FREE Account Opening + No Clearing Fees

Accel Frontline Limited IPO (Accel Frontline IPO) Detail

September 28, 2006 - October 5, 2006

Accel Frontline IPO is a book built issue of Rs 42.27 crores.

Accel Frontline IPO bidding started from September 28, 2006 and ended on October 5, 2006. The shares got listed on BSE, NSE on October 30, 2006.

Accel Frontline IPO price band is set at ₹75 to ₹90 per share. The minimum lot size for an application is 70 Shares. The minimum amount of investment required by retail investors is ₹6,300.

SBI Capital Markets Limited is the book running lead manager of the Accel Frontline IPO, while Link Intime India Private Ltd is the registrar for the issue.

Refer to Accel Frontline IPO RHP for detailed information.

Accel Frontline IPO Details

IPO Date September 28, 2006 to October 5, 2006
Listing Date October 30, 2006
Face Value ₹10 per share
Price Band ₹75 to ₹90 per share
Lot Size 70 Shares
Total Issue Size5,635,950 shares
(aggregating up to ₹42.27 Cr)
Issue Type Book Built Issue IPO
Listing At BSE, NSE
Share holding pre issue17,333,333
Share holding post issue22,509,000

Accel Frontline IPO Lot Size

Investors can bid for a minimum of 70 shares and in multiples thereof. The below table depicts the minimum and maximum investment by retail investors and HNI in terms of shares and amount.

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

Accel Frontline IPO Promoter Holding

Share Holding Pre Issue 93.43%
Share Holding Post Issue 71.95%

About Accel Frontline Limited

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.

Key Performance Indicator

Accel Frontline IPO Prospectus

Accel Frontline IPO Rating

Rating:Rated 0.0 stars
Vote Here ...

Accel Frontline IPO Listing Details

Listing Date October 30, 2006
BSE Script Code 532774
ISIN INE020G01017
Final Issue Price ₹75 per share

Pre-Open Session - NSE Pre-Open Session - BSE

Listing Day Trading Information

Price Details
Final Issue Price
Last Trade

Check IPO Performance…

Accel Frontline Limited Contact Details

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

Accel Frontline IPO - Buy or Not

Accel Frontline IPO Recommendation Summary

Review By Subscribe Neutral Avoid
Brokers 0 0 0
Members 0 0 0

Read All Reviews Post Your Review Manage Reviews

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 September 28, 2006, and closes on October 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 September 28, 2006 and closes on October 5, 2006.

Accel Frontline IPO lot size is 70 Shares, and the minimum amount required is ₹6,300.

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, Nuvama, 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 October 30, 2006.
Open an Instant Account with Zerodha

Accel Frontline IPO Message Board

Ranked Members of Forum  Ranked Members | Members with Most Likes



6. Ram |   Link |  Bookmark |October 27, 2006 9:41:28 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 |  Bookmark |October 20, 2006 6:35:06 AM
please tell me the details of refund ,i applied through ICICI direct. when i will get refund
4. Dhananjay |   Link |  Bookmark |October 16, 2006 3:18:23 PM
Accel Frontline Ltd IPO has been fixed at Rs.75/-
3. Vikas G |   Link |  Bookmark |October 1, 2006 6:12:52 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 |  Bookmark |September 29, 2006 9:26:49 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 |  Bookmark |September 29, 2006 8:57:47 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’ .