Financial services company Indiabulls is all set to hit the capital market with its initial public offering of 25 per cent stake at a face value of Rs 2.0, for which it has filed application with the Securities and Exchange Board of India.
The issue size of 2,71,87,519 shares with a face value of Rs 2 per share would be priced through a book building process, a company release said.
Upto 50 per cent of the issue would be allocated to qualified institutional buyers, while the balance would be offered to non-institutional and retail investors.
Indiabulls' plans to tap the capital market for raising funds for promoting new activities, infrastructure upgradation, and investments and acquisitions.
The company has appointed DSP Merrill Lynch and SBI Capital Markets as lead managers to the issue.
Indiabulls posted a net profit of Rs 19.35 crore (Rs 193.5 million) during 2003-04, as against Rs 5.1 crore (Rs 51 million) in 2002-03 while its revenues jumped to Rs 71.95 crore (Rs 719.5 million) from Rs 26.67 crore (Rs 266.7 million).
Indiabulls have attracted over Rs 70 crore (Rs 700 million) investments from various venture capital, private equity and FIIs like the proprietary fund of steel baron L N Mittal, Transatlantic Corporation, Farallon Capital Partners and Infinity Technologies Trustees Private Ltd.
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