IPO Update

Huasheng picks 7.46% stake in India-based Kiri Dyes

Huasheng Co. Ltd, a unit of Chinese dyestuff manufacturer Zhejiang Longsheng Group, has acquired 7.46% equity stake in Kiri Dyes and Chemicals Ltd (KDCL), one of country’s leading manufacturer and exporters of dyes and dyes intermediates.

Huasheng has purchased 1.1 million shares in Kiri at Rs 115 per share.

KDCL has recently closed its initial public offering of 37.5 lakh equity shares of face value of Rs 10 each.

Sita Shree IPO registers full subscription

The initial public offering of agri-products producer, Sita Shree Food Products has managed to subscribe fully. The issue has received bids for 1.16 crore shares.

The issue opened for subscription with an initial public offering equity shares of Rs 10 each at a price band of Rs 27-30 per share aggregating Rs 31.5 crore.

The issue has been graded by CARE as `IPO grade 2` indicating below average fundamentals to the issue.

V-Guard lists at 10% premium but ends lower

Kerala-based V-Guard Industries has got listed today at a premium of 9.76%, at Rs 90, as against its issue price of Rs 82 a share on the National Stock exchange (NSE)

While on the BSE, the stock opened at Rs 82.15 and touched an intraday high of Rs 98.90 and an intraday low of Rs 70.70 with volume of 190,80,854 shares. The issue, which was a 100% book built issue, was oversubscribed 2.45 times.

NHPC IPO to hit market by this year

India's state-run National Hydroelectric Power Corp (NHPC) plans to launch its initial public offer as planned earlier, this year.

The company proposes to issue 16.7 crore equity shares to offload a 15 per cent stake, including 10 per cent of company's equity and 5 per cent divestment by the government. The shares would have a face value of Rs 10 each.

The sale will be managed by Enam Financial Consultants, Kotak Mahindra Capital and SBI Capital Markets.

Manjushree Extrusions surges 17% on listing day

Manjushree Extrusions has listed today at Rs 48 or with 6.67% premium against its issue price of Rs 45. The company had come out with its follow on public offer of 51.26 Lakh equity shares of Rs 10 each for cash at a premium of Rs 35 per share and collected nearly Rs 23 crore.

The company intended to utilize the funds to part finance its expansion cum diversification project at a cost of Rs 53.70 crore, which is presently under implementation.

Tulsi Extrusion closed at 64% premium on first day

The equity shares of Tulsi Extrusion got listed on the Bombay Stock Exchange at Rs. 93.45 as against issue price of Rs 85. It touched a high of Rs 143.45, while the low for the day was Rs 93.45.

Tulsi Extrusions is into manufacturing of PVC pipes and fittings for the irrigation, industrial, infrastructure and housing sector.

REC IPO Gets The Subscription Around 28 Times

The IPO of the state-run Rural Electrification Corporation (REC) got subscribed 27.91 times with an overwhelming bidding for 435 Crores equity shares.

These days investors were going away from IPO market after Reliance Power IPO debacle last month, but on the other side the REC IPO got the bidding of nearly 28 times its issue size.

This IPO was the first issue after the crash down of the Emaar MGF, Wockhardt Hospitals and SVEC Construction. These IPO were withdrawn due to the poor subscription.

Future Venture Files DRHP With SEBI: Plans To Raise Rs. 3736 Crore Through IPO

Future Ventures India Ltd (FVIL), the venture capital arm of Kishore Biyani's Future Group, has finally filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for an Rs.3736 crore initial public offering (IPO).

The IPO comprises a net issue to the public of 266 crore equity shares and a reservation of up to 5 crore shares for employees and 2.5 crore shares for the shareholders of Pantaloon Retail. The net issue would constitute 66.52 per cent of the post issue paid up capital of the company.

Bang Overseas Debuts At 21% Premium On NSE

Shares of Bang Overseas got listed today at Rs 250, up Rs 43 over its issue price of Rs 207 a share, at the National Stock Exchange (NSE).

Within a few minutes of trading, the share price touched a high of Rs 269.90, and the low of Rs 207.

In early trading (09.59 am), the scrip was trading strong at Rs 249, up Rs 42, or 20.29% on volumes of 437,541 million.

In the meantime, the scrip opened at Rs 207 and touched a high of Rs 260 at the BSE. At 09.57 a.m., the scrip was last trading at Rs 252, up Rs 45, or 21.74% on volumes of 364,948.

OnMobile To List On February 19

OnMobile Global, a telecom value-added services (VAS) provider, will list on the bourses on February 19, 2008.

The company had entered capital market with a public issue of 1.09 crore equity shares at a price band of Rs 425-450 and got subscribed 10.95 times.

OnMobile Global offers content aggregation and application development, which is software-packaged, to telecom service providers. The company retains the intellectual property rights to the platform and applications.