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15. bangalore king  Jun 22, 2017 12:49:06 PM IST Reply

Au Financiers (India) Limited IPO

Totally milked out already !

At the upper band of Rs358, the post money valuation of AU SFB is at 5.3x P/ABV FY17 of ~Rs68 which leaves little scope for any upside in the near term, hence recommend to subscribe to the issue only with a long term investment horizon.
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15.1. Rajkumar Bhuj  Jun 22, 2017 12:55:41 PM IST

Au Financiers (India) Limited IPO

I have similar feeling. GMP seems to be too stretched.
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15.2. Pokemongo  Jun 22, 2017 5:30:32 PM IST

Au Financiers (India) Limited IPO

jjivan price to book value is 3.5.. so better buy that..
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14. bangalore king  Jun 17, 2017 8:08:59 PM IST Reply

Eris Lifesciences Limited IPO

Eris is the fastest growing company total revenue CAGR of 17% in
FY13-17 and CAGR of 29% in Chronic category over the same period.
Another positive about the company is that its EBITDA margins have
expanded to 37% in FY17 from 22% in FY13 led by focus on niche
segments within the chronic category. At upper price band of INR603, the
issue is available at 34x FY17 EPS which is at par with other listed players.
We remain positive on the company and we believe it deserves premium
valuation as 1) it is high growth story led by significant focus on lifestyle
related disorders, 2) significantly higher margins, 3) debt free status and 4)
superior return profile of 45%+ both ROEs and ROCEs. !!
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13. bangalore king  Jun 12, 2017 12:04:42 PM IST Reply

Tejas Networks Limited IPO

Weaknesses

The market is highly competitive with large global competitors like Huawei corporation, Nokia corporation and Ericsson with deep pockets, known brands and much wider technical capabilities compared with TN.

High client concentration as 58% of the revenues comes from BSNL, Bharat Broadband, Bharti Airtel, Aircel and Tata Communication.

Trade receivables, which were at 265 days in FY 2015, have come down to 160 days but continue to remain high and stretch the working capital requirements. Nearly 45% of total consolidated FY 2017 sales are from public sector undertakings. Hence, working capital strain is likely to continue.

Total intangible assets stood at Rs 134 crore in FY 2013 and came down to Rs 83 crore in FY 2017 after the company wrote off intangible investments of Rs 39 crore in FY 2013 and Rs 30 crore in FY 2017. While it positions itself as R&D and technology provider, such write -offs are quite disturbing and affect the financials.

Financial performance is highly fluctuating. There was consolidated loss of Rs 79.04 crore in FY2013, net profit of Rs 2.76 crore in FY2014, loss of Rs 17.87 crore in FY2015, net profit of Rs 29.01 crore in FY2016 and net profit Rs 63.22 crore in FY2017.

A large part of the operating expenses is fixed. Any fall in revenues due to loss of client or any major order can affect the margins and profitability.

Valuation

Consolidated net sales were up 40% to Rs 878.20 crore and the OPM increased from 18% to 19.8%, resulting in a 54% increase in OP to Rs 174.23 crore in FY 2017. With a 147% increase in other income to Rs 8.68 crore, 36% reduction in interest cost to Rs 31.52 crore and 48% spurt in depreciation to Rs 56.42 crore, consolidated PBT was up 227% to Rs 94.97 crore. There was an EO loss of Rs 30.47 crore due to write-off of intangible assets in progress. Thus, PBT after EO stood at Rs 64.50 crore. After providing total tax of Rs 1.28 crore, consolidated PAT stood at Rs 63.22 crore, up 118% over FY 2016.

At the higher price band of Rs 257, the diluted equity share capital stands at Rs 89.54 crore with face value of Rs 10 each. EPS for FY 2017 after considering EO adjustments works out to Rs 10.5. The scrip is offered at P/E multiple of around 24.6 times FY 2017 earnings. There are no listed peers in the line of business.
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12. bangalore king  Jun 12, 2017 10:24:32 AM IST Reply

GTPL Hathway Limited IPO

The capital markets regulator will consider cutting the listing time for initial public offerings (IPOs), allowing alternative investment funds (AIFs) to invest in commodity derivatives and tighten rules for participatory notes (P-Notes) at its 21 June board meeting, two people familiar with the matter said.

The Securities and Exchange Board of India (Sebi) plans to reduce the listing time to four working days from the current six and trim the size of share sale documents, said one of the two people, both of whom requested anonymity.
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11. bangalore king  Jun 7, 2017 8:46:44 PM IST Reply

Eris Lifesciences Limited IPO

BID/OFFER OPENS ON* Friday, June 16, 2017
BID/OFFER CLOSES ON Tuesday, June 20, 2017
FINALIZATION OF BASIS OF ALLOTMENT On or about Friday, June 23, 2017
INITIATION OF REFUNDS FOR ANCHOR INVESTORS/UNBLOCKING OF FUNDS On or about Tuesday, June 27, 2017
CREDIT OF EQUITY SHARES TO DEPOSITORY ACCOUNTS On or about Wednesday, June 28, 2017
COMMENCEMENT OF TRADING Thursday, June 29, 2017
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10. bangalore king  Jun 5, 2017 1:13:48 AM IST Reply

Eris Lifesciences Limited IPO

5K Crore IPOs

http://www.livemint.com/Money/44tcD52b4p7V5d87o4NlWJ/IPOs-worth-Rs5000-crore-lined-up-this-month.html
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10.1. AKH  Jun 7, 2017 11:46:43 AM IST

Eris Lifesciences Limited IPO

Tejas
CDSL
Eris
Au Small Finance
GTPL Hathway
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9. bangalore king  Jun 7, 2017 11:36:21 AM IST Reply

Tejas Networks Limited IPO

Tejas Networks IPO to open June 14, close June 16 and price band at 250 rupees to 257 rupees ... confirmed !
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8. bangalore king  Jun 5, 2017 1:13:29 AM IST Reply

Eris Lifesciences Limited IPO

BSE SME IPO index

http://www.livemint.com/Money/Wn551NwlHaxIcUKtTCtMFP/BSE-SME-IPO-index-surges-53-outperforms-broader-market.html
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7. bangalore king  Jun 2, 2017 10:02:42 AM IST Reply

Central Depository Services (India) Limited IPO

Moderator, open page for this IPO !

Mumbai: Ahmedabad-based pharmaceuticals company Eris Lifesciences Pvt. Ltd plans to launch a Rs2,000 crore initial public offering (IPO) this month, according to two people aware of the development.

“The company and the bankers have been busy with international investor roadshows over the last couple of months. They are in the process of winding up the roadshows, post which the company will finalize the dates for the launch of the IPO and the pricing of the offer. The plan is to launch the IPO before end of June,” said one of the people cited above, requesting anonymity as he is not authorized to speak to the media.

Eris, which filed its share sale prospectus with the Securities and Exchange Board of India in February, received the regulator’s go-ahead in May. Axis Capital, Citibank and Credit Suisse are the bankers to the issue.

Private equity firm ChrysCapital, which holds a 16.25% stake in the company, will sell all of its 22.34 million shares, while founder Amit Bakshi, who holds 39.97%, will sell 0.5%. Other investors selling their shares will include Rakesh Shah, Rajendra Patel, Kausal Shah and Inderjeet Negi.
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7.1. Forum Modulator  Jun 2, 2017 8:10:51 PM IST

Central Depository Services (India) Limited IPO

Hi bangalore king,

Thank you for your message.

We have opened the page for Eris Lifesciences Pvt.

http://www.chittorgarh.com/ipo/eris-lifesciences-ipo/668/

Team Chittorgarh.com
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6. bangalore king  Jun 2, 2017 12:04:15 AM IST Reply

Central Depository Services (India) Limited IPO

Securities depository in India, Central Depository Services (India) Limited is planning to come up with initial public offering. After grand listing of BSE Limited with a premium of 35%, investors are bracing for CDSL IPO. The objectives of the IPO are to achieve the benefits of listing and to enhance its visibility and brand image and provide liquidity to its existing shareholders.

The tentative date for the IPO is out. The IPO issue is likely to open on June 19 and closing on June 21, 2017. It is likely to follow book building process wherein price band is fixed at Rs 113 to Rs 115 per equity share. The minimum order quantity is one market lot which constitutes 130 shares.

The issue size stands at 3,51,67,208 equity shares. The category wise break-up for the issue is tabulated below:

Category       Number of Equity Shares       Amount
Anchor investors       1,03,40,162       Rs 118.91 Cr
QIBs       68,93,442       Rs 79.27 Cr
NII       51,70,081       Rs 59.46 Cr
RII       1,20,63,523       Rs 138.73 Cr
Employees       7,00,000       Rs 8.05 Cr
Total Issue       3,51,67,208       Rs 404.42 Cr

However, all the information regarding CDSL IPO is tentative. CDSL was initially promoted by BSE Ltd. which has thereafter divested its stake to leading banks as "Sponsors" of CDSL.

CDSL was set up with the objective of providing convenient, dependable and secure depository services at affordable cost to all market participants.
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6.1. PavanM  Jun 2, 2017 1:24:56 AM IST

Central Depository Services (India) Limited IPO

I know that you might have got the article copied from some news, just want to mention that we cant consider BSE gave listing gain of 35%.
Listing gain of 35% didn''t sustain even for seconds.. It just touched 1200 and fell to below 1100 on the same day. Moreover, even after months of its listing, BSE price couldn''t move higher except after CDSL IPO resurfaced.

Dmart for instance we can say for sure that it gave 100% returns as it listed at 600 vs issue price of 300 and consistently moved above 600 and even reached 840. In such cases, its obvious that it gave more than 100% listing gains.
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5. bangalore king  May 17, 2017 12:43:53 AM IST Reply

PSP Projects Ltd IPO

Standalone net sales stood at Rs 239.10 crore, with the OPM of 13.6%, leading to OP of Rs 32.46 crore in the nine months ended December 2016. Highet margin was due to strong execution of few high margin contracts. Interest cost stood at Rs 5.54 crore and depreciation Rs 5.48 crore, resulting in PBT of Rs 31.75 crore. After providing total tax of Rs 10.27 crore, Pat was Rs 21.48 crore.

On a higher price band of Rs 210, the diluted equity share capital of stands at Rs 36 crore on face value of Rs 10 each. EPS for FY 2016 works out to Rs 6.9. EPS for the nine months ended December 2016 is not annualised due to seasonality of business: generally the second half of every year generates higher revenues compared with the first half. The scrip is offered at P/E multiple of around 30 times FY 2016 earnings.

JMC Projects and Ahluwalia contracts (India) are some of the listed peers. JMC Projects reported standalone net sales of Rs 2484 crore, with Pat of Rs 41.02 crore in FY 2018. EPS for FY 2016 stood at Rs 12.2. At the current market price of Rs 276, the scrip trades at 22.6 times FY 2016 earnings.

Ahluwalia contracts (India) reported standalone net sales of Rs 1249.57 crore, with Pat of Rs 84.41 crore in FY 2016. EPS for FY 2016 stood at Rs 12.6. At the current market price of Rs 397, the scrip trades at around 31 times its FY 2016 earnings.

Most of the past financial track record is due to high-margin government projects that may or may not get repeated. Further, bidding for orders outside Gujarat will not result in a consistent margin performance of the past and business and execution risks will increase going forward, given the size and scale of operations of the company. The scrip at current valuation offers very little for investors.
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4. bangalore king  May 8, 2017 12:27:01 AM IST Reply

Housing and Urban Development Corporation Ltd IPO

HUDCO’s EPS for FY2016 is Rs 4.05. At the lower price band of Rs 56 per equity share of Rs 10 face value P/E works out to 13.8 times of FY2016 EPS. At the upper band of Rs 60 per equity share, P/E works out to 14.8 times of FY2016 EPS. P/E on annualized 9MFY2017 EPS of Rs 3.31 per share works out to 16.9 at lower price band and 18.2 times at higher price band.

The book value of Hudco is Rs 44.8 as of December 2016. The adjusted book value, net of net non-performing assets, is Rs 42.05 per share.

P/BV for Hudco works out to 1.34 times and P/Adj BV at 1.43 times at the upper price band

There are no comparable listed companies in India engaged in the same line of business as the company. However, among the comparable PSU lenders in the infrastructure space, Rural Electrification Corporation (REC) is trading at P/BV of 1.3 times and Power Finance Corporation is trading at P/BV of 1 times. All BVs are as of December 2016.

At the price band of Rs 60 per share, Hudco is offered at a P/E of 18.2 times (annualized 9M FY2017 EPS). Among the comparable PSU lenders, REC trades at P/E of 6.1 times and PFC at 5.7 times (annualized 9M FY2017 EPS).
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4.2. jonam  May 8, 2017 10:06:14 AM IST

Housing and Urban Development Corporation Ltd IPO

What use is P/B when there is NO GROWTH. The lower P/B ratio does not always mean that the stock is undervalued, it may also mean that the stock is under performer.
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4.3. Roz Marlo  May 8, 2017 11:54:05 AM IST

Housing and Urban Development Corporation Ltd IPO

Dear Jonam
This is what really confusing....Does Hudco deserves to trade at 2 times book value...that''s what GMP is indicating and many brokers/analyst are assuming....

If better performers like PFC, REC and IDFC(not bank) are trading at 1.1, 1.47 and 1.04 P/BV respectively then why market should assign 2 times multiple to a no growth company like Hudco.....
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3. bangalore king  Apr 24, 2017 11:49:37 AM IST Reply

S Chand and Company Ltd IPO

S Chand is the largest textbooks publisher in India catering to the CBSE/ICSE K‐12
market having strong Pan‐India footprint. It has created/acquired brands over the
years and has been successful in increasing its school bag content share in
CBSE/ICSE schools. Its strategy of acquiring niche players like Vikas/Madhuban to
fill the product gaps in Hindi titles and Saraswati brand to bolster content strength
in French & languages has contributed to growth significantly. S Chand has spent
~Rs4.5bn (Rs3.4bn goodwill) over the past 4 years in acquiring companies and then
gradually scales them up. We feel this strategy to grow by aggregating is a crucial
aspect for anyone who wishes to grow in the Indian Publishing market. The IPO
consists of Rs3.25bn fresh issue and Rs4bn OFS from Everstone Capital/Promoters
valuing the business at a Market Cap of Rs23bn implying an EV/EBIDTA of
16.4xFY17E which seems fully priced. However, considering strong parentage,
branded portfolio, professional management, reducing debt profile post IPO, good
growth opportunity & limited listed opportunities to play the Publishing segment,
recommend “Subscribe” with a long term objective.
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2. bangalore king  Mar 31, 2017 11:24:12 PM IST Reply

Dev Information Technology Ltd IPO

MUMBAI: Surat based Euro India Fresh Foods (Euro India) completed the biggest IPO on any of the SME platforms in India with a Rs 51.25 crore offer. On Friday, the stock was listed on NSE Emerge platform at Rs 82.35 and closed at Rs 89.95. The shares were offered at Rs 78, a release from Pantomath Capital Advisors, the lead managers to the offer, said.
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2.1. vishal sekhawat  Apr 1, 2017 10:52:11 AM IST

Dev Information Technology Ltd IPO

Respected concern plz advise me for apply or not
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1. bangalore king  Feb 14, 2017 10:54:40 PM IST Reply

Central Depository Services (India) Limited IPO

Till NSE actually comes to the markets, would it make sense at all to stick by with BSE because they are not going to degrow from here. There is this marginal chance that business may actually be up from here?

One reason to buy this IPO would be for a dividend yield. I believe they will be selling a substantial portion of their holding in CDSL maybe later this year that will give a huge cash amount to the BSE and I expect them to be transferring that cash because they do not need the cash for operations. They are a cash rich company. Most of their profits comes from the interests they earn from their cash deposits.

If that is the case, that will be one big result thing to look forward to this year. So there will be a dividend yield, I expect reasonable amount of money per share to be distributed. Having said that, from a longer term perspective is it an exchange that you want to own? You have two exchanges today -- MCX and BSE that are listed and on both the volumes growth in terms of volumes trade has not been substantial. I say this for NSE as well. The bet could be that in the next 10 years this will double, triple, quadruple but since I have not seen that volume really coming into that market. I do not know if BSE is a great play and so I will wait for this.
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