Saturday, April 24, 2010

Nitesh Estates IPO - Analysis, Subscription, Allotment, Listing

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Nitesh Estates, a bangalore based developer property firm, has come out with an IPO of Rs 405 crore. The IPO opens on 23rd April and closes on 27th April. The price band for the issue at Rs 54-56 per share.

The Bangalore-based developer property firm has roped in four anchor investors which would pump in Rs 58.58 crore. HSBC Bank (Mauritius) Limited, Nomura India Investment Fund Mother Fund, SBIMF-Tax Advantage Fund Series - 1, SBIMF - Magnum Multicap Fund and HDFCMF- Monthly Income Plan Long Term Plan have subscribed for 1,08,48,200 equity shares.

The proceeds of the issue would be used for acquiring joint development rights of company; funding existing subsidiaries and the associate company, for repayment/prepayment of loans, redemption of debentures, finance ongoing projects and finance the acquisition of joint development rights; repaying certain loans of company and for general corporate purposes.

The book running lead managers to the issue are ICICI Securities Ltd, Enam Securities Private Limited and Kotak Mahindra Capital Company Limited. Karvy Computershare Private Limited is the registrar.

The IPO has got muted response for its IPO, probably due to quite a few IPOs not doing well oflate.

At the close of the IPO,
QII segment got subscribed by 2.54 times
NII segment got subscribed by 0.22 times
Retail segment got subscribed by 0.16 times.

Click here to check if you have been alloted Nitesh Estates shares!

On listing day, the shares fell 5.19% to Rs 51.20 as against issue price of Rs 54 on the NSE. It touched an intraday high of Rs 58 and a low of Rs 48.40. It traded with volume of 2.26 crore shares and has seen a turnover of Rs 116.43 crore. On the BSE, a share closed at Rs 50.95, after hitting a day's high of Rs 55 and low of Rs 48.05. It has seen volume of 1.54 crore shares.

Watch out this blog for all the details on latest IPOs!
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