IPO mart on a high: Here is what's making headlines in primary market
Dilip Buildcon's IPO is scheduled to hit the market next week while PNB Housing Finance has filed the draft red herring prospectus for Rs 2,500 crore issue.27-07-2016
27-07-2016
Dilip Buildcon IPO Draft Red Herring Prospectus(DRHP)
Sebi hosted direct Link Dilip Buildcon IPO Draft Red Herring Prospectus(DRHP). DRHP summary, financials, revenue and profit statements can be found here.27-07-2016
Dilip Buildcon IPO Issue details and Financials
Issue Period: Aug 01, 2016 - Aug 03, 2016 Price Band: Rs. 214 - Rs. 219 (per equity share) Core business of the company is undertaking construction projects across India in the roads and irrigation sectors. They specialize in constructing state and national highways, city roads, culverts and bridges. As a result of the natural growth of road construction business, as well as the recent government support to the infrastructure sector and rising opportunities in new business areas, they have recently expanded into irrigation and urban development businesses. The company has experienced high growth in recent years and the businesses could continue to grow significantly. They have achieved a CAGR of 38.18% of revenue growth on a consolidated basis for the five year period ended March 31, 2016. Dilip Buildcon Ltd. IPO - Issue Details: Issuer Dilip Buildcon Ltd Issue Type 100% Book Built Issue IPO Issue Period Issue Opens: Monday, Aug 01, 2016 Issue Closes: Wednesday, Aug 03, 2016 Price Brand Rs.214 - Rs.219 per equity share Issue Size(Rs.) 653.98 Crores Face Value Rs.10 per Equity Share Bid Lot 65 Equity share and multiples thereafter Maximum Bid amount for Retail Rs. 2 Lakhs QIB* At least 50% of the Offer (1,49,30,987 Equity Shares) NIB Up to 15% of the Offer (44,79,297 Equity Shares) Retail Individual Bidders Up to 35% of the Offer (1,04,51,692 Equity Shares) Mode of Payment ASBA Mandatory (No Cheque will be accepted) Registrar Link Intime India Private Limited Listing NSE and BSE Book Running Lead Managers Axis Capital, JM Financial, IIFL Holdings, PNB Investment Services Objects of the IPO: Purchase of engineering equipments Pre-payment or scheduled repayment of a portion of term loans availed by our Company To meet working capital requirements General Corporate Purposes. IPO Strategies: Continue focusing on enhancing execution efficiency Expand our geographical footprint Diversify into new businesses Maintain financial discipline Attract and retain talented employees Explore BOT projects opportunistically to optimize our project portfolio Actively bid for new projects Public issue of 2,98,60,976 equity shares of Rs. 10/- each (“equity shares”) of Dilip Buildcon Limited (Company or Issuer). SUMMARY STATEMENT OF PROFITS AND LOSSES, AS RESTATED: Particulars FY 15 FY 14 FY 13 FY 12 FY 11 Revenue Revenue From Operations (Net) 40,853.25 26,241.00 23,158.21 19,106.61 11,872.02 Other Income 153.89 60.44 65.57 24.81 26.2 Total Revenue 41,007.14 26,301.44 23,223.78 19,131.42 11,898.22 Expenses Cost of Construction 20,331.62 12,573.66 10,861.12 8,344.47 5,858.03 Changes In Inventories Of Finished Goods,Work InProgress And Stock In Trade 9,838.44 6,750.86 6,594.71 5,227.10 3,129.89 Employee Benefit Expenses 712.57 363.03 243.1 251.17 147.71 Financial Costs 3,804.64 2,587.42 1,551.20 1,048.07 572.4 Depreciation And Amortisation Expenses 1,834.88 1,179.34 788.1 709.22 428.88 Other Expenses 1,978.22 897.96 758.92 564.06 121.71 Total Expenditure 38,500.37 24,352.28 20,797.15 16,144.09 10,258.62 Net Profit Before Exceptional and ExtraordinaryItems and Tax 2,506.77 1,949.15 2,426.63 2,987.33 1,639.60 Prior period Items - - - - - Net Profit before Tax 2,506.77 1,949.15 2,426.63 2,987.33 1,639.60 Less: Current Tax 589.28 438.23 510.6 648.3 480.35 Reversal of Excess Provision - - - - - Deferred Tax 229.36 438.37 131.97 1.78 79.62 MAT Credit -510.81 -385.23 -158.75 -171.65 - Net Profit After Tax, As Restated Available ForAppropriation 2,198.94 1,457.78 1,942.81 2,508.91 1,079.63 SUMMARY STATEMENT OF ASSETS AND LIABILITIES, AS RESTATED: Particulars FY 16 FY 15 FY 14 FY 13 FY 12 Equity and liabilities Shareholders’ Fund (a) Share Capital 1,171.35 1,171.35 592.38 592.38 592.38 (b) Reserve & Surplus 9,753.76 7,558.34 6,691.29 4,760.04 2,262.40 Less: Revaluation Reserve - - - - - Net Reserve and Surplus 9,753.76 7,558.34 6,691.29 4,760.04 2,262.40 Non-current liabilities (a) Long Term Borrowings 7,166.75 5,462.97 1,774.86 1,682.26 2,361.35 (b) Deferred Tax Liabilities (net) 936.56 707.2 267.63 135.66 133.9 (c) Long Term Provisions 144.35 86.78 64.63 44.16 13.7 (d) Other Long Term Liabilities 2,212.12 2,144.28 1,960.35 1,339.15 745.97 Current liabilities (a) Short Term Borrowings 14,906.10 14,127.93 8,161.92 4,573.49 1,533.28 (b) Trade Payables 10,231.89 8,278.03 4,642.44 2,492.63 652.87 (c) Other Current Liabilities 6,746.34 5,957.95 3,472.10 3,757.68 4,779.96 (d) Short Term Provisions 70.18 56.64 222.84 536.28 301.63 Total 53,339.40 45,551.47 27,850.44 19,913.73 13,377.44 Fixed Assets (i) Tangible Assets 14,175.56 11,875.34 6,373.09 5,463.92 5,327.30 Less: Revaluation Reserve - - - - Net Tangible Assets 14,175.56 11,875.34 6,373.09 5,463.92 5,327.30 (ii) Intangible Assets 28.37 14.69 17.76 11.06 4.01 (iii) Capital Work In Progress - Tangible Capital Work In Progress - - - - - - Intangible Capital Work In Progress - - - 1.19 2.85 (iv) Cost of Control/Goodwill (b) Non Current Investments 2,898.18 2,789.18 1,830.28 951.78 586.63 (c) Deferred Tax Assets (net) - - - - - (d) Long Term Loans and advances 2,018.77 2,571.35 888.07 1,006.24 679.12 (e) Other non current assets 812.48 1,193.53 448.43 325.59 471.48 Current assets (a) Current Investments - - - - - (b) Inventories 15,803.47 9,476.23 5,219.42 3,628.07 1,972.06 (c) Trade Receivables 12,103.08 12,636.48 10,583.28 6,707.15 2,745.97 (d) Cash and Bank Balances 1,059.31 2,341.88 668.31 521.35 928.22 (e) Short Term Loans and advances 4,440.18 2,652.79 1,821.80 1,297.38 659.8 (f) Other Current Assets - - - - - Total 53,339.40 45,551.47 27,850.44 19,913.73 13,377.44 Source for Note: DRHP, Karvy26-07-2016
Dilip Buildcon IPO: Key metrics to watch out for
Dilip Buildcon IPO will open on 1 August and close on 3 August; it has set a price band of Rs214-219 per share25-07-2016
Dilip Buildcon reaped rich with wait-and-watch approach
Dilip Buildcon avoided the pitfalls of many infrastructure giants during the UPA-II years by steering clear of toll projects and instead sub-contracting work from larger players. Today its order book eclipses that of former contractors. For Dilip Buildcon, which is preparing to list on the bourses this year, the strategy has kept it in good stead. It closed FY2016 with a topline of Rs 4,000 crore. Its annual profit after tax was estimated to be Rs 250 crore in the period, making it one of the largest road building companies in the country.14-06-2016