Realty developer Prestige Estates Projects' Rs 1,200 crore initial public offer (IPO) got over- subscribed 1.75 times, hours before the end of issue today.
The IPO, which opened on October 12, received total bids for over 10 crore shares against 5.72 crore equities on offer, as per the NSE data available till 1400 hours.
Final figures of the IPO will be available by the end of day. The Bangalore-based real estate developer has entered the capital market with its public float priced in a range of Rs 172 to Rs 183 per share.
The company has already raised Rs 215.4 crore for its IPO by roping in 23 anchor investors, including Reliance MF, DSP Blackrock and Credit Suisse.
Anchor investors, which will get shares in Prestige IPO, include Sundaram BNP, HDFC MF, Alliance Berstein India Growth Fund, Indus Capital Advisor UK, Government of Singapore, Lloyd George, HSBC MF, Mirae Asset and Axis MF.
Enam Securities, JP Morgan India , Kotak Mahindra Capital Company and UBS Securities India are the book running lead managers to the issue.
Thursday, October 14, 2010
15-minute pre-market call auctions to start on October 18
The National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) have decided to implement ‘pre-market call auctions’ which is a special 15-minute trading window starting at 9:00 am from October 18.
Pre-market opening features:
•a very useful mechanism particularly on high volatility days. This will matter more when there are sudden major developments
•No entry, modification, cancellation executed
•Orders accumulated for specified period
•Price and quantity information is shared
•Provisions to discourage manipulation
•Limit and market orders is allowed
•IOC conditions are not allowed
•Iceberg orders are not allowed
•Limit orders prioritised over market orders
•Price banding at 20% applicable
•Circuit filter for continous sessions only
•Open market orders to move as limit orders at open price
This also means that all other segments, including derivatives and non-index stocks, will trade only at 9:15 am.
Both the exchanges have already received the go-ahead from market regulator the Securities and Exchange Board of India (Sebi) to start the ‘pre-market call auctions’.
The aim of this exercise is to enable better price discovery in the market. Sayee Srinivasan, head–product Strategy at BSE, says, “The call auction is the solution to take care of the uncertainty that is there in people’s mind about where a stock should be priced at the open.”
So how does this work? Here is the break-up of these 15 minutes. At 9:00 am, investors will be able to place their ‘buy’ and ‘sell’ orders for Nifty or Sensex stocks for a period of seven minutes. During these seven minutes, no trades will be executed.
However, the exchanges will discover an ‘indicative price’ for these stocks and the ‘indicative index levels.’ While these indicative levels will continue to change through the course of the seven minutes, they will be reflective of the general direction of the market and investors can then accordingly place their bids.
What is also interesting is that if based on these indicative prices investors wish to change or cancel their orders they will be allowed to do so. The exchanges will suddenly halt this order-taking randomly between 9:07 and 9:08 am in order to check any market manipulation.
After this stoppage, till 9:12 am orders will be matched and opening prices of the stocks and the opening levels for the indices will be discovered. It is during this time that the trades will be executed at the single discovered price for every stock. The opening price for a stock will be the price at which the maximum amount of shares can be traded.
Extreme care has also been taken to combat volatility. While during the auction period there is no provision for a circuit filter, a 20% price band will be applicable on all bid prices.
Pre-market opening features:
•a very useful mechanism particularly on high volatility days. This will matter more when there are sudden major developments
•No entry, modification, cancellation executed
•Orders accumulated for specified period
•Price and quantity information is shared
•Provisions to discourage manipulation
•Limit and market orders is allowed
•IOC conditions are not allowed
•Iceberg orders are not allowed
•Limit orders prioritised over market orders
•Price banding at 20% applicable
•Circuit filter for continous sessions only
•Open market orders to move as limit orders at open price
This also means that all other segments, including derivatives and non-index stocks, will trade only at 9:15 am.
Both the exchanges have already received the go-ahead from market regulator the Securities and Exchange Board of India (Sebi) to start the ‘pre-market call auctions’.
The aim of this exercise is to enable better price discovery in the market. Sayee Srinivasan, head–product Strategy at BSE, says, “The call auction is the solution to take care of the uncertainty that is there in people’s mind about where a stock should be priced at the open.”
So how does this work? Here is the break-up of these 15 minutes. At 9:00 am, investors will be able to place their ‘buy’ and ‘sell’ orders for Nifty or Sensex stocks for a period of seven minutes. During these seven minutes, no trades will be executed.
However, the exchanges will discover an ‘indicative price’ for these stocks and the ‘indicative index levels.’ While these indicative levels will continue to change through the course of the seven minutes, they will be reflective of the general direction of the market and investors can then accordingly place their bids.
What is also interesting is that if based on these indicative prices investors wish to change or cancel their orders they will be allowed to do so. The exchanges will suddenly halt this order-taking randomly between 9:07 and 9:08 am in order to check any market manipulation.
After this stoppage, till 9:12 am orders will be matched and opening prices of the stocks and the opening levels for the indices will be discovered. It is during this time that the trades will be executed at the single discovered price for every stock. The opening price for a stock will be the price at which the maximum amount of shares can be traded.
Extreme care has also been taken to combat volatility. While during the auction period there is no provision for a circuit filter, a 20% price band will be applicable on all bid prices.
Sensex drops 190 pts
Equity benchmarks stalled the follow-up rally by erasing more than 190 points on Sensex on the back of profit booking in major sectors like infrastructure, financial, telecom and oil & gas. The sell-off as well as consolidation was imminent because the Sensex rallied more than 650 points from Wednesday till today's spike up in initial trade.
However, Infosys maintained its uptrend ahead of results for the quarter ended September 2010; jumped 1% followed by Wipro with 1.5% rise. Sesa Goa, Tata Steel and Tata Motors were other gainers
The 50-share NSE Nifty closed at 6177, down 56 points and the 30-share BSE Sensex was at 20497, down 190 points.
However, Infosys maintained its uptrend ahead of results for the quarter ended September 2010; jumped 1% followed by Wipro with 1.5% rise. Sesa Goa, Tata Steel and Tata Motors were other gainers
The 50-share NSE Nifty closed at 6177, down 56 points and the 30-share BSE Sensex was at 20497, down 190 points.
Sea TV Network lists with 20% premium
Shares of Sea TV Network, an Agra-based company engaged in providing services of a Multi System Operator (MSO) to various Local Cable TV operators of Agra city, listed at Rs 120, a premium of 20% over an issue price of Rs 100 a share.
At 9:10 hours IST, a share was trading at Rs 118, with volume of more than 30 lakh shares, after hitting a high of Rs 126.15 and low of Rs 116.10 on BSE.
Sea TV Network raised Rs 50.2 crore via offering of 50.2 lakh equity shares. Part of the net proceeds of the Issue is proposed to be utilized for expansion plan which include setting up of complete Digital Headend and network for implementation of Conditional Access System (CAS) to convert from the present Analog system to distribution to a Digital System, setting up network for complete IPTV solution, setting up of own cable distribution (underground optical fiber) network capable of digital transmission throughout Agra City and adjoining areas and also setting up own 20 branch-offices in the city including in the adjoining areas with required infrastructure for receiving digital signals and re-transmitting the same without much value addition through co-axial cables to individual customers/subscribers.
The issue was opened for subscription during September 27-29, 2010, which had subscribed 9.58 times. A price band was at Rs 90-100 a share.
Sea TV proposes to adopt latest technology i.e. IPTV for providing TV channels to its viewers. It already has a network of about 150 franchisees throughout Agra city.
At 9:10 hours IST, a share was trading at Rs 118, with volume of more than 30 lakh shares, after hitting a high of Rs 126.15 and low of Rs 116.10 on BSE.
Sea TV Network raised Rs 50.2 crore via offering of 50.2 lakh equity shares. Part of the net proceeds of the Issue is proposed to be utilized for expansion plan which include setting up of complete Digital Headend and network for implementation of Conditional Access System (CAS) to convert from the present Analog system to distribution to a Digital System, setting up network for complete IPTV solution, setting up of own cable distribution (underground optical fiber) network capable of digital transmission throughout Agra City and adjoining areas and also setting up own 20 branch-offices in the city including in the adjoining areas with required infrastructure for receiving digital signals and re-transmitting the same without much value addition through co-axial cables to individual customers/subscribers.
The issue was opened for subscription during September 27-29, 2010, which had subscribed 9.58 times. A price band was at Rs 90-100 a share.
Sea TV proposes to adopt latest technology i.e. IPTV for providing TV channels to its viewers. It already has a network of about 150 franchisees throughout Agra city.
Ashoka Buildcon lists at Rs 342 Vs IPO price of Rs 324/sh
Shares of Ashoka Buildcon, a company engaged in building and operating roads and bridges on a BOT basis, have listed at Rs 342 a share on NSE as against issue price of Rs 324.
At 9:17 hours IST, a share was trading at Rs 327, with volume of 24 lakh shares, after hitting a high of Rs 344.95 and low of Rs 313.10 in early trade.
Ashoka raised Rs 225 crore through IPO, which was opened during September 24-28 and was subscribed 15.53 times. A price band was at Rs 297-324 a share.
Issue proceeds will be used for investment in capital equipment; working capital requirements; prepayment/ repayment of project loans of the company and funding certain subsidiaries for prepayment/ repayment of their loans.
At 9:17 hours IST, a share was trading at Rs 327, with volume of 24 lakh shares, after hitting a high of Rs 344.95 and low of Rs 313.10 in early trade.
Ashoka raised Rs 225 crore through IPO, which was opened during September 24-28 and was subscribed 15.53 times. A price band was at Rs 297-324 a share.
Issue proceeds will be used for investment in capital equipment; working capital requirements; prepayment/ repayment of project loans of the company and funding certain subsidiaries for prepayment/ repayment of their loans.
Govt sets Coal India IPO price band at Rs 225-245/sh
The price band for the eagerly awaited initial public offer (IPO) of India's largest coal producing company, Coal India (CIL) has been fixed at Rs 225-245 a share, Coal Minister, Sriprakash Jaiswal said. "Employees and retail investors will get 5% discount to the issue price," he added.
The government expects to raise over Rs 15,000 crore through the IPO, which will be largest ever amount raised by an Indian company via offering. And, Jaiswal said, we would not rope in anchor investors in the IPO.
The issue will attract retail and QIB investors, said CIL chairman Partha Bhattacharya. He also said that the company will be listed on November 4, 2010.
The company will not receive any proceeds from the offer and all proceeds will go to the selling shareholder (GoI), whose stake will be 89.99% post the issue. The IPO is set to open for subscription on October 18 and will close on October 21, 2010.
The company is offering 63.16 crore equity shares through the issue, which was an offer for sale by the President of India, acting through the ministry of coal, Government of India.
The offer shall constitute 10% of the post offer paid-up equity share capital of company. The issue will close on October 21.
As per draft prospectus, CIL is the largest coal producing company in the world (Source: CRISIL Research), based on raw coal production of 431.26 million tons in fiscal 2010. It is also the largest coal reserve holder in the world (Source: CRISIL Research) based on reserve base as of April 1, 2010
The government expects to raise over Rs 15,000 crore through the IPO, which will be largest ever amount raised by an Indian company via offering. And, Jaiswal said, we would not rope in anchor investors in the IPO.
The issue will attract retail and QIB investors, said CIL chairman Partha Bhattacharya. He also said that the company will be listed on November 4, 2010.
The company will not receive any proceeds from the offer and all proceeds will go to the selling shareholder (GoI), whose stake will be 89.99% post the issue. The IPO is set to open for subscription on October 18 and will close on October 21, 2010.
The company is offering 63.16 crore equity shares through the issue, which was an offer for sale by the President of India, acting through the ministry of coal, Government of India.
The offer shall constitute 10% of the post offer paid-up equity share capital of company. The issue will close on October 21.
As per draft prospectus, CIL is the largest coal producing company in the world (Source: CRISIL Research), based on raw coal production of 431.26 million tons in fiscal 2010. It is also the largest coal reserve holder in the world (Source: CRISIL Research) based on reserve base as of April 1, 2010
Wednesday, August 11, 2010
Prakash Steelage IPO finally subscribed 4.53 times
Details as below
Qualified Institutional Buyers (QIBs): 1.2700
Non Institutional Investors : 10.9100
Retail Individual Investors (RIIs) : 6.6200
Employee Reservations : 1.0200
Total : 4.5300
Qualified Institutional Buyers (QIBs): 1.2700
Non Institutional Investors : 10.9100
Retail Individual Investors (RIIs) : 6.6200
Employee Reservations : 1.0200
Total : 4.5300
Tuesday, August 10, 2010
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