Tag: IPO

ICICI Pru Life lists 1% below issue price; falls 12% on debut

ICICI Pru Life lists 1% below issue price; falls 12% on debut

29/09/2016 15:45

ICICI Prudential Life Insurance, which was oversubscribed 10.48 times for its Rs 6,057-crore initial public offer (IPO), made a tepid start on stock exchanges with its shares falling over 12 per cent against its issue price of Rs 334 during the day’s trade.

A venture between ICICI Bank and UK’s Prudential Corporation Holdings, ICICI Prudential Life Insurance shares were listed at Rs 330, 1.2 per cent lower against its issue price. During the day’s trade it touched an intra-day high and low of Rs 333.90 and Rs 295.50 respectively on the Bombay Stock Exchange.

After making a weak opening, shares of company declined as much as 12.21 per cent against issue price to close Thursday’s trade at Rs 297.65 apiece on Bombay Stock Exchange.

In a similar fashion, stocks of company dipped 12 per cent to settle at Rs 296.85 apiece on the National Stock Exchange.

The insurer’s public issue got million plus applications – third in 2016-17 after Larsen & Toubro Infotech and RBL Bank. The IPO received bids for 1,38,58,52,468 shares against the total issue size of 13,23,78,973 shares, data available with the NSE showed.

The quota set aside for qualified institutional buyers (QIBs) was oversubscribed 11.83 times, while for non- institutional investors category it was 28.55 times, media reports said. Retail portion was oversubscribed 1.37 times and ICICI Bank shareholders 12.20 times.

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ICICI Prudential IPO oversubscribed 10.5 times

ICICI Prudential IPO oversubscribed 10.5 times

22/09/2016 10:25

ICICI Prudential Life Insurance’s Rs 6,057-crore IPO, closed with over 10-time subscription for shares offered to public, reported PTI.

The shares on offer for the public got subscription worth Rs 46,298.34 crore, which along with shares worth Rs 1,635 crore already allocated to anchor investors, have taken the total bid amount to Rs 47,933.34 crore.

The public issue got million plus applications – third in 2016-17 after Larsen & Toubro Infotech and RBL Bank.

The IPO received bids for 1,38,58,52,468 shares against the total issue size of 13,23,78,973 shares, data available with the NSE showed.

The quota set aside for qualified institutional buyers (QIBs) was oversubscribed 11.83 times, while for non- institutional investors category it was 28.55 times, media reports said.

Retail portion was oversubscribed 1.37 times and ICICI Bank shareholders 12.20 times.

The offer closed yesterday.

L&T Tech IPO subscribed 18% on day 1

L&T Tech IPO subscribed 18% on day 1

14/09/2016 01:10

The IPO of L&T Technology Services, an arm of engineering giant Larsen and Toubro (L&T), was subscribed 18 per cent on the first day of the three-day bidding on Monday, reported PTI.

The Rs 900-crore IPO, received bids for 12,94,896 shares against the total issue size of 72,80,000 shares, data available with the NSE showed.

The portion set aside for qualified institutional buyers (QIBs) was subscribed 28 per cent, while non institutional investors got 2 per cent subscription and retail investors category 19 per cent.

The IPO would close on Thursday.

This is the second company from the L&T Group to hit the market with an IPO since July, when L&T Infotech had launched a public offer. The flagship Larsen and Toubro is already listed.

L&T Technology Services had last week raised over Rs 268 crore from anchor investors.

The issue comprises an offer for sale of up to 10,400,000 shares by its promoter L&T.

The price band is fixed at Rs 850-860.

The firm, which provides innovative engineering as well as research and development services across sectors, has revenues worth nearly USD 500 million.

Three firms to hit markets this month to raise Rs. 7,000 cr via IPO: Media Report

Three firms to hit markets this month to raise Rs. 7,000 cr via IPO: Media Report

12/09/2016 11:11

To tap the upbeat investor sentiment, three firms — ICICI Prudential Life Insurance Company, L&T Technology Services and GNA Axles — will hit the markets this month to raise over Rs. 7,000 crore through IPO, reported PTI.

Bidding for shares in L&T Technology Services will open tomorrow, while the same for GNA Axles would begin on September 14 and ICICI Prudential Life’s public issue would be open for subscription from September 19.

The public issue of ICICI Prudential Life is expected to garner Rs. 6,057 crore, L&T Technology (Rs 894 crore) and GNA Axles (Rs 130 crore).

Equity shares offered through the initial public offers (IPOs) are proposed to be listed on the BSE and NSE.

Since the beginning of 2016, as many as 17 companies have already floated their IPOs and got listed on the stock exchanges.

ICICI Prudential Life’s public offer comprises up to 18,13,41,058 equity shares of ICICI Prudential Life Insurance Company.

This would be the first public issue by an insurer in India. It would also be the biggest IPO after Coal India, which had hit the markets in 2010 to raise over Rs. 15,000 crore.

The insurer is a venture between banking major ICICI Bank and UK’s Prudential Corporation Holdings. ICICI Bank has around 68 per cent stake in the insurer, while Prudential has 26 per cent. Singapore’s Temasek and PremjiInvest also are shareholders.

The firm has fixed a price band between Rs. 300 to Rs. 334 per equity share.

L&T Technology Services’ IPO comprises an offer for sale of up to 10,400,000 shares by its promoter Larsen and Toubro (L&T). The firm has fixed a price band of Rs. 850 to Rs. 860 per share for the IPO.

The initial public offering of auto components maker GNA Axles comprises an issue of up to 63 lakh shares. The price band has been set at Rs. 205-207 per share.

ICICI Prudential IPO to hit markets on Sep 19

ICICI Prudential IPO to hit markets on Sep 19

09/09/2016 13:27

The Rs 6,000 crore maiden public issue of ICICI Prudential Life Insurance Company, which is a joint venture between banking major ICICI Bank and UK’s Prudential Corporation Holdings, is set to open for subscription on September 19, 2016.

This will be the first ever IPO by an insurer in India. The IPO will close on September 21, 2016. The company is aiming to sell up to 18.13 crore shares in a price band of Rs 300-334, making it the biggest IPO of the calendar year.

ICICI Bank has around 68 per cent stake in ICICI Prudential Life Insurance Company, while Prudential holds 26 per cent.

GNA Axles IPO to open on 14th Sept

GNA Axles IPO to open on 14th Sept

06/09/2016 14:36

Jalandhar-based GNA Axles, which manufactures rear axle shafts for commercial vehicles has said that it plans to raise Rs. 129-130 crore from the primary market. Its IPO will be open from September 14-16.

As per reports, the company is putting 63 lakh shares on the block at a price band of Rs. 205-207. The minimum bid lot is 70 shares. The firm will use the proceeds to buy plant and machinery and to fund working capital requirements. GNA’s customers include original equipment manufacturers like Mahindra and Mahindra, John Deere and TAFE and suppliers to OEMs like Automotive Axles Ltd, Meritor HVS AB and Dana Ltd.

PNB Investment Services Ltd and Ambit Pvt Ltd are the book running lead managers to the issue. After the IPO, the company’s shares will be listed on the BSE and NSE.

L&T Tech IPO to debut on bourses on Sept 12

L&T Tech IPO to debut on bourses on Sept 12

02/09/2016 11:38

L&T has said that its arm, L&T Technology, is planning to get listed on the bourses.

As per reports, the company’s IPO will open for subscription on September 12 and will close on September 15. Company plans to raise around Rs 900 crores, and has fixed a price band of Rs 850 – 860 per share. The objective of the company to get listed is to achieve the benefits of listing the equity shares on the stock exchanges and to carry out the sale of up to 10,400,000 equity shares.

Earlier, in July this year, L&T Infotech got listed on the bourses, and the total size of the issue was Rs 1243 crores which was oversubscribed 11.69 times the issue price. However, on the listing day, it listed at a discount to the band price.

As per rpeorts, this will be the second IPO of L&T Group and it will be interesting to see the outcome of the issue.

Madhya Bharat IPO oversubscribes 1.08 times on day 2

01/09/2016 12:06

Madhya Bharat Agro Products has said that its IPO has oversubscribed 1.08 times on day 2.

Madhya Bharat Agro Products it had launched a Rs 13.84 crore initial public offer (IPO) on August 29. Hem Securities ltd the biggest merchant banker in the SME IPO segment is the lead manager to the issue of Madhya Bharat Agro Products Ltd.

The issue, which oversubscribed 1.08 times, has received bids for 62.40 Lakh equity shares against IPO size of 57.90 Lakh shares.

The Company is mainly engaged in manufacturing of Single Super Phosphate (SSP), Beneficiated Rock Phosphate (BRP) and Sulphuric Acid. The company is part of the Ostwal Group of Industries (OGI) and Ostwal Phoschem India Limited, Krishana Phoschem Limited (KPL) and Seasons International Private Limited are its sister concerns. The issue comprises offer for sale of equity shares aggregating upto Rs 13.90 crore.

L&T Technology receives approval to float an IPO

31/08/2016 12:30

L&T Technology Services, an arm of engineering giant Larsen and Toubro (L&T), has said that it has received the approval of capital markets regulator Sebi to float an initial public offer.

As per reports, the company, which had filed draft red herring prospectus (DRHP) with Sebi in July, got green signal from the markets regulator on August 24.

The public issue comprises an Offer for Sale of up to 10,400,000 equity shares by its promoter L&T.

According to sources, the IPO size of L&T Technology Services is estimated to be Rs 750-1,000 crore. The company, which provides innovative engineering as well as research and development services across sectors, has revenues worth nearly USD 500 million.

L&T Technology Services also offers engineering analytics, Internet of Things and automation solutions. The erstwhile L&T Integrated Engineering Services, carved out of parent L&T in 2010, was renamed as L&T Technology Services in 2012.

BSE likely to file draft IPO prospectus early next month

BSE likely to file draft IPO prospectus early next month

26/08/2016 12:45

BSE is targeting to file draft papers with capital markets regulator Sebi for its much-awaited initial public offer (IPO) by early next month, said the media reports.

BSE is looking to raise about Rs 800 crore from its initial share-sale programme, which is expected to be entirely an offer for sale (OFS).

As per PTI reports, the exchange plans to file IPO papers with Sebi in early September to mop-up around Rs 800 crore.

As many as three crore shares are estimated to have been tendered by the BSE shareholders for the offer for sale in the proposed IPO, earlier this week.

The exchange has set up an escrow account wherein shareholders can tender shares for the OFS in the proposed IPO.

Asia’s oldest bourse, which earlier this year received in-principle approval from markets regulator Sebi to list its shares, plans to sell up to 30 per cent stake in IPO.

A maximum of 30 per cent of BSE’s equity can be diluted through the OFS. As on date, the exchange has about 9,283 shareholders comprising brokers and institutions.

BSE (earlier known as the Bombay Stock Exchange) has appointed Edelweiss Financial Services as the lead merchant banker and AZB & Partners and Nishith Desai Associates as legal advisors to the IPO.

The exchange had reported a 40 per cent increase in its consolidated net profit at Rs 52.72 crore for the first quarter ended June 2016.

The Securities and Exchange Board of India (Sebi) notified amendments to the Stock Exchanges and Clearing Corporations regulations on January 1. The new rules are aimed at making it easier for stock exchanges to list their shares through an IPO.

Soon after the amendments, the exchange had sought approval for launching the IPO, saying it is in compliance with all the requirements for listing.