Binani Cement to list on NSE today

Binani Cement Ltd. lists on the National Stock Exchange today. The company had fixed the offer price of its over 2 crore initial public offering at Rs 75 per share.

The share of Rs 10 face value was offered in the price band of Rs 75-85 per share in the the 100% book building process. The IPO was open for subscription from May 7 to May 10 and was subscribed 1.36 times.

Binani Cement is an existing profit making company in operation for more than eight years in the Indian cement industry with an annual production of 2.25 tonne per year.

The company is a leading player in north and west India, with a market share of 13 % and 7 % in Rajasthan and Gujarat, respectively.

According to the prospectus, it has captive limestone mines sufficient for about 30 years of operations, captive power unit of 25 MW which caters to about 70-75% of its present power requirement.

JP Morgan Chase has invested Rs 250 crore in the company--Rs 120 crore by way of acquiring 25% equity stake and Rs 130 crore as debt for the expansion project.