Hi Friends,
Latest Grey market prices are:
IPO - Issue Price - GMP
Aries Agro - 120 to 130 - 10 to 15
BGR Energy - 425 to 480 - 40 to 355
Brigade - 351 to 390 - 10 to 15
Burnpur - 12 - 3 to 5
eClerx - 270 to 315 - 20 to 25
Manaksia - 140 to 160 20 to 25
Porwal - 68 to 75 - 7 to 10
Precision - 140 to 150 - 25 to 28
Transformers - 425 to 465 310 to 320
Thursday, December 20, 2007
Transformers and Rectifiers fixes issue price at Rs 465/sh
Transformers and Rectifiers (India), one of the major players in the Indian market manufacturing a wide range of transformers ranging from power generation, transmission, distribution transformers, industrial transformers and a wide range of speciality transformers, has determined the issue price at Rs 465 per equity share (at the upper end of the price band) for its initial public offering (IPO) of 29,95,000 equity shares of Rs 10 each for cash, at a premium of Rs 455 per equity share, decided through a 100% book-building process. The price band was fixed between Rs 425 to Rs 465 per equity share.
The issue was over-subscribed 91.31 times. The qualified institutional bidders (QIBs) portion was over-subscribed by approximately around 111 times; the non institutional bidders portion was over-subscribed by approximately 122 times; the retail bidder portion was oversubscribed by approximately around 58 times. The issue got bids for 27.35 crore shares as against 29.95 lakh shares on offer.
The equity shares of the company are proposed to be listed on the Bombay Stock Exchange and the National Stock Exchange.
The objects of the proposed Issue are to finance the setting up of the proposed greenfield manufacturing facility at Moraiya, near Ahmedabad, Gujarat, for manufacturing transformers, to part-finance incremental working capital requirements.
Enam Securities Private Limited is the sole book running lead manager to the issue.
Source: Moneycontrol.com
The issue was over-subscribed 91.31 times. The qualified institutional bidders (QIBs) portion was over-subscribed by approximately around 111 times; the non institutional bidders portion was over-subscribed by approximately 122 times; the retail bidder portion was oversubscribed by approximately around 58 times. The issue got bids for 27.35 crore shares as against 29.95 lakh shares on offer.
The equity shares of the company are proposed to be listed on the Bombay Stock Exchange and the National Stock Exchange.
The objects of the proposed Issue are to finance the setting up of the proposed greenfield manufacturing facility at Moraiya, near Ahmedabad, Gujarat, for manufacturing transformers, to part-finance incremental working capital requirements.
Enam Securities Private Limited is the sole book running lead manager to the issue.
Source: Moneycontrol.com
Porwal Auto IPO subscribed fully
The initial public offer of 50 lakh shares of Porwal Auto Components has received mild response. The issue subscribed just 1.03 times, till 5 pm, as per NSE website. It has received bids for 51.66 lakh equity shares as against 50 lakh shares on offer.
The price band of the Rs 10 face value share is Rs 68-75 per share. The issue will close today.
The company would raise Rs 34 crore - Rs 37.50 crore. The issue would constitute 33.11 per cent of the post issue paid-up capital.
The company plans to use the proceeds to increase capacity of SG and CI castings from existing 6,600 metric tonne per annum to 27,600 metric tpa and set up a wind mill with power generation capacity of 1.5 MW for captive consumption.
The existing shares of the company are listed on the Over-the-Counter Exchange of India. The shares offered through the IPO will be listed on the BSE.
Keynote Corporate Services is the book running lead manager to the issue and Intime Spectrum Registry is the registrar.
Source: Moneycontrol.com
The price band of the Rs 10 face value share is Rs 68-75 per share. The issue will close today.
The company would raise Rs 34 crore - Rs 37.50 crore. The issue would constitute 33.11 per cent of the post issue paid-up capital.
The company plans to use the proceeds to increase capacity of SG and CI castings from existing 6,600 metric tonne per annum to 27,600 metric tpa and set up a wind mill with power generation capacity of 1.5 MW for captive consumption.
The existing shares of the company are listed on the Over-the-Counter Exchange of India. The shares offered through the IPO will be listed on the BSE.
Keynote Corporate Services is the book running lead manager to the issue and Intime Spectrum Registry is the registrar.
Source: Moneycontrol.com
Precision Pipes IPO subscribed 10 times
The initial public offer of Precision Pipes and Profiles Company, a Delhi-based OEM supplier to the automobile industry, has received good response, subscribed 9.97 times, till 5 pm, as per NSE website.
The public issue received bids for 5.34 crore equity shares as against 53.57 lakh shares on offer.
The company had entered capital market with an public issue of shares of face value of Rs 10 each at a price band of Rs 140-150 per equity share.
The company is hoping to raise around Rs 75 crore from the issue to fund its expansion initiatives.
Post the issue, the promoter and promoter group holding would be reduced to between 62.69 and 64.29 per cent.
The company is currently in the process of increasing its production capabilities from 4.75 million kg to 9.14 million kg by 2008-09. It is also setting up a new plant for manufacturing of auto components and also a new plant for electrical outlet system products for Power and Data Corporation Pty Ltd, Australia.
UTI Securities Limited and Nexgen Capitals Limited are book running lead managers while Intime Spectrum Registry is registrar to the issue
Source: Moneycontrol.com
The public issue received bids for 5.34 crore equity shares as against 53.57 lakh shares on offer.
The company had entered capital market with an public issue of shares of face value of Rs 10 each at a price band of Rs 140-150 per equity share.
The company is hoping to raise around Rs 75 crore from the issue to fund its expansion initiatives.
Post the issue, the promoter and promoter group holding would be reduced to between 62.69 and 64.29 per cent.
The company is currently in the process of increasing its production capabilities from 4.75 million kg to 9.14 million kg by 2008-09. It is also setting up a new plant for manufacturing of auto components and also a new plant for electrical outlet system products for Power and Data Corporation Pty Ltd, Australia.
UTI Securities Limited and Nexgen Capitals Limited are book running lead managers while Intime Spectrum Registry is registrar to the issue
Source: Moneycontrol.com
Bhilwara Energy pre-IPO placement likely in Feb '08
Riju Jhunjhunwala, Rajasthan Spinning & Weaving Mills has informed CNBC-TV18 that Bhilwara Energy will go for a pre-IPO placement & IPO in the next 4-5 months. The pre-IPO placement likely in February 2008, Jhunjhunwala said. The company is looking to raise USD 350-400 million via pre-IPO and IPO, he added. Bhilwara Energy will have 1800-2000 MW hydro capacity in the next 3-4 years, he said.
Excerpts from CNBC-TV18’s exclusive interview with Riju Jhunjhunwala:
Q: Can you start off by telling us a little bit about the plans on Bhilwara Energy and what happens to RSWM stake?
A: Bhilwara Energy is basically the power company of the group. It focuses only on hydropower. We have one project that is operational; it is a 100 megawatts project. Another 200 megawatts is in final stages of completion and will start next year.
Over and above this, we have more than 1,600 megawatts in the pipeline, which we will start construction over a period of now to the next two-three years. So, the next five years Bhilwara Energy, we really see it as a 1,800 to 2,000 megawatts hydro-only company.
Over there, the plans of fund requirements are huge. So, in the next 3-6 months, we are really planning something over there on how to get the first round of funding for Bhilwara Energy. RSWM holds a 26% stake in that, the balance is held by other group companies - HEG and the other promoter firms.
So, they should really see a value unlocking as and when that happens.
Q: You must have done some internal studies on how you value Bhilwara Energy as a company. Does it look like the most likely capital-raising road or the first step could be an IPO?
A: Most definitely; we are very keen to look at the possibility of an IPO. In fact we are already talking to some people now. We will probably be doing this in two stages, starting off with the pre-IPO stage and then finishing it off with an IPO - all within the next 3-6 months. The total fund requirement for our initial 18 months would be around USD 350-400 million, which we plan to split between the pre-IPO and the IPO of 30:70 kind of a ratio.
Valuations are anything, whatever deserves in the power sector today. We are trying to look at the pricing and all of that as of now.
Q: But still you would have some initial thoughts, leading up to the pre-IPO placement?
A: Three months back, we completed a process of private equity to New York Life and Wachovia Bank. That was done at an equity valuation of around Rs 1,400 crore for this company. At that time this company was more or less a 1,200 megawatt company. A lot has happened for us in the last six months, including the sector and our own projects that we have bagged. We expect it to be in multiples of that - without going into the exact number, definitely, significantly higher than that valuation.
Q: How much stake dilution does this involve for RSWM and for HEG?
A: The total promoter holding in Bhilwara Energy is around 92% today and anywhere between 15-20% of a stake dilution in phase one would be a comfortable number there. So, proportionately the stakes of these companies would also go down.
Post-IPO, we expect to hold around 20-21% of this company in RSWM.
Q: You would make the pre-IPO placement to the same investors, New York Life or Wachovia Bank or have identified some other investors?
A: That process will start now - the process of selecting the pre-IPO. Obviously, they have the right of first refusal as per the agreements. But then we are open to looking at other investors as well.
Q: What is happening with the core business; we understand you want to expand into the retail side as well?
A: Retail is not something that we are looking at in RSWM. It is more of a yarn play over there. Within yarn, we are amongst the top three players in India and we have significantly ramped up capacity over there, the effect of which will start coming in now.
All our expansions are now complete, including our 46 megawatt thermal power plant which is in RSWM as a captive generation. That has started commercial production just about last month. Come January, when the plant stabilises, you will see tremendous benefits on the cost reduction side coming on to RSWM itself and add it with the expanded capacity.
So, next financial year, we expect RSWM’s core business itself to give us very good jumps compared to the last one or two years. With the market scenario slightly improving in the textile side, we have gone through a bad patch over the last 6-7 months, but things seem to be changing now.
With that happening, I am sure RSWM core business itself for us is looking quite interesting as well.
Q: By when do you think this whole process will be completed: the pre-IPO and the IPO in 2008?
A: Pre-IPO, we are really targeting the month of February - completing the pre-IPO process. And IPO, I am not really in a position to say right now - whatever time it takes for the approval from Sebi. But we are working it at our end quite aggressively. As soon as possible, we would like to do that as well.
Source: Moneycontrol.com
Excerpts from CNBC-TV18’s exclusive interview with Riju Jhunjhunwala:
Q: Can you start off by telling us a little bit about the plans on Bhilwara Energy and what happens to RSWM stake?
A: Bhilwara Energy is basically the power company of the group. It focuses only on hydropower. We have one project that is operational; it is a 100 megawatts project. Another 200 megawatts is in final stages of completion and will start next year.
Over and above this, we have more than 1,600 megawatts in the pipeline, which we will start construction over a period of now to the next two-three years. So, the next five years Bhilwara Energy, we really see it as a 1,800 to 2,000 megawatts hydro-only company.
Over there, the plans of fund requirements are huge. So, in the next 3-6 months, we are really planning something over there on how to get the first round of funding for Bhilwara Energy. RSWM holds a 26% stake in that, the balance is held by other group companies - HEG and the other promoter firms.
So, they should really see a value unlocking as and when that happens.
Q: You must have done some internal studies on how you value Bhilwara Energy as a company. Does it look like the most likely capital-raising road or the first step could be an IPO?
A: Most definitely; we are very keen to look at the possibility of an IPO. In fact we are already talking to some people now. We will probably be doing this in two stages, starting off with the pre-IPO stage and then finishing it off with an IPO - all within the next 3-6 months. The total fund requirement for our initial 18 months would be around USD 350-400 million, which we plan to split between the pre-IPO and the IPO of 30:70 kind of a ratio.
Valuations are anything, whatever deserves in the power sector today. We are trying to look at the pricing and all of that as of now.
Q: But still you would have some initial thoughts, leading up to the pre-IPO placement?
A: Three months back, we completed a process of private equity to New York Life and Wachovia Bank. That was done at an equity valuation of around Rs 1,400 crore for this company. At that time this company was more or less a 1,200 megawatt company. A lot has happened for us in the last six months, including the sector and our own projects that we have bagged. We expect it to be in multiples of that - without going into the exact number, definitely, significantly higher than that valuation.
Q: How much stake dilution does this involve for RSWM and for HEG?
A: The total promoter holding in Bhilwara Energy is around 92% today and anywhere between 15-20% of a stake dilution in phase one would be a comfortable number there. So, proportionately the stakes of these companies would also go down.
Post-IPO, we expect to hold around 20-21% of this company in RSWM.
Q: You would make the pre-IPO placement to the same investors, New York Life or Wachovia Bank or have identified some other investors?
A: That process will start now - the process of selecting the pre-IPO. Obviously, they have the right of first refusal as per the agreements. But then we are open to looking at other investors as well.
Q: What is happening with the core business; we understand you want to expand into the retail side as well?
A: Retail is not something that we are looking at in RSWM. It is more of a yarn play over there. Within yarn, we are amongst the top three players in India and we have significantly ramped up capacity over there, the effect of which will start coming in now.
All our expansions are now complete, including our 46 megawatt thermal power plant which is in RSWM as a captive generation. That has started commercial production just about last month. Come January, when the plant stabilises, you will see tremendous benefits on the cost reduction side coming on to RSWM itself and add it with the expanded capacity.
So, next financial year, we expect RSWM’s core business itself to give us very good jumps compared to the last one or two years. With the market scenario slightly improving in the textile side, we have gone through a bad patch over the last 6-7 months, but things seem to be changing now.
With that happening, I am sure RSWM core business itself for us is looking quite interesting as well.
Q: By when do you think this whole process will be completed: the pre-IPO and the IPO in 2008?
A: Pre-IPO, we are really targeting the month of February - completing the pre-IPO process. And IPO, I am not really in a position to say right now - whatever time it takes for the approval from Sebi. But we are working it at our end quite aggressively. As soon as possible, we would like to do that as well.
Source: Moneycontrol.com
Wednesday, December 19, 2007
Jyothy Labs ends with 13% premium
Jyothy Laboratories witnessed good buying interest today. It has opened at Rs 895 (an intraday high) but due to profit booking, it fell to a low of Rs 741.15 in an intraday trade. The stock had remained below Rs 800 through the day.
It closed the day a Rs 780, a premium of 13.04% over its issue price of Rs 690 on the NSE. The stock traded with volumes of 51,36,540 shares and the turnover was at Rs 406 crore.
The stock had opened at Rs 799 and touched a high/low of Rs 880 & Rs 752.60 on the BSE. It ended at Rs 793.70, with volumes of 36,65,127 shares.
The company had entered capital market with an initial public offering (IPO) of 44.30 lakh shares of Rs 5 each at a price band between Rs 620 and Rs 690 per equity share and raised Rs 305.67 crore from the issue. The issue had subscribed 45.83 times.
FMCG company is in the fabric care, household insecticide, surface cleaning, personal care and air care segments of the Indian market. It offers branded products including fabric whitener, mosquito repellent, dishwashing, bath and incense products.
Source: Moneycontrol.com
It closed the day a Rs 780, a premium of 13.04% over its issue price of Rs 690 on the NSE. The stock traded with volumes of 51,36,540 shares and the turnover was at Rs 406 crore.
The stock had opened at Rs 799 and touched a high/low of Rs 880 & Rs 752.60 on the BSE. It ended at Rs 793.70, with volumes of 36,65,127 shares.
The company had entered capital market with an initial public offering (IPO) of 44.30 lakh shares of Rs 5 each at a price band between Rs 620 and Rs 690 per equity share and raised Rs 305.67 crore from the issue. The issue had subscribed 45.83 times.
FMCG company is in the fabric care, household insecticide, surface cleaning, personal care and air care segments of the Indian market. It offers branded products including fabric whitener, mosquito repellent, dishwashing, bath and incense products.
Source: Moneycontrol.com
Jyothy Labs debuts with 30% premium
Jyothy Laboratories has listed with premium of 29.71% at Rs 895 as against its issue price of Rs 690 on the NSE. The stock has touched a low of Rs 757.55.
It was trading at Rs 764, up 10.72%, with volumes of 4,89,307 shares. The turnover was at Rs 40 crore.
The shares opened at Rs 799 on the BSE and hit a high of Rs 880 in early trade. But some profit booking has pulled the stock to Rs 768, an intraday low. It was quoting at Rs 769, with volumes of 3,10,721 shares.
The company had entered capital market with an initial public offering (IPO) of 44.30 lakh shares of Rs 5 each at a price band between Rs 620 and Rs 690 per equity share and raised Rs 305.67 crore from the issue. The issue had subscribed 45.83 times.
FMCG company is in the fabric care, household insecticide, surface cleaning, personal care and air care segments of the Indian market. It offers branded products including fabric whitener, mosquito repellent, dishwashing, bath and incense products.
Source: Moneycontrol.com
It was trading at Rs 764, up 10.72%, with volumes of 4,89,307 shares. The turnover was at Rs 40 crore.
The shares opened at Rs 799 on the BSE and hit a high of Rs 880 in early trade. But some profit booking has pulled the stock to Rs 768, an intraday low. It was quoting at Rs 769, with volumes of 3,10,721 shares.
The company had entered capital market with an initial public offering (IPO) of 44.30 lakh shares of Rs 5 each at a price band between Rs 620 and Rs 690 per equity share and raised Rs 305.67 crore from the issue. The issue had subscribed 45.83 times.
FMCG company is in the fabric care, household insecticide, surface cleaning, personal care and air care segments of the Indian market. It offers branded products including fabric whitener, mosquito repellent, dishwashing, bath and incense products.
Source: Moneycontrol.com
Subscribe to:
Posts (Atom)
