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Ankit Metal & Power Ltd IPO (Ankit Metal IPO) Detail

Jun 18, 2007 - Jun 22, 2007

Incorporated in 2002, Ankit Metal & Power Limited (AMPL) is in the business of manufacturing Sponge Iron, M.S. Ingots/Billets and Re-Rolled products. Companies manufacturing plant is in village Chhatna, Jorehira in Bankura District of West Bengal.

AMPLís Sponge Iron unit has started its operation since October, 2005 whereas the operations of the Billet Casting unit has started in January, 2006.

Itís re-rolling Mill, WHR based captive power plant and 4 MW AFBC captive power plant are estimated to start their operation from July, 2007.

Objects of the Issue:

The objects of the Issue are to achieve the benefits of listing on the Stock Exchanges & to raise capital
1. For part financing Integrated Steel plant at Chhatna, Jorehira, Bankura (West Bengal).

Ankit Metal IPO Details

IPO Opening Date Jun 18, 2007
IPO Closing Date Jun 22, 2007
Issue Type Book Built Issue IPO
Face Value ₹10 per equity share
IPO Price ₹30 to ₹36 per equity share
Market Lot 190 Shares
Min Order Quantity 190 Shares
Listing At BSE
Issue Size11,900,000 Eq Shares of ₹10
(aggregating up to ₹42.84 Cr)

Ankit Metal IPO Lot Size

The Ankit Metal IPO market lot size is 190 shares. A retail-individual investor can apply for up to 29 lots (5510 shares or ₹198,360).

Application Lots Shares Amount (Cut-off)
Minimum 1 190 ₹6,840
Maximum 29 5510 ₹198,360

Ankit Metal IPO Subscription Status (Bidding Detail)

The Ankit Metal IPO is subscribed 1.58 times on 6/22/2007 5:00:00 PM. The public issue subscribed 2.43 in the retail category, 0.72 in the QIB category, and 3.80 in the NII category. Check Day by Day Subscription Details (Live Status)

CategorySubscription (times)

Ankit Metal IPO Prospectus

Ankit Metal IPO Rating

67
3.1
Rating:Rated 3.1 stars
Vote Here ...

Ankit Metal IPO Listing Date

Listing Date Tuesday, July 10, 2007
BSE Script Code 532870
NSE Symbol ANKITMETAL
Listing In B1 Group of Securities
ISIN INE106I01010
IPO Price ₹36 per equity share
Face Value ₹10 per equity share

Listing Day Trading Information

.
IPO Price
Open
Low
High
Last Trade
BSE
₹36.00
₹37.90
₹36.50
₹38.40
₹36.95

Company Contact Information

Ankit Metal & Power Ltd
Ankit Metal & Power Limited,
35, Chittranjan Avenue,
Kolkata Ė 700 012 India
Phone: 91-33-22119805
Email: ipo@ankitmetal.com
Website: http://www.ankitmetal.com

Ankit Metal IPO Registrar

Link Intime India Private Ltd

Phone: +91-22-4918 6270
Email: ankit-ipo@intimespectrum.com
Website: https://linkintime.co.in/

Ankit Metal IPO Reviews / Ratings

  • S P Tulsian - Avoid

Ankit Metal IPO FAQs

Ankit Metal IPO is a main-board IPO of 11,900,000 equity shares of the face value of ₹10 aggregating up to ₹42.84 Crores. The issue is priced at ₹30 to ₹36 per equity share. The minimum order quantity is 190 Shares.

The IPO opens on Jun 18, 2007, and closes on Jun 22, 2007.

Link Intime India Private Ltd is the registrar for the IPO. The shares are proposed to be listed on BSE.

The Ankit Metal IPO opens on Jun 18, 2007 and closes on Jun 22, 2007.

Ankit Metal IPO lot size is 190 Shares and the minimum order quantity is 190 Shares.

You can apply in Ankit Metal IPO online using either UPI or ASBA as payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO application is offered by brokers who don't offer banking services. Read more detail about apply IPO online through Zerodha, Upstox, 5Paisa, Edelweiss, ICICI Bank, HDFC Bank and SBI Bank.

The finalization of Basis of Allotment for Ankit Metal IPO will be done on [.], and the allotted shares will be credited to your demat account by [.]. Check the Ankit Metal IPO allotment status.

The Ankit Metal IPO listing date is on Tuesday, July 10, 2007.

Ankit Metal IPO Message Board

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25 Comments

25. Srinivas |Jul 10, 2007 1:38:40 AM
Hi, Where can I check the allotment status ? Im sure I have been alloted some units in this Company, as I have noticed the balance amount being credited back into my account. However, I'm not able to get the Allotment status with quantity. Any references shared as response o this message would be great.Thanks
24. sudhir |Jul 9, 2007 5:21:44 PM
listing on 10th july preium around 3 to 5 rs.
23. syed |Jul 8, 2007 1:00:55 PM
hi,
may i know the allotment place and how to allot this IPO
i had an D-Mat Account in indiainfoline securites ltd.
so want the information how this company is working how its progress and at how much price it is going to be listed in the market and when
22. Saurin |Jul 7, 2007 9:13:25 PM
When it will be listing? Any idea. Anyone know expected premium?
21. JOSHUA |Jul 5, 2007 4:40:41 PM
Next Weak any time Ankit is going to be listed sure of -ev as market is going in way
20. Ankush |Jun 22, 2007 5:11:58 PM
till 3pm 0.81 times subscibed.
19. Ankush |Jun 22, 2007 3:26:27 PM
till 2pm 0.48 times subscibed. dont apply for this ipo

18. Sk |Jun 22, 2007 1:31:16 PM
How much is the premium ...
17. Parag |Jun 20, 2007 2:28:25 PM
Hemant has expressed good views and analysis. Thanks.
16. RUTU |Jun 20, 2007 9:55:20 AM
this is bogus issue. same managements two companies are already listed with same style of issue, both undercutting, it is looking more like to take money of investors so do not apply
15. Hemant |Jun 19, 2007 10:55:39 PM
Ankit Metal & Power has entered the capital market on 18th June 07 with a public issue of 1.19 crore equity shares of Rs.10 each in the band of Rs.30 to Rs.36 per share.

It seems, the old days are returning back, where same promoter/group is repeatedly tapping the capital market to finance their small size projects, broadly in the similar line of business. Impex Ferro and Rohit Ferro are the two companies of the group having gone public in December 04 and March 06 with at par and Rs.30 issue, respectively for both the companies. Share of Impex Ferro is ruling at Rs.12 and Rohit Ferro at Rs.30.

The company commenced operations at its 350 TPA sponge iron plant from October 2005 while Billets casting plant of 65,140 TPA started in January 2006. The company is now setting up 1 lakh TPA rolling mill and 12.5 MW captive power plants schedule to start by July 2007.

The total cost of project is estimated at Rs.135 crores,which is being financed by Term loan of Rs.65.15 crores and remaining from equity issue.

The company is trying to set up an integrated project with backward-forward complete value chain and may finally have to go for captive source of iron ore and coal. The existing production has mismatch in downstream products. 350 TPA of sponge iron can produce 2 lakh TPA of billets as 1 mt of billets need 540 kg of sponge iron and 540 kg of M.S. scrap or pig iron or cast iron. But billet plant of only 64,140 MT per annum is being installed. Here excess production of 70,000 TPA of sponge iron needs to be sold. Similarly, rolling mill of 1lakh TPA is being set up which will source its 60% requirement of billets in-house while 40% would be sourced from outside.

Since this industry is highly working capital intensive, the company may have to sell its sponge iron on credit and buy billets on cash basis. A high working capital - low margin business.

For FY 07, the company had total income of Rs.215 crores of which Rs.125 crore is trading income. Even in FY 06, which was its first year of commercial operations, had an income of Rs.67 crores with trading income contributing Rs.43 crore. Since major volume is from trading, EBITDA margin is low at about 11% to 12% in these years. The debt of the company at 31st March 07 is also quite high at Rs.109 crores with net worth of Rs.52 crores. The net current assets were at Rs.57 crores, which is in excess of three months topline as trading activity is lesser working capital intensive and manufacturing has longer cycle.

Vikas Metal, MSP Steel & Power and Shri Ramrupai Balaji Steels other similar companies have disappointed investors and this company is sure to be on the same line. Hence, investment is not advised at all.
14. ramsa |Jun 19, 2007 10:42:32 PM
it is a good company promoters have experience of 20 years eps is good listing gain expected gray market premium is high last day it is going to have a good response. regards
13. dj |Jun 19, 2007 3:56:09 PM
can anybody tell me the power gen.capacity of ankit metal
12. Amar |Jun 18, 2007 4:30:49 PM
Please AVOID this IPO.
11. AMIT |Jun 14, 2007 6:00:01 PM
AVOID
10. leo |Jun 14, 2007 2:40:04 PM
i guess , this from the rohit ferro - group .
9. angit patel |Jun 13, 2007 8:35:56 PM
Hi all ,

can anybody tell something about this issue? should we apply or not?


8. RAJEEV |Jun 13, 2007 6:34:08 PM

Friends ,

This is a great company of Power. The Future of Power Sector is Glorious.

Regards
7. Investor |Jun 13, 2007 10:39:41 AM
Has got poor rating from ICRA...
6. gattani |Jun 13, 2007 12:46:11 AM
PRESS RELEASE Page 1
ICRA ratings should not be treated as recommendation to buy, sell or hold the rated debt instruments. The ICRA
ratings are subject to a process of surveillance which may lead to a revision in ratings. Please visit our website
(www.icra.in) or contact any ICRA office for the latest information on ICRA ratings outstanding.
FOR IMMEDIATE RELEASE
March 20, 2007
ICRA assigns IPO grade 1 to the proposed IPO of Ankit
Metal & Power Limited
ICRA has assigned an IPO Grade 1 indicating poor fundamentals, to the proposed initial public offering
of Ankit Metal & Power Limited (AMPL).
The assigned grading reflects the promoter’s lack of prior experience in steel manufacturing, relatively
small size of the proposed project and lack of any obvious competitive advantage when compared to
other established players in the industry. ICRA notes that the lack of any backward linkage exposes
the company to volatility inherent in prices of critical raw material like Iron Ore and Coal and the quality
of steel and consequently the rolled bars that the company will manufacture may preclude it from
commanding any price premium compared to other players in the segment. Coal in a sponge iron plant
serves both as a reducing agent and a fuel inside the kiln. Given India’s relatively inferior grade of coal
deposits with high ash content, priority position of the power sector as a coal consuming industry and
lack of adequate infrastructure for import of coal, availability of good quality coal could become a major
operational risk factor for sponge iron players, especially the smaller ones.
The promoters, however, have experience in Ferro-Alloys industry and the positive outlook on the
construction industry - the key user for TMT bars- could offset some of the disadvantages that the
project is exposed to.
The promoters are also simultaneously carrying out expansions in some of the other group companies,
and have also stated their intention to start work on another project for expanding the capacity of TMT
bars in AMPL, which would entail investments of over Rs 150 Crores, once this project is completed. .
This also increases the overall risk profile of the project, given the modest cash accruals in the existing
businesses, and the limited ability of the promoters to bring in additional capital, should the need
arises. The inherently cyclical nature of the steel industry and the on going capacity addition by major
steel producers could also impact the realizations and profitability.
For further details please contact:
Ms. Anuradha Ray, (Tel. No. +91-33-22876617 / 22800008)
Mr Anjan Ghosh,