Friday, August 1, 2008

Austral Coke IPO - Analysis, Recommendation and Review

Austral Coke, a company engaged in the manufacture of low ash metallurgical Coke, announced its foray into the capital market with an IPO of 72.6 lakh equity shares of Rs 10 each. The issue will open on August 7 and will close on August 13.

The price band has been fixed between Rs 164 and Rs 196 a share. The issue will have an additional “Green Shoe Option” of 10,89,000 equity shares. The issue will constitute 27.72 per cent of the fully-diluted post issue capital of the company.

The shares of the company will be listed on both the BSE and NSE.

The objective of the issue is to part finance its expansion plans which involves setting up of a 1.5-lakh tpa of LAM Coke and setting up 8 MW Captive Power Plant through waste heat recovery.

We recommend investors to invest in this IPO with a medium term view.

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