IPO Market Review for FY2016

RETAIL RESEARCH

13 Apr 2016

We present below a list of IPOs that were floated in FY16. Our observations on them are as under:

A total of 67 issues came out in FY16 to raise Rs.14,346 cr. Out of these, 23 were issues that were listed on the regular segment of BSE/NSE and the balance on
SME segment of these exchanges.

Only 8 issues out of the 23 were oversubscribed by more than 15 times on an overall basis. Two out of 23 were undersubscribed in Retail portion. These two
issues fetched flat or negative returns on listing date / as on date.

10 out of the 23 issues fetched negative returns on listing. Out of these, Shree Pushkar and PNC infra have ended up giving good returns if we look at returns as
of date.

Companies from Logistics, Chemicals, Pharma, Healthcare sectors provided good returns upon listing. Airlines, Chemicals and FMCG stocks added on to the
listing gains.

All in all, these IPOs gave average 6% return on listing date (high low range being +50% and -22%). Hence it becomes important to select the right IPOs to invest
in. Further from among the IPOs that listed at a good gain, one could shortlist stocks that can be added upon listing so as to ride on the subsequent upmove.

Out of 44 IPOs in the SME segment, only 12 stocks gave nil or negative returns upon listing. Among the IPOs that opened in the positive, we could see
companies from the service, trading, restaurant, jewellery, seeds, media, pipes, equipment sectors.

Like in IPOs of the regular segment, the SME IPOs that were listed in nil or negative return territory, continued to generate negative returns till date. Further
some other SME IPOs also turned into negative returns as on date even when they were listed in positive territory on listing date. IPOs that were listed with a
gain of 14%+ expanded their gains smartly if we consider returns as of date (except Loyal Equipments).

Book Building
Oversubscribed

Name
Bharat Wire Ropes Ltd
Healthcare Global Enters Ltd
Quick Heal Technologies Ltd
Team Lease Services Ltd
Precision Camshafts Ltd
Narayana Hrudayalaya Ltd

RETAIL RESEARCH

Industry
Steel
Healthcare
Computers Miscellaneous
Auto Ancillaries
Healthcare

Issue
Close
22-Mar-16
18-Mar-16
10-Feb-16
04-Feb-16
29-Jan-16
21-Dec-15

Issue
Size
Rs.Cr.
70.0
649.6
451.3
423.7
410.2
613.1

FV
Rs
10
10
10
10
10
10

Bid
range
low
Rs.
40.0
205.0
311.0
785.0
180.0
245.0

Bid
Range
High
Rs.
45.0
218.0
321.0
850.0
186.0
250.0

Issue
price
Rs.
45.0
218.0
321.0
850.0
186.0
250.0

Overall
1.0
2.4
4.3
27.0
2.6
24.4

Institutio
ns
2.0
0.4
36.7
185.2
0.7
3.6

Non Institut
ions
2.1
0.8
3.8
10.6
2.0
1.9

Retail
1.2
1.6
10.8
66.0
1.9
8.7

Listing Date
1-Apr-16
30-Mar-16
18-Feb-16
12-Feb-16
8-Feb-16
6-Jan-16

Close
price on
listing
Rs.
45.4
171.0
254.5
1022.0
177.3
336.7

Market
cap on
listing
Rs.Cr.
204.1
1454.4
1781.9
1747.2
1679.4
6880.8

Return
on
listing
1%
-22%
-21%
20%
-5%
35%

CMP Apr
11, 2016
44.3
183.0
226.3
866.3
148.0
298.8

Return
till
date
-1.7%
-16.1%
-29.5%
1.9%
-20.4%
19.5%

Page |1

RETAIL RESEARCH
Dr Lal Pathlabs Ltd
Alkem Laboratories Ltd
S H Kelkar & Company Ltd
Interglobe Aviation Ltd
Coffee Day Enterprises Ltd
Prabhat Dairy Ltd
Sadbhav Infra Proj Ltd
Pennar Eng Building Sys Ltd
Shree Pushkar Chem & Fert
Navkar Corporation Ltd
Power Mech Projects Ltd
Syngene International Ltd
Manpasand Beverages Ltd
PNC Infratech Ltd
UFO Moviez India Ltd

Healthcare
Pharmaceuticals
Chemicals
Transport - Airli
Hotels
Food - Proce
Construction
Steel
Dyes & Pigmen
Miscellaneous
Engineering
Pharmaceuticals
Food - Proces
Construction
Entert / Electro

10-Dec-15
10-Dec-15
30-Oct-15
29-Oct-15
16-Oct-15
04-Sep-15
02-Sep-15
27-Aug-15
27-Aug-15
26-Aug-15
11-Aug-15
29-Jul-15
26-Jun-15
12-May-15
30-Apr-15

631.9
1347.8
508.2
3008.5
1150.0
362.6
491.7
156.2
70.0
600.0
273.2
550.0
400.0
488.4
600.0

10
2
10
10
10
10
10
10
10
10
10
10
10
10
10

540.0
1020.0
0.0
0.0
316.0
140.0
0.0
170.0
61.0
147.0
615.0
240.0
290.0
355.0
615.0

550.0
1050.0
0.0
0.0
328.0
147.0
0.0
178.0
65.0
155.0
640.0
250.0
320.0
378.0
625.0

550.0
1050.0
180.0
765.0
328.0
115.0
103.0
178.0
65.0
155.0
640.0
250.0
320.0
378.0
625.0

63.6
57.2
4.7
17.8
1.8
0.9
3.0
2.2
1.0
6.5
27.5
51.5
2.0
4.5
4.5

61.3
130.0
1.1
3.6
4.4
1.4
1.7
1.4
2.1
0.9
133.2
90.2
0.4
0.7
1.2

4.2
3.2
0.5
0.9
0.5
0.3
1.7
0.4
1.5
1.6
3.4
4.8
1.2
0.3
1.0

33.4
44.3
1.8
6.2
0.9
0.8
2.2
1.2
1.3
2.9
38.1
32.0
1.4
1.6
2.0

23-Dec-15
23-Dec-15
16-Nov-15
10-Nov-15
2-Nov-15
21-Sep-15
16-Sep-15
10-Sep-15
10-Sep-15
9-Sep-15
26-Aug-15
11-Aug-15
9-Jul-15
26-May-15
14-May-15

824.2
1381.5
207.3
878.5
270.2
116.4
106.2
157.5
63.0
166.4
585.8
310.4
326.9
360.2
598.8

6811.2
16517.3
2998.0
31655.5
5565.1
1136.5
3738.9
539.8
190.4
2373.0
861.7
6208.0
1636.0
1848.1
1550.8

50%
32%
15%
15%
-18%
1%
3%
-12%
-3%
7%
-8%
24%
2%
-5%
-4%

1,028.0
1,331.3
237.9
986.4
233.4
115.9
100.1
162.0
136.4
182.7
580.5
359.4
497.1
526.8
490.1

86.9%
26.8%
32.2%
28.9%
-28.8%
0.8%
-2.8%
-9.0%
109.8%
17.9%
-9.3%
43.7%
55.3%
39.4%
-21.6%

MEP Infra Dev Ltd

VRL Logistics Ltd

Construction
Miscellaneous

23-Apr-15
17-Apr-15

324.0
467.9

10
10

63.0
195.0

65.0
205.0

63.0
205.0

1.0
58.2

1.5
250.9

1.0
7.9

1.1
74.3

6-May-15
30-Apr-15

61.0
293.3

990.9
2676.2

-3%
43%

42.1
377.0

-33.2%
83.9%

Book Building - SME

Name
K.P. Energy Ltd

Industry
Power Gen & Supply

Issue Open
15-Feb-16

Issue Close
17-Feb-16

Issue
Size
Rs.Cr.
6.4

Shares
issued
920000

FV
10

Bid
range
low
Rs.
60.0

Bid
Range
High
Rs.
70.0

Issue
price
Rs.
70.00

Listing
Date
25-Feb-16

Open
price
on
listing
Rs.
72.0

Close
price
on
listing
Rs.
71.0

Market
cap on
listing
Rs.Cr.
24.3

Close
price
on
listing
Rs.
8.8
10.5
51.5
101.0
97.9
20.4
58.8
11.4
14.5
12.0
45.1

Market
cap on
listing
Rs.Cr.
0.0
0.0
32.9
58.0
19.9
9.3
60.5
17.1
5.9
5.2
13.5

BSE
code
539686

Return
on
listing
1%

CMP Apr
11, 2016
81.00

Return
till date
15.7%

Fixed Price - SME

Name
CHD Chemicals Ltd
Umiya Tubes Ltd
Wealth First Portfolio Managers Ltd
Khemani Distributors & Marketing Ltd
HEC Infra Projects Ltd
Relicab Cable Manufacturing Ltd
Hi-Tech Pipes Ltd
Sylph Education Solutions Ltd
Ganga Pharmaceuticals Ltd
Vidli Restaurants Ltd
Blueblood Ventures Ltd

RETAIL RESEARCH

Industry
Trading
Steel
Finance & Invest
Trading
Construction
Cables - Power
Steel
Miscellaneous
Pharmaceuticals
Hotels
Finance & Invest

Issue Open
21-Mar-16
18-Mar-16
10-Mar-16
16-Mar-16
10-Mar-16
09-Mar-16
15-Feb-16
10-Feb-16
29-Jan-16
03-Feb-16
21-Jan-16

Issue Close
23-Mar-16
22-Mar-16
18-Mar-16
18-Mar-16
18-Mar-16
14-Mar-16
19-Feb-16
15-Feb-16
11-Feb-16
05-Feb-16
29-Jan-16

Issue
Size
Rs.Cr.
2.0
2.0
8.4
15.8
5.4
3.2
13.7
4.8
1.5
1.3
7.0

Shares
issued
1800000
2000000
1680000
1584000
538800
1608000
2730000
4000000
1024000
1310000
1407000

FV
10
10
10
10
10
10
10
10
10
10
10

Issue
price
Rs.
11.0
10.0
50.0
100.0
100.0
20.0
50.0
12.0
15.0
10.0
50.0

Listing
Date
1-Apr-16
1-Apr-16
30-Mar-16
30-Mar-16
30-Mar-16
22-Mar-16
25-Feb-16
23-Feb-16
22-Feb-16
15-Feb-16
8-Feb-16

Open
price
on
listing
Rs.
9.2
10.5
52.0
105.0
102.0
20.0
60.0
11.7
14.5
12.0
51.0

BSE
code
539800
539798
539788
539760
539682
539680
539659
539637

Return
on
listing
-20%
4%
3%
1%
-2%
2%
18%
-5%
-3%
20%
-10%

CMP Apr
11, 2016
7.2
9.2
50.0
100.8
95.0
20.1
62.8
9.5
13.1
32.4
42.0

Return
till
date
-34.2%
-8.0%
0.0%
0.8%
-5.0%
0.5%
25.5%
-20.8%
-12.9%
224.0%
-16.0%

Page |2

RETAIL RESEARCH
Fourth Dimension Solutions Ltd
OFS Technologies Ltd
Suncare Traders Ltd
Navigant Corporate Advisors Ltd
Perfect Infraengineers Ltd
Tejnaksh Healthcare Ltd
Patdiam Jewellery Ltd
Cawasji Behramji Catering Services Ltd
Ahimsa Industries Ltd
Vaksons Automobiles Ltd
Vishal Bearings Ltd
Bella Casa Fashion & Retail Ltd
Shaival Reality Ltd
Sri Krishna Constructions (India) Ltd
P. B. Films Ltd
H K Trade International Ltd
Universal Autofoundry Ltd
Oyeeee Media Ltd
Mangalam Seeds Ltd
Emkay Taps & Cutting Tools Ltd
Pecos Hotels & Pubs Ltd
Amrapali Fincap Ltd
Loyal Equipments Ltd
Gala Print City Ltd
Majestic Research Services & Solutions Ltd
Jiya Eco-Products Ltd
M.D. Inducto Cast Ltd
VMV Holidays Ltd
Mishka Exim Ltd
Ambition Mica Ltd
Junction Fabrics and Apparels Ltd
Funny Software Ltd

Computers
Computers - Software
Trading
Finance & Invest
Engineering
Healthcare
Diamond Cutting
Hotels
Plastics Products
Trading
Bearings
Textiles - Products
Construction
Construction
Entert / Electr
Packaging
Castings & Forgings
Entert / Electr
Miscellaneous
Engineering
Hotels
Finance & Invest
Engineering
Printing & Stationery
Miscellaneous
Miscellaneous
Steel
Travel Agencies
Trading
Miscellaneous
Textiles
Computers

30-Dec-15
28-Dec-15
15-Dec-15
30-Nov-15
30-Oct-15
30-Sep-15
30-Sep-15
29-Sep-15
24-Sep-15
28-Sep-15
28-Sep-15
28-Sep-15
15-Sep-15
10-Sep-15
01-Sep-15
31-Aug-15
19-Aug-15
13-Aug-15
29-Jul-15
27-Jul-15
23-Jul-15
20-Jul-15
03-Jul-15
30-Jun-15
30-Jun-15
29-Jun-15
30-Jun-15
29-Jun-15
26-Jun-15
23-Jun-15
25-Jun-15
14-May-15

07-Jan-16
31-Dec-15
18-Dec-15
07-Dec-15
04-Nov-15
12-Oct-15
05-Oct-15
05-Oct-15
01-Oct-15
01-Oct-15
30-Sep-15
30-Sep-15
18-Sep-15
15-Sep-15
07-Sep-15
03-Sep-15
21-Aug-15
19-Aug-15
31-Jul-15
30-Jul-15
28-Jul-15
22-Jul-15
07-Jul-15
06-Jul-15
02-Jul-15
02-Jul-15
02-Jul-15
01-Jul-15
30-Jun-15
30-Jun-15
29-Jun-15
20-May-15

8.7
4.3
24.2
1.2
5.8
2.4
5.0
1.9
3.8
6.2
3.2
3.4
5.3
11.3
5.0
2.3
3.2
15.9
5.7
15.6
2.3
42.5
3.2
3.0
1.4
4.6
17.2
1.6
5.5
4.3
1.6
4.6

2892000
1704000
3784000
850000
2508000
304000
1317000
1330000
1518000
2400000
1296000
2450000
528000
2520000
5000000
1272000
2160000
3975000
1140000
471200
459000
3540000
1800000
1266000
1120000
2412000
6384000
1560000
5450000
1074000
1000000
3280000

10
10
10
10
10
10
10
10
10
10
10
10
10
10
10
10
10
10
10
10
10
10
10
10
10
10
10
10
10
10
10
10

30.0
25.0
64.0
14.0
23.0
80.0
38.0
14.0
25.0
26.0
25.0
14.0
100.0
45.0
10.0
18.0
15.0
40.0
50.0
330.0
50.0
120.0
18.0
24.0
12.8
19.0
27.0
10.0
10.0
40.0
16.0
14.0

22-Jan-16
14-Jan-16
29-Dec-15
18-Dec-15
20-Nov-15
27-Oct-15
16-Oct-15
19-Oct-15
15-Oct-15
16-Oct-15
15-Oct-15
15-Oct-15
1-Oct-15
1-Oct-15
22-Sep-15
14-Sep-15
4-Sep-15
2-Sep-15
12-Aug-15
13-Aug-15
11-Aug-15
5-Aug-15
16-Jul-15
16-Jul-15
16-Jul-15
16-Jul-15
16-Jul-15
14-Jul-15
13-Jul-15
14-Jul-15
10-Jul-15
2-Jun-15

31.8
26.8
64.7
14.2
26.0
80.0
43.0
15.3
26.0
26.3
26.0
14.3
100.5
39.9
9.5
18.5
16.0
45.0
55.0
334.0
56.0
122.3
20.1
24.5
14.0
21.8
28.1
10.3
14.0
45.0
17.5
13.5

36.0
27.4
64.4
13.8
25.1
76.0
45.2
16.0
26.0
27.0
27.3
14.7
100.5
41.9
9.5
18.3
16.0
45.0
57.8
333.1
53.3
121.0
21.1
24.1
14.7
21.0
29.5
10.5
13.5
45.2
17.3
13.5

39.2
17.5
36.1
4.3
19.4
8.4
19.5
8.0
14.2
17.8
13.1
13.6
0.0
39.8
13.7
4.8
13.0
66.7
24.8
59.3
7.0
162.6
14.3
11.5
6.1
18.8
71.1
5.9
19.5
17.9
4.7
16.7

539570
539526
539521
539428
539401
539403
539402
539398
539399
539363
539352
539337
539314
539310
539275
539273
539265
539227
539228
539229
539225
539226
539222
539220
539223
539216
539169

20%
9%
1%
-2%
9%
-5%
19%
14%
4%
4%
9%
5%
0%
-7%
-5%
2%
7%
13%
16%
1%
6%
1%
17%
0%
15%
11%
9%
5%
35%
13%
8%
-4%

81.0
15.8
27.4
7.3
17.3
78.0
100.0
31.5
44.3
25.8
29.0
22.0
102.2
33.3
5.0
15.8
33.0
37.2
70.1
335.0
54.0
91.0
14.0
25.2
71.0
25.9
41.5
13.4
22.0
52.0
16.0
9.5

169.8%
-36.8%
-57.2%
-48.2%
-24.8%
-2.5%
163.2%
125.0%
77.0%
-1.0%
16.0%
57.1%
2.2%
-26.0%
-50.0%
-12.5%
120.0%
-7.0%
40.2%
1.5%
8.0%
-24.2%
-22.2%
4.8%
456.9%
36.3%
53.7%
33.5%
120.0%
30.0%
0.0%
-32.4%

Source:Capitaline Database

RETAIL RESEARCH

Page |3

RETAIL RESEARCH
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opinions, estimates, ratings, target price, entry prices and/or other parameters mentioned in this document may or may not match or may be contrary with those of the other Research teams (Institutional,
PCG) of HDFC Securities Ltd. HDFC Securities Ltd. is a SEBI Registered Research Analyst having registration no. INH000002475."

RETAIL RESEARCH

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