10 Kerala Companies Plan To Hit Capital Market
At least 10 Kerala-based companies are gearing up to tap the capital market for diversification and expansion during the next 24 months. As investment in stocks is on the increase in Kerala, more companies in the state are seriously thinking of entering the market,
V-Guard, a well-known company, manufacturer of household appliances, that include voltage stabilizers, fans, wiring cables and solar water heaters, will be the first among them. The group that has already started two world-class amusement parks in Kochi and Bangalore is getting ready to commission a new facility at Panvel near Mumbai. To finance its new venture, the company is planning to go in for an initial public offering by October-November. The company sources said that the merchant bankers for the issue and the size of the issue would be finalized in 3-4 weeks. The group plans to mobilize Rs. 80-100 crores through the IPO. Apart from the above company, Vallabhdas Khanji, a spices exporting company, Kitex Group, global IT major Nest Group, Eastern Group, major spice-based products manufacturer and exporter, Cochin International Airport, Manappuram General Finance, a Thrissur-based NBFC, and Thiruvananthapuram-based airline IT solutions company IBS will be coming out with public issues within next 12 -24 months. Federal bank and Dhanalakshmi Bank are also planning to enhance their capital base by tapping the market through other routes. Thrissur-based Catholic Syrian Bank is currently in the process of raising its capital base by Rs. 100 crores. Kitex, the Kochi-based textile and readymade garment manufacturing company, is planning to raise Rs.100 crores through public issue. The number of companies that have issued IPO in the state is very limited due to a host of reasons like its poor exposure to capital market. Financial services companies like Geojit and JRG, Federal Bank, South Indian Bank are some of the companies that have successfully tapped the market.
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