Thursday, September 22, 2011

Swajas Air Charters IPO

Swajas Air Charters, a Chennai based Air charter services provider is entering the capital market with an IPO of Rs 37.5 crore. The company is a non-scheduled airline operator servicing a fleet of fixed-wing aircraft and helicopters across India and outside India. The company provides services ranging from corporate travel to emergency medical services as well as from aircraft management to maintenance and technical support. The company's client base includes Hardy Exploration & Production (India) Inc., Government of Orissa, Videocon Industries Limited, Larsen & Toubro Limited, Nimbus Communications Limited, Suzlon Energy Limited, Apollo Hospitals Group, BALCO (Bharat Aluminium Company Limited) etc.

The IPO shall open on 26 September and shall close on 28 September, 2011. The company has fixed price band of Rs 90-100 per share.

The company intends to use proceeds of the IPO for the fleet expansion; setting up of MRO/Hangar facility; purchase of office building / space; and working capital requirements.

Aryaman Financial Services Ltd is the book running lead manager to the issue. Cameo Corporate Services Ltd is the registrar to the issue.

ICRA has assigned Grade 2 to the IPO. We would not recommend this IPO to investors for now.

Swajas Air Charters IPO did not get subscribed at all on the first day and because of poor subscription, Swajas Air Charters Ltd IPO will close on Oct 5th, 2011 instead of the earlier closing day on Sep 28th 2011. Further price band has got revised from 90/- to Rs100/- to Rs. 84/- to Rs. 90/- per share.

At the close, Swajas Air Charters IPO got subscribed by 1.4 times.

At the close of the IPO,
QII segment got subscribed by 0.90 times
NII segment got subscribed by 2.18 times
Retail segment got subscribed by 2.69 times

Click here to check Swajas Air Charters IPO Allotment status!

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