16. Eagleye| Link| Bookmark|
June 19, 2019 3:16:09 PM
IPO Guru (6600+ Posts, 21900+ Likes)
Market Cap at issue price is 2800 Crores ... Adjusted PAT for FY'19 is approx. 80Crs (the Management called it Adjusted PAT - don't know what they meant)
It is a Negative Working Capital company - as they collect subscription in advance for 1-3 years...they have Deferred Revenue on their BS due to this ... as a result almost 10% of their Topline is other income for FY'19
Problem is how to value this as there are no listed peers in global space.
The profit shown is on account of Profit Before Tax -601.00 Provision for Tax -1149.00 Current Income Tax 2.00 Deferred Tax -1150.00 Other taxes -2301.00 Profit After Tax 548.00
The promoters had already killed the Retailers hope of a good IPO after a long time by pricing the shares at such a huge Price band Looks like nothing for Grey market Just capitalizing on the Election result & current market ?
2016 and 2017 are loss making company 2018 Eps 20 but book value is negative 322. RONE 17% No listed peers. Company is backed by Intel Capital, Amadeus and Accion Frontier