Porwal Autocomponents Listing

On 14 January 2008

Porwal Auto Components will list on stock exchanges on Monday, 14 January 2008. The stock will be placed in the B1 group on BSE.

The company had fixed the IPO price at the top end of the Rs 68-75 price band. At the IPO price of Rs 75, the PE multiple works out to 150, based on the year ended March 2007 EPS of Rs 0.5.

The Porwal Auto Components IPO had ended on 20 December 2007 with 1.03 times subscription. The issue received total bids for 51.66 lakh shares as against 50 lakh shares on offer.

The qualified institutional buyers (QIBs) category was subscribed 0.21 times, the non institutional investors category was subscribed 0.47 times and the retail investors category was subscribed 2.44 times.

Porwal Auto Components manufactures of automotive components. The company has manufacturing facilities at Indore.

The company plans to use the proceeds to increase its current capacity from existing 6,600 metric tonne per annum to 27,600 metric tpa and set up a wind mill with power generation capacity of 1.5 megawatts (MW) for captive consumption.

Porwal Auto Components reported a profit after tax of Rs 0.75 crore on sales of Rs 29.51 crore in the year ended March 2007.