DLF Launches $2 Bn Issue

DLF, real estate major, floated India's largest IPO of over $2 billion on May 29 amid rising investor wariness over real estate stocks and regulatory fears of a bubble in this large, but loosely-organised sector. The Gurgaon, Haryana-based DLF will offer 175 million shares to investors at a price band of Rs 500-550 per share. The issue will open for subscription on June 11, one year after the company first made its plans public. At the lower end of the band, the issue will raise Rs 8,750 crore, while at the upper end it will garner Rs 9,625 crore. The issue is a landmark event for both DLF and the Indian capital markets. At the upper end of the band of Rs 550, DLF will command a valuation of Rs 93,800 crore, making it the eighth largest company by market value after Reliance Communications but before ICICI Bank. In the past two years, the stock markets have seen greater liquidity, stronger FII participation and greater investor confidence, enabling companies with strong financials to mobilize large amounts of money through IPOs. Reliance Petroleum mopped up Rs 8,100 crore in April last year, a record that DLF is hoping to beat. Real estate stocks have been extremely volatile in the recent months. For instance, Parsvnath Developers, which was listed in late 2006, was trading at Rs 450 plus levels at the beginning of 2007. It fell to a low of Rs 226.75 by early March - the recent weeks have seen it recover to Rs 320. Unitech, which is the largest listed real estate player right now, was close to Rs 500 at the beginning of the year, a level from which it dropped 35% by early March. The current market price is Rs 600 - coming on back of strong results and a bonus issue.

Ipo Closing Today

1) Decolight Ceramics Ltd.

Opening Date : 24/05/2007
Closing Date : 29/05/2007

DLF Fixes Maiden Float Price Band At Rs 500-550

New Delhi: Real estate player DLF Ltd has fixed price band of Rs 500-550 per equity share for its forthcoming initial public offering. The issue opens on June 11 and closes on June 14. The company registered its prospectus with the Registrar of Companies on May 24. The company had registered its draft prospectus in January for 17.5 crore equity shares of Rs 2 each. The company thus proposes to mop up Rs 8,750 crore at the lower end of the price band and Rs 9,625 crore at the upper end. DLF's public issue will fall shy of Oil and Natural Gas Corporation's public issue in 2004 of around Rs 10,500 crore, the country's largest issue by far, by around Rs 875 crore even if all the shares are subscribed at the upper end of the price band.

Time Tech IPO Witnesses 49 Times Oversubscribed

Mumbai: The initial public offering of Time Technoplast, which makes and sells polymer products, has been oversubscribed 49.55 times, having got 19.43 crore bids for the 39.21 lakh shares on the last day of the share-sale. The issue got most of the bids from FIIs who subscribed to a large number of bids as more than one crore bids against the total issue size were got at the cut-off price. Till May 22, Qualified Institutional Buyers (QIBs) in the form of FIIs and mutual funds bid for 1.83 crore shares for the 21.9 lakh shares reserved for them, data available on National Stock Exchange show.
The allocated segments for Non-Institutional Investors (3.66 lakh shares) and retail investors (10.98 lakh shares) however remained undersubscribed till May 22. The 100 per cent book-building issue, which has a price band fixed between Rs 290 and Rs 315 per equity share. Stock-broking analysts from Anand Rathi Securities, Religare and Keynote Capitals Research have recommended the issue with a medium to long-term outlook.

Ipo Opening Today

1) Decolight Ceramics Ltd.

Opening Date : 24/05/2007
Closing Date : 29/05/2007

Ipo Closing Today

1) Time Technoplast Ltd

Opening Date : 18/05/2007
Closing Date : 23/05/2007

Ipo Opening Today

1) Time Technoplast Ltd

Opening Date : 18/05/2007
Closing Date : 23/05/2007

Ipo Closing Today

1) Nitin Fire Protectio

Opening Date : 15/05/2007
Closing Date : 18/05/2007

Central Bank Of India To Float IPO In June

Central Bank of India is all set to float its initial public offer (IPO) in June. The bank will file for the IPO with SEBI this week. The public sector bank will mop up funds for upgrading its technology platform, meeting Basel-II requirements and HRD development. The bank recently restructured its capital structure of Rs 1,124.14 crore into preference capital of Rs 800 crore and equity capital of Rs 324.14 crore. The money raised through the IPO should help the bank to improve its capital adequacy to around 12 per cent, which currently is at 10.4 per cent.

Ipo Closing Today

1) Asahi Songwon Colors Ltd.

Opening Date : 09/05/2007
Closing Date : 15/05/2007


2) Glory Polyfilms Ltd.

Opening Date : 09/05/2007
Closing Date : 15/05/2007

Ipo Opening Today

1) Nitin Fire Protection Industries Ltd.

Opening Date : 15/05/2007
Closing Date : 18/05/2007

Time Technoplast Plans IPO

Mumbai: Time Technoplast Ltd, will foray the capital market with an initial public offer of 39,21,500 equity shares of Rs 10 each for cash at a premium to be decided via a 100 per cent book building process. The price band for the issue has been fixed between Rs 290 and Rs 315 per equity share and opens for subscription on May 18 and closes May 23. The issue constitutes 18.74 per cent of the fully diluted post-issue paid-up capital of the company.
The carries on of the issue will fund new projects like that at Thane (Himachal Pradesh) for the manufacture of disposable medical devices and an integrated injection moulding facility in Silvassa (Union Territory) for augmenting out put capacity for plastic pails and auto components. Overseas, the company will use the issue proceeds in funding its wholly-owned subsidiaries Elan Incorporated, FZE, in Sharjah, UAE for establishing a facility for manufacturing packaging products and lifestyle products; and also for putting up the production facility in the wholly owned subsidiary Novo Tech SPZoo, Poland, for auto components and lifestyle products.

Suryachakra Power Receives Approval For IPO

Hyderabad: Suryachakra Power Corporation Ltd has received the approval from the Securities & Exchange Board of India (SEBI) for its issue of 3.4 crore equity shares of Rs 10 each through the book building route. The Hyderabad-based company is slated to hit the capital market in June 2007. The purpose of the issue is to mop up funds for investment in one of its subsidiary MSM Energy Ltd and augment the working capital needs, power trading and general corporate purpose.

Ipo Closing Today

Insecticides ( India ) Ltd.

Opening Date : 07/05/2007
Closing Date : 11/05/2007

Ipo Closing Today

1) Binani Cement Ltd.

Opening Date : 07/05/2007
Closing Date : 10/05/2007

Oriental Insurance Planning IPO

Kolkata: Oriental Insurance Company Ltd, one of the four public sector non-life insurers, will like to unlock part of its value, courtesy an initial public offering. The company, which has grown substantially in the past few years and expects to move ahead rapidly in the current de-tariffed regime, has done a set of back-of-the-envelope calculations, which points to a decent per-share value, assuming a face value of Rs 10 per share. Oriental Insurance, indicated is aware of the regulatory issues before it, ones which have to be addressed before any dilution of government's holding could be addressed. The company, which has aimed a 15-per cent growth in premium this year, is looking at more products in the coming months especially on the fire insurance front. The company has a healthy mix of businesses, a significant part of which is on account of motor insurance. It is targeting a number of large institutional clients at this juncture. OIC registered a gross direct premium of Rs 3,609 crore in 2005-06 compared to Rs 3,090 crore recorded in the previous year. Its net profit stood at Rs 283 crore. The company's paid-up capital is Rs 100 crore.

SIH Mulls IPO, Unveils Housing Project In Lucknow

Lucknow: Sahara Infrastructure and Housing (SIH), the real estate company of Sahara India Parivar, is mulling to go public and get listed on the stock exchange in the next two years. Spread on an area of 200 acres in Lucknow, Sahara City Homes Lucknow is one of the biggest real estate projects of the city with 5,255 residential units. The estimated worth of Lucknow township is Rs 2,000 crore. The township is the first one from Sahara City Homes townships, which SIH will be developing in 217 cities across India.
They are the largest landowners in the country with total land acquisition of around 20,000 acres across India. The land acquisition process is in progress with acquisition being complete in 8-10 cities, and partly completed in 30-40 cities. The construction at these Homes is in full swing and the possession of property will start in 2009 for Lucknow City Homes. A total of 30 blocks are under construction. These 30 blocks will house 1,620 residential units. Once 5 per cent is booked and they have all the required sanctions in place, then we ask for 15 per cent of the said amount. The aim of these townships is to provide an exclusive living environment, whether through facilities at par with international standards or by presenting the experience of a unique lifestyle.

Ipo Opening Today

1) Asahi Songwon Colors Ltd.

Opening Date : 09/05/2007
Closing Date : 15/05/2007


2) Glory Polyfilms Ltd.

Opening Date : 09/05/2007
Closing Date : 15/05/2007

Ipo Closing Today

1) MIC Electronics Ltd.

Opening Date : 30/08/2007
Closing Date : 08/05/2007

DLF IPO Gets Sebi Nod, To Hit Market In A Month

New Delhi: Following a regulatory approval, Delhi-based real estate player DLF Ltd mulls to go ahead with its initial public offering (IPO). They have received the clearances to go ahead with our IPO. The company had registered a fresh prospectus with market regulator EBI in January for 17.5 crore shares of Rs 2 each to meet construction cost, land acquisition and repayment of debt. The company hoped to mop up Rs 13,000-14,000 crore through the IPO. With the issue of 17.5 crore shares, the company will offload around 10.2 per cent of its equity. The company had earlier filed its prospectus with SEBI in May 2006 for 20.2 crore shares. The prospectus had to be withdrawn in August following complaints by minority shareholders. The shareholders registered a complaint with the market regulator that they were not informed about the debenture offering, depriving them of an opportunity to own more stock when DLF converted the bonds into shares.

Ipo Opening Today

1) Binani Cement Ltd.

Opening Date : 07/05/2007
Closing Date : 10/05/2007


2) Insecticides ( India ) Ltd.

Opening Date : 07/05/2007
Closing Date : 11/05/2007