Infinite Computer IPO opens today

Infinite Computer Solutions India, a global service provider of Infrastructure Management, Intellectual Property (IP) leveraged solutions and IT services has opened its initial public offering (IPO) of 11,503,000 equity shares of Rs 10 each for subscription.

The price band is fixed at Rs 155-165 per equity share. At the higher end of the band, the company will raise about Rs 189.8 crore. The issue will close for subscription on January 13, 2010.

The issue consists of a fresh issue of 57,33,600 equity shares by the company (amounts to around Rs 94 crore) and an offer for sale of 57,69,400 equity shares by Whiterock Investments (Mauritius) Limited, Vaibhav Bhatnagar and Sanjay Govil (amounts to around Rs 95 crore).

The issue will constitute 26.17% of the fully diluted post issue paid-up capital of the company. Its outstanding shares will be around 4.3957 crore post issue and the market cap will be at Rs 681–725 crore.

The fresh issue proceeds will be used for capital expenditure (Rs 25.7 crore); acquisitions (Rs 38 crore) and repayment of debt (Rs 8.4 crore).

It is a global service provider of Infrastructure Management, Intellectual Property (IP) leveraged solutions and IT services, focused on the Telecom, Media, Energy, Manufacturing, and Healthcare industries.

Telecom vertical accounted for 59.4% of FY09 and 54.4% of H1FY10 revenues. Top five clients accounted for 83.80% of revenues in H1FY10.

It has integrated network of delivery facilities across India and US. It has 14 offices across globe - US, UK, India, China, Malaysia, Singapore and Australia. It has four delivery centers in India – company owned facility in Bangalore, and leased facilities in Hyderabad, Gurgaon and Chennai.

For the year ended March 31, 2009, it reported net profit of Rs 36.2 crore on revenues of Rs 128.7 crore and for the six months period ended September 2009, it posted net profit of Rs 20.7 crore on revenues of Rs 92.5 crore.

The book running lead managers to the issue are India Infoline Limited and SPA Merchant Bankers Ltd. Bigshare Services Pvt Ltd is the registrar.

Source: Moneycontrol.com
Courtesy moneycontrol.com

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JSW Energy lists at Rs 106 on NSE

JSW Energy, a part of Sajjan Jindal-led JSW Group, has started the day above its issue price, which was way above the markets expectations. It opened at Rs 102 and has touched an intraday high of Rs 106.40 on the BSE while the markets expected it to list below its issue price.

At 9:06 hours IST, the stock was trading at 104.50, up 4.5% over its issue price of Rs 100 per share on the BSE and up 3.75% at Rs 103.75 on the NSE.

On the NSE, it opened at Rs 106 per share and touched a day's high of Rs 106.35. Its turnover was at Rs 125 crore.

For retail investors, issue price was fixed at Rs 95 per share, at a discount of Rs 5 to the original issue price.

The initial public offering (IPO) of JSW Energy was subscribed 1.68 times, as per data available on the NSE website.

It intends to utilise the issue proceeds for partially financing construction and development of the Identified Projects aggregating to 2,790 MW in capacity & 400 KV transmission project and mining venture (at cost of Rs 2,142.53 crore) and repayment of corporate debt (Rs 470 crore).

JSW Energy is an established energy company with 860 megawatts, or MW, of operational generating capacity and 2,790 MW of generating capacity in the construction or implementation phase, 135 MW of which has been commissioned.

Courtsey moneycontrol.com

JSW Energy IPO Listing

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JSW Energy IPO Listing

The public issue of JSW Energy (JSWE) for Rs2700 crore was opened on 07 Dec, 2009 and successfully closed on 09 Dec, 2009. The price band is fixed between Rs 110 and Rs 115 per equity share.

IPO Listing Detail’s :

Listing Date: 4th January 2010, (Monday)
NSE Symbol: JSWENERGY
ISIN: INE121E01018
Face Value: Rs. 10 Per Equity Share
Issue Price: Rs. 100 Per Equity Share (Rs 95 for Retail)

The equity shares are proposed to be listed on Bombay Stock Exchange Limited and the National Stock Exchange of India Limited. The book-running lead managers included JM Financial Consultants, Kotak Mahindra, ICICI Securities, IDFC-SSKI, JP Morgan, SBI Capital, Morgan Stanley and IDBI Capital.

JSW Energy IPO may not see huge listing gains:

"JSWE has good track record with its 260MW operational power plant. In H1FY2010, JSWE commissioned two more plants and this is reflected in the strong growth of H1FY2010 numbers, when the sales were up by 42% and the profit after tax (PAT) went up by 98%. In FY2008, the PAT is reinstated at Rs 324 crore mainly on account of sale of CERs of Rs327.6 crore, which pertained to 2001-2006 period", says Sharekhan.

The report also says, "JSWE scores above the recent deluge of power IPOs on account of its operational 995MW capacity. Moreover, the company has also reached financial closures for most of its projects (worth 2,145MW). The company has also indicated that anything related to power such as power trading, transmission and distribution, mining and equipment manufacturing comes under its operations—and all of these hold great promise. Its ambitious plan to take its total power generation capacity to 11,390MW by 2015 also looks attainable, looking at its arrangements in place. However, we believe that for all the power generation companies, project execution and its smooth operation thereafter will be key challenge going forward. Further, the future earnings of these companies are highly sensitive to their ability to complete projects on time with all the remaining factors — coal linkages, procurement of equipments and power purchasing agreements—in place. And JSWE is no exception to this."

"While comparing with other power utilities, JSWE (post issue) looks fairly priced both in terms of price/book (P/B) as well as market cap/MW basis. However, JSWE is having clear revenue visibility at least from the 995-MW operational capacity. Also, another 2,280MW capacity coming up within 18 months would provide further boost to its near future revenue stream. We believe, although listing gains may not be huge looking at reasonably priced offer price, the expected commissioning of power plants within two years provides JSWE a better revenue visibility vis-à-vis its peers", says Sharekhan.

Report by Sharekhan

Courtsey moneycontrol.com

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