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Monday, October 18, 2010

CEBBCO to List on Bourses Today

Commercial Engineers & Body Builders Co (CEBBCO), a manufacturer of vehicle and locomotive bodies for diverse applications for road and railways transportation, has fixed Monday, October 18, 2010 as a listing for its equity shares, which recently issued via public issue. It has set an IPO price at Rs 127, at higher end of price band of Rs 125-127 a share.

The initial public offering was opened for subscription during September 30-October 5, 2010 and was subscribed just 2.07 times. Qualified institutional investors helped the issue by subscribing for their portion with 3.68 times. However, non-institutional and retail investors' reserved portion subscribed just over 0.3 times each.

CEBBCO raised Rs 172 crore through IPO, which consists of a fresh issue of 1,20,47,244 equity shares by company for cash aggregating to Rs 153 crore and an offer for sale of 15,28,587 shares by New York Life Investment Management India Fund (FVCI) II LLC and Commercial Automobiles Private Limited, which amounted to Rs 19 crore.

Commercial Engineers is engaged in business of manufacturing vehicle bodies for commercial vehicles, refurbishment of wagons and manufacture of components for wagons, coaches and locomotives for the Indian Railways.

Net proceeds from fresh issue will be used for capital expenditure for the railway project; prepayment of identified loan facilities and general corporate purposes.