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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

Issue OpenSep 28, 2006 - Oct 5, 2006
Issue TypeBook Built Issue IPO
Issue Size5,635,950 Eq Shares of ₹10
(aggregating up to ₹42.27 Cr)
Face Value₹10 Per Equity Share
Issue Price₹75 - ₹90 Per Equity Share
Market Lot70 Shares
Min Order Quantity70 Shares
Listing AtBSE, NSE

Accel Frontline IPO Lot Size and Price (Retail)

ApplicationLotsSharesAmount (Cut-off)

Accel Frontline IPO Prospectus

Accel Frontline IPO Rating

Rating:Rated 0.0 stars

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Accel Frontline IPO Listing Date

Listing DateMonday, October 30, 2006
BSE Script Code532774
Listing In
Issue Price₹75 Per Equity Share
Face Value₹10 Per Equity Share

Listing Day Trading Information

Issue Price
Last Trade

Accel Frontline IPO Reviews / Ratings

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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
Email: neel@accelfrontline.in
Website: http://www.accelfrontline.in

Accel Frontline IPO Registrar

Link Intime India Private Ltd
   Link Intime India Private Ltd
   C 101, 247 Park, L.B.S.Marg,
   Vikhroli (West), Mumbai - 400083

Phone: +91-22-4918 6270
Website: http://www.linkintime.co.in

Accel Frontline IPO FAQs

  1. 1. What is Accel Frontline IPO?

    Accel Frontline IPO is an main-board initial public offering of 5,635,950 equity shares of the face value of ₹10 aggregating up to ₹42.27 Crores.

    The issue price of the IPO is ₹75 - ₹90 Per Equity Share. The minimum order quantity is 70 Shares per application and the offer type is Book Built Issue.

    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.

  2. 2. When Accel Frontline IPO will open?

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

  3. 3. How to apply for Accel Frontline IPO?

    Accel Frontline IPO application can be done through banks using ASBA online or through stock brokers trading account using UPI. All popular banks i.e. HDFC, ICICI, and SBI offer online IPO applications. An investor can also apply directly through their broker (i.e. Zerodha, Sharekhan) using UPI as a payment method.

  4. 4. When Accel Frontline IPO allotment?

    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.

  5. 5. When is Accel Frontline IPO listing date?

    The Accel Frontline IPO listing date is on Monday, October 30, 2006, at BSE, NSE.

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Accel Frontline IPO Review / Comments

6. Ram  Oct 27, 2006 21:41 I Like It. | Report Abuse
Any idea when will this share gets listed on NSE? An what is the estimated price it will get list at first?
5. RAMARAO  Oct 20, 2006 06:35 I Like It. | Report Abuse
please tell me the details of refund ,i applied through ICICI direct. when i will get refund
4. Dhananjay  Oct 16, 2006 15:18 I Like It. | Report Abuse
Accel Frontline Ltd IPO has been fixed at Rs.75/-
Vikas G
3. Vikas G  Oct 1, 2006 06:12 I Like It. | Report Abuse
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  Sep 29, 2006 09:26 I Like It. | Report Abuse
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  Sep 29, 2006 08:57 I Like It. | Report Abuse
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’ .

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