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Pushpanjali Realms & Infratech Ltd IPO (Pushpanjali Realms IPO) Detail

Jun 27, 2017 - Jun 30, 2017

Incorporated in 2013, Pushpanjali Realms and Infratech Ltd is a real estate development company focused primarily on construction and development of residential projects.

COMPETITIVE STRENGTHS

1. Sizeable and diverse portfolio of projects in Dehradun, Uttarakhand, India
2. An established Brand name and execution track record
3. Quality Assurance and Standards
4. Cordial relations with our customers and contractors

They have successfully executed one Residential Project named Upscale Living in Dehradun, Uttarakhand. Currnently company's ongoing Projects are 1. Eminent Heights, Dehradun, Uttarakhand, 2. Orchid Park, Dehradun, Uttarakhand.

Company Promoters:

The promoters of the company are:

1. Mr. Deepak Mittal and
2. Mr. Rajpal Walia

Objects of the Issue:

The objects of the Issue are:

1. To meet the working capital requirements of the Company including margin money;
2. General Corporate Purposes;
3. Issue Expenses.

Issue Detail:

  »»  Issue Open: Jun 27, 2017 - Jun 30, 2017
  »»  Issue Type: Fixed Price Issue IPO
  »»  Issue Size: 2,646,000 Equity Shares of Rs 10 aggregating up to Rs 14.55 Cr
  »»  Face Value: Rs 10 Per Equity Share
  »»  Issue Price: Rs 55 Per Equity Share
  »»  Market Lot: 2000 Shares
  »»  Minimum Order Quantity: 2000 Shares
  »»  Listing At: NSE SME

Pushpanjali Realms IPO Reviews:

  1. Pushpanjali Realms & Infratech Ltd IPO review by Dilip Davda

Issue Subscription Detail / Current Bidding Status

Number of Bids Received
As on Date & TimeQIBNIIRIITotal
Shares Offered / Reserved
Day 1 - Jun 27, 2017 17:00 IST002000020000
Day 2 - Jun 28, 2017 17:00 IST086000158000244000

Pushpanjali Realms IPO Prospectus

Pushpanjali Realms IPO Rating

41
3.4
Rating:Rated 3.4 stars

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Pushpanjali Realms IPO News Alerts

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Company Contact Information

Pushpanjali Realms & Infratech Ltd
Nath House,
Devpura,
Haridwar- 249401
Phone: +91 8791088791
Fax: +91 8791088791
Email: compliance@pushpanjali.com
Website: http://www.pushpanjali.com

Pushpanjali Realms IPO Registrar

Bigshare Services Pvt. Ltd   »  Report
   Bigshare Services Pvt Ltd E-2 & 3,
   Ansa Industrial Estate, Saki-Vihar Road,
   Sakinaka, Andheri(E), Mumbai - 400 072

Phone: 91-22-40430200
Fax: 91-22-2847 5207
Email: ipo@bigshareonline.com
Website: http://www.bigshareonline.com

Pushpanjali Realms IPO Lead Manager(s)

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Pushpanjali Realms IPO Review / Comments

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14. vishal soni  Jun 28, 2017 9:15:06 PM IST I Like It. | Report Abuse Reply
🏹🏹🏹 SME IPO 🏹🏹🏹

🏗 Pushpanjali Realms & Infratech Ltd IPO (Pushpanjali Realms IPO) Detail 🏢

🌅 Dehradun based real-estate developer, Pushpanjali Realms and Infratech is entering the capital market with its initial public offering. The issue, which will open on June 27, 2017 and will close on June 30, 2017.Pushpanjali Realms proposes to raise Rs 14.55 crores through the issue of 26,46,000 shares of face value of Rs. 10/- each for cash at a price of Rs. 55/- per equity share. The equity shares are proposed to be listed on the Emerge Platform of National Stock Exchange of India Limited (NSE). Sarthi Capital Advisors Pvt Ltd is the sole Lead Manager for the issue.

👤 Deepak Mittal, aged 40 years, is company''s promoter and managing director. Mittal has more than 11 years in hospitality and real estate Industry.

🏘 Pushpanjali enjoys a sizeable and diverse portfolio of projects in Dehradun, Uttarakhand, where it plans to execute residential flats in range of 1BHK, 2BHK, 3 BHK and 4 BHK for customers across all income groups and spread in all over the city. Strategic locations of its projects in high economic growth areas strengthen the stability of its revenues streams and enhances its ability to close financing arrangements for its projects.

🏢🏡🏢Currently, the company has two ongoing projects in Dehradun, one is “Eminent Heights” with total area of 64,800 sq ft and second is “Orchid Park” with total land area of 2,02,500 sq ft. Both these projects have got all required clearances and are likely to be monetised over the next 12 to 18 months.
Pushpanjali has built a strong established brand name in a short-time with a good execution track record

🎢Pushpanjali enjoys a strong financial track record. In the last four years between FY14 to FY17, the company has consistently improved its financial performance IN FY-14, it started with a small revenue base of Rs 1.16 crore which has multiplied over 18x to touch Rs 18.48 crs in December 31, 2016. Likewise, EBIDTA from operations has also grown significantly from Rs 0.03 crs in FY14 to touch Rs 1.35 crore in in December 31, 2016. WHile net profit has grown from a small base from Rs 0.02 crs in FY14 to Rs 1.18 crs in December 31, 2016.

🛣All these improved operational metrics have got reflected in better return ratios of 19% ROCE and 20% ROE for the company as on FY17.

🤠Avinash Goraksakar research head at Joindre Capital says, ''We believe that once the proposed IPO is completed the company’s capital structure will further get a boost with the overall leverage reducing and more equity funds being used for working capital and project financing purposes. Overall we expect the operational return ratios like ROCE and ROE to improve further by FY19 on the back of confirmed visibility of the company’s existing projects which would also clearly reflect in a significant higher Topline and bottomline ahead over the next two years.''

🏘The ‘Affordable Housing for All’ is a critical policy agenda for the present Narendar Modi government. Building of 1.6 million homes was sanctioned in FY14 with a value of Rs. 41,723 crore. Approximately 11 crore houses is estimated to be required by 2022 of which 70% will be in the affordable segment. The potential investment required in this space is US$250 billion per annum as per a KPMG report thus implying a huge opportunity for HFCs focused on LMI segment.

🌉Also, the ‘100 Smart Cities’ government initiative is aimed at reshaping the urban landscape by making cities more affordable and livable. Each city selected under the scheme would be granted Rs. 100cr/year for five years.This presents a huge opportunity for the housing segment and especially for players like Pushpanjali which have positioned themselves very strongly in this segment.
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13. TOPS  Jun 28, 2017 5:44:04 PM IST I Like It. | Report Abuse Reply
VALUATION STRETCHHHHHHHHHHHHHHHHHHHHHED BIG AVOID
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12. RMK  Jun 20, 2017 11:56:12 PM IST I Like It. | Report Abuse Reply
Prabhakar GMP please
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12.1. Prabhakaran Kuppusamy  Jun 21, 2017 10:33:32 AM IST I Like It. | Report Abuse
Top Contributor Top Contributor (200+ Posts, 100+ Likes)
These days I don''''t trust any GMP/kostak rates.
Those numbers could deceive everyone (based on my past experience).
You can check in chanakya-ni-pothi website
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12.2. STOCKT  Jun 21, 2017 12:21:26 PM IST I Like It. | Report Abuse
discount listing
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11. STOCKT  Jun 21, 2017 9:43:35 AM IST I Like It. | Report Abuse Reply
BAD SME. ALSO NSE EMERGE DOING VERY BAD. COMPANIES SHOULD TRY GETTING LISTING IN BSE.

AVOID NEW SME BEING LISTED IN NSE EMERGE AS ITS LOOSING CREDIBILITY IN FROMT OF BSE LISTED SME
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10. Prabhakaran Kuppusamy  Jun 20, 2017 1:14:24 PM IST I Like It. 2 | Report Abuse Reply
Top Contributor Top Contributor (200+ Posts, 100+ Likes)
Last 4 Out of 4 issues lead by Sarthi never went below issue price.
3 of them (subscribed more than 30x) locked at 20% on listing and one of them is trading 3.5 times the issue price (250% higher) and other two at 1.3 times.

So, initial recommendation from me is to subscribe only if the issue is subscribed more than 30x (with little participation from QIB).
My assumption is that, this issue wont see a 2 digit subscription figures.

P.S:
I left Jalan Transolutions out of this because it was lead by Sarthi+Navigant.
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10.1. Yashesh  Jun 20, 2017 3:48:59 PM IST I Like It. | Report Abuse
This is excellent, Prabhakaran. Wish you were around Globe Textile.
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9. Prabhakaran Kuppusamy  Jun 20, 2017 1:00:09 PM IST I Like It. 1 | Report Abuse Reply
Top Contributor Top Contributor (200+ Posts, 100+ Likes)
Pros:
Consistent sales and PAT.
ROE is 41% - which is amazing (but got reduced from 180% and 89%).
Business is in expansion mode - which is evident from the Employee cost getting tripled every fiscal. So more growth is in pipeline.

Cons:
D/E is 5.05 (eventhough it got reduced from 45.83 and 223.33)
Rough PB is 4.23 and PE is 19.4 (based on FY16 numbers - not taking FY17 numbers into account; Let''s wait for FY17 numbers to jump into conclusion)
Negative cash-flow (eventough it is getting reduced every year)

As per initial analysis based on partial data, the issue seems expensive and AVOID for now.
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8. Prabhakaran Kuppusamy  Jun 20, 2017 12:49:52 PM IST I Like It. | Report Abuse Reply
Top Contributor Top Contributor (200+ Posts, 100+ Likes)
Capital History:
Year      Equity Capital       Remarks
201702      7.365        Rights Issue
201602      4.91        Rights Issue
201601      0.41        Bonus Issue
201307      0.01        Subscriber to MOA
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7. Prabhakaran Kuppusamy  Jun 20, 2017 12:49:19 PM IST I Like It. | Report Abuse Reply
Top Contributor Top Contributor (200+ Posts, 100+ Likes)
Key operating ratios
Year end      Mar 16      Mar 15      Mar 14
EPS(Rs)      2.83      425.10      20.93
Book value(Rs)      12.91      450.80      25.70
CEPS(Rs)      3.36      610.00      30.00
NPM(%)      6.30      3.23      1.72
OPM(%)      12.05      7.58      6.03
ROCE(%)      11.69      7.47      1.19
ROE(%)      40.94      179.17      88.89
Debt/equity      5.05      45.83      223.33
Interest cover      9.23      3.65      6.00
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6. Prabhakaran Kuppusamy  Jun 20, 2017 12:48:58 PM IST I Like It. | Report Abuse Reply
Top Contributor Top Contributor (200+ Posts, 100+ Likes)
Cash flow analysis (Rs.in Crs.)
Year end      Mar 16      Mar 15      Mar 14
NOPAT      1.56      0.59      0.02
Operating cash flow      -2.68      -4.96      -5.42
Free cash flow      -0.86      -4.11      -4.24
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5. Prabhakaran Kuppusamy  Jun 20, 2017 12:48:40 PM IST I Like It. | Report Abuse Reply
Top Contributor Top Contributor (200+ Posts, 100+ Likes)
Key financials (Rs.in Crs.)
Year end      Mar 16      Mar 15      Mar 14
Net sales      22.08      13.32      1.16
Operating profit      2.66      1.01      0.07
Net profit      1.39      0.43      0.02
Equity cap pd      4.91      0.01      0.01
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4. Prabhakaran Kuppusamy  Jun 20, 2017 12:48:19 PM IST I Like It. | Report Abuse Reply
Top Contributor Top Contributor (200+ Posts, 100+ Likes)
Balance Sheet (Rs.in Crs.):
Year      Mar 16      Mar 15      Mar 14
Share Capital      4.91      0.01      0.01
Reserves & Surplus      1.43      0.44      0.02
Total Shareholders Funds      6.34      0.45      0.03
Secured Loans      11.82      0.87      0.59
Unsecured Loans      7.15      14.42      6.11
Total Debt      18.97      15.29      6.70
Total Liabilities      25.31      15.74      6.73
Gross Block      3.32      2.03      1.18
Less: Accum. Depreciation      0.42      0.20      0.01
Net Block      2.90      1.83      1.17
Capital Work in Progress      0.00      0.00      0.00
Investments      1.25      1.25      0.00
Inventories      22.30      12.35      0.43
Sundry Debtors      0.22      1.15      0.00
Cash and Bank Balance      4.33      0.42      0.06
Loans and Advances      16.41      5.21      6.75
Current Liabilities      21.37      6.32      1.68
Provisions      0.72      0.15      0.01
Net Current Assets      21.17      12.66      5.55
Miscellaneous Expenses not w/o      0.00      0.00      0.00
Total Assets      25.32      15.74      6.72
Contingent Liabilities      0.01      0.00      0.00
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3. Prabhakaran Kuppusamy  Jun 20, 2017 12:47:50 PM IST I Like It. | Report Abuse Reply
Top Contributor Top Contributor (200+ Posts, 100+ Likes)
P & L Account (Rs.in Crs.):
Year      Mar 16      Mar 15      Mar 14(9)
Sales Turnover      22.08      13.32      1.16
Other Income      0.07      0.14      0.02
Stock Adjustments      9.95      11.92      0.43
Total Income      32.10      25.38      1.61
Raw Materials      0.00      0.00      0.00
Excise Duty      0.00      0.00      0.00
Power & Fuel Cost      0.03      0.06      0.00
Other Manufacturing Expenses      27.09      21.80      1.33
Employee Cost      0.76      0.33      0.05
Selling and Administration Expenses      1.39      2.18      0.17
Miscellaneous Expenses      0.17      0.01      0.00
Less: Preoperative Expenditure Capitalised      0.00      0.00      0.00
Profit before Interest, Depreciation & Tax      2.66      1.01      0.07
Interest & Financial Charges      0.26      0.23      0.01
Profit before Depreciation & Tax      2.40      0.78      0.06
Depreciation      0.26      0.18      0.01
Profit Before Tax      2.14      0.61      0.05
Tax      0.75      0.18      0.03
Profit After Tax      1.39      0.43      0.02
Adjustment below Net Profit      -0.40      0.00      0.00
P & L Balance brought forward      0.44      0.02      0.00
Appropriations      0.00      0.00      0.00
P & L Bal. carried down      1.43      0.44      0.02
Equity Dividend      0.00      0.00      0.00
Preference Dividend      0.00      0.00      0.00
Corporate Dividend Tax      0.00      0.00      0.00
Equity Dividend (%)      0.00      0.00      0.00
Earning Per Share (Rs.)      2.83      425.10      20.93
Book Value      12.91      450.80      25.70
Extraordinary Items      -0.06      0.00      0.00
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2. Prabhakaran Kuppusamy  Jun 20, 2017 12:47:12 PM IST I Like It. | Report Abuse Reply
Top Contributor Top Contributor (200+ Posts, 100+ Likes)
Half Yearly:
Year      201603      201503      Var(%)
Type      Full Year      Full Year
Sales Turnover      22.08      13.32      65.77
Other Income      0.07      0.14      -50.00
Total Income      22.15      13.46      64.56
Total Expenditure      19.53      12.47      56.62
Operating Profit      2.62      0.99      164.65
Interest      0.22      0.21      4.76
Gross Profit      2.40      0.78      207.69
Depreciation      0.26      0.18      44.44
Tax      0.72      0.15      380.00
Reported PAT      1.39      0.43      223.26
Dividend (%)      0.00      0.00      N.A.
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1. CA M&co.Jodhpur  Jun 20, 2017 9:18:46 AM IST I Like It. 1 | Report Abuse Reply
Issue at high price
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