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Review By Dilip Davda on September 22, 2014
While we have a biggest NSE SME Emerge listing IPO of Momai Apparels, we have two BSE SME lPOs, i.e. Aryaman Capital Markets and Atishya Infotech. Details of Atishya Infotech Ltd are as under:
Atishya Infotech Ltd (AIL) is an ISO 9001-2008 certified and ISO/IEC 27001:2005 certified (Information Security Management Systems) company which offers wide range of Information Technology Database Management and E-Governance Services including Large Scale Data Entry and Scanning Solutions, Digitization Services, Document Conversion, Data Base Management of highest quality to our clients who are mainly PSU and Government Entities. The company operates from registered office located at Mumbai, Maharashtra and its corporate office located at Bhopal, Madhya Pradesh. It currently provides services in the states of Maharashtra, Rajasthan, Uttar Pradesh, Bihar & Madhya Pradesh.
To meet its working capital requirement and issue expenses, the company is coming out with an IPO of 2320000 equity share of Rs. 10 each at a fixed price of Rs. 16 per share to mobilize Rs. 3.71 crore. Issue opens on 25.09.14 and will close on 29.09.14. Minimum application is to be made for 8000 shares and in multiples thereof, thereafter. Issue is lead managed by Hem Securities Ltd and Sharex Dynamic (India) Pvt Ltd is the registrar to the issue. Post allotment, shares will be listed on BSE SME.
On performance front, Company’s restated total income increased from Rs.12.71 crore in FY 2012-13 to Rs. 15.60 crore in FY 2013-14 and restated profit after tax increased from Rs.1.48 crore in FY 2012-13 to Rs. 2.30 crore in FY 2013-14. Its current equity of Rs. 6.47 crore will enhance to Rs. 8.79 crore post this IPO. Present equity includes two bonus issues, 28 shares for 1 share held in November 2012 and 1 share for every 3 shares held in March 2014. Last three year’s average EPS stands at Rs. 3.11. If we attribute the current earnings of 2013-14 on enhanced equity post issue then the asking price is at a P/E of 6 which looks reasonable.
On merchant banker’s aspect, this is 8th SME issue from it. It has mixed trends of performances post listing and current market prices.
Risk aver investors can consider for long term as marketing of SME IPO has entry barriers on entry and trading platform, low preference from broking community and irregular trades.
(Disclaimer: Author has no plans to invest in this IPO)
Review By Dilip Davda on September 22, 2014
DISCLAIMER: No financial information whatsoever published anywhere here should be construed as an offer to buy or sell securities, or as advice to do so in any way whatsoever. All matter published here is purely for educational and information purposes only and under no circumstances should be used for making investment decisions. My reviews do not cover GMP market and operators game plans. Readers must consult a qualified financial advisor before making any actual investment decisions, based the on information published here. With entry barriers, SEBI wants only well-informed investors to participate in such offers. With crazy listings in the recent past, SME IPOs drew the attention of investors across the board and lead to seer madness. However, as SME issues have entry barriers and continued low preference from the broking community, any reader taking decisions based on any information published here does so entirely at their own risk. The above information is based on information available as of date coupled with market perceptions. The Author has no plans to invest in this offer.
About Dilip Davda
Dilip Davda is veteran journalist associated with stock market since 1978. He is contributing to print and electronic media on stock markets/insurance/finance since 1985.
Dilip Davda is a leading reviewer of public issues and NCDs in the primary stock market in India. The knowledge he gained over 3 decades while working in the stock market and a strong relationship with popular lead managers makes his reviews unique. His detail fundamental and financial analysis of companies coming up with IPO helps investors in the primary stock market. Dilip Davda has a special interest in analyzing the SME companies and writing reviews about their public issues. His reviews are regularly published online and in news papers.
(Dilip Davda -SEBI registered Research Analyst-Mumbai,
Registration no. INH000003127 (Perpetual)
Email id: dilip_davda@rediffmail.com ).
The initial public offer (IPO) of Atishay Infotech Limited offers an early investment opportunity in Atishay Infotech Limited. A stock market investor can buy Atishay Infotech IPO shares by applying in IPO before Atishay Infotech Limited shares get listed at the stock exchanges. An investor could invest in Atishay Infotech IPO for short term listing gain or a long term.
Read the Atishay Infotech IPO recommendations by the leading analyst and leading stock brokers.
Atishay Infotech IPO offers an opportunity to buy IPO shares before they get listed at the stock exchanges. Read the Atishay Infotech IPO Notes, Analysis and Recommendations by leading stock brokerage firms and experts in the above answer.
Our recommendation for Atishay Infotech IPO is to subscribe.
As per the analysis by our lead analyst Mr. Dilip Davda, we suggest you to subscribe to the Atishay Infotech IPO.
The Atishay Infotech IPO allotment status will be available on or around [.]. The allotted shares will be credited in demat account by [.]. Visit Atishay Infotech IPO allotment status to check.
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