Cords Cables IPO opens on Jan 21

Jaipur, Jan 19: Cords Cable Industries Ltd (CCIL), a leading ISO 9001-2000 certified specialised cable manufacturer for a variety of industries will enter the capital market with an Initial Public Offering (IPO) of 30,85,000 equity shares of Rs 10 each for cash at a price to be decided through a 100 percent book building process.

The issue will open for subscription on January 21 and closes on January 24. The price band has been fixed between Rs 125 and Rs 135. Addressing a press conference here today one of the three promoters of the company Rakesh Malhotra said the equity shares are proposed to be listed in the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).

The issue will constitute 27 per cent of the fully diluted post issue paid up capital of the company and the net issue would constitute 26.38 per cent.

Of the total equity float, upto 50 percent the Net issue shall be allocated on a proportionate basis to Qualified Institutional Buyers (QIBs) (including 5 per cent of the QIB portion specially reserved for Mutual Funds). Besides at least 15 per cent of the Net Issue shall be available for allocation on a proportionate basis to Non institutional bidders and at least 35 per cent of the net issue shall be available for allocation on a proportinate basis to retail investors.

CCIL is managed by three promoters who individualy have over 30 years of experience in the cable industry, is one of the leading players in this sector with over 15 years of established track record.

The company manufactures cables to provide cost effective and quality solutions for various electrical connectivity requirements, mainly for the industrial segments. It accomplishes this through customised design and development, quality manufacturing and reliable delivery of all variety of cables.

UNI