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Parag Milk Foods Ltd IPO Message Board (Page 39)

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18. Eagleye |   Link |  Bookmark | April 24, 2016 8:39:46 PM
IPO Guru IPO Guru (6600+ Posts, 21900+ Likes)
Dear Septa Sir,

Sorry for the delay in my response .. I saw your query only just now ...

PARAG MILK FOODS LIMITED
(Refer Page Nos. 52 of DRHP dated 30th Sept’15)
PAT for FY15 is 29.472 Crs
PAT for FY14 is 14.587 Crs.
PAT for FY13 is 22.048 Crs.
PAT for FY12 is 15.154 Crs.
PAT for FY11 is 0.627 Crs.


(Refer Page Nos. 62 & 63 of DRHP dated 30th Sept’15)

Equity Shares outstanding as per DRHP is 66,160,060 Equity Shares
However, it is important to also read the footnote no.8 which says ...

"The Board, pursuant to a resolution dated July 28, 2015, entered into a subscription agreement dated August 17, 2015 for issuance of 60,000,000 CCDs having a face value of Rs.10.00 each through a private placement to IDFC S.P.I.C.E. (the “Private Placement”). The Shareholders of our Company, at the EGM held on August 28, 2015, approved the Private Placement by way of a special resolution. The CCDs allotted in the Private Placement will be converted into up to 2,400,000 Equity Shares prior to the date of the filing of the RHP with the RoC. In addition, the balance 2,427,140 CCDs held by IBEF I; 1,307,134 CCDs held by IBEF; 4,080,027 CCDs held by IDFC PE; 224,259 CCDs held by Suneeta Agrawal; 112,130 CCDs held by Vimla Oswal; and 112,129 CCDs held by Pratik Oswal will be converted into up to 3,028,764 Equity Shares prior to the filing of the RHP with SEBI."

Further, you will also need to consider that the Company is having a Fresh Issue of 325Crs. And unless we have the confirmation of the price band we will not be able to calculate the incremental fresh shares to be issued.

Hence, calculating the post issue outstanding shares will have to be a bit of guess work.


I hope this will suffice your requirement ... once again sorry for the delay in providing you the inputs
18.2. Eagleye |   Link |  Bookmark | April 25, 2016 8:54:17 AM
IPO Guru IPO Guru (6600+ Posts, 21900+ Likes)
Thank you Kali prasadji
18.3. Septa |   Link |  Bookmark | April 25, 2016 11:09:03 PM (4000+ Posts, 4600+ Likes)
thank u eagle eye
17. kingsuper |   Link |  Bookmark | April 24, 2016 7:43:16 PM
Kostak price for parag milk
17.1. Chintan Thaker |   Link |  Bookmark | April 24, 2016 8:40:02 PM
No gray market trading.
16. mehul mehta |   Link |  Bookmark | April 24, 2016 4:03:57 PM
any gmp for parag milk ?
15. Eagleye |   Link |  Bookmark | April 24, 2016 2:25:18 PM
IPO Guru IPO Guru (6600+ Posts, 21900+ Likes)
IPOs in Pipeline (SEBI approval received)
      DRHP Date      Name
             
1      28-Dec-15      S.P Apparels
2      21-Dec-15      K.P.R.Agrochem
3      01-Feb-16      Dilip Buildcon
4      23-Dec-15      Nihilent Technologies
5      30-Nov-15      New Delhi Centre for Sight
6      12-Nov-15      Mahanagar Gas
7      30-Sep-15      GVR Infra Projects
8      30-Sep-15      Maini Precision Products
9      26-Sep-15      GNA Axles
10      23-Sep-15      VLCC Health Care
11      30-Sep-15      Parag Milk Foods
12      28-Sep-15      Sandhar Technologies
13      16-Aug-15      Matrimony.com
15      09-Jul-15       Paranjape Schemes (Construction)
             
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7      24-Mar-15      AGS Transact Technologies

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3      29-Mar-16      Hinduja Leyland Finance
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8      23-Jun-15      RBL Bank
15.6. Eagleye |   Link |  Bookmark | April 25, 2016 3:31:51 PM
IPO Guru IPO Guru (6600+ Posts, 21900+ Likes)
Thank you Avindeep & Jagadish Sirs.
15.7. Eagleye |   Link |  Bookmark | April 25, 2016 3:32:51 PM
IPO Guru IPO Guru (6600+ Posts, 21900+ Likes)
Sorry Maruthi,

I don''t track SME IPOs ... I dont consider it to be worth it
14. mehul mehta |   Link |  Bookmark | April 24, 2016 12:11:16 PM
AVOID AVOID
13. Chem cho |   Link |  Bookmark | April 24, 2016 10:53:26 AM
IPO Guru IPO Guru (2500+ Posts, 2700+ Likes)
BUSSINESS STANDARD REPORT 24/4/16

Maharashtra-based private dairy player Parag Milk Foods is in race with Gujarat-based dairy cooperative Gujarat Cooperative Milk Marketing Federation (GCMMF) to start exports to Russia. According to Parag, while the Russian authorities have inspected a few Indian dairy players, they have approved around two players in the last five months.

"The regulations in Russia are very stringent and in order to get clean chit from Russian government, we need to be certified by FSVPS (Federal Service for Veterinary and Phytosanitary Surveillance). And the day, we get a go ahead, we will start exporting to Russia," said Devendra Shah, chairman of Parag.

Earlier in January, GCMMF which sells milk and dairy products under the Amul brand, had said that it is awaiting for formalities between the Export Inspection Council of India, and its Russian counterparts to complete, so that it could begin exporting to the country. While a senior official of GCMMF did not wish to mention the exact time as to when the exports could start, it could, however, take a few months.

Amul was in talks with Russia''s Galactika Group for exports after the country lifted its ban on import of dairy products from India. The Russian market has a vast potential for dairy business, the country imports nearly 500,000 tonnes of milk products every year. Parag especially is interested in exporting cheese to Russia. As Shah said,"They used to import approximately, 235,000 tonnes of cheese per year."

Parag currently exports to more than 30 countries including Philippines, UAE, Singapore, Oman, Kuwait, New Zealand, Sri Lanka. While Shah did not wish to share the export figures for FY15, he said that it has grown by 100 per cent over FY14. Parag had clocked a turnover of around Rs 1400 crore in FY14, of which about 20 per cent came from exports.

The opening of the Russian market is critical for dairy players who are facing a pressure on margins owing to lower exports thanks to low prices. China, one of the major importers of dairy products, does not allow entry of Indian products, and a handful of other countries like South Africa too have banned import of dairy products. According to Parag, while the US allows imports, the customs duties are very high, making it unviable for exports. Asian countries like Korea, Japan, Taiwan, apart from West Asia and North Africa import from India. However, EU, US and New Zealand already have foreign trade agreements with most of these countries, lowering import duties, and thus the Indian products become non-competitive.
13.4. Wizard |   Link |  Bookmark | April 24, 2016 12:56:09 PM
Here You Go

http://www.business-standard.com/article/companies/parag-milk-foods-competes-with-amul-to-tap-russia-115042401122_1.html
13.5. Septa |   Link |  Bookmark | April 25, 2016 11:37:38 PM (4000+ Posts, 4600+ Likes)
good read
12. Gravitas |   Link |  Bookmark | April 24, 2016 10:29:23 AM (200+ Posts)
Parag if priced at such levels (40+ PE) will be a huge disappointment. On one hand I liked the way Parag is trying different things, I think i had shared my views in Equitas thread some time back, but on the other hand my better half gave me a very surprisingly negative feedback about Gowardhan Ghee. We use Patanjali/Mother Dairy Ghee but apparently did buy Gowardhan a few times & she feels it''s not good quality..in fact she said it felt ''Nakli'' (fake)!
11. Gravitas |   Link |  Bookmark | April 24, 2016 10:11:34 AM (200+ Posts)
Septaji, I brisked through CCD & Parag threads. Very intense debate, esp. in CCD :).

Urself ,Uchitji, Nasirulji put up a hard fight against over enthusiastic and dangerously well-informed stooges. Uchitji sometimes visits the forum but I''ve never seen Nasirulji.

This forum could really benefit from such analytical minds.
11.1. Septa |   Link |  Bookmark | April 25, 2016 11:36:51 PM (4000+ Posts, 4600+ Likes)
yes he was very good
10. mehul mehta |   Link |  Bookmark | April 24, 2016 3:39:00 AM
but septa sir how much roe and price to b.v. And ronw and price to b.v compared to HATSUN AGRO AND PRABHAT DAIRY ?
9. PS Rao |   Link |  Bookmark | April 24, 2016 2:19:31 AM
350 Haha

It will not only loot kott you. But it will MUTE you.
Read Draft BOGUS CO. TO LOOT RETAIL FILL POCKET OF PROMPTERS
DEBT IS 500 CR RAISING 300CR .
FILLING POCKET WITH 700 CR
SETTING WITH MF DONE 10% RETAIL TO BE KOTED
8. Septa |   Link |  Bookmark | April 23, 2016 11:01:46 PM (4000+ Posts, 4600+ Likes)

April 21, 2015 Parag issued at Rs 113.71 to 113.74 on Conversion CCD issued on May 16, 2008

Also issued shares at 260.61 on the same date Conversion CCDs issued on september 17, 2012

Also they got 2 shares for every one share so cost has reduce to Rs 37.91 for those CCD 113.74 Rs 86.87 For those CCD at 260.61


And parag want us to buy at Rs 340 insane valuation if the issue price is 340 Is avoid
7. mehul mehta |   Link |  Bookmark | April 23, 2016 10:05:37 PM
right septa sir nav 28 and eps 8.4 just
7.1. Septa |   Link |  Bookmark | April 23, 2016 11:02:14 PM (4000+ Posts, 4600+ Likes)
If u say that it should be right :)
6. bangalore king |   Link |  Bookmark | April 23, 2016 10:04:50 PM (400 Posts)
Thyrocare -

Subscription :- it may get 2-2.5 times subscription in retail segment.
Discovery price :- It could be at Rs446.
Listing :- Listing may take place on May 9 around 600+ and may go up to 640/650 on good market situation.

Ujjivan -

Subscription :- It may get 2-3 times subscription in retail segment, while much higher subscription in QIB and HNI segments.
Discovery price :- Discovery price could be around Rs210.
Allotment :- May be on May 9.
Listing :- May be on May 11 around Rs250/26 and Rs270/275 with support of good market conditions


GREY MARKET MOVEMENT

Equitas listing encourages deals in other two issues
Thyrocare issue premiums came down from Rs 225 to Rs190
Ujjivan premiums crumble from 60 to 35/37
Application rates in both issues came down in Sakarbazaar

Thyrocare :- Last week the premiums were at 225 which has come down to 190. The minimum application rates have also come down from Rs1200/1500 to Rs970 to Rs1000.

Ujjivan Fin :-Mircro Finance Company''s premiums were at Rs44/45 which went up to 58/60 but have come down to 35/37. Minimum application rates were at 1150/1200 but havecome
down to 1100.

It is believed that both the issues will be highly volatile at time of opening and listing.
6.1. ranjan patel |   Link |  Bookmark | April 24, 2016 12:08:33 AM
should we fill the ipo of ujivan and thyrocare
5. Septa |   Link |  Bookmark | April 23, 2016 9:45:19 PM (4000+ Posts, 4600+ Likes)
Last diary IPo was priced very high and was big flop the issue did not subscribed in 3 days had to increase the days and also reduce the price reduce from 147 to 115 and still the issue was only sailed at 77% of issue price even after reducing the price.... also i will put coffee day in the same FMCG bracket which was also a big flop both this IPO had company stooges and hellbent in flogging a dead dog.

If this is not price right and expensive it would be better to sit back and avoid then applying for issue with high PE and low profit base

So lets wait and see how they price this i will avoid if it not priced at least 15 to 20% cheaper then it peers
two factor will important in valuation of Parag
ROE for future growth
EPS for present value

Given this history in this sector given IPo return we need to be more careful

We will see company stooges for this issue so beware
5.4. SHASHANK K S |   Link |  Bookmark | April 24, 2016 12:06:37 AM
True septa...

I remember one guy called roadside Romeo for ccd...
5.5. NeoTrade |   Link |  Bookmark | April 25, 2016 11:45:38 PM
IPO Mentor IPO Mentor (700+ Posts, 300+ Likes)
Parag has no RoE...and no EPS...it actually has no PAT so RoE and EPS are out of question!
4. Marwari |   Link |  Bookmark | April 23, 2016 9:16:30 PM
chittorgarh site shows issue size 325 cr.
4.1. Marwari |   Link |  Bookmark | April 23, 2016 9:17:41 PM
is there offer for sale also.
4.2. Septa |   Link |  Bookmark | April 23, 2016 9:29:14 PM (4000+ Posts, 4600+ Likes)
yes 19.85 million shares
3. dkpatel |   Link |  Bookmark | April 23, 2016 7:26:31 PM
Parag Milk IPO:-
Issue Size: 1000 cr.
Issue Opens: 4th May 
Issue Closes: 6th May

Price band: 328-356 ( Expecting)
Lot 42 & Multiple 

No Retail Discount
BRLM: Kotak

Retail Allocation 10%
Financials:-
Nav Rs 28
EPS Rs 7 FY15
EPS Rs 8.4 FY 16 ( Non Diluted)
PE 43-46x
Share Capital 15 Cr.
Debt & Loan 500 Cr.

Listed Peer
Hatson Agro
PE 70x

Prabhat Dairy
PE 90x
3.1. Maruthi |   Link |  Bookmark | April 23, 2016 9:28:47 PM
why retail only10%
2. mehul mehta |   Link |  Bookmark | April 23, 2016 7:03:26 PM
septa sir will u apply parag milk foods ipo ?
2.1. Septa |   Link |  Bookmark | April 23, 2016 10:08:43 PM (4000+ Posts, 4600+ Likes)
if i tell u now u will forget DORY so wait and watch :)
1. mehul mehta |   Link |  Bookmark | April 23, 2016 4:37:26 PM
eagleye parag milk foods gmp ?
19.1. Eagleye |   Link |  Bookmark | April 23, 2016 7:16:47 PM
IPO Guru IPO Guru (6600+ Posts, 21900+ Likes)
Parag GMP not yet started