Public sector United Bank of India (UBI) is witnessing February 2010 deadline for its proposed maiden public offer, after receiving cabinet nod for the long-awaited capital restructuring.

According to sources, the bank intends to file the red herring prospectus with market regulator, Securities & Exchange Board of India (SEBI) after September 2009.

The IPO size was still pending for finalization by the bank, but reports hinted it would be over Rs 50 crore and the shares will carry a premium.

JSW Steel, India’s third largest steelmaker has postponed the initial public offering (IPO) for its power unit due to unstable market condition.

From latest developments, it has been revealed that State-owned NHPC, a hydroelectric power generating company, may delay its initial public offer (IPO) of 167 crore equity shares planned in October, due to market volatility. 

According to official sources, as the market conditions look uncertain for the IPO, so NHPC board has decided to review plan, before the launch. NHPC had earlier scheduled to hit the market between October 13-17. 

Gurgaon-based Nu Tek India Limited has

20 Microns, one of the India's largest manufacturer of white minerals, has fixed the price band between Rs 50 and Rs 55 a share for its initial public offering (IPO) of
4,350,632 equity shares of Rs 10 each for cash at a price to be decided through a 100% book-building process.

The issue consists of a fresh issue of 67.50 lakh equity shares and an offer for sale of 26.75 lakh equity shares by Gujarat Venture Capital Fund 1995. The issue will constitute 49.10 % of the post issue paid up capital of the company.

Rating agency, Credit Analysis and Research (CARE) has assigned the `IPO Grade 3', indicating average fundamentals.

Orissa Manganese and Minerals (OMM), a subsidiary of Adhunik Metaliks plans to raise Rs 250-300 crore through a public issue later this year to fund its mining plans.