Somi Conveyor Beltings Ltd Open Its IPO - June 17 , 2008

Somi Conveyor beltings Ltd to enter the capital markets with its initial public offering (IPO) of 62,27,860 equity shares of Rs10 each through 100% book building process. The price for the issue has been fixed at Rs35 per share. The issue will open on June 24, 2008 and will close on June 27, 2008.

Ashika Capital is the lead manager and Mondkar Computers is the registrar to the issue.

The issue consists of contribution by promoters of 14,99,286 equity shares of Rs10 each at a price of Rs35 per equity share for cash aggregating to Rs5.25 crores. The net issue to the public consists of 47,28,574 equity shares of Rs10 each at a price of Rs35 per equity share for cash aggregating to Rs16.55 crores. This also includes an allocation of atleast 10% of the net issue to the qualified institutional investors.

Somi Conveyor beltings Ltd is a manufacturer and exporter of Rubber Conveyor Belts of all grades for material handling. Conveyor belts are used in a wide variety of material transport applications such as manufacturing, food processing, and heavy industries. Belt construction and belt materials are often application-specific.

IPO Opening Today

1) Sita Shree Food Products Ltd.

Opening Date: 11/03/2008
Closing Date : 14/03/2008

Sita Shree IPO Opens For Subscription

MUMBAI: The initial public offering of Sita Shree Food Products is opened for subscription Tuesday. The issue closes on March 14. The company has set up a price band of Rs 27-Rs 30 per share aggregating to Rs 31.50 crore. The issue has been graded by CARE as "IPO grade 2".The equity shares are proposed to be listed on BSE and NSE.

The company proposes to invest the net proceeds of the issue to part finance its Rs 48.12 crore expansion. The plan include setting up of a solvent extraction plant having 500 tonne per day capacity, a oil refinery for solvent extraction plant having 100 tpd capacity, a lecithin plant for processing the by products of solvent extraction plant having 5 tpd capacity, and a flour mill of 275 tpd. The proposed project will be set up at Badiakima, Indore, Madhya Pradesh just 8 km away from existing location.

IPO Opening Today

1) Gammon Infrastructure Projects Ltd

Opening Date: 10/03/2008
Closing Date : 13/03/2008

Sita Shree Food Products IPO Opens On March 11; Priced Rs 27-30/Share

MUMBAI: Sita Shree Food Products will enter the capital markets on March 11 with a public issue aggregating Rs 31.50 crore through the book building process. The price band has been fixed at Rs 27 to Rs 30 per share and the issue closes on March 14.

The issue has been graded by CARE as "IPO grade 2".The equity shares are proposed to be listed on BSE and NSE.

The company proposes to invest the net proceeds of the issue to part finance its Rs 48.12 crore expansion. The plan include setting up of a solvent extraction plant having 500 tonne per day capacity, a oil refinery for solvent extraction plant having 100 tpd capacity, a lecithin plant for processing the by products of solvent extraction plant having 5 tpd capacity, and a flour mill of 275 tpd.

The proposed project will be set up at Badiakima, Indore, Madhya Pradesh just 8 km away from existing location. The company has received sanction from Union Bank of India for term loan of Rs 10 crore. The promoters have already brought in their contribution of Rs 6.24 crore.

Sita Shree's existing plant is located at Indore on 2.5 acres of land. Its product portfolio consists of wheat flour, maida, rawa, daliya, suji, chana dal etc. These products are marketed under its own brand like "Sita Shree", "Regular" and "Sita Shree Gold" or sold to other brands. Its turnover is dominated by bulk packing products segment.

The company achieved a turnover of Rs 80.74 crore and profit after tax of Rs 92.92 lakh for the year ended March 31, 2007. For the first seven months of the current fiscal ended on Oct 31, 2007 the turnover was Rs 50.17 crore and PAT Rs 59.17 lakh.

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