Meghmani Organics ends with 40.26% premium

Meghmani Organics ended at Rs 26.65 on BSE, a premium of 40.26% over the IPO price of Rs 19 per share.

The scrip had touched a high of Rs 34 and a low of Rs 26.15 so far during the day. On BSE, 4.71 crore shares were traded in the scrip.

At the current price of Rs 26.65, the PE multiple is 15.67 based on nine-month ended December 2006 annualised EPS of Rs 1.70.

The company had priced its IPO at the top end of the Rs 17 - Rs 19 price band. Each share has a face value of Re one.

Meghmani Organics IPO ended on 7 June 2007, with 23.94 times subscription. There were total bids for 143.63 crore shares as against the issue size of 6 crore shares. The post-issue equity of the company is Rs 25.43 crore.

The bids in the qualified institutional buyers (QIBs) category were 69.96 crore shares. Foreign institutional investors (FIIs) bid for 51.91 crore shares, domestic financial institutions for 11.70 crore shares and mutual funds for 6.20 crore shares.

Non-institutional investors bid for 26.85 crore shares, and retail investors 46.81 crore shares, of which 45.23 crore shares were bid at a cut-off price and 1.58 crore were price bids

Meghmani Organics has its presence in pigments and agrochemicals, and offers a range of products catering to a diversified customer base. Within pigments, it specialises in green and blue pigments, which have varied end use applications including printing inks, plastics, rubber, paints, textiles, leather and paper.

It has four manufacturing facilities located in the chemical belt of India and enjoys several benefits owing to its integrated multi-functional plants.

The object of the IPO was to set up a new high performance pigment plant at Vatva, Ahmedabad, and a multi-purpose agro-chemicals plant at Panoli in Gujarat.

The company would also use the proceeds to invest in subsidiary, Meghmani Energy, to finance the 3-megawatt captive power plant, to fund inorganic growth and diversification opportunities and working capital requirement.

Meghmani Organics reported a net profit of Rs 32.08 crore on sales of Rs 369 crore in the nine months ended December 2006.




Suryachakra Power Corporation IPO subscribed 1.02 times on day 4

On fourth day of Suryachakra Power Corporation IPO the issue was 1.02 times subscribed with total bids for 3.45 crore shares from total issue size of 3.40 crore shares.

The total bids in the Qualified Institutional Buyers (QIBs) category was 3.12 crore shares. In this category, the Foreign Institutional Investors bid for 2.49 crore shares. There were no bids by Domestic Financial Institutions and Mutual Funds in the issue.

The Non Institutional Investors bid for 6000 shares. The Retail investors bid for 32.75 lakh shares, of which 28.12 lakh shares were bid at cut off price and 4.63 lakh lakh shares were bid at price.

The Employees bid for 51,300 shares.



Bharat Earth Movers FPO subscribed 1.16 times on day 2

On the second day of Bharat Earth Movers FPO, the issue was 1.16 times subscribed. It received total bids for 57.06 lakh shares from the total issue size of 49 lakh shares.

The total bids in the Qualified Institutional Buyers (QIBs) category were 55.71 lakh shares. In this category, the Domestic Financial Institutions bid for 22.05 lakh shares and Mutual Funds bid for 33.66 lakh shares. There were no bids by the Foreign Institutional Investors in the issue.

The Non Institutional Investors bid for 1980 shares. The Retail investors bid for 1.33 lakh shares, of which 1.19 shares were bid at cut off price and 13,930 shares were bid at price.

The FPO has a price band of Rs 1020 - 1090 per share and will close on 3 July 2007.

The issue would constitute 11.77% of the fully diluted post issue paid-up capital of BEML.

At the top end of the price band of Rs 1090, PE multiple works out to 22.15, based on its year ended March 2007 EPS of 49.20 on post FPO equity of Rs 41.65 crore.

BEML's net profit rose 8.58% to Rs 93.51 crore in the Q4 March 2007 (Rs 86.12 crore). Sales moved up 16.60% to Rs 938.42 crore in the Q4 March 2007 (Rs 804.80 crore).

The net profit summed 9.63% to Rs 204.93 crore in the year ended March 2007 (Rs 186.93 crore). Sales scaled up 17.69% to Rs 2423.87 crore in FY 2007 (Rs 2059.54 crore).

BEML is the second largest manufacturer of earthmoving equipments in Asia, and commands 70% market share in domestic industry. The ministry of defence is BEML’s largest customer. The company’s other customers are Indian Railways, Delhi Metro Rail Corporation and other metro rail transit agencies.




Housing Development and Infrastructure subscribed 0.26 times on day 1

On the first day of Housing Development and Infrastructure (HDIL) IPO, the issue was 0.26 times subscribed. It received total bids for 76.91 lakh shares from the total issue size of 2.97 crore equity shares.

The total bids in the Qualified Institutional Buyers (QIBs) category were 65.81 lakh shares. In this category, the Domestic Financial Institutions bid for 30.81 lakh shares and Mutual Funds bid for 10 lakh shares. The Foreign Institutional Investors bid for 24.9 lakh shares.

The Non Institutional Investors bid for 9.33 lakh shares. The Retail investors bid for 1.76 lakh shares, of which 1.57 lakh shares were bid at cut off price and 17,166 shares were bid at price.

The issue, having price band between Rs 430 - 500 per share, will close on 3 July 2007.

Housing Development and Infrastructure is a real estate development company in India, with significant operations in the Mumbai metropolitan region.

HDIL focuses on real estate development, including construction and development of residential projects and, more recently, commercial and retail projects, slum rehabilitation and development, including clearing slum land and rehousing slum dwellers, and land development, including development of infrastructure on land which the company then sells to other property developers.

HDIL has an integrated in-house development team which covers all aspects of property development from project identification and inception through construction to completion and sale.

HDIL has around 45.5 million square feet (sq. ft.) under construction and an additional 66.6 million sq. ft. in various stages of planning. Much of this developable area has come from the firm's slum rehabilitation activities, under which a builder gets to build additional space in return for the free housing given to slum dwellers.

The firm has undertaken nearly 40% of the slum rehabilitation projects in Mumbai city.

HDIL's land bank of 2,500 acres spread across Mumbai, Kochi and Hyderabad has been valued at Rs 21,500 crore. The valuation was done by real estate consulting firms Knight Frank India and Cushman Wakefield India.

HDIL has development rights to nearly one million sq. ft in Mumbai's Bandra Kurla complex, in lieu of the slum clearance work it undertook in the area. HDIL had sold part of this space to Gujarat's Adani Group in May 2006 at Rs 2,250 crore, making this India's biggest land deal.

HDIL plans to enter the hospitality space through a joint venture for a seven-star hotel on Mumbai's Juhu beach.

Currently, 50.7% of HDIL's business comes from infrastructure development business, while the residential complexes segment contributes 18.4% and commercial business 5.9%, with 4% coming from the retail segment. Slum re-development activities account for the rest.