IPO Update

Indiabulls' IPO – Investment advisors advice investors to exercise caution

IndiabullsWith Indiabulls Power (IPL) having recently opened its third initial public offering (IPO) for subscription, with 39.07 crore equity shares being at Rs 40-45 per equity share, at Rs 10 each face value, there are diverse opinions coming forth about whether to apply to the issue or not.

While Prabhudas Lilladher's Manish Bhatt has said that the company "looks good," also one could subscribe to the issue; a Moneycontrol poll results had investment advisor SP Tulsian suggesting that the investment can be given a consideration at Rs 40, but nothing beyond that.

Pipavav Shipyard IPO subscribed 8.21 times

Pipavav Shipyard IPO subscribed 8.21 times The initial public offer of Gujarat-based Pipavav Shipyard, has finally subscribed 8.21 times till the final day on Friday.

According to the latest data available with the NSE, the IPO got over 57.64 crore bids for the shares of the company against 7.01 crore shares on offer. The company received 6.39 crore bids for the issue at cut-off price.

The IPO opened for subscription on September 16, 2009.

Avoid Pipavav Shipyard IPO: Nirmal Bang

PipavavPipavav Shipyard Limited (PSL) was established in 1997 as Pipavav Ship Dismantling and Engineering Limited to set up a ship dismantling facility in order to capitalize on benefits presented by International Maritime Organization (IMO) regulations which would have resulted in an increased rate of retirement of older tankers by shipowners.

Oil India set for IPO for raising Rs 2,772 crore

Oil IndiaThe country’s second-largest public sector oil exploration company, Oil India Ltd, is set to go for Initial Public Offer (IPO) in a bid to raise Rs 2,772 crore, offering shares at Rs 1,050 per share.

The empowered group of ministers (EGoM), headed by Finance Minister Pranab Mukherjee, recently held a high level meeting to work out share price and to pave the company’s way for its listing on Indian bourses on September 30.

Adhunik Metaliks arm to spend Rs 3350 crore on expansion

Adhunik Metaliks arm to spend Rs 3350 crore on expansion

Kolkata-based alloy steel maker Adhunik Metaliks (AML) has informed that its subsidiaries Orissa Manganese & Minerals and Adhunik Power & Natural Resources have decided to spend Rs 3350 crore in mining and power business over the next two years.

The company stated in a communiqué that Orissa Manganese, a 100% subsidiary of Adhunik Metaliks would invest Rs 700 crore for iron ore benefaction and pelletisation plant at Jharkhand, besides a 30 MW power plant for ferro alloys facility in Orissa.     

Pipavav Shipyard IPO to open on September 16

Pipavav Shipyard IPO to open on September 16Pipavav Shipyard, a private ship builder, has decided to knock the door of capital market with its initial public offer (IPO) on September 16.  

The company is entering the primary market with 8.54 crore shares of Rs 10 each in the price band of Rs 55 to Rs 60.  

Pipavav Shipyard plans to raise a maximum of Rs 512 crore through the issue, which it will utilize for the construction of shipbuilding facilities, repair and offshore business and for general corporate purposes.  

The IPO closes on September 18, 2009.  

Oil India IPO To Hit Market On Sep 7: Nirmal Bang

Oil India IPO To Hit Market On Sep 7: Nirmal BangOIL is the second largest national oil and gas company in India as measured by total proved plus probable oil and natural gas reserves and production. The company is primarily engaged in the exploration, development, production and transportation of crude oil and natural gas onshore in India. The company also processes its produced natural gas to extract LPG. Globally the company is present through the exploration of crude oil and natural gas in Egypt, Gabon, Iran, Libya, Nigeria, Timor Leste and Yemen.

Key Positives

Pipavav Shipyard to raise Rs 550 crore through IPO

Pipavav ShipyardPipavav Shipyard has revealed its plans to raise over Rs 550 crore through initial public offer (IPO) of 8.54 crore equity shares.

The IPO, after which the promoters will dilute around 10-12 per cent stake, will be the first in the line from a ship making firm in the recent past.

The company would utilize the net proceeds to part-fund construction of facilities for shipbuilding and ship repair. In addition, the raised amount would be utilized by the company to enter into the offshore business used in the exploration and construction of oil & gas companies.

Cox & Kings to go for IPO issue

Cox & KingsOne of the India's oldest tour operators, Cox & Kings, encouraged by improving market conditions, is set to float Initial Public Offer (IPO), a draft proposal for which has already been submitted to the market regulator, the Security and Exchange board of India. The company had also planned for IPO last year, but adverse market conditions forced it postpone the offer.

The tour operator is expected to raise $100 million through the proposed IPO, at a time when economy has started to show signs of recovery. Indian companies have availed the opportunity of market recovery in the ongoing fiscal raising over Rs 9,000 crore so far.

Great Eastern Energy to launch IPO by this December; to raise Rs 400 crore

Great Eastern Energy Great Eastern Energy Corporation Limited (GEECL), the oldest producer of Coal Bed Methane in India, has plans to raise around Rs 400 crore through an initial public offer.

GEECL will dilute 10% stake in the company by offering 5.9 million shares in the market and hit the market by the end of this year.

A company official, close to development said, that GEECL has filed a Draft Red Herring Prospectus (DRHP) with market regulator SEBI and is in the final stages of getting necessary approvals.

India Inc to float IPOs worth more than Rs 16,000 crore: Assocham

Assocham A recently conducted study by Assocham reveals that India Inc has been working out IPOs worth more than Rs 16,000 crore this year, amid surge in stock market and signs of recovery shown by global markets. Information technology, infrastructure, hospitality and textile firms are gearing up to generate funds, according to the Assocham Financial Pulse (AFP) analysis.

Adani Power IPO To Hit Market On July 28: Nirmal Bang

Adani Power IPO To Hit Market On July 28: Nirmal BangAdani Power Ltd. (APL) is a power project development company, which is developing, and will operate and maintain, power projects in India. The company has four thermal power projects under various stages of development, with a combined installed capacity of 6,600 MW. In addition, the company is also planning to develop two power projects with a combined installed capacity of 3,300 MW. APL intends to sell the power generated from these projects under a combination of long?term power purchase agreements to industrial and state?owned consumers and on merchant basis.

Adani Power IPO to open on July 28

Adani Power IPO to open on July 28Indian utility Adani Power Ltd, is going for an initial public offering (IPO) of 30.16 crore equity shares of Rs. 10 each for cash at a price to be decided through a 100 per cent book building process.

However, the company has not mentioned about the price band of the issue. The issue for the IPO will open on July 28.

According to a company official, the issue would constitute 13.84 per cent of the post issue paid-up equity share capital of the company. In addition, the issue includes a reservation of up to 8,000,000 equity shares for eligible employee.

Raj Oil Mills to float IPO today

Raj Oil Mills to float IPO todayMumbai based Raj Oil Mills, engaged in the business of crushing and oil filtration, will float its Initial Public Offer today, selling 9.5 million equity shares of the company, prices for which will be decided through a 100% book-building process.

Adani Power IPO to open on July 28

Adani Power IPO to open on July 28Adani Power, a subsidiary of Gujarat-based conglomerate Adani group, has plans to tap the capital markets on July 28 with an initial public offering of 301,652,031 equity shares of Rs 10 each at a price to be decided through the book-building process.

The issue would constitute 13.84% of the post-issue paid-up capital, which includes a reservation of up to 8,000,000 shares for employees.

Raj Oil Mills IPO to open on July 20

Raj Oil Mills IPO to open on July 20  Raj Oil Mills Ltd, a company engaged in the business of crushing and oil filtration, has decided to go public with an initial public offering (IPO) of 95 lakh equity shares of Rs. 10 each.

The price Band of the issue has been fixed between Rs.100 and Rs.120 per share, which will open on July 20 and will close on July 23.

The proceeds from the proposed Issue are expected to be deployed for brand promotion, expansion of Marketing & Distribution network, for setting up various Research and Development facilities at Maharashtra, Rajasthan.

Adani Power’s IPO to open on July 28

Adani Power Adani Enterprises Ltd-promoted Adani Power, with revenue of Rs 196 billion, has announced its plan of opening its Initial Public Offer (IPO) - for 301,652,031 Equity Shares of Rs10 each - on July 28, which would continue till July 31. The company, on July 14, filed the Red Herring Prospectus (RHP) with the Registrar of Companies (RoC), Gujarat, Dadra and Nagar Haveli, to get necessary approvals for the proposed offer.

United Bank plans IPO in December 2009

United Bank plans IPO in December 2009United Bank of India is working out plans to raise funds worth Rs 300-400 crore, hitting the capital market via an Initial Public Offer by December end. The move will reduce government holding in the complete public sector bank to 80 per cent post-IPO.

Chairman and Managing Director of bank, Mr. S. C. Gupta, during the sidelines of FICCI banking conclave, in Kolkata, said, "We will go for an IPO once our capital restructuring exercise is complete by the end of September."

Mahindra Holidays IPO to open on June 23

Mahindra HolidaysMahindra Holidays & Resorts India Limited, a part of the Mahindra Group of Companies, is entering the capital market with a public issue of 92.65 lakh equity shares of Rs 10 each for cash at a premium to be decided through the 100 per cent book building process.

The issue, which will represent 11% of the post-issue paid up capital, will open on June 23 and close on June 26.

It should be noted that, credit rating agency Fitch Rating India, has already assigned '4' out of '5' grading to company IPO, which reflects 'above average fundamentals' of the issue relative to other listed equity securities.

Standard Chartered Bank to raise $1 billion through IDR

Standard Chartered BankStandard Chartered Bank plans to raise at least $1 billion through an Indian Depository Receipts (IDR) issue in the local markets.

According to latest reports, the lender has already appointed JM Financial and UBS AG as lead managers for what could be the first IDR issue by a global player.

Apart from this, the bank has also appointed Goldman Sachs, Bank of America and Kotak Mahindra to manage the issue.

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