Suryachakra Power Corporation IPO subscribed 0.53 times on day 2

On second day of Suryachakra Power Corporation IPO the issue was 0.53 times subscribed with total bids for 1.80 crore shares from total issue size of 3.40 crore shares.

The total bids in the Qualified Institutional Buyers (QIBs) category was 1.77 crore shares. In this category, the Foreign Institutional Investors bid for 1.14 crore 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 2.16 lakh shares, of which 1.67 lakh shares were bid at cut off price and 48,600 shares were bid at price.

The Employees bid for 51,300 shares.

Meghmani Organics to debut on bourses On 28 June 2007

Meghmani Organics will debut on bourses on Thursday, 28 June 2007. It will be placed in the B1 group on BSE.

The company had fixed the issue price at the top end of the Rs 17 - 19 price band, where each share has a face value of Rs 1 each.

Meghmani Organics IPO ended on 7 June 2007, with 23.94 times subscription, with total bids for 143.63 crore shares from total issue size of 6 crore shares.

The bids in the Qualified Institutional Buyers (QIBs) category were 69.96 crore shares. The Foreign Institutional Investors (FIIs) bid for 51.91 crore shares, the Domestic Financial Institutions bid for 11.70 crore shares and Mutual Funds bid for 6.20 crore shares.

The Non Institutional Investors bid for 26.85 crore shares. The retail investors bid 46.81 crore shares, of which 45.23 crore shares were bid at cut off price and 1.58 crore share were bid at price.

The company 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 issue is to set up a new high performance pigment plant at Vatva, Ahmedabad and a multi-purpose agro-chemicals plant at Panoli.

The company would also use the proceeds to invest in subsidiary, Meghmani Energy; finance the 3 MW captive power plant to be located at Chharodi; inorganic growth/ diversification opportunities and working capital requirements.

At the issue price of Rs 19 per share, the PE multiple is 11.3 based on nine-month ended December 2006 annualised EPS of Rs 1.70. The post-issue equity of the company is Rs 25.43 crore.

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

Bharat Earth Movers FPO opens on 27 June 2007

Bharat Earth Movers' (BEML) follow-on public offer of of 49 lakh equity shares will open on 27 June 2007 and close on 3 July 2007.

The FPO, with a price band of Rs 1020 - 1090 per share, will be decided through 100% book building route. The issue has minimum market lot of 5 shares.

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.

Everonn Systems IPO opens on 5 July 2007

Everonn Systems India will tap the capital markets with a public issue of Rs 50 crore through 100% book building process. The issue will open on 5 July 2007, and close on 11 July 2007.

The price band has been fixed between Rs 125 and Rs 140 per share of Rs 10 each. The company plans listings on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).

Everonn Systems is a fully integrated knowledge management, education and training company that offers services like creating globally relevant educational training content, designing and executing learning initiatives.

The company intends to deploy the proceeds of the issue for capital expenditure in its two strategic business units--institutional education & IT infrastructure services, and virtual & technical enabled learning solutions.

It will also utilise the proceeds for mergers & acquisitions, invest in the proposed subsidiary to retail educational aids, tools and other products.

The company has entered into an agreement with Hughes Communication India as lead partner for supporting the company in developing business for remote education and training through satellite broad band technologies.

India China Pre IPO Equity (Mauritius), a fund management company, invested Rs 14.06 crore in Everonn last year by subscribing to 13.27 lakh equity shares of Rs 10 each at a premium of Rs 96 per share.

Nelcast to debut on the bourses tomorrow

Nelcast will debut on bourses on Wednesday, 27 June 2007. It will be placed in the B1 group on BSE. The company had priced its IPO at Rs 219 per share, at the top end of the Rs 195 – Rs 219 price band.

The IPO ended on 8 June 2007, with 7.36 times subscription. The issue received total bids for 3.20 crore shares, from the total issue size of 43.50 lakh shares.

The total number of bids in the Qualified Institutional Buyers (QIBs) category were 2.44 crore. The Foreign Institutional Investors (FIIs) bid for 1.67 crore shares, the Domestic Financial Institutions bid for 35.24 lakh shares and Mutual Funds bid for 40 95 lakh shares.

The Non Institutional Investors bid for 6.04 lakh shares. The retail investors bid for 69.91 lakh shares, from which 63.95 lakh shares were bid at cut off price and 5.95 lakh shares were bid at price.

Nelcast mainly caters to commercial vehicle and tractor industries. It plans to deploy the IPO proceeds for expansion and modernisation of its units in Andhra Pradesh and Tamil Nadu, to reach a production capacity of 1,50,000 metric tonnes per annum by 2008-09.

Its clientele include Tata Motors, Ashok Leyland, Eicher Motors, Tata Cummins, Mahindra and Mahindra, TAFE, International Tractors and New Holland India. It exports to the US, Europe and Australian markets, where it caters to Arvin Meritor, Volvo, SIGMA and Dobbie Dico Meter.

On a consolidated basis, Nelcast reported a net profit of Rs 19.78 crore on sales of Rs 305.76 crore in the year ended 31 March 2007 (FY 2007).

At Rs 219, the IPO was priced 19.2 times its FY 2007 EPS of Rs 11.37.

Spice Communications IPO gets warm response on opening

Spice Communications’ initial public offering (IPO), on first day, received bids for just 0.19% (over 2 lakh bids) from the total shares on offer.

The IPO has a price band of Rs 41-46 a share and will close on 27 June 2007.

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 68.74 crore in the full year ended June 2006 from Rs 7.39 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.