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Technology Stocks : Blank Check IPOs (SPACS) -- Ignore unavailable to you. Want to Upgrade?

To: Glenn Petersen who wrote (111)	3/4/2006 1:33:01 AM
From: Glenn Petersen	Read Replies (1) \| Respond to of 3862

India Globalization Capital, Inc. completed its IPO today, selling 10,000,000 units at $6.00 per unit. The gross proceeds totaled $60,000,000, down considerably from the $120 million that the company was looking to raise when it filed its initial S-1 in the middle of May. The totals include 170,000 units that were purchased by certain of the insiders prior to the offering. A total of $57,210,000, equal to $5.82 per share (calculated on the basis of 9,830,000 shares), has been placed into the trust account. This balance includes $1,769,000 of fees that the underwriter has agreed to defer until the company completes an acquisition, and the $1,020,000 in gross proceeds from the sale of units to the insiders. In the event that the company is liquidated, the underwriter will forfeit its fees and the insiders will not receive any distributions on the 170,000 shares that they purchased. Each unit consists on one share of common stock and two warrants to purchase two additional shares at $5.00 per share. India Globalization Capital, Inc. is going to focus its efforts on acquiring an operating entity in India. There is no word yet as to whether or not the underwriter has exercised its over-allotment option. The securities will be listed on the AMEX. The units (IGC-U) began trading today and closed at $6.35. The common shares (IGC) and warrants (IGC-W) will begin trading separately at a later date. The final prospectus sec.gov