Binani Cement IPO

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Binani Cement IPO opened its subscription from 7th May 2007 to 10th May 2007. The price band set for the shares of the IPO ranged from ` 75 to ` 85 per share. The shares were enlisted on NSE and BSE. 15% of the total Equity shares of the IPO were allotted to the non-institutional investors and 35% were allotted to the retail investors in Indian market.

A Short Note on Binani Cement IPO-

The subscription for Binani Cement IPO was opened from 7th May 2007 to 10th May 2007. The price range set for the shares of Binani Cement IPO varied between ` 75 to ` 85 per share. The shares of the IPO of Binani Cement got listed on both the National Stock Exchange and Bombay Stock Exchange.

ICICI Securities and JP Morgan were the lead managers of Binani Cement IPO. There was a difference in opinion within the lead managers regarding the price range fixed for the shares of Binani Cement IPO. JP Morgan suggested a price band of ` 125 per share for the IPO of Binani Cement which was not accepted by ICICI Securities. JP Morgan held an offer for sale in the public offerings of the company's IPO. JP Morgan has transferred more than 2 crore shares which is over 10 percent shares in the parent company, Binani Cement Limited through its IPO. The subsidiary company of JP Morgan known as JP Morgan Special Situations which is located in Mauritus holds around 25 percent shares in the Binani Cement Limited.

Issue Details of Binani Cement IPO-

The issue period or the subscription period of the IPO of Binani Cement was opened from May 07, 2007 to May 10, 2007. The size of the Equity shares of Binani Cement IPO was 2,05,00,000. The IPO was issued through 100% book building and the face value of the shares was ` 10. The price band set for each share of the company's IPO ranged from ` 75 to ` 85. The Tick size of the issue was Re. 1. The investors or the buyers had to buy a minimum of 80 shares. The retail investors in Indian market had been entitled to a maximum subscription amount of ` 100000. The public offerings of Binani Cement Limited accounted for 10.09 percent of the post issue paid up equity share capital of the company. The registrar of the issue was Bigshare Services. 15% of the shares were allocated to non-institutional investors while 35% shares of the Binani Cement IPO was allocated for retail investors.

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