Nitin Fire Protection sets market ablaze on debut

Shares of Nitin Fire Protection Ltd. soared as high as 165% on listing, making it one of the biggest stock market debuts in 2007. The stock opened at Rs332.50 on the Bombay Stock Exchange (BSE) as against the issue price of Rs190. It reached a high of Rs530 but slipped from the top to finish the week at Rs411.80. The company had entered the capital market on May 15 with an Initial Public Offering (IPO) of 33.90 lakh equity shares. The issue, which closed on May 18, was subscribed 48 times.


Meghmani Organics IPO ends with 23.94 times subscription

Gets total bids for 143.63 crore shares

On last day of Meghmani Organics IPO, the issue was 23.94 times subscribed, 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 issue was priced between Rs 17 – Rs 19 per share.

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.


Nelcast IPO ends healthy

Gets total bids for 3.20 crore shares

Nelcast IPO ended 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, as on (17:30 IST).

On previous day (7 June 2007), the total no bids in the Qualified Institutional Buyers (QIBs) category were 12.36 lakh, which were bid by Foreign Institutional Investors (FIIs). There were no bids by Domestic Financial Institutions and Mutual Funds.

The Non Institutional Investors bid for 2.79 lakh shares. The retail investors bid for 4.43 lakh shares, from which 3.35 lakh shares were bid at cut off price and 1.08 shares were bid at price.

The issue was priced between Rs 195 – Rs 219 per share.

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 MT 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.


Vishal Retail IPO opens on 11 June 2007

Closes on 13 June 2007

Vishal Retail India will enter capital market with an initial public offering (IPO) to raise Rs 110 crore on 11 June 2007. The IPO will close on 13 June 2007.

The price band for the IPO is Rs 230-Rs 270 per share.

Vishal Retail is one of fastest growing retailing groups in India. Its outlets cater to almost all price ranges. It is covering more than 11 lac sq. ft. in retail space and more than 5 lac is under construction.

The company intends to invest nearly Rs 104.15 crore of the net proceeds of the IPO in setting up new retail stores in the current fiscal.

The company achieved total sales of Rs 602.65 crore in the year ended 31 March 2007. The profit after tax in the same period was Rs 24.98 crore. Sales and profit after tax have grown at a compounded annual rate of 89.83% and 302.89%, respectively, during the period between FY 2004 and FY 2007.