Financial Daily from THE HINDU group of publications
Thursday, Sep 01, 2005
Financial Daily from THE HINDU group of publications Thursday, Sep 01, 2005 |
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Markets
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IPOs Peninsular Capital Market plans expansion, IPO Our Bureau
Kochi , Aug. 31 PENINSULAR Capital Market Ltd, a Kochi-based stock broking firm, is planning to come out with an initial public offering (IPO) in the next one year as part of expanding its operations. "We have started the basic work for the IPO. It should happen about one year from now," said Mr T.S. Anantharaman, Chairman, Peninsular Capital Market, at a press conference here. He said the IPO could have a size of Rs 40-50 crore. Raising money from the market would help the company provide margin funding on its own, Mr Anantharaman said. Currently, Peninsular provides margin funding through a tie up with IL&FS. As part of expanding its operations, Peninsular plans to set up branches in 500 locations across the country and increase number of customers to one lakh in two years. The company, at present, has 230 branches and 40,000 customers. In the area of commodity futures trade, Peninsular is opening 15 new branches in Kerala in the next one week. "By March 2006, we will have 150 branches," Mr Anantharaman said, adding that turnover from commodity futures would touch Rs 100 crore by end of this year, up from Rs 40-45 crore today. The company is also opening `agro info centres' to attract farmers into commodity futures trading. Such centres are being planned in every Panchayat in the state, he said. Peninsular Multi Comex Services, the fully-owned subsidiary that is into commodity futures trading, has also made international networking arrangements to facilitate trading in overseas commodity exchanges such as Tokyo Commodity Exchange, Osaka Commodity Exchange and Chicago Metal Exchange. A new branch is coming up in Dubai by November this year. Peninsular has also launched a portfolio management service, Mr Anantharaman said. "In one year, we target to have Rs 100 crore in our portfolio management service," he said.
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