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Forthcoming Issues in December

Wednesday, November 28, 2007

Here is a list of forthcoming Public Issues in the Indian Capital Market.

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Published by DalalStreet Business @ 12:28 PM IST.

Mundra Port Basis of Allotment

Wednesday, November 21, 2007

You are reading this first hereWe have obtained the Basis of Allotment for Retail Individual Investors in the IPO of Mundra Port and SEZ Ltd. The tentative date of listing of the stock is Nov27th. Grey Market premium is now Rs 300-400.
Mundra Port IPO Allotment

You can check the status of your application here.

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Published by DalalStreet Business @ 11:11 AM IST.

Edelweiss Capital Subscribed 111 Times

Tuesday, November 20, 2007

The IPO Edelweiss Capital Ltd is subscribed 111 times. The Retail Portion of the IPO is subscribed approximately 17.2 times. All Retail applications will now be selected by Lottery. Here is the final Breakup of subscription.Heavy Demand from FIIs.
1 Qualified Institutional Buyers (QIBs) 4908965 751790752 153.1465

2 Non Institutional Investors 818160 134427576 164.3048

3 Retail Individual Investors (RIIs) 2454482 42259080 17.2171

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Published by DalalStreet Business @ 6:05 PM IST.

Empee + Allied + Rathi Allotment Status

The allotment status and Grey Market Premium of the following IPOs are now available online.
Religare is expected to list at a premium of Rs 300 tomorrow [21st]. Also have you noticed that Indiainfoline, Motilal Oswal and Geojit Financial Services have shot up considerably in the past one week ?

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Published by DalalStreet Business @ 1:20 PM IST.

Mundra IPO Oversubscribed by 115 times

Wednesday, November 07, 2007

The IPO of Mundra Port and SEZ was oversubscribed 115 times at 21:00 HRS, IST. The Retail Individual Portion of the IPO is subscribed by 15.58 16.19 times. As I had already told, if the issue is subscribed more than 15 times then it may go for lottery, so looks like it will go for Lottery or depends on the allotment committee. Here are the final subscription figures.

Sr.No. Category No.of shares offered/reserved No. of shares bid for No. of times of total meant for the category
1 Qualified Institutional Buyers (QIBs) 24060000 3839905170 159.5971

2 Non Institutional Investors 4010000 627371400 156.4517

3 Retail Individual Investors (RIIs) 12030000 194814525 16.1941

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Published by DalalStreet Business @ 9:36 PM IST.

Mundra Port SEZ Public Issue

Tuesday, November 06, 2007

Mundra Port and SEZ [MPSEZL] is the first of its kind of IPO in India. Mundra Port has been operational since 2001 and now it has got approvals for SEZ as well.

MPSEZL, primarily deals in providing bulk cargo services, container cargo, crude oil cargo and value-added port services, including railway services between Mundra port and Adipur.

Objects of the issue:
Construction and development of infrastructure facilities in the proposed SEZ at Mundra. 7,000mn. Construction and development of a terminal for coal and other cargo at Mundra Port. 4,500 mn. Investment in Adani Petronet (Dahej) Port Pvt. Ltd. 4,500 mn. Investment in Adani Logistics Ltd. 4,500 mn. Investment in Inland Conware Pvt. Ltd. 4,500mn. More details on the project can be read here.

Analysis and Recommendation:
The current IPO is of Rs 1,700 crore in size. Retail portion is 30% of it ~ Rs 510 crore. We cannot compare the P/E or other usual ways for this stock. So we had a look at international peers. MPSEZ has an EBITDA margin of 53% while Tianjin port in China has 43%. Net Profit Margin for MPSEZ is also higher at 33% compared to 27.6% for Tianjin. Price to Sales are also comparable while Price to Book Value is certainly expensive for MPSEZ at 18.7.

We recommend a SUBSCIBE with Long Term holding [3 years]. Grey market premium is around Rs 150 and may go down with the market. Be prepared to hold for long term, for good gains. If the retail portion of the issue is over-subscribed by more than 15 times, then allotment will go in lottery. Check back for more updates.

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Published by DalalStreet Business @ 1:21 PM IST.