Pradip Overseas, IL&FS Transportation IPOs open

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The initial public offerings (IPOs) of Home linen producer Pradip Overseas and infrastructure company IL&FS Transportation Networks (ITNL) opened for subscription today.

The 1.06 crore shares issue of Pradip will close on March 15. The company plans to raise up to Rs 117 crore through the issue and the price band is at Rs100-110 a share.

The company will use the proceeds to part finance a manufacturing facility in a textile SEZ, which is being developed by Pradip Overseas itself and also to finance the incremental margin money requirement for working capital. This facility will be ready by March 2011.

Anand Rathi Advisors is the sole Book Running Lead Manager to the issue.

The company's product portfolio include flat and fitted sheets for double and single beds both in narrow width and wider width, quilt covers and pillow covers, mattress covers, quilts poly/cotton filled and curtains.

IL&FS Transportation Networks

ITNL will raise upto Rs 700 crore through its IPO, which will close on March 15.

ITNL was incorporated by IL&FS (an infrastructure development and finance company) in 2000, in order to consolidate their existing road infrastructure projects and to pursue various new project initiatives in the area of surface transportation infrastructure.

The price band is at Rs 242-258. At the upper end of the price band there will be a dilution of 11.65% and at the lower end 12.57%.

The offer for sale will include 42.8 lakh shares by Trinoka Trinity Capital (a UK-based fund).

Around Rs 530 crore from the funds raised will be used for repayment of half of its debt and the rest for new projects.

The book running lead managers to the issue are Enam Securities, Nomura Financial Advisory and Securities and JM Financial. The co-BRLMs to the issue are SBI Capital Markets and Avendus Capital. The shares will be listed on both the BSE and the NSE.