Financial Daily from THE HINDU group of publications
Saturday, Aug 28, 2004
Financial Daily from THE HINDU group of publications Saturday, Aug 28, 2004 |
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Money & Banking
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IPOs Indiabulls sees consolidation in financial market Our Bureau
(From left)Mr Sameer Gehlaut, Chairman & CEO, Indiabulls, Mr Rajiv Rattan, President & CFO, and Mr Divyesh B. Shah, Head (Offline Sales), at a press conference in the Capital on Friday — Ramesh Sharma
New Delhi , Aug. 27 INDIABULLS Financial Services Ltd, which is going public on September 6, is expecting major consolidation in the Indian financial market over the next two to three years. In future, the top few players will account for almost 80 per cent of the market and Indiabulls with its nationwide presence hopes to be one among them, the company's Chief Executive Officer, Mr Sameer Gehlaut, told newspersons here on Friday. He said that the company has a client base of around 43,000 retail investors and hopes to multiply it several times in the coming days with its presence spread over 55 cities. The company's average daily trading volume is around Rs 450 crore. As of now, the three main promoters, namely Mr Sameer Gehlaut, Mr Rajiv Rattan and Mr S.K. Mittal, have around 49 per cent stake in the company. Post-issue, the promoters' holding would come down to about 44 per cent. A number of strategic investors like LNM India Internet Ventures, Transatlantic Corporation, Farallon Capital LP and Infinity Technologies together hold around 37 per cent stake in company. The company is tapping the capital market with an offer of 2.71 crore equity shares having a face value of Rs 2 each and a premium of Rs 15-17 per share. It hopes to raise funds in the range of Rs 43-52 crore depending on the cut-off price in the book-building process. According to the company's plans, while 50 per cent of the shares will be allocated to qualified institutional bidders (QIBs), non-institutional bidders would be allocated around 25 per cent and retail investors would also be allocated 25 per cent of the issue.
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