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A PROJECT REPORT ON

Initial Public Offers A Study The Performance of Major Players of IPOS In NSE 2011 & There Price Band Fixing In Indian Stock Market

SUMITTED TO:PUNJAB TECHNICAL UNIVERSITY, JALANDHAR IN PARTIAL FULLFILMENT OF THE REQUIREMENT FOR THE AWARD OF THE DEGREE OF MASTER OF BUSINESS ADMINISTRATION

SUPERVISED BY:-

SUBMITTED BY:-

GLOBAL INSTITUTE OF MANAGEMENT, AMRITSAR (2010-2012)

EXECUTIVE SUMMARY
As we all know IPO INITIAL PUBLIC OFFERING is the hottest topic in the current industry, mainly because of India being a developing country and lot of growth in various sectors which leads a country to ultimate success. And when we talk about countrys growth which is dependent on the kind of work and how much importance to which sector is given. And when we say or talk about industries growth which leads the economy of country has to be balanced and given proper finance so as to reach the levels to fulfill the needs of the society. And industries which have massive outflow of work and a big portfolio then its very difficult for any company to work with limited finance and this is where IPO plays an important role. This report talks about how IPO helps in raising fund for the companies going public, what are its pros and cons, and also it gives us detailed idea why companies go public. How and what are the steps taken by the companies before going for any IPO and also the role of (SEBI) Securities and Exchange Board of India the BSE and NSE , what are primary and secondary markets and also the important terms related to IPO. It gives us idea of how IPO is driven in the market and what are various factors taken into consideration before going for an IPO. And it also tells us how we can more or less judge a good IPO.Then we all know that scams have always been a part of any sector you go in for which are covered in it and also few recommendations are given for the same. It also gives us some idea about what are the expenses that a company undertakes during an IPO. IPO has been one of the most important generators of funds for the small companies making them big and given a new vision in past and it is still continuing its work and also for many coming years.

Initial Public Offering Initial public offering (IPO), also referred to simply as a public offering, is when a company issues common stock or shares to the first time. They are often issued by smaller, younger companies seeking capital to expand, but can also be done by large privately-owned companies looking to become publicly traded. In a IPO, the issuer may obtain the assistance of an underwriting firm, which helps it determine what type of security to issue (common or preferred), best offering price and time to bring it to market. Initial Public Offering (IPO) in India means the selling of the shares of a company, for the first time, to the public in the countrys company or by issuing new shares. During an Initial Public Offering the shares are given to the public at a discount on the intrinsic value of the shares and this is the reason that the investors buy shares during the Initial Public Offering in order to make profits for themselves. IPO in India is done through various methods like book building method, fixed price method, or a mixture of both the method of book building has been introduce in the country in 1999 and it helps the company to find out the demand and price of its shares. A issuing the Initial Public Offering decides the number of shares that it will issue and also fixes the price band of the shares. All these information are mentioned in the companys re herring prospectus. During the companys Initial Public Offering in India, an electronic book is opened for at least five day. During this period of time, bidding takes place which means that people who are interested in buying the shares of the company makes an offer within the fixed price band. OBJECTIVES OF STUDY 1. To analyze the past performance of IPOs listed in NSE 2011. 2. To study the process of price band fixing in IPOs. SECONDARY SOURCE When an authorized organization or an investigator uses the data already collected by some other authorized agency or investigator. Secondary data are, by a large available from publications or periodical of authorized agencies or

institutions. The main source of data collected for this project is the secondary source. In the also most of the data is collected from the websites

CHAPTER-1

INITIAL PUBLIC OFFERING (IPO)

Initial public offering (IPO), also referred to as a public offering, is when a company issues common stock or shares to the public for the first time. They are often issued by smaller, younger companies seeking capital to expand, but can also be done by large privately-owned companies looking to become publicly traded. In an IPO, the issuer may obtain the assistance of an underwriting firm, which helps it determine what type of security to issue (common of preferred), best offering price and time to bring it to market. Initial Public Offering (IPO) in India means the selling of the shares of a company, for the first time, to the public in the countrys capital markets. This is done by giving to the public, shares that are either owned by the promoter of the company or bye issuing new shares. During an Initial Public Offer (IPO) the shares are given to the public at a discount on the intrinsic value of the shares and this is the reason that the investors buy shares during the Initial Public Offering (IPO) in order to make profits for themselves. IPO in India is done through various method od book building has been introduced in the country in 1999 and it helps the company to find out the demand and price of its shares. A merchant banker is nominated as a book runner by the Issuer of the IPO. The company that is issuing the Initial Public Offering (IPO) decides the number of shares that it will issue and also fixes the price band of the shares. All these information are mentioned in the

companys red herring prospectus. During the companys Initial Public Offering (IPO) in India, an electronic book is opened for at least five days. During this period of time, bidding takes place which means that people who are interested in buying the shares of the company makes an offer within the fixed price band. Once the book building is closed then the issuer as well as the book runner of the Initial Public Offering (IPO) evaluate the offers and then determine a fixed price. The offer for shares that fall below the fixed price are rejected. The successful bidders are then allotted the shares. IPOs can be risky investment. For the individual investor, it is tough to predict what the stock or shares will do on its initial day of trading and in the near future since there is often little historical data with which to analyze the company. Also, most IPOs are of companies going through a transitory growth period, and they are therefore subject to additional uncertainty regarding their future value. There are some kinds of issues as shown in diagram

Different Kinds Of Issues

Offer for Sale : When existing shareholders of an unlisted company invite the public to buy their shares which will then be listed on the stock exchange is called an Offer for Sale. Follow on Public Offer ( FPO) : When an already listed company makes either a fresh issue of shares to the public or an offer for sale of existing shares to the public, it is referred to as a follow on public offer. Rights Issue: When a listed company proposes to issue fresh shares to its existing shareholders, it is called as a rights issue. Rights shares are normally to existing investors in a particular ratio corresponding to the number of shares they already hold with the company. For example if a company issues a 1:2 rights issue @ Rs.20/- per share, every investor who holds 2 shares of the company already can buy 1 new share at Rs.20/- per share. This route is best suited for companies who would like to raise capital without diluting the % stake of existing shareholders. Preferential Issue: A Preferential issue is when a listed company decides to issue shares to a select group of persons who are not current share holders of the company. This type of an issue will dilute the % holding of current shareholders and will require their permission. These issues are normally done when a company desires to issue a block of shares to a select/ particular group of people. The issuing company has to comply with the provisions of the companies act and also all SEBI guidelines apart from getting approval from existing shareholders to go ahead with the issue.

REASONS FOR LISTING


Initial Public Offering is defined as the first sale of stock by a private company to the public. When a new company or an existing company but without any shares listed on the stock exchange invites the public to buy shares, it is known as Initial Public Offering or IPO. More often IPOs are issued by small and new companies looking for capital to expand their businesses. However IPOs can also be issued by large privately-owned Businesses looking to become publicly traded. There are a number of reasons for listing shares on the public exchange by various companies. Since it is the first time the company is approaching the public for money it also sometimes known as going public. When a company lists its shares on a public exchange, it will almost invariably look to issue additional new shares in order to raise extra capital at the same time. The money paid by investors for the newly-issued shares goes directly to the company (in contrast to a later trade of shares on the exchange, where the money passes between investor).

A Literature Review
DEEPAK AGRAWAL IBS, Hyderabad June 1, 2009:

This paper covers a review of literature regarding IPO under pricing, defined as degree of difference in the closing price of an offer and closing price of listing day of that security on an exchange. There are various factors, such as information asymmetry, underwriters intention and reputation, firms characteristics, industry classification, regulatory environment, listing delay, marketing, postIPO ownership structure, and intentional under pricing that influence the level of under pricing, discussed in the paper. Apart from this few postIPO implications are presented which are well documented in the literature. In addition, one section is dedicated toward the scenario of Indian primary market, which has unique characteristics of its own to attract researchers to examining the evidences about the IPO market. RAGUPATHY M.B. IIT Madras The IUP Journal of Behavioral Finance, Vol. VIII, No. 1, pp. 41-50, March 2011 : Initial Public Offering (IPO) is a milestone in a corporations financial strategy. Studies probing this cardinal activity are diverse. While, post-issue stock performance dominates the IPO literature, valuation and pricing and ownership and structuring issues follow later in that order. IPO research found a firm ground in some of the well-established finance theories like signaling theory, and capital structure theory. The effect of institutional investors in various aspects of the IPO process is the theme of a relatively new stream of research on public offerings. While most of the studies are done in the context of US, an equally rich set of publications can be found in other contexts too. Unlike who provides the review based on IPO process, this study reviews the literature on 'IPO as a financial strategy' by integrating the factors like, underwriter selection involving

venture capitalist, reducing informational asymmetries and reducing ownership without loosing control. Jay Ritter Ivo Welch : We review the theory and evidence on IPO activity: why firms go public, why they reward first-day investors with considerable underpricing, and how IPOs perform in the long run. Our perspective on the literature is three-fold: First, we believe that many IPO phenomena are not stationary. Second, we believe research into share allocation issues is the most promising area of research in IPOs at the moment. Third, we argue that asymmetric information is not the primary driver of many IPO phenomena. Instead, we believe future progress in the literature will come from non-rational and agency conflict explanations. We describe some promising such alternatives. Paul M. Healy Harvard Business School; National Bureau of Economic Research (NBER) James Michael Wahlen Indiana University Bloomington Department of Accounting November 1998 : In this paper we review the academic evidence on earnings management and its implications for accounting standard setters and regulators. We structure our review around questions likely to be of interest to standard setters. Specifically, we review the empirical evidence on which particular accruals are used to manage earnings, the magnitude and frequency of any earnings management, and whether earnings management affects resource allocation in the economy. Our review identifies a numberof important opportunities for future research on earnings management. Greg Gregoriou, Professor of Finance in the School of Business and Economics, State University of New York, Plattsburgh description: After the cooling off of IPOs since the dot com bubble, Google has rekindled the fire for IPOs. This IPO reader contains new articles exclusive to this reader by leading academics from around the world dealing with quantitative and qualitative

analyses of this increasingly popular and important area of finance. Articles address new methods of IPO performance, international IPOs, IPO evaluation, IPO underwriting, evaluation and book building. Although numerous articles are technical in nature, with econometric and statistical models, particular attention has been directed towards the understanding and the applicability of the results as well as theoretical development in this area. This reader will assist researchers, academics, and graduate students to further understand the latest research on IPOs. Ritter (1991) examin1,526 IPO stocks and finds a negative 15.08 percent average cumulative matching firm-adjusted return after 36 months. Comparing returns from firms of similar size and industry, the average IPO stocks cumulative abnormal returns are negative 26 percent. Ritter argues that the result is consistent with investors being overoptimistic about potential growth firms. Ritter also argues that the use of equally weighted monthly returns implies an increasing investment in poorly performing firms is avoided using independent monthly rebalancing. Similarly, Spiess and Affleck-Graves (1995) examine 1,246 seasoned equity offerings during the period 1975-1989 in the same way of Ritter (1991), and find a negative abnormal return of 22 percent. Mcguinness (1992) in his study of 80 Hong Kong IPOs, examine them over the period 1980-90. Examination of the post-listing returns for the IPOs indicates that significant positive returns occur during the first day of trading and disappear thereafter. Analysis of the initial excess market returns on these issues reveal under-pricing of nearly 18 per cent, on average, across the period of interest. He outlines and investigates a number of possible explanations for IPO underpricing. The results reveal support for three explanations of IPO under-pricing. Jelic, Saadouni, and Briston (2001) studies the share price performance of Malaysian IPOs listed on the KLSE (Kuala Lumpur Stock Exchange) Main Board during the period 1980 1995. They report that the month 36, CAR (Cumulated Abnormal Return) is significantly positive at 24.83 percent; buy-andhold returns (BAHRs) adjusted for the KLSE index are also positive and statistically significant

for month 36, at 21.98 percent and is consistent with CAR. They also find that their sample of 182 Malaysian IPO companies between 1980 and 1995 on average seems to insignificantly under-perform their matching companies after three years. The value-weighted mean BHARs for one, two, and three years are all negative but 422 not statistically significant. This result is consistent with that obtained using the valueweighted CAR measure, which produces a greater fall in returns, indicating that the performance of large IPO companies is inferior to that of small IPO companies. Omran (2005) studies 53 Egyptian firms from 1994 to 1998 and shows that these firms yield statistically significant initial excess return. He finds mixed results in the aftermarket of those IPOs. In his several cross-sectional regression models, the results indicate that ex-ante uncertainty and over-subscription are the only significant variables in determining the initial excess returns, while over a one year period, the abnormal returns are driven by ex-ante uncertainty and price earning ratio. However, the after market abnormal returns over three and five year periods are significantly affected by the initial excess returns, the price earning ratio, and, to a lesser extent by oversubscription variable. Sullivan & Unite (1999) show first-day returns earned by investors purchasing the initial public offer of a Philippine company are consistent with what has been documented in other countries. They conclude that these returns would be attributed to the under-pricing of IPOs. Initial returns of 22.69 percent are greater than those documented for U.S. IPOs. This finding confirms the view that investors in smaller countries with a less developed capital market are subject to greater risks. However, this under-pricing of Philippine IPOs is dramatically less severe than under-pricing documented for other emerging market countries and less than other Pacific-Rim countries. Possible reasons for these differences include: (1) Stage of market liberalization, (2) Development of the stock market, (3) Stock market regulations, (4) Information disclosure and accuracy, and Specific firm characteristics. (5)

Wai-Yan, Yan-Leung and Ka-Kit (2004) examine the intraday patterns of IPOs in Hong Kong Stock market during the period 1995-1999. They also show that the Hong Kong market is efficient in adjusting for IPOs under-pricing. They conclude that there is no profit opportunity for day-traders who buy and sell shares of newly listed issues during the first trading day. Only those investors who purchase shares directly from IPOs can get profit. Alvarez et al. (2005) in their paper portray two main things: First, they analyze the long-run performance of Spanish IPOs made during the 19871997 period, and they study the influence of under-pricing as a signaling mechanism in the post-listing performance of IPOs. \

RESEARCH METHODOLOGY Research methodology is a systematic way, which consists of series of action steps, necessary to effectively carry out research and the desired sequencing to these steps. The marketing research is a process of involves a number of inter related activities, which overlap and do rigidly follow a particular sequence. Every project should be done scientifically and to have that system a proper methodology should be followed to have the proper, logical, rational and systemically analysis of data. So everyone should go through the method which can provide optimum result. It consists of the following steps: Need of the study Formulating the objective of the study Research design Collection of the data Limitation of the study

NEED OF THE STUDY The need of study is to study the performance of Initial public offer into the Indian stock market in the past year 2011 and analyses the return of IPOs. in my study, The study covers the .. major player of initial public offering in the past year and how they performs in the stock market by using various tools and secondary data which is available on internet. OBJECTIVES OF THE STUDY 1. To analyze the performance of IPOs listed in NSE 2011 2. To study the process of price band fixing in IPOs

RESEARCH DESIGN The design of the research project is descriptive in nature. DATA COLLECTIONS PRIMARY SOURCES When any authorized organization or an investigator collect the data for the first time himself or with the help of an institution or an expert than the data thus collected are called primary data. No data for the analysis is collected from the primary sources. SECONDARY SOURCES When an authorized organization or an investigator uses the data already collected by some other authorized agency or investigator, then such data become secondary data for the user organization. Secondary data are, by a large available from publications or periodical of authorized agencies or institutions. The main source of data collected for this project is the secondary source. In that also most of the data is collected from the websites. SELECTION OF SAMPLE Stock Exchange :- National Stock Exchange Sample Period : Year 2011

Sample Size:- I have selected the major player of Initial Public Offering in year 2011. 1 Indo Thai Securities Limited 2 Inventure Growth & Securities Ltd 3 Brooks Laboratories Ltd 4 Aanjaneya Lifecare Ltd 5 Taksheel Solutions Ltd 6 Bharatiya Global Infomedia Ltd LIMITATIONS: 1 Time constraint: time period of 3 months is a short duration to reach on any conclusion. 2 Availability of data : sufficient data was not available which needed for analysis 3 Reliability : we cant say that we should be reliable on data which we concluded.

Names of the company and there price offer i.e. open price, close price

List of Upcoming IPO's, Current IPO's and Recently Closed IPO's in India Issuer Company Issue Issue Offer Price Issue Issue Size Open Close (Rs.) Type (Crore Rs.) Indo Thai Securities Sep 30, Oct 05, 70/- to 84/- IPO-BB 29.60 Limited IPO 2011 2011 Inventure Growth & Jul 20, Jul 22, 100/- to IPO-BB 81.90 Securities Ltd IPO 2011 2011 117/Brooks Laboratories Aug 16, Aug 18, 90/- to IPO-BB 63.00 Ltd IPO 2011 2011 100/Aanjaneya Lifecare Ltd May 09, May 12, 228/- to IPO-BB 117.00 IPO 2011 2011 240/Taksheel Solutions Ltd Sep 29, Oct 04, 130/- to IPO-BB 82.50 IPO 2011 2011 150/Bharatiya Global Jul 11, Jul 14, 75/- to 82/- IPO-BB 55.10 Infomedia Ltd IPO 2011 2011

Incorporated in 1995, Indo Thai Securities is an India based Stock Broking Company providing trading services in Indian Equity Market (BSE and NSE), Future & Options and Currency Derivatives Segments. The parent group of Indi Thai Securities is Indo Thai group which has 13 financial companies under its umbrella. Company also provides depository services through Central Depository Services (India) Limited. Other services offered by Indo Thai Securities includes Mutual Fund Service System (MFSS) & Interest Rate Futures (IRF) from NSE. Company targets net worth individuals and retail investors across India for its services. Company operates its business from Indore, MP and business from more than 60 locations across 6 States of India including 14 branches in all over India.

Issue Detail: Issue Open: Sep 30, 2011 - Oct 05, 2011 Issue Type: 100% Book Built Issue IPO Issue Size: 4,000,000 Equity Shares of Rs. 10 Issue Size: Rs. 29.60 Crore Face Value: Rs. 10 Per Equity Share Issue Price: Rs. 70 - Rs. 84 Per Equity Share Market Lot: 80 Shares Minimum Order Quantity: 80 Shares Listing At: BSE, NSE

Indo Thai Securities IPO Grading CARE has assigned an IPO Grade 2 to Indo Thai Securities IPO. This means as per CARE, company has 'Below Average Fundamentals'. CARE assigns IPO grading on a scale of 5 to 1, with Grade 5 indicating strong fundamentals and Grade 1 indicating poor fundamentals. Read Indo Thai Securities IPO Report Issue Subscription Detail / Current Bidding Status Number of Times Issue is Subscribed (BSE + NSE) Retail Qualified Non Individual Institutional Institutional Total Investors Buyers (QIBs) Investors (NIIs) (RIIs) 2,000,000 600,000 1,400,000 4,000,000 0.0000 0.0000 0.0000 0.0200 0.0000 0.1500 0.4900 3.3500 0.0000 0.0500 0.1700 1.1800

As on Date & Time

Shares Offered / Reserved Day 1 - Sep 30, 2011 17:00

0.0000 IST Day 2 - Oct 03, 2011 17:00 IST 0.0000 Day 3 - Oct 04, 2011 17:00 IST 0.0000 Day 4 - Oct 05, 2011 17:00 IST 0.0000

incorporated in 1995, Inventure Growth and Securities Ltd (IGSL) is a flagship Company of Inventure Group. They offer trading services in equity cash and derivatives market, debt market, commodities and currency futures segment to financing activity, wealth management, and distributions of financial product. IGSL is providing advisory and innovatively structured financial solutions in the area of fund raising, infrastructure development, government borrowing, corporate restructuring and money market intermediation. At the retail level, Inventure provides investment advisory service and distributes financial products like mutual funds, insurance products, etc. IGSL's client includes institutional clients, high net worth individuals and retail investors. Inventure operates through 224 business locations including branches, franchisees (Remisiers and Authorised Person) and sub-brokers located across India. Issue Detail: Issue Open: Jul 20, 2011 - Jul 22, 2011 Issue Type: 100% Book Built Issue IPO Issue Size: 7,000,000 Equity Shares of Rs. 10 Issue Size: Rs. 81.90 Crore Face Value: Rs. 10 Per Equity Share Issue Price: Rs. 100 - Rs. 117 Per Equity Share Market Lot: 50 Shares Minimum Order Quantity: 50 Shares Listing At: BSE, NSE Inventure Growth and Securities Ltd IPO Grading Fitch / ICRA has assigned an IPO Grade 2 to Inventure Growth and Securities IPO. This means as per Fitch / ICRA, company has 'Below Average Fundamentals'. Fitch / ICRA assigns IPO grading on a scale of 5 to 1, with Grade 5 indicating strong fundamentals and Grade 1 indicating poor fundamentals. Read Inventure Growth and Securities IPO Report

Issue Subscription Detail / Current Bidding Status Number of Times Issue is Subscribed (BSE + NSE) Retail Qualified Non Individual Institutional Institutional Total Investors Buyers (QIBs) Investors (NIIs) (RIIs) 3,500,000 1,050,000 2,450,000 7,000,000 0.2000 0.2000 0.2500 0.8700 1.9800 9.4900 0.4000 1.5500 8.6600 0.3700 0.9400 4.5800

As on Date & Time

Shares Offered / Reserved Day 1 - Jul 20, 2011 17:00 IST Day 2 - Jul 21, 2011 17:00 IST Day 3 - Jul 22, 2011 17:00 IST

Incorporated in 2002, Brooks Laboratories Ltd is in the business of Pharmaceutical Contract Research & Manufacturing. Company manufactures wide range of products catering to critical care segment in Parental Section like Beta Lactam, Cephalosporin & General Dry powder Injectables, Ampoules and Liquid vials, Dry Syrups and Tablets etc.

Brooks Labs has manufacturing unit at Baddi, Himachal Pradesh. Company has a world class team to develop new molecules in injectables and clavulanic acid based products supported by sophisticated infrastructure for Research & Development. Brooks Labs is WHO-GMP and ISO 9000-2008 certified company. The Indian pharmaceuticals industry is significantly developed in terms of infrastructure, technology and product range in recent years. The country now ranks among the top four worldwide accounting for 8% to 10% of worlds production by volume and 1.5% to 2% by value.

Issue Detail: Issue Open: Aug 16, 2011 - Aug 18, 2011 Issue Type: 100% Book Built Issue IPO Issue Size: 6,300,000 Equity Shares of Rs. 10 Issue Size: Rs. 63.00 Crore Face Value: Rs. 10 Per Equity Share Issue Price: Rs. 90 - Rs. 100 Per Equity Share Market Lot: 60 Shares Minimum Order Quantity: 60 Shares Listing At: BSE, NSE Brooks Laboratories IPO Grading ICRA has assigned an IPO Grade 2 to Brooks Laboratories IPO. This means as per ICRA, company has 'Below Average Fundamentals'. ICRA assigns IPO grading on a scale of 5 to 1, with Grade 5 indicating strong fundamentals and Grade 1 indicating poor fundamentals. Read Brooks Laboratories IPO Report Check IPO Ratings from other stock analysts.

Issue Subscription Detail / Current Bidding Status Number of Times Issue is Subscribed (BSE + NSE) Retail Qualified Non Individual Institutional Institutional Total Investors Buyers (QIBs) Investors (NIIs) (RIIs) 3,500,000 1,050,000 2,450,000 7,000,000 0.0000 0.0000 0.0000 0.0800 0.3300 2.8200 0.1900 0.6100 3.3600 0.0800 0.2600 1.6000

As on Date & Time

Shares Offered / Reserved Day 1 - Aug 16, 2011 17:00 IST Day 2 - Aug 17, 2011 17:00 IST Day 3 - Aug 18, 2011 17:00 IST

Incorporated in 2006, Aanjaneya Lifecare Ltd a leading research based integrated pharmaceutical company with established research, manufacturing & marketing capabilities. Companys product portfolio includes Bulk Drugs, Finished Dosage Forms, Herbal Medicines, Inhalers, Lozenges and Animal Health. Aanjaneya has a manufacturing facility in Mahad near Mumbai. This facility provides multi-therapeutic product offerings comprising high-end Alkaloids, Quinine Salts, and Veterinary APIs & Cytotoxic API's.

Company also has a Finished Dosages Facility at Perungut Pune. This facility is for manufacturing various types of dosage forms such as Liquid Syrups, oral tablets, lozenges and Gels in several product categories complying with international standards. Aanjaneyas manufacturing facilities are ISO 9001-2000 and WHO GMP certified. As on March 31st 2010 Aanjaneya had 222 employees. Issue Detail: Issue Open: May 09, 2011 - May 12, 2011 Issue Type: 100% Book Built Issue IPO Issue Size: 5,000,000 Equity Shares of Rs. 10 Issue Size: Rs. 117.00 Crore Face Value: Rs. 10 Per Equity Share Issue Price: Rs. 228 - Rs. 240 Per Equity Share Market Lot: 25 Shares Minimum Order Quantity: 25 Shares Listing At: BSE, NSE Aanjaneya Lifecare Ltd IPO Grading / IPO Rating CRISIL has assigned an IPO Grade 1 to Aanjaneya Lifecare Ltd IPO. This means as per CRISIL, company has 'Poor Fundamentals'. CRISIL assigns IPO grading on a scale of 5 to 1, with Grade 5 indicating strong fundamentals and Grade 1 indicating poor fundamentals. Click here to download the CRISIL IPO Grading Document for Aanjaneya Lifecare Ltd. Fitch has assigned an IPO Grade 2 to Aanjaneya Lifecare Ltd IPO. This means as per Fitch company has 'Below Average Fundamentals'. Fitch assigns IPO grading on a scale of 5 to 1, with Grade 5 indicating strong fundamentals and Grade 1 indicating poor fundamentals. Click here to download the Fitch IPO Grading Document for Aanjaneya Lifecare Ltd.

Issue Subscription Detail / Current Bidding Status Number of Times Issue is Subscribed (BSE + NSE) Retail Qualified Non Individual Institutional Institutional Total Investors Buyers (QIBs) Investors (NIIs) (RIIs) 2,500,000 750,000 1,750,000 5,000,000 0.0000 0.0700 0.0700 0.1400 0.0800 1.0000 1.5600 2.6500 0.0100 0.0100 0.0800 1.8400 0.0100 0.1900 0.3000 1.1100

As on Date & Time

Shares Offered / Reserved Day 1 - May 09, 2011 17:00 IST Day 2 - May 10, 2011 17:00 IST Day 3 - May 11, 2011 17:00 IST Day 4 - May 12, 2011 18:30 IST

incorporated in 1999, Taksheel Solution Ltd is IT Solution Company engaged in the business of providing products and services to the financial services industry, Information Technology & Telecom. Headquartered in Hyderabad, with an office in North America, they provide professional IT services to global clients. Taksheel offering Wealth Management Technology Solutions, Telecom Solutions, Business Intelligence, Data Warehousing, Application Development and Application Maintenance Financial services provided by Taksheel includes wealth management to financial institutions such as Asset and Investment managers, Brokerage houses,

Insurance, Hedge funds, Trusts and Family Offices. In Telecom Solutions, Taksheel offers Enterprise IP telephony Solutions, Carrier Switching & Billing Solutions, Contact Center Solutions, IVRS, SMSC, Voice & Video Conference solutions, Chat platforms, Content Delivery Platforms, Closed Private GSM network (CPMN) and In Information Technology services, Taksheel offers Enterprise Network Implementation(LAN,WAN,MAN), OS migration to open source, Software Development, Application customization, Managed IT services (Desktop, Server, Network, NOC support) Server Implementation & Support(Windows, Unix, Sun, Linux),Data Storage Network(SAN,NAS),Network & Data Security Solutions, Network Monitoring System, NOC support Systems, Data center and Disaster recovery center implementation, CRM solution and more. Taksheel offers cost-effective solutions through its Onsite, Offsite and Offshore development methodology by leveraging its global delivery model and utilizing delivery centers based in Hyderabad, India, and New Jersey, USA. Some of their customers include Merryl Lynch and Bank of America.

Issue Detail: Issue Open: Sep 29, 2011 - Oct 04, 2011 Issue Type: 100% Book Built Issue IPO Issue Size: 5,500,000 Equity Shares of Rs. 10 Issue Size: Rs. 82.50 Crore Face Value: Rs. 10 Per Equity Share Issue Price: Rs. 130 - Rs. 150 Per Equity Share Market Lot: 45 Shares Minimum Order Quantity: 45 Shares Listing At: BSE, NSE

Taksheel Solutions IPO Grading CARE has assigned an IPO Grade 2 to Taksheel Solutions Ltd IPO. This means as per CARE, company has 'Below Average Fundamentals'. CARE assigns IPO grading on a scale of 5 to 1, with Grade 5 indicating strong fundamentals and Grade 1 indicating poor fundamentals. Read Taksheel Solutions IPO Report Issue Subscription Detail / Current Bidding Status Number of Times Issue is Subscribed (BSE + NSE) Retail Qualified Non Individual Institutional Institutional Total Investors Buyers (QIBs) Investors (NIIs) (RIIs) 2,750,000 825,000 1,925,000 5,500,000 0.2900 1.3600 1.9200 2.3200 4.7000 0.3200 0.7300 2.0400 6.1800 0.4600 0.6700 1.1800 2.9900

As on Date & Time

Shares Offered / Reserved Day 1 - Sep 29, 2011 17:00 IST Day 2 - Sep 30, 2011 17:00

0.2400 IST Day 3 - Oct 03, 2011 17:00 IST 0.2400 Day 4 - Oct 04, 2011 17:00 IST 0.2400

Incorporated in 1994, Bharatiya Global Infomedia Ltd (BGIL) is a technology based company, is in the business of Information Technology Based SolutionsRFID & Smart Card and Digital Post Production Studio. BGIL focusing on the sectors such as Information Technology security and compliance automation software solutions and technology related to media & entertainment industry with focus on research & development.

BGIL provides visibility across the IT infrastructure, intelligently identifies security threats and compliance breaches, and automates security and compliance processes to reduce risk. They have total of 32 Radio Frequency Identification solutions, out of which they got registration for 8 solutions from Government of India. The IT division of the Company has developed products in house in its R& D centre in Noida using Radio Frequency Identification (RFID) technology. RFID is the key technology of BGIL and used for identification and tracking of the identity, location and conditions of assets, tools, inventory, people using radio waves. Issue Detail: Issue Open: Jul 11, 2011 - Jul 14, 2011 Issue Type: 100% Book Built Issue IPO Issue Size: 6,720,000 Equity Shares of Rs. 10 Issue Size: Rs. 55.10 Crore Face Value: Rs. 10 Per Equity Share Issue Price: Rs. 75 - Rs. 82 Per Equity Share Market Lot: 75 Shares Minimum Order Quantity: 75 Shares Listing At: BSE, NSE Bharatiya Global Infomedia Ltd IPO Grading CARE has assigned an IPO Grade 2 to Bharatiya Global Infomedia IPO. This means as per CARE, company has 'Below Average Fundamentals'. CARE assigns IPO grading on a scale of 5 to 1, with Grade 5 indicating strong fundamentals and Grade 1 indicating poor fundamentals. Read Bharatiya Global Infomedia IPO Grading Report Issue Subscription Detail / Current Bidding Status As on Date & Time Number of Times Issue is Subscribed (BSE + NSE) Qualified Non Retail Total

Institutional Buyers (QIBs) Shares Offered / Reserved 3,360,000 Day 1 - Jul 11, 2011 17:00 0.0000 IST Day 2 - Jul 12, 2011 17:00 0.0000 IST Day 3 - Jul 13, 2011 17:00 0.0000 IST Day 4 - Jul 14, 2011 17:00 0.0000 IST

Institutional Investors (NIIs) 1,008,000 0.0100 0.0100 0.2900 1.9400

Individual Investors (RIIs) 2,352,000 0.2000 0.5800 1.2000 5.0600 6,720,000 0.0700 0.2100 0.4700 2.0600

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