SEL Manufacturing Company will debut on bourses on Tuesday, 21 August 2007. It will be placed in the B1 group on the BSE.

The company has fixed the issue price at Rs 90 as compared to the IPO price band of Rs 85 - Rs 102 a share.

At the issue price of Rs 90, the PE works out to 5.76, based on the year ended March 2007 annualised EPS of Rs 15.6.

SEL Manufacturing Company IPO had ended on 31 July 2007 with 3.62 times subscription. The qualified institutional buyers (QIBs) had bid 4.09 times, the non institutional investors had bid 3.12 times, the retail individual investors had bid 3.55 times and the employees had bid 0.99 times.

Ludhiana-based SEL Manufacturing Company, a part of RS Saluja Group. Apart from making a pre-IPO placement of 7,60,800 shares to EXIM Bank at Rs 65 per share, the company had made placement of another 5 lakh shares to Nirmal Kotecha at Rs 75 per share.

SEL Manufacturing aims to expand its capacities in spinning, knitting and garment manufacturing at a total cost of Rs 184.5 crore. The debt of Rs 103.7 crore is fully tied up under technology upgradation fund scheme.

Besides this pre-IPO equity participation, EXIM Bank has also sanctioned a term loan of Rs 25 crore for the expansion project.

SEL Manufacturing had reported a net profit of Rs 23.60 crore on sales of Rs 187.47 crore in the year ended March 2007.