Price Band: Rs. 27 - 30 per share

Issue open between: March 11 - March 14, 2008

Book Running Lead Managers: Keynote Corporate Services Ltd.

To List on: NSE and BSE

Market Cap post-listing: Rs. 66 Cr. or $16.3 million (based on the cap price)

Executive Summary

Sita Shree Food Products Ltd. (SSFPL), is a Indore based wheat and pulses processor for over 3 decades serving primarily western and southern markets.

It markets packaged products under its own brands ‘Sita Shree Regular’ and ‘Sita Shree Gold’, and also supplies food products to organized retail players like Pantaloon Retail and Reliance Retail. Recently, it has commenced exporting to the Gulf countries.

Ministry of Food Processing Industries (GOI) estimates size of Processed Food Industry at Rs1440bn.

Top line and bottom line girew @ CAGR of 48.8% and 77.5% respectively, during FY04-07.

The expansion plan involves capex of Rs48Cr to be funded through a mix of equity, debt and internal accruals for setting up solvent extraction plant, Lecithin plant and additional flour mill to cater to the increasing demand.

Extraction of soya oil and manufacturing by-products of Soya have higher EBITDA margins.

IPO is priced at 18.8x based on pre-issue weighted EPS and 22.0x based on pre-issue FY07 EPS.

Download full version of Sita Shree Food Products IPO Note (Keynote Capitals) (pdf)

Sita Shree Food Products Ltd. IPO Note

Gammon Infrastructure Projects Ltd. IPO details:

Price Band: Rs. 167 - 200 per share
Issue open between: March 10 - March 13, 2008
Book Running Lead Managers: IDFC-SSKI, Macquaire
To List on: NSE and BSE
Market Cap post-listing: Rs. 28.91 billion or $711 million (based on the cap price)

Synopsis

Gammon Infrastructure Projects Ltd. (GIPL), part of the Gammon Group is in the business of investing, developing, operating and maintaining infrastructure projects on PPP basis. Currently, GIPL has 14 projects in its portfolio, of which 4 are in the operational phase; 7 are in the development phase and the rest in the pre-development phase.

In our view, the diversity in its asset portfolio is a major strength. Its projects are into diverse segments, viz., roads, bridges, ports, hydro power and biomass power. Of these, six are based on annuity basis, three on annuity & toll basis and the balance five on toll basis.

An excellent play on the growth of infrastructure in the Indian economy.

Given the diversified portfolio of assets, the mix of toll-based and annuity-based revenue streams, the synergies it can draw from the Gammon brand and its execution capabilities, we believe GIPL will be well positioned to leverage its capabilities for bidding and securing larger size projects, going forward.

Proven engineering capabilities of the Gammon Group coupled with GIPL???s experience in successful development and timely implementation of projects, provides it with competitive advantage.

GIPL???s projects have long gestation period. Along with the implementation risks, other concerns are related to the recurring capex required for implementing large infrastructure projects

The IPO is priced at a p/e of 116.27x annualised H1-FY08 earnings. Given the group background, execution capabilities and diversified project portfolio, investors may consider investing with a long term view. However, we believe the current issue size may not adequately support GIPL???s growth plans. Going forward, the company may need to explore further fund raising.

Download full version of Gammon Infrastructure Projects IPO analysis (Keynote Capitals) (pdf)

Gammon Infrastructure Projects Ltd. IPO Analysis

Public Issue Open: March 10, 2008 to March 13, 2008
Public Issue Price: Rs 167 to Rs 200
Registrar: Intime Spectrum Registry Ltd
Maximum Subscription Amount for Retail Investor: Rs 100,000/-
Listing: BSE, NSE

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Public Issue Open: March 10, 2008 to March 14, 2008
Public Issue Price: Rs 27 to Rs 30
Registrar: Ankit Consultancy Pvt Ltd
Maximum Subscription Amount for Retail Investor: Rs 100,000/-
Listing: BSE, NSE

Indian stock market news here:
http://www.stockmarketsreview.com/news_india/

IPO Listing Date: Wednesday, Feb 20, 2008
NSE Symbol: BANG
ISIN: INE863I01016
Issue Price: Rs 207 Per Equity Share
Face Value: Rs 10 Per Equity Share

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The expected ex-bonus share price would be around Rs 300, if the market situation remains same as current market.

“I have been personally concerned by the notional losses arising to millions of our investors as a result of a dramatic adverse change in sentiment in global and domestic capital market after the pricing of our IPO,” Ambani said. “The board endorsed my concern and approved the bonus issue.”

Company needs approval from its shareholders before sending the bonus issue detail to stock exchanges to fix record date.

Once record date has been declared, all the investors holding shares on that date, would be entitled to receive bonus shares.

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