NCML Industries extends IPO; revises price band

Receives bids for 69,125 shares on day 5

NCML Industries has revised the price band for its initial public offer (IPO) while extending it by five working days.

The IPO, which was to close on Friday, 2 January 2015, has been extended till 9 January 2015. The issue opened for subscription on Monday, 29 December 2014.

The price band for IPO has been revised to Rs 80 to Rs 90 a share compared with Rs 100 to Rs 120 a share set earlier.

Meanwhile, NCML Industries IPO received bids for 69,125 shares compared with 60 lakh shares on offer on the fifth day of bidding for the IPO today, 2 January 2014, as per data at 17:00 IST on NSE.

The issue of 60 lakh equity shares of face value of Rs 10 each, i.e., 25.48% of the share capital, is an offer for sale by shareholders Mohit Nidhi Agro Oil, Sundaram Distributors and Jagprem Vyapaar. Post offer, Mohit Nidhi Agro Oil will hold 4.8%, Sundaram Distributors 4.4% and Jagprem Vyapaar 1.8% in the company.

The object of the issue is to achieve the benefits of listing the equity shares on stock exchanges, enhance the visibility and brand image among existing and potential customers and provide liquidity to the existing shareholders.

NCML Industries reported net profit of Rs 6.65 crore on new sales of Rs 879.18 crore in the quarter ended June 2014.

NCML Industries imports, manufactures and markets edible oil including soybean oil, cottonseed oil, palm oil (palmolein), mustard oil and rapeseed oil in India. Refined soybean and refined cottonseed are sold under the brand, Maanik, refined soybean (premium quality) as Maanik Gold, refined palm oil as Shaan, mustard pakki dhani as Moti, and mustard kacchi dhani as Pearl.

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