Suryachakra Power Corporation IPO subscribed 0.30 times on day 1

On first day of Suryachakra Power Corporation IPO the issue was 0.30 times subscribed with total bids for 1.01 crore shares from total issue size of 3.40 crore shares.

The total bids in the Qualified Institutional Buyers (QIBs) category was 1 crore shares. in this category the Foreign Institutional Investors bid for 38.31 lakh shares. There were no bids by Domestic Financial Institutions and Mutual Funds in the issue.

There were no bids by Non Institutional Investors. The retail investors bid for 53,700 shares, of which 24,900 shares were bid at cut off price and 28,800 shares were bid at price.



Bharat Earth Movers fixes price band for FPO

State run Bharat Earth Movers (BEML) has fixed a price band of Rs 1020 - Rs 1090 per share for its follow on public offer of 49 lakh equity shares of Rs 10 each.

The issue will open for subscription on 27 June 2007 and close on 3 July 2007.

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

As per the provisional results announced by the company in early April 2007, BEML’s profit before tax rose 10% to Rs 315 crore in the year ended 31 March 2007. It clocked an all time high turnover of Rs 2600 crore in FY 2007, recording an year on year rise of 18%

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.



Spice Communications IPO opens today

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.



ICICI Bank fixes issue price

ICICI Bank has priced its Rs 8,750 crore public issue at Rs 940 per share. The issue price represents a premium of 3.6% to the average closing price since the announcement of the issue on 28 April 2007. The issue has a green shoe option of Rs 1,312.5 crore.

The issue was subscribed 11.5 times with the Qualified Institutional Buyers category being subscribed 21.6 times, Non Institutional Investors category being subscribed 6.1 times and Retail Individual Investors category being subscribed 1 time.

The issue was open from 19 June 2007 to 22 June 2007.

The Bank's American Depositary Share (ADS) offering of $ 2.14 billion has been priced at $ 49.25 per ADS, translating into a price of approximately Rs 1,002.5 per equity share and representing a premium of approximately 6.6% over the domestic issue price.

Each ADS represents two equity shares of the Bank. The ADS offering has a green shoe option of US$ 0.32 billion.