Aqua Logistics Ltd IPO Message Board (Page 8)

i think rs 5 discount will make this ipo attractive for a few retailers but still it is overpriced. dont apply

IPO is good apply for listing gain

aqwa logi open 25 - close 28 jan
thangmayi jewl. open 27 - close 29 jan,
syncom healthcare open 27 - close 29 jan,
vascon enggi. open 27-close 01 feb,
hathway cable open 29 - close 03 feb,
embivally open 01 feb- close 03 feb,
assr infra open 01 feb - close 03 feb,
ntpc open 03 feb - close 03 feb,

i thought this is a good company and allotte will gain a lot on listing

I think this is a good habit of pricing IPOs for retail at a discount. But still this is very expensive. Public should not get carried by recent GOOD listings because all these ipos were manupulated or small in size. in the recent past hardly any body has managed to DELIVER good returns. If you apply, IPO gets listed at discount if you dont apply, it gets listed at hugh premium. all the manupulated ipos like- jsw, cox, godrej, etc were fully bought by the management via grey market @ 1800-2000 per one lac application. since 90% equity was bought by the management, they opens the ipo at a hugh premium and leaves the shares at high rates in the hands of public.
Now, if we start to apply in these baseless ipos, we will suffer hugh losses.

we should cheque valuations and then only apply

avoid this ipo

Main Street Research

Avoid “fool poisoning”!

Clear evidences of creative accounting to spike up valuations of the firm where business itself is very unsustainable as compared to other global 3PL firms:

1. Company follows so loose working capital management policy that it is almost acting like a financial services firm which fund logistics operation of customers. In fact, more than half of PBIT (~14 cr. out of 21.86 cr) can be attribute to income which is “in effect” interest income rather than income from logistics operations.

2. Despite of such loose credit policies company claims that it didn’t had any bad or doubtful debt for last 5 years (Refer “Annexure 8”). If this is true, it’s a miracle. We haven’t come across any 3PL or for that matter any transportation company in our global coverage universe which doesn’t have allowances for doubtful debt. There is a good chance that some of the doubtful debts are not mentioned and others are artificially made good just to spike EPS & get higher valuations.

3. Employee costs have been artificially kept low by paying them via issuing equity at discounted price. Excluding promoters and related parties, employees were paid ~8 cr via issuing equity at discounted rate (in Dec. 2008) which even if spread over 2 years and taken out along with “in effect” interest income would make company loss making.

4. Seems like this discounted equity issuance was not enough and a lot of employees were not even mentioned on company books. They were just paid separately. DRHP of company filed with SEBI support this. For eg., Although the company has mentioned that their “key managers” Mr. Prasanna R. Yedkar and Mr. Narendran Kochat have joined them in March 2009 and February 2009, our checks indicate that they were working for the company even before that. DRHP of the company validates that they were made significant payments via these discounted equity routes in Dec. 2008 along with other “on book” employees. And it’s not just limited to top management. It’s quite widespread. Although, the company’s co-promoter and CEO married his ex-assistant (who is almost half his age), even her salary is nowhere mentioned in related party transactions in Annexure 18. [SEBI requires disclosing all related party transactions for last 5 years].

5. Promoters are raising cash like there is no tomorrow. Think about any possible reason and that’s there in promoters list. On the one hand they say they are asset light and on the other plan to use significant part of issue proceeds to buy transportation equipments. Then they are just thinking of buying some company (which they have not “thought” about) and are raising money just based on that thought (reminds us of dot com days!). India, China, Hong Kong, Dubai… castles in the air!

We understand that in India it’s very rare to find a company which does not use creative accounting and sometimes it does make sense to invest in such companies. However, in this case the complete intention for using creative accounting is to spike up valuations as much as possible and to raise as much money as possible at those higher valuations. This IPO is nothing short of absurd and an insult to investors' collective intelligence.

Who cares for such discount of DUBTI COMPANY

B R E A K I N G - N E W S

Rs.5 DISCOUNT TO RETAIL BEEDERS

CHEERS.

Aqua logistics 20-25 today's premium,
this is a good ipo,
both of side invester make money
listing gain & long term gain;
so be invest and made hendsome return in this ipo.

Someone has told me that the company has not paid salaries for last many months. Be careful investors !!!!!!!!!!!!!

Its lead manager Saffron capital has a shady reputation so investors beware.

ipo is 50-50. not recomended as per current market prevailing condition.

superb rise in profits in every fiscal year. must apply ipo.

hello,
rahul my friend,
sorry,ye information me nahi de sakta,
lakin new ipo ki information sabse pahle me deta rahunga,
.....................................
jubliant food open 18-close 20,jan
aqwa logi open 25 - close 28 jan
thangmayi jewl. open 27 - close 29 jan,
syncom healthcare open 27 - close 29 jan,
vascon enggi. open 27-close 01 feb,
hathway cable open 29 - close 03 feb,
embivally open 01 feb- close 03 feb,
assr infra open 01 feb - close 03 feb,
ntpc open 03 feb - close 03 feb,

friends lots of more ipo open in next month..

hi,
hellow IPO King, your information is very authentic please tell me from which site your got all the information regarding new issue, we are very thankful to you if you provide the information, thanks

i think aqua logistics give us a good return... becasue now all ipo performance was good. must apply.

Its good IPO with reasonable pricing. Must apply.

According to RHP Page#75

Particulars                                                
      SALES      EPS      P/E      RNOW      NAV      FV      PRICE      P/BV
Arshiya International Limited      256.4      3      89.3      3.9      82.9      2      267.9      3.23
Allcargo Global Logistics Limited       516.8      6.6      26.6      21.9      56.7      2      175.56      3.10
Gateway Distriparks Limited       203.6      8      17.1      14.6      58.8      10      136.8      2.33
Sical Logistics Limited       472.5      3      19.7      5.1      49.6      10      59.1      1.19
Transport Corporation       1,298.00      4.2      15.6      10.9      37.4      2      65.52      1.75
Aqua Logistics Limited       213.4      8.27      27.71      17.63      43.18      10      230      5.33

Well if all IPO's are doing well , who cares of the company go for the listing gains like all did a few years back

Is Aqua Logistics Ltd IPO worth ??????
What could be the gain on listing????