Category: IPO

View – Long Term Investors Can Apply

Issue Highlights

Ashapuri Gold Ornament Limited is all set to come up with a second round of public offer, with a goal to raise funds of INR 30 crores. It is already listed on BSE SME Platform.

Issue Details

Company Strengths

• Good reputation and trust in the market
• Most designs are very antique and unique
• Showroom located at a prime location – C.G Road, Ahmedabad
• Understanding of Customer Preferences
• Supplier to Reputed Retail Show Rooms (Companies)
• Experienced promotors with two decades of experience in jewelry industry.

Weakness

• Limited geographical area of Operations
• Family owned unit resulting in Lack of Professionalism.
• Uncertainty in market fluctuations

Opportunities

• Started in house manufacturing unit
• Tie-up with large chain jewelry retail stores for supply of jewelry
• Recruitment of sales team to cover the wide region.

Threats

• May face competition from organized and unorganized sector.
• Dealing in lifestyle products, economic slowdown will reduce the demand and hamper the growth of the Company.
• Fluctuation in raw material, since the prices are going up and there‘s volatility in prices of gold.

Valuation

The company reported its EPS at INR 1.15 for the period ending on September 2020. The company is getting listed at a PE of 35.2x on the basis of annualized FY 21 EPS.

Utilization of Funds

Background highlights of the Company in brief

• Ashapuri Gold Ornament Ltd was originally incorporated as Ashapuri Gold Ornament Private Limited, as a private limited company under the provisions of Companies Act, 1956.
• Subsequently, it was converted in to a public limited Company pursuant to a special resolution passed by the company’s shareholders at the EGM held on January 09, 2019 and consequently the name was changed to Ashapuri Gold Ornament Limited.
• On March 27, 2019, shares of the company got listed and traded pursuant to Initial Public Offering on SME Platform of BSE Limited.
• The company is reckoned as one of the prominent manufacturer and wholesaler of gold jewelry.
• It has been 20 years of this remarkable journey serving jewelers from metro cities to even many parts of urban locations and unrivalled quality of jewelry.
• The company’s manufacturing expertise, large inventory of designs & high quality of service has made it possible to be in league of top jewelry suppliers.
• The company’s exquisite collection is spread across the Indian markets.
• The Company is engaged in the business of wholesale trading of Jewelry. The Jewelries are manufactured on Job-work basis at Ahmedabad and Rajkot.
• It has a showroom of 2945 sq. feet on prime location of C.G. Road, Ahmedabad, the newly developed main market for buying Gold and Diamond Jewelry.
• The Company has also purchased premises at Navrangpura, Ahmedabad, measuring 2194.02 sq. ft for starting manufacturing unit in the month of March 2019.
• The company’s product portfolio includes Wedding Jewelry, Festive Jewelry, Rings, Chain, Earrings, Ear Chain, Nose-rings/Nose pins, Waist belts, Mangalsutra, Anklet, Zuda, Toe Ring, Pendant Set/ Pendant, Bracelet and Bangles.
• It has appointed sales team for different region/city like Delhi, Rajasthan, Punjab, Uttar Pradesh, Kolkata, Chennai, Bangalore, etc for further expansion of business.
• As on November 30, 2020, the Company had employed 108 employees (including skilled, semi-skilled and unskilled employees).

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View – Short and Long Term Investors Can Apply

Issue Highlights

MTAR Technologies Ltd is defence and space technologies firm, planning to raise INR 596 crs. It has already raised INR 100 crs through a pre-IPO private placement of 18.51 lakh shares at a price of INR 540 with three entities of SBI and three entities of Axis.

Issue Details

Company Strengths

• Complex product manufacturing capability
• Wide product portfolio
• Modern technology at manufacturing facilities
• Strong and diversified supplier base
• Financial performance growth track record
• Qualified and experienced management team.

Valuation

At upper price band, MTAR is valued at PE of 41.11x on the basis of annualized FY21 E EPS of 13.9, against sector PE of 61.5x.

Issue Break-Up

Utilization of Funds

Background highlights of the company in brief

• Incorporated in November 1999, MTAR Technologies is a leading precision engineering solutions company engaged in the manufacturing of mission critical precision components to serve projects of high national importance.
• The company primarily serve customers in the clean energy, nuclear, and space & defense sectors.
• MTAR has grown into a major group with state-of-the art facilities, with machining, assembling, specialized fabrication, painting and special processes facilities available under one roof, which are probably considered as one of the best facilities available in India, as well as in Asia.
• The key product portfolio of the company includes critical assemblies such as Liquid propulsion engines to GSLV Mark III, Base Shroud Assembly & Airframes for Agni programs, Actuators for LCA, power units for fuel cells, Fuel machining head, Bridge & Column, Thimble Package, Drive Mechanisms etc. to the core of the nuclear reactor.
• Some of the company’s esteemed clients are ISRO, NPCIL, DRDO, Bloom Energy, Rafael, Elbit, among others.
• The company with seven modern manufacturing facilities including an export-oriented unit with over 400 machines capable of micro-level adherence, is currently setting up facilities for roller screws, which are used as actuating mechanisms of aircrafts and missiles.
• MTAR Technologies will be the first manufacturer of precision engineering roller screws in India for nuclear, defence and space segments.
• MTAR, with operations in sectors with high entry barriers, currently has an order book of INR 356.5 crore and is looking to strengthen existing product portfolio and diversify into products with attractive growth and profitability prospects, enhance capabilities and grow value chains to supply critical and differentiated engineered products.
• The company is also looking to expand global operations and enhance its global presence in the sectors it is currently catering to.
• MTAR is also looking to enter into defence offset partnerships with certain global OEMs and has accordingly incorporated a subsidiary, Magnatar Aero Systems.
• The company is looking to capitalize on the upward trend of the nuclear sector in India, increasing indigenization and policy initiatives in the defence sector, and commercialization of the Indian space sector.

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View – Long Term Investors Can Apply

Issue Highlights

Heranba Industries Limited is a crop protection chemical manufacturer and has planned to raise INR 625 crores through this public offer.

The issue does not include any reservation of equity shares for subscription by eligible employees.

Issue Details

Company Strengths

• Wide range of products across the entire value chain of Synthetic Pyrethroids
• Domestic and Global presence
• Diversified and stable customer base
• Strong product portfolio and wide distribution network
• Experienced promoters with strong management team

Valuation

The company reported its EPS at 25.03 for the year ending March 2020, bringing the IPO valuation to a P/E of 25.05 at upper price band, against sector PE of 11.91.

Issue Break-Up

Utilization of Funds

Background highlights of the company in brief

Commenced in 1996, Heranba Industries Limited (Heranba) is a crop protection chemical manufacturer, exporter and marketing company based out of Vapi, Gujarat. It manufacture Intermediates, Technicals and Formulations.

It is one of the leading domestic producers of synthetic pyrethroids like cypermethrin, alphacypermethrin, deltamethrin, permethrin, lambda cyhalothrin etc. Its Pesticides range includes insecticides, herbicides, fungicides and public health products for pest control.

The company’s business verticals include:

• Domestic Institutional sales of Technicals: Manufacturing and selling of Technicals in bulk to domestic companies;
• Technicals Exports: Exports of Technicals in bulk to customers outside India;
• Branded Formulations: Manufacturing and selling of Formulations under the company’s own brands through its own distribution network in India;
• Formulations Exports: Export of Formulations in bulk and customer specified packaging outside India; and
• Public Health: Manufacturing and selling of general insect control chemicals by participating in public health tenders issued by governmental authorities and selling to pest management companies.

The company’s R&D facilities at Unit I and II are recognized by the Department of Scientific and Industrial Research, Ministry of Science & Technology, Government of India (DSIR). Its new R&D facility at Unit III, Sarigam has become operational from October, 2020.

Heranba exported its products to more than 60 countries in Latin America, CIS, Middle East, Africa, Asia and South East Asia in Fiscal 2020. As of November 15, 2020, its International Distribution Partners have successfully obtained 371 registrations of its Technicals and Formulations in 41 countries across Middle East, CIS, Asia, South East Asia and Africa.

The company’s International Distribution Partners have presently filed 172 registration applications for its Technicals and Formulations products which are pending before the regulatory authorities in 41 countries. Its International Distribution Partner in Europe has already received registration for Deltamethrin Technical.

The company has more than 9,400 dealers having access to its 21 depots across 16 states and 1 union territory in India supporting the distribution of our products.

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View – SHORT & LONG TERM INVESTORS CAN APPLY

ISSUE HIGHLIGHTS

Founded in 2000, RailTel is one of the largest neutral telecom infrastructure providers in the country. It is the 7^th issue to hit the equity markets in the year. The company can raise INR 819 crores at upper price band.

The issue includes a reservation of up to INR 5,00,000 worth of equity shares (1,250 equity shares) for subscription by eligible employees

Issue Details

Strengths

• Among the largest neutral telecom infrastructure providers in India with pan-India optic fiber network
• Diversified portfolio of services & solutions
• Key partner to the Indian Railways in digital transformation
• Experience in executing projects of national importance with a robust pipeline of projects
• Strong track record of financial performance

Valuation

The company reported its EPS at INR 4.4 per share for the year ending March 2020, bringing the IPO valuation to a P/E of 21.4 at upper price band, against sector PE of 30.4.

We recommend to apply for the issue on the basis of its strong financials and high prospects of the industry growth.

Issue Break-Up

Objects of Offer

The company will not receive any proceeds from the issue and will entirely to the Selling Shareholders.

Background highlights of the company in brief

• RailTel Corporation, a “Mini Ratna (Category-I)” PSU is one of the largest neutral telecom infra providers in the country owning a Pan-India optic fiber network on exclusive Right of Way along Railway track.
• RailTel was incorporated on September 26, 2000 with the aim of modernizing the existing telecom system for train control, operation and safety and to generate additional revenues by creating nationwide broadband and multimedia network, laying optical fiber cable using the right of way along railway tracks.
• The company’s portfolio of services can be broadly classified in to Telecom Network Services (NLD Services, ISP Services), Telecom Infrastructure Services (IP-1 Services), Managed Data Center and Hosting Services (Data Centre and Managed Hosting Services, TPaaS), Projects (System Integration Services).
• The company’s expertise includes: HD Video Conferencing Services, Data Center Services, RailWire, Leased Line, Virtual Private Network, Internet Leased Line, Managed Data Services, Consultancy Services, Rack and Space Collocation, Tower Collocation, NLD for Voice Carriage, Signaling Services.
• RailTel has a strategic relationship with the Indian Railways and it undertakes a wide variety of projects including provision of mission critical connectivity services such as video surveillance system at stations and within trains, ‘e-Office’ services and implementing short haul connectivity between stations and long haul connectivity to support various organizations within the Indian Railways.
• It also undertakes various passenger services including content on demand services and Wi-Fi across major railway stations in India.
• Presently, optic fiber network of RailTel covers over 58,742 route kilometers and covers 5,848 railway stations across towns and cities in India.
• In the past, it has undertaken various mission-mode projects for the Government of India including rolling out the National Knowledge Network, Bharat Net (formerly, the National Optical Fiber Network) and USOF funded optical fiber based connectivity project in North East India.
• As for the telecom industry, there is likely to be a minimal impact of COVID-19 on telecom companies. The industry might have taken a small hit during the hit, which was a short-term effect due to limited availability of smartphones in the market.

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View – SHORT & LONG TERM INVESTORS CAN APPLY

Issue Highlights

Nureca Limited is engaged in home healthcare and wellness products, and is all set to hit the primary market, with a goal of raising INR 100 crores, which is 100% fresh issue.

The issue includes a reservation of up to INR 5,00,000 worth of equity shares (1,250 equity shares) for subscription by eligible employees

Issue Details

Strengths

• Diversified product portfolio across home healthcare industry
• Well-recognized brand with a targeted marketing strategy
• Wide sales and distribution network
• Experienced promoters with strong management team
• Proven track record of robust financial performance

Valuation

The company reported its EPS at 9.45 for the year ending March 2020, bringing the IPO valuation to a P/E of 42.3 at upper price band, against sector PE of 50.56.

We recommend to apply for the issue on the basis of its strong financials and high prospects of the industry growth.

ISSUE BREAK-UP

Utilization of Funds

Background highlights of the company in brief

Nureca Ltd. is a B2C company engaged in the business of home healthcare and wellness products

The company’s product portfolio includes:

• Chronic Device Products (blood pressure monitors, pulse oximeters, thermometers, nebulizers, self-monitoring glucose devices, humidifier and steamers)
• Orthopedic Products (wheelchairs, walkers, lumbar and tailbone supports, and physiotherapy electric massagers)
• Mother and Child Products (breast pumps, bottle sterilizers, bottle warmers, car seats and baby carry cots)
• Nutrition Supplements (fish oil, multivitamins, probiotics, biotin, apple cider and vinegar)
• Lifestyle Products (smart scales, aroma diffusers and fitness tracker)

The company markets and sells its products across India through its own website i.e. drtrust.in and third party e-commerce platforms, distributors and retailers. It also undertakes direct promotional initiatives like advertising our products through digital marketing.

During the lockdown, the company’s business and operations have continued to run effectively due to the general awareness about the healthcare products in which the company operates pursuant to COVID-19.

Though the business has been affected during the initial days of lockdown, the company has not faced any material impact on its business.

During the period after June 30, 2020, two companies namely, Nureca Technologies Private Limited and Nureca Healthcare Private Limited were incorporated as wholly owned subsidiaries of Nureca.

The company’s revenue from operations on a consolidated basis was INR 99.43 Crs, INR 61.89 Crs and INR 20.05 Crs for Fiscal 2020, 2019 and 2018, respectively. For the six months period ended September 30, 2020 it was INR 122.14 Crs.

The company’s revenue and profit margins are directly impacted by its sales volume of its products and by demand of the same. Majority of the revenue from operations is from sales of the company’s healthcare products.

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View – Neutral

ISSUE HIGHLIGHTS

Brookfield India Real Estate Trust is all set to hit the markets with its IPO. This will be the third REIT IPO after the successful listing of Blackstone Group Inc backed Mindspace Business Parks REIT last year and Embassy Office Parks REIT in 2019.

Brookfield India is backed by Canadian asset manager – Brookfield Asset Management Inc and is looking to raise INR 3,800 crores through this IPO.

BPG Holdings Group Inc, a Brookfield entity, holds a 99% stake in the REIT.

Brookfield India Real Estate Trust is managed by Brookprop Management Services Private Limited.

Issue Details

Proportion For:

Institutional Investors – 75%

Non Institutional Investors – 25%

Strengths

• Global sponsorship with local expertise
• Dominant & strategically located properties
• Placemaking capabilities
• Diversified blue chip tenant roster and cash flow stability
• Significant identified internal and external growth opportunities
• Experienced senior management team.
• Institutional corporate governance framework & strong alignment of interests

Valuation

Brookfield India reported its EPS at 15.1 for the year ended March 2020, bringing the IPO valuation to a P/E of 18.2 at upper price band, against sector PE of 26.5.

However, it bears the risk of high Debt to EBITDA ratio, which can be considered a negative point.

So, we stay neutral on our views for the IPO.

Utilization of Funds

Background highlights of the company in brief

• The Brookfield India Real Estate Trust is India’s only institutionally managed public commercial real estate vehicle. It is sponsored by an affiliate of Brookfield Asset Management (Brookprop Management Services Private Limited), one of the world’s largest alternative asset managers with approximately USD 575 billion in AUM, as of September 30, 2020, across real estate, infrastructure, renewable power, and private equity and credit strategies.

• Brookfield Asset Management has a global presence of over 150,000 operating employees across more than 30 countries, as of September 30, 2020.

• As of September 30, 2020, Brookfield Asset Management has over USD 200 billion of real estate AUM, and over 500 Msf across multiple real estate asset classes, with strong real estate capabilities in leasing, financing, development, design, construction and property management.

• In India, the company has a decade-long presence and manages a portfolio of approximately USD 17 billion across real estate (USD 4.6 billion), infrastructure (USD 9.7 billion), renewable power (USD  0.6 billion) and private equity (USD 2.1 billion) as of September 30, 2020.

• The Brookfield India Real Estate Trust comprises of grade-A commercial assets located in four major cities – Mumbai, Gurgaon, Noida and Kolkata.

• Multi-national corporations like Barclays, Bank of America Continuum, RBS, TCS, Cognizant, and Accenture are some of the clients of Brookfield India Real Estate Trust.

• The company’s initial portfolio of four large campus-format office parks, which are “business-critical” totals to 14.0 M sf, comprising 10.3 M sf of Completed Area, 0.1 M sf of under construction area and 3.7 M sf of Future Development Potential and comprises of Kensington, Candor Techspace, Sector 21, Gurugram, Candor Techspace, Sector 62, Noida and Candor Techspace, Rajarhat, Kolkata.

• The competitive strengths of the company has translated into the office parks outperforming in their micro-markets through a marquee tenant roster, high and consistent occupancy levels, strong renewal and expansion history with existing tenants and outsized rental growth.

• The company’s strategy is to address the real estate demand by owning and operating large “fully-integrated”, “campus style” office parks in established locations, and providing a complete ecosystem to its tenants and their employees.

Briefing about directors & key managerial personnel

(Board of Directors – Brookprop Management Services Private Limited)

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Company Highlights

Founded in 1999, Stovekraft manufactures cooking appliances under Pigeon and Gilma brands. Under the “Pigeon” brand, it has 651 distributors in 27 states & 5 union territories & 12 distributors for exports. It has distribution network in countries including USA, Mexico, Kenya, Qatar, Sri Lanka, Fiji, Bahrain, Kuwait.

It has manufacturing facilities at Bangalore (Karnataka) and Baddi (Himachal Pradesh).

Strengths

• Diversified product portfolio
• Well connected distribution network
• Strong manufacturing capability

Strategies

• Increase geographical reach
• Scale up branding, promotional & digital activities
• Expand portfolio in existing product segments
• Invest in new plants and increase automation in existing manufacturing facilities

Issue Highlights

Valuation

The company is getting listed at a trailing 12M P/E of 34.5, which is below the industry P/E of 58.8.

Utilization of Funds

• Repayment/pre-payment, in full or part, of certain borrowings (INR 76 Crores)
• General Corporate Purpose

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• 

Issue Highlights

After its inception in 2000, Indigo Paints – the fifth largest company in the paint industry is all set to smash the dalal street. Being the fastest growing company in the sector, the company has a huge potential to give remarkable equity gains.
The issue includes a reservation of up to 70,000 equity shares for subscription by eligible employees.

Strengths

• Consistent & fastest revenue growth
• Differentiated products leading to greater brand recognition
• Extensive distribution network
• Expertly located manufacturing facilities
• Strong brand equity
• Well-qualified and experienced management team

Valuation

The company reported its EPS at 10.49,bringing the IPO valuation to a P/E of 142 at upper price band, against sector PE of 89.02. Though it is costlier, we are positive towards the issue based on its strengths.

Utilization of Funds

Background highlights of the company in brief

• Indigo Paints had commenced its journey in the year 2000, manufacturing lower-end Cement paints.
• The company gradually expanded its range to cover most segments of water-based paints like Exterior Emulsions, Interior Emulsions, Distempers, Primers, etc.
• As an additional services to its clients, the company also offers ready-made colour combinations for living room, bed room, kitchen, children’s room, bathroom, offices, among others. It also gives an option to try different colour combinations on its website to give visual of the after-effect.
• Indigo Paints has made its place in the top five players in the paint industry in the country.
• It is the fastest growing paint companies in India, and is the fifth largest in company in the Indian decorative paint industry in terms of our revenue from operations for Fiscal 2020.
• Indigo Paints is the first company that started manufacturing some of the differentiated products like Metallic Emulsions, Bright Ceiling Coat Emulsions, Tile Coat Emulsions, Dirt proof & Waterproof Exterior Laminate, Floor Coat Emulsions, Exterior and Interior Acrylic Laminate, and PU Super Gloss Enamel.
• The company has created an extensive distribution network across 27 states and seven union territories as of 30 Sep 2020, and has installed tinting machines across its network of dealers.
• As of 30 Sep 2020, the company owns and operates three manufacturing facilities located in Jodhpur (Rajasthan), Kochi (Kerala) and Pudukkottai (Tamil Nadu) with an aggregate estimated installed production capacity of 101,903 KLPA for liquid paints and 93,118 MTPA for putties and powder paints.
• The company also intends to expand its manufacturing capacities at its facility at Pudukkottai, by adding capacities to manufacture water-based paints to cater to the growing demand for these paints.
• The proposed installed production capacity of the expansion unit is 50,000 KLPA and it is expected to be operational during Fiscal 2023.

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Issue Highlights

Indian Railway Finance Corporation (IRFC), the financing arm of Indian Railways is all set to hit the primary markets to raise INR 4,633.3 crores through IPO. This issue will constitute of up to 13.64% of the post issue paid-up equity share capital of the company.

The issue includes a reservation of equity shares worth INR 50 lakh for subscription by eligible employees.

Strengths

• Monopoly in the market
• Experienced management team
• Stable growth in revenue stream
• Great credit ratings: CRISIL – AAA/A1+, ICRA – AAA/A1+, and CARE – AAA/A1+. (Long term / short term)
• Key role in Indian Railways growth

Valuation

The company is getting listed at 12 months trailing P/E of 14.2 at upper price band. As IRFC has monopoly in the market, it can’t be compared to other NBFCs.

Utilization of Funds

Background highlights of the company in brief

• Indian Railway Finance Corporation (IRFC) is a financing arm of Indian Railways. It was incorporated on 12th December, 1986 as a wholly owned Government entity.

• IRFC is a Schedule ‘A’ Public Sector Enterprise under the administrative control of the Ministry of Railways, Government of India. It is also registered as Systemically Important Non–Deposit taking Non-Banking Financial Company (NBFC – ND-SI) and Infrastructure Finance Company (NBFC- IFC) with Reserve Bank of India (RBI).

• Its principal function is to raising and acquiring funds for Indian Railways to attain rolling stock assets like wagons, coaches, electric units, trucks, locomotives). It also looks after financing for the company’s improvement, expansion, and assets management.

• IRFC also has a presence in lending activities and has been lending to various entities in Railway sector like Rail Vikas Nigam Limited (RVNL), Railtel, Konkan Railway Corporation Limited (KRCL), Pipavav Railway Corporation Limited (PRCL) etc.

• IRFC funds about 79 per cent of the railways’ wagons, coaches and about 85 per cent of engines that make up the rolling stock.

• IRFC’s has also been diversifying its borrowing portfolio in terms of instruments, markets and investors which has led to the Company, meeting the targeted borrowings year after year, through issue of both taxable and tax-free bonds, term loan from banks/financial institutions besides off shore borrowings, at competitive market rate.

• The total value of Rolling Stock Assets financed by IRFC for the year 2019-20 was 33,544 Crs.

• The company has maintained the highest possible credit ratings for an Indian issuer both for long term domestic and short term borrowings and have received the highest credit ratings from CRISIL – CRISIL AAA and CRISIL A1+, ICRA – ICRA AAA and ICRA A1+, and CARE – CARE AAA and CARE A1+, respectively.

• In Fiscals 2017, 2018 and 2019 (revised estimate), the company was responsible for financing 72%, 93% and 82%, respectively, of the Indian Railway’s total rolling stock.

Briefing about directors & key managerial personnel

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