Monday, March 8, 2010

IPO- Pradip Overseas Limited on Thursday, March 11, 2010

Initial Public Offer of Pradip Overseas Limited, which is going to open for subscription on Thursday, March 11, 2010  and close for subscription on  Monday, March 15, 2010 .

Brief Overview of the Company:

Incorporated in the year 2005, Pradip Overseas Ltd. (POL) is one of the few textile manufacturers with niche focus on Home Linen Products of both, wider width and narrow width. In addition to the sales in the domestic markets, POL's products are being exported to markets in more than twenty countries (directly and indirectly). POL's current manufacturing capacity is 136.50 million metres per annum with an average capacity utilization of 92%. The Company's existing facility is located at Changodar near Ahmedabad in Gujarat. POL is enhancing its capacities to 169.50 million metres per annum in order to meet the expanding demand and further consolidate its position in the home linen market.

Pradip Overseas Ltd. aims to be a leading manufacturer in the global Home Linen Products market by creating global capacities through value chain linkages to cater to requirements of existing and potential clients with focus on large retail chains and institutional buyers and maximize return on investments.

Its product portfolio include Flat and fitted sheets for double and single beds both in Narrow Width and Wider Width, Quilt Covers and Pillow covers, Mattress Covers, Quilts Poly/Cotton Filled and Curtains. 

Pradip Overseas Ltd. has been certified as conforming to the Quality Management System Standard ISO 9001:2008 covering the supply of dyed and printed fabrics. Further, the existing manufacturing facility at Ahmedabad, Gujarat has been granted authorization according to Oeko-Tex Standard 100 to use the Oeko-Tex mark for articles, namely bed sets (made-ups), woven fabrics made out of 100% cotton and polyster, bleached, reactive dyed, reactive printed, dispersed dyed and dispersed printed and pigment printed (inclusive sewing threads, buttons and zippers), produced by using material certified according to Oeko-Tex Standard 100. Adding to its impressive track record, the company also intends to file applications for obtaining similar certifications for its proposed manufacturing facility.

 

Issue Details:

 

Issue Opens

March 11, 2010

 

Issue Closes

March 15, 2010

Price band (Rs.)

100 – 110

 

Extent of dilution (%)

26.26%

Total Issue of Shares

1,06,00,000

 

Issue size (Rs. in lacs)

10,600 – 11,660

Minimum bid size

60 shares

 

Multiples of

60 shares

 

 

QIB Portion- 50 50,000 (Aggregating to Rs. 5555.00lacs at the higher end of the price band)

Retail Portion - 35,35,000 (Aggregating to Rs. 3888.50 lacs at the higher end of the price band)

HNI Portion - 15,15,000 (Aggregating to Rs. 1666.50 lacs at the higher end of the price band)

Employee Reservation - 5,00,000 (Aggregating to Rs. 550.00 lacs at the higher end of the price band)

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