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Jain vivek's Comments

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23. Jain vivek  May 20, 2017 10:33:41 PM IST Reply

Vadivarhe Speciality Chemicals Ltd IPO

Out of the total proceeds around 3 cr will come in the company, rest will go to the promoters, further it has pledged it''s factory & building against loan to axis bank.
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22. Jain vivek  May 17, 2017 4:14:14 PM IST Reply

IndiGrid InvIT Fund IPO

Biggest issue in this IPO is that allotment will be on proportional basis which was not the case in IRB Infra InvIT. This would favor those putting in a large application for these units
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22.4. IPO Bhavnagar  May 18, 2017 6:29:45 PM IST

IndiGrid InvIT Fund IPO

Mr. JKG has already posted the same at Point No 47
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22.5. BGRJVB  May 18, 2017 7:39:42 PM IST

IndiGrid InvIT Fund IPO

Thanks IPO Bhavnagar. Best Regds.
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21. Jain vivek  May 17, 2017 9:55:02 PM IST Reply

PSP Projects Ltd IPO

Capital Market: " Score 35/100, ost 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."

Angel Broking: “In terms of valuation, PSP’s P/BV multiple annualised 9MFY2017 at 7.9x, works out to be at premium to peers (Ahluwalia Contracts 5.2x, Nila Infra. 3.3x, JMC projects 1.4x, Prakash Controwell 0.4x, RPP Infra 3.7x). Moreover, PSP is aspiring to get in the higher ticket size projects, which is dominated by well reputed players. Management’s lack of experience in diverse geographies and lack of visibility of future order book may become a cause of concern for growth strategy. Hence, we recommend NEUTRAL rating on the issue."

Centrum: ““PSP Projects has a good track record of on-time execution of projects and enjoys long-term relationships with its clientele, which it plans to leverage in order to optimise the project mix. The government’s focus on infrastructure spends would augur well too, The IPO is valued at 25.1 times PE on FY17E basis (post dilution), which is not cheap, but appears to be comfortable."

SMC : “Considering the P/E valuation on the upper end of the price band of Rs. 210, the stock is priced at pre issue P/E of 21.84x on its FY17 EPS of Rs. 9.61. Post issue, the stock is priced at a P/E of 27.31x on its EPS of Rs. 7.69. Looking at the P/B ratio at Rs. 210 the stock is priced at P/B ratio of 7.15x on the pre issue book value of Rs.29.36 and on the post issue book value of Rs. 67.41 the P/B comes out to 3.12x. Though the company provides services across the construction value chain, ranging from planning and design to construction and post-construction activities to private and public sector enterprises, but it has had negative cash flows in the recent periods. Moreover, its business is relatively concentrated in the state of Gujarat. Hence investors with high risk appetite may consider investment in the issue.

Choice Broking:”Considering attractive construction sector outlook, past financial performance and future outlook of the company, we recommend a “Subscribe with Caution” rating for the public issue.”


Jainam Wealth : "recommend investors to “SUBSCRIBE” to the PSP Projects Ltd IPO considering strong track record for successful execution of projects, strong order book of Rs.729 crore, robust financial such as ROE(%) is 34.21% in FY16; Interest cover is 10x in FY16. Company available at P/E of 27x on FY16 EPS and 9x P/BV on upper price band."


SP Tulsiyan website: "Very strong historic growth, visible order book, leverage-free balance sheet give the issue sound fundamentals. However, sudden rise in margins in 9MFY17 before the IPO, small size with geographic concentration, listing in T segment and less fancy for construction stocks currently on the bourses go against the company. Pricing is also not too cheap. Hence one can give the issue a miss. However, the company can be a promising stock and one must keep it on radar, gauging financial performance over the next couple of quarters."
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19. Jain vivek  May 16, 2017 8:44:32 AM IST Reply

Jalan Transolutions (India) Ltd IPO

This company is a market leader in transportation , a well known brand & merits investment.
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18. Jain vivek  May 15, 2017 2:20:10 PM IST Reply

IndiGrid InvIT Fund IPO

After the runaway success of India’s first ever INVIT, is the issue during the week from India Grid Trust which opens this Wednesday the 17th of May and closes on Friday the 19th of May. The trust is raising Rs 2,250 crs in a price band of Rs 98-100. The lot size is 10,206 units and in multiples thereafter of 5,103 units. The success of IRB invit is unlikely to be seen in the this issue because of one fundamental difference where the returns to investors in the issue of India Grid in the initial few years would be entirely by way of interest income while in the case of IRB it was a combination of interest and dividend. The interest component was initially to be higher and then reduce as time went by. The interest income would attract tax for individuals and therefore reduce the net returns from the product. By Friday we would know the overall response to the issue which is into transmission lines and offers the investor an asset with income earning capacity for over 30 years. This issue would be closely watched as the listing of IRB is probably going to happen on Thursday the 18th of May.
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17. Jain vivek  May 14, 2017 8:00:38 AM IST Reply

PSP Projects Ltd IPO

Should you subscribe?
The company has set a price band of Rs 205-210 per piece of face value of Rs 10 each. Reportedly, the company eyes to raise Rs 212 crore via IPO.
The issue, which closes on May 19, includes a fresh issue of up to 72 lakh equity shares and an offer for sale of up to 28.8 equity shares, as reported by PTI.
Quoting company''s Chief Financial Officer Hetal Patel, the report said, "We plan to utilise the funds raised from the proceeds to meet our working capital requirements and capital expenditure."
As per the report, company''s execution capabilities have grown significantly with time, both in terms of the size of projects that they bid for and execute, and the number of projects that they execute simultaneously. Since their incorporation in August 2008, the company has executed 80 projects as of March 31, 2017.
Moreover, according to a report by HDFC Securities, the company’s total order book as of March 31, 2017, was Rs.7,291.65 million, which comprised of 17 institutional projects, four industrial projects, four government projects and two government residential projects.
Further, its subsidiary’s and Joint Venture’s total order book as of March 31, 2017, was Rs.908.54 million and Rs.1,073.92 million, respectively.
Giving outlook for investing in this IPO, myinvestmentideas, said that as PSP Projects share price is reasonable and looking at a broader picture, investors can invest in this IPO with a two-three years time horizon.
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16. Jain vivek  May 10, 2017 9:10:22 AM IST Reply

IRB InvIT Fund IPO

India Grid Trust (IndiGrid), an Infrastructure Investment Trust (InvIT) sponsored by billionaire Anil Agarwal-promoted Sterlite Power Grid Ventures (SPGV), has fixed a price band of ₹98-100 a unit for its proposed initial share sale. The company is now planning to raise ₹2,250 crore through the InvIT, making it the first-ever such issue by an Indian power sector firm.

The InvIT will open on May 17 and close on May 19. The bids can be made for a minimum of 10,205 units and in multiples of 5,103 units thereafter, the company said in a newspaper advertisement on Tuesday.
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15. Jain vivek  May 3, 2017 1:33:08 PM IST Reply

IRB InvIT Fund IPO

Commission offered rs 5000 per form by brokers.
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15.2. Samir Gohel  May 3, 2017 1:59:16 PM IST

IRB InvIT Fund IPO

Commission is on application or is on allotement ??
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15.3. Adesh jain  May 4, 2017 10:12:17 PM IST

IRB InvIT Fund IPO

O.5% on allotment
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14. Jain vivek  May 3, 2017 2:25:20 PM IST Reply

IRB InvIT Fund IPO

I am not a broker, commission is on allotment. Commission is 1/2℅ on allotted value.
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14.1. Sarupam  May 3, 2017 4:36:10 PM IST

IRB InvIT Fund IPO

kya main aapke form per app lagata hun to app commission de denge kya
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13. Jain vivek  May 3, 2017 10:04:33 AM IST Reply

IRB InvIT Fund IPO

Wednesday, May 3, 2017
IPO Analysis : IRB InvIT - Untested water - Avoid
IRB Infrastructure Investment Trust''s IPO will open today for subscription.

The company intend to raise ₹4,650 crore through the IPO in a price band of ₹100-102 a unit.

The proceeds from the issue will be used to repay debts, prepayment of subordinated debt given to project SPVs and prepayment of unsecured loans and advances availed by the project SPVs from sponsor.

The issue consists of a fresh issue of shares aggregating to ₹4300 crore and an offer-for-sale by IRB ID, Morden Road Makers, Aryan Toll Road, ATR Infrastructure and Ideal Road Builders.

The units will be listed on the BSE and the NSE.

IDFC Bank, Credit Suisse Securities and ICICI Securities are the lead managers to the issue and Karvy Computershare is the register to the issue.

The IRB InvIT Trust will have six completed road assets covering 3,000 km spread across five States and an average balance concession period of 16 years.

The Trust will have 100 per cent ownership of all six road assets.

IRB InvIT has already raised Rs 2095 cr through anchor investors at the upper price band. The anchor investors include Government of Singapore, Platinum International Fund, BNP Paribas, Birla Sun Life Mutual Fund, Schroder Asian Asset Income Fund, Deutsche Global Infrastructure Fund, DWS RREEF, HDFC Standard Life Insurance Company, Forefront Alternative Investment, Standard Life Investment Company and Jupiter South Asia Investment Company.

Risks:

1. Declining revenues.
2. Report of losses in last 3 years.
2. Criminal investigations are pending against promoters.

Valuation :

The trust has incurred losses in the last 3 years. It was Rs 48 cr in 2014, Rs 124 cr in 2015 and Rs 76 cr in 2016.

IRB Infra hit the primary market in Feb 2008 at Rs 185. The stock is now trading around Rs 266. The benchmark indices have risen many fold from 2008 till today, where as the IRB is a laggard.

The concept, Investment Trusts issuing shares, their valuation, returns to investors are not yet tested in the market.


We recommend investors to stay away from the IPO.
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12. Jain vivek  May 1, 2017 1:17:55 PM IST Reply

Zota Health Care Ltd IPO

Just wait till 2/30 pm, picture will become quite clear, then take your own decision.
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11. Jain vivek  May 1, 2017 7:35:54 AM IST Reply

Zota Health Care Ltd IPO

On performance front, the company’s income from operations was Rs 5619.44 lakh which is about 99.88% of its total revenue. For the period of nine month ended December 31, 2016. The company’s net profit stood at Rs 393.97 lakh which is 7% of total revenue for the same period. The operating income of the company for the year ending March 31, 2016 is Rs 6473.33 lakh as compared to Rs 5646.34 lakh for the year ending March 31, 2015, showing increase of 14.65%. The increase was due to increase in its business operations. Moreover, the profit after tax increased from Rs 426.03 lakh in FY15 to Rs 518.57 lakh in FY16, on the back of increase in business operations. The company’s product portfolio is primarily focused on offering differentiated products and register innovative formulations. It intends to continue to grow its sales in Kenya, Utopia, Myanmar, Sri Lanka, Georgia, Tanzania, etc. by aggressively registering its remaining products in these markets. Moreover, the company has introduced many generic products in the market. For further expansion, it has entered into marketing alliance agreement with the Astra-IDL. As per this agreement the company uses the brand name Astra-IDL which has large market for generic drug; and thereby will elevate it further up the value chain.
TAKEN FROM AUM CAPITAL
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10. Jain vivek  May 1, 2017 7:23:10 AM IST Reply

Zota Health Care Ltd IPO

We at Jainam Wealth recommend our investors to “SUBSCRIBE” to the Zota Health Care Ltd. IPO. We like the company on the basis of strong promoters with more than 45 years of experience, sound business in terms of 21 marketing division, 3000 products, 1000 distributors, strong export markets, 6 patented for 20 years and more than 10 patents in pipeline, robust financial and strong return ratio such as revenue grown at 11% CAGR in last 5 years, ROCE (%) is 35.62% in FY16, RONW (%) is 24.05% in FY16.
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9. Jain vivek  Apr 29, 2017 5:29:09 PM IST Reply

Zota Health Care Ltd IPO

It''s a nice bootstrapped company & can be a portfolio stock but not at the issue price. If there is a good demand on 2/5/17 ,flippers should definitely go for the issue.
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8. Jain vivek  Apr 29, 2017 8:58:15 AM IST Reply

Zota Health Care Ltd IPO

After some time zota will migrate to the main board just like Kushal, senco & vetro.
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7. Jain vivek  Apr 26, 2017 12:14:26 PM IST Reply

IRB InvIT Fund IPO

IRB will use about ₹3,350 crore for repaying the external debt of the underlying SPVs, and the balance of about ₹1,700 crore would be utilised to pay back the sponsors.

The InvIT will offer 12 per cent yield to mutual funds and 10 per cent to HNIs post taxes.

The six assets have shown a CAGR of 11.4 per cent, he said.
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6. Jain vivek  Apr 25, 2017 6:23:02 PM IST Reply

S Chand and Company Ltd IPO

Just wait for the list of anchor investors which should be out by 8pm & then take a call .
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5. Jain vivek  Apr 23, 2017 9:34:32 AM IST Reply

Zota Health Care Ltd IPO

Just like S Chand ,zota is also trying to encash on its brand name.
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4. Jain vivek  Apr 23, 2017 8:25:19 AM IST Reply

CKP Products Ltd IPO

Oasis came in 2014@ 30/- now quoting around 60.
This company is in similar lines & having better margins, should give decent returns, better then zota.
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