Sunday, April 4, 2010

Pradip Oversees IPO - Analysis,Subscription,Allotment,Listing

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Pradip Overseas Limited is the textile manufacturer with niche focus on Home Linen Products. Company sale its products in domestic market as well as more than twenty countries around the world.

The 1.06 crore shares issue of Pradip will open on March 11 and will close on March 15. The company plans to raise up to Rs 117 crore through the issue and the price band is at Rs100-110 a share. The company will use the proceeds to part finance a manufacturing facility in a textile SEZ, which is being developed by Pradip Overseas itself and also to finance the incremental margin money requirement for working capital. This facility will be ready by March 2011. Anand Rathi Advisors is the sole Book Running Lead Manager to the issue.
The IPO got good response from investors and got subscribed by 14 times. At the close of the IPO,
QII segment got subscribed by 8.5 times
NII segment got subscribed by 45 times
Retail segment got subscribed by 10.5 times
Employee reservation segment got subscribed by 0.087 times
Click here to check if you have been alloted Pradip Oversees shares!
Shares of Pradip Overseas, a textile manufacturer with a niche focus on home linen products, opened at Rs 120 a share, a premium of 9.09% over its issue price of Rs 110 on the BSE. However, the share finally close at 3% discount.
Watch this blog for all the details on subscription, allotment and listing!
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