Monday, 13 August, 2007

Motilal Oswal IPO on Aug 20

Motilal Oswal Financial Services Ltd's initial public offering of 29,82,710 equity shares of Rs 5 each through 100% book building process opens on August 20, and closes August 23.

The price band for the issue has been fixed at Rs 725-825 per equity share. After reserving 1,42,310 shares for employees, the net issue to the public will be 28,40,400 shares. The total issue will constitute 10.5% and net issue 10% of the post-issue paid-up capital.

The company wants to raise funds to support its growth through long term capital deployment, enhanced facility for broking customers, additional office space and technology advancement.

Motilal Oswal is primarily focused on retail wealth management and institutional broking, investment banking and venture capital management.

For the year ended March 31, 2007, the company's consolidated revenue and net profit stood at Rs 379.12 crore and Rs 69.58 crore, respectively.