The Hindu Business Line : Blue Bird files IPO prospectus with SEBI

Blue Bird (India) Ltd, a manufacturer of notebooks, office stationery and print publications, has filed its draft red herring prospectus with the SEBI to enter the capital market with its initial public offering of equity shares.

The company proposes to offer one crore equity shares of Rs 10 each for cash at a premium to be decided through the book-building process. Of the shares on offer, 50 per cent is being reserved for allotment to qualified institutional bidders and 15 per cent to non-institutional investors.

The remaining 35 per cent is reserved for allotment to retail investors on a proportionate basis. The issue will constitute 28.57 per cent of the fully diluted post-issue equity capital of the company.

The Chairman, Mr Nitin P. Sontakke, said in a release: "We plan to expand our market presence to retain leadership in the organised market for paper-based student/exercise book products in India".

"We plan to develop facilities in south India during fiscal 2007 and 2008, and increase marketing efforts and penetration in sub-Saharan Africa," he added.

DSP Merrill Lynch is the sole book running lead manager to the issue.

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Blue Bird files IPO prospectus with SEBI