Current IPO’s News
Oil India plans IPO in November
Oil India Ltd, state run explorer, plans an initial public offering of 2.64 crore shares shares in November and would file a revised DRHP next month after updating information up to June 30, 2008, according to company official on Tuesday.
“We are in touch with our bankers for exact timing of the IPO. Hopefully market conditions will improve by November and the IPO is likely to open in the first half of November,” company sources said.
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Adhunik Metaliks to raise Rs250-300 crore through IPO
Adhunik Metaliks Ltd, the specialty steel maker will raise Rs 2.5-3 billion through an initial public offering of shares in its mining subsidiary- Orissa Manganese and Minerals Ltd. It will sell 15 per cent stake in Orissa Manganese and Minerals Ltd in the share sale, to part-finance its Rs 11 billion pellet and ferro alloy plants.
These plants, which will convert iron ore fines into pellets and process low grade manganese ore waste, will be operational in 24 months. The first phase of expansion, OMML expects to mine 0.3 million tones of manganese and 0.4 million tones iron ore, which will be raised to 1 million tonnes and 3 million tonnes respectively by 2011.
JM Financial and Edelweiss are the book running lead managers for the issue.
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Reliance Infratel’s IPO is postponed.
Another history in stock market not made when most awaited IPO of Reliance Infratel, the telecom infrastructure unit of Reliance Communications has been postponed to come in open market. ADAG (Anil Dhirubhai Ambani Group) does not want bring the IPO of Reliance Infratel, in this unstable condition of market where ADAG has loosed Rs. 2,00,000 Crores. The outer deadline for completion of its IPO was August 11. A company has to complete the IPO process within 90 days after obtaining SEBI’s observations on its draft red herring prospectus. Earlier IPO of ADAG Reliance Power limited has listed below its issue price. After this incident all of investor of that IPO was in heavily loss. This was big lesson for market and investors that don’t believe on all IPO’s of Big Brand. Perhaps Anil Ambani blamed to Reliance Industries for this under price valuation of Reliance Power. The controversy between ADAG and Reliance Industries is going on till now on many points. In all of this situations ADAG doesn’t believe for good response of Reliance Infratel’s IPO. Lets watch when Anil likes the market for bring his next saga Reliance Infratel IPO.
