Accel Frontline Limited IPO (Accel Frontline IPO) Detail

Sep 28, 2006 - Oct 5, 2006

Accel Frontline Limited, formerly known as Accel ICIM Frontline Limited, is an end-to-end information technology (IT) services provider. It operates in four business units. The IT Infrastructure Solution unit helps customers to assess, build, deploy and optimize IT infrastructure for mission critical applications. This unit offers technology products and solutions, data/storage consolidation management, enterprise network deployment, disaster recovery/business continuity platform, and IT security consulting and implementation.

The IT Infrastructure Management Services unit is engaged in system integration, facilities management, software services and outsourcing. The Enterprise Software Solutions unit specializes in providing enterprise resource planning consulting, application management, custom application development and Web services. The Business Process Outsourcing Services unit provides warranty outsourcing and technical helpdesk services to 10 IT and telecom product companies.

Accel Frontline IPO Details

IPO Date Sep 28, 2006 to Oct 5, 2006
Listing Date Monday, October 30, 2006
Face Value ₹10 per share
Price ₹75 to ₹90 per share
Lot Size 70 Shares
Issue Size5,635,950 shares of ₹10
(aggregating up to ₹42.27 Cr)
Issue Type Book Built Issue IPO
Listing At BSE, NSE

Accel Frontline IPO Lot Size

The Accel Frontline IPO lot size is 70 shares. A retail-individual investor can apply for up to 31 lots (2170 shares or ₹195,300).

Application Lots Shares Amount
Retail (Min) 1 70 ₹6,300
Retail (Max) 31 2170 ₹195,300

Accel Frontline IPO Prospectus

Accel Frontline IPO Rating

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Accel Frontline IPO Listing Date

Listing Date Monday, October 30, 2006
BSE Script Code 532774
Listing In
ISIN INE020G01017
IPO Price ₹75 per share
Face Value ₹10 per share

Listing Day Trading Information

IPO Price
Last Trade

Company Contact Information

Accel Frontline Limited
III Floor, New No. 75 (Old No. 124),
Nelson Manickam Road,
Aminjikarai, Chennai 600 029, Tamil Nadu, India.
Phone: +91 44 4225 2000

Accel Frontline IPO Registrar

Link Intime India Private Ltd

Phone: +91-22-4918 6270

Accel Frontline IPO Review

Accel Frontline IPO Recommendation Summary

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Accel Frontline IPO FAQs

Accel Frontline IPO is a main-board IPO of 5,635,950 equity shares of the face value of ₹10 aggregating up to ₹42.27 Crores. The issue is priced at ₹75 to ₹90 per share. The minimum order quantity is 70 Shares.

The IPO opens on Sep 28, 2006, and closes on Oct 5, 2006.

Link Intime India Private Ltd is the registrar for the IPO. The shares are proposed to be listed on BSE, NSE.

The Accel Frontline IPO opens on Sep 28, 2006 and closes on Oct 5, 2006.

Accel Frontline IPO lot size is 70 Shares and the minimum order quantity is .

You can apply in Accel Frontline IPO online using either UPI or ASBA as payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO application is offered by brokers who don't offer banking services. Read more detail about apply IPO online through Zerodha, Upstox, 5Paisa, Edelweiss, ICICI Bank, HDFC Bank and SBI Bank.

The finalization of Basis of Allotment for Accel Frontline IPO will be done on [.], and the allotted shares will be credited to your demat account by [.]. Check the Accel Frontline IPO allotment status.

The Accel Frontline IPO listing date is on Monday, October 30, 2006.
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Accel Frontline IPO Message Board

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6. Ram |   Link |Oct 27, 2006 10:41:28 PM
Any idea when will this share gets listed on NSE? An what is the estimated price it will get list at first?
5. RAMARAO |   Link |Oct 20, 2006 7:35:06 AM
please tell me the details of refund ,i applied through ICICI direct. when i will get refund
4. Dhananjay |   Link |Oct 16, 2006 4:18:23 PM
Accel Frontline Ltd IPO has been fixed at Rs.75/-
3. Vikas G |   Link |Oct 1, 2006 7:12:52 AM
Accel IPO looks impressive and may fetch high returns. I feel it is a great investment.

Profit is almost double last year and past records of this company are good.

This is only IPO available today who has good potential. I applied at 90…lets hope I get something 
2. Dhananjay |   Link |Sep 29, 2006 10:26:49 AM
Capital Market Analysis:

Strengths :
1. Accel Frontline is positioning itself as a total IT service provider and is exploring the international markets from its experience in the domestic market. The strategic tie-up with Frontline Technologies Corporation will give it the expected experience for international markets.

2. Accel Frontline has a pan-India presence with 92 premises (and support centres) in 86 locations.

Weaknesses :
1. For the BPO division, Accel Frontline is dependent on two multinational customers and about 59% of the BPO revenue comes from these select clients.

2. The dependence on government and public sector units is substantial in the current business turnover. The turnover shows an uneven trend among quarters.

3. About 55% of the revenue accrues from IT Infrastructure Solutions, which is a low margin business (essentially involving trading in hardware).

4. The track record is not encouraging, with volatile profit and declining sales till FY 2005. It was only in FY 2006 that sales and profit jumped. Cash flow from operating activities has been negative in three out of the last five years and cash flow after considering investment in fixed assets has been negative in all the five years.
1. Dhananjay |   Link |Sep 29, 2006 9:57:47 AM
Some more detail about this IPO (Analyst - Ruchir Desai):

1. The current business offerings of AFL include IT Infrastructure Solutions, IT Infrastructure Management Services, Enterprise Software Solutions and BPO Services.

2. The JV with Frontline Tech, enabled it to align its service offerings in line with those of Frontline and the same has gone a long way in stabilising the business model of AFL.

3. AFL plans to geographically diversify its revenue stream as currently >90% of the same is generated domestically. Towards this, it aims to enter into partnerships or set up branches in Middle East, Far East and North America.

4. It is also endeavouring to increase its scale of operations by exploring inorganic means. It is currently scouting for possible acquisitions and is in talks with a Mumbai based outbound voice based BPO and a Chennai based banking software company.

5. This would enable it to achieve its stated objective of strengthening its BPO and product offerings and also achieve scale in these segments.

6. The strong relationship with Frontline Tech has not only stabilised AFL’s business model, but also given it the much needed growth impetus. At the upper end of its price band, it is quoting at a P/E and EV/EBIDTA of 20.9x and 11.7x respectively, discounting its FY06 earnings. Though the issue does not appear cheap, the growth prospects and acquisition plans of the company coupled with the active backing of Frontline, should facilitate it to emerge as a integrated IT solutions player. Hence, we recommend a ‘SUBSCRIBE’ .