Titagarh Wagons to list on April 21

Titagarh Wagons (TWL), a private sector railway wagon manufacturer in India, primarily engaged in the business of manufacturing railway wagons, heavy earth moving and mining equipment, bailey bridges, steel and SG iron castings, will list on the bourses with its equity shares on April 21, 2008.

It has been fixed the issue price at Rs 540 per equity share for its initial public offering (IPO) of 23,83,768 equity shares of Rs 10 for cash at a price determined through 100% book building process.

The issue was subscribed to 6.75 times. The qualified institutional bidders portion was subscribed approximately 10.37 times; non institutional bidder portion - 2.77 times; and retail bidder portion - 0.98 times.

The objects of the issue were to utilise the proceeds of the fresh issue towards the purposes of a) Setting up an EMU manufacturing facility at Uttarpara unit; b) Modernising and expanding the existing facilities at Titagarh and Uttarpara units; c) Setting up an axle machining and wheelset assembly facility at Uttarpara unit; d) Constructing a corporate office and a design cum research and development office; e) Strategic acquisition or investments; f) Brand building exercise; and g) general corporate purposes.

The book running lead manager to the issue is Kotak Mahindra Capital Company Limited and the co-book running lead manager is JM Financial Consultants Private Limited.