Advanta IPO Opens on March 26th 2007

Issue Period March 26, 2007 to March 30, 2007*
Issue Size 33,80,000 Equity Shares
Issue Type 100% Book Building
Face Value Rs. 10/-
Price Range Rs 600/- to Rs. 650/-
Tick Size Re. 1/-
Market Lot 10 shares
Minimum Order Quantity 10 shares
Maximum Subscription Amount for Retail Investor Rs.100000
Profile
Advanta India Ltd, a subsidiary of United Phosphorus Ltd, plans to raise a maximum of 2.20 billion rupees through an initial public offer, mainly to help pay off the dues of its subsidiary, it said on Tuesday.The agronomic seed company has set a price band of 600-650 rupees per share for its 3.38-million share issue.
Pre IPO Placement
The company has already allotted 1.7 million shares at 625 rupees each to a clutch of investors in a pre-IPO placement.The investors include Morgan Stanley Dean Witter Mauritius Co Ltd, Morgan Stanley Investments (Mauritius) Ltd, Citigroup Global Markets Mauritius Pvt Ltd, Deutsche Securities Mauritius Ltd and Emerging Markets South Asian Stars Fund.
Operations
Advanta India, which also has operations in Australia, Thailand and Argentina, plans to expand to Latin American and the CIS countries, Managing Director and Chief Executive Officer V.R. Kaundinya said at a press conference.
Fund Usage
Acquisitions would form part of the company’s future growth strategy, he added.

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