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Vaish on Globus Spirits IPO as stock market booms

Vaish & Associates is advising the promoter group and the merchant bankers in the Rs 75 crore initial public offering (IPO) of Delhi-based alcohol beverage company Globus Spirits.

The issue was opened for subscription on August 31 and closed on September 2, 2009 and was oversubscribed on the upper price band.

The team of lawyers at Vaish was led by Delhi corporate head, Satwinder Singh along with associates Sushma Mathur, Gaurav Jaggi, Divya Suman, Nirmala Narayanan and Shruba Bhattacharya.

The company had earlier deferred its entry in the primary market even thought it had received the approval of SEBI in February 2009, due to unfavourable market conditions.

Singh said: "Initially the book running lead manager to the issue was Srei Capital Markets Limited and later on Keynote Corporate Services Limited were involved for better marketing of the issue."

Explaining the background to the IPO, he said: "SEBI now permits the companies to come out with public issue within a period of twelve months from the date of its approval which gives an opportunity to the companies to plan their public issues at an appropriate time."

"One of the challenges we faced was to update our due diligence report within a given time frame and the team worked on day and night basis to complete the assignment and to ensure that the company meets its target date of opening of public issue."

He said that he was happy with the positive market response for the issue from the market and hoped for restoration of the faith of the small investors in the market.

Mumbai firm Hemant Sethi & Co is also advising on the IPO of Birla Shloka Edutech, which is part of the Yash Birla Group.

Photo by Kyle May

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