Indian Stock Market

Power Grid Corporation IPO subscribed 9.44 times on third day
The QIBs bid over 18 times
Power Grid Corporation IPO was subscribed 9.44 times on third day. The IPO got bids for 541.81 crore shares, compared to the issue size of 57.39 crore shares.
The qualified institutional buyers category was subscribed 18.41 times. The total bids in this category were for 515.69 crore shares as against 27.99crore shares offered.
The non institutional investors category was subscribed 0.48 times. The total bids in the category were for 4.11 crore shares as against 8.39 crore shares assigned for this category.
The retail investors category was subscribed 1.07 times. The total bids in the category were for 21.06 crore shares compared to 19.59 crore shares allotted for this category.
The issue will close on 13 September 2007. At the offer price band of Rs 44-Rs 52, the PE range works out to 17-20.10, based on FY 2007 EPS of Rs 2.60.
The issue constitutes 13.64% of the fully diluted post-issue capital of the company. Along with the IPO, the government is also selling 5% of its shares in the company.
Power Grid Corporation of India owns and operates most of India’s interstate and inter-regional electric power transmission system. In that capacity, as at June 30, 2007 the company owned and operated 61,875 circuit kilometres of electrical transmission lines and 106 electrical substations. In fiscal 2007, the company transmitted approximately 298 billion units of electricity, representing approximately 45% of all the power generated in India.
The net proceeds of the fresh issue shall be utilised for 15 identified transmission projects of the company. The estimated cost of these projects as on July 31, 2007 is approximately Rs 12,707.5 crore. These projects are proposed to be funded with a debt-equity ratio of 70:30 in accordance with CERC norms. The equity component of the identified projects is to be funded by a combination of internal accruals of the company and the proceeds of the fresh issue.
The company registered net profit of Rs 453.91 crore on sales of Rs 975.46crore in Q1 June 2007. It clocked net profit of Rs 1087.65 crore on sales of Rs 3589.85 crore in FY 2007 (year ended 31 March 2007).
MJ
On 9/12/07, Maheshwaran Jothi wrote: > > Power Grid Corporation of India Ltd - Bid details > > Sr.No. Category No.of shares offered/reserved No. of shares bid for No. > of times of total meant for the category 1 *Qualified Institutional Buyers > (QIBs) * 279977448 5156970625 18.4192 1(a) Foreign Institutional Investors > (FIIs) > 4096103250 > 1(b) Domestic Financial Institutions(Banks/ Financial Institutions(FIs)/ > Insurance Companies) > 562458500 > 1(c) Mutual Funds > 494251750 > 1(d) Others > 4157125 > 2 *Non Institutional Investors* 83993234 41112000 0.4895 2(a) Corporates > 7559250 > 2(b) Individuals (Other than RIIs) > 22622375 > 2(c) Others > 10930375 > 3 *Retail Individual Investors (RIIs)* 195984213 210651250 1.0748 3(a) Cut > Off > 196745875 > 3(b) Price Bids > 13905375 > 4 *Employee Reservation* 13978000 9464250 0.6771 4(a) Cut Off > 5255500 > 4(b) Price Bids > 4208750 > > Updated as on 12 Sept 2007 at 1700 hrs > > MJ > > On 9/11/07, Maheshwaran Jothi wrote: > > > > from NSE India > > > > Power Grid Corporation of India Ltd - Bid details > > > > Sr.No. Category No.of shares offered/reserved No. of shares bid for No. > > of times of total meant for the category 1 *Qualified Institutional > > Buyers (QIBs) * 279977448 1298610750 4.6383 1(a) Foreign Institutional > > Investors (FIIs) > > 241808250 > > 1(b) Domestic Financial Institutions(Banks/ Financial > > Institutions(FIs)/ Insurance Companies) > > 559956000 > > 1(c) Mutual Funds > > 494251750 > > 1(d) Others > > 2594750 > > 2 *Non Institutional Investors* 83993234 14539125 0.1731 2(a) > > Corporates > > 776000 > > 2(b) Individuals (Other than RIIs) > > 4672250 > > 2(c) Others > > 9090875 > > 3 *Retail Individual Investors (RIIs)* 195984213 80317500 0.4098 3(a) Cut > > Off > > 74099125 > > 3(b) Price Bids > > 6218375 > > 4 *Employee Reservation* 13978000 2209000 0.1580 4(a) Cut Off > > 1147375 > > 4(b) Price Bids > > 1061625 > > > > Updated as on 11 Sept 2007 at 1700 hrs > > > > Why is it retail investors shows no interest? Is it like people are > > waiting to subscribe based on the last day info of subcribtion? > > > > MJ > > > > On 9/10/07, Maheshwaran Jothi wrote: > > > > > > From NSEINDIA > > > > > > Power Grid Corporation of India Ltd - Bid details > > > > > > Sr.No. Category No.of shares offered/reserved No. of shares bid for No. > > > of times of total meant for the category 1 *Qualified Institutional > > > Buyers (QIBs) * 279977448 597383375 2.1337 1(a) Foreign Institutional > > > Investors (FIIs) > > > 34836250 > > > 1(b) Domestic Financial Institutions(Banks/ Financial > > > Institutions(FIs)/ Insurance Companies) > > > 559954875 > > > 1(c) Mutual Funds > > > 0 > > > 1(d) Others > > > 2592250 > > > 2 *Non Institutional Investors* 83993234 1666375 0.0198 2(a) > > > Corporates > > > 10625 > > > 2(b) Individuals (Other than RIIs) > > > 1598750 > > > 2(c) Others > > > 57000 > > > 3 *Retail Individual Investors (RIIs)* 195984213 20039750 0.1023 > > > 3(a) Cut Off > > > 18180250 > > > 3(b) Price Bids > > > 1859500 > > > 4 *Employee Reservation* 13978000 40875 0.0029 4(a) Cut Off > > > 40875 > > > 4(b) Price Bids > > > 0 > > > > > > Updated as on 10th Sept 2007 at 1700 hrs > > > > > > MJ > > > > > > On 9/10/07, Maheshwaran Jothi wrote: > > > > > > > > Power Grid Corporation IPO fully bid on day one > > > > > > > > IPO gets bids for 61.91 crore shares > > > > > > > > The IPO of Power Grid Corporation, India’s principal power > > > > transmission company, was fully bid on day one. The IPO got bids for > > > > 61.91 crore, compared to the issue size of 57.39 crore shares. The > > > > IPO opened for subscription today, 10 September 2007. IPO closes on 13 > > > > September 2007. > > > > > > > > At the offer price band of Rs 44-Rs 52, the PE range works out to > > > > 17-20.10, based on FY 2007 EPS of Rs 2.60. > > > > > > > > The issue constitutes 13.64% of the fully diluted post-issue capital > > > > of the company. Along with the IPO, the government is also selling 5% of its > > > > shares in the company. > > > > > > > > Power Grid Corporation of India owns and operates most of India’s > > > > interstate and inter-regional electric power transmission system. > > > > > > > > The company registered net profit of Rs 453.91 crore on sales of Rs > > > > 975.46 crore in Q1 June 2007. It clocked net profit of Rs 1087.65crore on sales of Rs > > > > 3589.85 crore in FY 2007 (year ended 31 March 2007). > > > > Source : Capital Market > > > > > > > > MJ > > > > > > > > On 9/10/07, KKP_Investor wrote: > > > > > > > > > > > > > > > Is this a good IPO to get into? The name sounds great…..the > > > > > business > > > > > of transmission is key since it must take a lot of effort to get > > > > > electricity produced in one remote area transmitted to various > > > > > villages, > > > > > towns and cities. Right of way (land ownership) is the main thing > > > > > needed to put up large multi-story towers to transmit high voltage > > > > > electricity for distribution to businesses and residences. > > > > > > > > > > The above para is without reading the prospectus….. > > > > > > > > > > Thanks ERji, Esherji, Samirji, Feltra/Ramanji as always for > > > > > keeping us > > > > > posted with many latest stories. > > > > > > > > > > KKP > > > > > > > > > > > > > > > > > > > > >