Gallantt Ispat has come out with an initial public offering (IPO) of 81,00,000 equity shares of Rs 10 each for cash aggregating to Rs 40.5 crore. Incorporated in 2005, Gallantt Ispat Ltd is engaged in the manufacturing and marketing of Sponge Iron, Mild steel billets, Re-Rolled products (TMT bars and Mild Steel Structural) and wheat flour products.
The issue will open on September 22 and will close on September 24, 2010. The company has fixed the issue price at Rs 50 per share.
The objects of the Issue are to part finance the integrated steel plant; to part finance the Flour Mill with a capacity of 1,80,000 MTPA; and listing of securities on Stock Exchanges - BSE and NSE. The Market Lot and Minimum Order Quantity are 125 Shares.
Book running lead manager is Anand Rathi Securities Limited and Registrar is Niche Technologies Pvt. Ltd.
It is better to let go of this one. There are better ones out there.
The IPO got susbcribed 1.62 times. At the close of the IPO,
QII segment got subscribed 3.23 times
NII segment got subscribed 1.2 times
Retail segment got subscribed 1.2 times
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Gallant Ispat got listed on 11th October.The stock closed at Rs 78.20, a premium of 56.40% over issue price of Rs 50 a share on NSE. It saw an intraday high of Rs 87 and low of Rs 49.
Sunday, September 19, 2010