empherical study title final

8/6/2019 Empherical Study Title FINAL

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CRITICAL ANALYSIS OFIPOs FAILURE

A study conducted for finding reason

Submitted in partial fulfil lment of the requirement of the

Post Graduate Diploma in Business Management

By

Dhirendra Kr. Singh

Nitin Goswami

Piyush Kr. TulsianVipin Singh

Under the Guidance of

(Prof. Swati Basu Ghose)

M.S. Ramaiah Institute Of Management

M S Ramaiah Nagar, MSRIT POST,

BANGALORE 560 054


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Certificate of Guide

Certified that this dissertation is based on an original project study conducted

by Mr. Dhirendra Kr. Singh, Mr. Nitin Goswami, Mr. Piyush Kr. Tulsian, Mr. Vipin Singh

under my guidance. This has not formed a basis for the award of any other

Degree/Diploma by any University.

Place : Bangalore GUIDES SIGNATURE

Date : ____________ (SWATI BASU GHOSE)


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STUDENT DECLARATION

I declare that the project titled Critical Analysis of IPOs failure is anoriginal project done by us and no part of the project is taken from any other

project or materials published or otherwise submitted earlier to any other

college or University.

STUDENTS SIGNATURE


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Acknowledgements

Every work needs concentration, dedication and appreciation but only those

are not enough to achieve any goal. Some guidance, some assistance and co-

operation of few people play a vital role. We express our gratitude to our

project guide who helped us at every inch of this report work. We take the

opportunity to express our sincere thanks & profound attitude to the

management and the faculties at M.S. Ramaiah Institute of Management and

specially to our Project Guide Prof. Swati Basu Ghose for giving us

continuous support and valuable suggestion in context of our Empirical

Study. We also express our sincere thanks toour colleagues who came upwith ideas which helped us in making this study more effective.

As we know that research work needs hard work, keen insight

and long patience with scholarly vision based on constant operations. It also

need inspiration from the project guide and we again want to thank our guidefor motivating us for conduction brief study on Rural India which helped

us in knowing Rural India take on IPO.

Dhirendra Kumar Singh

Nitin Goswami

Piyush Kumar Tulsian

Vipin Singh


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LIST OF CONTENTS

Sr. No. Contents Page No.

1 Acknowledgement 42 Executive Summary 6-7

3 Body of Project 8

4 Firms are going for I P O 9-115 Risk of firms associated with IPO 126 Book Building Process 13-227 Conclusion on Book Building Process 23-24

8 Grading of IPO 25-319 Number of IPO in 2009-10 32-9510 Responses Of Questionnaire 96-10011 Conclusion -Reasons why IPO Fails 101-11012 Rural India 111-116

13 Reason why Rural India dont Invest 117-12014 Suggestion and Recommendation 121-13515 Appendix 136-13816 Bibliography 139


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EXECUTIVE SUMMARY

Indian Stock Markets are one of the oldest in Asia. Its history dates back to

nearly 200 years ago. In 1935, the stock market activity improved,especially in South India where there was a rapid increase in the number oftextile mills and many plantation companies were floated.

In today scenario the term which make buzz in Indian market is IPO.22 IPOs were issued in 2009 and still many more to go before financialyear 2009-10 gets over. IPO sold shares worth about Rs 20000 crore to thepublic shareholders in 2009-10. 60-70 number of IPOs are expected to comein 2010-2011 and the revenue generated will be much more.

Every year No. of Investors looses their money in share market and muchof the reason for lost is their investment in IPO due to various speculativerumors and over decorative balance sheets of such IPO companies.

Our main objective of empirical study is to find the reason why IPOs failsand for that finding we have studied various different aspects associatedwith IPOs.

Starting our study with various process of pricing IPO, which results inover-pricing and under pricing of IPOs. We had studied different processesto go in depth of IPO and to find the reason where problem really resides.We had made suggestion regarding IPO pricing process which will helpcompanies to price their IPO in such a way that it dont fails in long run.

Then we had taken Grading system of IPO under our study. Most of thepeople ignore it and due to its ignorance companies take its advantage andinvestor losses their investment. We had discussed various Grading firm

and their process, it will give information to investor about grading processand how to consider Grading of IPO a step of evaluation before Investmentin IPO.

We had studied details of various 22 different companies whose IPO camein market in year 2009 and recorded their volumes of next 3 trading days toissue date. Their issue price at BSE and NSE were also mentioned in study.


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Though most of them seems doing pretty good because of favorablemarket condition and FII cash inflow but situation was not same in year2008 when majority of IPO failed miserably.

Further in study we have included Reasons why IPO Fails in which wehave covered four main reasons related to pricing, grading, accounting andpsychological.

Due to our special interest in Rural India we had included our subobjective to find the Role of Rural India in IPO and try to figure outreasons why Rural India dont invest in IPOs. Our special thanks to ourproject guide who been motivating force through out the project .

We had made conclusion on base of all surveys, study, details and researchwe had done during our Empirical Study. In our conclusion we haddesigned four different classes of IPO, this is an original model which wetried to present to reader in most simple way to understand. Followingwhich we made our suggestions to Investors about the factors to be watchbefore investing in IPO.

Because smart investment will not only save investor from lossbut will also save IPO from failing.


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BODY OF THE PROJECT

We think our study is possibly of greatest interest to potential investors,but also to anybody that would be affiliated with the firm - an auditor, an

underwriter, the lawyers who consult with the firm, employees or

executives who might consider joining that firm . So we think there are

many constituents with a vested interest in the firm that would have a

heightened sense of interest in the company's failure risk.

Financial accounting plays an important role in assessing IPO failure risk,

and basing their study on this approach, they developed failure predictionmodels for high-tech and old economy' or non-tech IPOs.

Followed up with Grading system and various accounting changes which

companies make to make their IPO popular. We are trying to go in depth

of IPOs and to figure out all the process associated with IPO pricing to IPO

issuing.

In the study we try to predict failure rather than success of new listings.

"It's unrealistic to expect that one can predict beyond five years of the date that the

company goes public, so looking longer than that does not really make sense. And

not a lot of companies frankly fail within just a few years of going public because

it's such a high hurdle to pass, just to go through the public offering process, that

they're not that weak that they're going to fail within just a few years."


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Firms are going for IPO

Making a public offering of stock ("going public") is a financing option forWell-established small firms. In addition to its potential of generating largeamounts of growth capital, public offerings also provide a way for ownersto profit more immediately from their success and help overcome some ofthe tax issues faced when passing the business to the next generation.When business owners speak of going public, they are usually talkingabout an initial public offering (IPO), in which stock is registered with theBombay Stock Exchange (BSE) or National Stock Exchange (NSE)andoffered to the public through an investment banker or brokerage firm .

Brief introduction of IPO goes as follow :

"An initial public offering (IPO) is the first sale of a corporation's commonshares to public investors. The main purpose of an IPO is to raise capital forthe corporation."

The decision to take a company public in the form of an Initial PublicOffering (IPO) should not be considered lightly. There are several

advantages and disadvantages to being a public company, whichshould thoroughly be considered. This empirical study will discuss theadvantages and disadvantages of conducting an IPO and will brieflydiscuss the steps to be taken to register an offering for sale to the public.The purpose of this empirical study is to provide a thumbnail sketch of theprocess. Other than raising capital, the reasons for IPOs which we foundwere:

1. Liquidation of the shares of the company so that the founders and the

rest of the existing shareholders will be able to "cash out" and trade theirshares for cash or other traded stocks (referred to as "exit event").

2. Increased Capital. A public offering will allow a company to raise capitalto use for various corporate purposes such as working capital, acquisitions,research and development, marketing, and expanding plant andequipment.


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3. Expansion of the company into new territories or markets may requirethe company to become public, not only by means of more funding, butalso by regulatory or marketing reasons. Being public is associated withcredibility and accountability.

4. Expansion of the company either by acquisition or merger. Getting moremoney into the company allows the company to have more money tofinance takeovers or mergers with other companies. Moreover, beingpublic will allow the company to merge with private companies who wantto become public without going through IPO (referred to as "reversemerger").

5. Leveraging future sales or business to create extra value for thecompany. In some cases, it is possible for a company to gain more money

by pushing up the price of its traded shares more than by actual sales orbusiness events. In the "happy dot com days" companies would buy othercompanies just because it created a good hype to their stock, even thoughthe acquired company was closed shortly after that.

6. Valuation. Public trading of a company's shares sets a value for thecompany that is set by the public market and not through more subjectivestandards set by a private valuator. This is helpful for a company that islooking for a merger or acquisition. It also allows the shareholders to know

the value of the shares.

There are numerous disadvantages to going public.

- Time and Expense : Conducting an IPO is time consuming andexpensive. A successful IPO can take up to a year or more to complete anda company can expect to spend several hundreds of thousands of dollarson attorneys, accountants, and printers. In addition, the underwriter's feescan range from 3% to 10% of the value of the offering. Due to the time and

expense of preparation of the IPO, many companies simply cannot affordthe time or spare the expense of preparing the IPO.

- Disclosure : The Securities and Exchange Commission (SEC) disclosurerules are very extensive. Once a company is a reporting company it mustprovide information regarding compensation of senior management,


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transactions with parties related to the company, conflicts of interest,competitive positions, how the company intends to develop futureproducts, material contracts, and lawsuits. In addition, once the offeringstatement is effective, a company will be required to make financial

disclosures, public companies required to file quarterly statementscontaining unaudited financial statements and audited financial statementsannually. These statements must also contain updated informationregarding nonfinancial matters similar to information provided in theinitial registration statement. This usually entails retaining lawyers andauditors to prepare these quarterly and annual statements. In addition, acompany must report certain material events as they arise. Thisinformation is available to investors, employees, and competitors.

- Decisions based upon Stock Price : Management's decisions may beeffected by the market price of the shares and the feeling that they must getmarket recognition for the company's stock.

- Regulatory Review : The Company will be open to review by theSecurities and Exchange Commission (SEC) to ensure that the company ismaking the appropriate filings with all relevant disclosures.

- Falling Stock Price : If the shares of the company's stock fall, thecompany may lose market confidence, decreased valuation of the companymay effect lines of credits, secondary offering pricing, the company's abilityto maintain employees, and the personal wealth of insiders and investors.

- Vulnerability : If a large portion of the company's shares are sold to thepublic, the company may become a target for a takeover, causing insidersto lose control. A takeover bid may be the result of shareholders beingupset with management or corporate raiders looking for an opportunity.

Defending a hostile bid can be both expensive and time consuming. Once acompany has weighed the advantages and disadvantages of being a publiccompany, if it decides that it would like to conduct an IPO it will have toretain a lead underwriter to sell the securities, an attorney to assist inthe preparation of a registration statement, and auditors to preparefinancial statements.


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Risk of firm associated with IPO

The question of why IPO firms fail is also of great interest. Do these firmsrun out of cash? Are these firms faced with a precipitous decline insales? Are credit constraints responsible for the failure? Does increasedcompetition adversely impact or squeeze the firms gross margins? Is a negative shock likely to affect all firms in the same industry? Answeringthe aforementioned questions of why IPO firms fail would then help toidentify corresponding failure prediction variables such as an IPO firmscash burn rate, growth rate, debt maturity, intensity of product marketcompetition, and overall industry risk.

Firms are going public now that are riskier than they used to be in the

past. They are exhibiting lower levels of profitability and often negative

profitability when they go public and that was much less common in past

decades. Much of their value resides in future growth prospects rather

than past realizations of success, so the characteristics of the firms that are

going to public markets and the willingness of shareholders in the public

markets to fund those types of firms have really changed over the decades

For the purpose of the study, we did not include internet firms as they may

have distorted the results, especially given the internet bubble of the late

90s which burst so dramatically in March 2000. Technically we define high-

tech firms to be any firm that has R&D expenses that are greater than 5% of

sales or total assets.

Hedge funds and portfolio managers have shown interest in their failure

prediction model, Companies made statement by saying "What we did was

devise a hedge strategy of going long in firms with low failure risk and

short in firms that had high failure risk and we document that we could

have earned significant abnormal returns from such a hedged trading

strategy based on our model.


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BOOK BUILDINGPROCESS


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SEBI guidelines, 1995 defines book building as a process undertaken bywhich a demand for the securities proposed to be issued by a body corporate is

elicited and built up and the price for such securities is assessed for thedetermination of the quantum of such securities to be issued by means of a notice,

circular, advertisement, document or information memoranda or offer document.

Book building process is a common practice used in most developedcountries for marketing a public offer of equity shares of a company.However, book building is a transparent and flexible price discoverymethod of initial public offerings (IPOs) in which price of securities is fixedby the issuer company along with the Book Running Lead Manager(BRLM) on the basis of feedback received from investors as well as marketintermediaries during a certain period.

History of Book Building Process

The abolition of the Capital Issue Control Act, 1947 has brought a new erain the primary capital markets in India. Controls over the pricing of theissues, designing and tenure of the capital issues were abolished. Theissuers, at present, are free to make the price of the issues. Beforeestablishment of SEBI in 1992, the quality of disclosures in the offerdocuments was very poor. SEBI has also formulated and prescribed

stringent disclosure norms in conformity to global standards. The maindrawback of free pricing was the process of pricing of issues.

The issue price was determined around 60-70 days before the opening ofthe issue and the issuer had no clear idea about the market perception ofthe price determined. The traditional fixed price method of tappingindividual investors suffered from two defects:(a) delays in the IPO process and(b) under-pricing of issue.In fixed price method, public offers do not have any flexibility in terms ofprice as well as number of issues. From experience it can be stated that amajority of the public issues coming through the fixed price method areeither under-priced or over-priced. Individual investors (i.e. retailinvestors), as such, are unable to distinguish good issues from bad one.This is because the issuer Company and the merchant banker as lead


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manager do not have the exact idea on the fixed pricing of public issues.

Thus it is required to find out a new mechanism for fair price discoveryand to help the least informed investors. Thats why, Book Building

mechanism, a new process of price discovery, has been introduced toovercome this limitation and determine issue price effectively. Public offersin fixed price method involve a pre issue cost of 2-3% and carrythe risk of failure if it does not receive 90% of the total subscription. InBook Building such cost and risks can be avoided because the issuercompany can withdraw from the market if demand for the security doesnot exist.

Malegam Panels Recommendations:

The introduction of book-building in India in 1995 was on account of therecommendations of an expert committee appointed by SEBI underChairmanship of YH Malegam to review the (then) existing disclosurerequirements in offer documents. Twoof the terms of reference being thebasis of pricing the issue and whether substantial reduction was possible in thetime taken for processing applications by SEBI. The committee has submittedits report with several recommendations and the SEBI acceptedthe same in November 1995. The book-building route should be open to

issuer companies, subject to certain terms and conditions. Some of them are

presented below:

1. The option should be available only to issues exceeding Rs. 100 crore;

2. The book-building issuer companies could either reserve the securities

for firm allotment or avail themselves of the book-building process;

3. Draft prospectus to be submitted to SEBI could exclude information

about the offer price;4. A book runner to be nominated from among the lead merchant bankers,

charged with specific responsibilities and the name is to be submitted to

the SEBIs approval.

5. The requirement of 25 percent of the securities to be offered to the public

will be continued.


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However, there were no takers for the 100 percent book-building facility.

Based on suggestions made by leading merchant bankers, the following

amendments were made to the guidelines in 1999:

1. The issuer may be allowed to disclose either the issue size or the number

of securities to be offered to the public;

2. Allotment should be in demat mode only; and

3. Reservation of 15 percent of issue amount for individual investors need

to the public at a fixed price.

Book Building and Fixed Price Option in the IPOs

A company may raise capital in the primary capital market through initialpublic offers (IPOs), rights issues and private placement. IPOs, the largestsources of funds in the primary capital market, to the company arebasically an invitation by a company to the public to subscribe to itssecurities offered through prospectus.

In fixed price process in IPOs, allotments of shares to all investors aremade on proportionate basis. Institutional investors normally are not

interested to participate in fixed price public issues due to uncertainty ofallotment and lack of opportunity cost. On the other, they like toparticipate largely in book built transactions as in this process the costs ofpublic issue and the time taken for the completion of the entire process aremuch lesser than the fixed price issues.

In Book Buildingthe price is determined on the basis of demand receivedor at price above or equal to the floor price whereas in fixed price optionthe price of issues is fixed first and then the securities are offered to the

investors. In case of Book Building process book is built by Book RunnerLead Manager (BRLM) to know the everyday demand whereas in case offixed price of public issues, the demand is known at the close of theissue.


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Book Building Process


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Steps involved in Book Building Process


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According to the SEBI, a public issue through Book Building route shouldconsist of two portions:

(a) The Book Building portion and

(b) The fixed price portion.

The fixed price portion is conducted like normal public issues(conventionally followed earlier) after the book built portion during whichthe issue price is fixed after the bid closing date. Basically, an issuercompany proposing to issue capital through book building shall complywith the guidelines prescribed by SEBI. However, the main themeof SEBI guidelines regarding book building can be presented at a glance inthe following manner:

1. 75% Book Building process: Under this process 25% of the issue is to besold at a fixed price and the balance 75% through the Book Buildingprocess.


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2. Offer to public through Book building process: The process specifies that anissuer company may make an issue of securities to the public throughprospectus in the following manner:

a. 100% of the net offer to the public through book-building process, or

b. 75% of the net offer to the public through book-building process and 25%of the net offer to the public at the price determined through book buildingprocess


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Limitations of Book Building Mechanism

Retail investors are not free from certain disadvantages compared toinstitutional investors in Book Building, which does not provide an

appropriate price discovery mechanism. It is the main reason why smallinvestors have stayed away from the market.It needs changes to make it more suitable to the Indian context and theconditions prevailing in the Indian capital market.In the IPOs through the Book-Building route, it would be difficult to finddubious issues of the kind that put off investors. The book-building systemhas various limitations. Some of them are as are as follows:

1. Book-building is appropriate for mega issues only. In the case of the

potential investors, the companies can adjust the attributes of the offeraccording to the preferences of the potential investors. It may not bepossible in big issues since the risk-return preference of the investorscannot be estimated easily;

2. The issuer company should be fundamentally strong and well known tothe investors;

3. The book-building system works very efficiently in matured marketconditions. In such circumstances,

4. The investors are aware of the various parameters affecting the marketprice of the securities. But, such conditions are not commonly found inpractice;

5. There is a possibility of price rigging on listing as promoters may try tobail out syndicate members.


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Green Shoe Option

In most of the cases, it is experienced that IPO through Book Buildingmethod in India turns out to be overpriced or underpriced after theirlisting of them and ultimately the small investors become a net looser.

If the IPO is overpricedit creates a bad feeling in investors mind as initialreturns to them may be negative at that point of time. On the other side, ifthe prices in the open market fall below the issue price, small investors maystart selling their securities to minimize losses. Therefore, there was a vitalneed of a market stabilizer to smoothen the swings in the open marketprice of a newly listed share, after an initial public offering.

Market stabilization is the mechanism by which stabilizing agent acts onbehalf of the issuer company, buys a newly issued security for the limitedpurpose of preventing a declining in the new securitys open market pricein order to facilitate its distribution to the public.

It can prevent the IPO from huge price fluctuations and save investorsfrom potential loss. Such mechanism is known as Green Shoe Option(GSO) which is an internationally recognized for market stabilization. So,

GSO can rectify the demand and supply imbalances and can stabilize theprice of the stock. It owes its origin to the Green

ICICI Bank has, used Green Shoe Option in first time in case of its publicissue through the book building mechanism in India. As such, suchimportant mechanism i.e. GSO in the system of initial public offerings(IPOs) using book building method was recognized by SEBI in Indiathrough its new guidelines on 14.08.2003 .

In case an initial public offer of equity shares is made by an issuer companythrough the book building mechanism, the Green Shoe option (GSO) canbe used by such company for stabilizing the post listing price of its shares,subject to the guidelines prescribed by SEBI.


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GRADING

OF

I P O


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Grading of Initial Public Offerings (IPOs) is a service aimed at facilitating

assessment of equity issues offered to the public. The Grade assigned to

any individual IPO is a symbolic representation of rating agencysassessment of fundamentals of the issuer concerned relative to other

listed securities.

IPO Grades are assigned on a five-point point scale, where IPO Grade 5

indicates the highest grading and IPO Grade 1 indicates the lowest

grading, i.e a higher score indicates stronger fundamentals. An IPO Grade

is not an opinion on the price of the issue, pre- or post-listing.

Credit Analysis & Research Ltd. (CARE)

Credit Analysis & Research Ltd. (CARE) is a full service rating company

that offers a wide range of rating and grading services across sectors.

CARE has an unparallel depth of expertise. CARE Ratings methodologies

are in line with the best international practices.

CARE Ratings has completed over 3656 rating assignments havingaggregate value of about Rs 7141 billion (as at September 2007), since its

inception in April 1993. CARE is recognized by Securities and Exchange

Board of India (Sebi), Government of India (GoI) and Reserve Bank of India

(RBI) etc.

CARE Ratings:

The ratings division of CARE has over a decade long experience in rating

debt instruments/Enterprise ratings covering the full spectrum of Universecomprising:

Industrial Companies Service companies Infrastructure companies


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Banks Financial Institutions (FIs) Non-Bank Finance companies(NBFCs) Public Sector Undertakings (PSUs) State Government Undertakings Municipal Corporations Structured Finance Transactions Securitization Transactions SMEs SSI Micro Finance Institutions

Services offered by CARE are

Corporate Governance ratings IPO grading Mutual Fund Credit quality Ratings Insurance Claims Paying Ability Ratings Issuer Ratings Grading of Construction entities Grading of Maritime training institutes

LPG/SKO Ratings

CARE Ratings has been recognized by statutory authorities and other

agencies in India for rating services. The authorities/agencies include:

Securities and Exchange Board of India (Sebi), Reserve Bank of India (RBI),

Director General, Shipping and Ministry of Petroleum and Natural Gas

(MoPNG), Government of India (GoI), National Housing Bank (NHB),

National Bank for Agriculture and Rural development (NABARD),

National Small Scale Industries Commission (NSIC). CARE Ratings has

also been recognized by RBI as an Eligible Credit Rating Agency (ECRA)for Basel II implementation in India.

CARE Rating Process

The rating assigned is communicated to the client along with a detailedrationale.


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The ratings accepted by the clients are published and then monitoredon a continuous basis over the life of the instrument.

CARE has a comprehensive in-house data base which facilitatessurveillance of the various industries and companies operating in these

industries. Each rating is reviewed formally at least once a year, when analysts

meet the issuers management. A review can also be triggered by a major development in the company

or in the industry, which may have a significant bearing on the credit-

worthiness of the company.

As a part of the review exercise, actual financial performance isanalyzed in the light of the estimates made earlier and deviations are

examined. CARE puts the rating under Credit Watch, when any event or

deviation from the expected trend has occurred or is expected and

additional information is necessary to take rating action.

The rating may be retained, upgraded or downgraded based on thechanged prospects for the issuer. A rating change is at the absolutediscretion of CARE, without concurrence of the client.


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CRISIL (Credit Rating Information Services of India Limited)

In keeping with its pioneering work in the field of rating and grading

services, Credit Rating Information Services of India Limited (CRISIL)

has launched its IPO grading service. IPO grading is a globally uniqueconcept introduced into the Indian market under the aegis of the Securities

and Exchange Board of India (SEBI).

The CRISIL IPO Grading is designed to provide investors an independent,

reliable and consistent assessment of the fundamentals of new public

issues. This offering may be especially useful to retail investors who areseeking to invest in companies that are unknown in the equity markets.

CRISIL has played a central role in the conceptualization and developmentof the idea of IPO grading and believes that a grading provided by an

independent entity would be a significant addition to the presently

available tools for assessing the investment attractiveness of IPO offerings.

The CRISIL IPO Grading includes an assessment of business and financial

prospects, management quality and corporate governance; and reflects

CRISILs unique understanding of these issues, particularly corporategovernance.

CRISIL IPO Grading are assigned by CRISIL Research, the research

business of CRISIL. It deploys industry experts to assign the CRISIL IPO

Grading. CRISIL Research pioneered the concept of industry research in

India and its 16-year track record has enabled it to develop significant

sector knowledge and expertise. CRISIL Research works independently

from CRISIL Ratings. These two divisions in CRISIL do not share any

confidential information provided to them by their respective clients.

IPO Grade Assessment

5/5 Strong fundamentals 4/5 Above average fundamentals 3/5 Average fundamentals 2/5 Below average fundamentals 1/5 Poor fundamentals


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ICRA

ICRAs Grading of Initial Public Offerings (IPOs) is a service aimed atfacilitating assessment of equity issues offered to the public. The Grade

assigned to any individual IPO is a symbolic representation of ICRAsassessment of the fundamentals of the issuer concerned on a relativegrading scale. IPO Grades are assigned on a five-point point scale, where

IPO Grade 5 indicates the highest grading and IPO Grade 1 indicates the

lowest grading, i.e a higher score indicates stronger fundamentals. An IPO

Grade is not an opinion on the price of the issue, pre- or post-listing.

The Grading Process:

ICRA starts the IPO Grading process on receipt of a formal request from

the issuer company. ICRA then sends a questionnaire seeking information

on the companys existing operations as well as proposed project(s). This isfollowed by site visits and discussions with the key operating personnel of

the company concerned. Apart from officials of the company, ICRA also

meets its bankers, auditors, merchant bankers, and appraising authority (if

any). If the case so merits, ICRA also obtains the views of independent

expert agencies on critical issues like , for instance, the technology

proposed to be used . Once all the required information has been obtained,ICRAs team of analysts presents a detailed Grading Report to ICRAsRating Committee which then assigns the Grade.

Usually, the assignment of Grade takes three to four weeks after all the

necessary information has been provided to ICRA. Once the Grade is

assigned, the issuer company is required to disclose the same and also

publish it in the Red Herring Prospectus (RHP), which is filed with the

Securities and Exchange Board of India (SEBI) and other statutory

authorities . ICRA does not carry out any unsolicited Grading; the process

involves the full co-operation of, and interaction with, the issuer company

concerned.

IPO Grading are a one-time exercise, not subject to subsequent

surveillance.


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Grading Methodology:

The emphasis of the IPO Grading exercise is on evaluating the prospects of

the industry in which the company operates , the companys competitive

strengths that would allow it to address the risks inherent in the businessand effectively capitalise on the opportunities available as well as the

companys financial position. In case the IPO proceeds are planned to beused to set up projects, either greenfield or brownfield, ICRA evaluates the

risks inherent in such projects, the capacity of the companys managementto execute the same, and the likely benefits accruing from the successful

completion of the projects in terms of profitability and returns to

shareholders. Due weightage is given to the issuer companys managementstrengths and weaknesses and issues , if any, from the corporate

governance perspective. Accordingly, ICRAs IPO Grading methodologyexamines the following key variables:

ICRAs IPO Grading Scale

ICRAs five -point IPO Grading scale is as follows: ICRA IPO Grade 5: Strong fundamentals ICRA IPO Grade 4: Above-average fundamentals ICRA IPO Grade 3: Average fundamentals ICRA IPO Grade 2: Below-average fundamentals ICRA IPO Grade 1: Poor fundamentals

What an ICRA IPO Grade Is Not:

It is NOT a recommendation to buy sell or hold the securities Graded It is NOT a comment on the valuation or pricing of the IPO Graded It is NOT an indication of the likely listing price of the securities

Graded It is NOT a certificate of statutory compliance


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Number of IPO in

2009-2010


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Minimum Order Quantity: 30 Shares

Listing At: BSE, NSE

D B Corp Ltd IPO Grading / Rating

CARE has assigned an IPO Grade 4 to D B Corp Ltd IPO. This means as per

CARE, company has above average fundamentals.

CARE assigns IPO grading on a scale of 5 to 1, with Grade 5 indicating strong

fundamentals and Grade 1 indicating poor fundamentals.

Bidding Status (IPO subscription detail):

Number of Times Issue is Subscribed (BSE + NSE)

As on Date & Time

QualifiedInstitutional

Buyers(QIBs)

NonInstitutional

Investors

RetailIndividualInvestors

(RIIs)

Total

Shares Offered / Reserved 7,633,500 1,817,500 5,452,500 14,903,500

Day 1 - Dec 11, 2009 17:00 IST 3.7986 0.5220 0.0179 2.0200

Day 2 - Dec 14, 2009 17:00 IST 4.4664 0.7380 0.2008 2.4500

Day 3 - Dec 15, 2009 17:00 IST 68.5217 26.1732 3.4209 39.5400

IPO Listing Detail

Listing Date: Wednesday, January 06, 2010

BSE Script Code: 533151

NSE Symbol: DBCORP

Listing In: 'B' Group

Sector: Media and EntertainmentISIN: INE950I01011

Issue Price: Rs. 212.00 Per Equity Share

Face Value: Rs. 10.00 Per Equity Share


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Listing Day Trading Information

BSE

Issue Price: Rs. 212.00

Open: Rs. 250.00Low: Rs. 235.50

High: Rs. 274.60

Last Trade: Rs. 265.90

Volume: 19,917,851

NSE

Rs. 212.00

Rs. 254.00Rs. 250.55

Rs. 274.70

Rs. 265.90

32,223,215


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Incorporated in 1990, Godrej Properties Limited (GPL) is one of the leadingreal estate development companies in India based in Mumbai,

Maharashtra. Godrej Properties currently have real estate development

projects in 10 cities in India, which are at various stages of development.

Company's business focuses on residential, commercial and township

developments.

Godrej Properties parent company, Godrej Industries Limited, currently

holds 80.26% of their equity share capital. Godrej Industries Limited is thelisted flagship company of the Godrej group of companies.

Objects of the Issue:

The objects of the Issue are to achieve the benefits of listing on the Stock

Exchanges & to raise capital to:

1. Acquisition of land development rights for Forthcoming Projects;

2. Construction of their Forthcoming Project;

3. Repayment of loans; and

4. General Corporate Purposes.

Issue Detail:

Issue Open: Dec 09, 2009 - Dec 11, 2009

Issue Type: 100% Book Built Issue IPO

Issue Size: 9,429,750 Equity Shares of Rs. 10

Issue Size: Rs. 462.06 Crore

Face Value: Rs. 10 Per Equity Share


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Issue Price: Rs. 490 - Rs. 530 Per Equity Share

Market Lot: 13 Shares



Godrej Properties Ltd GPL IPO Grading / Rating

ICRA has assigned a 'ICRA IPO Grade 4' [Grade Four] to the proposed IPO

issue of Godrej Properties Ltd (GPL). 'ICRA IPO Grade 4' indicates above

average fundamentals. ICRA assigns IPO grades on a scale of Grade 5 to

Grade 1, with Grade 5 indicating strong fundamentals and Grade 1

indicating poor fundamentals



As on Date & Time


Buyers(QIBs)

NonInstitutional

Investors


(RIIs)

Total

Shares Offered / Reserved 3,960,505 942,975 2,828,925 7,732,405

Day 1 - Dec 09, 2009 17:00 IST 2.3907 0.0074 0.0206 1.2300

Day 2 - Dec 10, 2009 17:00 IST 2.4261 0.0543 0.0833 1.2800

Day 3 - Dec 11, 2009 17:00 IST 7.4494 0.4090 0.3753 4.0000

IPO Listing Detail

Listing Date: Tuesday, January 05, 2010


NSE Symbol: GODREJPROP

Listing In: B GroupSector: Real Estate

ISIN: INE484J01019




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BSE

Issue Price: Rs. 490.00Open: Rs. 510.00

Low: Rs. 500.00

High: Rs. 586.70


Volume: 5,260,628

NSE

Rs. 490.00Rs. 511.00

Rs. 502.15

Rs. 586.80

Rs. 537.25

8,707,481


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39

Incorporated in 1994, JSW Energy Limited (JSWEL) is a group company of

Jindal South West (JSW) group headed by Mr.Sajjan Jindal. The JSW Group

has a presence in the steel, power, cement, software, and infrastructure

sectors. Other companies in JSW are JSW Steel Ltd, Jindal South West

Mining Ltd, JSW Port, Jindal Praxair Oxygen Company Limited (JPOCL)

and investment companies. JSWEL is the first Independent Power

Producer (IPP) to be set up in the state of Karnataka. The company has setup 2 units of 130 MW each and both units are generating power using

Corex gas and coal.




1. To partially finance construction and development of the Identified

Projects aggregating to 2,790 MW in capacity; 400 KV transmission project

and mining venture.

2. Repayment of corporate debt; and


Issue Detail:

Issue Open: Dec 07, 2009 - Dec 09, 2009


Issue Size: Equity Shares of Rs. 10

Issue Size: Rs. 2,700.00 Crore


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JSW Energy Ltd IPO Grading / Rating

CARE has assigned a 'CARE IPO Grade 4' [Grade Four] to the proposed

IPO issue of JSW Energy Ltd (JSWEL). 'CARE IPO Grade 4' indicates above

average fundamentals. CARE assigns IPO grades on a scale of Grade 5 toGrade 1, with Grade 5 indicating strong fundamentals and Grade 1

indicating poor fundamentals.

Bidding Status (IPO subscription detail) :


As on Date &

Time

QualifiedInstitutio

nal

Buyers(QIBs)

NonInstitutio

nalInvestors

RetailIndividual

Investors(RIIs)

Total

Shares Offered /Reserved

119,631,921

26,982,124

80,946,371 227,560,415

Day 1 - Dec 07,2009 17:00 IST

2.3633 0.0064 0.0185 1.2500

Day 2 - Dec 08,2009 17:00 IST

2.7710 0.0548 0.0566 1.4800

Day 3 - Dec 09,2009 17:00 IST 2.8846 0.1510 0.4040 1.6800


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IPO Listing Detail

Listing Date: Monday, January 04, 2010


NSE Symbol: SWENERGYListing In: B Group

Sector:

ISIN: INE121E01018




BSE


Open: Rs. 102.00

Low: Rs. 99.90

High: Rs. 106.40Last Trade: Rs. 100.75

Volume: 35,110,028

NSE

Rs. 95.00

Rs. 106.00

Rs. 100.00

Rs. 106.35Rs. 100.85

76,470,142


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42

Incorporated in 1995, MBL Infrastructures Ltd is engaged in the

construction and maintenance of roads and highways, industrial

infrastructure projects and other civil engineering projects for various

government bodies and other clients.

MBL has executed and undertaken a number of projects in the states of

West Bengal, Madhya Pradesh, Uttarakhand, Orissa, Maharashtra,Rajasthan, Assam, Uttar Pradesh, Bihar, Delhi, Andhra Pradesh,

Chattisgarh, Jharkhand, Haryana and Karnataka. MBL is also engaged in

steel trading and waste management (ferrous scrap and slag recycling) at

major steel plants.




1. Investment in Capital Equipments;

2. Investment in Joint Ventures and BOT Projects;

3. Margin Money for Working Capital Requirements;

4. General Corporate Purposes;

5. Issue Expenses.

Issue Detail:

Issue Open: Nov 27, 2009 - Dec 01, 2009



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MBL Infrastructures Ltd IPO Grading / Rating

ICRA has assigned an IPO Grade 2 to MBL Infrastructures Ltd IPO. This

means as per ICRA, company has below average fundamentals. ICRA

assigns IPO grading on a scale of 5 to 1, with Grade 5 indicating strong

fundamentals and Grade 1 indicating poor fundamentals



As on Date &Time

QualifiedInstitutio

nalBuyers(QIBs)

NonInstitut

ionalInvesto

rs

RetailIndividua

lInvestors

(RIIs)

Employee

Reservations

Total

Shares Offered /Reserved

1,960,000840,000

1,960,000 100,000 4,860,000

Day 1 - Nov 27,2009 17:00 IST

0.0000 0.5325 0.0305 0.0973 0.1100

Day 2 - Nov 30,2009 17:00 IST 0.6791 0.9487 0.0511 0.1117 0.4600

Day 3 - Dec 01,2009 17:00 IST

3.3493 2.6459 0.3963 0.1376 1.9700


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IPO Listing Detail

Listing Date: Monday, January 11, 2010


NSE Symbol: MBLINFRAListing In: B Group of Securities

Sector: Const/Bldg Material

ISIN: INE912H01013




BSEIssue Price: Rs. 180.00

Open: Rs. 190.00

Low: Rs. 190.00

High: Rs. 218.00


Volume: 5,299,220

NSERs. 180.00

Rs. 185.00

Rs. 185.00

Rs. 219.40

Rs. 206.55

8,452,266


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45

Incorporated in 1939, Cox and Kings (India) Ltd is one of the Indias largest

tour and travel operator. Company design travel packages for both

individuals and groups for their domestic and international travel.

Cox provides end to end travel solutions including land, air and cruise

bookings, hotel bookings, in-transit arrangements, local sightseeing, visa,

passport and medical insurance assistance and such other destinationmanagement services. They also provide value added services viz.,

customising travel plans for NRI customers, travel arrangements for Trade

Fairs, providing private air charter services, etc.




1. Repayment of Loans;

2. Acquisitions & Other Strategic Initiatives;

3. Investment in Overseas Subsidiaries;

4. Investment in Corporate Office & Upgrading our existing Operations;


6. Meeting Fresh Issue related Expenses.

Issue Detail:

Issue Open: Nov 18, 2009 - Nov 20, 2009


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Cox and Kings (India) Ltd IPO Grading / Rating

CARE has assigned an IPO Grade 4 to Cox and Kings (India) Ltd IPO. This

means as per CARE, company has above average fundamentals. CARE

assigns IPO gradings on a scale of 5 to 1, with Grade 5 indicating strong



Number of Times Issue is Subscribed (BSE + NSE

As on Date & Time


Buyers(QIBs)

NonInstitutional

Investors


(RIIs)

EmployeeReservations

To

hares Offered / Reserved 6,403,840 2,744,496 6,403,824 200,000 15,75

y 1 - Nov 18, 2009 17:00 IST 1.0766 0.8304 0.0491 0.0001 0

y 2 - Nov 19, 2009 17:00 IST 1.6039 3.8492 0.1669 0.0515 1

y 3 - Nov 20, 2009 17:00 IST 9.9514 10.6975 0.9813 0.1076 6


47/138


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Incorporated in 1994, Astec LifeSciences Limited is engaged in business of

Agrochemicals and Pharmaceuticals. Company is primarily involved in the

production of active ingredients and intermediates for agrochemicals and

pharmaceutical segment. Hexaconazole, Tebuconazole, Metalaxyl and

Propiconazole are some of their key products in agrochemical segment

which are generally used in crop protection and Dicap is one of the key

Pharmaceutical intermediate which is used in manufacture of antifungal

agents.



Exchanges & to raise capital:

1. Expansion of our existing manufacturing facilities at Mahad,

Maharashtra;

2. Expansion of our existing Research and Development facility at

Dombivli, Maharashtra;

3. Meeting Registration expenses;

4. Meeting long-term working capital requirements;


6. Issue Expenses.

Issue Detail:

Issue Open: Oct 29, 2009 - Nov 04, 2009




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Astec LifeSciences Limited IPO Grading / Rating

CARE has assigned an IPO Grade 2 to Astec LifeSciences Limited IPO. This

means as per CARE, company has below average fundamentals. CARE





As on Date & Time QualifiedInstitutionalBuyers (QIBs)

NonInstitutionalInvestors

Retail

IndividualInvestors

(RIIs)


Total

hares Offered / Reserved 3,700,000 1,110,000 2,590,000 100,000 7,500,000

1 - Oct 29, 2009 17:00 IST 0.2798 0.0000 0.3957 0.0000 0.2700

2 - Oct 30, 2009 17:00 IST 0.5220 0.0000 0.4473 0.0270 0.4100

3 - Nov 03, 2009 17:00 IST 0.5220 0.0000 0.4956 0.1763 0.4300

4 - Nov 04, 2009 17:00 IST 0.6072 2.9997 2.3579 0.5010 1.5600


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IPO Listing Detail

Listing Date: Wednesday, November 25, 2009


NSE Symbol: ASTEC

Listing In: B Group of Securities

Sector:

ISIN: INE563J01010


Face Value:Rs. 10.00 Per Equity Share


BSE


Open: Rs. 85.55

Low: Rs. 80.00


Volume: 12,260,573

NSE

Rs. 82.00

Rs. 83.00

Rs. 83.00

Rs. 90.70Rs. 84.00

13,242,907


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51

Incorporated in 2007, Den Networks Limited is one of the largest nationalcable television companies in India engaged in the distribution of analog

and digital cable television services. They launched their digital cable

television services in February 2008 under the brand Digitelly. Den

Networks currently provide cable television services in the National

Capital Region of Delhi and the states of Uttar Pradesh, Rajasthan,

Maharashtra, Gujarat, Karnataka, Haryana, Madhya Pradesh and Kerala.




1. To invest in the development of cable television infrastructure and

services;

2. To invest in the development of cable broadband infrastructure and

services;3. To invest in acquisition of content and broadcasting rights;

4. To repay certain loans availed by the Company;

5. Fund expenditure for general corporate purposes.

Issue Detail:

Issue Open: Oct 28, 2009 - Oct 30, 2009





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Den Networks Ltd IPO Grading / Rating

ICRA has assigned an IPO Grade 3 to Den Networks Ltd IPO. This means

as per ICRA, company has Average fundamentals. ICRA assigns IPO

gradings on a scale of 5 to 1, with Grade 5 indicating strong fundamentalsand Grade 1 indicating poor fundamentals



As on Date & Time


Buyers(QIBs)

NonInstitutional

Investors


(RIIs)


Total

Shares Offered / Reserved 9,454,980 1,975,000 5,925,000 250,000 17,604,980

Day 1 - Oct 28, 2009 17:00 IST 0.2484 0.0003 0.0345 0.0000 0.1500Day 2 - Oct 29, 2009 17:00 IST 0.3387 0.1558 0.0494 0.0126 0.2200

Day 3 - Oct 30, 2009 17:00 IST 1.0004 4.1244 0.0963 0.6809 1.0400

IPO Listing Detail

Listing Date: Tuesday, November 24, 2009


NSE Symbol: DENListing In: B Group of Securities

Sector:

ISIN: INE947J01015




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BSE


Open: Rs. 195.00

Low: Rs. 149.50

High: Rs. 197.00


Volume: 7,730,791

NSE

Rs. 195.00

Rs. 195.00

Rs. 149.50

Rs. 199.80

Rs. 163.40

10,255,795


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54

Incorporated in 2007, Indiabulls Power Limited is a power project

development company. Company develops and intends to operate and

maintain power projects in India. The Company is a subsidiary of IBREL

(Indiabulls Real Estate), a part of the Indiabulls Group and listed on the

BSE and the NSE. IBREL is one of the largest real estate development

companies in India. It focuses on construction and development of

properties, project management, investment advisory and construction

services.




1. To part finance the construction and development of the 1,320 MW

Amravati Power Project Phase I;

2. Funding equity contribution in the Companys wholly owned

subsidiary, IRL, to part finance the construction and development of the1,335 MW Nashik Power Project; and

3. General corporate purposes.

Issue Detail:

Issue Open: Oct 12, 2009 - Oct 15, 2009






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Indiabulls Power Ltd IPO Grading / Rating

CRISIL has assigned an IPO Grade "3/5" (pronounced "three on five") to

Indiabulls Power Ltd IPO. This means as per CRISIL, company has average

fundamentals. CRISIL assigns IPO gradings on a scale of 5 to 1, with Grade5 indicating strong fundamentals and Grade 1 indicating poor

fundamentals.L



As on Date & Time


Buyers

(QIBs)

NonInstitutional

Investors


(RIIs)

Total

Shares Offered / Reserved 142,716,000 33,980,000 101,940,000 278,636,000

Day 1 - Oct 12, 2009 17:00 IST 10.8642 2.0041 0.3747 5.9500

Day 2 - Oct 14, 2009 17:00 IST 16.2126 2.9824 0.5212 8.8600

Day 3 - Oct 15, 2009 17:00 IST 40.4942 5.7636 1.0913 21.8400


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IPO Listing Detail

Listing Date: Friday, October 30, 2009


NSE Symbol: IBPOW

Listing In: B Group of Securities

Sector: Power - Generation and Supply

ISIN: INE399K01017




BSE


Low: Rs. 35.00

High: Rs. 45.50


Volume: 102,761,429

NSE

Rs. 45.00Rs. 45.05

Rs. 35.35

Rs. 45.05

Rs. 39.50

173,896,784


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57

Thinksoft Global Services Limited was incorporated on June 8, 1998 as

Relliant Global Services (India) Private Limited in Bangalore, Karnataka.

Thinksoft is a Banking, Financial Services and Insurance (BFSI) focused

software testing enterprise. Thinksoft operates as a specialist and niche

player in the financial and insurance software testing space. Company's

service in the area of testing and business requirements assurance includes

functional testing, performance testing, test automation and RequirementsDocumentation services.




1. To establish new testing center;

2. To meet issue expenses;

3. To get the shares listed on Stock Exchanges.

Issue Detail:

Issue Open: Sep 22, 2009 - Oct 01, 2009







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Thinksoft Global Services Ltd IPO Grading / Rating

ICRA has assigned an IPO Grade 2 to Thinksoft Global Services Ltd IPO.

This means as per ICRA, company has Below average fundamentals. ICRA





As on Date & Time


Buyers(QIBs)

NonInstitutional

Investors


(RIIs)

Total

Shares Offered / Reserved 1,823,000 546,900 1,276,100 3,646,000Day 1 - Sep 22, 2009 17:00 IST 0.0000 0.0000 0.0319 0.0100

Day 2 - Sep 23, 2009 17:00 IST 0.0000 0.0037 0.0960 0.0300

Day 3 - Sep 24, 2009 17:00 IST 0.0000 1.0985 1.2954 0.6200

Day 4 - Sep 25, 2009 17:00 IST 0.0000 1.1354 1.3225 0.6300

Day 5 - Sep 29, 2009 17:00 IST 0.2057 2.2782 1.3459 0.9200

Day 6 - Sep 30, 2009 17:00 IST 0.2057 2.3794 1.3788 0.9400

Day 7- Oct 01, 2009 17:00 IST 0.3100 6.0528 4.3064 2.5700


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IPO Listing Detail

Listing Date: Monday, October 26, 2009


NSE Symbol: THINKSOFT

Listing In: 'B' Group of Securities

Sector: IT

ISIN: INE201K01015




BSE


Low: Rs. 100.00

High: Rs. 170.00


Volume: 17,924,873

NSE

Rs. 125.00Rs. 126.00

Rs. 126.00

Rs. 169.80

Rs. 164.40

26,247,157


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Incorporated in 2004, Euro Multivision Limited (EML) is the second largest

company engaged in the manufacturing of CD and DVD's. EML's

manufacturing unit is situated at Taluka Bhachau, Kutch, Gujarat.

Company started with set up a plant for the manufacture of Compact Disc

Recordables (CDRs) and Digital Versatile Disc Recordables (DVDRs). In

2005, Company added five manufacturing lines having an installed

capacity of 720 Lac units of CDRs and 72 Lac units of DVDRs a year. In the

year of 2006-07 company expanded the capacity by adding another 5

manufacturing lines with total installed capacity of CDRs to 1800 Lac units

a year. These 10 manufacturing lines are interchangeable and convertible to

manufacture DVDR and also compatible for manufacturing of pre recorded

CD's and DVD's. EML is a part of EURO group which was promoted byShri Nenshi Shah


The objects of the Issue are:

1. To setup photovoltaic solar cell manufacturing unit;

2. Listing of securities on Stock Exchanges;


Issue Detail:

Issue Open: Sep 22, 2009 - Sep 24, 2009



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Euro Multivision Limited IPO Grading / Rating

CARE has assigned an IPO Grade 3 to Euro Multivision Limited IPO. This

means as per CARE, company has average fundamentals. CARE assigns

IPO gradings on a scale of 5 to 1, with Grade 5 indicating strong




As on Date & TimeQualifiedInstitutional

Buyers(QIBs)

NonInstitutional

Investors


(RIIs)


Total


Day 1 - Sep 22, 2009 17:00 IST 0.0000 1.0786 0.2771 0.0000 0.2500

Day 2 - Sep 23, 2009 17:00 IST 0.6351 2.6103 0.4052 0.0018 0.8300

Day 3 - Sep 24, 2009 17:00 IST 1.2348 3.7807 1.8934 0.3119 1.8100


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IPO Listing Detail

Listing Date: Thursday, October 15, 2009


NSE Symbol: EUROMULTI


Sector: IT - Peripherals

ISIN: INE063J01011




BSE


Open: Rs. 70.00

Low: Rs. 51.60High: Rs. 80.90


Volume: 20,729,385

NSE

Rs. 75.00

Rs. 75.00

Rs. 51.65Rs. 80.70

Rs. 53.55

21,536,334


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63

Incorporated in 1997, Pipavav Shipyard Limited is currently constructing

the Pipavav Shipyard, located on the west coast of India adjacent to major

sea lanes between the Persian Gulf and Asia. Upon completion of

construction, the Pipavav Shipyard will be capable of ship construction and

repairs for a range of vessels of different sizes and types, as well as the

fabrication and construction of products such as offshore platforms, rigs,jackets and vessels (but excluding subsea pipelines) for oil and gas

companies.




1. Construction of facilities for shipbuilding, ship repair and the Offshore

Business;

2. Margin for working capital; and

3. For general corporate purposes.

Issue Detail:







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Pipavav Shipyard Limited IPO Grading / Rating

CARE has assigned an IPO Grade 3 to Pipavav Shipyard Limited IPO. This


IPO gradings on a scale of 5 to 1, with Grade 5 indicating strongfundamentals and Grade 1 indicating poor fundamentals



As on Date & Time


Buyers

(QIBs)

NonInstitutional

Investors


(RIIs)


Total


Day 1 - Sep 16, 2009 17:00 IST 2.8264 7.5346 0.8828 0.0352 2.6700

Day 2 - Sep 17, 2009 17:00 IST 3.9836 9.4302 1.1040 0.4264 3.5700

Day 3 - Sep 18, 2009 17:00 IST 10.6300 14.8152 2.8958 0.7768 8.2500


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IPO Listing Detail

Listing Date: Friday, October 09, 2009


NSE Symbol: PIPAVAVYD

Listing In: B Group

Sector: Shipping

ISIN: INE542F01012




BSE


Open: Rs. 60.05

Low: Rs. 53.85High: Rs. 64.70


Volume: 50,390,390

NSE

Rs. 58.00

Rs. 61.10

Rs. 53.85Rs. 61.10

Rs. 56.70

81,229,559


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Incorporated in 1959, Oil India Ltd is a premier Indian National OilCompany, engaged in the business of exploration, development and

production of crude oil and natural gas, transportation of crude oil and

production of LPG. Oil india also provides various E&P related services

and holds 26% equity in Numaligarh Refinery Limited. Oil India Limited is

second largest oil and gas company in India as measured by total proved

plus probable oil and natural gas reserves and production.




1. Exploration and appraisal activities;

2. Development activities in producing fields;

3. Purchase of capital equipments and contracts for facilities;

4. Diversification of existing business in downstream activities.

Issue Detail:









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Oil India Ltd IPO Grading / Rating

CRISIL has assigned an IPO Grade "4/5" (pronounced "four on five") to Oil

India Ltd IPO. This means as per CRISIL, company has above average

fundamentals. CRISIL assigns IPO gradings on a scale of 5 to 1, with Grade

5 indicating strong fundamentals and Grade 1 indicating poor

fundamentals



As on Date & Time


Buyers(QIBs)

NonInstitutional

Investors


(RIIs)


Total

Shares Offered / Reserved 14,427,263 2,404,544 7,213,631 2,404,544 26,449,982

Day 1 - Sep 07, 2009 17:00 IST 2.3154 0.0022 0.0518 0.0076 1.2800

Day 2 - Sep 08, 2009 17:00 IST 2.5549 0.0089 0.1373 0.0671 1.4400

Day 3 - Sep 09, 2009 17:00 IST 7.1810 0.0370 0.3096 0.1404 4.0200

Day 4 - Sep 10, 2009 19:00 IST 53.8324 10.4770 1.7642 0.2670 30.8200


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68

IPO Listing Detail

Listing Date: Wednesday, September 30, 2009


NSE Symbol: OIL


Sector: Oil and Gas

ISIN: INE274J01014

Issue Price: Rs. 1,050.00 Per Equity Share



BSE

Issue Price: Rs. 1,050.00

Open: Rs. 1,019.00

Low: Rs. 1,019.00High: Rs. 1,156.00

Last Trade: Rs. 1,140.55

Volume: 8,737,957

NSE

Rs. 1,050.00

Rs. 1,096.00

Rs. 1,090.00Rs. 1,156.70

Rs. 1,141.20

19,748,012


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Incorporated in 1993, Globus Spirits Limited is amongst the leading players

in the Alcohol industry in North India. They are in the business of

manufacturing, sales and marketing of Indian Made Foreign Liquor

(IMFL), Industrial Alcohol and Country Liquor.

Globus Spirits major brands are Samurai Gold, Hannibal Rum, White Lace

Gin & White Lace Duet Gin.Globus Spirits owns two modern distilleries

which are situated at:



Exchanges & to raise capital for:

1. Installation of a Multi-Pressure Distillation Plant to produce quality

Extra Neutral Alcohol (ENA) of 35,000 Litres per day from both Molasses

and Grain at Behror Unit in Rajasthan;

2. Installation of a Multi-Pressure Distillation Plant to produce quality

Extra Neutral Alcohol (ENA) of 35,000 Litres per day from Grain at

Samalkha Unit in Haryana;

3. Installation of a High-Pressure Boiler and BackPressure Turbine;

4. Brand development for marketing IMFL brands in 10 more States/Union

Territories;

5. Acquisition of Canteen Stores Department (CSD) registered IMFL

Brands;

6. Revamping of existing storage/bottling capacity at Samalkha Unit,

Haryana and modernization of Bottling Section at Behror Unit, Rajasthan;


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7. Meet expenses of the Issue in order to achieve the benefits of listing on

the Stock Exchanges.

Issue Detail:

Issue Open: Aug 31, 2009 - Sep 02, 2009









Globus Spirits Limited IPO Grading / Rating

CARE has assigned an IPO Grade 3 to Globus Spirits Limited IPO. This


IPO gradings on a scale of 5 to 1, with Grade 5 indicating strong



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As on Date & Time


Buyers(QIBs)

NonInstitutional

Investors

RetailIndividual

Investors(RIIs)

Employee

Reservations

Total


ay 1 - Aug 31, 2009 17:00 IST 0.1879 0.0000 0.0409 0.0000 0.1100

ay 2 - Sep 01, 2009 17:00 IST 0.3758 0.0000 0.1296 0.4844 0.2300

ay 3 - Sep 02, 2009 17:00 IST 0.8590 4.7604 1.0264 0.9632 1.5000

PO Listing Detail

Listing Date: Wednesday, September 23, 2009


NSE Symbol: GLOBUSSPR


Sector: Breweries and Distilleries

ISIN: INE615I01010




BSE


Open: Rs. 110.00

Low: Rs. 89.30High: Rs. 111.30


Volume: 10,395,529

NSE

Rs. 100.00

Rs. 101.00

Rs. 89.50Rs. 111.70

Rs. 91.00

13,142,820


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Incorporated in 1998, Jindal Cotex Limited is in the business ofmanufacturing of Acrylic, Polyester, and Polyester-Viscose, Polyester

Cotton, combed and carded yarns, which are appropriate for apparels,

suitings & knitted fabrics.

Jindal Cotex has installed capacity of 23,472 spindles for acrylic, cotton

blended and polyester yarns. Company manufacture and sell yarns under

the trade name 'JINDAL'.




1. Setting up a new facility for manufacturing of Cotton Yarn, Yarn Dyeing

and Garments;

2. Investment in Subsidiaries - Jindal Medicot Limited and Jindal Specialty

Limited.

Issue Detail:

Issue Open: Aug 27, 2009 - Sep 01, 2009








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Jindal Cotex Limited IPO Grading / Rating

Brickwork has assigned an IPO Grade 3 to Adani Power Limited IPO. This

means as per Brickwork, company has average fundamentals. Brickwork





As on Date & Time


Buyers(QIBs)

NonInstitutional

Investors


(RIIs)


Total


Day 1 - Aug 27, 2009 17:00 IST 0.2411 0.3688 0.2289 0.0000 0.2400

Day 2 - Aug 28, 2009 17:00 IST 0.2411 1.1205 0.3989 0.0000 0.4100

Day 3 - Aug 31, 2009 17:00 IST 0.4349 1.3429 0.6534 0.0209 0.6200Day 4 - Sep 01, 2009 17:00 IST 0.6555 5.9341 3.0891 0.0301 2.2000


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IPO Listing Detail

Listing Date: Tuesday, September 22, 2009


NSE Symbol: INDCOT

Listing In: B Group

Sector: Textile - Composite Mills

ISIN: INE904J01016




BSE


Open: Rs. 75.00

Low: Rs. 75.00


Volume: 24,326,202

NSE

Rs. 75.00

Rs. 77.00

Rs. 76.10

Rs. 93.50Rs. 87.30

29,227,437


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`

Incorporated in 1975, NHPC Limited (Formerly known as National

Hydroelectric Power Corporation Ltd.) is a Govt. of India's Enterprise.

NHPC is a hydroelectric power generating company dedicated to the

planning, development and implementation of an integrated and efficient

network of hydroelectric projects in India. They execute all aspects of the

development of hydroelectric projects, from concept to commissioning.

Issue Detail:

Issue Open: Aug 07, 2009 - Aug 12, 2009


Issue Size: 1,677,374,015 Equity Shares of Rs. 10







NHPC Limited IPO Grading / Rating

ICRA has assigned an IPO Grade 3 to NHPC Limited IPO. This means as

per ICRA, company has average fundamentals. ICRA assigns IPO gradings


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on a scale of 5 to 1, with Grade 5 indicating strong fundamentals and Grade

1 indicating poor fundamentals.

Bidding Status (IPO subscription detail):Number of Times Issue is Subscribed (BSE + NSE)

As on Date & Time


Buyers(QIBs)

NonInstitutional

Investors


(RIIs)


Total

Shares Offered / Reserved 981,263,799 163,543,966 490,631,900 41,934,350 1,677,374,015

Day 1 - Aug 07, 2009 17:00 IST 6.0057 0.0062 0.0952 0.0002 3.5400

Day 2 - Aug 10, 2009 19:00 IST 6.1474 0.1521 0.4929 0.0689 3.7600

Day 3 - Aug 11, 2009 17:00 IST 9.4851 2.4331 1.2507 0.2229 6.1600

Day 4 - Aug 12, 2009 17:00 IST 29.1608 56.7074 3.8730 0.5697 23.7400

IPO Listing Detail

Listing Date: Tuesday, September 01, 2009


NSE Symbol: NHPC


Sector: Power

ISIN: INE848E01016




BSE


Open: Rs. 39.00Low: Rs. 36.60

High: Rs. 39.75


Volume: 193,593,717

NSE

Rs. 36.00

Rs. 42.00Rs. 36.65

Rs. 42.00

Rs. 36.75

508,811,539


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Incorporated in 1996, Adani Power Limited (APL), is a power project

development company. Company operates and maintains power projects

across India. Adani Power Limited is a part of Adani Group, a leading

business group in India. Currently Adani group has presence in coal

mining; coal trading, shipping, power generation, power transmission and

power trading.

Adani Power has four thermal power projects under various stages of

development, with a combined installed capacity of 6,600 MW. In addition

they are also planning to develop two thermal power projects at Dahej and

Kawai with a combined installed capacity of 3,300 MW.




1. To part finance the construction and development of Mundra Phase IV

Power Project, for 1,980 MW;

2. Funding equity contribution in our subsidiary Adani Power Maharashtra

Limited to part finance the construction and development cost of power

project for 1,980 MW at Tiroda, Maharashtra;

3. General corporate purposes.

Issue Detail:

Issue Open: Jul 28, 2009 - Jul 31, 2009



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Adani Power Limited IPO Grading / Rating

ICRA has assigned an IPO Grade 3 to Adani Power Limited IPO. This

means as per ICRA, company has average fundamentals. ICRA assigns IPO

gradings on a scale of 5 to 1, with Grade 5 indicating strong fundamentals

and Grade 1 indicating poor fundamentals



As on Date & Time

Qualified

InstitutionalBuyers(QIBs)

NonInstitutionalInvestors

Retail

IndividualInvestors

(RIIs)


Total

Shares Offered / Reserved 123,333,869 29,365,203 88,095,609 8,000,000 248,794,681

Day 1 - Jul 28, 2009 17:00 IST 7.4500 2.1164 0.0563 0.0000 3.9600

Day 2 - Jul 29, 2009 17:00 IST 8.7040 2.1402 0.1984 0.0080 4.6400

Day 3 - Jul 30, 2009 17:00 IST 12.9306 2.1682 0.5483 0.0246 6.8600

Day 4 - Jul 31, 2009 17:00 IST 39.4757 8.6204 2.9680 0.1114 21.6411


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IPO Listing Detail

Listing Date: Thursday, August 20, 2009


NSE Symbol: ADANIPOWER


Sector: Power - Generation and Supply

ISIN: INE814H01011




BSE


Open: Rs. 105.00

Low: Rs. 98.50High: Rs. 107.90


Volume: 96,423,860

NSE

Rs. 100.00

Rs. 108.00

Rs. 98.30Rs. 110.00

Rs. 100.10

164,328,256


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Incorporated in 2001, Raj Oil Mills Ltd is in the business of manufacturing

and processing of coconut, groundnut, mustard, and soya bean oil. Raj Oil

Mills is the oldest (founded in 1943) and the most successful oil production

company in India. Company's products are sold under three brands i.e

Cocoraj, Guinea and Raj. These brands are in existence for more than 5

decades.




For setting up of facilities at Manor, district Thane;

Refinery of 200 TPD which can process Sunflower, Soyabean,Groundnut, Palm, Cotton Seed oils.

Crushing unit of 200 TPD for Groundnut and Copra. Palm Fractionation unit of 100 TPD and Vanaspati Ghee of 50 TPD. Ayurvedic and Cosmetic unit of 5 TPD. In house Blow Moulding Plant for PET Bottles. For setting up of Crushing unit of 200 TPD for Sesame and Mustard

at Bagru, district Jaipur;

To meet margin money for Working Capital Requirements; For Brand Promotion and Expansion of Marketing & Distribution

Network; For setting up of Research and Development facilities; Issue Related Expenses & get the shares listed on the Stock

Exchanges.


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Issue Detail:

Issue Open: Jul 20, 2009 - Jul 23, 2009







Minimum Order Quantity: 50 Shares Listing At: BSE, NSE

Raj Oil Mills Ltd IPO Grading / Rating

ICRA has assigned an IPO Grade 2 to Raj Oil Mills Ltd IPO. This means as

per ICRA, company has Below average fundamentals. ICRA assigns IPO

gradings on a scale of 5 to 1, with Grade 5 indicating strongBidding Status (IPO subscription detail):


As on Date & Time


Buyers(QIBs)

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