IPO

Mahindra Logistics Limited IPO (Mahindra Logistics IPO) Detail

Posted on by Hiren Kamani

mahindra_logistics

Mahindra Logistics Incorporated in 2008, Mahindra Logistics is one of India’s largest third-party logistics solutions providers in the India. Mahindra Logistics Limited is end-to-end logistics solution and service provider which was estimated at INR6.40 trillion in Fiscal 2017

Mahindra Logistics is part of Mahindra Group (M&M), one of India's leading corporate groups with operations across several industries and countries. Before 2008 the logistics business of M&M was operated as a division of M&M serving the transportation and distribution, warehousing and in-factory logistics requirements of M&M.

Mahindra Logistics offers logistics solutions and services, including transportation, distribution, warehousing, in-factory logistics and value-added services, to over 350 clients through 24 city offices.

On performance front, Mahindra Logistics has (on a consolidated basis) reported revenue/net profits of Rs. 1939.56 cr. / Rs. 38.52 cr. (FY15), Rs. 2077.13 cr. / Rs. 35.97 cr. (FY16), Rs. 2676.25 cr. / Rs. 46.07 cr. (FY17). For Q1 of current fiscal it has posted net profit of Rs. 15.13 crore on total revenue of Rs. 854.46 crore.

Objects of the Issue:

The objects of the Offer are:

1. To achieve the benefits of listing the Equity Shares on the Stock Exchanges and

2. For the Offer for Sale.

Issue Detail:

Issue Open: Oct 31, 2017 – Nov 2, 2017

Issue Type: Book Built Issue IPO

Issue Size: 19,332,346 Equity Shares of Rs 10 aggregating up to Rs 829.36 Cr

Offer for Sale of 19,332,346 Equity Shares of Rs 10 aggregating up to Rs [.] Cr

Face Value: Rs 10 Per Equity Share

Issue Price: Rs 425 – Rs 429 Per Equity Share

Market Lot: 34 Shares

Minimum Order Quantity: 34 Shares

Listing At: BSE, NSE

 

MAS Financial Services Ltd IPO (MAS Financial IPO) Detail

Posted on by Hiren Kamani

MAS Financial Services Ltd

MAS Financial Services Ltd IPO (MAS Financial IPO) Detail

MAS Financial Services Ltd incepted back in 1995, when times were quite different, MAS delivered financing solutions to those who needed it the most. MAS Financial Services Ltd is Gujarat based non-banking financial company (NBFC) registered with the Reserve Bank of India.

MAS Financial Services Ltd focused on fulfilling Requirements of lower income and middle-income groups of the society. MAS Financial Services Ltd offer following Financial Services.

  1. Micro Enterprises Loans
  2. SME Loans
  3.  Home Loans
  4. Two Wheeler Loans, Used Car Loans, and Commercial Vehicle Loans

MAS Financial Services Ltd has opened several branches. MAS Financial Services Ltd established the network of 72 branches in major cities of Gujarat, Maharashtra, Rajasthan, Madhya Pradesh, Tamil Nadu & Karnataka, through which over 3200 centers are catered is destined to grow so that they attend to the needs of their valued customers efficiently.

MAS Financial Services Ltd posted following revenue/net profits

Rs. 184.92 cr. / Rs. 33.09 cr. (FY14)

Rs. 238.20 cr. / Rs. 40.80 cr. (FY15)

Rs. 304.20 cr. / Rs. 51.45 cr. (FY16)

Rs. 364.70 cr. / Rs. 69.33 cr. (FY17)

For Q1 of current fiscal it has reported net profit of Rs. 23.70 cr. on revenue of Rs.104.33 cr. For last five years it has posted CAGR of 26.3% and 25.9% in revenues and net profits respectively.

Issue Detail:

Issue Open: Oct 6, 2017 – Oct 10, 2017

Issue Type: Book Built Issue IPO

Issue Size:  Equity Shares of Rs 10 aggregating up to Rs 460.04 Cr

Fresh Issue of Equity Shares of Rs 10 aggregating up to Rs 233.00 Cr

Offer for Sale of Equity Shares of Rs 10 aggregating up to Rs 227.04 Cr

Face Value: Rs 10 per Equity Share

Issue Price: Rs 456 – Rs 459 per Equity Share

Market Lot: 32 Shares

Minimum Order Quantity: 32 Shares

Listing At: BSE, NSE

Godrej Agrovet Limited IPO (Godrej Agrovet IPO) Detail

Posted on by Hiren Kamani

Godrej Agrovet Ltd. – IPO Note – Sound Business Coupled With Reasonable Valuations
 
Godrej Agrovet Ltd. (GAL) is a diversified agri-business company, with operations across five business verticals i.e. Animal Feed, Crop Protection, Palm Oil, Dairy and Poultry & Processed Foods. GAL has reported consolidated revenue, EBITDA and net profit CAGR of 15%, 23% and 30%, respectively through FY13-17. Although the growth has been aided by acquisitions in the past two years, organic growth too has been strong. GAL is coming out with an Initial Public Offering (IPO) to raise Rs11.6bn at the higher end of the price band which includes fresh issue of Rs2.9bn and Offer for Sale (OFS) of Rs8.7bn.
 
Diversified Business Model with Strong Synergies
GAL operates in five key segments, which coupled with geographic diversification provides it a hedge against the inherent risks associated with a single category and/or region. Additionally, the operational synergies enable GAL to drive growth, optimise capital efficiency and maintain its competitive advantage. 
 
Strong Parentage & Veteran Management Team
GAL is part of the Godrej group, which is one of the oldest and most prominent business groups in India. The Godrej brand enables the company to attract key talent, develop customers’ and suppliers’ trust and benefit from the group’s global network. Apart from strong parentage, the management team has strong bandwidth with significant industry experience and long association with the group.
 
Robust R&D Capabilities
GAL has a strong focus on Research & Development (R&D) with primary focus on improving yields and procedural efficiencies. Over the years, R&D has been a key competitive strength of GAL across all its business verticals, which enabled the Company to introduce newer and relevant products at regular intervals. The Company set up a dedicated centre in Nashik in May’14 to consolidate its R&D initiatives.
 
Outlook & Valuation
GAL reported consolidated net sales of Rs49.1bn and net profit of Rs2.7bn in FY17. Its consolidated revenues and net profit witnessed a 15% and 30% CAGR, respectively through FY13-17, while its consolidated RoE stood at a healthy 30.6% in FY17. 
 
At higher end of the price band of Rs460/share, the Issue is priced at 32.1x FY17 earnings and 27.5x FY18E earnings respectively.Considering the diversified business model, strong management bandwidth, efficient working capital cycle and impressive return ratios coupled with reasonable valuation, we recommend SUBSCRIBE this IPO.

Issue Detail:

Issue Open: Oct 4, 2017 – Oct 6, 2017 
Issue Type: Book Built Issue IPO 
Issue Size:[.] Equity Shares of Rs 10 aggregating up to Rs 1,157.31 Cr 

Face Value: Rs 10 Per Equity Share 

Issue Price: Rs 450 – Rs 460 Per Equity Share 
Market Lot: 32 Shares 
Minimum Order Quantity: 32 Shares 
Listing At: BSE, NSE

Equitas Holdings Limited IPO

Posted on by Hiren Kamani

Equitas Holdings Limited IPO

Equitas Incorporated in June 2007, Equitas Holdings Ltd is Chennai based financial services provider focused on individuals and micro and small enterprises (MSEs). Equitas offers services to low income groups and economically weaker individuals operating small businesses and MSEs with limited access to formal financing channels.

Equitas is one of the 10 companies that have been selected by the RBI to set up small finance banks, niche lenders aimed at helping small businesses and farmers get easier access to funding.

Equitas operates in 11 states, one union territory and the NCT of Delhi. As of June 30, 2015, Equitas had 520 branches across India.

Equitas offer a range of financial products and services including:

1. Microfinance

Equitas offers micro loans of Rs 5,000 to Rs 35,000 to its customers. Company is fifth largest microfinance company in India in terms of gross loan portfolio.


2. Vehicle Finance

Equitas offers used commercial vehicle finance to customers. Company is among a few NBFCs in India operating in the used commercial vehicle finance business.

3. Micro and Small Enterprise (MSE) Finance

Equitas provides asset backed financing primarily focused on self-employed individuals operating micro enterprises and small enterprises.

4. Housing Finance

Equitas provides micro-housing and affordable-housing loans to selfemployed individuals who have limited access to loans from banks and larger housing finance companies. A majority of its
micro-housing finance loan accounts represented cross sales to eligible higher income microfinance customers with a satisfactory track record.

Equitas Competitive Strengths:

1. Robust corporate governance standards and transparent operations leading to institutional confidence and customer goodwill

2. Comprehensive understanding and successful track record with underserved customer segment offering significant growth opportunities

3. Standardized operating procedures and efficient use of technology resulting in effective risk management and improved efficiencies

4. Diversified product offering and markets with significant cross-selling opportunities.

5. Experienced management and strong employee engagement

6. Commitment to social initiatives

Issue Detail:

  »»  Issue Open: Apr 5, 2016 – Apr 7, 2016
  »»  Issue Type: 100% Book Built Issue IPO
  »»  Issue Size: Equity Shares of Rs. 10
  »»  Issue Size: Rs. 2,175.00 Crore
  »»  Face Value: Rs. 10 Per Equity Share
  »»  Issue Price: Rs. 109 – Rs. 110 Per Equity Share
  »»  Market Lot: 135 Shares
  »»  Minimum Order Quantity: 135 Shares
  »»  Listing At: BSE, NSE