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SEL Manufacturing Company IPO subscribed 1.2 times

Monday, July 30, 2007

The IPO of SEL Manufacturing Company was bid 1.2 times by end of the penultimate date of the issue. The IPO received bids for 49.81 lakh shares compared to issue size of 41.38 lakh shares.

SEL Manufacturing Company (SEL) is an integrated textile company with operations spanning spinning, weaving and garments production and exports.

SEL made pre-IPO placement to Exim Bank at Rs 75 per share (including share premium of Rs 65 per share). Another pre-IPO placement was five lakh shares at Rs 85 per share to Nirmal Kotecha, amounting to Rs 4.25 crore, on 10 July 2007.

At the offer price band of Rs 80-Rs 90, the P/E range works out to 5.1-5.8, respectively, based on FY 2007 EPS of Rs 15.60 on post-issue equity of Rs 15.22 crore.

Posted by FR at 6:50 PM  

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