Flurry of IPO’s in the market. Should you subscribe to any?

September 27, 2011   ·   0 Comments

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It is very strange that amid all the volatility in the stock markets, there have been numerous IPOs in the last month or so. Not only that, the companies have managed to get subscription from investors – may be they are not over the top subscribed like it used to happen few months back

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Jaipur based Tijaria Polypipes ‘ Rs 60-crore initial public offering has opened for subscription today. The company is offering 1 crore equity shares through the issue at Rs 60 per equity share.

Tijaria Polypipes manufactures high-grade HDPE, MDPE and LDPE plastic pipes and sprinkler systems under the brand names of Tijaria and Vikas. At present, the company has an installed manufacturing capacity of 20,664MT HDPE pipes, 7,392MT PVC pipes and 7,200MT of PET flakes & granules per year. Its products are used in irrigation, telecommunication, industrial, infrastructure and housing sectors.

Issue Detail:

»»  Issue Open: Sep 27, 1 – Sep 29, 1
»»  Issue Type: Fixed Price Issue IPO
»»  Issue Size: Equity Shares of Rs. 10
»»  Issue Size: Rs. 60.00 Crore
»»  Face Value: Rs. 10 Per Equity Share
»»  Issue Price: Rs. 60 Per Equity Share
»»  Market Lot: 100 Shares
»»  Minimum Order Quantity: 100 Shares
»»  Listing At: BSE, NSE

Tijaria Polypipes IPO Grading

ICRA has assigned an IPO Grade 2 to Tijaria Polypipes IPO. This means as per ICRA, company has ‘Below Average Fundamentals‘. I

The issue to the public will constitute 42.33% of the fully diluted post-issue equity share capital of the company. The issue will close for subscription on September 29.

 

,

Incorporated in 2007, Onelife Capital Advisors Ltd (OCAL) is an India based financial service provider specialized in investment banking, including merchant banking. Company has plans to enter in to other financial service sectors including Portfolio Management and Equity Broking services for India Capital Market investors.

Onelife Capital offers services like Initial Public Offerings, Rights Issue, Buyback of Shares, Follow-On Public Offering, Qualified Institutional Placements, Open Offers and other Equity Linked Financing for small sized companies.

IPO Details:

»»  Issue Open: Sep 28, 2011 – Oct 04, 2011
»»  Issue Type: 100% Book Built Issue IPO
»»  Issue Size: 3,350,000 Equity Shares of Rs. 10
»»  Issue Size: Rs. 33.50 – 36.85 Crore
»»  Face Value: Rs. 10 Per Equity Share
»»  Issue Price: Rs. 100 – Rs. 110 Per Equity Share
»»  Market Lot: 50 Shares
»»  Minimum Order Quantity: 50 Shares
»»  Listing At: BSE, NSE

Onelife Capital IPO Grading

CARE has assigned an IPO Grade 1 to Onelife Capital Advisors IPO. This means as per CARE, company has ‘Poor Fundamentals‘.

Valuations:

The company reported losses for FY11. The profit reported in FY10 is not be taken at face value since the debtors are yet to be realized. One of the poorest quality IPO to hit the market in FY 11.

 

Promoted and owned by Kalani family in Madhya Pradesh, Flexituff International manufactures flexible intermediate bulk carriers (FIBCs), geo-textile fabrics and BOPP woven bags at its two units in Pithampur and one in Kashipur. It has a subsidiary in Kandla recycling and reprocessing polypropylene.

FIBC is primarily consumed in developed countries. Hence, over 76% of its FY11 revenues come from overseas.

Issue Detail:

»»  Issue Open: Sep 29, 2011 – Oct 05, 2011
»»  Issue Type: 100% Book Built Issue IPO
»»  Issue Size: 6,750,000 Equity Shares of Rs. 10
»»  Issue Size: Rs. 97.88 – 104.63 Crore
»»  Face Value: Rs. 10 Per Equity Share
»»  Issue Price: Rs. 145 – Rs. 155 Per Equity Share
»»  Market Lot: 40 Shares
»»  Minimum Order Quantity: 40 Shares
»»  Listing At: BSE, NSE

CARE has assigned an IPO Grade 3 to . This means as per CARE, company has ‘ Average Fundamentals‘.

Company Financials:

The company’s financial numbers have jumped substantially in FY11, the latest available before the IPO. The company’s revenue jumped 80% to Rs 578 crore and net profit increased nine-fold to Rs 28.9 crore, excluding the impact of adjustments and changes in accounting policies.

Valuations & Recommendations:

Considering the net profit, excluding the impact of extraordinary items and accounting policy changes, the company’s per share earnings (EPS) is at Rs 13.3 for FY11 on post-issue equity. The IPO pricing is between 10.9 and 11.7 times the EPS. This is higher than its peer Emmbi Polyarn’s P/E at 8.9, but less than that of Jumbo Bags which is at 20

 

opens on 29th September

Incorporated in 1999, M and B Switchgears Ltd is engaged in manufacturing of distribution transformers, power transformers, furnace/rectifier transformers and special purpose transformers.

Company is in business of manufacturing transformers for more than 30 years and is a preferred supplier of quality transformers. Company’s existing annual production capacity in terms of KVA is 75,000 KVA of transformer per month on single shift basis and annual aggregate capacity is 9,00,000 KVA per annum. M and B have capacity to manufactures 5,109 transformers per annum. Company’s client base include almost all electricity boards, reputed industrial groups which include steel, power, pharma, textile, automobile etc., public sector companies like NCL, SECL, WCL, Ordanace factory & various other government utilities.

Issue Detail:

»»  Issue Open: Sep 28, 2011 – Oct 05, 2011
»»  Issue Type: 100% Book Built Issue IPO
»»  Issue Size: 5,000,000 Equity Shares of Rs. 10
»»  Issue Size: Rs. 90.00 – 93.00 Crore
»»  Face Value: Rs. 10 Per Equity Share
»»  Issue Price: Rs. 180 – Rs. 186 Per Equity Share
»»  Market Lot: 30 Shares
»»  Minimum Order Quantity: 30 Shares
»»  Listing At: BSE, NSE

ICRA has assigned an IPO Grade 2 to M and B Switchgears IPO. This means as per CARE, company has ‘Below Average Fundamentals‘.

Valuation

Power equipment industry commands better discounting in the market as it is dominated by multinationals like Siemens and ABB though purely Indian companies do not enjoy the same multiples. Many a leading Indian company is currently discounted only about 10 times the earnings, one and a half time net worth and less than one time sales.

In last three years MBSL’s average return on net worth was abysmally poor at 6.4%. Its aggregate net profit in last five years was only Rs 2.6 crore and reserves at the end of last year stood at just Rs 1.1 crore. Yet, it is asking for a share premium of Rs 45 crore!  How can one justify a market cap of Rs 360 crore plus for a company whose aggregate turnover in last five years was only Rs 135 crore?

 

Incorporated in 1999, Taksheel Solution Ltd is IT Solution Company engaged in the business of providing products and services to the financial services industry, Information Technology & Telecom. Headquartered in Hyderabad, with an office in North America, they provide professional IT services to global clients. Taksheel offering Wealth Management Technology Solutions, Telecom Solutions, Business Intelligence, Data Warehousing, Application Development and Application Maintenance

Financial services provided by Taksheel includes wealth management to financial institutions such as Asset and Investment managers, Brokerage houses, Insurance, Hedge funds, Trusts and Family Offices. In Telecom Solutions, Taksheel offers Enterprise IP telephony Solutions, Carrier Switching & Billing Solutions, Contact Center Solutions, IVRS, SMSC, Voice & Video Conference solutions, Chat platforms, Content Delivery Platforms, Closed Private GSM network (CPMN) and In Information Technology services, Taksheel offers Enterprise Network Implementation(LAN,WAN,MAN), OS migration to open source, Software Development, Application customization, Managed IT services (Desktop, Server, Network, NOC support) Server Implementation & Support(Windows, Unix, Sun, Linux),Data Storage Network(SAN,NAS),Network & Data Security Solutions, Network Monitoring System, NOC support Systems, Data center and Disaster recovery center implementation, CRM solution and more.

Issue Detail:

»»  Issue Open: Sep 29, 2011 – Oct 04, 2011
»»  Issue Type: 100% Book Built Issue IPO
»»  Issue Size: 5,500,000 Equity Shares of Rs. 10
»»  Issue Size: Rs. 71.50 – 82.50 Crore
»»  Face Value: Rs. 10 Per Equity Share
»»  Issue Price: Rs. 130 – Rs. 150 Per Equity Share
»»  Market Lot: 45 Shares
»»  Minimum Order Quantity: 45 Shares
»»  Listing At: BSE, NSE

 

Indo Thai Securities Limited IPO opens on 30th September

Incorporated in 1995, Indo Thai Securities is an India based Stock Broking Company providing trading services in Indian Equity Market (BSE and NSE), Future & Options and Currency Derivatives Segments. The parent group of Indi Thai Securities is Indo Thai group which has 13 financial companies under its umbrella. Company also provides depository services through Central Depository Services (India) Limited. Other services offered by Indo Thai Securities includes Mutual Fund Service System (MFSS) & Interest Rate Futures (IRF) from NSE.

Company targets net worth individuals and retail investors across India for its services. Company operates its business from Indore, MP and business from more than 60 locations across 6 States of India including 14 branches in all over India.

Issue Detail:

»»  Issue Open: Sep 30, 2011 – Oct 05, 2011
»»  Issue Type: 100% Book Built Issue IPO
»»  Issue Size: 4,000,000 Equity Shares of Rs. 10
»»  Issue Size: Rs. 28.00 – 33.60 Crore
»»  Face Value: Rs. 10 Per Equity Share
»»  Issue Price: Rs. 70 – Rs. 84 Per Equity Share
»»  Market Lot:
»»  Minimum Order Quantity:
»»  Listing At: BSE, NSE

 

21-9-2011

22-9-2011

23-9-2011

QIB

0.00

0.00

0.00

HNI

0.00

0.00

0.75

Retail

0.09

0.23

3.96

Average

0.03

0.08

1.50

Prakash Constrowell IPO finally Subscribed 2.21 (Average)

 

Grey Market Premium

Company Name

Offer Price

(Rs.)

Premium

(Rs.)

Kostak

(Rs. 2 Lac

Application)

Prakash Constrowell

138

3.50 to 4

RDB Rasayan

72 to 79

2 to 2.25

Swajas Air.

90 to 100

2200 to 2300

Tijaria Polypiles

60

1.75 to 2

2300 to 2400

M & B Switch

180 to 186

6.50 to 7

2300 to 2400

One Life Capital

100 to 110

2200 to 2300

Takshell Solutions

130 to 150

1.50 to 1.75

Flexituff

145 to 155

Indo Thai Securities

70 to 84

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Rajesh Singla

Rajesh is the founder & CEO of Stockssavvy, Stocks analyst,financial advisor by choice,software engineer by fate,biker,gamer,cricket lover n enthusiastic person. He believes in doing things not just to get by but to get Ahead...

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