Transformers and Rectifiers Subscribed 91 Times
Wednesday, December 12, 2007
The IPO of Transformers and Rectifiers India Ltd for which we have a subscribe recommendation is subscribed 91 times until 11:00 PM on the final closing day.
The retail portion of the issue is subscribed 58.61 times until 11:00 PM. The fate of all applications in retail category will be decided by lottery. The final subscription figures are as follows.
| 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) | 1707000 | 188674050 | 110.5296 |
| 2 | Non Institutional Investors | 284500 | 34622610 | 121.6963 |
| 3 | Retail Individual Investors (RIIs) | 853500 | 50027460 | 58.6145 |
The allotment status of Jyothy Laboratories IPO is now available here.
Labels: Jyothy-Laboratories-Allotment, Transformer-Rectifiers-Allotment-Status
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Published by DalalStreet Business @ 2:28 PM IST.
BGR Energy Subscribed 119 Times
The IPO of BGR Energy for which we have a Subscribe Recommendation is heavily subscribed until 11:00PM on the final closing day.
At 11:00 PM the Retail Individual category was subscribed 46.89 times. This means the fate of all applications of 196 shares / Rs 94080 will be decided by lottery. We will be updating as we receive fax or SMS from Mumbai.
| 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) | 5181600 | 837731944 | 161.6744 |
| 2 | Non Institutional Investors | 863600 | 132201244 | 153.0816 |
| 3 | Retail Individual Investors (RIIs) | 2590800 | 121491370 | 46.8934 |
Allotment for Rs 100,000 application will be in the ratio of 3:10. The status of BGR Energy IPO Allotment can be checked here approximately by Dec-27. The Grey Market Premium has shot up and is now at Rs 410-425.
Labels: BGR-Energy-Allotment-Status
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Published by DalalStreet Business @ 2:20 PM IST.
Transformers and Rectifiers - Subscribe
Tuesday, December 11, 2007
Transformers and Rectifiers Ltd (TRL) is one of the major players in the Indian market manufacturing power generation transformers, transmission and distribution (T&D) transformers, industrial transformers and a range of specialty transformers. TRL is setting up a new plant in Moraiya, near Ahmedabad with an installed capacity of ~16,000MVA. The plant is expected to come on stream during 2008-2009.
TRL enjoys a Niche position in the industry as one of the largest manufacturers of furnace transformers. Designing and engineering forms a critical element of transformer making process. The company has a strong emphasis on designing and is one of the few manufacturers having the capability to design entire range of transformers. The company enjoys a significant cost advantage on several fronts. The design and engineering capabilities have been developed indigenously and in-house, without third party collaboration or assistance.
The company has an order backlog of Rs360 crore which is 1.6x FY2007 consolidated revenues. Out of the current orders, 110-crore-worth of orders are for industrial clients and the remaining are for utility companies.
Current IPO Offering:
Price band : Rs425-465
Retail portion : 8.53 lakh shares
Recommendation:
Annualising H1FY2008 earnings, the stock is being offered to public at the price/earning (P/E) ratio of 21.6x-23.6x its consolidated annualised fully diluted post issue earnings per share (EPS). This is comparable to Indo Tech Transformer and is available at a discount to Bharat Bijlee and Emco.
The retail portion of the issue will be heavily subscribed. Investors who consider themselves lucky for allotment in Lottery can apply as the GREY MARKET PREMIUM is already Rs 400. Check back on the details of Allotment status as well as listing information.
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Published by DalalStreet Business @ 2:36 PM IST.
BGR Energy Systems - Review and Recommendation
Monday, December 10, 2007
BGR Energy Systems carries out business in two segments— Supply of systems and equipment and turnkey engineering project contracting. In the systems and equipment business, the company designs, manufactures, sells and services range of systems and equipment for power, oil and gas, refinery, petrochemical and process industries. In the turnkey engineering project contracting business, the company carries out engineering, manufacturing, procurement, construction and commissioning of projects in power and oil and gas sector.
Key business areas:
Power plant business
BGR boasts its self to be one of the first companies to develop the BOP concept in India. The company manufactures approximately 40-50% of the materials included in BOP, inhouse, while the rest of the materials are sourced from outside. After successfully executing a number of BOP contracts, the company has started taking up EPC contracts now. Till date the power plant division has completed three projects and is currently executing four other.
Captive power business
This segment provides services to standalone power plants and public utility projects in India. The division executes projects ranging from 25-150 megawatt (MW) and is currently working on two projects.
Oil and gas equipment business
The oil and gas equipment business provides range of services mainly those needed to transport oil or gas between wellhead and end users. Manufacturing activities for this business are carried out by the subsidiary Progen. Customers include industries focused on oil and gas fields, cross country pipelines, refineries, petrochemicals and power plants.
Air Fin Cooler business
The Air Fin Cooler business designs, manufactures and markets air-cooled heat exchangers, air-cooled radiators and finned tubes used in oil and gas, power, process and petrochemical industries. The manufacturing facility is located in Panjetty near Chennai.
Strong Order Book
As on September 30, 2007 the company has a strong order book of Rs3,321.2 crore with majority of orders coming for the power project business.
Present IPO & Valuations
Retail portion : 25.9 lakh shares
Price band : Rs 425-480
Annualising the reported figures of the quarter ending June 2007, the stock trades at 44x-50x its annualized fully diluted earnings per share (EPS) of Rs9.6. The stock does leave upside for SHORT TERM RETAIL Investors. We recommend a subscribe. There are rumors that Anil Ambani may take a stake in the company. So if you are alloted you may want to hold for long term as well.
The IPO will be heavily oversubscribed. Allotment will be definitely on lottery even for Rs 100,000 application. Grey Market Premium for BGR Energy is already Rs 300.
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Published by DalalStreet Business @ 7:17 PM IST.
Edelweiss Basis of Allotment
Tuesday, December 04, 2007
We have just obtained the basis of allotment for Edelweiss Capital Ltd. All applications for 120 shares [Rs 100,000] have been allotted 8 shares in the ratio of 97:108. I am uploading the spreadsheet of basis of allotment for your convenience here. The Status of application can be checked here.
Also the grey market premium has jumped to Rs 720 / share.
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Published by DalalStreet Business @ 2:23 AM IST.
