Kiri Dyes IPO receives full subscription on closing day

Tag : dyes intermediates

Initial public offering (IPO) of Kiri Dyes and Chemicals , an Ahmedabad based manufacturer of reactive dyes and dyeintermediates, received poor response from investors, which wassubscribed 1.43 times on closing day till 5.30 p.m. It entered thecapital markets on Mar. 25, 2008, with public issue of 3.75 millionequity shares of Rs 10 each, for cash at a price to be decidedthrough a 100% book-building process. With the price band of Rs 125to Rs 150 a share, the issue was open for subscription till Apr.02, 2008.

CRISIL assigned IPO Grade 2/5 to the initial public offering (IPO)of the company indicating fundamentals are below average relativeto other listed equity securities in India. The issue wouldconstitute 25 % of fully diluted post issue paid up capital of thecompany. The equity shares are proposed to be listed on BombayStock Exchange of India (BSE) and National Stock Exchange (NSE).The book running lead manager to the issue is Centrum Capital.

Kiri Dyes and Chemicals is a manufacturer of reactive dyes and dyeintermediates. Its production hub is centrally located in the stateof Gujarat viz., Ahmedabad and Vadodara and products are soldacross Indian and global markets. The promoters of the company have40 years of experience in the chemicals business. Its product rangecaters to textiles, leather, paint and printing-ink industries withtotal production capacity of 10,800 MTPA. The company suppliesreactive, acid, and direct dyes as well as dye-intermediates invarious forms like standardized spray dried, powder, crude andreverse osmosis. It also manufactures and markets acid dyes anddirect dyes.

Kiri Dyes and Chemicals Limited (Q , N , C , F) *


* Q - Quote , N - News , C - Chart , F - Financials