Grey Market Premium for IPO's & Bonds; ONGC FPO to hit on Sept 20

August 29, 2011   ·   0 Comments

ONGC FPO likely to hit market on Sept 20

The FPO has been jammed in a roadblock due to government’s ad-hoc subsidy sharing mechanism. Post-FPO, the government’s stake in ONGC would come down to 69.14% from the current 74.14%.

www.stockssavvy.comEarlier, there were media reports that ONGC is considering to may file papers for a Rs 12,000 crore share sale by early next month.  The government plans to sell 5% of 427.77 million shares through the FPO. The FPO was originally planned for 2010-11 fiscal but was deferred to April 5 as the company did not have adequate number of independent directors on its board to meet the SEBI’s listing norm.

Just Dial is planning to come with  Rs 360 crore IPO

Local search engine Just Dial plans to raise Rs 360 crore through an initial share sale, probably valuing the company more than 10 times its last fiscal revenue. On May 2011, the company had sold 2,400 shares at Rs 80 per share, the offer document shows. The company over the years had sold many preference shares which were converted into equity and had also issued bonus shares as high as 55:1.  Citigroup Global Markets India and Morgan Stanley India are the book running lead managers to the issue.

Investors such as SAIF Partners, Tiger Global, and Sequoia Capital, which hold about 55% of the company, may also sell a part of their holdings during the IPO, according to the draft prospectus. About 10.6 million shares will be sold by existing owners, said the document, without mentioning the specifics. In the year ended March 2011, Just Dial posted a net profit of Rs 29 crore on total revenue of Rs 189 crore, the offer document shows.  In June 2011, private equity firm Sequoia Capital, which had earlier acquired 10% in Just Dial, along with SAP Ventures invested $10 million in the company, valuing it at around $500 million. At that time, it valued the company on par with two-wheeler manufacturer TVS Motors.

Grey Market Premium for IPO’s & Bonds

Company Name

Offer Price

(Rs.)

Premium

(Rs.)

Kostak

(Rs. 2 Lac

Application)

Kostak

(Rs. 5 Lac

Application)

Brooks Lab.

100

4 to 5

SRS Ltd.

58 to 65

3 to 3.50

T. D. Power Systems

256 to 261

7 to 7.50

Manappuram Finance Bond

1000

9.50 to 10

Muthoot Finance Bond

1000

15 to 16

7500

 

Rajesh Singla

Rajesh is the founder & CEO of Stockssavvy, Stocks analyst,financial advisor by choice,software engineer by fate,biker,gamer,cricket lover n enthusiastic person. He believes in doing things not just to get by but to get Ahead...

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