DHARNI Capital Services Limited IPO Message Board (Page 5)

Sector/Business seems to be almost same as Vedant Asset

@Scrip ,
As per my knowledge
Hem doesn't become LM of any kind of stock ( esp in SME ) as their reputation will be in stake

They have there own research team , based on research team recommendations ( if sector or business has some growth potential and worth long term ) only they select few stocks

Even post listing , hem stocks always perform better ( time frame might vary)

Eg : eighty was on listing price for many months and then doubled in short time , now almost 30% above issue price

Overall , Hem sme stock good for listing gain and even post listing they perform well( for long/med term holding ) because hem bets only on good stocks ( most of them can be portfolio stocks )

Vedant ka LM Hem hi tha

https://www.chittorgarh.com/report/ipo-lead-manager-review/112/76/

Draft prospectus.

Vedant Asset Limited (Peer)

Which Listed Good And Now Trading Below Listing Price Above Issue Price.

I am yet to compare Dharni and Aristo Bio as both are clashing.
I think Dharni’s peer Vedant listed a bit higher than it’s deserving price due to huge buying in preopen and Hem factor. Now price is settled and is surely a safer bet than Dharni’s post allotment buy at least. We still have Aden days to compare both and take decision.
Have have a great weekend after hectic week.

@i For IPO, Avenue
Yes Dharni looks similar to Vedant. Dharni valuations are a little higher - market cap 40 cr, vedant just 14 cr, for more or less similar size of business. Also vedant has X factor Hem , like avenue mentioned. So Vedant could atleast triple from here if not double. I could be biased, holding two lots vedant.

Red flags
Relatively new company
Super earnings shown last year
Revenue for 6 mnth ending sep22 shows a big decline compared to immediate previous year....yet surprisingly profit seems to rise.
FV RS. 1.....so effective price for par 10 Rs. FV is 200....
I personally dislike this FV 1 issues...tends to hide real asking premium. Here out of 20 rs. Issue price Rs 19 will go as share premium, only 1 Rs is the actual share value... That for me is exorbitant by the company financials.
Financial sector underperforming..... Big players also available at a discount....
Valuation seems expensive
AUM of 290 crores from 300 customers.... Must be heavily dependant on top few customers...
Not much in the company to warrant a blind application....but then it's SME and in the present times all Tom Dick and Harry kind of companies are giving awesome listing gains.... So won't be surprised if this also gets super opening....
Let's see what grey market thinks of it.
Will decide on the last day of subs...
These are my personal view.....am no expert so no claims of being spot on....

FV 1, issue price 20 n SME what a joke. Its to fool people. At fv10 price is 200. Like many mainboards they are to fool investors.
Second thing they are putting money in subsidiary unit, can we treat this as cool name for OFS?????
Its AVOID from my side. Aristo is many times better than this in sense of risk reward.

Face value of share is Rs. 1 and issue price is Rs. 20. It means 20 times higher than the issue. The company is engaged in portfolio management working, in the market there are huge companies engaged, so this is not a special working company. Book value per share is also not too good as it's similar to book value. Over priced stock. Avoid it.

In the year 2022 the people who have invested in SMEs have earned remarkabley well. The simple reason was their reasonable valuations offered to the public. The promoters / Lead managers were not so much greedy and left reasonable for the investors. Now it seems to be that the promoters/ Lead Managers are becoming much greedy and their aim is to loot the public by aggressive valuations. In SME we haven't seen the Share whose face value of Rs. 1/2 . But now it have been started, so we have to be extra careful so that our fund don't gets destroyed. Fund saving is equal to fund earned. We have to understand that the sme bubble is not going to last too long if this kind of trend continues by the
lalchi promoters . So don't jump in any sme ipos whose valuations is extremely high to protect our hard earned money.
Suno sabki karo apne man ki.

WHY MAINLINE IPOS ARE NOT COMING.

Budget ka overhang ke baad aayega

One good thing is pe ratio 5.46
Not too costly

I don't like Finance sector for investing.
But PE looks good here.
but Sunflower last time sold on first day.

will wait n watch, then decide.

this IPO come up with reasonable valuations

Not yet read the RHP, but AUM of 50 crores is much too less to ask for a valuation of 20/- for a 1/- face value. I know half a dozen mutual fund distributers in Chennai with AUM of over 100 crores

Post issue equity capital is about Rs. 2 crores and an annualized profit of 1.16 crores gives and EPS or about 0.6 and an asking PE of about 35. Not cheap for sure but needs some more research as the low equity can easily translate into a great valuation if the profits jump but again that would be trying to predict the future

AUM HANDLEED of MUTUAL FUNDS BY THE COMPANY AS ON 31.3.22 and 30.09.22 amounting to rs 54 and 64 crore respectively as given in brief history seems negative points which shows more then 10 cr redemption taken in this six months whereas the trend of mutual funds AUM is growing in this time frame thus seems HNI are involved in investing and they can withdrawn at any point of time and the profitability of company may stuck highly .

Opening soon.

6m
Dharni Capital Services Limited-BSE SME IPO

Issue Date : 18-Jan to 20-Jan, 2023
Price : ₹20
Lot Size : 6000 Shares

Issue : 53,70,000 Shares
Issue size : ₹10.74 Cr
FV : ₹1

Retail : 25,50,000 Shares
Retail Forms : 425

LM : Srujan Alpha Capital
Registrar : Cameo

LM- Srujan?? Never heard the name. First IPO?

First SME IPO of 2023 belonging to Finance sector

everything looks steam line......... may give good listing gain.