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Strategies & Market Trends : India Coffee House -- Ignore unavailable to you. Want to Upgrade?

To: Mohan Marette who wrote (7349)	9/29/1999 11:49:00 AM
From: ratan lal	Read Replies (2) \| Respond to of 12475

Mohan U the Stock Guru man !!! My hats off to you. I will be back home tomorrow and hopefully wont be out of town when the next hot ipo comes out. BTW I tried to buy ITXC when it was at 19 but Brown has a new policy of 'calling' in orders on the first day of ipo and i made the mistake of placing a limit order at 19 which moved while i was placing the order and never saw 19 again. The rest, as they say, is history. ratan

To: Mohan Marette who wrote (7349)	9/29/1999 12:00:00 PM
From: Mohan Marette	Respond to of 12475

India Hughes Software says bookbuilt IPO a success hssworld.com BOMBAY, Sept 29 (Reuters) - India's Hughes Software Systems, a unit of Hughes Electronics Corp (NYSE:GMH - news), said on Wednesday its book built equity IPO priced in a band of 480-630 rupees had received strong response with most bids coming at the top of the band. ``Bulk of the demand came in at the highest end of the band. This translates to an aggregate demand of approximately 60 billion rupees ($1.38 billion) making it perhaps the largest ever subscription to an offer in the Indian capital market,' the company said in a statement. Of the 4.375 million shares on sale, Hughes Software is selling about 90 percent through book building and the rest will be sold from October 7 at a fixed price of 630 rupees. ``On hindsight maybe we could have set a higher price band,' said Uday Kotak, chairman of Kotak Mahindra Capital Company, the lead manager to the issue. ``We could have repriced it higher but we did not want to be greedy. Also repricing it would have delayed the whole thing and we did not think it was worth it,' Hughes Software Systems Chairman Pradman Kaul said. Hughes Software kept the book open for a week and closed it on Tuesday as scheduled. Kotak said he expected Hughes Software stocks to list in early November on the Bombay Stock Exchange, the National Stock Exchange and the Delhi Stock Exchange. After the IPO, the holding of Hughes Electronics, its subsidiaries and employees of Hughes Software will drop to 56 percent from the current 76 percent. Public holding in the company after the issue will be 26 percent, with venture capital funds and individual investors holding the remaining 18 percent.