Somi Conveyor Beltings IPO starts June 24

Somi Conveyor Beltings IPOis all set to hit the capital markets on June 24th, 2008. Somi Conveyor Beltings IPO price band has fixed at Rs 35 per equity share with over 62 lakh equity shares of Rs. 10 each under offering. The issue closes for subscription on June 27, 2008.

Somi Conveyor Beltingsissue comprises of contribution by promoters, of 14,99,286 equity shares of Rs 10 each at a price of Rs 35 per equity share for cash aggregating to Rs 5.25 crores, and the net issue to the public of 47,28,574 equity shares of Rs 10 each at a price of Rs 35 per equity share for cash aggregating to Rs 16.55 crores including an allocation of at least 10% of the net issue to the public to Qualified Institutional Buyers. The net issue to public would constitute 40% of the fully diluted post issue paid up capital of the company. The issue price is 3.5 times of the face value of the equity share.

Ashika Capital is the Book Running lead manager to the Somi Conveyor IPO shares and Mondkar Computers is the Registrar to the issue. Post IPO the shares are proposed to be listed on the BSE.

For more information and updates on Somi Conveyor Beltings IPO Subscription and Allotment details do visit us back.

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