Transwind Infrastructures Ltd IPO Message Board (Page 2)

Avoid. Way too much expensive.

Pros:
Very less debt (DE ratio is ~0.38)
Book-value seems to be good
Consistent sales and profit (business model is good)
This will grow in proportion to the railway/infra.
Lead by Swastika

Cons:
ROE and ROCE is way below PAR
Bit expensive - compared to few of it''s peers
Operating cash-flow is negative
Company is not trying to expand it''s business (and the objects of the Issue is also not for expansion)
In 2017 itself, almost 3 bonus and other allotments within 6 months

Review:
I''m NEUTRAL on this IPO (with positive stance on long-term view).
This might not give any listing gain (or short-term gain); but if you hold it for 2-3 years, this will give multi-fold returns.
Unlike other SME-IPOs this IPO is available for subscription only for 3 days - which shows the confidence that the company has.
So, atmost I will bid for 1 lot; I prefer buying this one on listing day.

Dear gala ji, PE seems to be little expensive.
This is not the right-time to take risk in SME market - So I would prefer looking at FY17 final numbers (and the final PE based on earnings) and then decide.
Aksh Optifiber has 50 times more sales than Transwind and Suyog gives 5 times more returns than Transwind; both are available at PE of 24 and 28 (based on CMP).

Prabhakar, this is an excellent sme. The business is again very good. I still good returns both in short term and long term.

check the PE/ of Airan during the IPO. this doesn''t matter if the business is doing great and have growth potential

Applying first time wanted to know should we write price or cut off in the bid price coloum

RETAIL PORTION KITNE SHARE KA HAI

Any premium of this issue

How can i trade SME shares as my current broker do not provide option to buy/sell SME Shares

GOT BID OF 40,00,000 SHARES IN HNI

🏹🏹🏹 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.

Every think is ok but price toh dekh kar lagata

Last 3 out of 3 issues lead by Swastika has given positive listing gains (1% to 20%) and all of them are trading above the issue price (Sikko with 28% and Airan with 264% upside).
The statistics say that this IPO might not go below issue price; still to avoid any surprises, I prefer buying it on listing day/week.

Key operating ratios

Year end      Mar 16      Mar 15      Mar 14      Mar 13      Mar 12
EPS(Rs)      11.73      10.33      19.87      18.44      14.76
Book value(Rs)      162.62      150.89      140.56      120.70      102.26
CEPS(Rs)      16.07      13.93      24.29      22.50      18.21
NPM(%)      3.43      3.21      4.47      4.52      4.28
OPM(%)      7.79      7.96      8.06      7.83      7.95
ROCE(%)      10.27      11.97      21.24      23.90      22.19
ROE(%)      7.44      7.03      15.14      16.48      14.53
Debt/equity      0.38      0.26      0.13      0.05      0.08
Interest cover      4.20      3.26      9.89      15.80      7.67

Cash flow analysis (Rs.in Crs.)
Year end      Mar 16      Mar 15      Mar 14      Mar 13      Mar 12
NOPAT      0.43      0.42      0.62      0.56      0.48
Operating cash flow      -0.03      -0.23      -1.08      0.07      0.44
Free cash flow      0.28      -0.12      -0.79      0.23      0.44

Key financials (Rs.in Crs.)
Year end      Mar 16      Mar 15      Mar 14      Mar 13      Mar 12
Net sales      9.63      9.04      12.53      11.50      9.81
Operating profit      0.75      0.72      1.01      0.90      0.78
Net profit      0.33      0.29      0.56      0.52      0.42
Equity cap pd      0.28      0.28      0.28      0.28      0.28

Half Yearly (stats only)
Year       201603      201503      Var(%)
Type       Full Year      Full Year
Sales Turnover      9.63      9.04      6.53
Other Income      0.18      0.17      5.88
Total Income      9.81      9.21      6.51
Total Expenditure      9.06      8.49      6.71
Operating Profit      0.75      0.72      4.17
Interest      0.15      0.19      -21.05
Gross Profit      0.60      0.53      13.21
Depreciation      0.12      0.10      20.00
Tax      0.14      0.13      7.69
Reported PAT      0.33      0.29      13.79
Dividend (%)      0.00      0.00      N.A.

P & L Account (Rs.in Crs.)

Year      Mar 16      Mar 15      Mar 14      Mar 13      Mar 12
Sales Turnover      9.63      9.04      12.53      11.50      9.81
Other Income      0.18      0.17      0.21      0.18      0.11
Stock Adjustments      -0.06      -1.24      1.30      0.00      0.00
Total Income      9.75      7.97      14.04      11.68      9.92
Raw Materials      1.66      1.14      2.25      1.43      0.67
Excise Duty      0.00      0.00      0.00      0.00      0.00
Power & Fuel Cost      0.01      0.01      0.01      0.01      0.01
Other Manufacturing Expenses      5.34      4.51      9.16      8.05      7.30
Employee Cost      1.18      1.08      0.96      0.85      0.70
Selling and Administration Expenses      0.78      0.50      0.63      0.43      0.44
Miscellaneous Expenses      0.02      0.01      0.03      0.02      0.03
Less: Preoperative Expenditure Capitalised      0.00      0.00      0.00      0.00      0.00
Profit before Interest, Depreciation & Tax      0.75      0.72      1.01      0.90      0.78
Interest & Financial Charges      0.15      0.19      0.09      0.05      0.09
Profit before Depreciation & Tax      0.60      0.53      0.92      0.85      0.69
Depreciation      0.12      0.10      0.12      0.11      0.09
Profit Before Tax      0.48      0.43      0.80      0.74      0.60
Tax      0.15      0.14      0.24      0.22      0.18
Profit After Tax      0.33      0.29      0.56      0.52      0.42
Adjustment below Net Profit      0.00      0.00      0.00      0.00      0.00
P & L Balance brought forward      3.44      3.15      2.59      2.06      1.65
Appropriations      0.00      0.00      0.00      0.00      0.00
P & L Bal. carried down      3.77      3.44      3.15      2.59      2.06
Equity Dividend      0.00      0.00      0.00      0.00      0.00
Preference Dividend      0.00      0.00      0.00      0.00      0.00
Corporate Dividend Tax      0.00      0.00      0.00      0.00      0.00
Equity Dividend (%)      0.00      0.00      0.00      0.00      0.00
Earning Per Share (Rs.)      11.73      10.33      19.87      18.44      14.76
Book Value      162.62      150.89      140.56      120.70      102.26
Extraordinary Items      0.00      0.00      0.00      0.00      0.00

Balance Sheet (Rs.in Crs.)

Year      Mar 16      Mar 15      Mar 14      Mar 13      Mar 12
Share Capital      0.28      0.28      0.28      0.28      0.28
Reserves & Surplus      4.32      3.99      3.70      3.14      2.61
Total Shareholders Funds      4.60      4.27      3.98      3.42      2.89
Secured Loans      2.02      0.86      0.23      0.08      0.05
Unsecured Loans      0.16      0.35      0.67      0.00      0.18
Total Debt      2.18      1.21      0.90      0.08      0.23
Total Liabilities      6.78      5.48      4.88      3.50      3.12
Gross Block      1.95      1.65      1.54      1.25      1.09
Less: Accum. Depreciation      1.11      0.99      0.89      0.77      0.66
Net Block      0.84      0.66      0.65      0.48      0.43
Capital Work in Progress      0.00      0.00      0.00      0.00      0.00
Investments      0.64      0.64      0.64      0.64      0.61
Inventories      0.00      0.06      1.73      0.00      0.00
Sundry Debtors      3.57      2.19      2.28      2.29      1.77
Cash and Bank Balance      1.53      0.70      1.09      1.74      0.84
Loans and Advances      3.95      4.00      4.78      5.55      3.90
Current Liabilities      3.42      2.59      6.00      6.92      4.17
Provisions      0.32      0.18      0.30      0.28      0.24
Net Current Assets      5.31      4.18      3.58      2.38      2.10
Miscellaneous Expenses not w/o      0.00      0.00      0.00      0.00      0.00
Total Assets      6.79      5.48      4.87      3.50      3.14
Contingent Liabilities      271.28      271.28      180.00      180.00      125.00

Capital History
Year      Equity Capital       Remarks
201705      0.3989        further allotment
201705      3.989        Bonus Allotment
201704      0.3613        further allotment
200703      0.2833        further allotment
200512      0.1555        further allotment
200011      0.1        further allotment
199803      0.0262        further allotment
199803      0.05        further allotment
199705      0.0002        Subscriber to MOA