Finance News

Emkay Shares IPO opens today for subscription

By Moneycontrol.com

Emkay Shares and Stock Brokers entered the capital market today for subscription, with an initial public offer, IPO, of 62,50,000 equity shares of Rs 10 each through a 100% book building route. The issue will close on April 7, 2006. The price band has been fixed between Rs 100120 per share.

At least 9.07 lakh shares have been reserved for subscription by noninstitutional investors and at least 21.17 lakh shares have been reserved for subscription by the retail investors.

The proceeds of the issue will be utilized for expansion of the companys operations and branch network in India and overseas as well as technology investment in the companys existing business, scaling up of its ebroking business, investment in subsidiaries and augmenting working capital requirement.

The company holds membership of BSE, NSE, and is a depository participant with CDSL. Emkay also plans to acquire membership of MCX and NCDEX through its 100% subsidiary. For the six months period ended September 30, 2005, Emkay had a total income of Rs 19.86 crore (Rs 198 million) and profit after tax of Rs 6.96 crore (Rs 69.6 million).

The company proposed to be listed on the BSE and the NSE.

Centrum Capital is the book running lead manager and Intime Spectrum Registry is the registrar to the issue.

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