Nelcast, Meghmani Organics IPOs fail to enthuse investors
The initial public offering of Nelcast Ltd. has failed to enthuse investors. Meghmani Organics too has not taken off too well.
By INDIATIMES NEWS NETWORK |
MUMBAI: The initial public offering of Nelcast Ltd. has failed to enthuse investors. Meghmani Organics too has not taken off too well.
As per the latest updates on NSE website, the retail portion of Nelcast was subscribed 0.01 times, while the qualified institutional buyers and non-institutional investors are yet to open their books. The IPO opened for subscription Monday and closes on Friday.
The company is offering 43,50,000 equity shares in the price band of Rs 195-219 per share of Rs 10 face value through 100% book building process. The company plans to raise up to Rs 95.27 crore from the issue.
The castings and component manufacturing company, caters mainly to commercial vehicle and tractor industries. Nelcast plans to use the issue proceeds for expansion and modernisation of its units at Gudur in Andhra Pradesh and Ponneri in Tamil Nadu, eyeing production capacity of 1,50,000 MT a year by 2008-09.
The Meghmani Organics IPO, which opened along with Nelcast, was subscribed 0.07 times on day two. The company is offering 53,68,421 equity shares of face value Rs 1 each in the price band Rs 17 and Rs 19. The issue closes on Thursday.
The retail investors have subscribed the issue 0.21 times, non-institutional investors subscribed 0.06 times while the QIB portion is yet to see bids.
The objects of the issue are mainly to finance a new high performance pigment plant at Vatva, Ahmedabad and a multi-purpose agro-chemicals plant at Panoli.
The pigments and agrochemicals manufacturer will also use the proceeds to invest in subsidiary Meghmani Energy, finance a 3 MW captive power plant to be located at Chharodi, diversification opportunities and working capital requirements.
As per the latest updates on NSE website, the retail portion of Nelcast was subscribed 0.01 times, while the qualified institutional buyers and non-institutional investors are yet to open their books. The IPO opened for subscription Monday and closes on Friday.
The company is offering 43,50,000 equity shares in the price band of Rs 195-219 per share of Rs 10 face value through 100% book building process. The company plans to raise up to Rs 95.27 crore from the issue.
The castings and component manufacturing company, caters mainly to commercial vehicle and tractor industries. Nelcast plans to use the issue proceeds for expansion and modernisation of its units at Gudur in Andhra Pradesh and Ponneri in Tamil Nadu, eyeing production capacity of 1,50,000 MT a year by 2008-09.
The Meghmani Organics IPO, which opened along with Nelcast, was subscribed 0.07 times on day two. The company is offering 53,68,421 equity shares of face value Rs 1 each in the price band Rs 17 and Rs 19. The issue closes on Thursday.
The retail investors have subscribed the issue 0.21 times, non-institutional investors subscribed 0.06 times while the QIB portion is yet to see bids.
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The objects of the issue are mainly to finance a new high performance pigment plant at Vatva, Ahmedabad and a multi-purpose agro-chemicals plant at Panoli.
The pigments and agrochemicals manufacturer will also use the proceeds to invest in subsidiary Meghmani Energy, finance a 3 MW captive power plant to be located at Chharodi, diversification opportunities and working capital requirements.
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