. The Equity shares are proposed to be listed on BSE and NSE.
The Company proposes to utilize the net proceeds of the Issue to part finance its plan for purchase of Plant and Machinery valued at Rs 1,285.64 million for setting up of its own extraction and crushing facilities at the mines and purchase of six railway rakes worth Rs 1,163.60 million to set up own logistics infrastructure facilities, besides meeting margin money requirement for working capital.
The Company proposes to part finance the cost through term loans of Rs 860 million to be raised from banks, Rs 430 million through Private Equity funding from Merrill Lynch International and Rs 137.30 million through Pre-IPO allotment. Merrill Lynch International holds 3,000,000 Equity shares, India Business Excellence Fund-I holds 910,000 Equity shares, IL&FS Trust Co. Ltd ( Trustees of Business Excellence Trust-India Business Excellence Fund ) hold 402,500 Equity shares, Mr Motilal Oswal hold 250,000 Equity shares and Mr. Raamdeo Agarwal holds 200,000 Equity Shares in the Company.
Presently, the extraction and processing activities of Resurgere Mines & Minerals India Ltd at existing operational mining locations are outsourced to various service providers. In order to reduce its operational costs and to increase its volumes the Company intends to deploy own machinery, labour and other material resources at its existing mining locations as well as at newer mining locations that it purport to undertake.
Further, to facilitate easy movement of its products, the Company proposes to acquire six railway rakes for providing the same to railway authorities under the Wagon Investment Scheme. Under the Scheme, on handing over the purchased rakes to the railways, the Company would be provided with an assured supply of 4 rakes per month against each rake. Additionally, the Company will be entitled to a freight rebate of 10%. Furthermore, it will also be eligible to get additional 2 rakes per month against each rake given by it without freight rebate.
Resurgere Mines & Minerals India Ltd has a diverse product range which includes various forms of iron ore such as Lump ore, Size ore, Calibrated Lump ore (CLO) and iron ore fine etc. and bauxite.
Source: Moneycontrol.com
Austral Coke IPO subscribed 1.65 times
Initial public offering of Austral Coke and Projects has received bids for 1,19,77,384 shares as against issue size of 72,60,000 shares. It got subscribed 1.65 times, as per NSE website.The company is mainly engaged in manufacture of low ash metallurgical coke (LAM Coke). It is also in the business of equipment rental, refractory and textile trading.
The issue will have additionally “Green Shoe Option” comprising 10,89,000 equity shares. The issue will close on August 13, 2008. Price band of Rs 164 to Rs 196 per share has been fixed.
The issue will constitute 27.72% of the fully diluted post issue capital of the company if the Green Shoe option is exercised and will constitute 25% if the Green Shoe option is not exercised.
Allbank Finance Limited is BRLM for the issue, whereas Saffron Capital Advisors Pvt Ltd, PL Capital Markets Pvt Ltd and Elara Capital (India) Pvt Ltd are the co-BRLMs for the issue. The equity shares are proposed to be listed on the BSE and the NSE.
The object of issue is to part finance its expansion plan involving setting up of 1,50,000 tpa of LAM Coke and setting up 8 MW Captive Power Plant (CPP) through waste heat recovery. The project is coming up at Sindhudurga in Maharashtra. Besides the project, company may utilize residual funds raised for acquiring coal mines either in India or abroad and may retire high cost debt. Availability of quality coal on regular basis will be always critical for running the operations successfully. Company has successfully concluded pre-IPO placement of 27,40,000 equity shares to Somerset India Fund at Rs 196 per share (at upper price band) aggregating to Rs.53.70 crores.
AUSTRAL setting up in house refractory unit so as to improve quality of operations goes well with similar practices followed major corporate in India like TISCO and ACC. End use industries for LAM Coke will be Foundries, Blast Furnaces, Zinc Smelters, Cement manufactures, Ferro Alloy industry and so on and advantage being consistency in quality, sizing and uniform temperature thereby reducing cold spots and metal wastage. The metallurgical coke division continues to be optimistic about the future with increasing demand for pig iron in the steel and automobile sectors and growth in Ferro alloys, cast iron castings and cement industries.
Source: Moneycontrol.com
Monday, August 11, 2008
Latest Grey Maket Rates - Listing/ Refund Date - Forthcoming IPO List
List of forthcoming IPO'S..Dates yet to be announced.
Multi Commodity Exchange of India LtdJaiprakash Power Venture Ltd
Godrej Sara Lee Ltd
Ways India Ltd
Elysium Pharmaceuticals Ltd
GE Capital Transportation Financial Services Ltd
Parabolic Drugs Ltd
Quantum Build-Tech Ltd
Terranova Technologies Ltd
Special Blasts Ltd
San Media Ltd
Pride Hotels Ltd
Austral Coke IPO subscribed fully
Initial public offering of Austral Coke and Projects has received bids for 84,05,276 shares as against issue size of 72,60,000 shares. It got subscribed 1.16 times, as per NSE website.The company is mainly engaged in manufacture of low ash metallurgical coke (LAM Coke). It is also in the business of equipment rental, refractory and textile trading.
The issue will have additionally “Green Shoe Option” comprising 10,89,000 equity shares. The issue will close on August 13, 2008. Price band of Rs 164 to Rs 196 per share has been fixed.
The issue will constitute 27.72% of the fully diluted post issue capital of the company if the Green Shoe option is exercised and will constitute 25% if the Green Shoe option is not exercised.
Allbank Finance Limited is BRLM for the issue, whereas Saffron Capital Advisors Pvt Ltd, PL Capital Markets Pvt Ltd and Elara Capital (India) Pvt Ltd are the co-BRLMs for the issue. The equity shares are proposed to be listed on the BSE and the NSE.
The object of issue is to part finance its expansion plan involving setting up of 1,50,000 tpa of LAM Coke and setting up 8 MW Captive Power Plant (CPP) through waste heat recovery. The project is coming up at Sindhudurga in Maharashtra. Besides the project, company may utilize residual funds raised for acquiring coal mines either in India or abroad and may retire high cost debt. Availability of quality coal on regular basis will be always critical for running the operations successfully. Company has successfully concluded pre-IPO placement of 27,40,000 equity shares to Somerset India Fund at Rs 196 per share (at upper price band) aggregating to Rs.53.70 crores.
AUSTRAL setting up in house refractory unit so as to improve quality of operations goes well with similar practices followed major corporate in India like TISCO and ACC. End use industries for LAM Coke will be Foundries, Blast Furnaces, Zinc Smelters, Cement manufactures, Ferro Alloy industry and so on and advantage being consistency in quality, sizing and uniform temperature thereby reducing cold spots and metal wastage. The metallurgical coke division continues to be optimistic about the future with increasing demand for pig iron in the steel and automobile sectors and growth in Ferro alloys, cast iron castings and cement industries.
Source: Moneycontrol.com
Vishal Information Technologies surges on debut
Attracts 29.43% premium over IPO price
Vishal Information Technologies settled at Rs 194.15 on BSE, a premium of 29.43% over the initial pubilc offer (IPO) price of Rs 150 on its debut today.
The stock debuted at Rs 150, at the same price as the initial public offer price (IPO). The stock hit a high of Rs 197.20 and a low of Rs 145.
On BSE, 1.17 crore shares were traded on the counter.
The current price of Rs 194.15 discounts the company's year ended March 2008 EPS of Rs 11.6, by a PE multiple of 16.73.
The Vishal Information Technologies IPO which closed on 24 July 2008 was subscribed 1.19 times. The IPO received bids for 33.28 lakh shares as compared to 27.90 lakh shares on offer.
Vishal Information Technologies provides IT-enabled services (ITeS) in the areas of data digitisation, e-publishing and digital library.
The company came out with IPO to fund its expansion plans including setting up a bigger campus and marketing offices in the US and UK.
The company reported a net profit of Rs 12.36 crore on sales of Rs 40.87 crore in the year ended March 2008.
Source: Capitalmarket.com
Vishal Information Technologies settled at Rs 194.15 on BSE, a premium of 29.43% over the initial pubilc offer (IPO) price of Rs 150 on its debut today.
The stock debuted at Rs 150, at the same price as the initial public offer price (IPO). The stock hit a high of Rs 197.20 and a low of Rs 145.
On BSE, 1.17 crore shares were traded on the counter.
The current price of Rs 194.15 discounts the company's year ended March 2008 EPS of Rs 11.6, by a PE multiple of 16.73.
The Vishal Information Technologies IPO which closed on 24 July 2008 was subscribed 1.19 times. The IPO received bids for 33.28 lakh shares as compared to 27.90 lakh shares on offer.
Vishal Information Technologies provides IT-enabled services (ITeS) in the areas of data digitisation, e-publishing and digital library.
The company came out with IPO to fund its expansion plans including setting up a bigger campus and marketing offices in the US and UK.
The company reported a net profit of Rs 12.36 crore on sales of Rs 40.87 crore in the year ended March 2008.
Source: Capitalmarket.com
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