ICICI Bank FPO subscribed 3.15 times on day 2

On second day of ICICI Bank's FPO, the issue was 3.15 times subscribed. It received total bids for 31.18 crore shares from total issue size of 9.88 crore shares.

The total bids in the Qualified Institutional Buyers (QIBs) category were 29.28 crore shares. In this caregory, the Foreign Institutional Investors bid for 19.31 crore shares, Domestic Financial Institutions bid for 9.09 crore shares and Mutual Funds bid for 86.41 lakh shares.

The Non Institutional Investors bid for 1.78 crore shares from total 1.40 crore shares assigned for this category.

The retail investors bid for 11.89 lakh shares, of which 10.27 lakh shares were bid at cut off price and 1.61 lakh shares were bid at fixed price.

There were 336 bids in the Eligible Shareholders Reservation category.

The issue has price band of Rs 885 to Rs 950 for its offer to mop up Rs 8,750 crore. The issue will close on 22 June 2007.

This is part of the combined offer, wherein the bank would issue American depository receipts (ADRs) to raise an identical amount after getting necessary clearances.

The bank has an option of retaining an additional 15% bid both from the domestic and international market, a move that could take the total issue size to to Rs 20,125 crore.

The minimum bid size will be six equity shares for retail bidders and existing retail shareholders. Bids should be in multiples of six equity shares for all bidders.

Up to 5% of the issue, or Rs 437.5 crore, is reserved for existing retail shareholders of the bank (i.e. shareholders holding up to 108 shares of the bank as of June 13, 2007). The issue has a green shoe option of Rs 1,312.5 crore.

Retail bidders, including existing retail shareholders, will be allotted shares at a discount of Rs 50 per share to the issue price determined through the book-building process.

Under payment method-1, retail bidders are required to pay Rs 250 per share on application, Rs 250 per share on allotment and the balance amount on a call which is to be issued by the bank within a period of six months from the date of allotment, and the discount would be adjusted against the call amount. Under payment method-2, retail bidders are required to pay the full bid amount less the discount, at the time of application.

Non-institutional bidders have the option to pay Rs 250 on application and the balance on allotment. Qualified institutional bidders (QIBs), who have to pay 10% of the bid amount at the time of application, have the option to pay Rs 250 less the margin amount on confirmation of allocation and the balance on allotment.

Non-resident bidders (including FIIs) will require prior approval of the Reserve Bank of India to subscribe to partly paid shares.


Ankit Metal & Power IPO subscribed 0.25 times on day 3

On third day of Ankit Metal & Power IPO, the issue was 0.25 times subscribed. The IPO received total bids for 24.03 lakh shares from total issue size of 95.90 lakh shares.

Foreign Institutional Investors (FIIs) the only bidders in the Qualified Institutional Buyers (QIBs) category bid for 11.10 lakh shares. There were no bids by Domestic Financial Institutions and Mutual Funds.

Non Institutional Investors bid for 11.10 lakh shares. The retail investors bid for 1.82 lakh shares, of which 1.52 lakh share were bid at cut off price and 29,070 shares were bid at price.

Kolkatta-based Ankit Metal and Power manufactures sponge Iron, Steel billets and re-rolled products.


Spice Communications IPO opens on 25 June 2007

Spice Communications intends to garner around Rs 520 crore through its initial public offering, which opens on 25 June 2007.

The issue, having a price band between Rs 41 - 46 a share, will close on 27 June 2007. The company is taking a 100% book-building route for the IPO.

The company will issue 11.31 crore equity shares of Rs 10 each and the issue will comprise 16.39% Spice Communications’ fully diluted post-issue share capital.

The company had earlier raised Rs 112 crore through a pre-IPO placement of 2.48 crore shares at Rs 45 each.

Malaysia’s official service provider Telekom Malaysia (TM) holds 49%, while industrialist and Modi group Chairman B K Modi owns the remaining 51% stake in Spice Communications.

Spice Communications will use around 50% of the total proceeds to retire part of its Rs 1,000 crore debt, while the remaining would be used for expansion plans.

The company’s expansion plans included foraying into national long distance (NLD) and international long distance (ILD) services in the country.

Post IPO, TM’s stake in the company will fall to 39% and the promoter’s holding to 41%, while retail public holding will increase to around 20%.

Spice Communications' net loss of Rs 68.58 crore in the full year ended June 2006 from Rs 6.97 crore in FY 2005. Sales advanced 9.1% to Rs 661.49 crore in FY 2006 (Rs 606.57 crore).

The company's shares would be listed on the BSE. Spice Communications could not list its shares on the National Stock Exchange (NSE), where listing of companies with negative networth is not permitted.