Tag: IPO

Music Broadcast gets regulatory nod for Rs 400 cr IPO

Music Broadcast gets regulatory nod for Rs 400 cr IPO

27/02/2017 12:11

Jagran Prakashan, the publisher of Hindi daily Dainik Jagran, said its subsidiary Music Broadcast Ltd (MBL) has received regulatory approval of the DRHP for a proposed Rs 400 crore initial public offer (IPO), repotrted PTI.

“In relation to the proposed initial public offering of equity shares of our subsidiary, MBL, Jagran Prakashan Ltd has been informed that the red herring prospectus (DRHP) filed by MBL with Registrar of Companies, Mumbai, has been approved on February 23, 2017,” the company said in a BSE filing.

The offer will be open for subscription to public on March 6 and close on March 8, 2017.

In November last year, the company had said the IPO will comprise fresh issue aggregating up to Rs 400 crore and an offer for sale of up to 26,58,518 equity shares by certain existing shareholders of MBL.

Jagran Prakashan is not selling any of its shareholding in MBL under the offer for sale portion, it had said.

Music Broadcast, which operates the Radio City FM station, had filed DRHP with Sebi in November last year.

It got observation from the Securities and Exchange Board of India (Sebi) on February 9, which is necessary for any company to launch public offer and finally got Sebi approval on February 13.

The equity shares of the company are proposed to be listed on the BSE and the National Stock Exchange (NSE).

Advertisements
Bharat Road Networks files IPO papers with Sebi

Bharat Road Networks files IPO papers with Sebi

22/02/2017 11:46

Bharat Road Network Ltd, a Srei initiative, said it has filed draft papers with capital markets regulator Sebi to float a public issue, reported PTI.

The initial public offer (IPO) consists of up to 29.30 lakh equity shares of face value of Rs 10 each, the Kolkata- based company said in a statement.

The equity shares will have a face value of Rs 10 and the final price band will be decided in consultation with the book running lead managers.

The company is a road Build-operate-transfer company in India, focused on development, implementation, operation and maintenance of roads, highways projects.

Net proceeds from the issue will be utilised towards advancing of subordinate debt in form of interest free unsecured loan to its subsidiary, STPL, for part financing of the STPL Project among others.

INGA Capital, Investec Capital Services and Srei Capital Markets will manage the IPO.

CPSE IPOs within 22 weeks of govt nod

CPSE IPOs within 22 weeks of govt nod

20/02/2017 12:47

Drawing strict timelines for listing of profitable PSUs, the government has mandated launch of initial public offer (IPO) within five-and-half months of a nod from the ministry concerned, reported PTI.

Within two weeks of the Budget announcement of listing all profitable central public sector enterprises, the Department of Investment and Public Asset Management (DIPAM) has issued guidelines detailing the mechanism and procedure for time-bound listing of Central Public Sector Enterprises (CPSE) on Stock Exchanges.

All CPSEs having a positive net-worth, no accumulated losses and having earned net profits in three preceding years back-to-back will be listed through divestment of 25 per cent government equity, the guidelines said.

It proposed to set up inter-ministerial groups led by secretary DIPAM to advise and guide the process for each listing.

As per the Public Enterprise Survey 2014-15, there are 157 profit-making CPSEs, of which only 45 are listed currently.

The profitable unlisted PSUs include Airports Authority of India, Central Warehousing Corporation and ONGC Videsh Ltd.

However, not all profitable CPSEs will be listed.

“Profit making large and medium sized CPSEs — no point listing small CPSEs — should list. They should open up for public scrutiny and higher transparency. They should compete and establish themselves for whatever worth they can command in the market,” DIPAM Secretary Neeraj Gupta told PTI.

Going by this criteria, there may be up to 50 PSUs that can be listed.

To expedite the listing of CPSEs in a time-bound manner, the guidelines mandated the respective ministries to “draw the list of eligible CPSEs for listing within one month from the finalisation of audited accounts of the last financial year, based on the criteria of a positive net-worth, no accumulated losses and having earned net profits in three preceding years.

A meeting of the PSU Board will then be convened within the next 15 days to authorise the listing and the next 45 days spent in preparation of draft red-herring prospectus (DRHP) as well as appointing auditors and independent directors including a woman director on the board and complying its legal issues like demat of shares.

Thereafter, the DRHP has to be finalised and filed with SEBI within one-and-a-half month.

Considering SEBI nod may come within a month, the guidelines allowed 30 days thereafter for roadshows and marketing of the issue and subsequent opening of IPO.

According to the guidelines, an inter-ministerial group (IMG) led by the DIPAM secretary would be constituted for the appointment of advisers/intermediaries and to guide the process of disinvestment through public offer.

“The process for the appointment of Advisors for the transaction, including Merchant Bankers/BRLMs/Legal Advisors, etc shall be completed within a period not exceeding 8 weeks from the date of constitution of the IMG,” it said.

Since 2009, just six PSUs including SJVN Ltd, Coal India Ltd and MOIL have been listed.

In 2012, it was decided to list another four PSUs of which two are yet to be listed.

SBI Life may offer 10% stake in IPO

SBI Life may offer 10% stake in IPO

31/01/2017 10:31

SBI Life Insurance may offer 10 per cent stake in the Initial Public Offering (IPO) when it goes to capital markets, said a top executive of the company according to the PTI report.

“Finally whether an IPO will happen or when it will happen we have not still decided. But there is a possibility that it may happen in the coming financial year that is 2017-18. So in IPO, when you go to market for the first time you offer ten per cent,” Arijit Basu, MD and CEO, SBI Life said in a press conference.

SBI Life Insurance is a joint venture between State Bank of India and BNP Paribas Cardif. SBI owns 74 per cent of the total capital and BNP Paribas Cardif the remaining 26 per cent stake. The insurer has an authorised capital of Rs 2,000 crore and a paid up capital of Rs 1,000 crore.

Early December, State Bank of India had sold 3.9 per cent of its stake in SBI Life to global private equity major KKR and the Singaporean sovereign fund Temasek Holdings for Rs 1,794 crore or USD 264 million, valuing the third largest private life insurer at around Rs 46,000 crore.

Replying to a query, Basu said the picture is still unclear whether SBI will dilute entire ten per cent or five per cent each by both the partners.

“If the SBI is to divest the entire ten per cent then its stakes comes down to 60 per cent from the existing 70 per cent,” he added.

He said the company grew at 39 per cent in individual new premium till December whereas the industry grew at 20 to 22 per cent.

Basu said the market share of the company has gone to 21 per cent as on December last year from 18 per cent in the previous year.

According to him, Assets Under Management currently pegged at Rs 92,000 crore. SBI Life today inaugurated its new Regional Office here.

BSE fixes IPO price band at Rs 805-806, to raise Rs 1,243 cr

BSE fixes IPO price band at Rs 805-806, to raise Rs 1,243 cr

16/01/2017 13:03

BSE has fixed the price band at Rs 805-806 per share for its upcoming initial public offering (IPO), through which it aims to raise up to Rs 1,243 crore, reported PTI.

The IPO opens on January 23 and closes on January 25, which will be the first by a domestic stock exchange.

During the initial share sale — this year’s first as well — shareholders will sell 15.43 million shares estimated to be around Rs 1,243.44 crore at the higher end of the price band.

The IPO of 15,427,197 shares of face value of Rs 2 each will constitute up to 28.26 per cent of the fully-diluted post offer issued share capital of BSE, it said in a public notice.

The company said bids for the issue can be made for a minimum of 18 shares and in multiples of 18 thereafter.

Earlier this month, capital market regulator SEBI had given its final go-ahead to the draft prospectus for the IPO.

Among the existing shareholders are Bajaj Holdings Investment, Caldwell India Holdings, Acacia Banyan Partners, Singapore Exchange, Mauritius-based arm of American investor George Soros’ Quantum Fund and foreign fund Atticus.

There are an estimated 9,000 shareholders in BSE, where originally mostly brokers held shares. However, a host of foreign investors and domestic financial institutions have acquired shares over the years and the IPO will provide some of them an exit window to monetise their assets.

BSE shares will be listed on NSE as SEBI rules do not allow self-listing for an exchange.

Meanwhile, rival NSE had filed draft papers with SEBI last month for an estimated Rs 10,000-crore IPO.

The issue is being managed by Edelweiss Financial Services, Axis Capital, Jefferies India, Nomura Financial Advisory and Securities (India) Pvt, Motilal Oswal Investment Advisors, SBI Capital Markets and SMC Capitals.

GreenSignal Bio Pharma IPO gets 89% subscription

GreenSignal Bio Pharma IPO gets 89% subscription

16/11/2016 00:33

The IPO of GreenSignal Bio Pharma was subscribed 89 per cent on the fourth day of the bidding, reported PTI.

The company has extended its initial public offer by three days to November 17.

The IPO received bids for 1,30,10,550 shares against the total issue size of 1,45,79,560 shares, data available with the NSE showed.

The non-institutional investor category was subscribed 13 per cent while that of retail investor portion received 8.73 times bids.

The offer was earlier scheduled to close on Friday, said the media report.

The company has entered the capital market with its IPO of 1,45,79,560 shares of face value of Rs 10 each through an offer for sale. It has fixed the price band at Rs 76-80.

The shares are proposed to be listed on BSE and NSE.

GreenSignal Bio Pharma IPO subscribed 16% on day 2

GreenSignal Bio Pharma IPO subscribed 16% on day 2

11/11/2016 13:01

The initial public offer of GreenSignal Bio Pharma was subscribed 16 per cent at the end of the second day of IPO, reported PTI.

The Rs 112-crore IPO received bids for 23,62,500 shares as against the total issue size of 1,45,79,560 shares, data available with the NSE showed.

The portion set aside for non institutional investors was subscribed 2 per cent, while that of retail investors got oversubscribed 1.59 times.

The company has entered the capital market with its IPO of 1,45,79,560 shares of face value of Rs 10 each through an offer for sale.

It has fixed the price band at Rs 76-80. The issue is scheduled to close today.

The shares are proposed to be listed on BSE and NSE.

Agro Phos India IPO to close on Nov 7

Agro Phos India IPO to close on Nov 7

04/11/2016 12:09

Indore, Madhya Pradesh based Agro Phos India Limited, one of the distinguished processors, suppliers, marketers and exporters of a wide range of effective fertilizers, is all set with the initial public offering (IPO) of 58,80,000 shares of Rs 10 each in a price band Rs 19-22 per equity share.

The issue opened on October 27, 2016 and will close on November 07, 2016.

Book running lead manager to the issue are Pantomath Capital Advisors and Indian Overseas Bank.

The shares of the company will be listed on NSE Emerge platform.

PNB Housing IPO subscribed 57% on Day 2

PNB Housing IPO subscribed 57% on Day 2

27/10/2016 00:42

PNB Housing Finances IPO was subscribed 57 per cent on the second day of the three-day bidding offer yesterday, reported PTI.

The Rs 3,000-crore IPO received bids for 1,61,36,928 shares against the total issue size of 2,80,77,500 shares, as per data available with the NSE.

The portion set aside for qualified institutional buyers (QIBs) was subscribed 92 per cent, while that of non institutional investors was subscribed 14 per cent.

Retail investors category received 57 per cent subscription.

The IPO attracted over 3 lakh applications on the second day.

PNB Housing Finance has raised over Rs 894 crore by allotting shares to anchor investors. Promoted by Punjab National Bank, the company is seeking to raise Rs 3,000 crore through the (IPO).

Kotak Mahindra Capital Company, DSP Merrill Lynch, JM Financial Institutional Securities, J P Morgan and Morgan Stanley are the global coordinators and book running lead managers for the issue.

HPL Electric to start trading from tomorrow

HPL Electric to start trading from tomorrow

03/10/2016 12:37

HPL Electric & Power will make its stock market debut tomorrow after successfully completing its Rs 361-crore initial public offering last week, reported PTI.

The company’s IPO was oversubscribed a little over eight times during September 22-26, said the media reports.

The quota reserved for qualified institutional buyers (QIBs) was oversubscribed 5.77 times while for non-institutional investors, it was 22.20 times.

The retail investor portion saw 3.31 times subscription.

The price band for the IPO was fixed at Rs 175-202 per share.

Proceeds of the issue will be utilised for repayment of loans, funding working capital requirements and other general corporate purposes.

Shares of the company will be listed on BSE and NSE.

The issue was managed by SBI Capital Markets, ICICI Securities and IDFC Bank.