Thursday, 15 November 2007

Edelweiss IPO subscribed nearly 6 times

The initial public offer (IPO) of brokerage firm Edelweiss Capital of Thursday got subscribed by nearly six times on the very first day of its issue.

The issue received bids for 4.87 crore shares as against 83.86 lakh shares on offer, latest data available on the Bombay Stock Exchange show.

The price band for the issue, which was subscribed 5.81 times, has been fixed between Rs 725-825 per share. The offer would close on November 20.

The issue got robust response from investors with Qualified Institutional Investors subscribing 8.39 times and the Non-Institutional investors subscribing 8.49 times.

The company is planing to raise about Rs 700 crore of which for Rs 378 crore would be utilised for strengthening operations of its unlisted securities arm Edelweiss Securities Ltd (ESL) and Rs 57 crore would be used in its own operations.

The company proposes to fix issue price on November 27 and the listing would take place in the second week of December.

Kotak Mahindra Capital, Citigroup and Lehman Brothers are the book running lead managers to the issue.

Source: Economic Times

Rocketing rentals: India’s 4 costliest markets in Delhi

At a whopping rental of Rs 950 per sq ft, Delhi’s Khan Market has emerged as the country’s most expensive retail location, far ahead of its pricey Mumbai counterparts. To top that, it is also the 16th most expensive shopping location in the world.

The top four expensive locations in India are Khan Market, Connaught Place, South Extension and Greater Kailash, according to a report — Main Streets Across the World — by global real estate consultancy firm Cushman and Wakefield. These are followed by Mumbai’s Linking Road, Kemps Corner and Colaba Causeway.

Khan Market, whose rentals have gone up by 35.7% from Rs 700 per sq ft per month in 2006 to Rs 950 in the quarter ended June 2007, became the 16th most expensive shopping location in the world — ahead of Tverskaya in Moscow and Wanfujing in Beijing. That’s a jump of eight places for the market that ranked 24th on the list in 2006. In India, it continues to be the most expensive market.


Delhi’s Khan Market, CP, South Ex and GK are the top 4 most expensive retail locations in India. Khan Market is now 16th costliest shopping location in the world in terms of rentals. CP, with 87.5% increase over last year, registered the highest rise in rentals anywhere in India.

Source: Economic Times

Stock Tips: Buy Bharti Airtel

Bharti Airtel looks like a good buy at current price. Short term target is around Rs 1000.

CMP: RS 900

DISCLAIMER: The author is not a registered stockbroker nor a registered advisor and does not give investment advice. His comments are an expression of opinion only and should not be construed in any manner whatsoever as recommendations to buy or sell a stock, option, future, bond, commodity, index or any other financial instrument at any time. While he believes his statements to be true, they always depend on the reliability of his own credible sources. The author recommends that you consult with a qualified investment advisor, one licensed by appropriate regulatory agencies in your legal jurisdiction, before making any investment decisions, and that you confirm the facts on your own before making important investment commitments.