New software enables IPO application via SMS

initial public offers

Applying for initial public offers (IPOs) could now be possible by just sending an SMS from mobile phones, courtesy a software developed by Vadodara-based Ekkay Magic.

Known as SMS IPO, the software enables an average investor to file IPO applications without filling the lengthy subscription forms.

The software works in such a way that investors already registered with stock brokers will be informed about IPOs via SMS alerts to their cell phones. All that the interested investors will have to do is to reply in a pre-defined format. The investment details received from investors and the customer information identified through their cellphone number will be captured and recorded at the stock brokers’ end.

BS

Government of India is planning to create ICAI-like institute for IPO pricing

Date, Oct-13-2008 Government of India is planning to create ICAI-like institute for IPO pricing to make it mandatory for the companies to get their shares priced by authorized valuers before coming to the capital markets. Government is taking this step due to the allegations of overpricing of initial public offers.
According to Prem Chand Gupta, Minister of Corporate Affairs "Rather than imposing direct or indirect conditions (on IPO pricing), we are working on professional valuation. It will be a new law on Valuation Professionals. We are working on it to get a system where valuation is done."
Currently, merchant bankers, chartered accountants, company secretaries, cost and work accountants or any other professional possessing such qualification are doing such valuations.

GSPC is planning IPO by end of the year

Date:Sep-17-2008
Gujarat State Petroleum Corporation (GSPC) is planning an initial public offering by the end of the year. The company is planning a public offering of 10-20% of its equity shares to raise about $1 bn.
According to a company official, the company has mandated DSP Merrill Lynch, JM Financial, Kotak, SBI CAP and Citibank for doing dilution for the IPO. He also added that, "The IPO was proposed to hit the market in November, but I now think it will happen in December-January".
GSPC is an oil and gas producing company with a dominant presence in the Energy Sector of India, attracting interest from oil companies all over the world, and signing partnership agreements covering E & P activities, based on its remarkable discoveries in Gujarat. GSPC has grown from a small oil and gas producing company in Gujarat into a vertically integrated energy company across India and overseas within just a decade. Incorporated in 1979 as a petrochemical company, GSPC has today metamorphosed into a large-scale Rs. 3900 crore energy organization, excelling in a wide gamut of hydrocarbon activities.