Austral Coke had come out with an  IPO of 72,60,000 equity shares of Rs 10 at an issue price of Rs 196 per share which  was subscribed 1.65 times. The equity shares will list on the bourses on September 4, 2008.

Austral Coke and Projects is mainly engaged in manufacture of low ash metallurgical coke (LAM Coke). It is also in the business of equipment rental, refractory and textile trading.

CARE had assigned CARE IPO Grade 2 to the issue. The equity shares are proposed to be listed on the BSE and the NSE.

Company had concluded pre-IPO placement of 27,40,000 equity shares to Somerset India Fund at Rs 196 per share aggregating to Rs 53.70 crores.

The object of issue is to part finance its expansion plan involving setting up of 1,50,000 tpa of LAM Coke and setting up 8 MW Captive Power Plant (CPP) through waste heat recovery.