TD Power IPO subscribed 3 times on QIB support

Manufacturer of AC generator TD Power Systems ' initial public offering has received good response from qualified institutional buyers (QIBs). The Rs 227-crore issue has subscribed nearly three times, as per data available on the National Stock Exchange.

The issue has received bids for 2.2 crore equity shares as against issue size of 75.6 lakh shares (excluding anchor book). Maximum bids have seen at lower-end of price band of Rs 256-261 a share, which was on expected lines because the anchor book was subscribed at Rs 256 a share.

QIBs helped the issue with their reserved portion being subscribed 6.52 times. Non-institutional and retail investors' portion subscribed 0.38 times each.

Manufacturer of AC generator has output capacity in the range of 1 MW to 52 MW.

The company proposes to utilize the net proceeds of the issue mainly to finance the expansion of the existing manufacturing plant in Dabaspet, Bangalore and for the construction of a project office in Bangalore. It also proposes to utilize part of the net proceeds to repay debt, fund working capital requirements and for other general corporate purposes.

It also executes Turbine Generator (TG) island projects for steam turbine power plants with output capacity up to 52 MW using a Japanese turbine combined with TD Power generator.

SRS Limited IPO Subscription Detail Day 3

The initial public offer (IPO) of SRS Ltd , a company into cinema exhibition, food and retail, was subscribed 0.74 times on the third day of the issue today.

The company's IPO received bids worth 2.57 crore shares till 1700 hours on the third day, as against 3.5 crore shares on offer, as per the data available on the National Stock Exchange.

SRS entered the capital markets with an IPO price band of Rs 58-65 per equity share. The issue, which opened for subscription on August 23, will close tomorrow.

The company aims to raise Rs 225 crore.

The proceeds from the public issue will be utilised to set up cinemas, food courts, restaurants, retail stores, (and a) jewellery manufacturing facility.

At present, the firm operates 23 SRS Value Bazaar retail stores, 15 food courts and 30 cinema screens in North India.

The company also operates five jewellery retail and wholesale outlets, and a jewellery manufacturing

Issue Subscription Detail / Current Bidding Status

	Number of Times Issue is Subscribed (BSE + NSE)
As on Date & Time	Qualified Institutional Buyers (QIBs)	Non Institutional Investors (NIIs)	Retail Individual Investors (RIIs)	Total
Shares Offered / Reserved	17,500,000	5,250,000	12,250,000	35,000,000
Day 1 - Aug 23, 2011 17:00 IST	0.4500	0.8500	0.0300	0.3600
Day 2 - Aug 24, 2011 17:00 IST	0.5500	1.6700	0.0600	0.5400
Day 3 - Aug 25, 2011 17:00 IST	0.6200	2.6200	0.1000	0.7400

TD Power IPO subscribed 0.88 times on second day of issue

The initial public offer (IPO) of TD Power Systems was subscribed 0.88 times on the second day of the issue today.

The company's IPO received bids worth 66.85 lakh equity shares till 1700 hrs, as against 75.62 lakh shares on offer, as per the data available on the National Stock Exchange.

The company entered the capital market with an IPO price band of Rs 256-Rs 261 per equity share of Rs 10 each.

The issue, which opened for subscription yesterday, will close tomorrow.

Air-conditioner generator manufacturer TD Power Systems aims to raise around Rs 227 crore through IPO for expansion and debt repayment.

The company proposes to utilise the proceeds of the issue mainly to finance the expansion of the existing manufacturing plant in Dabaspet, Bangalore and for the construction of a project office in Bangalore.

The net proceeds of the issue will also be utilised for repayment of debt, fund working capital requirements and for other general corporate purposes.

The company's clientele comprises companies operating in cement, steel, paper, chemical, metals, sugar co-generation, bio-mass power plants and hydro-electric power plants.

Issue Subscription Detail / Current Bidding Status

	Number of Times Issue is Subscribed (BSE + NSE)
As on Date & Time	Qualified Institutional Buyers (QIBs)	Non Institutional Investors (NIIs)	Retail Individual Investors (RIIs)	Total
Shares Offered / Reserved	3,129,042	1,330,079	3,103,516	7,562,637
Day 1 - Aug 24, 2011 17:00 IST	1.1900	0.0000	0.0100	0.5000
Day 2 - Aug 25, 2011 17:00 IST	2.0500	0.1200	0.0300	0.8800

Tree House to list on August 26

Tree House Education and Accessories , an educational services provider, is going to list its shares on the exchanges on August 26, 2011.

The company has fixed its issue price of Rs 135 per share. QIB and HNI received shares at Rs 135 per share while retail category received at Rs 129 per share (Discount of Rs 6 to issue price).

Tree House mopped up Rs 112.06 crore via IPO of 84,32,189 equity shares. The issue was opened for subscription during August 10-12, 2011.

Tree House operates the largest number of self-operated pre-schools in India. (Source: CRISIL Report - December 2010). As of June 15, 2011, it has 223 pre-schools under the brand name of “Tree House” across 33 cities (as per municipal limits) in India; out of which 149 are operated by the company and the rest by franchisees.

It intends to utilise that proceeds for expansion of pre-school business; acquisition of office space; procurement of exclusivity rights to provide educational services; construction of infrastructure for educational complexes in Rajasthan and Gujarat; and repayment of loan.

SRS IPO subscribed 0.54 times on day two

The initial public offering of Faridabad-based SRS Ltd. has subscribed 0.54 times on the second day of the issue.

The issue has received bids for more than 1.76 crore equity shares, compared to the issue size of 3.50 crore equity shares at 15.00 hrs IST on August 24, as per NSE website.
The issue price band is fixed at Rs.58-65 apiece. The issue, which constitutes 25.13 percent of the post-issue share capital, will close for subscription on August 26, 2011.
The company plans to raise Rs.227.50 crore through the issue at higher end of price band. It plans to utilize the IPO proceeds to expand all its four verticals, namely, cinema, food courts, retail stores and jewellery stores. Besides, an amount of Rs.101 crore would be invested for expansion of 51 screens, Rs.40 crore in three food courts and Rs.53 crore in 29 retail stores. In jewellery segment, it would add 17 stores involving an investment of Rs.16 crore.

TD Power Systems Ltd IPO (TD Power IPO) Detail

Incorporated in 1999, Bangalore based TD Power Systems Ltd is one of the leading manufacturers of AC Generators with output capacity in the range of 1 MW to 52 MW for prime movers such as steam turbines, gas turbines, hydro turbines, wind turbines, diesel and gas engines. Along with AC Generators Company also executes Turbine Generator ("TG") island projects for steam turbine power plants with output capacity up to 52 MW using a Japanese turbine combined with their generator. Company is ISO 9001-2008 certified.

Company's customer base includes cement, steel, paper, chemical, metals, sugar co-generation, bio-mass power plants, hydro-electric power plants and Independent Power Plants ("IPPs") companies. Some of their customers include Shree Cements Limited, Vasavadatta Cements, Nava Bharat Ventures Limited, Chettinad Cement Corporation Limited and Balrampur Chini Mills Limited.

DF Power Systems Private Ltd, a subsidiary company of TD Power is in the business of Engineering, Procurement and Construction (EPC) of the boiler-turbine generator (BTG) island and the balance of plant (BOP) portion of steam turbine power plants with outputs from 52 MW up to 150 MW. Company also has entered into a Product Development Cooperation and Manufacturing Agreement with Voith Hydro Holding GmbH & Co.KG ("Voith Hydro") for jointly developing electric generators.

TD Power Systems gets Rs 33.4 cr from anchor investors

TD Power Systems has received commitment of Rs 33.4 crore from anchor investors today - one day before the issue opens for subscription.

Anchor investors are Baring India Private Equity Fund, IDFC Premier Equity Fund, Ironwood Investment Holdings, Smallcap World Fund and American Fund Insurance Series Global Small Capitalisation Fund. They have subscribed for 13,04,550 equity shares at lower end of price band of Rs 256-261 a share.

The Rs 227 crore IPO of manufacturer of AC Generators with output capacity in the range of 1 MW to 52 MW will open for subscription during August 24-26, 2011.

The company proposes to utilize the net proceeds of the issue mainly to finance the expansion of the existing manufacturing plant in Dabaspet, Bangalore and for the construction of a project office in Bangalore. It also proposes to utilize part of the net proceeds to repay debt, fund working capital requirements and for other general corporate purposes.

SRS IPO subscribed 0.25 times on day one

The initial public offer of SRS Ltd, a company into cinema exhibition, food and retail, was subscribed 0.25 times on the first day of issue today.

The company's IPO received bids worth 88.68 lakh shares till 1600 hrs on the first day, as against 3.5 crore shares on offer, as per the data available on the National Stock Exchange.

SRS entered the capital markets with an IPO price band of Rs 58-65 per equity share. The issue, which opened for subscription today, will close on August 26.

TD Power Systems to raise Rs 227 cr via IPO

  TD Power Systems, one of the leading manufacturers of AC Generators with output capacity in the range of 1 MW to 52 MW, proposes to enter the capital markets on August 24, 2011 with a public issue of equity shares through 100% book building process.

The price band has been fixed at Rs 256-261 per equity share of Rs 10 each.

Credit Analysis & Research (CARE) has assigned grade 4/5 to the issue indicating above average fundamentals.

Enam Securities Pvt Ltd is the global co-ordinator and book running lead manager for the issue.

Antique Capital Markets Pvt Ltd and Equirus Capital Pvt Ltd are the book running lead managers for the issue. Link Intime India Pvt Ltd is the registrar to the issue.

The issue closes on August 26, 2011 and the equity shares are proposed to be listed on the NSE and the BSE.

The company proposes to utilize the net proceeds of the issue mainly to finance the expansion of the existing manufacturing plant in Dabaspet, Bangalore and for the construction of a project office in Bangalore. It also proposes to utilize part of the net proceeds to repay debt, fund working capital requirements and for other general corporate purposes.

In addition to manufacturing AC Generators, the company also executes Turbine Generator (TG) island projects for steam turbine power plants with output capacity up to 52 MW using a Japanese turbine combined with TD Power generator.

As of June 30, 2011 the company has completed a total of 92 TG island projects with an aggregate output capacity of 1,799 MW in India, Uganda, Kenya, Zambia and Philippines. As June 30, 2011, the company’s cumulative order book was Rs 1,094.68 crore.

Its customer base primarily comprises companies operating in the industrial sector and includes cement, steel, paper, chemical, metals, sugar co-generation, bio-mass power plants, hydro-electric power plants, etc.

CRISIL assigns grade 1/5 to Modern Tube Ind IPO

CRISIL Research has assigned a grade of 1/5 to the proposed initial public offer (IPO) of Modern Tube Industries, which indicates that the fundamentals of the IPO are ‘poor’ relative to other listed equity securities in India, according to its research report dated August 18.

Vadodara-based Modern Tube manufactures stainless steel seamless and welded tubes, u-tubes and pipes. Its manufacturing facility - spread across 6 acres - is located near the GIDC Port (Gujarat). Although currently it has a capacity of 7,200 metric tonnes per annum (MTPA), up from its initial capacity of 180 MTPA in 2006, it continues to be largely a trading company.

The report says, "The assigned grade takes into account Modern Tube’s weak position in the seamless and welded tubes and pipes segment vis-à-vis established competitors like Zenith, Ratnamani Metals and Prakash Steelage. Despite scaling up its manufacturing assets, Modern Tube continues to operate largely as a trader (70% of revenues in FY10), due to which margins are low. Further, its debtor days are around 100, which is more than double the industry average of 30 to 45 days. Its asset utilisation rate is on the lower side as the company is in an expansion mode."

"The grade also reflects the promoter’s limited experience in manufacturing; he is highly experienced in the trading of stainless steel products. Further, Modern Tube portrays below average corporate governance. Independent directors’ engagement level in the business needs improvement," the report added.

"The grade takes into account Modern Tube’s growth prospects, as it is scaling up assets to supplement existing capacities. The same will enable the company to manufacture high-margin critical application products that will also help in increasing capacity utilisation rates."

Modern Tube plans to raise Rs 650 million through the IPO and will use the proceeds to expand manufacturing capacity from 7,200 to 14,400 MTPA.

Click here to know more about Modern Tube IPO

Brooks Laboratories IPO subscribed 1.6 times on final day

The initial public offering of Brooks Laboratories , a pharmaceutical contract research and manufacturing services company, has subscribed 1.6 times led by support from non-institutional and retail investors.

The issue has received bids for more than 1.1 crore equity shares as against approximate issue size of 70-63 lakh equity shares at issue price band of Rs 90-100 a share.

Reserved portion of retail investors subscribed 3.36 times, with receiving bids for more than 82 lakh shares as against reserved portion of 24.5 lakh shares. Non-institutional investors' reserved portion subscribed 2.82 times.

The Rs 63-crore issue was opened for subscription during the August 16-18, 2011.

Brooks plans to set up a new manufacturing unit at JB SEZ Pvt Ltd, Panoli, Gujarat for manufacturing various pharmaceuticals formulations to the tune of Rs 51.8 crore. It also needs Rs 5 crore for long-term working capital.

Issue Subscription Detail / Current Bidding Status

	Number of Times Issue is Subscribed (BSE + NSE)
As on Date & Time	Qualified Institutional Buyers (QIBs)	Non Institutional Investors (NIIs)	Retail Individual Investors (RIIs)	Total
Shares Offered / Reserved	3,500,000	1,050,000	2,450,000	7,000,000
Day 1 - Aug 16, 2011 17:00 IST	0.0000	0.0800	0.1900	0.0800
Day 2 - Aug 17, 2011 17:00 IST	0.0000	0.3300	0.6100	0.2600
Day 3 - Aug 18, 2011 17:00 IST	0.0000	2.8200	3.3600	1.6000

Brooks Laboratories Ltd subscribed 0.26 times on Day 2

Brooks Laboratories Ltd ,which had opened for subscription yesterday,has failed to interest the investors at large with the IPO getting subscribed 26% till second day of opening.The IPO  not receive any subscription in the QIB category. The response of the other category also lessthan  1 time till now. The IPO would close subscription tomorrow on August 18, 2011

Tree House Education fixes issue price at Rs 135/share

Tree House Education and Accessories , an educational service provider has fixed its issue price at the lower end of band of Rs 135-153 a share.

The company has raised Rs 112.06 crore through the issue of 84.32 lakh equity shares, by diluting 25.01% stake.

It intends to utilise the proceeds for expansion of pre-school business; acquisition of office space, procurement of exclusivity rights to provide educational services and construction of infrastructure for educational complexes in Rajasthan and Gujarat; and repayment of loan.

IPO, which was opened for subscription between August 10-12, was subscribed 1.85 times.

There will be a special discount of Rs. 6/- per equity share for retail investors, who will get consequently share at  Rs.129/- per share.

SRS sets IPO price band at Rs 58-65/share

SRS  has fixed its issue price at Rs 58-65 a share for its initial public offering (IPO) of 3.5 crore equity shares. It is a diversified company having businesses like cinema exhibition, food and beverages, retail and manufacturing and jewellery retail.

The issue, which constitutes 25.13% of the post-issue share capital, will open for subscription between August 23-26, 2011.

The company aims to raise Rs 227.5 crore through the issue at higher end of price band. It intends to use these proceeds for setting up cinemas, food courts and restaurants, retail stores and jewellery manufacturing facility.

The company reported a rise of more than 56% in its total income for FY11 to Rs 2,077.71 crore as compared to previous financial year. Net profit in the same period jumped 43.4% to Rs 37.51 crore.

Brooks Laboratories IPO Subscription Detail Day 1

Brooks Laboratories Ltd is in the business of Pharmaceutical Contract Research & Manufacturing. Company manufactures wide range of products catering to critical care segment in Parental Section like Beta Lactam, Cephalosporin & General Dry powder Injectables, Ampoules and Liquid vials, Dry Syrups and Tablets etc.

Brooks Labs has manufacturing unit at Baddi, Himachal Pradesh. Company has a world class team to develop new molecules in injectables and clavulanic acid based products supported by sophisticated infrastructure for Research & Development. Brooks Labs is WHO-GMP and ISO 9000-2008 certified company.

Tree House Education IPO subscribed 1.85 times final day

Educational services provider Tree House Education and Accessories has received mild response to its initial public offering. The issue, which closed today, has seen bids for more than 1.32 crore equity shares as against issue size of 71.67 lakh shares (excluding anchor investors' portion).

IPO has subscribed 1.85 times, with receiving major bids at lower end of price band of Rs 135-153 a share, as per data available on National Stock Exchange.

Maximum bids at Rs 135 a share was on expected lines and it seemed that the company may fix the issue price at same level. Even anchor investors' portion had subscribed at the same price; they had bids for more than Rs 17 crore worth of shares.

Participation has seen from all investors namely qualified institutional buyers, non-institutional investors and retail investors. Their reserved portion was subscribed 1.02 times, 1.68 times and 2.76 times, respectively.

Tree House has 223 pre-schools under its brand name "Tree House" across 33 cities in India. The company aims to raise more than Rs 110 crore through the issue.

It intends to utilise the proceeds for expansion of pre-school business; acquisition of office space; procurement of exclusivity rights to provide educational services; construction of infrastructure for educational complexes in Rajasthan and Gujarat; and repayment of loan.

Issue Subscription Detail / Current Bidding Status

	Number of Times Issue is Subscribed (BSE + NSE)
As on Date & Time	Qualified Institutional Buyers (QIBs)	Non Institutional Investors (NIIs)	Retail Individual Investors (RIIs)	Total
Shares Offered / Reserved	2,951,267	1,264,828	2,951,266	7,167,361
Day 1 - Aug 10, 2011 17:00 IST	0.5000	0.0600	0.5400	0.4400
Day 2 - Aug 11, 2011 17:00 IST	0.5000	0.0900	1.1200	0.6800
Day 3 - Aug 12, 2011 18:00 IST	1.0200	1.6800	2.7600	1.8500

Brooks Laboratories Rs 63cr IPO opens today

The Rs 63 crore initial public offering of pharmaceutical company Brooks Laboratories has opened for subscription today. The company has fixed the price band at Rs 90-100 a share.

Brooks Laboratories is a pharmaceutical contract research & manufacturing (CMO) services company. It has a wide range of products catering to the critical care segment in parental sections like Beta Lactam, Cephalosporin & general dry powder injectables, Ampoules and liquid vials, dry syrups and tablets etc.

Its product portfolio comprises of 28 injectables, 19 tablets and 2 dry syrups which are marketed domestically.
 
Brooks plans to set up a new manufacturing unit at JB SEZ Pvt Ltd, Panoli, Gujarat for manufacturing various pharmaceuticals formulations to the tune of Rs 51.8 crore. It also needs Rs 5 crore for long-term working capital.

In the year ended March 2011, Brooks reported a 17% growth in revenues to Rs 53.20 crore over the previous year. The net profit for the same period went up 32.6% to Rs 6.9 crore.

Secured loans declined 26.5% in FY11 to Rs 8.7 crore.

The issue will close on August 18, 2011. D & A Financial Services Pvt Ltd is the book running lead manager to the issue. Link Intime India Pvt Ltd is the registrar

Tree House Education & Accessories Ltd IPO Subscription Detail Day2

Issue Subscription Detail / Current Bidding Status

	Number of Times Issue is Subscribed (BSE + NSE)
As on Date & Time	Qualified Institutional Buyers (QIBs)	Non Institutional Investors (NIIs)	Retail Individual Investors (RIIs)	Total
Shares Offered / Reserved	2,951,267	1,264,828	2,951,266	7,167,361
Day 1 - Aug 10, 2011 17:00 IST	0.5000	0.0600	0.5400	0.4400
Day 2 - Aug 11, 2011 17:00 IST	0.5000	0.0900	1.1200	0.6800

L&T Finance Holdings slips below issue price

Shares of L&T Finance Holdings , a subsidiary of engineering and construction company Larsen and Toubro , debuted below the issue price of Rs 52 a share on Day 1.

At 9:48 hours IST, the stock was trading at Rs 51.35, down 1.25%. It has touched a high of Rs 53.85, which was the opening price and low of Rs 49.30 a share.

Traded volume on the National Stock Exchange was more than three crore equity shares.

CMD of L&T, AM Naik said L&T Finance's contribution in the entire group would go up to 30% from 10% in future.

L&T Finance received Rs 1,245 crore through the issue. Parent company L&T's stake in the company reduced to 83% post issue.

Company intends to use issue proceeds for augmenting the capital base of L&T Finance and L&T Infra to meet the capital requirements arising out of expected growth in their assets, primarily the loan portfolio.

Tree House Education & Accessories Ltd IPO 0.44% subscribed on Day 1

Objects of the Issue:

The object of the issue are to:

1. Expansion of pre-school business;
2. Acquisition of office space;
3. Procurement of exclusivity rights to provide educational services;
4. Construction of infrastructure for educational complexes in Rajasthan and Gujarat;
5. Repayment of loan; and
6. General corporate purposes.

Issue Detail:

  »»  Issue Open: Aug 10, 2011 - Aug 12, 2011
  »»  Issue Type: 100% Book Built Issue IPO
  »»  Issue Size: 8,432,189 Equity Shares of Rs. 10
  »»  Issue Size: Rs. 113.83 - 129.01 Crore
  »»  Face Value: Rs. 10 Per Equity Share
  »»  Issue Price: Rs. 135 - Rs. 153 Per Equity Share
  »»  Market Lot: 40 Shares
  »»  Minimum Order Quantity: 40 Shares
  »»  Listing At: BSE, NSE

Issue Subscription Detail / Current Bidding Status

	Number of Times Issue is Subscribed (BSE + NSE)
As on Date & Time	Qualified Institutional Buyers (QIBs)	Non Institutional Investors (NIIs)	Retail Individual Investors (RIIs)	Total
Shares Offered / Reserved	2,951,267	1,264,828	2,951,266	7,167,361
Day 1 - Aug 10, 2011 17:00 IST	0.5000	0.0600	0.5400	0.4400