Cords Cable Inds lists at 5.93% premium at Rs 143

RELATED NEWS Cords Cable ends above issue price Cords Cable lists above issue price Experts reaction mixed on Cords Cable listing ALSO READ See latest News about ACC See previous management interviews See what other Experts & Brokerages are saying about ACC ACC BSE | NSE 10/02/12 Are Mutual Funds betting on ACC? Other Stocks in this news Alstom Projects | Bharat Heavy Electricals | Cords Cable Industries | GAIL India | Hindalco Industries | Hindustan Petroleum Corporation | Larsen and Toubro | Mangalore Refinery and Petrochemicals | NTPC | Tata Steel |

Cords Cable Industries Limited ("CCIL"), a leading ISO 9001-2000 certified specialised cable manufacturer for variety of industries, listed at Rs 143 on the National Stock Exchange ("NSE"), a premium of 5.93% over its Issue Price fixed at Rs 135 per equity share.

 

On the NSE, the scrip touched an intra-day high of Rs 151 and finally ended the day at Rs139.45, up 3.56% above the Issue Price with volumes of 8927222 shares. On the BSE, the scrip touched an intra-day high of Rs 151 and finally ended the day at Rs 138.30, up 2.44% above the Issue Price with volumes of 10518929 shares.

 

The Company entered the capital market with a Public Issue of 30,85,000 equity shares of Rs 10 each issued for cash at a price of Rs 135 per equity share aggregating Rs 4164.75 lakhs (the "Issue").

 

The Bid/Issue opened for subscription on January 21, 2008, and closed on January 24, 2008. The Issue received 10,564 applications for 14,278,550 Equity Shares resulting in 4.63 times subscription. The Qualified Institutional Buyers ("QIBs") portion was subscribed 6.83 times; the, Non-Institutional portion was subscribed 3.17 times; and the Retail Individual Investor portion was subscribed 2.35 times.

 

IPO proceeds will be used for setting up of production facility for HT Power Cables and Rubber insulated cables. The project is expected to be completed by March'2009.

 

CCIL, which is managed by three promoters who individually have over 30 years of experience in the Cable industry, is one of the leading players in the cable industry with over 15 years of established track record. At present, CCIL is focussing on manufacturing of speciality cables. It caters to a wide spectrum of cable users in various industries like power, steel, cement, fertilizers and chemicals, refinery / petroleum etc.

 

Its clients include BHEL, NTPC , Hindalco , ACC , HPCL , GAIL , TATA STEEL , Siemens , Honeywell, L&T , MRPL etc.

 

The company is also focussing on the export market and in the first half of FY08 , 8% of revenues were generated from  the export market. Export customers include PDO Oman, Sesco, Alstom etc.

 

The Book Running Lead Manager ("BRLM") to the Issue was Collins Stewart Inga Private Limited, Mumbai and Advisors to the issuer were Emerging India Value Advisors Pvt. Ltd., New Delhi. 

 

Sourced From: Adfactors Public Relations Pvt Ltd