Two more cos queue up for IPO: Media Report
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30 Sep 2014
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Looking to tap upbeat investor sentiments, Uniparts India and PNC Infratech are the latest companies to file initial public offer papers with capital market regulator Sebi. With these two firms, a total of nine companies have now filed draft papers with the Securities and Exchange Board of India (Sebi) since beginning of 2014. Engineering equipment maker Uniparts India plans an initial issue size of little over 1.30 crore shares while infrastructure firm PNC Infratech intends to offer 1.29 crore scrips. These filings come at a time when the equity market has been on an upswing this year in the wake of bullish investor sentiments. So far in 2014, the 30-share benchmark Sensex has gained as much as 26% spurred by robust fund flows and revival of risk appetite amid signs of improving economic conditions. Prior to Uniparts India and PNC Infratech, seven firms -- Lavasa Corp, Adlabs Entertainment, GMR Energy, Rashtriya Ispat Nigam Ltd, Sharda Cropchem and Monte Carlo Fashions -- have filed draft IPO papers with Sebi so far in 2014. Sharda Cropchem made a stellar debut on September 23, when its shares gained nearly 48% over the issue price of Rs 156 apiece. Three other firms -- Wonderla Holidays, Snowman Logistics and Shemaroo Entertainment -- have also completed their IPO in the current financial year. Meanwhile, Uniparts India would utilise the proceeds from the IPO towards establishment of a new manufacturing facilities at Visakhapatnam and Ludhiana, repayment of certain borrowings, for acquisitions and general corporate purposes. In the case of PNC Infratech, the money raised from the initial share sale would be used for funding working capital requirements, investment in capital equipment and repayment of certain debt, among others. Besides, the company would utilise the funds for investing in its subsidiary -- PNC Raebareli Highways Private Ltd -- for part-financing the Raebareli-Jaunpur project. ICICI Securities, Edelweiss Financial Services and India Infoline are the lead managers for Uniparts India's IPO while ICICI Securities and IDFC Securities would manage PNC Infratech share sale. The companies have received the in-principle approvals from stock exchanges -- NSE and BSE -- for listing. |
| Source: Dion Global Type: IPO Related |
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