Mar 06, 2014 (LBO) - An 853 million rupees initial public offer by Alumex Limited, an aluminium extrusions maker has been oversubscribed within hours of opening Thursday, managers to the issue said.
The offer will be kept open till 4.30 pm today, NDB Investment Bank said.
The firm offered 17.85 million shares to raise 250 million rupees for factory expansion. Existing shareholders were selling down another 42 million shares.
The sale will allow the firm to qualify for lower corporate income taxes given to companies listing on the stock exchange before March 2014.
In the nine months to December 2013 the firm said revenues rose to 2.02 billion rupees from 1.8 billion rupees and cost of sales rose to 1.43 billion rupees from 1.28 billion rupees allowing gross profits to rise to 547 million rupees from 483 million rupees.
Finance costs fell to 15.7 million rupees from 38.9 million rupees.
Profits rose to 283 million rupees from 216 million rupees.
The company will have 299 million shares after the initial public offer.
The offer will be kept open till 4.30 pm today, NDB Investment Bank said.
The firm offered 17.85 million shares to raise 250 million rupees for factory expansion. Existing shareholders were selling down another 42 million shares.
The sale will allow the firm to qualify for lower corporate income taxes given to companies listing on the stock exchange before March 2014.
In the nine months to December 2013 the firm said revenues rose to 2.02 billion rupees from 1.8 billion rupees and cost of sales rose to 1.43 billion rupees from 1.28 billion rupees allowing gross profits to rise to 547 million rupees from 483 million rupees.
Finance costs fell to 15.7 million rupees from 38.9 million rupees.
Profits rose to 283 million rupees from 216 million rupees.
The company will have 299 million shares after the initial public offer.
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