Cords Cable Industries, a leading ISO 9001-2000 certified specialised cable manufacturer for variety of industries, is open for subscription with an initial public offering (IPO) of 30,85,000 equity shares of Rs 10 each for cash at a price to be decided through a 100% book-building process.
The issue will close for subscription on January 24, 2008. The price band has been fixed between Rs 125 and Rs 135 per equity share. The equity shares are proposed to be listed on Bombay Stock Exchange and National Stock Exchange.
The public issue includes an employee reservation of 70,000 equity shares and the net issue to the public is 30,15,000 equity shares. The issue would constitute 27% of the fully diluted post-issue paid-up capital of the company and the net issue would constitute 26.38%.
At present, CCIL manufacture cables upto 1.1 KV for various applications covering most segments of users including industrial, utility and buildings. It caters to a wide spectrum of cable users in various industries like power, steel, cement, fertilizers and chemicals, refinery / petroleum and many others. Its clients are from diverse industries and include names such as BHEL, NTPC, Hindalco, ACC, HPCL, GAIL, TATA STEEL, Siemens, Honeywell, L&T, MRPL and others.
The company’s revenues have grown from Rs 16.04 crore in FY 2003 to Rs 104.29 crore in FY 2007 and the net profit after tax as restated during the same period has grown from Rs 13.94 lakh to Rs 7.01 crore.
The book running lead manager to the issue is Collins Stewart Inga Private Limited.
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