Power Finance Corp QIB portion of FPO oversubscribed

May 13th, 2011 Comments Off on Power Finance Corp QIB portion of FPO oversubscribed

The FPO from Power Finance Corporation Limited has been fully subscribed. Today the issue closed for QIB’s and that portion was subscribed 6.92 times. This is a good level of subscription and shows the appetite that the share has generated. The HNI portion was hardly subscribed while the retail portion was subscribed by a third with one more day to go. The overall issue is subscribed 3.58 times.

I believe this is a good opportunity for retail investors to subscribe to the issue as it offers decent returns for investors in the immediate and medium term. This being an FPO already has a discovered price and there is a discount for retail investors of 5%. The discount plus the difference between the current price and the upper end of the price band is the margin of safety for the investor.

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Galaxy Surfactants completes allocation to Anchor Investors

May 13th, 2011 Comments Off on Galaxy Surfactants completes allocation to Anchor Investors

Galaxy Surfactants Limited which is tapping the capital markets with an issue of 59.30 lakh shares in a price band of Rs 325-340, completed its allocation to Anchor Investors. The issue opens on Friday the 13th of May and closes on Wednesday the 18th of May for QIB’s and on Thursday the 19th of May for non-QIB bidders.

There are three bidders for the Anchor portion and these three have been allotted a total of 8,89,500 shares.

The names of these three bidders are as follows: –

ICICI Prudential Insurance Company Limited 5,05,380 57%
Goldman Sachs, India Fund  90,000 10%
Arohi Asset Management Pte Limited 2,94,120 33%
TOTAL 8,89,500 shares
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Aanjaneya Lifecare IPO subscribed

May 13th, 2011 Comments Off on Aanjaneya Lifecare IPO subscribed

Aanjaneya Lifecare Limited which had tapped the capital markets with its IPO for 50 lakh shares in a price band of Rs 228-240 managed to get subscribe don the last day today. Readers would recall that when the QIB portion closed for subscription yesterday, that portion remained undersubscribed and managed a mere 14% subscription. Today the issue received some subscription from HNI’s and retail and managed to get subscribed by an overall 1.11 times.

The details of the subscription level in various categories are given below: –

Category Shares Offered Shares Subscribed Times
QIB 2500000 348300 0.14
NII 750000 1986200 2.65
Retail 1750000 3212875 1.84
Overall 5000000 5547375 1.11

The issue has managed subscription in the last few hours. IT would be interesting to see the basis of allotment and the number of retail applications that the company has been able to garner.

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