IPO Of Niraj Cement Structurals Was Subscribed Only 0.37 Times

The IPO of Niraj Cement Structurals was subscribed only 0.37 times till Thursday. The issue received 11,95,920 bids as against the net issue to the public is for 29,25,000 shares while 8,30,940 bids were received at the cut off price.

The retail portion of 10,23,750 shares was subscribed 0.70 times and the non-institutional investor portion of 4,38,750 shares received 0.61 times subscription.

IPO Of Niraj Cement Structurals

The initial public offering of Niraj Cement Structurals, which opened for subscription on 26-05-2008, was subscribed only 0.29 times till the close of the market on Tuesday. It received 9,51,810 bids out of which 6,81, 060 bids were received at the cut off price.

The retail portion of 10,23,750 shares was subscribed 0.53 times while non-institutional investor, qualified institutional buyers and the employee reservation portion did not received any subscription. The price band for the issue was fixed at Rs175-190 per share.

Indiabulls Real Estate Ltd Will Raise Upto $286 Million

New Delhi: Indiabulls Real Estate Ltd will raise upto $286 million through an initial public offer in Singapore, for which it has begun a roadshow there on May 26. IBREL has offered to sell about 353.5 million shares of Indiabulls Properties Investment Trust (IPIT) at a price band of 1.0-1.1 Singapore dollar each, investment banking sources briefed on the matter said.
The IPO saw robust demand from investors on the first day of the roadshow and a final price could be fixed within a week, the sources said. An investment arm of NRI billionaire Lakshmi Mittal family has already agreed to purchase 91 million shares in the trust at the IPO price, amounting to a 3.9 per cent stake. At the projected price range, the IPO would mop up 353-389 million Singapore dollars for the company.The company had filed an IPO prospectus for listing its properties investment trust in Singapore earlier this month. IPIT is a business trust registered under the laws of Singapore and is planning to make an offer of its units for subscription by investors, including those in that country.

Indiabulls Properties Investment Trust Plans To Offer Shares

SINGAPORE: Indiabulls Properties Investment Trust plans to offer shares within a S$1-S$1.10 price range, to raise up to S$389 million ($287 million) in a Singapore listing, a source briefed on the deal said on Monday.

The projected yield for the trust, sponsored by India's fourth-largest developer by market value Indiabulls Real Estates, is 4.66-5.12 percent based on forecast income for the year ending March 2009, the source told reporters.

The group will sell 353.5 million share in the initial public offering, which would be the first test of investors' appetite for new listing of a real estate investment trust (REIT) since the market went cold in November.

Sources had told reporters earlier this month that Indian developer DLF Ltd would revive and enlarge an IPO of its property trust in Singapore to raise over $2 billion, likely in June, because it believes market conditions have improved.

However, ratings agency Moody's only last week had issued a negative outlook rating for Singapore's REITs over the next 12-18 months, citing weak market sentiment and tighter market liquidity that have impaired their access to capital markets.

Deutsche Bank and Merrill Lynch are handling the deal, which will see Indiabulls inject into the trust two projects with a total of 3.4 million square feet of space, said its prospectus filed earlier this month.

The Mumbai properties, One Indiabulls Centre and Elphinstone Mills, due to be ready by August, are designed for IT and financial firms and retail outlets, and has residential components.

The last two REITs to list in Singapore, Lippo-Mapletree Indonesia Retail Trust on Nov 19 and Saizen REIT on Nov 9, tanked on their debuts and are still trading as much as 31 percent below their IPO price.

The poor market conditions sparked by the U.S. subprime credit crisis had caused Indiabulls, and fellow Indian developers Unitech and DLF, to postpone their planned Singapore REIT IPOs in March.

Analysts say the credit turmoil may force Singapore's once-booming REIT sector -- which has 20 listed property trusts -- to consolidate in coming months as financially weaker players sell assets or merge with their counterparts.

IPO Offer Of Niraj Cement Structurals Will Hit The Capital Market

MUMBAI: The initial public offer of Niraj Cement Structurals Ltd will hit the capital market on May 26 and close on May 30. The engineering and construction company will offer 32,50,000 equity shares of Rs 10 each in the price band of Rs 175-190 per share through the book building process.

Out of the total share offering, 3,25,000 shares are reserved for the employees. The net issue to the public will be 29,25,000 shares. The issue will constitute 31.42 per cent of the post issue paid up capital.

CARE has assigned IPO Grade 1 to the issue, which is being managed by Allbank Finance.

Niraj Cement Structurals plans to utilize the IPO proceeds to acquire capital equipment, for long-term working capital needs, and general purposes. The company will bid for road related infrastructure projects—leveraging its strength in this segment for projects on BOOT and BOT basis.

Renewl Plan Of UTI IPO

India's second largest mutual fund firm- "UTI Asset Management Company Pvt Ltd" plans to renew its $500mn IPO, which has been delayed earlier this year due to heavy decline of the Indian stock market.
The UTI executives will meet investors next week to judge the market interest. They will meet in Mumbai on Monday and in Singapore on Tuesday followed tentatively by presentations in Hong Kong, London and New York.

Citigroup, Enam Securities and JM Financial are sponsoring the deal.

Bafna Pharmaceuticals Is Hiting The Capital Market With IPO

Bafna Pharmaceuticals is going to hit the capital market with an initial public offering of 64,00,000 equity shares of Rs10 each for cash at a premium of Rs30 per share. The issue will open on May 27 and will close on May 30.
The company will utilise the proceeds for building brand in the domestic and international markets. It would also strengthen its R&D facility at Grantlayon plant.

The company is engaged in the manufacturing of Betalactum and non-Betalactum pharmaceutical formulations in tablets, capsules and liquid forms. It manufactures 126 formulations under various therapeutic segments such as anti-infectiv, cholesterol lowering agents, analgesic and antipyretic, antihelmintics, appetite stimulants, cough and cold preparations, anti-ulcerants and anti diabetic, vitamins.

MCX Had Planned To Raise Rs 500 Crore

Multi Commodity Exchange (MCX) is still not decided on the public issue following the uncertain conditions prevailing in commodity futures markets in India following the ban on certain commodities. It may postpone the IPO thanks to ban in futures trading in some commodities and the likely introduction of the commodities transaction tax. MCX had planned to raise Rs 500 crore through the proposed issue.

Reliance Infratel To Dilute 5% In Pre-IPO Placement

NEW DELHI: The Anil Ambani group company Reliance Infratel is diluting 5% stake to a clutch of American and European investors in a pre-IPO placement, a deal that values the company at nearly Rs 50,000 crore. When contacted, Reliance Infratel officials declined to comment.

Sources, however, said the company has entered into a deal with some American and European investors for the pre-IPO placement.

The latest deal values the company at around Rs 50,000 crore while the earlier 5% stake dilution that Reliance Infratel had made, valued the company at nearly Rs 28,000 crore.

The company had earlier privately placed 5% stake to a group of institutional investors. Reliance Telecom Infrastructure sold the stake for Rs 1,400 crore to a host of investors, including George Soros, HSBC, Fortress Capital, New Silk, Galleon, DA Capital and GLG Capital. Earlier this week, Sebi cleared the initial public offering of Reliance Infratel.

Reliance Infratel, the telecom infrastructure division of Reliance Communications, would offer 10% equity to the public valued at Rs 5,000-6,000 crore. The issue proceeds are proposed to be utilised towards funding development of passive infrastructure and general corporate purposes, the company had earlier said.

MCX Gets The Approval From SEBI For Its IPO

Financial Technologies (India) Ltd's promoted Multi Commodity Exchange of India (MCX) has received confirmation from the market regulator Securities and Exchange Board of India (SEBI) for its Initial Public Offer.

Financial Technologies (India) in February had filed the draft prospectus with SEBI.

Anu's Laboratories Subscribed 2.77 Times

The IPO of Anu's Laboratories got subscribed 2.77 times on Thursday as per the NSE website. The issue has received 1,05,70,470 bids against the offering of 38,20,000 equity shares. The price band for the issue was Rs200-210 per share. The issue has received around 48,21,060 bids at the cut off price.

Investors Can Keep IPO Money Till Allotment

Mumbai: Investors no longer have to wait for weeks for refund of their IPO application money.

The application money earmarked for an IPO will now remain in the applicant’s bank account till the allotment is finalised, thus eliminating the refund process, SEBI said on Tuesday, addressing a long-standing grouse among investors, particularly in the retail segment.

“The modalities in this regard would be worked out separately,” said a news release from SEBI, issued after its Board met on Tuesday.

“The Board approved, in principle, the concept of making lien on bank account as an alternative mode of payment in public/rights issues.”

This means that the money marked for the IPO will not be used for any other payment obligation during that period.

At the same time, the applicant will enjoy the interest payable on the amount.

This would also reduce the burden on registrars and merchant bankers. But bankers to the issue can no longer enjoy the floating interest, said officials associated with the IPO process.

Most important of all, investors would not have to wait for their refund money. It also ensures that a liquidity crisis such as that of January 2008 does not occur again.

At that time, many investors were unable to buy scrips which were at attractive lows, as their money was locked up in the Reliance Power and the Future Capital IPOs. Nor could they meet their margin money requirements.

PMs – No pooling

The SEBI Board also decided to disallow the pooling of investors’ money by portfolio managers.

“Portfolio managers should not float a scheme or pool the resources of the client in a way which is akin to mutual fund activity,” said SEBI.

They have been allowed six months’ time to convert their operations managed on pooled basis to individual basis.

The Board also decided to enhance the minimum net worth requirement for registration of portfolio managers from the existing Rs 50 lakh to Rs 2 crore in a phased manner.

SEBI Revises Payment Process For IPOs

Mumbai: India's market regulator has changed the payment process for subscribing to initial public offers and rights issues.

Under the new process, the application money will remain in the bank account of the applicant till allotment is finalised, the Securities and Exchange Board of India (SEBI) said in a statement after its board meeting late on Tuesday.

Currently, the money is debited from the bank account, and based on the number of shares allotted the excess money is returned. The regulator said the new system would eliminate the refund process.

The modalities of the entire process will be worked out separately, it said.

The SEBI board also increased the minimum net worth requirement for registration as a portfolio manager to Rs 2 million from Rs 5 million.

It said existing portfolio managers with lower net worth will have to increase it to at least Rs 10 million within six months, and to the new prescribed limit in the next six months.

SEBI said portfolio managers will not be allowed to pool the resources of clients like mutual funds and must keep assets of each client separately.

Portfolio managers working on pooled basis have been given six months to convert their operations to individual basis, the statement said.

Gokul Refoils IPO Got Subscribed Only 0.46 Times

Gokul Refoils IPO got subscribed only 0.46 times till the close of the market on Monday as per NSE. The issue received 32,82,930 bids against the offer of 71,58,392 shares. The price band for the issue was Rs175-195 per share. The non-institutional portion was subscribed 0.77 times, qualified institutional investors subscribed 0.37 times and the retail portion was subscribed 0.18 times. The issue is going to close on Tuesday.
The issue consists of reservation of 75,000 equity shares for employees and 70,83,392 equity shares for public.

The company plans to raise up to Rs140 crore a at the upper end of the price band and the purpose behind this issue is to set up a new 1,500 TPD soyabean processing plant along with expansion of its existing edible oil refinery at Surat, investment in its wholly-owned Singapore based subsidiary, funding part of its long term working capital, investment in increasing warehousing capacities and ongoing capex for existing units.

The book running lead managers for the issue are Anand Rathi Financial Services and Intensive Fiscal Services.

Anu's Laboratories IPO Open For Subscription

MUMBAI: The initial public offer of 38.20 lakh equity shares of Anu’s Laboratories opens for subscription on Monday. The company has fixed a price band of Rs 200-Rs 210 per share. The issue will close on May 15.

The issue comprises reservation of upto 2,00,000 equity shares for employees and a net issue to the public of 36,20,000 equity shares. The issue constitutes 31.63 per cent of the fully diluted post issue paid-up capital of the company.

The company plans to utilize the proceeds for – setting up a new plant for manufacturing of drug intermediates including active pharmaceutical ingredients at Vishakhapatnam, setting up of pilot plant for carrying out contract research and manufacturing at Vishakhapatnam, for long term working capital requirement, general corporate purposes and for issue expenses.

ICRA has assigned Grade "2/5" to the IPO. The shares will be listed on Bombay Stock Exchange. The book running lead manager to the issue is Almondz Global Securities.

K P Singh Promoted DLF Assets Ltd

NEW DELHI: Billionaire businessman K P Singh- promoted DLF Assets Ltd is likely to launch the public offer of its office trust in Singapore by June to raise over $2 billion (over Rs 8,000 crore).

DLF Assets, which has been set up to acquire completed commercial projects of India's most-valued realty firm DLF, is planning to file the updated prospectus soon for its proposed IPO to the Singapore authority, the market sources said.

The company plans to raise over $2 billion from IPO, expected to hit the market by June end, they added.

DLF Assets had planned to bring the IPO in January, but decided to delay its public offer in Singapore because of volatility in the stock markets across the world.

It had received the regulatory approvals from Singapore authorities to launch the IPO of DLF Offices Trust, a Real Estate Investment Trust (REIT) of DLF Assets.

However, the company would file an updated prospectus because earlier document had financial information till September 2007, sources said. DLF office Trust would get fresh approval very shortly, they added.

Last year, DLF Assets had raised 400 million dollars and 200 million dollars from global investing firm D E Shaw and a fund sponsored by investment banking firm Lehman Brothers respectively.

DLF Assets has raised 450 million dollars from Symphony Capital in pre-IPO placements. The promoters have pumped in about Rs 1,200 crore in the company, which sources said would help increase investors confidence, besides providing more returns to them as 90 per cent of the profit is distributed to the investors as dividend in REIT.

Infinite Computer files papers for IPO

MUMBAI: IT solutions and services company Infinite Computer Solutions (I) Ltd said on Thursday it has filed papers for an initial public offering of shares with the market regulator.

The public issue consists of a fresh issue of about 5.7 million shares and a sale of about 5.8 million shares, it said in a statement.

The lead managers to the issue, which will constitute 26.17 per cent of the post-issue capital, are India Infoline Ltd and SPA Merchant Bankers Ltd, it added.

Gokul Refoils IPO Subscribed 16 Per Cent

MUMBAI: The initial public offer of Gokul Refoils and Solvent, planning to raise up to Rs 140 crore, got subscribed 0.16 times on the first day of its offer on Thursday.

The issue received bids for 11.75 lakh shares against 71.58 lakh shares on offer, according to data available on the National Stock Exchange.

The price band of the issue has been fixed between Rs 175 and Rs 195. The issue would close on May 13.

The portion reserved for Non-institutional investors got subscribed 0.78 times, while the retail investors remained under-subscribed. The Qualified Institutional Buyers portion remained un-subscribed.

The issue would constitute 27.14 per cent of the fully diluted post issue paid up equity share capital of the firm.

The company intends to raise Rs 139.59 crore at the upper end of the price band, and the capital would be partially deployed to set up a new 1,500 TPD soyabean processing plant.

The funds would also be used for expansion of its existing edible oil refinery at Surat, investment in its wholly-owned Singapore-based subsidiary, funding part of its long-term working capital, investment in increasing warehousing capacities and ongoing capex for existing units.

ICRA has assigned an ICRA IPO Grade "3/5" rating to the proposed initial public offering of the company.

The Book Running Lead Managers to the issue are Anand Rathi Financial Services and Intensive Fiscal Services.

Gokul Refoils and Solvent was incorporated in 1992 and is primarily engaged in the business of solvent extraction, refining of edible oils and vanaspati manufacturing.

Subhiksha Trading Services Ltd Has Delayed Its IPO Plans

India''s largest mass market discount retail chain Subhiksha Trading Services Ltd, has delayed its initial public offer (IPO) plans to the end of the year. Subhiksha said it has enough money to fund its expansion and will go in for a listing in third quarter of the current financial year. The Chennai-based retailer being advised by Enam Securities on the IPO was earlier supposed to hit Dalal Street by July but now these plans are put to back burner. The roll-back comes at a time when the Indian consumer is slowly but steadily getting ready for a future in organised retail.

Subhiksha currently has 1300 outlets pan India and plans to open a total of 2200 stores by year end with an investment of Rs 300 crore. Having started off as a quaint chain from Chennai Subhiksha has become the retail chain with the largest number of stores across the country but it will be the IPO by the end of the year which will catapult this chain into the big league of listed retail players.

ICICI Bank Will Come Out With IPO In Due Course

ICICI Securities, the investment-banking subsidiary of ICICI Bank, will come out with initial public offer in due course, said the CEO of ICICI Mr K V Kamath. The bank has not determined on the size of the IPO and when the market conditions are favourable, the bank will consider the IPO. In January, the board of ICICI Securities had cleared the initial public offer and private placement of shares to one or more institutional investors. The board had decided to divest 15 per cent of its shares to retail or institutional investors. ICICI Securities, having an equity capital of Rs 61 crore, is a major player in retail broking and has registered revenues of Rs 527 crore during the first nine months of the current fiscal while profits were at Rs 108 crore in the same period.

Anu's Laboratories Plans To Enter Capital Market With Its IPO Of 38,20,000 Share

MUMBAI: Anu's Laboratories plans to enter the capital market on May 12 with its initial public offering of 38,20,000 equity shares of Rs 10 each for cash, at a price to be decided through 100 per cent book building process.

The company has fixed a price band of Rs 200-Rs 210 per share. The issue will close on May 15.

The issue comprises a reservation of up to 2,00,000 equity shares for employees and a net issue to the public of 36,20,000 equity shares. The issue will constitute 31.63 per cent of the fully diluted post issue paid-up
capital of the company.

Qualified institutional buyers shall be allocated 18,10,000 shares or 50 per cent of the issue. From and out of the QIB portion 5 per cent for mutual funds, 15 per cent or 5,43,000 shares to non-institutional bidders and 12,67,000 shares or 35 per cent to retail investors.

The company is presently engaged in the manufacture of basic, advanced intermediates and fine chemicals and supplying them to various drug manufacturers.

The main products of the company include 2,4-Di-Chloro-5-Fluoro Acetophenone (DCFA) (an intermediate for synthesizing quinolone antibiotics like ciprofloxacin), Chlorohexanone, Methyl-4 (4-Chloro 1 Oxo Butyl) a, a Di-Methyl Acetate and Poly Aluminium Chloride, which are manufactured in Mahboobnagar, Andhra Pradesh.

The company plans to utilize the proceeds for - setting up a new plant for manufacturing of drug intermediates including Active Pharmaceutical Ingredients at Vishakhapatnam, setting up of pilot plant for carrying out
Contract Research and Manufacturing at Vishakhapatnam, long term working capital requirement, general corporate purposes and for issue expenses.

ICRA has assigned Grade "2/5" to the IPO. The shares will be listed on Bombay Stock Exchange. The book running lead manager to the issue is Almondz Global Securities.

ICICI Securities, Is Banking Arm Of ICICI Bank

New Delhi: ICICI Securities, the investment banking arm of ICICI Bank, will come out with initial public offer in due course, said CEO of the country's largest private sector bank K V Kamath.

"The IPO will come in due course. We are not in a hurry," Kamath told reporters here.

He said the bank has not decided on the size of the IPO and when the market conditions are favourable, the bank will consider the IPO.

In January, the board of ICICI Securities had approved the initial public offer and private placement of shares to one or more institutional investors.

Soon after the decision, ICICI Bank Joint Managing Director and CFO Chanda Kochhar had said, the shares of ICICI Securities will be listed on the bourses in about six months.

The board had decided to offload 15 per cent of its shares to retail or institutional investors.

ICICI Securities, having an equity capital of Rs 61 crore, is a major player in retail broking and has posted revenues of Rs 527 crore during the first nine months of the current fiscal while profits were at Rs 108 crore in the same period.

DHC Restrained Ajanta Manufacturing From Proceeding With Public Issue

New Delhi: The Delhi High Court(DHC)on Friday restrained Ajanta Manufacturing Ltd, manufacturer of Orpat and Oreva brands of watches, from proceeding with its proposed public issue.

Justice B D Ahmed passed the interim order on an application filed by Ajanta India Ltd, an FMCG company, seeking an order to restrain Ajanta Manufacturing Ltd (AML) from going ahead with the issue, for which it has recently filed a draft red herring prospectus (DRHP) with SEBI.

The application filed through advocate Pratibha Maninder Singh also sought a direction to AML to withdraw its DRHP.

Singh contended that AML should change its company's name to one that should not include the word 'Ajanta' as Ajanta India Ltd has an order in its favour from the HC restraining AML from doing so.

Singh said that Ajanta India recently came to know that AML filed a DRHP on April 15, 2008 for a public issue under the tradename/corporate name 'Ajanta Manufacturing Ltd'.

AML had in its DRHP admitted that the use of the tradename/corporate name was under challenge before this court but deliberately chose not to disclose that an interim injunction is effective against it, Ajanta India contended.

The petitioner also said that AML was well-aware of the fact that the 'Ajanta' tradename has been assigned to Ajanta India through a deed of assignment dated September 19, 2002.

AML directors Praveen Patel and Jaisukh Patel are the brothers of Ajanta India's MD A O Patel and were among the signatories to the deed of assignment, the petition stated.

Ajanta India has also moved an application for initiation of contempt proceeding against AML for not obeying the court's interim injunction order and proposing the public issue using the word 'Ajanta' in its name.

Adani Power Plans $1 Bn Listing: Report

SINGAPORE: Adani Group is planning a $1-1.5 billion initial public offering of its power unit, making it the first company to come to market since the chaotic debut of Reliance Power in February, a news daily reported on Friday.

Adani Power, whose investors include UK-based private equity firm 3i Group, plans to file a draft IPO prospectus with the market regulator as early as Friday, the newspaper quoted people familiar with the listing as saying. "This is by all accounts the most advanced power company in India in terms of greenfield projects," the report quoted one person familiar with the listing as saying.

India had been one of Asia's most robust markets for new listings, culminating in the country's biggest ever flotation, January's IPO of Reliance Power, which received demand for 73 times the shares on offer.

But Reliance Power's stock fell as much as 21 percent on its trading debut in February after global markets were rocked by turmoil triggered by the US subprime crisis.

In the aftermath two offerings, including a $1.6 billion one from Emaar MGF Land, were pulled. Some analysts said the Reliance Power IPO price was too high.

Gokul Refoils Raise About Rs 140 Crore Through An IPO

NEW DELHII: Gokul Refoils and Solvent Ltd, a Gujarat-based solvent extractor and edible oil refining firm, today said it will hit the capital market to raise about Rs 140 crore through an IPO on May 8.

The company would offer 71,58,392 equity shares of Rs 10 each for cash in the initial public offer in a price band of Rs 175-195 per share. The IPO would close on May 13, the company said in a statement.

The net issue to the public comprises of 70, 83,392 shares and 75,000 shares have been reserved for employees.

The issue would constitute 27.14 per cent of the fully diluted post issue paid up equity share capital of the firm.

"The company intends to raise Rs 139.59 crore at the cap price of the price band," it said, adding the capital raised from the issue would be deployed to set up a new 1,500 TPD soyabean processing plant.

The funds would also be used for expansion of its existing edible oil refinery at Surat, investment in its wholly-owned Singapore based subsidiary, funding part of its long term working capital, investment in increasing warehousing capacities and ongoing capex for existing units ,

ICRA has assigned an ICRA IPO Grade "3/5" rating to the proposed initial public offering of the company. The Book Running Lead Managers to the issue are Anand Rathi Financial Services and Intensive Fiscal Services.

Gokul Refoils And Solvent was incorporated in 1992 and is primarily engaged in the business of solvent extraction, refining of edible oils and vanaspati manufacturing.