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|
Company |
Vision Organics
|
Market Price |
Not listed |
Lead manager |
Fedex Securities
|
Listing At |
Vadodara, BSE, NSE
|
Opening/Closing |
October 19/October 21
|
Promoters |
Jatin H Shah, Nayana Shah
|
Associate Co. |
Aims Chemicals Pvt Ltd
|
Managing Director |
Jatin H Shah
|
Post-issue Stake |
64.97%
|
Issue |
|
Size |
Rs 415 million
|
Price |
Rs 40 |
On Application |
Rs 10
|
On Allotment |
Rs 30
|
Objective |
Expand capacity, working capital
|
Business |
|
Current |
PVC plasticizers manufacturing
|
Project |
Capacity expansion
|
Location |
Vadodara
|
Project cost |
Rs 334.13 million
|
Funded by |
Equity, term loan, internal accruals |
Kensource projections |
(2001) |
Sales |
Rs 1010 million
|
Profit |
Rs 76 million
|
Earnings per share |
Rs 7.32
|
Forward P/E |
5 |
Post-issue equity |
Rs 103.5 million
|
Return on equity |
29%
|
Comment |
Turnover growth has slowed down, poor profit margins. Industry growth is only 8-9%. Not much upside from this price
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Rating *
|
D
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* A=Subscribe & Hold; B = Subscribe & Watch; C=Subscribe & Sell; D = Avoid; E = Buy post-listing
By Kensource Information Services Pvt Ltd.
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IPO Analysis
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