C.Mahendra Exports Limited is tapping the capital markets with its IPO today announced the price band as Rs 95-110. The issue is for 1.5 cr shares and would raise Rs 142.5 crs at the lower end and Rs 165 crs at the upper end of the price band. The issue opens on Friday the 31st of December 2010 and closes on Thursday the 6th of January 2011.

This issue would be creating history as this would probably be the only issue of its kind which would be opening in one calendar year and closing in another calendar year. The only other time that something of this sort happened was in the case of Cambridge Technology Enterprises Limited which had come out with its fixed price issue which opened on the 29th of December 2006 and closed on the 9th of January 2007.

Coming to C.Mahendra Exports Limited the company had consolidated sales of Rs 1,852.82 crs for the year ended March 2010 and Rs 736.42 crs for the quarter ended June 2010. The net profit after tax was Rs 6.09 crs for March 2010 and Rs 40.33 crs for the first quarter ended June 2010. The post issue equity would be 6 cr shares which means that the company would have a fully diluted market cap of Rs 570 crs at the lower end of the price band and Rs 660 crs at the upper end of the price band.