BGR Energy Systems, a supplier of systems and equipment for the power, oil & gas, refinery, petrochemical and process industries, is expected to see fantastic listing on January 3, 2008. Grey market premium is around Rs 340-350 while analysts expect the stock may list above Rs 850 and advised to book profits. "BGR Energy is likely to list around Rs 650-700. Above Rs 750, one can book profits", R S Iyer of KR Choksey Securities said. According to Investment Advisor, S P Tulsian, "BGR Energy is likely to get listed at Rs 900 as against the IPO price of Rs 480. Profit booking is advised in the stock at around the listing price." Manish Bhatt of Prabhudas Lilladher advised to hold the stock for medium to long term. It is an attractive bet. The company had entered capital market with a public issue of 91.36 lakh equity shares of Rs 10 each. The price band was at Rs 425 to Rs 480 per equity share. The issue was subscribed 119.54 times, according to data available on NSE website. The company proposed to utilize the net proceeds of the issue to augment long term working capital requirements, expand production capacity by establishing additional manufacturing facilities in India, China and the Middle East and fund expenditure for general corporate purposes. SBI Capital Markets Ltd, Kotak Mahindra Capital Company Ltd, UBS Securities India Private Ltd and CLSA India Ltd are the book running lead managers for the Issue. Source: moneycontrol.com
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