Thursday, January 29, 2009

Gemini Engi-Fab IPO - Analysis, Recommendation and Review

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Gemini Engi-Fab, an ISO 9001: 2000 certified company, is engaged in manufacturing and salvaging of process equipments through fabrication for various process industries namely, cement, dairy, refinery, pharmaceutical, petrochemical, power and chemical.

The company proposes a public issue of 55 lakh equity shares of Rs 10 each, which would constitute 46.40% of the fully diluted post issue paid-up capital of the company. The shares will be listed on the BSE and NSE. The issue will open on February 3, 2009 and close on February 6, 2009, with a price band of Rs 75 to Rs 80 per equity share.

The company will be raising around Rs 41.25-44 crore from this issue and will be using for setting up of a manufacturing workshop a Umbergaon, Gujarat.

CARE has assigned IPO grade 2 to this issue. After a long time an IPO has come in the market. Though company's management is brave enough to come out with an IPO at this time of global financial crisis and stock market weakness, we would not recommend investors to reciprocate with the same braveness.
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