Government - Power sector IPOs
Thursday, July 31, 2008
The Power ministry is looking to get three of Government controlled power companies listed over next few months. The first to hit the market will be National Hydro Power Corporation (NHPC). Other companies on ministry's radar include Damodar Valley Corporation (DVC) and North Eastern Electric Power Corporation (NEEPCO).
We have reliably learnt that Delhi government may pick up 20% stake in DVC's upcoming subsidiary.The ministry may give its go ahead to DVC’s IPO once the company floats its subsidiary. DVC has already appointed a consultancy firm towards finding the right path to equity market. The Delhi government may pick up 20% stake in DVC's upcoming subsidiary as the company will become a major source of power to the state.
NTPC's follow on public offer is also in the offing.
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Published by DalalStreet Business @ 12:56 PM IST.
KSK Energy Trading Below Issue Price
Monday, July 14, 2008
KSK Energy Ventures gets a listing of discount on the bourses. KSK Energy Ventures got listed at Rs 220 on the BSE down by Rs 20 compared to its issue price of Rs 240.
The scrip is currently trading at Rs 195.35 and has touched a high of Rs 234.80 on the BSE.
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Published by DalalStreet Business @ 10:27 AM IST.
Archidply Industries Review
Friday, June 13, 2008
Archidply Industries Limited (Archidply) is a modern manufacturer of wood panel and decorative surfacing products with its plants at Rudrapur, Uttarakhand, Mysore, and Karnataka. Archidply is the flagship company of the Archidply group, and has been
associated with plywood manufacturing for more than 30 years under the brand Archidply.
The IPO proceeds will be used to setup a new manufacturing facility at Chintamani, Karnataka, where Plain Particle Board (PPB), Pre Laminated Particle Board (PLB) and Decorative Plywood will be manufactured.
IPO:
Face Value Rs. 10
Price Band Rs. 70 - Rs 80
Issue Opens 11-Jun-08
Issue Closes 17-Jun-08
Shares offered to Retail 2,315,502 = Rs 18.5 crore [Upper Band]
Archidply Vs Peers:
Archidply had witnessed a CAGR of 79.2% and 319.6% over FY06-08 in net sales and net profit, respectively, which is higher than its peers such as Century ply (103% and 91%)and Greenply (20% and 27%).
Valuation:
At a price band of Rs. 70-80, Archidply is valued at a P/E of 7.2x and 8.2x at the lower and upper price band, respectively. The offer is being made at a marginal discount to other listed players.
Read the full article
Published by DalalStreet Business @ 10:41 AM IST.
Real Estate Stocks Fall Below Issue Price
Monday, June 09, 2008
The Indian Real Estate stocks continued to witness heavy selling from almost all the corners [Retailers & FIIs]. Unlike Jan-22nd crash [unwinding of leveraged positions], this fall is due to massive unloading by INVESTORS in cash market holding stocks. Almost all the stocks have hit 52 week low.
India Realty Stocks which have fallen by 70%:
Ansal Infrastructure - 77%
Ansal Housing - 71%
Omaxe Ltd - 70% IPO Price Rs310
Parsvnath Developers - 70% IPO Price Rs300
India Realty Stocks which have fallen by 60%:
Unitech Ltd - 66%
Kolte Patil Builders - 65% IPO Price Rs145
Orbit Corp - 61%
DLF - 60% IPO Price Rs525
Sobha Developers - 60% IPO Price Rs640
Purvankara Projects - 60% IPO Price Rs400
India Realty Stocks which have fallen by 50%:
HDIL - 59% IPO Price Rs500
Peninsula Land - 59%
IVR prime - 56% IPO Price Rs550
IndiaBulls Real Estate - 53%
Data based on June-09-2008, closing prices
Many analysts have started downgrading the NAV of Land Holdings of these companies and hence the selling by Investors.
Related Coverage:
Indian Real Estate a House of Cards
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Published by DalalStreet Business @ 4:51 PM IST.
Anu's Lab + Gokul Refoils Listed on Bourses
Wednesday, June 04, 2008
The recently concluded IPOs of Anu's Labs and Gokul Refoils and Solvent were listed on the bourses today.On a day of Bloodbath on the exchanges, Anu's Lab managed to hold below the issue Price of Rs 210. The stock listed at Rs 260 made a high of Rs 288 and finally closed at Rs 268, giving 27% returns to investors in this IPO.
Gokul Refoils and Solvent was a disappointment. The stock was issued at Rs 195 and managed to hold consistently at Rs 203 levels but finally closed the day at Rs 181 7.15% below its issue price .
The above stocks are not under over coverage universe.
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Published by DalalStreet Business @ 3:59 PM IST.
Tentative List of IPOs in June
Tuesday, June 03, 2008
Here is the Tentative List of companies going for IPO in June-2008. IPO reviews will be posted here if it is worth to invest in.
Name of the company, Issue Size[Rs crore] and Expected Date of Issue.
Sejal Architectural Glass Limited 9-Jun-08
Avon Weighing Systems Ltd 105.73 9-Jun-08
First Winner Industries Limited 10.00 9-Jun-08
Archidply Industries Limited 65.00 11-Jun-08
Lotus Eye Care Hospital Ltd 2nd week of June
KSK Energy Venture Ltd 1000.00 2nd week of June
Rites Ltd 2nd week of June
Multi Commodity Exchange of India Ltd 700.00 3rd week of June
Nu Tek India Private Ltd 100.00 3rd week of June
UTI Asset Management Company Limited 3rd week of June
Virgo Engineers Private Limited 3rd week of June
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Published by DalalStreet Business @ 6:50 PM IST.
Aishwarya Telecom - Startling Debut
Wednesday, May 07, 2008
Aishwarya Telecom stock debuted at Rs 50.10 on BSE, a premium of 43.14% over its issue price of Rs 35. The stock hit a high of Rs 76.90 and a low of Rs 50.10 so far during the day.Aishwarya Telecom had fixed the issue price at Rs 35 per equity share for its with initial public offering of 40 lakh shares. The initial public offer of Aishwarya Telecom was subscribed around 20 times.
Aishwarya Telecom mainly supplies its products to major telecom operators. The company also manufactures products for telephone service providers, defence sector, railways, telecom equipment companies and cable TV operators. It also exports cable fault locators to France, Taiwan, Czech Republic and Dubai.
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Published by DalalStreet Business @ 11:32 AM IST.
Forthcoming Public Issues
Tuesday, April 29, 2008
Here is the list of IPOs that are waiting to raise money from the primary Markets in India [PDF]. Almost all the promoters are waiting for the market to look up so that they can command heavy premium :-)
More than 50% of the IPOs that raised money in the past 12 months are quoting below their issue price.
Read the full article
Published by DalalStreet Business @ 12:45 PM IST.
Performance Analysis of IPOs in 2007
Thursday, March 13, 2008
IPOs in India dried up all of a sudden. Adding to the woes of promoters is poor Industrial Production numbers which led to a massive sell-off on the exchanges. Our IPO Analyst decided to track the performance of folks who have raised money in 2007. Out of the approximately 95 companies that raised money from Retail Investors in India by IPO, 60% are quoting below their issue price.Remember, these are the same issues where retailers flocked by looking at FII subscription. However, FIIs have also turned speculators in the primary market and have sold aggressively.
Below is the list which our analyst has provided.
Sl. No, Company Name, Last Traded Price, Issue Price, Premium/Discount
1 Broadcast Initiatives Limited 30.5 120 -75%
2 House of Pearl Fashions Limited 164.5 550 -70%
3 IVR Prime Urban Developers Limited 196.8 550 -64%
4 EMPEE DISTILLERIES LIMITED 153 400 -62%
5 Oriental Trimex Limited 18.85 48 -61%
6 Alpa Laboratories Limited 27.3 68 -60%
7 Decolight Ceramics Limited 22.25 54 -59%
8 Abhishek Mills Limited 42.1 100 -58%
9 Insecticides (India) Limited 49.8 115 -57%
10 MANAKSIA LIMITED 72.45 160 -55%
11 Transwarranty Finance Limited 23.7 52 -54%
12 Raj Television Network Limited 119.3 257 -54%
13 Precision Pipes and Profiles Company Limited 70.5 150 -53%
14 RENAISSANCE JEWELLERY LIMITED 73.25 150 -51%
15 Mudra Lifestyle Limited 44 90 -51%
16 Nelcast Limited 110 219 -50%
17 SMS Pharmaceuticals Limited 192 380 -49%
18 Bang Overseas Limited 106 207 -49%
19 BRIGADE ENTERPRISES LIMITED 204 390 -48%
20 K.P.R. Mill Limited 126 225 -44%
21 Technocraft Industries (India) Limited 58.9 105 -44%
22 Magnum Ventures Limited 17.2 30 -43%
23 Cinemax India Limited 92.25 155 -40%
24 Roman Tarmat Limited 105.3 175 -40%
25 Global Broadcast News Limited 153.1 250 -39%
26 Asian Granito India Limited 60 97 -38%
27 Zylog Systems Limited 219 350 -37%
28 Firstsource Solutions Limited 40.25 64 -37%
29 Kaushalya Infrastructure Limited 38.2 60 -36%
30 Dhanus Technologies Limited 194.2 295 -34%
31 C & C Constructions Limited 191.8 291 -34%
32 KNR Construction Limited 117.5 170 -31%
33 Fortis Healthcare Limited 74.9 108 -31%
34 Purvankara Projects Limited 278 400 -31%
35 CORDS CABLE INDUSTRIES LIMITED 94.45 135 -30%
36 Omaxe Limited 217 310 -30%
37 KOLTE PATIL DEVELOPERS LIMITED 102.85 145 -29%
38 J. Kumar Infraprojects Limited 82.25 110 -25%
39 FUTURE CAPITAL HOLDINGS LIMITED 573 765 -25%
40 MindTree Consulting Limited 332.5 425 -22%
41 Pochiraju Industries Limited 23.5 30 -22%
42 RELIANCE POWER LIMITED 353.2 450 -22%
43 SHRIRAM EPC LIMITED 242.7 300 -19%
44 Central Bank of India 82.6 102 -19%
45 Autoline Industries Limited 191 225 -15%
46 EDELWEISS CAPITAL LIMITED 724.9 825 -12%
47 Transformers And Rectifiers (India) Limited 409 465 -12%
48 Supreme Infrastructure India Limited 95.55 108 -12%
49 Motilal Oswal Financial Services Limited 745 825 -10%
50 BARAK VALLEY CEMENTS LIMITED 38 42 -10%
51 ECLERX SERVICES LIMITED 294 315 -7%
52 BGR ENERGY SYSTEMS LIMITED 451.9 480 -6%
53 ICICI Bank Limited 906.35 940 -4%
54 Euro Ceramics Limited 160 165 -3%
55 Binani Cement Limited 75 75 0%
56 IRB Infrastructure Developers Limited 186.05 185 1%
57 JYOTHY LABORATORIES LIMITED 695 690 1%
58 Tulsi Extrusions Limited 86.15 85 1%
59 Indus Fila Limited 174 170 2%
60 Bharat Earth Movers Limited 1115 1075 4%
61 TAKE Solutions Limited 767 730 5%
62 GSS AMERICA INFOTECH LIMITED 424 400 6%
63 Indowind Energy Limited 69.1 65 6%
64 Meghmani Organics Limited 20.9 19 10%
65 ARIES AGRO LIMITED 145.1 130 12%
66 ONMOBILE GLOBAL LIMITED 546 440 24%
67 DLF Limited 652 525 24%
68 Housing Development and Infrastructure Limited 656 500 31%
69 Page Industries Limited 478 360 33%
70 Evinix Accessories Limited 161 120 34%
71 Idea Cellular Limited 102 75 36%
72 Omnitech Infosolutions Limited 143 105 36%
73 Mundra Port and Special Economic Zone Limited 604 440 37%
74 Advanta India Limited 943.4 640 47%
75 Consolidated Construction Consortium Limited 755.1 510 48%
76 Maytas Infra Limited 590 370 59%
77 Bhagwati Banquets & Hotels Limited 65.15 40 63%
78 Indian Bank 149 91 64%
79 Kaveri Seed Company Limited 291 170 71%
80 Akruti Nirman Limited 930 540 72%
81 Simplex Projects Limited 323 185 75%
82 Power Finance Corporation Limited 152.9 85 80%
83 Power Grid Corporation of India Ltd. 99.8 52 92%
84 ICRA Limited 656.95 330 99%
85 Religare Enterprises Limited 415.05 185 124%
86 Nitin Fire Protection Industries Limited 433 190 128%
87 Koutons Retail India Limited 960 415 131%
88 Time Technoplast Limited 785 315 149%
89 Redington (India) Limited 323 113 186%
90 Vishal Retail Limited 795 270 194%
91 SEL Manufacturing Company Limited 326 90 262%
92 Allied Digital Services Limited 689.9 190 263%
93 Everonn Systems India Limited 667.8 140 377%
94 MIC Electronics Limited 727 150 385%
95 Orbit Corporation Limited 539 110 390%
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Published by DalalStreet Business @ 6:10 PM IST.
Gammon Infrastructure Projects - Avoid
Tuesday, March 11, 2008
Gammon India Ltd, the flagship company of the Gammon Group, is among the leading construction companies in India and also the company which built the Hyderabad Flyover that collapsed :-) [Gamoon Infra]GIPL has 14 projects under its asset portfolio. The projects are fairly diverse spreading across roads, bridges, ports, hydro power projects and biomass power projects. The company is fairly small and hence seeing good growth rates. However, in construction we need scale and size matters.Financials:
The company is cash flow positive and annualizing 6 months FY08 earnings the company is expected to report a Net profit of Rs 24 crore [Rs 32 crore FY07]. At the price band of Rs 167-200, the offer values the company at 33-40 times the expected per share earnings for FY 2010. When market leaders such as Punj Lloyd, Hindustan Constructions, Nagarjuna are available at a discount, we don't find any compelling reason to subscribe to the issue.
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Published by DalalStreet Business @ 12:05 PM IST.