Gokul Refoils and Solvent IPO to open May 8, 2008

Gokul Refoils and Solvent plans to enter the capital market on May 8 with its initial public offering of 71,58,392 equity shares of Rs 10 each for cash, at a price to be decided through 100 per cent book building process.

The company has fixed a price band of Rs 175-Rs 195 per share. The issue will close on May 13.

The issue comprises a reservation of upto 75,000 equity shares for employees and a net issue to the public of 70,83,392 equity shares. The issue will constitute 27.14 per cent of the fully diluted post issue paid-up capital of the company.

Qualified institutional buyers shall be allocated 50 per cent of the issue. From and out of the QIB portion 5 per cent for mutual funds, 15 per cent to non-institutional bidders and 35 per cent to retail investors.

The company is primarily engaged in the business of solvent extraction, refining of edible oils and vanaspati manufacturing. At present the company has 680 TPD of seed processing, 600 TPD of solvent extraction, 1200 TPD of refining and 200 TPD of vanaspati manufacturing capacities.

The company plans to utilize the proceeds for - setting up a new 1500 TPD Soyabean processing plant near Gandhidham, Gujarat; expansion of the existing edible oil refinery at Surat; investment in Singapore subsidiary; funding part of the long term working capital; brand building activities; investment in increasing warehousing capacities and continuous capex for existing units; general corporate purposes and for public issue expenses.

ICRA has assigned Grade "3/5" to the IPO. The shares will be listed on Bombay Stock Exchange and National Stock Exchange of India. The book running lead managers to the issue are Anand Rathi and Intensive Financial Services.

Anu's Lab files DHRP with SEBI for IPO

Hyderabad-based Anu's Laboratories has filed draft red herring prospectus with Sebi to raise around Rs 800 million from the capital markets.

Anu's Labs is the market leader in producing or DCFA, which is a key intermediate for ciprofloxacin (a synthetic antibiotic). The company has over 60% market share in the country.

The company plans to deploy the proceeds raised from the initial public offering to set up an intermediary plant and contract research facility at Pharma City at Visakhapatnam.

RITES to hit capital market in September

RITES, the technical wing of the Indian Railways, are all set to hit the market in September. The public sector unit would mop up Rs 500 crore through an initial public offering (IPO), which would be 10% of the company’s paid-up capital. The intention is for various arms of the Railways to raise fresh capital through public issues that would generate funds for mega projects such as the dedicated rail freight corridor. Also in the works is a proposal to mop up another Rs 300-350 crore through an IPO by Ircon — Railways’ in-house construction company — that is also likely to be floated this year. A Cabinet note pertaining to the proposed RITES IPO has been sent to various ministries. According to sources, the proposal has been approved by the disinvestment department. Once approved by the Cabinet, it would pave the way for RITES going in for a public issue. Earlier, there was a proposal to disinvest the government’s stakes in the Railways-owned PSUs. However, after Prime Minister Manmohan Singh put a freeze on disinvestment proposals following a ruckus over the Neyveli Lignite Corp selloff, the Railways have decided to go the Power Finance Corp way. The power PSU, instead of divesting its stake, raised Rs 1,000 crore through a public issue. A similar move to disinvest the government stake in both the rail PSUs was also initiated by the disinvestment minister Arun Shourie in 2002, but it was turned down by the then-railways minister Nitish Kumar on the ground that the PSU was a profit-making one and self-reliant. “RITES need funds to finance growth and expansion. Therefore, the best way to mop up funds by not violating the UPA government’s agenda is the IPO route,” a senior Rail Bhawan official told ET. Experts in the Railways are of the view that the IPOs from the rail PSUs could be a huge success riding on the back of enormous profits shown by the Railways for two successive years. RITES registered a quantum increase of 78% and 95% respectively in turnover and profits during the year ended March 31, 2006. Turnover and pre-tax profit was at Rs 426 crore (previous year: Rs 240 crore) and Rs 133 crore (Rs 68 crore) respectively, the highest achieved by the company. Domestic business has grown 51% from Rs 170 crore in the previous year to Rs 257 crore. The overseas business achieved a turnover of Rs 137 crore, registering a growth of 163%. Ircon’s IPO is at a less advanced stage. It is understood that a formal Cabinet note is yet to be prepared. However, officials say a Rs 300-350 crore IPO is likely this year after the RITES IPO goes through, reports The Economic Times. source: moneycontrol.com

Aishwarya Telecom's IPO on 15 April 08

Aishwarya Telecom is a ISO 9001:2000 Certified company manufacturing Fibre optic test equipments & Cable fault locators. It provides services nation-wide to organizations in business, industry & government.Aishwarya Telecom Limited is entering in the capital markets with an initial public offering, IPO of 52,00,000 Equity Shares for cash, at a premium to be decided through a 100% Book Built Issue. The price band for the issue has been fixed at Rs. 32/- at lower level and Rs. 35/- at upper level for equity share of Rs. 10/-. The issue opens on Apr 15, 2008, and closes for subscription on Apr 17, 2008.

RITES IPO: files DRHP with SEBI.

RITES, a Government of India Enterprise, is a multi-disciplinary ISO 9001 consultancy organization with extensive resources and the ability to deliver results, right on time. Been in business for more than a quarter of a century, RITES has scaled heights in different sectors of consultancy, starting first with railways, mostly abroad and later to other transportation sectors both in India and outside. We have since over the decades graduated to other infrastructure sectors.Presently, RITES has more than 40 on-going projects in various countries, worldwide.

RITES has filed a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to enter the capital market soon with an initial public offering (IPO) of 140,00,000 equity shares of Rs 10 each for cash at a price to be decided through a 100% book-building process.

source: rupya.com

NHPC's IPO in Second quarter

National Hydroelectric Power Corp (NHPC) plans to launch an initial public offering in the second quarter of the current financial year. “We will be going to the market shortly. We are planning an IPO during the second quarter of this fiscal,” Mr S.K. Garg, Chairman and Managing Director, said here at an industry conference. NHPC, which has a paid-up capital of Rs 11,500 crore, is likely to come out with a public offer of 167 crore shares , which would add 10 per cent as fresh equity besides five per cent disinvestment. The shares would be face value of Rs 10 each. The issue, which was earlier slated to hit the market during the previous fiscal, got delayed since the company did not have the requisite number of independent directors on its board. source: moneycontrol.com