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Thursday, June 21, 2007

ICICI Bank FPO subscribed 5.13 times on day 3

On third day of ICICI Bank's FPO, the issue was 5.13 times subscribed. It received total bids for 50.71 crore shares from total issue size of 9.88 crore shares. (16:00 IST)

On previous day (20 June 2007), 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 0.27 times on day 4

On fourth day of Ankit Metal & Power IPO, the issue was 0.27 times subscribed. The IPO received total bids for 25.58 lakh shares from total issue size of 95.90 lakh shares. (16:00 IST)

On previous day (20 June 2007), 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


HDIL IPO opens on 28 June 2007

Housing Development and Infrastructure (HDIL) a group company of the Mumbai-based mortgage firm Dewan Housing Finance, plans to enter the capital market with a public issue of around Rs 2,000 crore on 28 June 2007.

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.

Posted by FR at 5:43 PM  

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Investment in equity shares has its own risks. Sincere efforts have been made to present the right investment perspective.The information contained herein is based on analysis and up on sources that we consider reliable. I, however, do not vouch for the accuracy or the completeness thereof. This material is for personal information and I am not responsible for any loss incurred based upon it.& take no responsibility whatsoever for any financial profits or loss which may arise from the recommendations given in this blog.