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Khadim India Limited IPO (Khadim India IPO) Detail

Nov 2, 2017 - Nov 6, 2017

Incorporated in 1981, Khadim India Limited is Kolkata based second largest footwear retailer in India. Company operates exclusive retail stores under the 'Khadims' brand with major presence in East India. Khadim India operates through two business verticals, retail and distribution.

The retail business operates through its exclusive retail stores catering to middle and upper middle income consumers in large cities. Company has over 829 'Khadims' branded exclusive retail stores. Out of this, 167 are company owned and operated stores and remaining are franchisee operated stores. Company's retail business constitutes over 70% of its net revenue. Over 85% of products sold through its retail stores are manufactured by outsourced vendors.

The distribution business operates through a wide network of distributors catering to lower and middle income consumers. Company have a network of 357 distributors. The distribution business constituted over 20% of its net revenue. A large portion products sold through distributors are manufactured by the company at its own manufacturing facilities and through contract manufacturing facilities. Company have two owned manufacturing facilities and two outsourced manufacturing facilities.

Key Strengths
1. 2nd largest footwear retailer in India.
2. Offers affordable fashion across various price segments.
3. Retail and distribution business model.
4. Asset light model leading to higher operating leverage.
5. Strong presence in East and South India.

Company Promoters:

The promoters os the Company are:
1. Siddhartha Roy Burman; and
2. Knightsville Private Limited.

Knightsville Private Limited is the holding company of Khadim India Limited and is currently not engaged in any other business. Siddhartha Roy Burman and Tanusree Roy Burman are the directors of Knightsville Private Limited.

Company Financials:

Summary of financial Information (Restated)
Particulars For the year/period ended (in Rs. million)
31-Mar-17 31-Mar-16 31-Mar-15
Total Assets 4098.00 3522.98 3456.04
Total Revenue 6255.47 5388.30 4657.04
Profit After Tax 307.56 252.44 (186.57)

Objects of the Issue:

The Offer comprises a Fresh Issue by the Company and an Offer for Sale by the Selling Shareholders.

The Offer for Sale
The Selling Shareholders will recieve the proceeds of the Offer for Sale. Company will not receive any proceeds from this.

The Fresh Issue
The Net Proceeds from the Fresh Issue are proposed to be utilised towards the following objects:
1. Prepayment or scheduled repayment of all or a portion of term loans and working capital facilities availed by the Company; and
2. General corporate purposes.

Issue Detail:

  »»  Issue Open: Nov 2, 2017 - Nov 6, 2017
  »»  Issue Type: Book Built Issue IPO
  »»  Issue Size:
    ›  Fresh Issue of [.] Equity Shares of Rs 10 aggregating up to Rs 50.00 Cr
    ›  Offer for Sale of 6,574,093 Equity Shares of Rs 10 aggregating up to Rs [.] Cr
  »»  Face Value: Rs 10 Per Equity Share
  »»  Issue Price: Rs 745 - Rs 750 Per Equity Share
  »»  Market Lot: 20 Shares
  »»  Minimum Order Quantity: 20 Shares
  »»  Listing At: BSE, NSE

Peer Comparison
Name of the companyTotal Revenue (₹ in million)Face Value per Equity Share (₹)P/EEPS (Basic) (₹)Return on Net Worth (%)Net Asset Value/Share (₹)
Bata India Limited25503.565.0042.3112.3712.00103.04
Relaxo Footwears Limited17435.701.0047.8510.2420.3350.34
Khadim India Limited6255.4710.00-17.7816.61107.04
Liberty Shoes Limited4978.6310.0047.353.753.9495.20

Khadim India IPO Reviews:

  1. Khadim India Limited IPO review by Dilip Davda

Khadim India IPO Recommendations:

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Issue Subscription Detail / Current Bidding Status

Number of Times Subscribed (BSE + NSE)
As on Date & TimeQIBNIIRIITotal
Shares Offered / Reserved1,450,3891,086,7852,535,8325,073,006
Day 1 - Nov 2, 2017 17:00 IST0.00000.01000.28000.1400
Day 2 - Nov 3, 2017 17:00 IST0.09000.03000.84000.4500
Day 3 - Nov 6, 2017 19:30 IST2.44760.17632.33761.9009

Khadim India IPO Prospectus

Khadim India IPO Rating

909
3.9
Rating:Rated 3.9 stars

Vote Here ...

Khadim India IPO Listing Date

  •   ›  Listing Date: Tuesday, November 14, 2017
  •   ›  BSE Script Code: 540775
  •   ›  NSE Symbol: KHADIM
  •   ›  Listing In: 'B' Group of Securities
  •   ›  ISIN: INE834I01025
  •   ›  Issue Price: Rs 750 Per Equity Share
  •   ›  Face Value: Rs 10 Per Equity Share

Listing Day Trading Information

.
Issue Price:
Open:
Low:
High:
Last Trade:
Volume:
BSE
Rs 750.00
Rs 727.00
Rs 677.30
Rs 740.00
Rs 688.50
530,639
NSE
Rs 750.00
Rs 730.00
Rs 680.00
Rs 739.65
Rs 688.85
2,894,448

Khadim India IPO News Alerts

  1. Tuesday, November 14, 2017 12:00:00 AM
    Khadim India IPO - Listing
  2. Saturday, November 11, 2017 12:00:00 AM
    Khadim India IPO - Allotment
  3. Monday, November 6, 2017 12:00:00 AM
    Khadim India IPO - Close
  4. Thursday, November 2, 2017 12:00:00 AM
    Khadim India IPO - Open

Company Contact Information

Khadim India Limited
Kankaria Estate, 5th Floor,
6, Little Russell Street,
Kolkata 700 071
Phone: +91 33 4009 0501
Fax: +91 33 4009 0500
Email: compliance@khadims.com
Website: https://www.khadims.com/

Khadim India IPO Registrar

Link Intime India Private Ltd   »  Report
   Link Intime India Private Ltd,
   C-13 Pannalal Silk Mills Compound,
   LBS Marg, Bhandup West, Mumbai 400078

Phone: +91-22-25963838
Fax: +91-22-25946969
Email: khadim.ipo@linkintime.co.in
Website: http://www.linkintime.co.in

Khadim India IPO Lead Manager(s)

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Khadim India IPO Review / Comments

avatar
407. Black Mamba  Nov 15, 2017 3:20:56 PM IST I Like It. | Report Abuse Reply
Lol.. Bought 1000 shares at 667. Exited at 685. Raked in 10k in a single trade..Long Live Khadim!!! :) :) :)
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407.2. Black Mamba  Nov 16, 2017 11:25:26 AM IST I Like It. | Report Abuse
Total gain is around 13K. rest brokerage & taxes :(
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407.3. Neha Mohit  Nov 16, 2017 2:27:01 PM IST I Like It. | Report Abuse
ohkkk..... 13k in a day is also not bad... goodluck :) ...
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406. rsk  Nov 16, 2017 8:52:30 AM IST I Like It. | Report Abuse Reply
From Bloomberg > Khadim India added to BSE IPO Index
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405. ANKITDEVIL  Nov 16, 2017 12:01:48 AM IST I Like It. | Report Abuse Reply
I am lucky sell 7150 shares @ 3.25 average price
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404. Carn Mohan  Nov 15, 2017 9:26:38 PM IST I Like It. | Report Abuse Reply
Top Contributor Top Contributor (400+ Posts)
Jam kay chal raha hi
avatar
403. PRIYANKA BANSAL  Nov 14, 2017 5:28:29 PM IST I Like It. | Report Abuse Reply
Anybody pls tell me should i sell the khadim shares in order to prevent from loss or i should wait ??? please give me the advice
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403.6. rsk  Nov 15, 2017 5:57:20 PM IST I Like It. | Report Abuse
@ Priyanka > Peers like bata relaxo liberty are trading at x50 PE. Khadim is 2nd largest after Bata has FY18 EPS around 18 Rs. so its trading at less than x40.
Its just listed yesterday so price is combination of various factors (incl fear created by even senior boarder that it does not deserve x30 PE or price should be 580 etc) such has short term calls; day call.
Is one of the sponsors of KKR IPL team; strong brand in East and possible support from Didi?

You got to take call yourself
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403.7. Nicks Jain  Nov 15, 2017 6:49:29 PM IST I Like It. 2 | Report Abuse
Top Contributor Top Contributor (200+ Posts, 300+ Likes)
All the way it listed in discount, made low around 661 and closed around 700.
Advise to keep Stoploss around 680 and hold.
Seems it can touch 730-750 level
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402. rsk  Nov 15, 2017 6:45:47 PM IST I Like It. | Report Abuse Reply
looking at the last 30 min recover with volumes; seems like some accumulation. At least could catch up with Bata tmr ~ 740-750?
Ignore all calls where ppl want to buy cheap by.
There was money to be made yst as well as today; lets hope for hat trick tmr!
avatar
401. Carn Mohan  Nov 15, 2017 6:09:22 PM IST I Like It. | Report Abuse Reply
Top Contributor Top Contributor (400+ Posts)
Ascha chal raha hi, 50% down ana banta hi
avatar
400. P M  Nov 15, 2017 5:46:00 PM IST I Like It. | Report Abuse Reply
IPO Mentor IPO Mentor (700+ Posts, 700+ Likes)
Today makes new low ------------ NSE - 662.00 ---------------- BSE - 661.00
Closed @ --------------------------- NSE - 696.80 ---------------- BSE - 696.70
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399. Neha Mohit  Nov 15, 2017 4:04:28 PM IST I Like It. | Report Abuse Reply
khadim closed @ 702 around...what say now
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398. Anarchist  Nov 15, 2017 3:19:01 PM IST I Like It. 1 | Report Abuse Reply
Major part of Khadim issue was OFS..with no sizable dilution..equity only worth 50 Cr was freshly issued out of which 40 Cr would be used to retire close to 1/3rd of their debt obligation which would be EPS accretive.....thats unlike RNAM who aspires to buy more offices and liabilities in the form of staff with the proceeds..:)))
Coming to the EPS ...it''s close to 18 and the PE works out to be 40ish. you don''t get to buy a niche segment consumer goods company for such paltry valuation, do you?..not unless it''s ITC (Of Bharat 22) which ought to remain rahgebound due to eternally lurking tax hike sword on account of being mostly in the business of deterioration of national health ...where destruction is the key to success
So considering the ROE of about 15, the valuation is more than justified ..
Moreover the management looks resolved (they haven''t talked about conquering the universe within minutes of receiving the ipo proceeds)...and have reasonable intent to grow the business step by step in accordance with the market conditions....I guess if held for a long term, this can give steady returns....43,/ 44 PE is darn cheap for a company who has a palpable consumer goods business with established brand name....
A good bet I believe.
avatar
397. gamble  Oct 31, 2017 8:17:17 PM IST I Like It. 49 | Report Abuse Reply
IPO Guru IPO Guru (1500+ Posts, 3000+ Likes)
............... Khadim''s....................
Fashion for everyone!!!
_____________________________________
=>2nd largest footwear(as per retail stores concerned)
=>Good presence in East and south
=> 829 retail Khadim''s stores
=> m.cap = 1350cr near
_________________________________
Avg price of acquisition :
Promotor :
Knightsville Private Limited = ₹ 3.52
Siddhartha Roy Burman = ₹ 6.55
PE investor :
Fairwinds = ₹ 153.79
__________________________________
Valuation :
@750 rs, PE 2017 = 43

FY18 Q1 EPS =4.11
(should b max that any footwear brand post in whole yr, check bata, relaxo)

Expected 2018 EPS 13-15.
Take 14=> PE : 53
_______________________________________
Peer:
............ .....Khadim... Bata.... Relaxo... Liberty

PE(2017)........43.......60......50......67
PE(2018)*......53........55......45.....80
Margin...........5%......6.5%.....7%....1.28%
Ronw............16%......12%.....21%.....4%
Sales cagr.... 10%......5%.......15%.....8%
PaT cagr..... 32%**......-.........28%......4%

**Posted loss in 2015 so not much reliable
*expected
________________________________________
Branded Footwear expected to grow 15% CAGR in nxt 5 yr, but how much u taking Khadim as a brand, depends on u and ur location !!!

Macchar maar rhe hote hai ye bade brand wale sare din, in hope of koi murga aa jaye aur hum pakda de!!
Competition will only get tougher and tougher from here on, hundreds of local brand emerging, difficult to sustain for khadims even at 5% margin imo.

I M seeing whole footwear industry as a overvalued as per current scenario,
Yes, Relaxo may be good pick if targeting 2-3 years

My fair price :
50PE 2018 = 14*50 = 700INR or below.

Giving 50PE just based on peers and mkt conditions, otherwise should not command above 40 PE imo.

Concl....

As per grey and mkt conditions you may get some like 5% listing gain but i m not seeing any,
If really want to confirm listing gain then wait and watch till last day subscription.

I M avoiding in any cases.


avatar
397.18. gamble  Nov 15, 2017 2:56:57 PM IST I Like It. 3 | Report Abuse
IPO Guru IPO Guru (1500+ Posts, 3000+ Likes)
Galabhai don''t know, sharp fall in mkt is half reason other may b rcom, today i averaged rhfL but now no more fresh buying.don''t kn whether it''s worth averaging or not.

@rsk agree, but now no point given 30PE also.
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397.19. rsk  Nov 15, 2017 3:01:09 PM IST I Like It. | Report Abuse
lol, cut of 20 in PE. amazing
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396. lake city  Nov 15, 2017 11:21:00 AM IST I Like It. | Report Abuse Reply
i have khadim share its right that i sell khadim and buy reliance home finance please comment gamble sir
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396.2. Market kid  Nov 15, 2017 12:23:19 PM IST I Like It. | Report Abuse
Lake city this may be you best or worst decision of your life .

I yesterday brought both reliance home and reliance Nippon by selling khadim and now down 6% ,

I bought today also, will buy in more 3-4 days if go down.

Gamble positive for 1 year ,so decide your time of investment and then take decision only.
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396.3. VALUE INVESTOR  Nov 15, 2017 2:10:24 PM IST I Like It. | Report Abuse
IPO Mentor IPO Mentor (700+ Posts, 400+ Likes)
rel home, rel comm are all bearish stocks. They will reach their face value soon.
Rel nippon looking at fall in last 2 days looks risky.
Market may pick up only in January 2018 as result season is over and gujarat elections are in december.
avatar
395. Am A  Nov 15, 2017 1:33:19 PM IST I Like It. 3 | Report Abuse Reply
When even the eternal bull Rakesh Jhun. says that the IPO market is inflated, then there is surely something distorted in the IPO market.

IPOs are dead, long live IPOs!!!
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394. Black Mamba  Nov 15, 2017 12:21:21 PM IST I Like It. | Report Abuse Reply
Should 665 be a good buy for Khadim''s?
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393. Shrewd Trader  Nov 15, 2017 12:13:03 PM IST I Like It. | Report Abuse Reply
It was expected.
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393.1. Shrewd Trader  Nov 15, 2017 12:19:19 PM IST I Like It. 1 | Report Abuse
Khadim means servant or attendant. but you shall never feel lke master in their outlets. :) But now who shall step in its shop when top MNC brands are available at attractive discounts online ? Besides as per my personal exp quality got deteriorated over years.
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392. DSR  Nov 15, 2017 11:49:49 AM IST I Like It. | Report Abuse Reply
Top Contributor Top Contributor (200+ Posts, 200+ Likes)
Off topic:

Rain Industries: Only sellers no buyers..:P
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391. Khemka  Nov 15, 2017 10:37:55 AM IST I Like It. 1 | Report Abuse Reply
IPO Mentor IPO Mentor (900+ Posts, 300+ Likes)
185.1. Khemka Nov 6, 2017 1:34:31 PM IST I Like It. 1 | Report Abuse
IPO Mentor IPO Mentor (900+ Posts, 300+ Likes

What happens to Qibs , are they want reduction in prise or ,btw i avoiding ,imo fair prise 580 only

May test 580 too imo
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390. Solution of Queries  Nov 15, 2017 10:31:23 AM IST I Like It. 3 | Report Abuse Reply
IPO Mentor IPO Mentor (900+ Posts, 1100+ Likes)
Even Mahindra & Gic chance to exit at cost to cost...but khadim totally disappointed...not come evn at cost on listing....!!
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389. rvr  Nov 15, 2017 10:01:34 AM IST I Like It. 2 | Report Abuse Reply
Top Contributor Top Contributor (400+ Posts, 300+ Likes)
khadim margaya
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389.1. PRIYANKA BANSAL  Nov 15, 2017 10:26:45 AM IST I Like It. 1 | Report Abuse
Sabse bekar Ipo ... PAGAL BANA GAYA
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388. rvr  Nov 14, 2017 3:34:08 PM IST I Like It. 6 | Report Abuse Reply
Top Contributor Top Contributor (400+ Posts, 300+ Likes)
I have avoided the following ipo''s
Matrimony
Pratap snacks
GIC
SBI Insurance
ICICI Lombard
hdfc insurance
Khadim
NIA
.....

Dont apply if nothing left on the table more than 10%


avatar
388.3. rvr  Nov 14, 2017 8:16:22 PM IST I Like It. | Report Abuse
Top Contributor Top Contributor (400+ Posts, 300+ Likes)
yes khemka ji ...no point in juzt participating
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388.4. Solution of Queries  Nov 15, 2017 10:11:26 AM IST I Like It. 2 | Report Abuse
IPO Mentor IPO Mentor (900+ Posts, 1100+ Likes)
Yeah almost same except GIC......!! but by luck i cut above cost in GIC also...
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