Motilal Oswal Sec To Hit IPO Stands

Motilal Oswal is coming up with an IPO of 29,82,710 equity shares of Rs5 each through 100% book building process on August 20 2007 and will close on August 23,2007. The price band for this issue has been fixed at Rs725-825 per equity share. The purpose for raising the funds through IPO is to support its growth through long term capital deployment, enhanced facility for broking customers, office space and technology advancement.

Investors may be staying away from the market thanks to the volatility but brokers are not, at least when it comes to raising money. Motilal Oswal a prominent domestic broker on Dalal Street is hitting the markets with an IPO hoping that investors will lap up the issue, because brokerages are a favourite with many global investors."Overall the India story is intact, there is no weakness at all, but as far as the global liquidity is concerned we may face some problems, as far as this issue is concerned there is a shortage of financial service paper in the market, given the size and pedigree of the company, I think they will receive good response," Ravi Kapoor Managing Director and Head of Equity, Citigroup said.