Cairn India IPO
Cairn India IPO — date, price band, lot size & details 2006
Cairn India listed on 9 Jan 2007 at ₹152, 5% below the ₹160 issue price.
Cairn India was set up by Cairn Energy to hold its Indian oil and gas assets, including the Rajasthan block with the Mangala field and producing fields at Ravva and Cambay. Its combined group businesses had sales of Rs 546.1 crore in 2005.
Researched & reviewed by
Abhishek Vohera,
Founder, IPO Guru
Last updated
Figures sourced from the RHP, BSE & NSE
Timetable
Key dates from opening to listing. Today is 12 November.
- Open 11 Dec 2006
- Close 15 Dec 2006
- Allotment 29 Dec 2006
- Refund/credit TBA
- Listing 09 Jan 2007
Issue summary
The terms of the offer, as filed.
| IPO Dates | 11 to 15 Dec, 2006 |
|---|---|
| Price Band | ₹160 – ₹190 |
| Face Value | ₹10 |
| Lot Size | 35 Shares |
| Issue Size | ₹5788.79 Cr |
| Sale Type | Fresh capital only |
| Listing On | BSE, NSE |
| Registrar | Bigshare Services Private Limited |
| Min Investment | ₹ 5,600 |
Share of the offer set aside for each investor category, as stated in the offer document.
What will it cost me?
Bidding is in multiples of 35 shares at the ₹160 cut-off. Drag to size your application.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 35 | ₹5,600 |
| Retail (max) | 35 | 1,225 | ₹1,96,000 |
| S-HNI (min) | 36 | 1,260 | ₹2,01,600 |
| S-HNI (max) | 178 | 6,230 | ₹9,96,800 |
| B-HNI (min) | 179 | 6,265 | ₹10,02,400 |
Strengths & risks
Drawn from the offer document — the case for and against, side by side.
Strengths · 4
- 01It held the Rajasthan block, with the Mangala field due to start production in 2009.
- 02Its group businesses earned sales of Rs 546.1 crore and profit of Rs 146.8 crore in 2005.
- 03It had producing assets at Ravva and Cambay, which made up its sales of Rs 353.2 crore in six months to June 2006.
- 04Rs 5525.00 crore was set aside for development, including the Rajasthan block.
Risks · 5
- 01The company itself was formed on 21 August 2006, so all history is of the businesses it bought.
- 02Mangala production was not due until 2009 and could be delayed, with cost overruns.
- 03Most of the Rs 5,788.79 crore issue went to Cairn UK Holdings, its own parent, for the assets.
- 04Crude oil from the Rajasthan fields needed a pipeline that was not yet built before 2009, or costly truck or rail transport.
- 05The issue was priced at Rs 160, the bottom of its band, and Cairn Energy kept not less than 69.5%.
Three years of numbers
All figures in ₹ crore, as reported in the Cairn India offer document.
| Metric | 30 Jun 2006 | 31 Dec 2005 | 31 Dec 2004 | 31 Dec 2003 |
|---|---|---|---|---|
| Total Income | 357.90 | 556.30 | 466.20 | 440.40 |
| Profit After Tax | 27.40 | 146.80 | 33.00 | 34.30 |
See how this IPO compares — view listing performance of all mainboard IPOs.
Where the money goes
₹62,250,006,676.80 Cr of the issue is earmarked to named objects.
About the company
It was formed to hold Cairn Energy's Indian oil and gas business, bought from Cairn UK Holdings through Cairn India Holdings, with interests in the Rajasthan block RJ-ON-90/1 and in the Ravva and Cambay blocks.
The Rajasthan block includes the Mangala field, where production was scheduled to start in 2009. Cairn India had about 425 employees at 30 June 2006.
The IPO was Rs 5,788.79 crore and was entirely a fresh issue at Rs 160, the bottom of the Rs 160 to Rs 190 band. Most of the money went to pay Cairn UK Holdings for Cairn India Holdings, with the rest for developing the Rajasthan block, more drilling at Ravva and Cambay, and exploration.
Interested in this IPO? Check the live subscription status or browse all upcoming mainboard IPOs.
The bankers & the filings
Who is running the book, and the documents this page is built from.
Cairn India IPO Documents
Read the filings this page is built from.
Lead Manager Track Record
How the book-running lead managers on this issue have priced their past IPOs, measured on listing day.
Bofa Securities India Limited
64 issues handledBest listing: Tata Technologies (+140.0%). Weakest: Puravankara Projects (-22.5%).
Citigroup Global Markets India Pvt. Ltd
74 issues handledBest listing: Tata Technologies (+140.0%). Weakest: Puravankara Projects (-22.5%).
JM Morgan Stanley Pvt. Ltd
22 issues handledBest listing: Infrastructure Development Finance Co (+76.5%). Weakest: House of Pearl Fashions (-9.1%).
ABN-AMRO Securities (India) Pvt. Ltd
2 issues handled2 of their issues have listed so far, and 2 opened above the issue price (average +27.6%). That is too small a sample to read as a hit rate.
Listing gain compares the listing-day opening price with the issue price, using the IPOs on IPO Guru that this lead manager has taken to market. A strong record reflects how the banker has priced past issues — it is not a forecast for this one. See every issue they have handled on the lead managers page.
Company contact
Frequently asked
What is the GMP of Cairn India?
The current Grey Market Premium is ₹0.
What is the Cairn India IPO price band?
₹160 to ₹190, on a face value of ₹10.
When is the allotment?
The basis of allotment is 29 December 2006, with listing on 9 January 2007.
How do I check allotment status?
On the IPO Guru allotment page or on the registrar's site — Bigshare Services Private Limited.
Every number here traces back to a filing.
IPO Guru tracks GMP, subscription and allotment for every Mainboard and SME issue. Every number on this page is sourced from the RHP, BSE & NSE.
Not investment advice. Grey market premium is an unofficial, unregulated indicator and is not a forecast.
