Powerica May Also Relaunch Its Initial Public Offer (IPO):
Powerica, the manufacture and installer of generators, has re-energised its initial public offer (IPO) plans and is likely to hit the primary markets soon, post witnessing a slowdown affecting its IPO talks in 2011.
The company is looking to raise Rs 800 crore and market buzz suggests that it is in talks with various banks to file the draft prospectus.
The generator manufacturer in 2011 had shelved its IPO plans looking at the weak secondary market conditions. It had filed its prospectus with the SEBI, eyeing to raise Rs 600 crore through issuance of 41 lakh equity shares.
Standard Chartered Private Equity (SCPEL) which had invested Rs 150 crore in Powerica and bought Rs 50 crore from one of its promoters in October 2007 is planning to part-exit its 10 -year-old investment through this IPO.
At present, SCPE enjoys about 11.7% stake in the company. Though, how much it would sell is not ascertained.
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While Au Financiers IPO Grey Market Premium (AUFIL GMP) also started trading at Rs 78 – Rs 80 per equity share.
GTPL Hathway IPO Grey Market Premium (GMP) is still not active.
Some SME IPO will also be active in market in coming week.
Keep watching this blog to keep yourself updated with all the news.
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