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Review By MLR Securities Private Ltd on June 20, 2011
Issue Date: 20th June - 23rd June
Price Range: INR 10-11
Issue Size: INR 65.2 Cr
Mcap: INR 110-121 Cr
IPO Grading: Brickwork IPO Grade 2
Listing: BSE
BRLM: Arihant Capital Markets
Promoter: Yash Birla
Birla Pacific Medspa Ltd belongs to the Yash Birla Group (YBG) of companies. The company was incorporated on July 15, 2008 pursuant to JV agreement between Birla Wellness & Healthcare Pvt Ltd, Pacific Healthcare Holdings Ltd (PHH) Singapore and Dr Abhijeet Desai. In June 2010 the Joint Venture between PHH and Yash Birla group was automatically terminated as shareholding of PHH went below 25% (which was trigger point for automatic termination of JV agreement) to 17.82%
Birla Pacific Medspa presently operate healthcare centers under the brand name EVOLVE. Presently, the company is operating 5 centers at Walkeshwar, Bandra, Andheri, Atria Mall at Worli and Borivali at Mumbai and one center on franchise basis at Thane. Evolve Med Spa, offers comprehensive treatments in the areas of Cosmetic Dermatology, Cosmetic Surgery and Advanced Dentistry. It also offers a range of spa services - wet & dry under its wellness initiative.
Considering BPML's negative cash flows, short operational history of less than three years and the promoters poor track record in execution of projects makes the issue a risky bet. We recommend investors to Avoid the issue.
Review By MLR Securities Private Ltd on June 20, 2011
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