Adhunik Metaliks IPO: OMM IPO: Orissa Manganese and Minerals

A new IPO is expected to hit the Indian markets very soon. The IPO belongs to Adhunik Metaliks, which is floating the IPO or initial public offer, for its 100% owned subsidiary called Orissa Manganese and Minerals (OMM).

How much capital will be raised throug the Adhunik Metaliks IPO (OMM IPO)?
Around Rs 250-300-crore is expected to be raised through the Adhunik Metaliks IPO (OMM IPO).

When will the Adhunik Metaliks IPO (OMM IPO) open for subscription (IPO Date)?
The Adhunik Metaliks IPO (OMM IPO) is expected to hit the markets later this year, i.e. in 2008. The Adhunik Metaliks IPO (OMM IPO) date will be sometimes in the later 2008.

Where will the fund raised from Adhunik Metaliks IPO (OMM IPO) be used?
The fund raised through the Adhunik Metaliks IPO (OMM IPO) will be used to fund its mining plans.

How many shares will be sold through the Adhunik Metaliks IPO (OMM IPO)?
Adhunik Metaliks IPO (OMM IPO) will sell a 15% stake in the 100% owned subsidiary called Orissa Manganese and Minerals Limited.

What are the business valuations and market outlook for Adhunik Metaliks IPO (OMM IPO)?
Orissa Manganese and Minerals, which was acquired by Adhunik Metaliks for Rs 70 crore last year, is now planning to set up a pelletisation plant and an iron ore beneficiation plant in Nuamundi in Jharkhand.
The company also plans to set up a manganese ore beneficiation plant at Dhenkanal in Orissa.
The company has received State Government clearances for both the plants. The plants would convert iron ore fines into pellets and process low-grade manganese ore waste for use in ferro alloy units.
The total estimated cost for setting up the plants is Rs 1,100 crore of which the company proposes to raise Rs 250-300 crore through the public issue.