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Vadivarhe Speciality Chemicals Ltd IPO (Vadivarhe Speciality IPO) Detail

May 22, 2017 - May 25, 2017

Incorporated in 2009, Vadivarhe Speciality Chemicals Ltd (VSCL) is primarily engaged in manufacturing of Speciality chemicals, Active Pharmaceutical ingredients, intermediate and personal care ingredients.

It is a a globally active, Indian chemical producer, focused on organic chemicals and custom synthesis. It has entered into an agreement with Enaltec Labs Pvt Ltd in December 2012 to manufacture API products for them for a period of 10 years based on the material and specification provided by them. The company has also entered into an agreement with Zenvision Pharma LLP for offering its manufacturing facility on Loan and License basis. Some of its major clients are Glaxo Smithkline Pharmaceuticals Ltd, Fine Organics Ltd UK, Chem-Impex International INC, D C Fine Chemicals, USV Ltd, Lupin Ltd, Mankind Pharma Limited, Himedia Laboratories Pvt. Ltd., Hetero Labs Ltd & many others in the Domestic and International sector.

Company Promoters:

The promoters of the company are:

1. Mr. Sunil Haripant Pophhale

Objects of the Issue:

The object of the issue are to:

1. To Meet Working Capital Requirement
2. General Corporate Purpose
3. To Meet the Issue Expenses

Issue Detail:

  »»  Issue Open: May 22, 2017 - May 25, 2017
  »»  Issue Type: Fixed Price Issue IPO
  »»  Issue Size: 3,444,000 Equity Shares of Rs 10 aggregating up to Rs 14.46 Cr
  »»  Face Value: Rs 10 Per Equity Share
  »»  Issue Price: Rs 42 Per Equity Share
  »»  Market Lot: 3000 Shares
  »»  Minimum Order Quantity: 3000 Shares
  »»  Listing At: NSE SME

Vadivarhe Speciality IPO Reviews:

  1. Vadivarhe Speciality Chemicals 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 - May 22, 2017 17:00 IST024510003120002763000

Vadivarhe Speciality IPO Prospectus

Vadivarhe Speciality IPO Rating

98
3.4
Rating:Rated 3.4 stars

Vote Here ...

Vadivarhe Speciality IPO News Alerts

  1. Thursday, May 25, 2017 12:00:00 AM
    Vadivarhe Speciality Chemicals Ltd IPO - Close
  2. Monday, May 22, 2017 12:00:00 AM
    Vadivarhe Speciality Chemicals Ltd IPO - Open

Company Contact Information

Vadivarhe Speciality Chemicals Ltd
Gat No. 204,
Vadivarhe,
Igatpuri, Maharashtra - 422403
Phone: +91-2553-282200
Fax: +91-2553-282238
Email: cs@vscl.co.in
Website: http://www.vscl.net.in

Vadivarhe Speciality 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:
Website: http://www.bigshareonline.com

Vadivarhe Speciality IPO Lead Manager(s)

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Vadivarhe Speciality IPO Review / Comments

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19. himanrajkot  May 23, 2017 2:35:43 PM IST I Like It. 1 | Report Abuse Reply
14000 sub 2
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18. Prabhakaran Kuppusamy  May 23, 2017 2:22:57 PM IST I Like It. | Report Abuse Reply
Last 5 issues lead by Hem gave positive listing gains.
4 issues (Krishna Phoschem, Global Education, RMC Switchgears, Dev Information Technology Ltd) loacked in upper circuit on listing day and as-of today gave returns from 17% (Krishna Phoschem) to 87% (Global Education).
1 issue (Laxmi Cotspin Ltd.,) reached listing-day-high of 7% and now trading at 7% discount.
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17. Prabhakaran Kuppusamy  May 23, 2017 2:17:34 PM IST I Like It. | Report Abuse Reply
Pros:
D/E ratio is getting reduced every year (and it is currently 0.61 - which is pretty safe).
ReturnOnEquity is ~20% (if this continues, within 3-4 years it could give more than 100% return).
Cash flow is positive and moreover in the same range.
9 month EBITA of this fiscal has already overshadowed last fiscal EBITA.
Cons:
Raw material cost is getting little higher every year and the cost-curve here is becoming exponential compared to the sales (by plotting sales-turnover in x-axis and raw-material-cost in y-axis). This is not-at-all big concern as long as it doesn''t eat more than one-third of the sales.

For now, on paper Vadivarhe looks good to subscribe. There is no reason to stay away from it.
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16. Prabhakaran Kuppusamy  May 23, 2017 2:00:33 PM IST I Like It. | Report Abuse Reply
P & L Account (Rs.in Crs.):
Year      Mar 16      Mar 15
Sales Turnover      26.28      19.03
Other Income      0.14      0.11
Stock Adjustments      0.56      -0.18
Total Income      26.98      18.96
Raw Materials      8.13      1.86
Excise Duty      0.00      0.00
Power & Fuel Cost      0.00      0.00
Other Manufacturing Expenses      0.00      0.00
Employee Cost      3.22      2.82
Selling and Administration Expenses      0.00      0.00
Miscellaneous Expenses      8.11      6.65
Less: Preoperative Expenditure Capitalised      0.00      0.00
Profit before Interest, Depreciation & Tax      7.53      7.62
Interest & Financial Charges      1.21      0.89
Profit before Depreciation & Tax      6.32      6.73
Depreciation      1.03      1.09
Profit Before Tax      5.29      5.65
Tax      1.91      1.67
Profit After Tax      3.38      3.98
Adjustment below Net Profit      0.00      -0.02
P & L Balance brought forward      -2.03      -5.98
Appropriations      0.00      0.00
P & L Bal. carried down      1.35      -2.03
Equity Dividend      0.00      0.00
Preference Dividend      0.00      0.00
Corporate Dividend Tax      0.00      0.00
Equity Dividend (%)      0.00      0.00
Earning Per Share (Rs.)      6.98      8.22
Book Value      37.00      30.02
Extraordinary Items      0.00      0.00
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15. Prabhakaran Kuppusamy  May 23, 2017 1:59:32 PM IST I Like It. | Report Abuse Reply
Key operating ratios
Year end      Mar 16      Mar 15
EPS(Rs)      6.98      8.22
Book value(Rs)      37.00      30.02
CEPS(Rs)      9.11      10.48
NPM(%)      12.86      20.91
OPM(%)      28.65      40.04
ROCE(%)      23.55      23.22
ROE(%)      19.62      24.05
Debt/equity      0.61      0.77
Interest cover      5.37      7.35
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14. Prabhakaran Kuppusamy  May 23, 2017 1:59:10 PM IST I Like It. | Report Abuse Reply
Cash flow analysis (Rs.in Crs.)
Year end      Mar 16      Mar 15
NOPAT      4.15      4.61
Operating cash flow      3.63      5.27
Free cash flow      4.32      5.46
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13. Prabhakaran Kuppusamy  May 23, 2017 1:58:50 PM IST I Like It. | Report Abuse Reply
Key financials (Rs.in Crs.):
Year end      Mar 16      Mar 15
Net sales      26.28      19.03
Operating profit      7.53      7.62
Net profit      3.38      3.98
Equity cap pd      4.84      4.84
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12. Prabhakaran Kuppusamy  May 23, 2017 1:58:22 PM IST I Like It. | Report Abuse Reply
Balance Sheet (Rs.in Crs.):
Year       Mar 16      Mar 15
Share Capital      4.84       4.84
Reserves & Surplus      13.06      9.68
Total Shareholders Funds      17.90      14.52
Secured Loans      6.60      4.31
Unsecured Loans      2.53      7.29
Total Debt      9.13      11.60
Total Liabilities      27.03      26.12
Gross Block      14.66      15.02
Less: Accum. Depreciation      0.00      0.00
Net Block      14.66      15.02
Capital Work in Progress      0.00      0.00
Investments      0.05      0.05
Inventories      2.42      1.24
Sundry Debtors      8.46      3.70
Cash and Bank Balance      0.48      1.37
Loans and Advances      7.97      8.06
Current Liabilities      5.29      2.25
Provisions      1.73      1.05
Net Current Assets      12.31      11.07
Miscellaneous Expenses not w/o      0.00      0.00
Total Assets      27.02      26.14
Contingent Liabilities      0.00      0.00
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11. MB AHMEDABAD  May 23, 2017 6:57:16 AM IST I Like It. | Report Abuse Reply
Koi grey market activity isme chal nahi rahi hai, to isme achha listing gain HO sakta hai???
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11.1. purshottam kaushal  May 23, 2017 7:40:24 AM IST I Like It. | Report Abuse
Subject to allotment activity chal rahi h.
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10. gala  May 18, 2017 1:05:19 PM IST I Like It. 6 | Report Abuse Reply
Top Contributor Top Contributor (200+ Posts)
Vadivarhe looks good will update once issue opens
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10.6. UMESH PANDYA  May 22, 2017 10:30:09 PM IST I Like It. | Report Abuse
Awaiting for your updation on Vadivarhe
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10.7. gala  May 22, 2017 10:38:35 PM IST I Like It. | Report Abuse
Top Contributor Top Contributor (200+ Posts)
Applying given if alloted will keep fr long term
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9. Blue star  May 17, 2017 10:46:01 PM IST I Like It. 4 | Report Abuse Reply
1 or Faltu company.
Aao sab public ka paisa lootane me lage hai...
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9.1. UMESH PANDYA  May 22, 2017 10:36:42 PM IST I Like It. 1 | Report Abuse
Absolutely right !
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8. Prabhakaran Kuppusamy  May 18, 2017 11:00:30 AM IST I Like It. 13 | Report Abuse Reply
It looks like a good issue (compared to all-other upcoming SME IPOs in May) and it has shown consistent growth.
Whenever PE is single-digit, it''s a must-buy (5 out of 7 SME IPOs have given positive returns from 11% to 183% this year; 2/7 issues Nitiraj and LaxmiCot gave negative returns -15% and -8% respectively).
If the issue is subscribed 9+ times, it will set the tone for 20% to 50% gain on first week.
I''m yet to get the detailed financial numbers for past 5 years.
I will share those numbers and my view once I get it.
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8.1. UMESH PANDYA  May 22, 2017 10:35:52 PM IST I Like It. | Report Abuse
Many SME IPO now a days subscribe more than 10 times, but very poor listing gain and even some open with discount , recent best example is Meera Industries and Bohra Industries ltd and in later even FII has also participated still currently running below issue price, so be cautious
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7. purshottam kaushal  May 22, 2017 8:26:35 PM IST I Like It. | Report Abuse Reply
Subscription figure of day one?
Any one have information.
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7.1. MITTAL  May 22, 2017 9:10:59 PM IST I Like It. 1 | Report Abuse
0.80 subscrib
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6. viki  May 22, 2017 8:46:38 AM IST I Like It. | Report Abuse Reply
Looks good issue. Only thing which is bothering me why promoters is selling their own share to withdraw their money invested in the venture limiting their stake. I noticed OFS from promoters in many companies managed by Hem. In my view it is not healthy
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5. Mumbaigold  May 21, 2017 12:11:19 AM IST I Like It. | Report Abuse Reply
U can do full investment in this company.
×3 in 1 year.
Don''t miss it.
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4. Jain vivek  May 20, 2017 10:33:41 PM IST I Like It. | Report Abuse Reply
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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3. parker  May 20, 2017 6:52:34 PM IST I Like It. 1 | Report Abuse Reply
financial is looking good

1. profit consistently growing
2. export of the company is looking good
3. price is reasonable

APPLY................
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2. Prabhakaran Kuppusamy  May 18, 2017 11:02:34 AM IST I Like It. | Report Abuse Reply
Mainly I will be interested to view the cash-flow analysis - which gives an idea about how confident is the management and promoters about the future aspects of the company.
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1. TOPS  May 18, 2017 12:03:18 AM IST I Like It. | Report Abuse Reply
Prabhakaran

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