Initial public offering of BGR Energy Systems (BRG) subscribed 4.50 times till day four. The issue received 41.13 million bids as against issue size of 9.14 million shares. A total of 4.59 million bids were received at the cut off price. The issue is open till December 12 and the price band has been fixed between Rs 425 to Rs 480 a share of Rs 10 each.
The issue has been graded by ICRA and assigned an IPO Grade 3, indicating average fundamentals, to the proposed IPO of BRG. The net issue will constitute 11.99% of the fully diluted post issue paid-up capital of the company. The equity shares of the company, offered through this IPO, are proposed to be listed on the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE). SBI Capital Markets, Kotak Mahindra Capital, UBS Securities India and CLSA India are helping BRG to raise maximum of Rs 4,385.28 million via this public issue.
Originally incorporated in 1985, BRG to manufacture to produce and sell energy products such as on- line condenser tube cleaning systems, debris filters, and rubber cleaning balls used in thermal and nuclear power plants. Presently BGR is engaged in turnkey EPC contracts for either BOP or entire power plants and industrial products, that is supply of systems and equipment such as heat exchangers, pressure vessels, condensers, high frequency resistance welded finned tubes, deaerators, and pipeline equipment used in the power, oil and gas, refinery, petrochemicals, and process industries. BGR has manufacturing facilities at Panjetty near Chennai for air-fin coolers, heat exchangers, pressure vessels, reactors, columns, surface condensers and finned tubes.
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