With Initial Public Offerings, the stock markets have become the key medium for India Inc to access capital. There has been a sharp gain of 60% in the market cap of the BSE listed firms over the past one year. Big time real estate developers, financial institutions, corporate houses and the rest have listed IPOs regularly.

Central Bank of India opened at a price band of Rs 85 to Rs 102. The issue is open for subscription of 80, 000, 000 equity shares till the 27th of July, 2007, reducing the government’s stake by 20 per cent from a 100 per cent stake.

The public sector institution has a pan India presence with good asset quality. Upcoming IPOs include the IPOs of real estate developer Puravankara and the premier mutual fund house, UTI.

Opening on July 31, the Puravankara issue has been fixed at a price band of Rs 500 to Rs 525. Through the 100 per cent book building process, the company expects to raise Rs 1, 073 crore at the lower end and Rs 1, 127 crore at the upper end.

The issue closes on August 3, 2007 The UTI Mutual IPO when listed shall be the first of its kind. It will make UTI Mutual Fund the first asset management company to get listed.

They are expected to list by the end of the financial year ‘08. Valuation will be done on both the core UTI brand value and the value of its four verticals—UTI International, UTI Ventures, UTI MF, and UTI Portfolio Management Services.

Meanwhile, New Delhi based real estate giant Omaxe fixed its issue price at the upper end of its price band of Rs 265 to Rs 310. The issue price of Rs 310 is expected to raise the firm’s capital to Rs 605.94 crore.

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