The initial public offer of 20 Microns ended with 4.29 times subscription. The issue received bids for 1.86 crore shares, in which 1.33 crore bids were at the cut off price.

The qualified institutional buyers (QIBs) category was subscribed 0.90 times, The non institutional investors category was subscribed 1.97 times and the retail portion was subscribed 10.58 times.

The public issue of 43,50,632 equity shares of Rs 10 each, was in the price band of Rs 50-55 per share.

Through this IPO, the company plans to raise around Rs 9 crore to fund its expansion. Meanwhile, Gujarat Venture Capital Fund, which currently holds 43% stake in the company, will offload a part of its holding, reducing it to 19% of the post-issue equity.

The company intends to utilise the proceeds of the issue towards the current ongoing expansion plans of the manufacturing capacities at various locations, invest in the sub-micron particle sizes required by end-market and general corporate purposes.

The issue had been graded by the Credit Analysis and Research Limited (CARE) and has been assigned the IPO Grade 3, indicating Average Fundamentals. The equity shares are proposed to be listed on Bombay Stock Exchange (BSE) and National Stock Exchange of India (NSE).

Somi Conveyor Beltings, a manufacturer of Rubber Conveyor Belts of various sizes used for industrial applications of material handling in various industries, will list with 1,17,79,656 equity shares on the BSE.

The company had entered the capital market between June 24-27, 2008 with an issue of 62,27,860 equity shares of Rs 10 each at a fixed price of Rs 35 (including a premium of Rs 25 per equity share) aggregating to Rs 2179.75 lakh.

The issue comprised a contribution by promoters of 14,99,286 equity shares of Rs 10 each at a price of Rs 35 per equity shares aggregating to Rs 524.75 lakh. This leaved a net issue to the public of 47,28,574 equity shares aggregating to Rs 1655 lakh, including an allocation of at least 10% of the net public issue to QIBs. Ashika Capital Limited is the Lead Manager to the Issue.

The company proposed to utilize the net proceeds of the issue to part finance its Rs 3509 lakh project cost. The expansion and modernization project consists of setting up of new manufacturing unit, purchase of land and building for office use, meeting margin money requirement for enhanced working capital and meet the interest cost during the construction period. The project is proposed to be funded through promoters contribution of Rs 1004 lakhs, IPO proceeds of Rs 1655 lakhs and term loan from Punjab National Bank of Rs 850 lakhs.

Somi is setting up new factory unit with an installed capacity of 1,72,080 MPA for manufacturing rubber conveyer belts of 2000 mm width at Village Tanawara, Jodhpur, Rajasthan. The capacity can be stretched up to 2,00,000 MPA. The Project has been appraised by Punjab National Bank, Technical Cell, New Delhi and the Bank has sanctioned loans of Rs 850 Lakhs. Out of the sanctioned limit, an amount of Rs. 804.68 Lakhs has already been disbursed by Punjab National Bank as on 31st May 2008.The Commercial Production is expected to commence by August, 2008.

Niraj Cement Structurals, engaged in the business of engineering and construction, will be listed on the Bombay Stock Exchange (BSE) today, 19 June 2008. The issue price is fixed at the top end of the Rs 175-190 per share price band. The IPO of Niraj Cement Structurals, which ended on 30 May 2008, had received total bids for 56.57 lakh equity shares as against the issue size of 32.50 lakh shares and was subscribed 1.74 times.

IVR Prime Urban Developers will reportedly invest up to Rs 750 crore to set up holiday resorts and conference centres across India to cash-in on the fast-growing meetings, incentives, conventions and events market here.

Shyam Group and IT services company Spanco Telesystems have formed a joint venture to buy Spectranet, the Internet Service Provider division of Punj Lloyd, for an undisclosed amount.

Bharat Heavy Electricals (BHEL) has reportedly outbid Alstom Projects India to become the lowest bidder for the engineering, procurement and construction contract of the 740 megawatt, gas-based power project in Tripura.

Tata Steel and Essar Steel are reportedly vying for a majority stake in the proposed joint venture of Indonesia’s PT Krakatau Steel to build a 2.5 million tonne (mt) plant. Both companies have submitted expressions of interest (EoI) along with LN Mittal’s ArcelorMittal and Australia-based BlueScope Steel, said sources close to the development, the reports added. The steel project requires about $3 billion investment.

Zee Entertainment Studios, the motion picture division of Zee Entertainment Enterprises, may reportedly list its two divisions, Zee Motion Pictures and Zee Limelight, on the London Stock Exchange’s Alternative Investment Market.

Hindustan Petroleum Corporation (HPCL) is reportedly in talks with Coal India and the West Bengal government for the takeover of ailing Dankuni Coal Complex and Greater Calcutta Gas Supply Corporation.

EIH Associated Hotels, FCS Software, Future Capital Holdings, Ind-Swift Laboratories, JHS Svendgaard, Rajshree Sugars and Ratnamani Metals among others will declare their March 2008 ended quarter results today.

Gokul Refoils                        195               8 to 10

Anus Laboratories               210               40 to 45

Niraj Cement                        175 to 190     5 to 7

Bafna Pharmaceutical          40                  10 to 12

Sita Shree Food Products settled at Rs 43.90 on BSE, a premium of 46.33% over the initial public offer (IPO) price of Rs 30.

The stock debuted at the IPO price of Rs 30. It hit a high of Rs 46.65 and a low of Rs 30.

The counter clocked high volumes of 3.79 crore shares on BSE.

The current price Rs 43.90 discounts the year ended March 2007 EPS of Rs 0.2 by a PE multiple of 219.5.

The company had prices the initial public offer (IP) at the top end of the Rs 27-Rs 30 price band.

Sita Shree Food Products IPO, which ended on 14 March 2008, was subscribed 2.44 times. The IPO received bids for 2.84 crore shares as against 1.16 crore shares on offer. The qualified institutional buyers (QIBs) portion was subscribed 1.02 times, the non institutional investors category was subscribed 3.24 times and the retail investors portion was subscribed 4.12 times.

The company proposes to invest the proceeds of the issue to part finance its Rs 48.12 crore expansion. The plan includes setting up of a solvent extraction plant having 500 tonne per day capacity, a oil refinery for solvent extraction plant having 100 tonns per day (tpd) capacity, a lecithin plant for processing the by products of solvent extraction plant having 5 tpd capacity, and a flour mill of 275 tpd.

The proposed project will be set up at Badiakima, Indore, Madhya Pradesh just 8 kilometre away from existing location. The company has received sanction from Union Bank of India for term loan of Rs 10 crore. The promoters have already brought in their contribution of Rs 6.24 crore.

Sita Shree’s existing plant is located at Indore on 2.5 acres of land. Its product portfolio consists of wheat flour, maida, rawa, daliya, suji, chana dal etc. These products are marketed under its own brand like ‘Sita Shree’, ‘Regular’ and ‘Sita Shree Gold’ or sold to other brands. Its turnover is dominated by bulk packing products segment.

Sita Shree Food Products reported a net profit of Rs 0.95 crore on sales of Rs 80.74 crore in the year ended March 2007.