"ipo" — ✅ خرید وی پی ان ❇ ip ثایت vPn آی پی اختصاصی ◐

سپتامبر 27, 2022

This Unicorn Achieved What Paytm, Zomato and Policy Bazaar Couldn’t

With so much going for it, a blockbuster opening was certainly on the cards. Alas, that was not the case. The stock made a rather cold debut on the stock exchange. Despite the overwhelming subscription, it rose just 13.5% on the listing day, making it the worst debut of the time amongst stocks that were oversubscribed 100x or more. I hope you remember the famous dictum that time is the friend of a good business and the enemy of a bad one. While we are yet to decide whether the business is good or bad, the time was certainly a good friend of the investors who didn’t sell on the listing day and stayed put. Since its listing price of ₹212, the stock has almost doubled. Yes, you heard that right. Despite its poor listing, the stock has done exceedingly well. For perspective, Unicorns like Paytm, Zomato and Policy Bazaar have all crashed since their IPOs and caused huge wealth destruction. However, this stock has bucked the trend and how. It has left all the three, way behind. But wait. Why am I comparing this stock to start-up Unicorns like Paytm and Zomato and not to some other stocks? Well, simply because the stock that I am referring to, Easy Trip Planners, is also a startup Unicorn. And while it may not be as famous as the other high-profile names, it has certainly beaten its fancier counterparts when it comes to shareholder wealth creation. I think the main reason is that unlike stocks like PayTm and Zomato, Easy Trip Planners ticks both, the quantitative as well as the qualitative boxes. Hope you remember Ben Graham’s famous definition of an investment. An investment operation is one which upon thorough analysis, promises safety of principal and a satisfactory return. Operations not meeting these requirements are speculative. However, there’s another definition of investment that Graham has come up with but is not as famous as the first one. Here it is. An investment operation is one that can be justified on both qualitative and quantitative grounds. Now, what is qualitative and quantitative? Let us find out. Graham was of the view that an analysis of any stock or bond is of two types. Qualitative analysis and quantitative analysis. Quantitative analysis consists mainly of a study of the financial statements of the company. These are things like the debt-to-equity ratio, the earnings growth and the earnings power, dividend history, assets and liabilities and operating statistics like the return ratios and the profit margins and others. Qualitative analysis on the other hand, consists mainly of the nature of the business, its prospects mainly and the quality of the management. So, if I were to take some of the best companies in India say like Page Industries or Asian Paints or even Titan Industries for that matter, their historical growth rates, their return ratios, their margins will all come under the quantitative analysis.
However, their prospects, the quality of their management and their competitive advantages will all form a part of qualitative analysis. Now, the question is, which one of the two should you give more importance to? Qualitative analysis or quantitative analysis? Well, as Ben Graham’s second definition of investment suggests, an investor should not invest in a stock unless it satisfies both the quantitative as well as the qualitative criteria. And I think this is where Easy Trip Planners steals a march over its high-profile peers like PayTm, Zomato and Policy Bazaar. These three Unicorns may be ticking all the boxes when it comes to qualitative parameters. They might have great prospects and they may have a stellar management team at the helm. However, the quantitative aspect is where they have performed extremely poorly. None of these three Unicorns are profitable yet. They are still burning huge cash year after year and need constant infusion of funds. This is certainly not a great position to be in from a quantitative standpoint. Now, consider Easy Trip Planners from the same quantitative standpoint. The company has not had a single year of loss in the last 12 years, has managed to double its topline and grow its profits by 5x between FY17 and FY22 and has even started paying dividends FY21 onwards. Of course, not to forget an almost debt free balance sheet. Besides, if you go through the company’s website and try to get a feel of the management quality, you are likely to come away impressed. Here’s a paragraph that I liked in particular. We have not required any equity infusion subsequent to our original incorporation requirements, and we have historically financed our working capital requirements and the expansion of our business and operations primarily through funds generated from our operations and debt financing. Isn’t that praiseworthy? Other Unicorns like Zomato, PayTm and Policy Bazaaar may be growing their topline faster than Easy Trip Planners. However, if that growth is coming with an even bigger hole on the P&L statement, then it is of little use in my view. Contrast this with Easy Trip Planners where the management seems to have walked the talk when it comes to both managing the business as well as capital allocation. Little wonder, investors have rewarded the company with a significant growth in market valuation even as others have eroded the same. I think this is a good case study on the kind of Unicorns that one should look for. The approach shouldn’t be any different than how you assess other listed companies. The stock should tick both the qualitative as well as quantitative boxes rather than just selling a story of how the future is all roses and sunshine even as the past and the present are all dark and disappointing. Disclaimer: This article is for information purposes only. It is not a stock recommendation and should not be treated as such. This article is syndicated from Equitymaster.com

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سپتامبر 6, 2022

DreamFolks Services dazzles on debut, stock zooms 56% over issue price

DreamFolks Services made a strong stock market debut, with its shares listed at Rs 508.70, a 56 per cent premium when compared with the issue price of Rs 326 per share on the National Stock Exchange (NSE) on Tuesday. On the BSE, the stock opened at Rs 505, a 55 per cent premium over its issue price.
At 10:04 am; Dreamfolks traded at Rs 495.85, a solid 52 per cent higher against its issue price. The stock hit a high of Rs 550 on the BSE and Rs 549 on the NSE in intra-day trades so far.
DreamFolks is a dominant player and India’s largest airport service aggregator platform having a unique, asset light, capital efficient business model.
DreamFolks’ provides services to all the card networks operating in India including Visa, MasterCard, Diners/Discover and RuPay and many of India’s prominent card issuers including ICICI Bank, Axis Bank, Kotak Mahindra Bank, HDFC Bank and SBI Cards. It has been an asset-light business model gaining the preference of air travelers.
The initial public offering (IPO) of Dreamfolks Services received strong response from the investors with issue got subscribed 57 times. The institutional investor portion was subscribed 70.5 times, the wealthy investor portion by 37.6 times, and the retail investor portion by 43.6 times.
DreamFolks plans to replicate its deep knowledge of the industry, technology innovation, process expertise and business model across new high growth markets/sectors.
The company enjoys over 95 per cent market share in card based lounge access with its asset light business model. While valuation based on FY22 look stretched, the full business recovery will be visible from FY23. Given the monopolistic nature of business and further growth potential in the air travel and credit card segment, analysts ICICI Securities had recommended SUBSCRIBE to this issue for listing gains.
The company has high reliance on card networks and card issuer companies. The competition from global players like Priority Pass and Dragon Pass are key risks & concerns, the brokerage firm had said in an IPO note.
Aviation sector is one of the fastest growing sectors in India. The need for high speed mobility across the subcontinent facilitates the growth of the aviation sector in India. Accordingly, the company has a unique business proposition amongst its customer base and also has an aspirational brand image which augurs well for the company in the long term. Considering the future prospect for the company and it being placed at a sweet spot as the first mover advantage, the brokerage firm Anand Rathi Share and Stock Brokers had said in an IPO note.
The company’s superb listing can be attributed to positive market sentiments, bright future prospects, and a phenomenal response from investors. The Indian aviation industry is at the cusp of exponential growth in the next two decades due to its demographic advantages, the potential growth in middle-class income, rising business travel, reduced cost of air travel and increased travel in Tier-2 and Tier-3 destinations. The company will be one of the biggest beneficiaries of the rising air travel in India and due to its first mover advantage and dominant position in the lounge access market, the company is poised to grow exponentially in the future, said Santosh Meena, Head of Research, Swastika Investmart.

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آگوست 25, 2022

DreamFolks Services IPO: Grey market premium jumps 15% on strong demand

The 3-day initial public offering (IPO) of Dreamfolks Services continues to do well on the second day of subscription. As of 12:00 pm, the overall issue was subscribed over 3 times, led by retail investors, non institutional investors (NIIs) and qualified institutional buyers (QIBs) with 12.09 times, 2.64 times, and 0.26 times, respectively. The issue is open till Friday, August 26.

In the grey market, shares of Dreamfolks Services were trading at Rs 75 per share, which implies listing at Rs 401 per share against the upper price band of issue price. The shares jumped over 15 per cent from Rs 65 per share in the grey market after a strong retail response, shows data by IPO Watch. The company has set the price band of the IPO in the range of Rs 308 to Rs 326 apiece. The issue is entirely an offer for sale (OFS) of up to 1.72 crore equity shares with a face value of Rs 2 by its promoters.

“The small retail portion of 10 per cent, favourable secondary market conditions, recovery in primary markets, and the company’s monopolistic market position in the airport lounge aggregation industry is fueling strong attraction among investors,” said Manan Doshi, co-founder of Unlisted Arena.

At present, the company facilitates all the 54 lounges operational in India and enjoys market share of over 80 per cent in the domestic lounge access market. Therefore, analysts at ICICI Direct believe that the company’s future growth potential in the air travel and lounge industry would act as a favourable subscription for investors. Hence they recommend a ‘subscribe’ for listing gains.

On the flipside, the rich valuations and lower margins cast a shadow on the public offer, warn analysts. “Since the Rs 562 crore Dreamfolks Services IPO is 100 per cent OFS, it will continue to elude QIBs and NIIs. Despite Ebitda margins declined by 430 basis points (bps) during fiscal year FY20 to FY22, the issue is over-valued at 104.8 times of FY22 P/E of the IPO’s upper price band. Hence, we share the ‘unsubscribe’ stance on the counter,” said Vinit Bolinjkar, Head of Research, Ventura Securities.

Likewise, analysts at Religare Broking, too, believe that the company’s financials have not been consistent as it got impacted by the pandemic in FY21. Both revenue and profit-after-tax (PAT) saw a de-growth of 12 to 28 per cent CAGR between FY20-22. The brokerage firm shares a ‘neutral’ rating on the counter.

Earlier, the airport aggregator platform services garnered Rs 253 crore from anchor investors, with a host of mutual fund houses, investment banks, insurance institutions among the lineup. Among the lot, Smallcap World Fund was the largest bidder for the 28.4 per cent of the total offered portion. Aditya Birla Sun Life Small Cap, Aditya Birla Sun Life Multicap were among the other top three investors.

The IPO allotment will be finalised on September 1, 2022 and is likely to list on the exchanges on September 6, 2022.

ژوئن 3, 2022

Aether Industries locked at upper circuit after listing at 10% premium

Aether Industries’ shares were locked at the upper circuit on Friday, after debuting at Rs 706 apiece on the BSE, a 10-per cent premium over its issue price of Rs 642. The stock opened at Rs 704 on the National Stock Exchange (NSE).
At 10:02 AM, the shares were 21 per cent higher against the issue price, at Rs 776.75, with only buyers on the counter of the specialty chemical manufacturer. A combined 3.8 million equity shares had changed hands and there are pending buy orders for 1.2 million shares on the NSE and BSE, exchange data shows. In comparison, the S&P BSE Sensex was up 1 per cent at 56,387 points.
The Rs 800-crore initial public offer (IPO) was subscribed 6.26 times. The qualified institutional buyers (QIBs) category was subscribed 17.57 times, the non-institutional investor’s category was subscribed 2.52 times, and the retail investor’s category was subscribed 1.14 times.
Aether plans to utilise Rs 627 crore of fresh issue to fund capital expenditure requirements of Greenfield projects, repayment of outstanding borrowings, and general corporate purposes.
The Gujarat-based company focuses on producing advanced intermediaries and specialty chemicals that involve complex and differentiated chemistry with technology as core competencies. Analysts believe that Aether’s multiple chemistry competencies to use for a wide array of products makes it a distinguished market player than other chemical companies.
According to Frost & Sullivan, Aether’s revenue for its key products has grown much faster than the industry highlighting that it is able to take away market share from its competitors, which are mostly in China.
“The company benefits from the established relationships with multinational, regional and local customers. In particular, the company proposes to introduce new products with varied applications across industries. The company also is looking to connect with existing and potential customers where it can support them with its CRAMS and contract / exclusive business models,” IIFL Securities had said in IPO note.
While the issue was priced at a P/E of 72.30 based on annualized FY22 numbers, Aayush Agrawal, Senior Analyst, Swastika Investmart believes that the company deserves this premium multiple due to its phenomenal growth prospects. Post listing, long-term investors may accumulate the stock, he suggests.
Analysts at ICICI Securities, too, said Aether is a niche player in the speciality chemical business and enjoys dominating market share in few select products with high margins. However, they opine that the valuations (~58.9x EV/EBITDA and ~72.4x P/E for 9MFY22 (annualised)) look demanding at the upper price band.
“The company derives a major chunk of revenues from marquee customers without having long term contracts with all of these customers. The dependency on certain industries for significant portion of sales and dependency on certain export incentives,” the brokerage firm had said in IPO note.

ژوئن 1, 2022

eMudhra makes decent debut, stock lists at 6% premium to issue price

eMudhra has made a decent stock market debut, as its shares got listed at Rs 271, a 6 per cent premium when compared with the issue price of Rs 256 per share on the BSE on Wednesday. On the National Stock Exchange (NSE), the stock opened at Rs 270 per share.
At 10:03 am; eMudhra traded at Rs 267, 4 per cent higher as against the issue price on the BSE. The stock hit a high of Rs 279 and a low of Rs 263.90 per share on the BSE so far. A combined 2.4 million equity shares changed hands on the BSE and NSE.

The initial public offer (IPO) of eMudhra had received a decent subscription with the issue subscribed at 2.72 times. The qualified institutional buyers (QIBs) category was subscribed 4.05 times. The retail investors category was subscribed 2.61 times and the non-institutional investors category was subscribed 1.28 times.
The company proposes to utilize the net proceeds of the fresh issue towards funding prepayment or repayment in part of all or certain borrowings availed by the company, funding its working capital requirements, purchase of equipment and funding of other related cost for data centers proposed to be set up in India and overseas locations and others.
eMudhra is engaged in the business of providing Digital Trust Services and Enterprise Solutions to individuals and organizations functioning in various industries. It has strong digital signature certificate expertise and is the only Indian company to be directly recognized by renowned browsers and document processing software companies such as Microsoft, Mozilla, Apple, and Adobe, allowing it to sell digital identities to individuals and organizations worldwide and issue SSL/TLS certificates for website authentication.
eMudhra has an established position as licensed Certifying Authorities (CA) with a strong network of channel partners, a diverse customer base and it will be using part of the IPO proceeds to grow in overseas markets as well improve its data center infrastructure. However, the scale of operation is relatively modest and digital security and paperless transformation market is highly competitive, analyst at Angel One said in an IPO note.
With strong market share and robust customer retention ratio (96 per cent & 88 per cent in Digital Services and Enterprise Solutions respectively), we believe the company has first mover advantage and is well poised to encash on growth opportunity from the growing IT/Digitization space. In terms of end-users, Banking, Education and Manufacturing sectors are likely to drive growth for players like eMudhra, SBI Securities had said in a note.