Titagarh Wagons IPO opens on Mar 24, 2008
Titagarh Wagons is a leading private sector wagon manufacturer in India. It manufactures railway wagons, Bailey bridges, Heavy Earth Moving and Mining equipment, steel and SG iron castings of moderate to complex configuration etc. It is an Industry Partner to defense Research and Development Organization, Ministry of defense, manufactures special purpose wagons, shelters and other engineering equipments for defense.
It is into three broad business lines:
- Wagon manufacturing
- Special projects (includes defense, Bailey bridges and other fabricated equipment)
- Heavy earth moving and mining equipment division.
Current order book stands at Rs 753.11 crore. Rolling stock division is constituting nearly Rs 669.39 crore as on January 31, 2008.
Titagarh Wagons is entering capital market with an IPO of 24.87 lakh shares, including fresh sale of 3.15 lakh shares by Mrs Savitri Devi and Strategic Ventures Fund (Mauritius), of face value Rs 10 each on March 24. The price band has been fixed at Rs 540 to Rs 610. The issue will close on March 27, 2008.
Amongst PE investments, Blackstone has picked up a minority interest in Titagarh Wagons for Rs 672 a share, which is the fifth major investor to put money in Titagarh Wagons. Other investors include GE Capital Infrastructure (15%), JP Morgan (5%), 2i Capital (6%) and ChrysCapital (6.5%).
If you enjoyed this post, please consider to leave a comment or subscribe to the feed and get future articles delivered to your feed reader.
Comments
[...] IPO was opened on 24th March with 24.87 lakh shares including fresh sale of 3.15 lakh shares by Mrs Savitri Devi [...]
[...] initial public offering (IPO) of Titagarh Wagons was almost fully subscribed by the end of the third day of the issue today. The IPO received bids [...]