TCG Lifesciences IPO

CG Lifesciences has filed papers with the Securities & Exchange Board of India for initial public offering. The company proposes to issue 95 lakh equity shares of Rs 10 each at a price to be decided through 100 per cent book-building process. It is also considering a pre-IPO placement of up to 15 lakh shares with certain investors.

Net public issue of 9 lakh shares will constitute 13.65 per cent of the fully diluted post issue paid-up capital.

TCG Lifesciences plans to raise over Rs 150 crore to finance capital expenditure, finance capital investments in subsidiaries and repay debt.

The company offers solutions in discovery research, translational research, clinical development and enterprise informatics to the global life sciences industry.

Promoted by Dr Purnendu Chatterjee and TCG Lifesciences Mauritius with operations in India, the UK and US, its facilities are located at Kolkata, Mumbai, New Delhi, Pune, New Jersey and High Wycombe.

The equity shares are proposed to be listed on the National Stock Exchange and Bombay Stock Exchange.

Kotak Mahindra Capital and Enam Securities are book running lead managers to the issue.

Maytas Infra IPO subscribed 5.73 times

The initial public offer of Infrastructure development firm Maytas Infra got subscribed 5.73 times on the fourth day of its issue.

A total of 5.06 crore bids were received for 8.85 lakh shares on offer, latest data available on the stock exchanges show.

Maytas had fixed the price-band at Rs 320 to Rs 370 a share and expects to raise about Rs 327 crore from the issue.

The portion reserved for Qualified Institutional Buyers (QIBs) got subscribed 9.35 times, while the Retail Individual Investors (RIIs) section and the Non-Institutional Investors segment got marginally subscribed.
The issue would close tomorrow. The company plans to use the proceeds towards various built-operate-transfer (BOT) projects that are under development.

Out of the total proceeds from the issue, the company would use Rs 27.7 crore in the Bangalore-Hosur elevated expressway, Rs 127 crore in the 300 MW coal-based KVK Nilachal power project in Orissa and Rs 34.25 crore in the 56 MW coal washery reject-based SV power plant and 2.5 million MT per annum coal washery at Korba in Chhattisgarh.

It would utilise Rs 33.29 crore for buying construction equipments, while the remaining amount would be kept for other projects and capex purpose.

Tata Technologies IPO next year

TATA group’s engineering arm Tata Technologies plans to tap the capital market next year to raise funds in what could be the first initial public offer by a group company since IT firm TCS.

“We are looking to list Tata Technologies in Indian market through an IPO in 2008,” David Myers, the chief financial officer of UK-based INCAT, a Tata Technologies company, said on Wednesday. The funds would be used to repay some of the debt and for future expansion programmes, Mr Myers said.

Asked how much it was looking to raise from the IPO, Myers said these details would be worked out in due course. “But our aim today is to list the company by the end of next year,” he said.

The public offer could be the first by a Tata group firm since TCS in 2004, India’s biggest software exporter and the most-valued group firm on Indian stock exchanges. TCS had raised around Rs 5,400 crore.

The Tata group comprises close to 100 companies, of which about 30 are listed on the bourses. Tata Technologies had acquired INCAT in October 2005. The INCAT brand was retained as it was already established in the UK and other European markets, Mr Myers said.

Reliance Power to offload 10.1% stake via IPO

Reliance Power (RPL), part of the Reliance Anil Dhirubhai Ambani Group (R-ADAG) company, will offload a 10.1% stake in the proposed initial public offering (IPO). According to the draft red herring prospectus (DRHP) filed by RPL with the stock market regulator SEBI on Wednesday, the IPO will comprise 130-crore equity shares of Rs 2 each for cash at a premium to be decided through a 100% book building process.

The proceeds of the issue are proposed to be utilised for funding various projects. Reliance Power, currently a subsidiary of Reliance Energy (REL), has got two projects under its fold — a 4,000 mw Sasan ultra mega power project and a 1,200 mw Rosa project.

On Wednesday, the share price of REL moved up 7.5% to close at Rs 1450.40 on BSE. The public issue includes promoters’ contribution of 16 crore shares, and the balance 114 crore shares would constitute the net issue to the public. The issue will constitute 11.5%, and the net issue will constitute 10.1% of the post-issue paid-up equity capital of the company.

“At least 60% of the net issue to the public will be allotted on a proportionate basis to qualified institutional buyers (QIBs), of which 5% will be available for mutual funds. Around 30% of the net issue will be available for allocation on a proportionate basis to the retail individual bidders and 10% will be available for allocation on a proportionate basis to non-institutional bidders,” RPL said in a statement.

The equity shares of the company are proposed to be listed on BSE and NSE. Kotak Mahindra Capital, UBS Securities India, ABN Amro Securities (India), Deutsche Equities India, Enam Securities, ICICI Securities, JM Financial Consultants and JP Morgan India are acting as the book running lead managers to the issue.

MIC Electronics IPO opens for subscription

MIC Electronics, the Hyderabad-based ISO 9000:2000 certified company, engaged in the design and manufacture of True Colour LED video display systems, is open for subscription with an initial public offer (IPO) of 5,100,000 equity shares of Rs 10 for cash at a price to be decided through the 100% book-building process for listing on both Bombay Stock Exchange and National Stock Exchange.

The price band for the offer has been fixed between Rs 129 and Rs 150 per equity share for IPO closing on May 8, 2007. The public offer constitutes 25.34% of the company’s fully diluted post issue paid up equity capital.

Upto 50% of the issue will be allocated on a proportionate basis to the qualified institutional buyers, of which 5% of the issue will be available for allocation to mutual funds. Further, 15% of the issue will be available for non-institutional bidders and 35% of the issue will be available for allocation on a proportionate basis to the retail individual bidders.

MIC Electronics has three divisions — Media, Info-Tech, Communications and Electronics. It is engaged in the design, development and production of True Colour LED video Display Systems, telecom software solutions and communication equipment such as Digital Loop Carrier on optical fibre including voice, video/data applications, and Hand Held Computers. MIC is the only Company in India to have the “Design-to-Manufacture” capability for the manufacture of LED Video Display Systems.

The unconsolidated total income, of the company for the 6 months ended December 31, 2006, was Rs 654.56 million and net profit after tax was Rs 108.91 million. During the year ended June 30, 2006, the total income posted was Rs 1,044.12 million while the net profit after tax was Rs 154.76 million. MIC has a confirmed order book of worth Rs 1678.55 million as on December 31, 2006.

The sole book running lead manager to the issue is Edelweiss Capital.