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Kerala based brokerage Peninsular Capital Market's IPO next year
Chennai: Kerala-based stock broking firm Peninsular Capital Market Ltd has said it would divest part of its equity through private placement to raise Rs10 crore shortly, which will be followed by an Initial Public Offering (IPO) in August-September next year.

Chairman T S Anantharaman, told a news conference here that the funds would be used for Peninsular Capital's expansion, which would see its branch network increasing from the existing 225 to over 500 by March 31, 2007.

The IPO, would take the total public holding to 60 per cent, with the promoters holding the remaining 40 per cent stake.

Pensinsular Capital, which posted a turnover of Rs200 crore last year, is anticipating more than doubling of the figure this fiscal. The turnover from commodities trading, which stood at Rs40 crore last year, would alone touch over Rs100 crore this year, he said.
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