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PERFORMANCE OF IPO IN INDIAN MARKET
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CHAPTER 1:
INTRODUCTION OF IPO
WHAT IS AN IPO? WHY MAY A COMPANY NEED AN IPO? WHAT ARE THE TWO SIDE OF IPO COIN? WHO CAN" TOSS THE IPO COIN" PREPARING FOR IPO REGULATORY. PROCESS OF IPO. IDEAL PROCESS OF IPO. THE PROCEDURE FOR THE ISSUE OF AN IPO . DOCUMENT OF IPO. IPO MARKET IN INDIA
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EXECUTIVE SUMMARY:
The transition from being a private company to a public one is one of the most important events
in the life of a firm. It is also one of particular interest to institutional investors, and the transition is
facilitated through the INITIAL PUBLIC OFFERING (IPO) process. The IPO provides a fresh source of
capital Shareholders such as venture capitalists a liquid market for their shares. From an institutional
investor's perspective, the IPO provides an opportunity to share in the rewards of the growth of the
firm.
When a firm issues equity to the public for the first time, it makes an initial public offeringconsisting of two kinds of issues the primary issue and the follow-on issue. In a primary, the firm raises
capital for itself by selling stock to the public, whereas in the follow on issue, existing large shareholders
sell to the public a substantial number of shares they currently own.
It is a well-documented fact that IPOs tend to be generally underpriced, though some issues
tend to be overpriced. From the viewpoint of financial research, IPO underpricing in the sense of
abnormal short-term returns on IPOs has been found in nearly every country in the world. This suggeststhat IPO underpricing may be the outcome of basic problems of information and uncertainty in the IPO
process, and is unlikely to be a figment of institutional peculiarities of any one market.
There have also been various studies made to suggest the reasons for such underpricing. From
the investors poi nt of view, this underpricing appear to provide the sure and quick profit that most
dream about. Though first day return could vary, few of the issues tend to provide a very high return
over the first day. One of the examples is VA Linux which had a first day return of 700%. It is also seen
that for some of the issues, the first day return could also be negative. It then becomes inevitable for
most investors to measure the performance of IPOs by the short term (usually within one week of
issue), as the general scheme is to buy the shares at a low initial offering price and sell it the next day
when the price increases.
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Pricing of the IPOs are done by the issuers with guidance from underwriters from investment
banks. There are various ways to price the stocks but what is commonly used now is a process called
book building. It is basically a capital issuance process used in an Initial Public Offer which aids price anddemand discovery. It is also a process used for marketing a public offer of equity shares of a company.
During the period for which the book for the IPO is open, bids are collected from investors at various
prices, which are above or equal to the floor price. The offer/issue price is then determined by the
issuing company after the bid closing date based on the various bids that have been collected. For a
more detailed discussion of book building, one can visit any of the many stock exchanges. An example of
the book building process can be seen from the National Stock Exchange. This Initial Public Offering can
also be made through the fixed price method or a combination of both book building and the fixed price
method.
There have been various studies conducted on the price changes of the shares after prolonged
periods (six months to five years). These studies show that while the short-run performance of IPOs is
often quite impressive, the long-run performance over the subsequent three to five years is not as
impressive. Excluding the initial-day return, IPOs tend to underperform various benchmarks. However,
these studies focus mainly on developed economies and tend to neglect the developing counterparts. A
study by Madhusoodanan and Thiripalraju studies the performance of Indian IPOs prior to 1996.
It is in the hope that the long term performance of IPOs in developing economies can also be a
useful indicator to the potential investor that this study is to be undertaken. The purpose of this paper is
to examine the long-run performance of IPOs in Indian stock market which was issued during 2000-
2001. The IPO literature has shown that the IPO issues and performance is based on a cycle. In some
years there are a large number of IPOs while in some years, there are only a few IPOs. When it is a
vintage year with a large number of IPOs, most IPOs tend to do well on the first day but tend to do
poorly over a long term whereas in years when there are only a few IPOs, the results tend to be mixed.
The long run performance is likely to be affected while we include IPOs from different time periods
because the market movements in different market conditions are likely to be different. In order to see
that results are not confounded by the time period when IPO was issued, it was decided to include IPOs
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that were issued within a one-year period. This has resulted in a sample of 116 companies which had
IPOs in this period from various industries. This study is important mainly because the Indian stock
market has been performing very well from the year 2001 and our research wants to show whether this
performance is due to the established firms or the performance also gets to the newly issued shares
through IPOs.
The study uses various methods to ascertain the significance of the over or underperformance of
IPOs. Among the many reasons for the performance which we see, one of them could be the sensitivity
of the results to the choice of benchmarks. Dimson and Marsh, Ritter, Gregory et al , Fama and French
and Fama have successively demonstrated the sensitivity of the long-run performance of the IPOs the
benchmark used in the study. For this reason, the effect of various benchmarks on the return
measurements will be studied so as to elucidate the possibility that the magnitude of the performance is
benchmark dependent.
INTRODUCTION OF IPO:
What is an IPO ?
An IPO or an Initial Public Offer is a company's first sale of equity shares to
general public. Shares offered in an IPO are often, but not always, those of newly
set up companies seeking outside equity capital and a public market for their
shares.
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An initial public offer is an equity product that allows you to buy cheap
tomorrows possible winners
-George Mathew
An Initial Public Offering (IPO) can be a good investment avenue for equity investors. While the
IPO market is dry these days, a fresh crop is expected soon. Let us take five minutes to understand IPOs
and to decide whether to invest in them or not.
Suppose your friend owns a business, his company is profitable and he wants to grow the
company faster. For this he needs money. Instead of debt, he wants to offer a part of his company for
sale in the stock marke t. He will make, what is called, a public offer of shares (after a number of
procedures and regulatory processes). If the issue is successful, his company will list or begin to trade
in a stock exchange. So, an IPO is a fresh offer, where a company that is not yet trading, wants to sell
shares directly to the investors. The shares can be offered at par, that is, at face value of Rs 2 Rs 5 or Rs
10, or at a premium. After this, your friend is no longer the only owner but will have diluted his share.
The owners of the company may now be thousands of people he may not even know. Yet, if he holds
the majority shares, he will still take all the decisions about the company. All the shareholders are nowentitled to vote, may get dividends and bonuses. They also have the option to exit from the shares by
selling their stock in the secondary market, making a capital appreciation or loss as the price changes
from the issue price.
Why may a Company need an IPO ?
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To meet short-term requirements, the company may approach banks, lenders or may
even accept fixed deposits from the public/shareholders. To meet its long-term requirements,
funds can be raised either through loan from lenders, Banks, Institutions etc., (which carry
financial burden) or through the issue of capital. Capital can be raised through private
placement of shares, public issue, rights issue, etc. Public Issue means raising funds from the
public. Promoters of the company may have plans for the company that may require infusion
of money. The main purpose of the public issue, amongst others, is to raise money through
the public and to get its shares listed at any of the recognized stock exchanges in India. The f
for a company to go public:
Raising funds to finance capital expenditure programs like expansion, diversification,
modernization, etc.;
Financing of increased working capital requirements;
Financing acquisitions like a manufacturing unit, brand acquisitions, tender offers for shares of
another firm, etc.;
Debt financing ;
Exit route for exiting investors.
An IPO has two sides to it, consisting of advantages and disadvantages. Moreover, itneeds to be balanced, and this is done by the Regulatory Bodies such as The Securities and
Exchange Board of India (SEBI), so that it does not fall on one side. Due to this property of
an IPO, it has been referred to as a Coin in this report.
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What are the two sides of IPO coin?
Advantages Disadvantages
Money non-refundable except in the case ofwinding up or buy back of shares
No financial burden i.e. no fixed rate of interest
payable. However, in order to service the
equity, dividend may be paid.
Enhances shareholder's value if the company
performs well
Greater Transferability
Trading & Listing of securities at stock
exchanges
Better Liquidity of securities
Helps building reputation of promoters,
company & its products / services, provided the
company performs well
Time consuming process Expensive
Several Legal formalities.
Involvement of many intermediaries
Transparency Requirements and public
disclosure of information may lead to lack
of privacy
Continuous Compliance of provisions of
listing agreement and other legal
requirements
Constant scrutiny of performance by
investors
May lead to takeover of the company
Securities of the company may be made
subjective to speculative attacks.
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How is the coin made to balance (Controls) ?
Applicable Laws
A Company is required to comply with the following laws in connection with a public issue:
Provisions of The Companies Act, 1956
Securities Contracts (Regulations) Act, 1956
SEBI Rules & Regulations
Compliance to the Listing Agreement with the concerned stock exchanges after the
listing of securities.
RBI regulations in case of foreign.
Who can Toss the IPO Coin?
Eligibility Criteria for Public Issuance of Securities
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Net Tangible Assets of at least Rs. 3 crores in each of thepreceding 3 full years (of 12 months each), of which not more than50% is held in monetary assets. If more than 50% is held inmonetary assets, the company should have firm commitments todeploy such excess in its business/projectTrack record of distributable profits in for 3 out of preceding 5yearsNet Worth of at least Rs. 1 crores in each of the preceding 3 fullyears (of 12 months each)Issue size + previous issue in current FY is lesser than 5 times pre-issue net worth
Fixed Price or Bookbuilding (no minimumallocation to QIBs)
Yes
Only Book building, with compulsory allocation of at least50% to QIBs
Or
At least 15% participation in project by FIs/banks, of whichat least 10% should come from the appraiser(s) andadditionally allocation of at least 10% to QIBs.
And
Minimum post-issue face value capital of theCompany shall be Rs. 10 crores
Or
Compulsory market making for 2 years
No
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Preparing for IPO Regulatory: Company should adopt best corporate governance practices to assist Investors
appreciate greater transparency and disclosure. These have to be complied with
before listing .
Board of Directors
Change in Boardcomposition to reflectpublic shareholdersinterestIncrease number of non-
executive directors toconstitute at least 50% (Ifthe chairman of the board isan executive director thenthe board should have atleast 50% independentdirectors or else at least1/3rd)
Company would have to ramp up Secretarial and Complianceteams
Audit committee of at least3, all being non-executivedirectors, with majoritybeing independent & atleast 1 director having
financial & accountingknowledgeRemuneration committee todetermine the Companyspolicy on specificremuneration packages forexecutive directorsInvestor Grievance
committee
Committees
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Process of IPO :
For private companies in the United States, the first issue of
securities to the speculative and rarely do they result in large gains for
investors. However, since capital is often needed to grow a private company
and values of companies are public is referred to as an Initial Public Offering
(IPO). IPO's are extremely best determined in the marketplace, IPO's continue
to be used as a way for growing private companies.
IPO's are often one of the hottest topics in financial management.
Behind the glamour and the glitz of Initial Public Offerings (IPO's) there is a
tremendous amount of hard work and personal sacrifice. IPO's require a core
group of highly skilled professionals who must literally work around-the-clock
for one year. Therefore, one of the first steps to a successful IPO is the
formation of a seasoned, experienced team of professionals who will make the
IPO happen. You must recruit the best possible people you can find - there is
no time to supervise inexperienced MBA's fresh out-of-school.
Once an IPO team (Investment Banker, Legal Counsel, SEC Expert, Outside
Auditor, etc.) has been formed, you can establish a plan for the IPO Process. A
basic timeline for an IPO will usually consist of:
Month 12: Recruit new management to run the public company - CEO, CFO,etc. Start compiling the financial information .
Month 11: Start due diligence work - worthless assets are written off,
inconsistencies with GAAP are resolved, etc.
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Month 10: Start drafting the prospectus. Coordinate the collection of data to
minimize duplicative efforts.
Month 9: Establish a board of directors for the newly formed public company.
Month 8: Draft three-year historical financial statements.
Month 7: Circulate draft prospectus for comments .
Month 6: Establish transition contracts for services and products that will now
be provided to the newly formed public company. Some new contracts will be
needed, such as independent audits of financial statements.
Month 5: Finalize historical financial statements. Start preparing interim (stub)
financial statements for current period.
Month 4: Finalize pro forma and interim financial statements. Make revisions to
draft prospectus.
Month 3 : Convene new board of directors. Audit of interim financials should be
complete .
Month 2: Outside auditors opinion is issued. Membership with stock exchange is
complete .
Month 1: File prospectus with SEC (Securities Exchange Commission). Issue press
release and sell the company to investors.
Before the IPO Process is complete, it is essential to implement all of the
necessary controls, procedures, and systems that will now be required within
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"public life." Staff changes must be made, new financial systems tested,
functions like human resources must be managed, etc. The entire IPO process
is much more involved than most people realize. A great IPO team and proper
planning is the key to a smooth IPO process.
Ideal IPO Process:
On Monday morning, the newspaper should carry an advertisement which is the prospectus
of the IPO, which only talks about the firm and is silent on valuation.
The IPO should take place on Tuesday evening, from 4 PM to 5 PM. The auction should be a
simple uniform-price auction with full transparency. A picture of the demand schedule, and
the cut-off price, should update on the screen in real-time.
Investors should be able to go to any NSE terminal and place orders into the auction. This
harnesses 10,000 odd computer screens in 300 cities all over India in the auction process.
From the issuers perspective, NSCC should perform the credit enhancement exactly as it
does on the equity market. At a legal level, all orders on the screen should be placed by
NSCC, thus shielding the issuer from the credit risk associated with anonymous order
placement.
There should be no fragmentation of the shares on offer. All shares to be sold should go
through a single auction. If a retail investor wanted to "access the IPO at prices close to the
offer price" she would just place non-competitive bids at the IPO, where she bids to buy (say)
100 shares at the IPO price, whatever it proves to be.
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Allocation of shares in the depository should take place on Tuesday itself. There should be
no physical shares. Trading on NSE should start on Wednesday (the next day). This gives us
a one-- day lag between the IPO and the start of trading.
This proposed IPO process sounds startlingly effective. To put it in perspective, it is part of
the same disintermediation process that we have seen in other areas of areas of the financial
markets. With anonymous, electronic trading on the equity market, the broker/dealer has
been fundamentally disinter mediated out of secondary market trading, which is now
dominated by the actions of buyers and sellers (and not intermediaries). In that same fashion,
the IPO process proposed here uses technology to link up the issuer and the investor with a
transparent pricing mechanism, and eliminates the traditional overheads of intermediation.
The Procedure for the Issue of an IPO:
Many of these steps can be undertaken prior to formal launch of the
offering and filing of the offer document with SEBI and other regulators
Preparing for IPO.
Review business plan.
Capital structuring.
Initiate research.
Corporate governance.
Financial statements.
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Due diligence.
Business and legal due diligence.
Re-stated audited financials.
Exemptions and approvals.
Offer document .
Business overview.
Management discussion.
Statutory disclosures.
Pre-issue marketing .
Meeting with institutional investors.
Research briefings.
Corporate publicity .
Launch IPO
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File with SEBI.
Road shows.
Document of IPO:
A company coming out with a public issue has to come out with an offer
document/prospect .
An offer document is the document that contains all information you need about the company.
It will tell you why the company is coming is out with a public issue. Its financial and how the
issue will be priced.
The Draft Offer Document is the offer document in the draft stage. Any company making a
Public issue is required to file the draft offer document with the Securities and Exchange Board
of India (SEBI).The market regulator.
If SEBI demands any changes. They have to be made. Once the changes are made. It is field with
the registrar of companies are the Stock Exchange. It must be filed with SEBI at least 21 days
before the company files it with the ROC/ Stock Exchange during the period. You can check it
out on the SEBI website.
Red Herring prospectus is just like the above except that it will have all the information as a
draft offer document. It wills, however, not have the details of the price or the number of shares
being offered or the amount of issue. That is because the Red Herring prospectus is used in book
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building issues only, where the details of the find price are known only after bidding is
concluded.
IPO MARKET IN INDIA :
The IPO Market in India has been developing since the liberalization of the Indian economy. It
has become one of the foremost methods of raising funds for various developmental projects of
different companies.
The IPO Market in India is on the boom as more and more companies are issuing equity shares
in the capital market. With the introduction of the open market economy, in the 1990s, the IPO Marketwent through its share of policy changes, reforms and restructurings. One of the most important
developments was the disassembling of the Controller of Capital Issues (CCI) and the introduction of the
free pricing mechanism. This step helped in developing the IPO Market in India, as the companies were
permitted to price the issues. The Free pricing mechanism permitted the companies to raise funds from
the primary market at competitive price.
The Central Government felt the need for a governed environment pertaining to the Capital market, as
few corporate houses were using the abolition of the Controller of Capital Issues (CCI) in a negative
manner. The Securities Exchange Board of India (SEBI) was established in the year 1992 to regulate the
capital market. SEBI was given the authority of monitoring and regulating the activities of the bankers to
an issue, portfolio managers, stockbrokers, and other intermediaries related to the stock markets. The
effects of the changes are evident from the trend of the resources of the primary capital market which
Includes rights issues, public issues, private placements and overseas issues. The IPO Market in India
experienced a boom in its activities in the year 1994.In the year 1995 the growth of the Indian IPO
market was 32 %.The growth was halted with the South East Asian crisis. The markets picked up speed
again with the introduction of the software stocks.
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IPO Grading
IPO GRADING is designed to provide investors an independent, reliable and consistent
assessment of the fundamentals of new public issues. It includes an assessment of business and financial
prospects, management quality and corporate governance.
IPO Grades are assigned to each company by the credit rating agencies (CARE, ICRA,
CRISIL etc.)
Rating given by Credit Rating Agencies:-
IPO Grade 5 strong fundamentals
IPO Grade 4 above average fundamentals
IPO Grade 3 average fundamentals
IPO Grade 2 below average fundamentals
IPO Grade 1 poor fundamentals
CHAPTER 2:
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RESEARCH METHODOLOGY:
Statement of problem
Scope of the study
Objective of study
Selection of Sample
Significance of study Reference period
Source of data
Tools & techniques
Chapter schema :
Limitation of study
Review of literature
Statement of problem :
To measure short term performance and long term
performance of IPOs. To ascertain the profitability of IPO to the investors who
invested. To analyze the volatility of companys post -performance in IPO market .
Title of the study:-
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THE STUDY ON Short and long PERFORMANCE OF INITIAL PUBLIC
OFFER (IPO) LISTED IN THE YEAR 2010 WITH REFRENCE TO
WAY2WEALTH SECURITIES Ltd.
Scope of the study :
Analysis of 10 IPOs from different years.
Measurement of performance with reference to average return in
Short run and Long run. (1 month, 6month, 12month, 24month,36month).
Project emphasis more in fluctuation of share price after public
offering retain then effect of systematic factor.
Objective of study :
Main :
To compare performance of IPO in same day of 1day or in
short-run & long run.
To know profit potential of IPOs after long period of time.
Secondary:
To understand the return & risk associated of time.
To understand profit potential in IPOs & in secondary
market.
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Selection of sample:
Project is covered 10-IPOs from different sectors from the selected
year.
Significance of study :
The profit opportunity for investor.
Performance of IPO in Indian market
Complete analysis historical data
Reference period:
6th February, 2010 to 19 th February, 2014.
Source of data :
Primary data
Secondary data: Electronic source (like websites, blogs, etc.)
magazine, newspaper. Book & etc.
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Tools & techniques :
Moving Average Method
Average Returns
Chapter schema :
1. Introduction of IPO
2. Research Methodoly
3. Company profile
4. Data collection and analysis
5. Data interpretation, Finding and Conclusions.
Data collection :
Issue Details 10 IPO, Data related to the performance of first day performance of
Particular IPO.
Offer price of all 10 IPO. & Closing price (after 1month, 3month,
6month, 1year, 2year, 3year,) from listing date.
Review of literature
A vast number of empirical studies on initial equity issues in various
international markets document substantial abnormal returns. Following the
tradition of efficient markets, these findings pose a challenge to financial
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after listing), there is a drastic fall in the return on IPOs returns; returns are found
to be negative from the second to the fifth year of listing.
d. Anand Adhikari (2010), New Listings Pied Pipers of Primary Market published in Business Today point out that companies with unique business
models got listed in the year 2009-10 and made their investors rich.
e. Atul Mehra (2010) IPO Boom, Business Today, point out that promoters are
in hurry to IPO because they do not want to be left out.
f. Jagannadham Thunuguntla (2011) in his article IPOs: More Misses Than
Hits, published in the Dalal Street Investment pointed out that, the age old
philosophy of understanding the company and sticking to the basics should be
given due respect. Let the buyer be made aware that the investor has to put a price
tag to his hard earned money. There is a need for investor education and
awareness and the connections should be on a stable income than an becoming
rich overnight.
These conclusions have some important implications for the design of the financial system.
Limitation of study:
Study is only of 10 IPOs from year 2010 of different sectors. It may
not give complete idea about the performance of IPOs in short & long
run.
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Study analysis the perform only on compare to the retain of index
effect of other factor are market.
Tools which are used may have certain militate.
CHAPTER 3:
COMPANY PROFILE
Way2wealth is in the financial advisory business, where knowledge
is the key differentiator, change is continuous, and the quality of
response and customer servicing efforts determines our success. The
changing face of this industry mandates the new entrants to have
extremely high professional standards. Individuals who are dynamic,
result oriented and possessing a natural flair for understanding and
advising on financial products will find their own niche in this
environment. Amidst this backdrop Way2Wealth is at the forefront
redefining, pioneering and setting benchmark for the way financial
intermediaries should function in the future. Our aim is to make
investment decisions for our customer simpler and easily available,
and be an integral part of their life cycle.
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investment banking arm as Way2Wealth in 2000 and its Venture Capital division
came to be known as Global Technology Ventures (GTV) .
THE VISIONARY: - Mr.V.G.SIDDHARTHA
Mr. Siddhartha has a yen for creating companies and great brands.
He has been awarded 'Entrepreneur of the year'-2003 by the Economic
Times.
He is now actively involved and committed to realizing way 2 wealth's vision,
setting new standards in the retail financial services in India.
VISION
Way2Wealth is a premier Investment Consultancy Firm, launched with the mission to be the pre -
eminent destination for personalized financial solutions helping individuals creates wealth.
MISSION
"To be the pre-eminent destination for personalized financial solutions helping
individuals create wealth".
PHILOSOPHY
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Believe that knowledge combined with investors trust and involvement will lead to the growth of
wealth and make it an exciting experience.
Security: It ensures that the personal information given to us by you at the time of filling up the
application form and the client agreement would be stored in a safe and secure place.
Also ensure that the personal information on the web is placed in the secured portion of our web-site.
We use an advanced 128 bit encryption technology, the Secure Socket Layer (SSL), which is one of the
best available technology to ensure that the information transmitted between you and us across the
Internet is safe and cannot be accessed by any outsider. SSL has been universally accepted on the World
Wide Web for authenticated and encrypted communication between clients and servers.
Key persons
Shashibhushan M R - Chief Executive Officer
Shashibhushan , has over 21 years experience in Capital markets . In his last assignment with IL&FS
Investsmart Ltd . for over 9 years, he started as Head - Retail Business (Karnataka Region) and
subsequently moved to its Corporate Office in Mumbai to head their Retail Equities Business, which
included the Branch Network, Alternate Channels, Private Clients Group and Investments Advisory.Currently as CEO for Way2Wealth, he is in-charge of strategic planning. Renowned for turnaround, he is
deploying his vast experience in charting the way forward for way2wealth - a name to reckon in the
India financial space.
Ketan Sheth - Director (Research)
As director of Research, he drives the Portfolio Management Services desk Known in the markets for his
astute stock-picking ability.
Sunil Ramrakhiani Director & Chief Operating Officer
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Currently as COO - Way2Wealth, he would be driving business strategy and is in-charge for trading
products, including equities and derivatives in the equities and commodities markets.
Statistical Business Units (SBUs)
Business Overview
25 years in the financial services industry.
Part of the coffee Day group.
Renowned companies in the group, incl. Amalgamated Bean Coffee Trading Company
Ltd.
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Management having a combined experience of over 100 years in the financial services
industry.
Reputed research desk for fundamental & technical analysis.
Exclusive desks for advising and services HNI & Corporate relationships.
296+full service branches spread across 108+Indian cities/Towns.
55,000+broking clients, 1.5 lakh relationships.
750+ wealth managers across the country.
300+ associates for distribution of primary products.
NATURE OF BUSINESS CARRIED ON
Broking Business:
Network of 296+ full service branches spread across 108+ Indian cities/towns.
55,000+ broking clients.
Depository holdings - 7500mn+
Structured product offering for HNI clients.
Seamless execution services for corporate, institutional & retail clientele.
Arbitrage
Distribution of Financial Products:
Distribution of MF's, Insurance, PO's.
Sticky equity centric assets and low churn.
1.5 lakh relationships.
Corporate Acquisition Group for corporate acquaintances.
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750+ wealth managers across the country.
300+ associates for distribution of primary products.
Fund Based Activities
Margin Trade Finance
IPO Financing
Mutual Funds financing.
PMS assets of Rs.800 mn.
Structured Products assets of Rs.1000 mn.+Structured products
ESOP funding
Area of operation
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Key offices:
Corporate office:
4072-75 Oberoi Gardens Estate,
B Wing,Chandivli,Andheri(E),
Mumbai 400072
Tel no:(022)4 0843900
Registered Office:
Frontline Grandeur,No.14,Walton Road,
Bangalore 560001
Tel.No(080)43676869
Fax:(080)43676999
CHAPTER 4:
DATA COLLECTIONAND
INTERPRETATION.
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Systems won the 2008 NASSCOM Innovation Award and recognized as one of the
leading technology companies in the Deloitte Touch Tohmatsu Technology Fast
500 Asia Pacific 2009. Company has nine development centers in Europe, America
and Asia. In India, company operates from Pune. Company has workforce of morethan 3500 software professionals.
History
Persistent Systems was incorporated as Persistent Systems Private Limited
on May 30, 1990. It was subsequently converted into a public Limited company on
September 17, 2007 with the name Persistent Systems Limited and a newcertificate of incorporation was issued on September 28, 2007 from the RoC.
Shares in the company were listed on the National Stock Exchange of
India in March 2010 .[1] The operations of Nagpur-based Info spectrum India
Private, an outsourced private development of US Company Info spectrum, was
taken over by Persistent in February 2011.
Issue Detail:
Issue Open : Mar 17, 2010 - Mar 19, 2010
Issue Type : 100% Book Built Issue IPO
Issue Size : 5,419,706 Equity Shares of 10
Issue Size : 168.01 Crore
http://en.wikipedia.org/wiki/Persistent_Systems#cite_note-1http://en.wikipedia.org/wiki/Persistent_Systems#cite_note-1http://en.wikipedia.org/wiki/Persistent_Systems#cite_note-1http://en.wikipedia.org/wiki/Persistent_Systems#cite_note-18/13/2019 CHAPTER 1 IPO's performance Including Monthly
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ISIN: INE262H01013
Issue Price: 310.00 Per Equity Share
Face Value: 10.00 Per Equity Share
Listing Day Trading Information
300
320
340360
380
400
420
440
IssuePrice:
Open: Low: High: LastTrade:
BSE
NSE
BSE NSE
Issue Price: 310 310
Open: 400 361.6
Low: 386 361.6
High: 448 447.3
Last Trade: 408 406.35
Volume: 9,230,459 14,945,321
Particulars Share
QIBs 2926638
NIIs 487773
RIIs 1463319
Number of Times Issue is Subscribed (BSE + NSE)
Analysis and interpretation:-
From the above table we can analyze the first day performance of the persistent system ltd, inboth the markets NSE & BSE the issue price is same but opening price under BSE is more than NSE and
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54%
9%
27%
10%QIBs
NIIs
RIIs
EmployeeReservation
Employee Reservation 541976
Total 5419706
MonthOpen High Low Close
10-Apr 400 448 382.65 397.95
10-May 394.9 404.7 365 386.9
10-Jun 385 423.8 370.35 412.45
10-Jul 411.9 507.5 410.1 456
Monthly wise performance of first financial year 2010-2011
From above Pie chart we can understand the percentage of subscription made by QIBs, NIIs, RIIsand employees reservation.
In Persistent Systems Ltd companys Equity IPOs QIBs hold the major share that is 54%, whereasNIIs hold only 9%, RIIs hold 27% and the companys employees reservation is 10%.
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PERFORMANCE OF IPO IN INDIAN MARKET
Page | 38400
450
500
550
g e
high price
low prices
closingvlaues
10-Aug 456.65 496.9 450.25 453.75
10-Sep 454.1 474 400.55 445.5
10-Oct 443.1 454.2 395 402.95
10-Nov 406 424.9 373.25 385
10-Dec 385 444 370 430.1
11-Jan 433 467.15 381.8 388.75
11-Feb 390.1 407.7 371 376.4
11-Mar 372.5 409.4 337.05 366.7
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Analysis and interpretation:-
From the above chart we can understand and ascertain the Post- Performance of Persistent
System Ltd, in the first 12 months i.e... Between April 2010 to March 2011.
The chart clearly puts cross the performance of this particular company, in which using the
closing price of every particular month, I calculated 2yearly moving average by using which we can
measure the stability and performance.
In the above chart we can see how the prices have been fluctuating from each to another month, using
the closing price of every month we can conclude the performance of this companys IPO. The company started
its path in April 2010 with opening price of Rs.400 and ended with Rs.397.95, so no much change in one month
of time. In the month of July the company attained the highest share price that is Rs.507.5. the moving average
trend line (Black line) will show the average closing for the period of one year.
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PERFORMANCE OF IPO IN INDIAN MARKET
Page | 41
annum. In addition, they are also equipped to perform decoration and surface ornamentation
processes like embroidery, printing & washing. As of December 31, 2009, the Companys export
customers constituted around 100 customers, which includes brands/labels and retail chains for
garments including Tommy Hilfiger, Charles Vogele, FCUK, RIP CURL, All Saints, Simint,
Pepe Jeans, LAFUMA, Auchan, Ben Sherman, Valentino, Colins and New Yorker.
The Company also getting revenue from sale of yarn, with the yarn dyeing capacity of 30
lakh kgs per annum. The Company caters to clients like Aditya Birla Nuvo (manufacturers of
brands like Louis Phillipe, Van Heusen, Peter England, and Allen Solly), Pantaloon Retail, ITC
(manufacturer of brand Wills LifeStyle), Woodland, Liliput, Blackberry, Indian Terrain
Clothing, Colorplus Fashion, Turtle, PJL Clothing India Limited (manufacturers of the brand
Pepe in India), Gini and Jony Limited and S-Oliver.
Company Promoters:
The Promoters of Mandhana Industries Ltd are:
1. Purushottam C Mandhana - Chairman & Managing Director,
2. Manish B Mandhana - Joint Managing Director,
3. Biharilal C Mandhana - Executive Director,4. Ghyanendra Nath Bajpai - Ind. Non-Executive Director,
5. Khurshed M Thanawalla - Ind. Non-Executive Director.
Company Financials:
Particulars For the year/period ended (Rs. in Lahks)
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31-Mar-09 31-Mar-08 31-Mar-07 31-Mar-06 31-Mar-05
Total Income 46,325.17 40,693.94 24,033.69 18,134.79 12,656.42
Profit After Tax (PAT) 3,656.42 3,530.38 1,943.10 1,212.63 641.11
Issue Detail:
Issue Open : Apr 27, 2010 - Apr 29, 2010
Issue Type : 100% Book Built Issue IPO
Issue Size : 8,300,000 Equity Shares of 10
Issue Size : 107.90 Crore
Face Value : 10 Per Equity Share
Issue Price : 120 - 130 Per Equity Share
Market Lot : 50 Shares
Minimum Order Quantity : 50 Shares
Listing At : BSE, NSE
Book Running Lead Manager : EDELWEISS CAPITAL LIMITED &
AXIS BANK LIMITED
Objects of the Issue:
The Objects of the Issue are:
Setting up of new garment manufacturing facility at MIDC, Tarapur Maharashtra;
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Expansion of yarn dyeing and weaving facility at MIDC, Tarapur, in the State of
Maharashtra;
Margin Money for Working Capital;
General Corporate Purpose and
Meeting issue expenses.
Mandhana Industries IPO Listing Date
Listing Date: Wednesday, May 19, 2010
BSE Scrip Code: 533204
NSE Symbol: MANDHANA
Listing In: 'B' Group of Securities
Sector: Textile
ISIN: INE087J01010
Issue Price: Rs. 130.00 Per Equity Share
Face Value: Rs. 10.00 Per Equity Share
Listing Day Trading Information
BSE NSE
Issue
Price:
130 130
Open: 132.7 131
Low: 130 130
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Number of Times Issue is Subscribed (BSE + NSE)
130
131
132
133
134
135
136
137138
139
140
IssuePrice:
Open: Low: High: LastTrade:
Chart Title
BSE.
NSE.
High: 139.15 139.5
Last
Trade:
133.65 133.55
Volume: 10,883,290 16,919,452
Subscribers Share
QIBs 2996150
NIIs 1245000
RIIs 2905000
Total 7146150
Analysis and interpretation:-
From the above table we can analyze the first day performance of the Mandhana Industries ltd , in
both the markets NSE & BSE the issue price is same but opening price under BSE is more than NSE and later
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Company :Mandhana Industries Ltd 533204
Period: Year 2010 to Year 2014
All Prices in
Year Open High Low Close
2010 132.7 295 130 262.2
2011 264.65 320.1 166 217.6
2012 221.85 299 211.05 273.4
2013 275 309 195.9 232.3
42%
17%
41%
QIBs
NIIs
RIIs
From above Pie chart we can understand the percentage of subscription made by QIBs, NIIs, RIIsand employees reservation.
In Mandhana Industries companys Equity IPOs QIBs hold the major share that is 42%, whereasNIIs hold only 17% and RIIs hold 41%.
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2014 234.9 238 231.95 232.1
239.9 245.5252.85
100
120140
160
180
200
220
240
260
280
300
320
340
2010 2011 2012 2013 2014
P r
i c e r a n g e
Period
open values
high prices
low prices
closing values
2yearly moving
average
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3. HATHWAY CABLE & DATACOM Ltd
Incorporated in 1995, Hathway Cable & Datacom Limited is the leading cable television
services provider in India, as well as one of the leading cable broadband services providers.
Company offer analog and digital cable television services across 125 cities and towns and high-
speed cable broadband services across 20 cities. Hathway Cable is the leading operator in several
key markets of India including among others, cities such as Mumbai, Delhi, Bangalore,
Ahmedabad, Hyderabad, Jaipur, Indore, Bhopal, Baroda and Surat.
As per MPA Report, Hathway is the largest distributor of digital cable in India. As of
December 31, 2008, their digital television subscriber base constituted approximately 42% of the
total digital cable television market in India. As of July 31, 2009, company had 1,319,646subscribers for analog cable television services and 972,969 digital cable television subscribers.
Hathway Cable & Datacom hold a pan-India ISP license and were the first cable television
services provider to offer broadband internet services. They are currently India's largest cable
broadband services provider with 953,084 two-way broadband enabled homes passed, as on 31
July, 2009.
In addition to cable television and broadband service offerings, they also generate
advertising and airtime revenue from advertisements aired for and on behalf of channels owned
by third parties, such as the Hindi movie channel, Cine Channel, and the music channel, iTV.
. Company Promoters:
The individual promoters of the Company are:
1. Mr. Akshay Raheja, age 27 years, has been a non-executive Director since 2000. He is a
commerce graduate from the University of Mumbai and has obtained an MBA from Columbia
Business School, New York.
2. Mr. Viren Raheja, age 25 years, has been a non-executive Director since 2008. He is a
commerce graduate from the University of Mumbai and has obtained an MBA from London
Business School.
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Company Financials:
Particulars For the year/period ended (Rs. in Million)
31-Mar-09 31-Mar-08 31-Mar-07 31-Mar-06 31-Mar-05
Total Income 6,728.76 4,346.65 3,086.31 2,532.38 2,085.78
Profit After Tax (PAT) 116.95 46.70 10.97 9.07 6.55
Objects of the Issue:
The objects of the Issue are to:
1. Fund customer acquisitions;
2. Investment in the development of digital capital expenditure, services and set top boxes;
3. Investment in the development of broadband infrastructure, capital expenditure and services;
4. Repayment of loans; and
5. Fund expenditure for general corporate purposes.
Issue Detail:
Issue Open : Feb 09, 2010 - Feb 11, 2010
Issue Type : 100% Book Built Issue IPO Issue Size : 27,750,000 Equity Shares of Rs. 10
Issue Size : Rs. 666.00 Crore
Face Value : Rs. 10 Per Equity Share
Issue Price : Rs. 240 - Rs. 265 Per Equity Share
Market Lot : 25 Shares
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Minimum Order Quantity : 25 Shares
Listing At : BSE, NSE
Hathway Cable IPO Listing Date
Listing Date: Thursday, February 25, 2010
BSE Scrip Code: 533162
NSE Symbol: HATHWAY
Listing In: B Group
Sector: Broadcasting & Cable TV
ISIN: INE982F01028
Issue Price: Rs. 240.00 Per Equity Share
Face Value: Rs. 10.00 Per Equity Share
Booking Running Lead Manager 1. Kotak Mahindra Capital Company Limited
2. Morgan Stanley India Company Pvt Ltd
3. UBS Securities India Private Limited
Listing Day Trading Information
BSE NSE
Issue
Price:
240 240
Open: 246 250
Low: 206.2 204.5
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Page | 51
Number of Times Issue is Subscribed (BSE + NSE)
200
205
210
215
220
225
230
235
240
245
250
Issue Price: Open: Low: High: Last Trade:
BSE NSE
High: 246 250
Last
Trade:
207.8 207.65
Volume: 6,249,043 7,443,846
Subscribers Share
QIBs 11655000
NIIs 2775000
RIIs 8325000
Total 22755000
Analysis and interpretation:-
From the above table we can analyze the first day performance of the Hathway Datacom and Cable ltd
in both the markets NSE & BSE the issue price is same but opening price under BSE is less than NSE by Rs.4 and
later on the low price, highest price and closing is the same in both the markets.
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Company :Hathway Cable & Datacom Ltd 533162
Period: Jan 2010 to Feb 2014
All Prices in
Month Open High Low Close
10-Feb 246 246 189.1 201.05
51%
12%
37%
QIBs
NIIs
RIIs
From above Pie chart we can understand the percentage of subscription made by QIBs, NIIs, RIIsand employees reservation.
In Hathway Datacom & Cable Ltd companys Equity IPOs QIBs hold the major share that is 51%,whereas NIIs hold only 12% and RIIs hold 37%.
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Page | 53
10-Mar 203.9 224.4 190 207.2
10-Apr 209.75 229.1 196.8 210.25
10-May 211.25 216 181 187.4
10-Jun 188 198.25 175 183.25
10-Jul 182.9 188.5 170.5 174.7
10-Aug 176 233.7 175.05 205.5
10-Sep 205.8 237 203.1 204.35
10-Oct 207.9 215 180.05 184.1
10-Nov 184.15 206 150 165.2
10-Dec 167 180 148 167.05
11-Jan 169.25 170.25 126.2 127.85
50
100
150
200
250
1 0 - F
e b
1 0 - M
a r
1 0 - A
p r
1 0 - M
a y
1 0 - J
u n
1 0 - J
u l
1 0 - A
u g
1 0 - S
e p
1 0 - O c t
1 0 - N
o v
1 0 - D
e c
1 1 - J
a n
1 1 - F
e b
1 1 - M
a r
Opening value High prices Low prices Closing price
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Company :Hathway Cable & Datacom Ltd 533162
Period: Year 2010 to Year 2014
All Prices in
Year Open High Low Close
2010 246 246 148 167.05
2011 169.25 170.25 72 109.9
2012 110 306 110 283.35
2013 286 301.7 227.05 282
2014 285 286.8 251 252.1
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Pradesh, Gujarat, Kerala and West Bengal, according to the designs, models and current fashions
and demand in the market for sale at the counters.
Thangamayil introduced the Hallmarking practice for the first time in Madurai and also
conducted an awareness campaign introducing this concept to the customers in the market
serviced by the Company. The gold jewels are tested for its purity and hallmarked at 916* for a
guaranteed quality and purity of its contents by the Company. The Company presently has a
customer base of more than 1, 00,000 customers. The Company has its showroom at Netaji
Road, Madurai. This showroom was set up in the year 2001. The showroom is housed in a three
storied set up in total area of 11,416 sq. ft.
TJL has a policy of price assurance with respect to returns of the product subject only to
changes in underlying metal prices. Again, the Company has very transparent practices when it
comes to exchange of jewellery. The Company has acquired sophisticated machinery to measure
the quality and carat value of the gold brought in. The measurements are scientific and tamper
proof, thereby giving the customer an assurance on the exchange value that they receive in return
for their jewellery.
Company Promoters:
The company has been promoted by:
1. Mr. Balarama Govinda Das , is the founder member and the Managing Director of the Company.
He is a Commerce Graduate from the Madurai Kamaraj University.
2. Mr. Ba. Ramesh , is also a founder member and a Joint Managing Director of the Company.3. Mr. N.B. Kumar , manages the day-to-day affairs of the Company. He is incharge of the entire human
resources in the company.
Company Financials:
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Particulars For the year/period ended (Rs. in Lacs)
31-Mar-09 31-Mar-08 31-Mar-07 31-Mar-06 31-Mar-05
Total Income 24,685.56 22,460.11 12,722.37 4,924.70 2,693.89
Profit After Tax (PAT) 749.27 561.14 309.90 146.07 34.45
Objects of the Issue:
The objects of the Issue are:
1. To expand existing business by establishing retail outlets at Tuticorin, Dindigul, Theni, Nagercoil,
Tirunelveli, Kovilpatti and Sivakasi and to renovate the existing outlet at Madurai;2. To meet the working capital requirement;
3. To meet the expenses of the Issue; and
4. To list the equity shares of the Company on the Stock Exchanges.
Issue Detail:
Issue Open : Jan 27, 2010 - Jan 29, 2010
Issue Type : 100% Book Built Issue IPO
Issue Size : 3,833,667 Equity Shares of Rs. 10
Issue Size : Rs. 28.76 Crore
Face Value : Rs. 10 Per Equity Share
Issue Price : Rs. 70 - Rs. 75 Per Equity Share
Market Lot : 80 Shares
Minimum Order Quantity : 80 Shares
Listing At : BSE, NSE
Book Running Lead Manager Keynote Corporate Services Ltd
Thangamayil IPO Listing Date
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Listing Date: Friday, February 19, 2010
BSE Scrip Code: 533158
NSE Symbol: THANGAMAYL
Listing In: 'B' Group of Securities
Sector: Other Apparels & Accessories
ISIN: INE085J01014
Issue Price: Rs. 75.00 Per Equity Share
Face Value: Rs. 10.00 Per Equity Share
Listing Day Trading Information
.
Number of Times Issue is Subscribed (BSE + NSE)
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
IssuePrice:
Open: Low: High: LastTrade:
BSE
NSE
BSE NSE
Issue Price: Rs. 75.00 Rs. 75.00
Open: Rs. 70.00 Rs. 75.70
Low: Rs. 70.00 Rs. 70.00
High: Rs. 79.00 Rs. 82.00
Last Trade: Rs. 71.10 Rs. 71.05
Volume: 8,613,802 11,915,169
Analysis and interpretation:-
From the above table we can analyze the first day performance of Thangamayil Jewellry ltd , in
both the markets NSE & BSE the issue price is same but opening price under BSE is more than NSE and later
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May-11 96.8 104.5 90 99.5
Jun-11 100.25 143 98 127.1
Jul-11 126.25 129 112 118.7
Aug-11 119 172 115.6 158.8
Sep-11 158.1 178.65 151 161.85
Oct-11 162.85 169 156.25 163.6
Nov-11 165.75 187.5 152.2 161.5
Dec-11 161 178.8 140 166.95
Jan-12 166.15 175.2 153 156.4
5060708090
100110120
130140150160170180190
P r i c e r a n g e
period
Opening values
High price
Low price
Closing price
2 per. Mov. Avg.(Closing price)
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50
100
150
200
250
300
350
2010 2011 20
P r i c e r a n g e
Per
Five ye
Company :Thangamayil Jewellery Ltd 533158
Period: Year 2010 to Year 2014
All Prices in
Year Open High Low Close
2010 70 187.5 62 166.95
2011 166.15 205 139 144.7
2012 143.5 351 140 325.3
2013 325 346 146 157.3
2014* 153.3 170 138 149.9
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5. Jubilant FoodWorks Limited
Incorporated in 1995, Jubilant FoodWorks Limited (the Company) is a Jubilant Bhartia
Group Company Jubilant FoodWorks Ltd is a food-service company and currently operates
Dominos pizza stores in India. Jubilant FoodWorks Limited is the master franchisee of
Dominos Pizza. According to the India Retail Report, 2009, they are the largest pizza chain in
India and one of the fastest growing multi-national fast food chains between 2006-2007 and
2008-2009, in terms of number of stores.
Jubilant FoodWorks Ltd is promoted by Mr. Shyam Sunder Bhartia, Mr. Hari ShankerBhartia and Jubilant Enpro Private Ltd. Company opened first Domino's Pizza store in India in
January 1996 at New Delhi. Today Domino's Pizza India has grown into a countrywide network
of stores, with a team of over 6,000 people. Dominos Pizza India had a network of 274 stores, in
55 cities, in 20 states and union territories (as on 31st August 2009). They have recently renewed
their contract with master franchise controller Dominos International. The new contract is for 15
years, it gives them exclusive rights for operations in India, Nepal, Sri Lanka and Bangladesh.
The contract also says that Dominos will open 25 stores in 2011 and 2012.
For fiscal 2009, 2008 and 2007, company's net sales are Rs. 2,806.10 million, Rs.
2,111.57 million and Rs. 1,386.81 million, respectively, and company made a profit after tax of
Rs. 67.43 million, Rs. 77.57 million and Rs. 55.80 million, respectively. The number of stores in
India has increased from 130 as on March 31, 2007 to 241 stores as of March 31, 2009.
Similarly, Domino's sold 8.99 million pizzas (including Add-ons) in fiscal 2007, 15.61 million
pizzas (including Add-ons) in fiscal 2008 and 21.74 million pizzas (including Add-ons) in fiscal
2009.
The Company launched Dunkin Donuts in India in April 2012 in Delhi. The Company
has 21 Dunkin Donuts restaurants in India (as of 31st December, 2013).With the launch of
Dunkin Donuts in India, the company is now well poised to address two distinct non-competing
segments of the Food Service Industry in India, namely the home delivery of Pizzas market and
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the all- day part food and beverage market. Dunkin Donuts is the worlds leading Donuts, baked
goods and coffee with market leadership Donuts, regular/decaf drip coffee, iced coffee, hot
flavored coffee, bagels and muffin categories. Dunkin Donuts (DD) in India is positioned as a
Food Caf, occupying the sweet spot between Cafs and quick service restaurants. DD serve a
wide range of D onuts, Dunkin Donuts Original Blend drip coffee; espresso coffee based
beverages such as cappuccinos and Lattes, fruit milkshakes, smoothies, tea, as well as a
delectable range of sandwiches made out of artisan breads such as Focaccia, Croissant, Ciabatta,
Bagels. Each Dunkin Donuts restaurant is designed with care and brings alive the brands
International, youthful, colorful and playful brand personality. The restaurants offer its young
guests a great ambience to catch up with their friends and family in a relaxed and comfortable
environment. And yes, Dunkin also serve the worlds best Donuts .
Companys Promoters: -
Mr. Shyam S. Bhartia
aged 57 years is our Chairman and founder director. He holds a bachelors
degree in commerce from St. Xaviers College, Calcutta University. He is also a fellow
member of the ICWAI. Mr. Shyam S. Bhartia has over 22 years of experience in the pharmaceuticals and speciality chemicals, food, oil and gas, aerospace and IT sectors.
Mr. Hari S. Bhartia
aged 53 years is our co-Chairman and founder director. He holds a
bachelors degree in chemical engineering from the Indian Institute of Technology,
Delhi. Mr. Hari S. Bhartia has over 20 years of experience in the pharmaceuticals, food,
oil and gas, aerospace and information technology sectors.
Jubilant Enpro Private Limited (JEPL).
JEPL was incorporated as Enpro Services India Limited on November 6,
1991 under the Companies Act. The name of the company was changed to Enpro
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Services India Private Limited on March 5, 1993, further to Enpro Indian Private Limited
on June 1, 1994 and further to Epro India Limited on October 10, 1994. Its name was
subsequently changed to Jubilant Enpro Limited on October 15, 2001 and further to
Jubilant Enpro Private Limited on December 12, 2003.
Mr. Shyam S. Bhartia and Mr. Hari S. Bhartia are the promoters of JEPL. There has been
no change in the control or management of JEPL during the period of three years immediately preceding the
date of filing of this Draft Red Herring Prospectus with SEBI. The equity shares of JEPL are not listed on
any stock exchange.
Issue Detail:
Issue Open : Jan 18, 2010 - Jan 20, 2010
Issue Type : 100% Book Built Issue IPO
Issue Size : 22,670,447 Equity Shares of Rs. 10
Issue Size : Rs. 328.72 Crore
Face Value : Rs. 10 Per Equity Share
Issue Price : Rs. 135 - Rs. 145 Per Equity Share
Market Lot : 40 Shares
Minimum Order Quantity : 40 Shares
Listing At : BSE, NSE
Jubilant FoodWorks Ltd IPO Grading / Rating
Fitch has assigned an IPO Grade 3 to Jubilant FoodWorks Ltd IPO. This means as per Fitch,
company has average fundamentals .
Jubilant FoodWorks IPO Listing Date
Book Running Lead Manager: Kotak Mahindra Capital Company
Limited
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Listing Date: Monday, February 08, 2010
BSE Scrip Code: 533155
NSE Symbol: JUBLFOOD
Listing In: 'B' Group of Securities
Sector: Restaurants
ISIN: INE797F01012
Issue Price: Rs. 145.00 Per Equity Share
Face Value: Rs. 10.00 Per Equity Share
Listing Day Trading Information
140
150
160
170
180
190
200
210
220
230
240
Issue Price: Open: Low: High: Last Trade:
BSE
NSE
BSE NSE
Issue
Price:
145 145
Open: 161.6 160
Low: 161.6 160
High: 241.95 240.9
Last
Trade:
229 229.1
Volume
:
31,753,857 56,963,373
Analysis and interpretation:-From the above table we can analyze the first day performance of the Jubilant FoodWorks ltd , in both
the markets NSE & BSE the issue price is same but opening price is slightly high of 0.6 in BSE than NSE later on,
the low price, highest price and closing is the same in both the markets.
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Number of Times Issue is Subscribed (BSE + NSE)
36%
16%
36%
12%
QIBs
NIIs
RIIs
EmploeeReservation
Subscribers Shares
QIBs 7141192
NIIs 3,060,510
RIIs 7141191
Employee s Reservation 2267044
Total 19609937
From above Pie chart we can understand the percentage of subscription made by QIBs, NIIs, RIIsand employees reservation.
In Jubilant FoodWorks Ltd companys Equity IPOs QIBs hold the major share that is 36%, whereasNIIs hold 16%, RIIs hold 36% and the companys employees reservation is 12%.
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Company :Jubilant FoodWorks Ltd 533155
Period: Jan 2007 to Feb 2014
All Prices in
Month Open High Low Close
Feb-10 161.6 253.1 161.6 226.95
Mar-10 229.8 361.8 229.1 313.65
Apr-10 318 424.8 315.3 339.1
May-10 339.95 347.5 251.65 282.5
Jun-10 282.8 316.15 274.15 303.9
Jul-10 302.65 362.4 300 350
Aug-10 353.7 558 345.3 487.35
Sep-10 492 559 466 472.55
Oct-10 476.7 539.85 476.7 510.45
Nov-10 516 636.45 512 595.8
Dec-10 600.6 670.7 498.8 624.6
Jan-11 630 661 525.75 550.45
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Company :Jubilant FoodWorks Ltd 533155
Period: Year 2008 to Year 2014
All Prices in
Year Open High Low Close
2010 161.6 670.7 161.6 624.6
150
200
250
300
350
400
450
500
550
600
650
700
F e b
- 1 0
M a r - 1 0
A p r - 1 0
M a y - 1 0
J u n - 1
0
J u l - 1 0
A u g - 1 0
S e p - 1
0
O c t - 1 0
N o v - 1 0
D e c - 1 0
J a n - 1
1
P r i c e r a n g e
Period
Monthly wise Performance for first one month
Opening values
High prices
Low prices
Closing values
2 per. Mov. Avg.
(Closing values)
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2011 630 1,021.80 461 753.9
2012 756 1,397.00 732 1,288.10
2013 1,294.05 1,389.95 928 1,267.20
2014* 1,272.00 1,300.70 1,022.10 1,057.35
6. Infinite Computer Solutions
150250350450550650750850950
105011501250
13501450
2010 2011 2012 2013 2014*
P r i c e r a n g e
Period
Five year Annual Performance
Opening price
High price
Low price
Closing price
2 per. Mov. Avg. (Closingprice)
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Infinite Computer Solutions is a global service provider of Infrastructure Management
Services, Intellectual Property (IP) Leveraged Solutions, and IT Services, focused on the
Telecom, Media, Technology, Manufacturing, Power and Healthcare industries. Infinite
Computer services span from Application Management Outsourcing, Packaged Application
Services, Independent Validation and Verification, Product Development and Support, to higher
value-added offerings including Managed Platform and Product Engineering Services.
Infinite Computer's major customers includes Verizon, IBM, ACS, GE and AOL.
Company have 14 offices across the globe, including offices in multiple locations in the US, UK,
India, China, Malaysia, Singapore and Australia. Infinite is one of the leading providers of
telecom- specific offerings to service providers, OEMs and ISVs in the Telecom vertical,
globally. For fiscal year 2008-09, the telecom vertical contributed to 59.4% of their totalrevenues.
Infinite Computer Solutions was founded in 1999 by Sanjay Govil. Infinite is listed on
the Bombay Stock Exchange and the National Stock Exchange of India. Infinite has been ranked
among the Top 20 IT Services providers by the Indian IT Industry body NASSCOM.
Infinite offers consulting and information technology services to companies in
the BFSI, Telecom, Media & Content, Energy & Utilities, and Healthcare fields. Its services
include IT Infrastructure Management Services, Application Management Services, Mobility &
Messaging, and Product Engineering.
In 2007, Infinite acquired US-based telecom firm Comnet International. In 2010, Infinite and
Motorola entered a strategic alliance with Motorola where Infinite would take on Motorola's
messaging business. This created the wholly owned subsidiary Infinite Convergence Solutions.
Infinite was ranked No. 5 in Dataquest's 2010 "India's 20 best IT employers." In August
2011 Forbes named Infinite one of their "Asia's 200 Best Under a Billion" companies.
Infinite's CEO Upinder Zutshi has won "The CEO of the year Award" at ILC 2013.
THE PROMOTER OF THE COMPANY
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The promoter of Infinite Computer Solutions company is Mr. Sanjay Govil
Mr. Sanjay Govil,
Mr. Sanjay Govil, aged 42 years is the promoter and the Non Executive Chairman
of the Company. He is an NRI, settled in USA. He holds the degree of Bachelor of Science
degree in Electrical Engineering from Auburn University and a Master of Science degree in
Electrical Engineering from Syracuse University. In the year 1999 he ventured on his own and
set up this Company and has been the force behind the growth of the Company. Mr. Govil has
extensive work experience with companies like IBM and Verizon Communications.
Objects of the Issue:The objects of the Issue are to achieve the benefits of listing on the Stock Exchanges & to raise capital
to:
1. Capital Expenditure;
2. Acquisitions;
3. Repayment of Debt;
4. General Corporate Purposes;
5. Issue Related Expenses.
Issue Detail:
Issue Open : Jan 11, 2010 - Jan 13, 2010 Issue Type : 100% Book Built Issue IPO
Issue Size : 11,503,000 Equity Shares of Rs. 10
Issue Size : Rs. 189.80 Crore
Face Value : Rs. 10 Per Equity Share
Issue Price : Rs. 155 - Rs. 165 Per Equity Share
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Market Lot : 40 Shares
Minimum Order Quantity : 40 Shares
Listing At : BSE, NSE
Book Running Lead Manager 1. India Infoline Limited &
2. Spa Merchant Bankers Ltd
Infinite Computer Solutions Ltd IPO Grading / Rating
CRISIL has assigned an IPO Grade 2 to Infinite Computer IPO.
This means as per CRISIL, company has below average fundamentals .
Listing Day Trading Information
160
170
180
190
200
210
IssuePrice:
Open: Low: High: LastTrade:
BSE.
NSE
Particulars BSE NSE
Issue Price: 165 165
Open: 178.35 170
Low: 178.35 170
High: 205.8 206
Last Trade: 191.6 191.8
Volume: 16,382,299 24,435,160
Analysis and interpretation:-
From the above table we can analyze the first day performance of the Infinite Computer Solutions ltd
in both the markets NSE & BSE the issue price is similar, whereas both the opening and low price in BSE is
178.35 and in NSE is 170, highest price and closing is the same in both the markets.
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Number of Times Issue is Subscribed (BSE + NSE)
41%
18%
41%
QIBs NIIs
RIIs
SUBSCRIBERS SHARE
QIBs 40260
NIIs 17254
RIIs 40260
TOTAL 97775
Monthly wise Performance for first one Year
From above Pie chart we can understand the percentage of subscription made by QIBs, NIIs, RIIsand employees reservation.
In Infinite Computer Solution Ltd companys Equity IPOs QIBs hold the major share that is 41% ,whereas NIIs hold only 18% and RIIs hold 41%.
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Company :Infinite Computer Solutions (India) Ltd 533154
Period: February 2010 to January 2011
All Prices in
Month Open High Low Close
Feb-10 178.35 221.8 178.35 196.45
Mar-10 197.5 222.9 190 190.85
Apr-10 193.35 201 169.55 172.55
May-10 172.6 199.7 152.75 171.3Jun-10 172.5 177.95 163.05 169.65
Jul-10 170.95 182 166.7 171.65
Aug-10 175 182.85 158.05 159.3
Sep-10 161.1 185.8 157.25 168.4
Oct-10 167.9 173.5 160.3 161.7
Nov-10 162.25 187.5 156.25 169.45
Dec-10 171 189 165 187.25
Jan-11 192 222 175 179.45
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150
160
170
180
190
200
210
220
230
P r i c e r a n g e
Period
Monthly wise Performance for first one Year
Opening values
High prices
Low prices
Closing prices
2 per. Mov. Avg.(Closing prices)
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Year Open High Low Close
2010 178.35 222.9 152.75 187.25
2011 192 222 56.25 60.05
2012 60.65 166.85 60.5 124.15
2013 126 135.8 76.3 131.6
2014* 132 169.7 122 145.4
50
70
90
110
130
150
170
190
210
230
2010 2011 2012 2013 2014*
P r i c e r a n g e
Period
Five year Annual Performance
Opening values
High prices
Low prices
Closing prices
2 per. Mov. Avg.(Closing prices)
First Five year Annual Performance of Infinite Computer solution ltd
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7. Vascon Engineers Limited
Incorporated in 1986, Vascon Engineers Limited is engineering, procurement and
construction services and real estate Development Company with operations in a number of
states and union territories in India. Vascon have significant experience of 23 years in providing
EPC services which include, constructing factories, hospitals, hospitality properties, office and
residential complexes, shopping malls, multiplexes, IT parks and other buildings.
Vascon Engineers third party EPC clients include well-known Indian and multi-national
companies such as Cipla Limited, Emcure Pharmaceuticals Limited, Zensar Technologies
Limited, Kirloskar Brothers Limited, Symbiosis, Okasa Pharma Private Limited, PTC Software
(India) Private Limited and Goa Institute of Management. They have also provided EPC services
to their Subsid iaries and the Other Development Entities projects, such as Marigold, Marisoft
Annex, Weikfield IT Citi Infopark, Vista and Zircon.
In addition to developing and providing EPC services for real estate projects, Vascon also
continue to own or operate certain projects subsequent to their completion. For example, they
own the Vista do Rio, Vascon own an interest in the Galaxy Resorts in Goa, the Golden Suitesservice apartment complex in Pune, and Marigold Premises Private Limited, which owns and
operates the Mariplex mall and office complex. Additionally they are involved in developing a
multi-level car parking for Delhi International Airport.
Vascon Engineers has more than 25 years of experience, conceiving, developing, constructing
and managing varied projects. It is active in multiple sectors including residential, industrial, IT parks,
malls and multiplexes, hospitality and community.
Right from its inception in 1986 Vascon has remained committed to applying the art or value-
based aesthetics into the science of construction through efficient engineering. The Vascon team is
mainly made up of engineers who are backed up by highly qualified specialists from various fields of
management. Right from planning and procurement to testing and execution, every Vascon professional
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follows well-documented system and procedures.
Today, Vascon's achievements range from sprawling factories to premium homes, from glittering
malls to towering software parks and from classy hotels to elegant schools. One simple principle guides
Vascon's approach to every project: "Understand the customer's needs and exceed the expectations"
This is how Vascon has been able to strike the right balance between efficient engineering and
thoughtful development in project after project, across the country.
Company Promoters:
The individual promoters of the Company are:
1. R. Vasudevan;
2. Lalitha Vasudevan;
3. Thangam Moorthy; and
4. Geeta Lulla.
The corporate promoters of the Company are:
1. Vatsalya Enterprises Private Limited;
2. Premratan Exports Private Limited; and
3. Golden Temple Pharma Private Limited.
Objects of the Issue:
The objects of the Issue are to raise funds for
1. Construction of EPC contracts and real estate development projects;
2. Repayment of debt;
3. General corporate purposes; and4. Achieve the benefits of listing on the Stock Exchanges.
Issue Detail:
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Issue Open : Jan 27, 2010 - Jan 29, 2010
Issue Type : 100% Book Built Issue IPO
Issue Size : 10,800,000 Equity Shares of Rs. 10
Issue Size : Rs. 178.20 Crore
Face Value : Rs. 10 Per Equity Share
Issue Price : Rs. 165 - Rs. 185 Per Equity Share
Market Lot : 35 Shares
Minimum Order Quantity : 35 Shares
Listing At : BSE,
NSE
Book Running Lead Manager
Vascon Engineering Ltd IPO Grading / Rating
CRISIL has assigned an IPO Grade 3 to Vascon Engineering Ltd IPO. This means as per CRISIL, company
has ' Average Fundamentals '.
Vascon Engineers IPO Listing Date
Listing Date: Monday, February 15, 2010
BSE Scrip Code: 533156
NSE Symbol: VASCONEQ
Listing In: 'B' Group of Securities
Sector: Realty
ISIN: INE893I01013
Issue Price: Rs. 165.00 Per Equity Share
Face Value: Rs. 10.00 Per Equity Share
1. Enam Securities Private Limited
2. Kotak Mahindra Capital Company Limited
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Listing Day Trading Information
140
150
160
170
180
IssuePrice:
Open: Low: High: LastTrade:
BSE
NSE
BSE NSE
Issue
Price:
165 165
Open: 170 156
Low: 144 145.1
High: 173.45 171.95
Last
Trade:
147.2 148.05
Volume: 5,951,747 9,470,462
Analysis and interpretation:-
From the above table we can analyze the first day performance of the Vascon Engineers ltd , in both the
markets NSE & BSE the issue price is similar, whereas the opening price in BSE goes up with price of Rs.170 but
in NSE it falls down for Rs.156. The low price, highest price and closing is the same in both the markets.
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Number of Times Issue is Subscribed (BSE + NSE)
Company :Vascon Engineers Ltd 533156
Period: Jan 2008 to Feb 2014
All Prices in
Month Open High Low Close
Feb-11 170 173.45 120 121.7
Mar-11 123.8 156.9 119 155.3
Apr-11 154.05 168 148.1 161.7
59%
10%
30%
1%
QIBs
NIIs
RIIs
Employee Resarvation
SUBSCRIBERS SHARES
QIBs 6420000
NIIs 1070000
RIIs 3210000
Employee
Reservation
100000
TOTAL 10800000
From above Pie chart we can understand the percentage of subscription made by QIBs, NIIs, RIIsand employees reservation.
In Vascon Engineers Ltd companys Equity IPOs QIBs hold the major share that is 59%, whereasNIIs hold 10%, RIIs hold 30% and the companys employees reservation is only 1%.
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May-11 162 164 138.1 140
Jun-11 143.85 151.75 130.05 141.4
Jul-11 141.6 151.85 135 141.6
Aug-11 143.9 196.4 138 166.7
Sep-11 169.9 186.5 162.7 165.85
Oct-11 167.05 180 158.75 162.3
Nov-11 165.75 171.5 112.35 141.4
Dec-11 142 147.5 116 140.65
Jan-12 147.5 148.8 110.05 113.55
.
100
110
120
130
140
150
160
170
180
190
200
p r i c e r a n g e
period
Monthly wise Performance for first year
Opening values
High prices
Low prices
Closing prices
2 per. Mov. Avg.(Closing prices)
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Year Open High Low Close
2010 170 196.4 112.35 140.65
2011 147.5 148.8 36 36.55
2012 37.75 63.5 34 63.5
2013 66.4 66.65 16.2 22.95
2014* 23 27.35 18.1 19.6
0
20
40
6080
100
120
140
160
180
200
2010 2011 2012 2013 2014*
P r i c e r a n g e
period
Five yearly Annual Performance
Opeing values
High prices
Low prices
Closing values
2 per. Mov. Avg.(Closing values)
First Five years Annual Performance
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