Gemini Engi-Fab IPO to open on February 3
Gujarat-based Gemini Engi-Fab, is entering the capital market on 3rd February 2009 with a public issue of 55 lakh equity shares of Rs 10 each, through 100% book building process.
The issue would constitute 46.40% of the fully diluted post issue paid-up capital of the company. The price band has been fixed at Rs 75 to Rs 80 for every share of Rs 10 each and the issue would close on Feb. 6, 2009.
Gemini Engi-Fab is engaged in manufacturing and salvaging of process equipments through fabrication for various process industries, such as cement, dairy, refinery, pharmaceutical, petrochemical, power and chemical.
The company plans to raise around Rs 45-crore through the issue, which are proposed to be utilized to part-finance the company's expansion plan of setting up a new manufacturing workshop at Umbergaon in Gujarat with a total investment of Rs 49.84-crore.
Rating agency, CARE has assigned "CARE IPO Grade 2" to the IPO indicating below average fundamentals. It may be noted that, rating agency assigns IPO grades on a scale of grade 5 to grade 1, with grade 5 indicating strong fundamentals and Grade 1 indicating poor fundamentals.
The equity shares of the company are proposed to be listed on the BSE and NSE.