Euro Multivision IPO opens on Sept 22, 2009

Maker of Compact disc, Euro Multivision Ltd, which hopes to raise about Rs 66 crore through its initial public offer (IPO), would hit the Capital Market on 22nd September 2009, for subscription by investors. The IPO will close on 24th September 2009.

The company is coming out with IPO of 88,00,000 equity shares of Rs 10 each for cash through 100% book-building process and the price band is Rs 70-75. The has reserved 2 lakh shares to be given to the employees of the Company from the issued shares. The Company will use the proceeds of the IPO to raise resources for the company's photovoltaic solar cell manufacturing unit in a SEZ at Bhachau in Gujarat's Kutch district. The company intends to surge into solar energy space. The plant, which will be built at a cost of Rs 178.03 crore, will have an annual capacity of 40 MW.

Anand Rathi Advisors Limited is the Book Running Lead Manager to the issue. Anand Rathi Advisors Limited is also the Syndicate Member for the issue. Link Intime India Private Limited is the registrar to the company.
The IPO has been rated Grade 2 by ICRA.

Pipavav Shipyard IPO Oversubscribed upto 6.64 times

Thanks to stronger response from the investors, the IPO of Pipavav Shipyard was oversubscribed upto 6.64 times till the final day on Friday 18th September, 2009. Through this offer, the company expects to raise funds up to Rs 513 crore. The company intends to utilise the IPO proceeds for the construction of facilities for ship building as well as ship repairing and working capital requirements.

As per the latest data available with the National Stock Exchange (NSE), the IPO received more than 46.57 crore bids for the shares of the company against 7 crore shares on offer. The company had come with an IPO with a total issue size of 8.55 crore shares in the price band of Rs 55-60. The Company reserved about 1.53 crore shares for anchor investors. Anchor investors are those individuals or institutions who subscribe to IPOs before these begin.