1.

Indiabulls Power IPO

Indiabulls Power is in the business of developing thermal and hydro power projects and it currently has the
following projects under development. The Indiabulls IPO was planned to raise funds to partly finance these power
projects.
• Price Band - Rs40 to Rs45
• Opening Date – 12th Oct, 09
• Closing Date - 15th Oct, 09
• Market Capitalization - Rs 1,700 crore(upper end) ; Rs 1,500 crore lower end)
• Underwriters - The BRLM and the Syndicate Members
• Subscription - The issue was subscribed 21.84 times.
• All bids came in at higher end of the band.
• QIB Portion - The portion of the Issue being at least 203,880,000 Equity Shares of Rs.10 each to be
Allotted to QIBs
• QIBs supported the issue with their reserved portion being subscribed over 40.49 times. QIBs are Fidelity,
Nomura, Capital International, Goldman Sachs AMC, Mirae AMC, Reliance MF, SBI, IDFC, LIC MF,
HSBC, Halbis, Birla MF and ICICI Pru Life Insurance.
• Non-institutional investors' reserved portion got subscribed nearly 5.76 times and retail 1.09 times.
• The minimum bid lot was of 150 equity shares and in multiples of 150 shares thereafter.
• The total IPO size, with the over-allotment option for underwriters, stands at 390.7 million shares
• Of this, the IPO would be of 339.8 million shares of Rs 10 each; the green shoe (over-allotment) option
would be up to 50.9 million shares.
• The proceeds will part-finance construction and development of the 1,320 Mw Amravati Power Project
Phase-I, as also the 1,335 Mw Nashik Power Project, apart from general corporate purposes.
• Indiabulls Power estimates that they need Rs. 310,524.00 million for the projects that they are developing.
• Approximately 25% of the project is estimated to be financed from equity and the rest from debt.
• CRISIL has graded this IPO – 3 out of 5, which indicates average fundamentals relative to other stocks in
India.
• The issue opened for subcription during October 12-15 with 39.07 crore equity shares shares, including a
green shoe option of retaining 5.09 crore equity shares.
• Morgan Stanley India is the sole Book Running Lead Manager to the issue.
• Karvy Computershare Pvt Ltd is the registrar to the issue.
• Stock Exchanges - The BSE and the NSE

2. DB Realty Ltd (DBRL)

DB Realty Ltd (DBRL) is a real estate development company that is focused on residential, commercial, retail
and other projects, such as mass housing and cluster redevelopment, in and around Mumbai. As of December 31,
2009, it has eleven Ongoing Projects, aggregating approximately 19.51 million square feet of Saleable Area, eight
Forthcoming Projects, aggregating approximately 19.28 million square feet of Saleable Area and six Upcoming
Projects, aggregating approximately 22.24 million square feet of Saleable Area.
• Issue Open: January 29 – February 02, 2010
• Price Band: Rs. 468 – Rs. 486
• Issue Size: Rs. 1,500 cr
• Issue Size: 30.86-32.05 mn equity shares
QIB atleast 60%
Retai not less than 30%
Non-Institutional not less than 10%
• Face Value: Rs 10
• Book value: Rs 67.36 (Sept 30, 2009)
 • Bid size: - 14 equity shares and in multiples thereof
• Capital Structure:
o Pre Issue Equity: Rs 211.20 cr
o Post issue Equity: Rs. 242.07 – 243.25 cr
• Listing: BSE & NSE
• Lead Manager(1): Enam Securities Pvt Ltd
• Lead Manager(2): Kotak Mahindra Capital Company Ltd
• Registrar to issue: Link Intime India Pvt Ltd
• Shareholding Pattern
Shareholding Pattern Pre issue% Post issue% *
Promoters & Promoter Group 73.75 64.34
Public (incl institutions &employees) 26.25 35.66
Total 100.0 100.0
*assuming pricing at higher end of band
• Objects of Issue:
The objects of the Issue are:
 To meet expenses of construction and development of certain Projects.
 To pre-pay the loan taken from IDFC.
 For meeting expenses towards general corporate purposes
• Minimum investment amount – Rs 6,552.00
• Maximum Shares for Retail - 210-196
• Subscription - The IPO was subscribed 2.95 times
• Most bids were at the lower end of the Rs468 to Rs 486 price band.
• Institutional buyers applied for 4.7 times the shares available, and high net-worth investors for 4.2 times
their allocation.
• The unsubscribed portion of retail stock will be allocated to other investors.
• CRISIL has graded this IPO – 2 out of 5, which indicates average fundamentals relative to other stocks in
India
• Stock Exchanges - The BSE and the NSE

3. Emmbi Polyarns Limited

EMMBI Polyarns Limited, a Mumbai-based an ISO 9000: 2008 certified Polymer Processing company has
been engaged in the manufacture and sale of FIBC (Jumbo Bags) and Woven Sacks and various woven polymer-
based products such as Container Liners, Protective irrigation system, Canal Liners, Flexi Tanks, Car covers etc.
EMMBI Polyarns Ltd. has distinguished itself as one of India’s well established brands in the field of woven
polyethylene and polypropylene product manufacturing industry.
Emmbi Polyarns is looking to expand its facility to increase the present installed capacity from 5,000 MTPA
to 17,800 MTPA. The expansion project is proposed to be located at Silvassa in the Union Territory of Dadra &
Nagar Haveli. The company would require 20,000 sq. meters of land for its present expansion, of which about
5,000 sq. meters (Phase I) would be on the existing land owned by the company and about 15,000 sq. meters
(Phase II) would be through new acquisition. Emmbi also proposes to construct 75,000 sq. ft. of new
manufacturing building for the proposed project.
• Issue price / Floor Price - Rs 40 - Rs45
• Application per share – Rs 40
• Face Value: Rs 10
• Minimum investment amount – Rs 6000
• Minimum bid (no of shares) - 150 shares and in multiples of 150 thereafter
• Maximum Shares for Retail - 2400-2100
• Issue opens - 01-Feb-10
• Issue closes - 03-Feb-10
 • Issue size - Rs 38.3- Rs43.08 cr
• Total shares offered – 95.74 lakhs
• Of above, offered to public - 95.24 lakhs
• Post-issue shares - 174.06 lakhs
• Lead Manager - Keynote Corporate Services Ltd
• Registrar - Datamatics Financial Services
• Stock Exchanges - The BSE and the NSE

4. Syncom Healthcare
Catering primarily to the domestic market, Syncom manufactures and markets pharmaceutical formulation
under its own brand name in four product segments — generics, OTC (over the counter), ethical and herbal. The
company also undertakes contract manufacturing for various pharmaceutical formulations, neutraceutical products,
food supplements and cosmetics for domestic companies such as Lupin and Piramal Healthcare. Further, it recently
added other companies such as Wockhardt, Klar Sehen and Canixa Sciences to its existing list of contract
manufacturing companies.
• Issue price / Floor Price - Rs 65 – Rs75
• Application per share – Rs 65
• Face Value: Rs 10
• Minimum investment amount – Rs 5850
• Minimum bid (no of shares) - 90 shares and in multiples of 90 thereafter
• Maximum Shares for Retail - 1530-1260
• Issue opens - 27-Jan-10
• Issue closes - 29-Jan-10
• Issue size - Rs 178.20-199.80 cr
• Mkt cap at issue price – Rs 1485-1665 cr
• Total shares offered – 108 lakhs
• Of above, offered to public - 107 lakhs
• Post-issue shares – 900.16 lakhs
• Post-issue promoters holding(%) – 38.14
• Lead Manager - Kotak Mahindra Capital Company Limited, Enam Securities Private Limited
• Registrar - Datamatics Financial Services
• Stock Exchanges - The BSE and the NSE

5. JSW Energy Limited

JSW Energy Ltd is an established energy company with 560 megawatts of operational generating capacity and
3,090 MW of generating capacity in the construction or implementation phase. JSW Energy plans to foray in all
areas of power Generation, Transmission, Distribution and Trading. Currently company is working on power
solutions in the States of Karanataka, Maharashtra, Rajasthan and Himachal Pradesh.
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. 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
3. General Corporate Purposes.

Issue Detail:
 • Issue Open: Dec 07, 2009 - Dec 09, 2009
• Issue Type: 100% Book Built Issue IPO
• Issue Size: Equity Shares of Rs. 10
• Issue Size: Rs. 2,700.00 Crore
• Face Value: Rs. 10 Per Equity Share
• Issue Price: Rs. 100 - Rs. 115 Per Equity Share
• Market Lot: 60 Shares
• Minimum Order Quantity: 60 Shares
• Listing At: BSE, NSE
• The book running lead managers to the Issue are JM Financial Consultants Private Limited, Kotak
Mahindra Capital Company Limited, ICICI Securities Limited, IDFC-SSKI Limited, J P Morgan
India Private Limited, SBI Capital Markets Limited, Morgan Stanley India Company Private Limited
and IDBI Capital Market Serviced Limited
• Registrar - Karvy Computershare Private Limited

Number of Times Issue is Subscribed (BSE + NSE)

Qualified InstitutionalNon InstitutionalRetail Individual

As on Date & Time
Buyers (QIBs) Investors Investors (RIIs)
Shares Offered / Reserved 119,631,921 26,982,124 80,946,371 227,560,415
Day 1 - Dec 07, 2009 17:00
2.3633 0.0064 0.0185 1.2500
IST
Day 2 - Dec 08, 2009 17:00
2.7710 0.0548 0.0566 1.4800
IST
Day 3 - Dec 09, 2009 17:00
2.8846 0.1510 0.4040 1.6800
IST

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. The initial public offering (IPO) of JSW Energy, has received
mild response from investors though it had subscribed fully on day one. It closed for subscription and was
subscribed 1.68 times.

Qualified institutional buyers 2.88

Non institutional investors 0.15
Retail individual investors 0.40
Total 1.68