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Vascon Engineers Ltd IPO opens on Jan 27

Business

Vascon Engineers Ltd (“Vascon” or the “Company”) is entering the capital market on January 27, 2010, with an Initial Public Offering (“IPO”) of 10,800,000 equity shares of Rs. 10 each for cash at a price to be decided through a 100% book-building process (the “Issue”). The Price Band has been fixed between Rs. 165 and Rs. 185 per Equity Share. Bids can be made for a minimum of 35 equity shares and in multiples of 35 equity shares thereafter. The Issue closes on January 29, 2010.
The Issue comprises a net issue to the public of 10,700,000 equity shares of Rs. 10 each (the “Net Issue”) and a reservation of up to 100,000 equity shares of Rs. 10 each for eligible employees (the “Employee Reservation Portion”). The Issue would constitute 11.95% of the fully diluted post issue paid-up capital of the Company and the Net Issue would constitute 11.84% of the fully diluted post issue paid-up capital of the Company. This Issue has been graded by CRISIL as 3/5, indicating average fundamentals.
At least 60% of the Net Issue will be allocated on a proportionate basis to Qualified Institutional Buyers (“QIBs”), out of which 5% shall be available for allocation on a proportionate basis to Mutual Funds only. The Company may allocate up to 30% of the QIB Portion to Anchor Investors at the Anchor Investor Issue Price on a discretionary basis, out of which at least one-third will be available for allocation to Mutual Funds only. The Anchor Investor Bid/Issue Period shall be one day prior to the Bid/Issue Opening Date. Further, not less than 10% of the Net Issue will be available for allocation on a proportionate basis to Non-Institutional Bidders and not less than 30% of the Net Issue will 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 National Stock Exchange of India Limited (“NSE”) and Bombay Stock Exchange Limited (“BSE”). The Book Running Lead Managers (“BRLMs”) are Kotak Mahindra Capital Company Limited and Enam Securities Private Limited.

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