Bharat Road Network Limited IPO Message Board (Page 13)

Plz update A & M Fabcon Ltd. BSE SME IPO

Plz update A & M Fabcon Ltd. BSE SME IPO

BRLMs :

1. SREI Capital
2. Investec Capital
3. INGA Capital >( > Past IPOs handled : MEP infra , Sadbhav infra )
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P&L

Financials : ...2013.........2014........2015.........3/2016........11/16 ( in Cr. )

EBITDA ........0.265.......(0.30).......32.15..........0.59.............9.46
PBT(Loss)....(16.62).....(51.39).....(8.38)........(49.84).........(29.33)
PAT(Loss)....(16.88).....(60.76).....(26.42).......(92.54).........(62.73)
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Long Term
Borrowings.....298.........464.........288...........880...........468
Equity..............10..........10...........10.............10............54.65
Networth.......(1.13)......10.48......5.95........(66.88)........60.48
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Comparision with Peers.......EPS........NAV

BRNL..................................(92.54).....(66.90)
IRB Infra.............................18.10........137
Sadbhav Infra.....................(7.80)........32.70
Ashoka Buildcon....................3.1.........94.85
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High Debt & Loss making Company . Avoid without waiting for issue price . However scalpers and intraday players can keep this IPO in mind on listing day . If lists in big discount , good opportunity for jobbing .
After few IPOs there comes one IPO in between which lists in red.This might be one of them.In September two more IPOs are yet to come , Dixon Tech and Reliance Home Finance.wait for them.

Hi shareview, the projects have started revenue in last 2/3 yrs only, refer page 61of the rhp, they have avg 18.6 yrs of project life left. With reducing interest rate cycle, toll rate increase every year as per the concession agreements and traffic growth as per the normal gdp growth also the company position is bound to improve.

Pls note that Pnc have split it''s share into 5 shares post issue opening.
Project partners Sjepl - simplex, Gaepl - Pnc, Kepl- JMC project, GIPL- KMC construction which are all good and renowned players in this business.

yes pnc splitted into five. pnc , despite having better profit figures closed below issue price on listing day.MEP infra , another company in this sector running in losses closed below issue price on listing day.Noida toll , one more company whose shares used to trade around 40-45 , now trading at 12-13. The common thing in this sector is that investors lack interest . In primary market subscription figures are poor whether company is making operating profit or not and in secondary market most of the companies had not shown much appreciation in its share price.Let''s wait for the issue price.In my opinion anything above 200 would be high price.Considering ipo date , it should be finalised within 2-3 working days

How a consistent loss making company comes with IPO? Its loot of public money. If issue price is at par that is Rs 10 than can think about it. As far I know a company should earn profit for at least 3 years out of last 5 years to come out with IPO. Correct me if I am wrong

there is no mandate for a company to be profitable for past three years to come out for an IPO. This is a fund raising activity which can be performed anytime.

Yes there will be fewer people interested in a loss making company

IPO eligibility criteria in terms of profit is Operating Profit . Company''s operating profit is positive in four out of five years . Due to high interest cost on its debt it turned into negative while coming to net profit . Looking at the past IPOs performance of the sector , SEBI should not give green signal to every IPOs . Recently SEBI objected against two IPOs only , CDSL and NSE but CDSL cleared later due to its lower issue size

They have good assets. One should decide after the price band. I would go ahead if price will be in 300-400 range.

A wide range of 300-400 sounds very illogical.

Price can be near 200

Can a Company incurring huge losses for many years ask for premium?
Let us wait for price band.

yeah that would be interesting to know...:)

Clear cut avoid. Why invest in loss making company. Just wait few days, some good IPOs are coming...........

Refer page 137 of RHP, For BOT Projects PBDITA should be seen rather than PAT

For the Fiscal 2017 and 2016, the total revenue and PBDITA for operational Project SPVs are as follows:

Project SPV
Shareholding of BRNL in the Project SPVs (%) Total revenue (` in million) # PBDITA* (in ` million) #
For the Fiscal 2017 For the Fiscal 2016 For the Fiscal 2017 For the Fiscal 2016
GIPL 49.00% 1,193.20 1,172.88 629.58 624.69
MTPL 48.00% 186.05 225.07 129.37 180.93
KEPL 49.00%## 770.76 731.79 389.27 314.14
GAEPL 39.00% 1,480.46 1,010.07 1,349.57 908.94
SJEPL** 40.00% 143.67 NA 123.36 NA
# as per the audited financial statements of the respective Project SPVs

Why to put money in loss making firm , and waste time ,and energy ,
Even profit making IPO , gives listing loss ,
Whether to apply or not you have to decide , as some may feel valuation is cheap
still the IPO price is not declared wait and watch
I am not applying and my clients to

What about Dixon?

Chem Cho sir, Dixon an apply or avoid ??

Getting confused at last moment.. hoping for a quick reply..

listing gains and longterm gains will be there for this ipo ..........is a lol

Only somebody mad will apply for this ipo

Good morning friends

apex is for better comparing this road company

i doubt it will not get full subscription

sir how change possword?

Use option forget pw n change it.

Apex will list around Rs.160/- (+- Rs 15/-)

Any upcoming ipo''s with dates confirmed?

Kindly provide financial data in crores , which is the Indian standard

BAD CHOICE, HAS LOW SALES WHEN COMPARED WITH ITS EQUITY VALUE AND HAS LOTS OF DEBTS AROUND, AVOID.

Loss making company for the last 5 years. Dont look worth subscribing.

Negetive PAT and objects of the IPO are also not attractive. Why are they going to the IPO in the first place???

Obviously to take advantage of boolish markets to trap investors

In BOT business- Pat is generally negative in the first few years of operation. Their Assets are operational in last few yrs only. Further Depreciation is charged over the fixed concession period every year. There is no asset required to be replaced after that so it''s only a charge on profit.