Housing Development and Infrastructure subscribed 0.56 times on day 2

Major bids by QIBs

On the second day of Housing Development and Infrastructure (HDIL) IPO, the issue was 0.56 times subscribed. It received total bids for 1.67 crore shares from the total issue size of 2.97 crore equity shares.

The total bids in the Qualified Institutional Buyers (QIBs) category were 1.49 crore shares. In this category, the Domestic Financial Institutions bid for 24.99 lakh shares and Mutual Funds bid for 91.81 lakh shares. The Foreign Institutional Investors bid for 22.89 lakh shares.

The Non Institutional Investors bid for 13.40 lakh shares. The Retail investors bid for 4.16 lakh shares, of which 3.74 lakh shares were bid at cut off price and 41,734 shares were bid at price. The employees bid for 12,418 shares.

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.

Bharat Earth Movers FPO subscribed 1.20 times on day 3

Gets total bids for 58.69 lakh shares

On the third day of Bharat Earth Movers FPO, the issue was 1.20 times subscribed. It received total bids for 58.69 lakh shares from the total issue size of 49 lakh shares.

The total bids in the Qualified Institutional Buyers (QIBs) category were 56.39 lakh shares. In this category, the Domestic Financial Institutions bid for 22.50 lakh shares and Mutual Funds bid for 33.89 lakh shares. There were no bids by the Foreign Institutional Investors in the issue.

The Non Institutional Investors bid for 5135 shares. The Retail investors bid for 2.24 lakh shares, of which 2.03 lakh shares were bid at cut off price and 21,460 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



Suryachakra Power Corporation IPO ends with 2.18 times subscription

Suryachakra Power Corporation IPO ended with 2.18 times subscription. The issue received total bids for 7.42 crore shares from total issue size of 3.40 crore shares. (17:00 IST)

Yesterday (28 June 2007), 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.




Roman Tarmat fixes IPO price

Roman Tarmat had fixed the price for its initial public offer at the top end of the Rs 150 - 175 price band.

At the IPO price of Rs 175, the PE multiple is 22.43, based on the year ended March 2006 EPS of Rs 7.8.

Roman Tarmat IPO ended on 19 June 2007 with 29.67 times subscription. The issue received total bids for 8.60 crore shares from total issue size of 29 lakh shares.

The total bids in the Qualified Institutional Buyers (QIBs) category were 3.84 crore shares. From this category, the Foreign Institutional Investors bid for 2.86 crore shares, Domestic Financial Institutions bid for 73.75 lakh shares and Mutual Funds bid for 20.88 lakh shares.

The Non Institutional Investors bid for 2.60 crore shares, out of 4.20 lakh shares allotted for this category.

The retail individual investors bid for 2.13 crore shares. From this, 2.01 crore shares were bid at cut off price and 11.87 lakh shares were price bids. The employees bid for 75,000 shares.

Roman Tarmat is a Mumbai-based infrastructure construction company engaged in the business of highways, runways and other civil work.

The company, established in 1986, provides engineering, procurement and construction services for infrastructure projects sponsored by Government/ Government agencies.

Broadly, the business activities can be categorised into the following three segments: airside works; highways and roads; and other civil work. The company is one of the few construction companies in India operating in the area of construction of runways, which requires a strict focus on quality to ensure safe take off and landing of aircrafts.

Over the years, it has developed the expertise of building runways that adhere to the strict quality standards and has built runways for major civil airports (Mumbai and New Delhi airports) as well as military airports.

The order book comprising un-commenced projects, unfinished and uncertified portions of its commenced projects, as on 30 April 2007, was Rs. 336.89 crore.

The company posted a net profit was Rs 8.50 crore in FY 2006, as compared to Rs. 3.67 crore in FY 2005. Total income of Rs 90.94 crore in FY 2006, as compared to Rs 77.30 crore in FY 2005.