Somi Conveyor, a manufacturer of Rubber Conveyor Belts of various sizes used for industrial applications of material handling in various industries such as coal, lignite, iron ore, mining, cement, power, steel, fertilizer and sugar etc. , has come out with an IPO. The issue will open for subscription on June 24, 2008 with its initial public offering (IPO) of 62,27,860 Equity Shares of face value Rs 10 each. The issue will close on June 27, 2008. The price has been fixed at Rs 35 per equity share.
The Company proposes to utilize the net proceeds of the issue to part finance its Rs 3509 lakh project cost. The expansion and modernization project consists of setting up of new manufacturing unit, purchase of land and building for office use, meeting margin money requirement for enhanced working capital and meet the interest cost during the construction period.
Given the condition of markets right now, we do not recommend investors to venture into IPO! Cash is the King for now!
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