Prakash Steelage IPO to open on Aug 5

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Upto 50% of the issue shall be allocated on a proportionate basis to Qualified Institutional Buyers (QIBs) of which 5% of the QIB portion shall be available for allocation on a proportionate basis to Mutual Funds only, and the remainder of the QIB Portion shall be available for allocation on a proportionate basis to all QIB Bidders, including Mutual Funds, subject to valid Bids being received at or above the Issue Price. Further, not less than 15% of the Issue shall be available for allocation on a proportionate basis to Non-Institutional Bidders and not less than 35% of the Issue shall be available for allocation on a proportionate basis to Retail Individual Bidders, subject to valid Bids being received at or above the Issue Price.

The equity shares are proposed to be listed on the Bombay Stock Exchange Limited (BSE) and the National Stock Exchange of India Limited (NSE). 

The book running lead manager to the Issue is Keynote Corporate Services Limited. The Syndicate members to the IPO are Keynote Capitals Limited, ENAM Securities Pvt. Ltd. and SMC Global Securities Limited.

Prakash Steelage carries out its production through its two state-of-the-art production units situated at Silvasa and Umbergaon (Gujarat). The company increased its manufacturing capacity to 12,200 MTPA in the year 2007 by setting up a new state-of-the-art plant at Umbergaon. Going ahead, it added another 3,400 MTPA taking the total to 15,600 MTPA out of the proposed expansion plan. The company has been exporting its products to several MNCs in more than 40 countries across the globe. 

The company clocked a turnover of Rs 437.10 crore for the year ended March 31, 2010, with EBIDTA of Rs 45.14 crore and profit after tax of Rs 17.82 crore.