I am sure many of you, especially the ones from North India, would have been wearing Monte Carlo sweaters since long. If not, at lease you have seen them. Monte Carlo Fashions Ltd. (MCFL) is one of the leading apparel brands in India. Monte Carlo primarily caters to the premium and mid-premium branded apparel segment for men, women and kids. Their offerings include woolen, cotton and cotton-blended knitted and woven apparels and home furnishings under the ‘Monte Carlo’ brand.
Showing posts with label IPO. Show all posts
Showing posts with label IPO. Show all posts
e-Dynamics Solutions IPO - Are You Planning To Invest?
Are you planning to buy IPO of e-Dynamics? I just read few details of e-Dynamics IPO and could not resist to post it for IndianStocksNews.com readers to make their own decision.
The biggest and foremost deterrent for me about this company; their email ID.
edynamicssolutions@yahoo.com
An e-commerce technology company, apparently running e-commerce portal, have an email address hosted at Yahoo.com? They can't even have the email address hosted at their own domain name? Shows their expertise and dedication to technology.
Now take a look at their website. http://www.edynamicssolutions.com/ A non-functioning website for e-commerce technology solutions company! I tried visiting the website different times in the span of 12 hours and all the time all I could see was Magento error! Such a non-serious e-commerce company who can afford such a long downtime.
These two things are good enough to show how serious company is in their business of "technology". I don't even need to go into their financial details which are even shady.
Read this article about their financial shady practices.
e-Dynamics solutions IPO red herring prospectus on BSE Website.
The biggest and foremost deterrent for me about this company; their email ID.
edynamicssolutions@yahoo.com
An e-commerce technology company, apparently running e-commerce portal, have an email address hosted at Yahoo.com? They can't even have the email address hosted at their own domain name? Shows their expertise and dedication to technology.
Now take a look at their website. http://www.edynamicssolutions.com/ A non-functioning website for e-commerce technology solutions company! I tried visiting the website different times in the span of 12 hours and all the time all I could see was Magento error! Such a non-serious e-commerce company who can afford such a long downtime.
These two things are good enough to show how serious company is in their business of "technology". I don't even need to go into their financial details which are even shady.
Read this article about their financial shady practices.
e-Dynamics solutions IPO red herring prospectus on BSE Website.
BHARTI INFRATEL LIMITED IPO
Bharti Infratel's initial public offering (IPO) of over 18.89 crore equity shares of face value of Rs 10 each opens for subscription on December 11.
Issue Snapshot
Issue Open: 11-December-12
Issue Close: 14-December-12
Price Band: INR 210-INR 240
Issue Size: INR 39,669 mn - INR 45,336 mn
Market Cap: INR 396,615 mn - INR 453,274 mn
IPO Grading: CRISIL IPO Grade 4/5
Listing: NSE & BSE
Lot Size: 50 or multiples of 50 equity shares
Discount: A discount of Rs. 10/- to the issue priceis being offered to Retail Individual Bidders.
Bharti Infratel is one of the oldest cellular tower infrastructure companies with towers allover India (all 22 circles). Bharti Infratel also owns 42% stake in Indus Towers. So, combinely Bharti Infratel has 80,656 towers (34,220 BIL and 46,436 Indus). It builds, operates and owns towers which are then rented to Telecom operators across the country. Revenues for company were INR 94.5bn with Net profits of INR 7.5bn in FY12.
The Company caters to Bharti , Vodafone and Idea which reflects stable annuity business with huge growth potential for the company from these top 3 telecom companies in India. The Telecom tower infrastructure business is in a growth phase with rural penetration still at a paltry 38.3%, this presents huge opportunity to expand network base further.
New technologies like 3G and 4G, made available at high frequency (lower wavelength) by the government, require wider tower base and hence new tower installations/infrastructure.
Issue Snapshot
Issue Open: 11-December-12
Issue Close: 14-December-12
Price Band: INR 210-INR 240
Issue Size: INR 39,669 mn - INR 45,336 mn
Market Cap: INR 396,615 mn - INR 453,274 mn
IPO Grading: CRISIL IPO Grade 4/5
Listing: NSE & BSE
Lot Size: 50 or multiples of 50 equity shares
Discount: A discount of Rs. 10/- to the issue priceis being offered to Retail Individual Bidders.
Bharti Infratel is one of the oldest cellular tower infrastructure companies with towers allover India (all 22 circles). Bharti Infratel also owns 42% stake in Indus Towers. So, combinely Bharti Infratel has 80,656 towers (34,220 BIL and 46,436 Indus). It builds, operates and owns towers which are then rented to Telecom operators across the country. Revenues for company were INR 94.5bn with Net profits of INR 7.5bn in FY12.
The Company caters to Bharti , Vodafone and Idea which reflects stable annuity business with huge growth potential for the company from these top 3 telecom companies in India. The Telecom tower infrastructure business is in a growth phase with rural penetration still at a paltry 38.3%, this presents huge opportunity to expand network base further.
New technologies like 3G and 4G, made available at high frequency (lower wavelength) by the government, require wider tower base and hence new tower installations/infrastructure.
Tamilnad Mercantile Bank IPO on the way
Tamilnad Mercantile Bank (TMB) will soon be coming up with it's Initial Public Offering (IPO).
It's CEO Mr. Nagendra Murthy was recently quoted "Paperwork and ground work is almost done. We are ready. But the timing can be decided only after the court sets the date for the AGM".
Tamilnad Mercantile Bank (TMB) is a 92-year old bank. It has a paid-up capital of just Rs.28 lakh. And it's reserves (excluding revaluation reserve) are in excess of Rs.1634 crore.
Shares of TMB has a face value of Rs 10/share. But people say that these shares are traded more than Rs.45000/share in the grey market.
It's CEO Mr. Nagendra Murthy was recently quoted "Paperwork and ground work is almost done. We are ready. But the timing can be decided only after the court sets the date for the AGM".
Tamilnad Mercantile Bank (TMB) is a 92-year old bank. It has a paid-up capital of just Rs.28 lakh. And it's reserves (excluding revaluation reserve) are in excess of Rs.1634 crore.
Shares of TMB has a face value of Rs 10/share. But people say that these shares are traded more than Rs.45000/share in the grey market.
IPO News - Rashtriya Ispat Nigam (RINL) IPO Coming Up
Rashtriya Ispat Nigam has filed IPO papers with SEBI. Rashtriya Ispat Nigam (RINL)is a state-owned company and will mostly be launching it's first initial public offer (IPO) in financial year 2012-13.
RINL has filed draft red herring prospectus (DRHP) on May 18th with SEBI stating IPO of 48.898 crore equity shares ( it will be a dilution of 10% equity stake by the GOI).
This IPO is offering a discount of upto 5% on offer price to retail investors and employees of the company.
RINL is India's second largest government owned steel company. It has original liquid steel production capacity of 3 mtpa and this capacity will be expanded to 6.3 mtpa by the financial year 2013.
For the nine months period ended on December 31, 2011 RINL had recorded consolidated PAT of Rs 500.53 crore on total income of Rs 9,408.71 crore.
RINL has filed draft red herring prospectus (DRHP) on May 18th with SEBI stating IPO of 48.898 crore equity shares ( it will be a dilution of 10% equity stake by the GOI).
This IPO is offering a discount of upto 5% on offer price to retail investors and employees of the company.
RINL is India's second largest government owned steel company. It has original liquid steel production capacity of 3 mtpa and this capacity will be expanded to 6.3 mtpa by the financial year 2013.
For the nine months period ended on December 31, 2011 RINL had recorded consolidated PAT of Rs 500.53 crore on total income of Rs 9,408.71 crore.
IPO News - Speciality Restaurants IPO will open on May 16
Speciality Restaurants has earned a strong position for itself in the gourmet world in last 16 years. It has established several famous brands such as Mainland China, Oh! Calcutta, Sigree, Haka, Machaan, Mostly Kababs, Just Biryani and Sweet Bengal. Now Speciality Restaurants is coming up with an Initial Public Offering (IPO) for it's lovers.
Company runs 62 Food & Beverage outlets in various cities of India. As per their website (http://www.speciality.co.in), Mainland China serves more than 2 lakhs Chinese meals per month. Mainland China and Oh! Calcutta have won major awards on various occasions for being India’s best restaurants in their respective categories. Company employs about 3000 people.
Company is launching its IPO issue of 1,17,39,415 equity shares of face value Rs 10 each on May 16, 2012. This issue will constitute 25% of the post-issue paid-up capital.
Speciality Restaurants is planning to use funds gathered thru IPO for development of new corporate restaurants (with an outlay of Rs 144.685 crore); development of a food plaza (with cost of Rs 15.1 crore); and repayment of a term loan facility (with Rs 10.433 crore). As per DRHP filed with SEBI, company plans to open 48 new corporate restaurants.
Promoters of Speciality Restaurants are Anjan Chatterjee and Suchhanda Chatterjee. They will reduce their shareholding in company to 60.69% post IPO issue. IPO will close on May 18.
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Company runs 62 Food & Beverage outlets in various cities of India. As per their website (http://www.speciality.co.in), Mainland China serves more than 2 lakhs Chinese meals per month. Mainland China and Oh! Calcutta have won major awards on various occasions for being India’s best restaurants in their respective categories. Company employs about 3000 people.
Company is launching its IPO issue of 1,17,39,415 equity shares of face value Rs 10 each on May 16, 2012. This issue will constitute 25% of the post-issue paid-up capital.
Speciality Restaurants is planning to use funds gathered thru IPO for development of new corporate restaurants (with an outlay of Rs 144.685 crore); development of a food plaza (with cost of Rs 15.1 crore); and repayment of a term loan facility (with Rs 10.433 crore). As per DRHP filed with SEBI, company plans to open 48 new corporate restaurants.
Promoters of Speciality Restaurants are Anjan Chatterjee and Suchhanda Chatterjee. They will reduce their shareholding in company to 60.69% post IPO issue. IPO will close on May 18.
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Stock Research Report - Hyderabad Industries
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Samvardhana Motherson Finance (SMFL) IPO Withdrawn - Why?
Mid Cap Stock To Buy - Jain Irrigation
Small Cap Stock To Buy - KNR Constructions
IPO News - Tribhovandas Bhimji Zaveri launching IPO
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Samvardhana Motherson Finance (SMFL) IPO Withdrawn - Why?
Samvardhana Motherson Finance (SMFL) IPO has been withdrawn from markets by it's management. This was the second-largest IPO withdrawal in Indian capital market history. Why?
The management of SMFL withdrew its Rs.1,665 crore IPO issue on Friday as investors turned back to it's expensively priced initial public offering and foreign funds panicked when Indian government announced that it was renegotiating the double taxation avoidance agreement (DTAA) with Mauritius government. SMFL has anchor investors and promoters based out of this foreign location.
This IPO was opened on May 2, and was subscribed just 0.38 times till 7 pm on the closing day of issue according to the NSE website. Such was the bad response to IPO by investors due to exorbitantly priced initial public offering.
SMFL is an auto part company being parent company of listed auto components manufacturer Motherson Sumi. Promoters Vivek Chaand Sehgal and his family owns 90.35% stake in company and the company was planning to raise around Rs 1,665 crore in the price band of Rs 113 to Rs 118 per share.
Various news agencies are stating that company received poor response to it's IPO due to weaker market conditions but they are ignoring the fact that company had priced this issue with exorbitantly high valuations and was dreaming to be a debt free company on people's money with no value/returns for small retail investors. Company had left nothing on table for small IPO investors and so retail investors were not keen on investing in IPO.
IPO Recommendation to readers of IndianStocksNews.com about SMFL IPO was very clear - "Small investors need not buy IPO of SMFL. Better stay away."
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The management of SMFL withdrew its Rs.1,665 crore IPO issue on Friday as investors turned back to it's expensively priced initial public offering and foreign funds panicked when Indian government announced that it was renegotiating the double taxation avoidance agreement (DTAA) with Mauritius government. SMFL has anchor investors and promoters based out of this foreign location.
This IPO was opened on May 2, and was subscribed just 0.38 times till 7 pm on the closing day of issue according to the NSE website. Such was the bad response to IPO by investors due to exorbitantly priced initial public offering.
SMFL is an auto part company being parent company of listed auto components manufacturer Motherson Sumi. Promoters Vivek Chaand Sehgal and his family owns 90.35% stake in company and the company was planning to raise around Rs 1,665 crore in the price band of Rs 113 to Rs 118 per share.
Various news agencies are stating that company received poor response to it's IPO due to weaker market conditions but they are ignoring the fact that company had priced this issue with exorbitantly high valuations and was dreaming to be a debt free company on people's money with no value/returns for small retail investors. Company had left nothing on table for small IPO investors and so retail investors were not keen on investing in IPO.
IPO Recommendation to readers of IndianStocksNews.com about SMFL IPO was very clear - "Small investors need not buy IPO of SMFL. Better stay away."
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IPO Analysis - Samvardhana Motherson Finance Limited
Samvardhana Motherson Finance Limited (SMFL) is a multinational business with manufacturing and design capabilities providing full system solutions to diverse industries. Checkout it's Initial Public Offering (IPO) grading and recommendation.
SMFL was founded in 2004 and provides an end-to-end range of design and manufacturing solutions to the automotive customers, including product concept and product design, engineering, manufacturing, sub-assembly and the production of integrated modules.
Issue Open: May 02, 2012
Issue close: May 04, 2012
Price Band: Rs. 113 - Rs. 118 Per Equity Share
Minimum Bid Size: 50 Equity Shares
Face Value: Rs. 10 Per Equity Share
Issue Type: 100% Book Building
Maximum Subscription Amount for Retail Investor: Rs. 200000
IPO Grading / Rating:
ICRA has assigned an IPO Grade 4 to Samvardhana Motherson Finance Ltd IPO. This means as per ICRA, company has 'Above Average Fundamentals'. This rating is influenced more by the group’s standing, production capabilities and the diversified product portfolio. But as on today, company is currently in losses.
Future Prospects
Consolidated total debt of the company is Rs.3918 cr against networth of Rs.1433 cr. After this IPO, company is planing to reduce the debt by Rs.966 cr. Reduced debt will lighten interest costs and give a boost in balance sheet for profits, the effect of this will not be visible anytime soon in balance sheet.
IPO Valuation
SMFL reported EPS of Rs 2.90 in FY11 and had posted loss of Rs2.50 per share in FY12. Company has fixed a price band of Rs.113 to Rs.118 for this IPO. Company has also allotted nearly Rs.2 cr share to some anchor investors at a price of Rs.115. This valuation looks very high for IPO and especially when company had made preferential offer at Rs.52.10 per share in sept2011. From price to Book Value perspective, the ratio stands at more than 5 for lower and upper price band of IPO. Value investing says, value stock is the one which has P/BV ratio of 1 or lower. This IPO offering is way away from being an value investment for IPO investors.
Small investors need not buy IPO of SMFL. Better stay away.
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SMFL was founded in 2004 and provides an end-to-end range of design and manufacturing solutions to the automotive customers, including product concept and product design, engineering, manufacturing, sub-assembly and the production of integrated modules.
Issue Open: May 02, 2012
Issue close: May 04, 2012
Price Band: Rs. 113 - Rs. 118 Per Equity Share
Minimum Bid Size: 50 Equity Shares
Face Value: Rs. 10 Per Equity Share
Issue Type: 100% Book Building
Maximum Subscription Amount for Retail Investor: Rs. 200000
IPO Grading / Rating:
ICRA has assigned an IPO Grade 4 to Samvardhana Motherson Finance Ltd IPO. This means as per ICRA, company has 'Above Average Fundamentals'. This rating is influenced more by the group’s standing, production capabilities and the diversified product portfolio. But as on today, company is currently in losses.
Future Prospects
Consolidated total debt of the company is Rs.3918 cr against networth of Rs.1433 cr. After this IPO, company is planing to reduce the debt by Rs.966 cr. Reduced debt will lighten interest costs and give a boost in balance sheet for profits, the effect of this will not be visible anytime soon in balance sheet.
IPO Valuation
SMFL reported EPS of Rs 2.90 in FY11 and had posted loss of Rs2.50 per share in FY12. Company has fixed a price band of Rs.113 to Rs.118 for this IPO. Company has also allotted nearly Rs.2 cr share to some anchor investors at a price of Rs.115. This valuation looks very high for IPO and especially when company had made preferential offer at Rs.52.10 per share in sept2011. From price to Book Value perspective, the ratio stands at more than 5 for lower and upper price band of IPO. Value investing says, value stock is the one which has P/BV ratio of 1 or lower. This IPO offering is way away from being an value investment for IPO investors.
Small investors need not buy IPO of SMFL. Better stay away.
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Retail business IPO you may want to look for
Retail chain operator Tristar Retail operates Reebok franchisee in India, largest franchisee (in terms of number of stores) of Titan Eye Plus and one of the largest master franchisees in terms of number of stores of Signature/Denizen in India.
Tristar Retail planning IPO of Rs 25 cr
Tristar Retail is planning to tap capital market with an initial public offering of Rs 25 crore. It is the largest retail operator (in terms of number of stores) OF all brands mentioned above as per their draft prospect submitted to SEBI.
As of January 31, 2012, Tristar has 166 retail outlets across 50 cities and 9 states with a portfolio of brands including Reebok, Levi Strauss Signature/Denizen, John Players, Titan, Titan Eye Plus, Nokia and Levis.
The company intends to use issue proceeds for working capital (of Rs 13 crore); expansion of exclusive brand outlets (EBOs) of brand Denizen (with an outlay of Rs 5.85 crore); and investment in subsidiary Tristar Retail Concepts Private Limited for expansion of exclusive brand outlets of brand Nokia (with Rs 1.13 crore).
For the year ended March 31, 2011, it reported consolidated net profit of Rs 5.06 crore on total income of Rs 101.31 crore while its standalone net profit came in at Rs 3.72 crore on total income of Rs 112.19 crore.
As of September 31, 2011, the company has debt of Rs 82 crore (consolidated) and Rs 48.43 crore (standalone).
Shareholding:
Promoters Kamal Shantilal Kothari and his wife Preeti Kamal Kothari along with other group companies hold 91.98% stake in the company.
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Tristar Retail planning IPO of Rs 25 cr
Tristar Retail is planning to tap capital market with an initial public offering of Rs 25 crore. It is the largest retail operator (in terms of number of stores) OF all brands mentioned above as per their draft prospect submitted to SEBI.
As of January 31, 2012, Tristar has 166 retail outlets across 50 cities and 9 states with a portfolio of brands including Reebok, Levi Strauss Signature/Denizen, John Players, Titan, Titan Eye Plus, Nokia and Levis.
The company intends to use issue proceeds for working capital (of Rs 13 crore); expansion of exclusive brand outlets (EBOs) of brand Denizen (with an outlay of Rs 5.85 crore); and investment in subsidiary Tristar Retail Concepts Private Limited for expansion of exclusive brand outlets of brand Nokia (with Rs 1.13 crore).
For the year ended March 31, 2011, it reported consolidated net profit of Rs 5.06 crore on total income of Rs 101.31 crore while its standalone net profit came in at Rs 3.72 crore on total income of Rs 112.19 crore.
As of September 31, 2011, the company has debt of Rs 82 crore (consolidated) and Rs 48.43 crore (standalone).
Shareholding:
Promoters Kamal Shantilal Kothari and his wife Preeti Kamal Kothari along with other group companies hold 91.98% stake in the company.
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Stock Research Report - Larsen & Toubro (L&T)
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Infotech Enterprises - Stock Analysis and Recommendation
Stock Analysis – BPCL 3QFY12 Results
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IPO Information - MT EDUCARE LIMITED
IPO information of MT EDUCARE LIMITED initial public offering and CRISIL rating for it.
MT EDUCARE LIMITED:
Incorporated in 2006, MT Educare Limited is an education support and coaching services provider for students in the secondary and higher secondary school. Also they provide coaching services for students pursuing graduation degree in commerce, preparing for various competitive examinations and undertaking chartered accountancy examinations.
MT Educare mainly provides coaching services for classes 9 and 10 (State board, CBSE and ICSE), classes 11 and 12, graduation (commerce), entrance test preparatory courses (engineering, medical through MH-CET and MBA) and CA. As on today, company has 757 faculty members on rolls. The brand name under which coaching operations of company operated is "Mahesh Tutorials". Company had coached around 58,300 students in FY11 which is a jump of 11% on a year on year basis.
The company also operates pre-schools under the brand name Global Champs with 7 centers operated by the company in Mumbai and Pune.
IPO information
Issue Open: March 27, 2012
Issue close: March 29, 2012
Price Band: Rs. 74 - Rs. 80 Per Equity Share
Minimum Bid Size: 80 Equity Shares
Face Value: Rs. 10 Per Equity Share
Issue Type: 100% Book Building
Maximum Subscription Amount for Retail Investor: Rs. 200000
IPO Grading / Rating:
CRISIL has assigned an IPO Grade 4 to MT Educare Limited IPO. This means as per CRISIL, company has 'Above Average Fundamentals'.
IPO Analysis
MT Educare's market cap is Rs 292-316 Cr on a price band of Rs 74-80. At price band of IPO, stock valuation comes at 19.5-21 times its FY12 estimated EPS of Rs 3.8. After IPO, Price/Book Value ratio will be 3.2-3.5 times its Book Value of Rs 23.
Investors willing to take risk may buy IPO of MT Educare as it is in education industry and industry has strong outlook.
MT EDUCARE LIMITED:
Incorporated in 2006, MT Educare Limited is an education support and coaching services provider for students in the secondary and higher secondary school. Also they provide coaching services for students pursuing graduation degree in commerce, preparing for various competitive examinations and undertaking chartered accountancy examinations.
MT Educare mainly provides coaching services for classes 9 and 10 (State board, CBSE and ICSE), classes 11 and 12, graduation (commerce), entrance test preparatory courses (engineering, medical through MH-CET and MBA) and CA. As on today, company has 757 faculty members on rolls. The brand name under which coaching operations of company operated is "Mahesh Tutorials". Company had coached around 58,300 students in FY11 which is a jump of 11% on a year on year basis.
The company also operates pre-schools under the brand name Global Champs with 7 centers operated by the company in Mumbai and Pune.
IPO information
Issue Open: March 27, 2012
Issue close: March 29, 2012
Price Band: Rs. 74 - Rs. 80 Per Equity Share
Minimum Bid Size: 80 Equity Shares
Face Value: Rs. 10 Per Equity Share
Issue Type: 100% Book Building
Maximum Subscription Amount for Retail Investor: Rs. 200000
IPO Grading / Rating:
CRISIL has assigned an IPO Grade 4 to MT Educare Limited IPO. This means as per CRISIL, company has 'Above Average Fundamentals'.
IPO Analysis
MT Educare's market cap is Rs 292-316 Cr on a price band of Rs 74-80. At price band of IPO, stock valuation comes at 19.5-21 times its FY12 estimated EPS of Rs 3.8. After IPO, Price/Book Value ratio will be 3.2-3.5 times its Book Value of Rs 23.
Investors willing to take risk may buy IPO of MT Educare as it is in education industry and industry has strong outlook.
IPO Information - NBCC
National Buildings Construction Corporation (NBCC) is a public sector company and primarily provides project management consultancy services for civil construction to various govt. It has also ventured into real estate segment.
Issue Open: March 22, 2012
Issue close: March 27, 2012
Price Band: Rs. 90 - Rs. 106 Per Equity Share
Minimum Bid Size: 60 Equity Shares
Face Value: Rs. 10 Per Equity Share
Issue Type: 100% Book Building
Maximum Subscription Amount for Retail Investor: Rs. 200000
NBCC is a unique business model which provides project management & consultancy (PMC) services (91% of revenues & 76% of PBT) for residential complex and institutional buildings, hospitals etc. for central & state government agencies. NBCC also has a Real Estate (RE) Development segment (6% of revenues & 18% of PBT). NBCC has an impressive financial track record with 21% revenue CAGR & net profit CAGR of 15% over FY07-11. NBCC is a debt free company with negative working capital cycle which is indicates its superior business fundamentals.
NBCC's order backlog stands at Rs.106bn or 3.4x FY11 revenues. There is a strong growth visibility for the company. NBCC is likely to bag a massive Rs.45 bn worth PMC contract for the redevelopment work of Kidwai nagar (E) in Delhi which will pan across 86 acres entailing a total development of 12mn square feet to be executed over a period of 5 years. This will provide strong growth for NBCC beyond FY13. In FY13 NBCC is likely to complete 2 real estate projects with saleable area of 2.4lac sq ft mainly comprising of a commercial complex in Okhla, Delhi. Company adopts conservative accounting practice & books RE revenues only after completion & sale of the project. Stock analysts are expecting RE revenues to jump 2.5x to Rs 4bn in FY13E.
IPO Grading / Rating:
CARE has assigned an IPO Grade 4 to NBCC IPO. This means as per CARE, company has 'Above Average Fundamentals'.
IPO Valuations
At an upper price band of the IPO price (Rs106) NBCC is available at PE of 7.4X & 5.3X its expected FY12/13 EPS of Rs14 / Rs19.7. Other construction companies are trading at average PE of 10X. Considering NBCC superior free cash generating business model & reasonable growth prospects, stock valuations of NBCC are attractiv. One may buy IPO of NBCC with stock price target around Rs.140 valuing it at PE of 10.
Issue Open: March 22, 2012
Issue close: March 27, 2012
Price Band: Rs. 90 - Rs. 106 Per Equity Share
Minimum Bid Size: 60 Equity Shares
Face Value: Rs. 10 Per Equity Share
Issue Type: 100% Book Building
Maximum Subscription Amount for Retail Investor: Rs. 200000
NBCC is a unique business model which provides project management & consultancy (PMC) services (91% of revenues & 76% of PBT) for residential complex and institutional buildings, hospitals etc. for central & state government agencies. NBCC also has a Real Estate (RE) Development segment (6% of revenues & 18% of PBT). NBCC has an impressive financial track record with 21% revenue CAGR & net profit CAGR of 15% over FY07-11. NBCC is a debt free company with negative working capital cycle which is indicates its superior business fundamentals.
NBCC's order backlog stands at Rs.106bn or 3.4x FY11 revenues. There is a strong growth visibility for the company. NBCC is likely to bag a massive Rs.45 bn worth PMC contract for the redevelopment work of Kidwai nagar (E) in Delhi which will pan across 86 acres entailing a total development of 12mn square feet to be executed over a period of 5 years. This will provide strong growth for NBCC beyond FY13. In FY13 NBCC is likely to complete 2 real estate projects with saleable area of 2.4lac sq ft mainly comprising of a commercial complex in Okhla, Delhi. Company adopts conservative accounting practice & books RE revenues only after completion & sale of the project. Stock analysts are expecting RE revenues to jump 2.5x to Rs 4bn in FY13E.
IPO Grading / Rating:
CARE has assigned an IPO Grade 4 to NBCC IPO. This means as per CARE, company has 'Above Average Fundamentals'.
IPO Valuations
At an upper price band of the IPO price (Rs106) NBCC is available at PE of 7.4X & 5.3X its expected FY12/13 EPS of Rs14 / Rs19.7. Other construction companies are trading at average PE of 10X. Considering NBCC superior free cash generating business model & reasonable growth prospects, stock valuations of NBCC are attractiv. One may buy IPO of NBCC with stock price target around Rs.140 valuing it at PE of 10.
IPO Information - T D Power Systems
Issue Open: August 24, 2011
Issue close: August 26, 2011
Price Band: Rs. 256 - Rs. 261 Per Equity Share
Minimum Bid Size: 25 Equity Shares
Face Value: Rs. 10 Per Equity Share
Issue Type: 100% Book Building
Maximum Subscription Amount for Retail Investor: Rs. 200000
Company
T D Power Systems (TDPS) is Bangalore based leading manufacturers of AC Generators with output capacity in the range of 1 MW to 52 MW for prime movers such as steam turbines, gas turbines, hydro turbines, wind turbines, diesel and gas engines. Along with AC Generators Company also executes Turbine Generator ("TG") island projects for steam turbine power plants with output capacity up to 52 MW using a Japanese turbine combined with their generator. Company is ISO 9001-2008 certified.
The consolidated order book is Rs. 1094.69 crore as end of June 30, 2011. The company proposes to use the net proceeds of the IPO for financing expansion of the existing manufacturing plant in Dabaspet, Bangalore, and for the construction of a project office in Bangalore. It also proposes to utilize part of the net proceeds to repay debt, fund working capital requirements and for other general corporate purposes.
IPO Grading / Rating
CARE has assigned an IPO Grade 4 to TD Power Systems IPO. This means as per CARE, company has 'Above Average Fundamentals'.
Valuation
The consolidated EPS for FY 2011 on post-issue equity of Rs. 33.24 (at lower IPO price band) and Rs. 33.07 (at upper IPO price band) works out to Rs. 17.1 thereby giving P/E of 15-15.3 times. Thermax is the closest comparable player in stock markets which is currently trading at 15.6 times FY2011 EPS.
Conclusion
T D Power Systems is a power sector player which makes it attractive as a business with huge scope of growth in future. The pricing of IPO looks okay and may witness some listing gains too for IPO investors. One may invest in IPO from longer term investment perspectives too.
IPO Analysis - SRS Limited
SRS Limited is coming up with Initial Public Offer (IPO) to raise between Rs.203 crores to 227.5 crores with IPO price band of Rs.58 to Rs.65 per share. Here is IPO analysis of SRS limited to help you make decision whether you should in IPO of this company or not.
Company
SRS Limited is in the business of Cinema Exhibition, Food & Beverages, Retail and Manufacturing & Retailing of Jewellery operations. As on today, SRS operates 23 SRS Value Bazaar retail stores, 15 food courts and 30 cinema screens in North India. The company also operates five jewellery retail and wholesale outlets and a jewellery manufacturing unit in Delhi.
The retail and consumers story of company that includes cinema exhibition, retail stores, food courts and jewellery retail stores looks attractive in first sight and makes impression as if company is just waiting for IPO investments to take off!
History!
But look closely to a few details unearthed by V S Fernando, an IPO Analyst from India Aarthik Research team that shows you a completely different picture about promoters and their modus operandi. For example, the group has more than 3 dozen companies under it's umbrella. SRS limited would be buying jewellery from it's own another company. SEBI had debarred the same promoters and their old company Manu Finlease Ltd. for five years from accessing capital markets in 2002. This was later reduced to 1 year and 1 month by Supreme Court. Read all the story of promoters and their history with few facts here.
Conclusion
Looking at the sheer history of promoters mentioned in above linked article, at least I would not buy IPO of SRS limited. You may take your own investment decision.
You may want to read:
When should you buy stocks in current market turmoil?
Stock markets crashing – what to do?
Why should you buy gold now?
Company
SRS Limited is in the business of Cinema Exhibition, Food & Beverages, Retail and Manufacturing & Retailing of Jewellery operations. As on today, SRS operates 23 SRS Value Bazaar retail stores, 15 food courts and 30 cinema screens in North India. The company also operates five jewellery retail and wholesale outlets and a jewellery manufacturing unit in Delhi.
The retail and consumers story of company that includes cinema exhibition, retail stores, food courts and jewellery retail stores looks attractive in first sight and makes impression as if company is just waiting for IPO investments to take off!
History!
But look closely to a few details unearthed by V S Fernando, an IPO Analyst from India Aarthik Research team that shows you a completely different picture about promoters and their modus operandi. For example, the group has more than 3 dozen companies under it's umbrella. SRS limited would be buying jewellery from it's own another company. SEBI had debarred the same promoters and their old company Manu Finlease Ltd. for five years from accessing capital markets in 2002. This was later reduced to 1 year and 1 month by Supreme Court. Read all the story of promoters and their history with few facts here.
Conclusion
Looking at the sheer history of promoters mentioned in above linked article, at least I would not buy IPO of SRS limited. You may take your own investment decision.
You may want to read:
When should you buy stocks in current market turmoil?
Stock markets crashing – what to do?
Why should you buy gold now?
IPO Analysis - Brooks Laboratories Ltd
Brooks Laboratories Ltd is coming up with an Initial Public Offer (IPO) to raise RS.63 crores for expansion plans.
Issue Open: August 16, 2011
Issue close: August 18, 2011
Price Band: Rs. 90 - Rs. 100 Per Equity Share
Minimum Bid Size: 60 Equity Shares
Face Value: Rs. 10 Per Equity Share
Issue Type: 100% Book Building
Maximum Subscription Amount for Retail Investor: Rs. 200000
Brooks Laboratories Ltd was incorporated in 2002 and is in the business of Pharmaceutical Contract Research & Manufacturing. Company manufactures wide range of products catering to critical care segment in Parental Section like Beta Lactam, Cephalosporin & General Dry powder Injectables, Ampoules and Liquid vials, Dry Syrups and Tablets etc.
Brooks laboratories plans to set up a new manufacturing unit in Panoli, Gujarat for manufacturing various pharmaceuticals formulations to the tune of Rs 51.8 crore. It needs Rs 5 crore for long-term working capital.
IPO Grading / Rating:
ICRA has assigned an IPO Grade 2 to Brooks Laboratories IPO. This means as per ICRA, company has 'Below Average Fundamentals'.
Looking at the ICRA rating of Below average fundamentals, it is certainly not advisable to buy IPO in current volatile stock markets. If the L&T IPO with very good valuations can enter stock markets at 4% lower price than it's IPO price, companies with not so strong fundamentals would hardly have any chances of gains.
It would be better to see the listing and performance in secondary market, fundamentals after listing and then decide on investing in it.
Issue Open: August 16, 2011
Issue close: August 18, 2011
Price Band: Rs. 90 - Rs. 100 Per Equity Share
Minimum Bid Size: 60 Equity Shares
Face Value: Rs. 10 Per Equity Share
Issue Type: 100% Book Building
Maximum Subscription Amount for Retail Investor: Rs. 200000
Brooks Laboratories Ltd was incorporated in 2002 and is in the business of Pharmaceutical Contract Research & Manufacturing. Company manufactures wide range of products catering to critical care segment in Parental Section like Beta Lactam, Cephalosporin & General Dry powder Injectables, Ampoules and Liquid vials, Dry Syrups and Tablets etc.
Brooks laboratories plans to set up a new manufacturing unit in Panoli, Gujarat for manufacturing various pharmaceuticals formulations to the tune of Rs 51.8 crore. It needs Rs 5 crore for long-term working capital.
IPO Grading / Rating:
ICRA has assigned an IPO Grade 2 to Brooks Laboratories IPO. This means as per ICRA, company has 'Below Average Fundamentals'.
Looking at the ICRA rating of Below average fundamentals, it is certainly not advisable to buy IPO in current volatile stock markets. If the L&T IPO with very good valuations can enter stock markets at 4% lower price than it's IPO price, companies with not so strong fundamentals would hardly have any chances of gains.
It would be better to see the listing and performance in secondary market, fundamentals after listing and then decide on investing in it.
IPO Analysis - Tree House Education and Accessories
Tree House Education and Accessories is coming with an Initial Public Offer (IPO). Let's see if you should buy IPO of this company.
Issue Open: August 10, 2011
Issue close: August 12, 2011
Price Band: Rs. 135 - Rs. 153 Per Equity Share
Minimum Bid: 40 Equity Shares
Face Value: Rs. 10 Per Equity Share
Issue Type: 100% Book Building
Maximum Subscription Amount for Retail Investor: Rs. 200000
Incorporated in 2006, Tree House Education is one of the leading educational services providers in India. As per CRISIL report, they operate the largest number of self-operated pre-schools in India. They have 177 pre-schools under the brand name of "Tree House" across 23 cities in India.
Tree House provide a wide variety of educational services to K-12 schools which includes designing curriculum and providing teaching aids, supplying methods for imparting education, organizing extra-curricular activities for students and teacher training.
The pre-school market is just at beginning stage in India. This company can take advantage as an established player of huge market in India which is highly unorganized.
At the offer price bands, the issue is available at P/E of 38.6x- 43.7x its FY12E EPS of Rs 3.5 on post diluted equity. It is much higher than average.
IPO Grading / Rating:
CRISIL has assigned an IPO Grade 3 to Tree House Education IPO. This means as per CRISIL, company has 'Average Fundamentals'.
It is not an comfortable offer for IPO investors and company is not leaving anything on table for investors. In current market turmoil, it could be risky to buy any such expensive IPO.
But it is an IPO in education space which is highly favorable by investors and may attract retail investors. I would never invest my money in such expensive IPO. If you want to take a chance,do it at lower band of IPO price.
Issue Open: August 10, 2011
Issue close: August 12, 2011
Price Band: Rs. 135 - Rs. 153 Per Equity Share
Minimum Bid: 40 Equity Shares
Face Value: Rs. 10 Per Equity Share
Issue Type: 100% Book Building
Maximum Subscription Amount for Retail Investor: Rs. 200000
Incorporated in 2006, Tree House Education is one of the leading educational services providers in India. As per CRISIL report, they operate the largest number of self-operated pre-schools in India. They have 177 pre-schools under the brand name of "Tree House" across 23 cities in India.
Tree House provide a wide variety of educational services to K-12 schools which includes designing curriculum and providing teaching aids, supplying methods for imparting education, organizing extra-curricular activities for students and teacher training.
The pre-school market is just at beginning stage in India. This company can take advantage as an established player of huge market in India which is highly unorganized.
At the offer price bands, the issue is available at P/E of 38.6x- 43.7x its FY12E EPS of Rs 3.5 on post diluted equity. It is much higher than average.
IPO Grading / Rating:
CRISIL has assigned an IPO Grade 3 to Tree House Education IPO. This means as per CRISIL, company has 'Average Fundamentals'.
It is not an comfortable offer for IPO investors and company is not leaving anything on table for investors. In current market turmoil, it could be risky to buy any such expensive IPO.
But it is an IPO in education space which is highly favorable by investors and may attract retail investors. I would never invest my money in such expensive IPO. If you want to take a chance,do it at lower band of IPO price.
Do not Invest in IPO of Birla Pacific Medspa
Birla Pacific Medspa is offering initial public offer and raising around Rs 65.18 crore through this IPO. Why you should not invest in IPO of this company? Let’s see.
It is a Yash Birla Group company who would reduce the promoter's share holding to around 27% in this IPO. Another business partner, Pacific Healthcare was 50% Joint Venture partner in Birla Pacific Medspa, so the the name Birla Pacific. Pacific healthcare reduced their holding to 12.44% and through this IPO they would further reduce it to only 5%. Other private investors hold 9%.
Birla Pacific Medspa was Incorporated in 2008 for the business of beauty and healthcare treatment. It operates med spa centres with brand name 'EVOLVE'. Company has only 7 such operational centers which made Rs 1.65 crore as their sales for 9 months till December 2010. On this net sales, company faced losses of Rs 3.6 crores.
So with these negative earnings and loss making small business, this company wants to raise up to Rs 65 crores for opening such 55 centers allover India.
The company which cannot make profits with only 7 centers to manage, expecting that they would make money for shareholders, especially when promoters themselves are reducing their stocks, is a foolish expectation.
Their debt to equity ratio is 0.1 and cash flows are negative. I do not see company generating any positive returns for it’s shareholders in distant long term. Partner promoter is planning to exit the business and this IPO looks like an exit route for them at the cost of IPO investors’ money.
This IPO does not have anything in it for its IPO investors. If you wish to be kind to Birlas and “donate” (not invest) some money to Birla Pacific Medspa, go ahead and invest in this IPO.
It is a Yash Birla Group company who would reduce the promoter's share holding to around 27% in this IPO. Another business partner, Pacific Healthcare was 50% Joint Venture partner in Birla Pacific Medspa, so the the name Birla Pacific. Pacific healthcare reduced their holding to 12.44% and through this IPO they would further reduce it to only 5%. Other private investors hold 9%.
Birla Pacific Medspa was Incorporated in 2008 for the business of beauty and healthcare treatment. It operates med spa centres with brand name 'EVOLVE'. Company has only 7 such operational centers which made Rs 1.65 crore as their sales for 9 months till December 2010. On this net sales, company faced losses of Rs 3.6 crores.
So with these negative earnings and loss making small business, this company wants to raise up to Rs 65 crores for opening such 55 centers allover India.
The company which cannot make profits with only 7 centers to manage, expecting that they would make money for shareholders, especially when promoters themselves are reducing their stocks, is a foolish expectation.
Their debt to equity ratio is 0.1 and cash flows are negative. I do not see company generating any positive returns for it’s shareholders in distant long term. Partner promoter is planning to exit the business and this IPO looks like an exit route for them at the cost of IPO investors’ money.
This IPO does not have anything in it for its IPO investors. If you wish to be kind to Birlas and “donate” (not invest) some money to Birla Pacific Medspa, go ahead and invest in this IPO.
Muthoot Finance IPO price band at Rs160-175
Muthoot Finance, a Gold financing company is raising over Rs 900 crore via its Initial Public Offer to begin on April 18. The IPO price band is set for Rs 160-175 per share. The Muthoot Finance IPO is offering 5.15 crore equity shares to investors.
Sheetal Refineries IPO - DRHP filed
Sheetal Refineries is a South-India based edible oil refiner. Company has filed draft red herring prospectus with SEBI for its initial public offering issue of upto Rs 60 crore.
Lovable Lingerie IPO Price fixed at Rs.205
Lovable Lingerie, India’s one of the biggest women’s innerwear manufacturers, fixed the IPO price at higher end of price band which was Rs 195-205. So the IPO price is fixed at Rs.205 per share for their initial public offer of 45,50,000 equity shares with Rs.10 face value per share.
IPO Information and valuation - Lovable Lingerie
Here is the IPO information on Lovable Lingerie Initial public offering. Checkout IPO valuation and recommendation if you should buy IPO of this company.
Lovable Lingerie Ltd was incorporated in year 1987. It is one of India's leading women's innerwear manufacturers. Company had licensed the brand "Lovable" from Lovable World Trading Company, USA in 1995. "LOVABLE" is India's First Premium International Lingerie Brand.
This Initial public offering, which opens on March 8 and closes on March 11, would constitute 27.08 percent of the post issue paid-up capital of the company.
The company is raising around Rs 88 to Rs 93 crore thru this initial public offering. Company's plans include to set up a manufacturing facility to create additional capacity at Bengaluru, expenses to be incurred for brand building, brand development expenses for "College Style" brand, investment in Joint Venture, setting up exclusive brand outlets, setting up retail store modules for "shop-in-shop", up gradation of design studios, general corporate purpose, and public issue expenses.
IPO valuation
CARE has assigned an IPO Grade 3 to Lovable Lingeries Ltd IPO. This means as per CARE, company has 'Average Fundamentals'. A lingerie brand entering markets with average fundamentals.
Indian stock markets are very volatile at the moment due to increasing oil prices, political unrest. Since company is leaving hardly anything on table for investors (which reflects from it's IPO rating of 3), IPO investment in Lovable lingerie is not recommended at offered price levels. IPO valuation does not look as lovable for investors as company's products are! You might get it at lower prices post IPO.
Lovable Lingerie Ltd was incorporated in year 1987. It is one of India's leading women's innerwear manufacturers. Company had licensed the brand "Lovable" from Lovable World Trading Company, USA in 1995. "LOVABLE" is India's First Premium International Lingerie Brand.This Initial public offering, which opens on March 8 and closes on March 11, would constitute 27.08 percent of the post issue paid-up capital of the company.
The company is raising around Rs 88 to Rs 93 crore thru this initial public offering. Company's plans include to set up a manufacturing facility to create additional capacity at Bengaluru, expenses to be incurred for brand building, brand development expenses for "College Style" brand, investment in Joint Venture, setting up exclusive brand outlets, setting up retail store modules for "shop-in-shop", up gradation of design studios, general corporate purpose, and public issue expenses.
IPO valuation
CARE has assigned an IPO Grade 3 to Lovable Lingeries Ltd IPO. This means as per CARE, company has 'Average Fundamentals'. A lingerie brand entering markets with average fundamentals.
Indian stock markets are very volatile at the moment due to increasing oil prices, political unrest. Since company is leaving hardly anything on table for investors (which reflects from it's IPO rating of 3), IPO investment in Lovable lingerie is not recommended at offered price levels. IPO valuation does not look as lovable for investors as company's products are! You might get it at lower prices post IPO.
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