Global Vectra Helicorp, one of the largest dedicated offshore transportation services helicopter company, is open for subscription with its initial public offer, IPO of 35,00,000 equity shares of Rs 10 each for cash at a premium to be decided through the book-building process.

The company has fixed the price band for the issue between Rs 175 and Rs 200 per equity share of Rs 10 each. The issue will close on October 6, 2006.
 
Of the total offer, the company will be issuing 28,00,000 fresh equity shares and the balance 7,00,000 equity shares are an offer for sale by an existing investor, Azal Azerbaijan Aviation Limited. The issue constitutes 25% of the fully diluted post issue equity capital.
 
The company proposes to reserve 50% of the total offer for allocation to qualified institutional buyers on a proportionate basis and 15% will be reserved for allotment on a proportionate basis to non-institutional investors. The balance 35% will be reserved for allotment to retail individual bidders.
 
The shares will be listed on the Bombay Stock exchange and National Stock Exchange.
 
The book running lead manager to the issue is SBI Capital Markets.
 
Global Vectra Helicorp, GVHL presently has 14 Bell 412 helicopters each having 13 passenger seats and two pilot seats. GVHL is part of the Vectra Group, which has 18 companies in six countries, primarily in India and Eastern Europe.
 
For fiscal 2006, the company achieved gross revenue of Rs 898.38 million as compared to Rs 524.20 million in fiscal 2005, an increase of 71.38% year on year. The net profit for fiscal 2006 was Rs 78.01 million as compared to a net loss of Rs 4.31 million in fiscal 2005.
 
GVHL‘s biggest client is the largest oil and gas company in the country. The other clients include Reliance Industries, British Gas Exploration and Production, Transocean and Gujarat State Petroleum Corporation.