Indian Stock Market News, Information, Tips, Analysis, Reports

UCO Bank IPO / FPO will not take place. UCO Bank clarified today that it never had any intentions of raising funds through a follow on public issue (FPO). A few weeks back moneycontrol carried a news item mentioning that UCO Bank has plans for an FPO through which it was planning to raise Rs. 450 crores. This news got republished in various leading web portals like livemint and others. With the BoD denying any plans of UCO Bank IPO, I’m suprised as to where moneycontrol got the information that UCO Bank FPO plans were awaiting the Cabinet nod.

Manjushree Extrusions FPO Subscription will open for subscription on 31 January 2008. Manjushree Extrusions Limited will raise about 25 crores through the follow on public issue (FPO). Manjushree Extrusions FPO will be a fixed price offer and hence there would be no price band for the FPO. The price fixed for the FPO is Rs. 45 per share of which Rs. 10 would go towards paid up capital and Rs. 35 will go to the share premium account. Manjushree Extrusions FPO closes for subscription on February 06, 2008. Updates on Manjushree Extrusions FPO Subscription Details and Manjushree Extrusions FPO allotment will be posted here frequently.

LIC Housing Finance FPO is likely to get the company funds to the tune of 500-600 crores. With the IPO market doing so well, who wouldn’t want to raise capital! LIC Housing Finance announced its intention to raise funds from the capital market recently when it announed its quaterly results for the previous quarter. The directors of LIC Housing Finance announced their intention to go in for a pre IPO private placement prior to the FPO. LIC Housing Finance IPO details including the subscription details, allotment status and listing date will be updated here as and when more information is available on the same.

Bank of India (BOI) is likely to come out with a follow-on public issue (FPO) early next year. At present the government of India owns about 70% stake in Bank of India (BOI). After the BOI FPO, the government’s stake in Bank of India is expected to be diluted by about 5%. IPO’s are a cheap source of funds for banks. At a time when interest rates are at their peak, it makes sense for banks to come out with IPO’s which will give them access to cheap funds and thus giving them a better Net Interest Margin (NIM). Bank of India FPO, if successful, will encourage other banks to follow suit.

State Bank of India’s (SBI) follow-on public offer (FPO) is likely to be postponed to next year. RBI has asked State Bank of India (SBI) to postpone its FPO till the merger of its associate banks with itself is completed. This merger is likely to take atleast 1 more year and hence the state ban of India SBI FPO is effectively off for the next one year atleast.

Delhi based real estate company Ansal Properties and Infrastructure is planning to come out with a follow on public offer (FPO) to fund its real projects. Ansal Properties and Infrastructure has a huge land bank of about 7500 acres and has received private equity funding from leading real estate focussed private equity funds like Noor Capital, HDFC Realty Fund, IL&FS investment managers (IIML) and Citigroup. The Ansal Properties and Infrastructure FPO issue size is likely to be around Rs. 1000 crores.

There are rumours floating around in the stock market that NTPC is planning to come out with a Follow-on Public Issue (FPO) in the near future. The issue size of the FPO is said to be around Rs. 6000 crores. Following these rumours hitting the stock markets the share prices of NTPC, which is a low beta stock, today zoomed by about 8%. Government of India which is the largest shareholder of NTPC would be diluting about 5% of its stake through the FPO.

IT People FPO has been officially withdrawn. Its been a terrible misfortune for IT People. The IPO got fully subscribed and at one point of time was subscribed by about 1.15 times. However, in the last few hours a lot of institutional investors seem to have withdrawn their bids and the FPO was finally subscribed only 0.97 times (agonisingly short by 0.03 times). If they had know well before the close that the IPO was undersubscribed they could have revised their price band and increased the subscription period. However since the bids were withdrawn at the last moment they seem to have lost the opportunity to act. Its really sad from the company’s perspective. Terrible loss of face for the company as well as loss of money in advertsing and marketing the FPO. However, its good for investors since the IPO, if it was fully subscribed would have most likely listed below the IPO issue price and hence would have given listing losses to IPO investors.

The IPO of Dagger Forst Tools Limited, a Yashovardhan Birla Group, will open for subscription on Monday, 27 August 2007 and will close for subscription on Monday, 03 September 2007. The Dagger Forst Tools IPO is a fixed price IPO. The price fixed for the IPO is Rs. 45 per share. As per the Draft Prospectus, Dagger Forst Tools Limited will use the proceeds of the IPO for setting up additional facilities for manufacturing Mechanical tubes and for working capital requirements. The shares of Dagger Forst Tools Limited are already listed on the Bombay Stock Exchange (BSE). The lead manager for the Dagger Forst Tools Limited IPO is Centrum Capital Ltd. The registrar for the Dagger Forst Tools Limited IPO is Intime Spectrum Registry Limited. For updates on the subscription / oversubscription ratio of Dagger Forst Tools Ltd IPO and to know the IPO allotment status, refund details and listing date of Dagger Forst Tools Ltd. IPO, do check this blog regularly.

Dagger Forst Tools Limited IPO Prospectus
For more information, read the Draft Red Herring Prospectus of the Dagger Forst Tools Limited Limited IPO Issue.

ICICI Bank limited has informed the stock exchanges that the partly paid shares of ICICI Bank Limited will be listed on the stock exchanges tomorrow, Thursday, August 9, 2007. Finally investors who invested in the ICICI Bank FPO using the part payment option are being offered an exit opportunity. The fully paid shares of ICICI Bank ended the day at Rs. 884. Since the supply of shares will increase tomorrow, there might be a pressure on the ICICI Bank share prices. After crossing the Rs. 1000 mark a few weeks back, ICICI Bank shares have been steadily falling. ICICI Bank has been one of the worst affected counters in the recent market meltdown. The BSE code for ICICI Bank’s partly paid shares is 532174. A special thanks to Alam for letting me know the listing date of ICICI Bank partly paid shares.

Update : There seems to have been an error regarding the Listing Date. The shares being listed are not partly paid shares but full paid shares of ICICI Bank which have probably been issued due to ESOP’s of ICICI Bank being exercised. I deeply regret inconviniences caused to investors as a result of the wrong information being published. The actual listing date of ICICI Bank’s partly paid shares will be announced here as and when it is available.