Den Networks IPO opens for Subscription

The initial public offering (IPO) of Den Networks has opened for subscription today. The issue is of up to 20,000,000 equity shares of Rs 10 each. The issue will close on October 30, 2009. The company has fixed price band between Rs 195-205/share.

The issue comprises a net issue to the public of up to 19,750,000 equity shares and a reservation of up to 250,000 equity shares for subscription by eligible employees. The issue would constitute up to 15.16% of the post-issue paid-up equity share capital of the company. The net issue would constitute 14.97% of the post-issue paid-up equity share capital of the Company.

At least 60% of the net issue will be allocated on a proportionate basis to qualified institutional buyers (QIB). The company may allocate up to 30% of the QIB Portion, to anchor investors on a discretionary basis. Further 5% of the QIB portion less anchor investor portion shall be available for allocation on a proportionate basis to mutual funds only.

Also, not less than 10% of the net issue will be available for allocation on a proportionate basis to non-institutional bidders and not less than 30% of the net issue will be available for allocation on a proportionate basis to retail individual bidders, subject to valid bids being received at or above the issue price.

Promoted by Mr Sameer Manchanda and Lucid Systems Private Limited, Den Networks is one of the largest national cable television companies in India engaged in the distribution of analog and digital cable television services (Source: MPA Report 2009). Since incorporation in July 2007, it has expanded analog cable services to 77 cities across India.

It currently provides cable television services in the National Capital Region of Delhi and the states of Uttar Pradesh, Rajasthan, Maharashtra, Gujarat, Karnataka, Haryana, Madhya Pradesh and Kerala. It has obtained an all-India ISP license and has recently commenced a limited roll out of broadband internet services in select areas, which it intends to expand in all the other cities where it operates.

The IPO Proceeds will partly fund the company?s plans to invest in the development of cable television infrastructure and services; the development of cable broadband infrastructure and services; and acquisition of content and broadcasting rights amongst others.

The equity shares offered through the RHP of the Company are proposed to be listed on Bombay Stock Exchange and National Stock Exchange of India.

The global coordinator and book running lead manager for the issue is Deutsche Equities India Private Limited. The co-book running lead manager for the issue is Antique Capital Markets Private Limited. Karvy Computershare Pvt Ltd is the registrar.

For the year ended March 31, 2009, it has reported loss of Rs 13.8 crore and total income of 271.11 crore.

Pipavav Shipyard issue priced at Rs 58/sh; listing on Oct 9

India?s largest dockyard Pipavav Shipyard will list its equity shares issued via public issue on October 9, 2009. It has fixed its issue price at Rs 58.

The IPO was subscribed almost 9 times. Building India?s largest dry dock and world class multi-sector fabrication facility, Pipavav Shipyard hit the capital market on September 16 and closed on September 18.

The company raised over Rs 495 crore with the issue of over 85.45 million equity shares of Rs 10 each and the issue came with a price band of Rs 55-Rs 60. The company intends to use the IPO proceeds for Construction of facilities for shipbuilding, ship repair and the Offshore Business among other things.

The company enjoys a strong order book position of 34 ships ? 22 Panamax size huge dry bulk carriers for 3 European shipping companies and 12 OSVs for ONGC. It has also bid for 7 naval vessels.

Pipavav Shipyard intends to utilize its shipbuilding facilities to repair a wide range of vessels, including VLCCs and OSVs, and other specialty vessels such as LNG carriers.

Its dry dock, measuring 662 meters in length and 65 meters in width, is capable of accommodating ships of up to 400,000 DWT and/or multiple combinations of smaller vessels including vessels catering to offshore activities such as offshore supply vessels (OSV), anchor handling tug supply vessels and multi-purpose support vessels. Installation of two Goliath cranes, each having a lifting capacity of up to 600 tonnes, is also in progress.

Thinksoft Global IPO subscribed 2.57 times

The initial public offering (IPO) of Thinksoft Global Services was subscribed 2.57 times as per the NSE website. The issue received total bids for 93,70,900 shares against its issue size of 36,46,000. The issue was scheduled to close on September 24 but was extended due to lukewarm response from investors. The company had also reduced its IPO price band to Rs 115-125 from Rs 120-130 per share.

Read Full Article Here: Thinksoft IPO Price band reduced

The issue had opened for subscription on September 22, 2009.

The IPO consisted a fresh issue of 13.5 lakh shares and an offer for sale of 22.96 lakh shares by Gibraltar-based fund, Euro Indo Investments.

Karvy Investor Services was the book running lead manager to the issue.

Indiabulls Power IPO to open on Oct 12

According to the sources, the initial public offering (IPO) of Indiabulls Power, a subsidiary of Indiabulls Realty will open for subscription on October 12, 2009 and will close on October 15, 2009.

From this issue, the company is expected to raise around Rs 2,000 crore.

The proceeds of the issue will be used to part finance the construction and development of the 1,320 MW Amravati Power Project Phase ? I (Rs 775 crore from the issue) and for funding equity contribution in the company?s wholly owned subsidiary, IRL, to part finance the construction and development of the 1,335 MW Nashik Power Project (Rs 660 crore from the issue).

Read: Indiabulls Power prices pre-IPO placement around Rs 44/sh

Indiabulls Power will offer 33.98 crore equity shares via this IPO. There will also be a green shoe option of up to 50,900,000 equity shares, which will take the issue size to 39.07 crore shares. Before the green shoe option, the issue will constitute 16.98% of the fully diluted post issue paid-up capital of the company and post the green shoe option - 19.06%.

The company has five thermal power projects under development, which will have a combined installed capacity of 6,615 MW. The Projects include -:

1 - Amravati Phase I Power Project will have two super-critical units of 660 MW each, with combined capacity of 1,320 MW.

2 - Nashik Power Project will consist of five units of 135 MW each and two units of 330 MW each, with a combined capacity of 1,335 MW.

3 - Bhaiyathan Power Project will have two super-critical units of 660 MW each, with combined capacity of 1,320 MW.

4 - Amravati Phase II Power Project will have two super-critical units of 660 MW each, with combined capacity of 1,320 MW.

5 - Chhattisgarh Power Project is expected to have two super-critical units of 660 MW each, with combined capacity of 1,320 MW.

Apart from these projects, the Company is developing four medium sized hydro-power projects of 60 MW, 30 MW, 46 MW and 31 MW in Arunachal Pradesh.

For the year ended March 31, 2009, it has reported profit of Rs 82.96 crore on total income of Rs 141.34 crore on the consolidated basis.

Morgan Stanley India Company Pvt Ltd is the book running lead manager and Karvy Computershare Pvt Ltd is the registrar to the issue.

Glenmark to raise Rs 575cr: Sources

Glenmark Generics filed a draft red herring prospectus (DRHP) yesterday, according to the sources. Glenmark Pharma would raise Rs 575 crore via Glenmark Generics initial public offer (IPO). The issue values Glenmark Generics at Rs 5,000 crore.

This is sourced based information and we get to hear that, the company will raise Rs 575 crore through the IPO in Glenmark Generics. This values Glenmark Generics at about USD 1 billion or Rs 5,000 crore, the equity dilution in Glenmark Pharma is expected to be between 10-15%.

Glenmark Generics had sales of about Rs 985 crore in financial year 2009 and 70% of that business came from the US geography and other 20% from API part of the business. In terms of how the structure is going to look like is that Glenmark Generics will be having its generic business which is having main presence in the US and the other business which is a specialty business of R&D and branded generics will remain with erstwhile Glenmark Pharma. So, this is how the whole structure is and Rs 575 crore is what they are planning to raise from Glenmark Generics IPO.

Source: Moneycontrol

Thinksoft IPO Price band reduced

Thinksoft Global Services has extended its initial public offering (IPO) closing date to October 1, 2009 from the earlier decided date, September 24, due to a lukewarm response from investors, especially qualified institutional investors (QIBs). It also reduced its IPO price band to Rs 115-125 from the earlier Rs 120-130 per share.

Commenting on this development, Asvini Kumar, MD, Thinksoft Global Services, said till yesterday QIBs had not contributed much whereas the high networth individuals (HNI) portion was oversubscribed twice and the retail portion was oversubscribed 1.3 times. 'The pricing and the extension is done on investor bankers? advice and they feel confident,' he added.

If you look at the data as of yesterday, the qualified institutional buyers (QIBs) have not contributed whereas the high networth individuals (HNI) portion has been oversubscribed twice and the retail portion has been oversubscribed 1.3 times. So, this is a very interesting trend. So, the questions here are why is the QIB so low and why are the other things looking good. So, we try to interpret this data and I can tell you that the QIBs do parametric investing, they will have their own set of rules and guidelines for investing. For example if one of the guidelines was size or something like I won?t invest below a certain thing or I will invest in a company with above a certain thing or issue size above a certain thing that could become a constraint but I really don?t know what their parameters were. But if you look at the HNI and retail response, one thing becomes very clear that there is a huge segment of individual retail investors, intelligent HNIs who look at their investing decisions based on the quality of the management, the promoters commitment, the company?s profitability, our topline and bottomline growth, our dividend record for ten years, good cash reserves, so they see a value proposition in this. According forester report, the specialist and niche players are not going to be affected much and it is the Indian outsourcing strength and our skills as a domain focused company we are in good state. So, I think the lesson to be learnt is that there is a new target and we have to give them time to come and invest and close out the issue and we have given them an opportunity, the MD said.

Reliance Infratel files IPO papers

Anil Dhirubhai Ambani Group (ADAG) company and subsidiary of Reliance Communications, Reliance Infratel, has filed for the draft red herring prospectus (DRHP) for an initial public offering (IPO) of 15.6 crore shares with the SEBI (Securities and Exchange Board of India).

The offer will be constituted 10.05% of the fully diluted post issue paid-up capital of the company. Post issue, Reliance Communication will continue to own 85% stake in the company.

Part of proceeds will use for repaying RCIL (Reliance Communications Infrastructure Limited) loan of Rs 4,931 crore. Out of proceeds, Rs 4,000 crore will be used to repay loans.

Reliance Infratel has total of 48,139 towers as of August 31, 2009. It reported revenue of Rs 4,934 crore and net profit of Rs 1,585 crore in FY09.

United Bk plans IPO in Jan 2010

United Bank of India (UBI) is looking to raise close to Rs 500 crore through its maiden initial public offer (IPO) that is expected to hit the markets by January 2010. UBI's listing will leave Punjab and Sind Bank as the only public sector undertaking (PSU) bank, which is yet to be listed.

The bank proposes to offload a 15% stake to the public by issuing 50 million shares that are likely to be priced between Rs 80-90 per share as per initial valuation estimates. The bank is confident that the issue will help it raise close to Rs 500 crore, proceeds that will be deployed in growing its asset base.

TM Bhasin, Executive Director of UBI says that they have submitted a request to the Government of India (GOI) and Reserve Bank of India (RBI) to go in for the IPO. "We expect to get the permission by October, and the IPO will hit the market by January." This year the government has assured the bank another Rs 550 crore. Their capital requirement has been worked out till 2012. Rs 1600 crore is the total requirement in tier one out of which Rs 550 crore will come and rest Rs 800 crore will be infused by the government next year.

The bank's capital has been restructured. Earlier the capital size was Rs 1,532 crore and Bhasin says it has been restructured to Rs 266 crore. The balance Rs 1,266 crore has been shifted to the capital reserve account. In addition, last year, the government infused Rs 250 crore via perpetual non-cumulative preference shares into the bank. This year, the government is going to infuse another Rs 550 crore, followed by another Rs 800 crore the year after.

"This year they have assured us another Rs 550 cr. Our capital requirement has been worked out till 2012. 1600 cr is the total requirement in tier 1 out of which 550 will come & rest 800 govt has assured they will infuse next year"

The bank is targeting a 40% credit growth this fiscal and also says an acquisition may be on the cards next year. With overall lending expected to improve, UBI is confident of its long term growth prospects.

Pipavav IPO Overbid 2 Times

Pipavav Shipyard has opened its initial public offering (IPO) of 85,450,225 equity shares of Rs 10 each for subscription. It has been subscribed 1.94 times so far and has received bids for 13.62 crore shares as against the issue size till 16 hours IST, as per the data available on the NSE website.

Maximum bids were seen at Rs 60/share, the higher end of the price band. Qualified and non-institutional investors' portion subscribed 1.09 times and 5 times.

It will raise nearly Rs 513 crore at higher end of the price band Rs 55-60 per equity share. The issue will close for subscription on September 18, 2009.

OIL IPO Price fixed at Rs. 1050 per share

The price for the highly demanded Oil India's (OIL) initial public offering (IPO) has been fixed at Rs 1,050 per share by the priceminister's panel, the Oil Secretary RS Pandey informed.

According to the reports, the company will list its equity shares on the bourses on the September 30, 2009.

OIL, the second largest oil and gas company in India, had come out with the OIL IPO of 264.5 lakh equity shares of face value Rs 10 each and raised Rs 2,777 crore.

The issue has received an outstanding response from the investors, especially the QIB (qualified institutional investors). It has been subscribed 30.82 times and QIBs' reserved portion got subscribed 54 times followed by the non-institutional and retail investors; whose portion was subscribed 10.5 times and 1.8 times, respectively. The issue received more than 2.10 lakh applications for allotment.

Reliance Infratel plans $1 bn IPO: Reports

According to reports, the telecom tower unit of Indian mobile operator Reliance Communications Ltd has revived its initial public offer plan and is looking forward to raise up to Rs 5,000 crore ($1 billion).

Reliance Infratel, 95-per cent owned by the country's No. 2 mobile firm, aims to sell at least 10 per cent stake to use the capital to fund its expansion plans.

The company would file the draft prospectus within a week.

In February last year, the company had filed a prospectus with the regulator seeking to offer 10.05 per cent of the post-issue capital, which according to the media reports stated that the company was looking to raise up to Rs 6,000 crore at that time.

But a slump in equity markets worldwide, including in India, forced Reliance Infratel to shelve the plan.

The revived IPO would help ease pressure on the company to raise funds from private equity firms, with whom it has in talks.

Indian companies have raised nearly $10 billion in share sales this year, surpassing 2008 volumes, helped by a 62 per cent rally in the main BSE index this year.

State-owned energy explorer Oil India Ltd is set to launch an IPO next week to raise up to Rs 2,780 crore, while private-sector shipbuilder Pipavav Shipyard Ltd IPO is expected to start roadshows later this month for about Rs 500 crore.

IPO Fever: Godrej Properties IPO in November

The initial public offering (IPO) season seems to be in its full swing with all the companies coming forward to collecting money from the markets.

The next to join the trend is Godrej Properties. According to reports, the proposed Godrej Properties IPO could be floated as early as November. Mr Adi Godrej, the Chairman of the Godrej Group, said on Monday that the draft red herring prospectus has been approved by the Securities and Exchange Board of India (SEBI).

Under SEBI guidelines, Godrej Properties has 10 months to float the IPO.

But Mr Godrej said the IPO is likely to be out within 2-3 months. Godrej Properties plans to sell 13.5 per cent of its stake. Mr Godrej said that the stake sale will bring in fresh cash infusion and this will not be a case of promoters selling their stake. ?The proceeds from the stake sale will be used by the company for its expansion,? he added.

Regarding the company?s expansion plans, Mr Godrej said that the affordable housing segment, broadly the Rs 5-25 lakh segment, has seen tremendous demand and the company will continue to focus on this segment. Ninety per cent of Godrej Properties? housing projects fall under the affordable housing category, he said.

He said the company is coming up with affordable housing projects in Bangalore, suburbs of Mumbai, Pune, Kolkata, Ahmedabad and Chandigarh.

?Costs of cement and steel are coming down and this along with lower mortgage rates forms a suitable atmosphere for undertaking affordable housing projects,? said Mr Godrej.

Source: The Hindu Business Line.

NHPC Listing on Exchanges on 1st September 2009

The State-run NHPC has decided to be listed on the stock exchanges on the 1st of September, 2009 which will make it the first public sector firm to be available to trade under
the second term of the Congress-led UPA government.

"From September 1, 2009, the equity shares of NHPC Ltd shall be listed and admitted to dealing in the exchange," the Bombay Stock Exchange (BSE) said in a statement today.

The issue price of NHPC shares has been fixed at the upper band of the IPO at Rs 36 a share.

The government run power producer raised Rs 6,000 crore through its initial public offer (IPO), which closed on August 12. It had come up with 167.73 crore shares in the primary market within the price band of Rs 30-36.

Over one-third stake is being held with the government in NHPC, which is the sole promoter of the company.

NHPC would use the IPO proceeds to part fund its ongoing investments in 11 projects. It also has plans to add 14,000 MW of power by 2020 for which it has either completed survey of projects or was in the process of surveying several others.

With an installed capacity of 4,815 MW, the company has 11 projects under construction aggregating to a total capacity of 4,622 MW. The new projects are likely to be commissioned by 2012.

With the completion of NHPC's IPO, the disinvestment programme of UPA-II has started on a high note as the IPO was over subscribed 23 times.

The previous tenure of the UPA government saw the listing of three power sector PSUs - PFC, PGCIL and REC.

Great Eastern Energy plans IPO Launch this fiscal Year

Great Eastern Energy Corporation Ltd plans to raise around Rs 400 crore through an initial public offering this fiscal to part-fund drilling of nearly 300 wells and distribution of gas for industrial purposes in West Bengal.

The Gurgaon-based company also plans to invest nearly Rs 2,825 crore in two phases in West Bengal to develop the hydrocarbon production.

The company is the country?s first private sector company engaged in exploration, development, production, distribution and sale of natural gas from coal-seams, commonly called coal-bed methane.

The Director-General of Hydrocarbons had given approval for drilling of 100 wells. The company proposes to drill another 200 before 2016.

With the IPO, Great Eastern would be diluting 10 per cent of equity to use the proceeds to fund drilling of wells in the CBM block it received through nomination in May 2001 for 35 years. Financial institutions own 35 per cent of the company, which has an equity base of Rs 203 crore.

Last year, SBI had sanctioned a loan of Rs 350 crore to Great Eastern. Great Eastern energy might bid for more CBM blocks, depending on evaluation and feasibility, in the fourth round of bidding. The company is focused on West Bengal?s coal-bearing areas where methane gas escapes into the atmosphere and damages the ozone.

It is expected to result in the demethanation of coal-beds and avoidance of emissions into the atmosphere. Great Eastern is exploring and developing production wells for CBM in Damodar Valley (Raniganj coal-field), near Asansol city in West Bengal. At present, 31 of its wells produce CBM from its Raniganj block spanning 210 sq.km where the gas-in-place is estimated to be 1.92 trillion cubic feet.

Great Eastern has completed 31 wells, while 22 are in various stages of completion. It has commissioned one gas-gathering station and nearly 110-km-long pipeline network is at various stages of development, reports The Hindu Business Line.

Pipavav Shipyard IPO to open on Sept 16, 2009

Pipavav Shipyard's initial public offering (IPO) will open for subscription on September 16 or 17, 2009, News sources revealed. The company may raise Rs 400-500 crore via IPO. Punj Lloyd currently holds 22.3% stake in the company.

As per the DRHP (draft red herring prospectus) filed with the SEBI, the company is coming out with a public issue of 86,850,000 equity shares of Rs 10 each. About 2,600,000 equity shares of Rs 10 each will be reserved in the issue for subscription by employees. The issue less the employee reservation portion shall be referred to as the net issue. The issue will constitute 13.04% of the fully diluted post-issue equity share capital of the company.

Proceeds from the issue will be used for construction of facilities for shipbuilding, ship repair and the Offshore Business, and margin for working capital.

The shares issued via IPO are proposed to be listed on the BSE and NSE. JM Financial Consultants Private Limited, Citigroup Global Markets India Private Limited and Enam Securities Private Limited are book running lead managers to the issue. Karvy Computershare Private Limited is the registrar.

Punj Lloyd bought 22.34% stake in the company at Rs 350 crore. Sea King Infra and Punj Lloyd are co-promoters, which hold 45.5% stake.

Jindal Cotex IPO opens for subscription today

Jindal Cotex has opened for subscription with an initial public offering (IPO) of 1,24,53,894 equity shares of face value of Rs 10 each for cash at a price of Rs 70-75 per equity share aggregating Rs 87.18-93.40 crore.

The issue will close on September 1, 2009. The issue comprises of promoters? contribution of 12,03,894 equity shares and reservation of 5,00,000 equity shares for eligible employees. So, the net issue to the public is of 1,07,50,000 equity shares. The net issue shall constitute 43% of the post issue paid up capital of the company. At higher price of band, the company will raise Rs 93.40 crore; out of which, the promoters will receive around Rs 9 crore.

The proceeds from the issue (excluding public issue expenses) will be used for setting up a new facility for manufacturing of cotton yarn, yarn dyeing and garments and investment in subsidiaries namely Jindal Medicot & Jindal Specialty Textiles.

The company is engaged in the business of manufacturing of acrylic, polyester, and polyester-viscose, polyester cotton, combed and carded yarns, which are appropriate for apparels, suitings and knitted fabrics. The yarns produced by the company are used for made ups in apparels, hosiery & garment industry.

It has current installed capacity of 23,472 spindles for acrylic, cotton blended and polyester yarns with a manufacturing capacity of 6500 TPA. It manufactures and sell yarns under the trade name ?JINDAL?.

The issue has been graded by Brickwork Ratings India Private Limited and has been assigned a grade of 3/5 indicating average fundamentals.

For the quarter ended June 2009, the company reported net sales of Rs 29.08 crore and net profit of Rs 1.84 crore. For the year ended March 31, 2009, it has reported net sales of Rs 138.58 crore and net profit of Rs 4.34 crore.

Equity shares issue via IPO are proposed to be listed on the Bombay Stock Exchange Limited (BSE) and on the National Stock Exchange of lndia Limited (NSE).

Saffron Capital Advisors Private Limited is the book running lead manager to the issue and Bigshare Services Private Limited is registrar to the issue.

IPO Index Launched by BSE

The BSE (Bombay Stock Exchange) announced the launch of a new BSE IPO index that will track the value of companies for two years after listing subsequent to successful completion of their initial public offering (IPO).

Robust growth of the Indian economy at 6.7% in 2008-09, and the expectation of higher growth in the future are expected to boost the primary market. For this and other reasons, it is an appropriate time to introduce to the market an indicator that will track primary market conditions in the Indian capital market.

BSE continues to introduce index innovations with the launch of the IPO index, by introducing ceiling (capping) on weightings of index constituents. Market capitalisation weightings of index constituents will be limited to 20%. If a constituent?s market capitalization would result in a higher weighting, the company?s weight will be suitably adjusted to ensure that no single company has a weight in excess of 20% in the index. However, between any rebalancing, weightage of any index constituent can exceed 20%.

Summary of guidelines followed for BSE IPO index are as follows:

1. A company seeking listing on the Exchange after completion of IPO shall be considered eligible for inclusion in the index. Follow-on public issues shall not be considered for inclusion in the index.

2. A scrip must have the minimum free-float market capitalisation of Rs 100 crore on its first day of listing.

3. A scrip will be included in the index on the third day of its listing (T+2) subject to fulfillment of the minimum free-float market capitalisation criteria stated above.

4. A scrip will be excluded from the index on the second Monday of the month after completion of two years of listing.

5. At all time a minimum of 10 scrips shall be maintained in the index. In case, there are less than 10 companies on account of possible exclusion after two years, the exclusion of such company shall be delayed till such time new inclusion is made in the index.

6. The maximum weight of any scrip shall be capped at 20%. The constituent weightage shall be reviewed at the time of inclusion/exclusion of a scrip and on monthly rebalancing. However, between any rebalancing, weightage of any index constituent can exceed 20%

7. Base date of the index is May 3, 2004; while base index value is set to 1000 points. Index value on August 21, 2009 is 1901.67.

8. The index would be calculated and disseminated on a real-time basis through BOLT effective August 24, 2009 and shall also be available on our website.

Indiabulls Power prices pre-IPO placement at Rs 44/sh

Indiabulls Power, a subsidiary of Indiabulls Real Estate has begun its pre-IPO placement with strategic investors.

The indicative pre-IPO price is in the range of Rs 44 a share. The pre-IPO placement could fetch Indiabulls Power about Rs 600 crore. The company will offer 39 crore shares in the IPO.

At indicative price of Rs 44/share, the IPO issue could be valued at Rs 1,700 crore. At the pre-IPO price, the company could see valuation of around Rs 8700 crore.

The company has four leading projects in the pipeline, which add up to over 5200 mega watt (MW) of power projects. The projects included 1,335 MW in Nashik and 1,320 MW in Chhattisgarh, Amravati and Bhaiyathan.

Cox and Kings prepares for IPO Issue again

With the signs of revival shown by the primary market, one of India’s oldest tour operators, Cox & Kings, has initiated the process for its initial public offering (IPO) and has filed the preliminary draft prospectus with market regulator SEBI. The travel company had earlier planned to go for an IPO last year but was forced to shelve down its plans because of the unfavourable market conditions.

The scenario has now improved with Indian companies having raised over Rs 9,000 crore so far this year. Cox & Kings expects to raise $100 million through the IPO.

If the IPO materialises, Cox & Kings will be the third well-known listed company in the travel space. Interestingly, unlike travel industry’s sibling—hotels—not too many travel services are listed.

The other publicly quoted travel firms include Thomas Cook and International Travel House. While Thomas Cook trades at Rs 53, International Travel House, owned by ITC, on Friday closed at Rs 97.65 on BSE.

Cox & Kings median sale of 18.49 million shares would comprise a fresh issue of 15.45 million shares and sale of 3.04 million shares by its current financial investors, Lehman Brothers, Deutsche Securities and Merrill Lynch. The company has also reserved two lakh equity shares for its employees.

The issue would constitute 29.4% of the fully diluted post-issue paid-up capital of the company, Cox & Kings said in a media statement. It added that it was considering a pre-IPO placement. India Infoline is the sole book running lead manager to the issue.

Source : Economic Times

OIL IPO to hit the market on 7th Sep 2009

Oil India IPO is ready to hit the capital markets on the 7th of September 2009. Oil India is the second state-run oil firm after the big ONGC offering. OIL IPO is likely to be priced around Rs 1,00o to 1,100 per share.

OIL is seeking to price its initial public offering (IPO), closer to the prevailing share price of Oil and Natural Gas Corp (ONGC).

According to sources, Oil India Ltd believes its earnings per share (EPS) and book value are better than ONGC and so it is looking at pricing the issue in the range Rs 1,000-1,100.

The price band will, however, be fixed by a Group of Ministers in the last week of August. OIL India IPO subscription will begin on September 7 and close on September 11.OIL IPO Listing date is fixed on September 29. The OIL management is currently holding an investor meeting in Hong Kong and Singapore.

Through OIL IPO, 2.64 crore-equity shares or 11 per cent will be offered to the public , while the Government will simultaneously sell 10 per cent of its stake in the company to state refiners.

More information, reviews, subscription details and the listing information of OIL- Oil India Ltd IPO will be posted here soon. Do check our site later for OIL India Limited IPO Analysis.