IPO Analysis

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05-Jan-2019   15:14 Hrs IST KPI Global Infrastructure coming up with an IPO to raise Rs 39.94 crore <p align="justify"><strong>KPI Global Infrastructure</strong><ul><li><div align="justify">KPI Global Infrastructure is coming out with an initial public offering (IPO) of 49,92,000 equity shares of face value of Rs 10 each for cash at a fixed price of Rs 80 per equity share.</div></li><li><div align="justify">The issue will open on January 8, 2019 and will close on January 11, 2019.</div></li><li><div align="justify">The shares will be listed on SME Platform of BSE.</div></li><li><div align="justify">The share is priced 8 times of its face value of Rs 10.</div></li><li><div align="justify">Book running lead manager to the issue is Vivro Financial Services.</div></li><li><div align="justify">Compliance Officer for the issue is Rajvi Upadhyay.</div></li></ul><p align="justify"><strong>Profile of the company</strong><p align="justify">The Company was incorporated as KPI Global Infrastructure Limited on February 01, 2008 under the Companies Act, 1956 in the state of Maharashtra vide Certificate of Incorporation issued by the Registrar of Companies, Maharashtra, Mumbai. The Company obtained Certificate of Commencement of Business on August 22, 2008 issued by Registrar of Companies, Maharashtra, Mumbai.<p align="justify">It is a solar power generating Company focused on providing solar power, both as an Independent Power Producer (IPP) under the brand name of ‘Solarism' and as service provider to Captive Power Producer (CPP) customers. It builds, owns, operates and maintains grid connected solar power projects as IPP and generate revenue by entering into Power Purchase Agreements (PPA) with third parties for selling power units generated through its solar projects. It also develops transfers, operates and maintains grid connected solar power projects for CPP customers and generate revenue by selling these projects to CPP customers for their captive use requirements. Both these businesses, IPP and CPP, are currently carried out from its plant located at Bharuch, Gujarat. The company has also established a 13.25 km long 66 KV transmission line from its Plant to the Gujarat Energy Transmission Corporation Limited (GETCO) substation located at Amod, Bharuch, Gujarat, for evacuation of the solar power generated at the Plant.<p align="justify"><strong>Proceed is being used:</strong><ul><li><div align="justify">To part finance setting up a 25 MW Solar Power Project at Sudi village, Samiyala village, Tanchha village located in Amod Tehsil in Bharuch district of Gujarat (Proposed Project / Unit II)</div></li><li><div align="justify">For General Corporate Purposes</div></li></ul><p align="justify"><strong>Industry Overview</strong><p align="justify">India has the fifth largest power generation capacity in the world. The country ranks third largest producer and third largest consumer of electricity in the world, with the installed power capacity reaching 343.90 GW as of June 2018. During the FY18, the electricity production in India was 1,201.543 BU, which has been growing at a CAGR of 5.69 percent over the period of FY10–FY18.<p align="justify">Renewable energy is fast emerging as a major source of power in India. Wind energy is the largest source of renewable energy in India, accounting for 49.33 percent of total installed capacity 69.02 GW. There are plans to double wind power generation capacity to 60 GW by 2022. India has also raised the solar power generation capacity addition target by five times to 100 GW by 2022. The Union Government of India is preparing a 'rent a roof' policy for supporting its target of generating 40 GW of power through solar rooftop projects by 2022. In March 2017, the Power Ministry has launched an application named - GARV-II, to provide real time data related to rural electrification regarding all un-electrified villages in India. A total of 18,374 villages out of 18,452 un-electrified villages in India have been electrified up to June 2018. All un-electrified inhabited census villages have been electrified on April 4, 2018 ahead of the deadline May 1, 2018.<p align="justify">India has witnessed a total FDI inflows in the power sector reached $12.97 billion during April 2000 to March 2018, accounting for 13.21 percent of total FDI inflows in India. Further, India's power sector is forecasted to attract investments worth Rs 11.56 lakh crore ($179.31 billion) between 2017-2022 in thermal, hydro, nuclear and renewables segment.<p align="justify"><strong>Pros and strengths</strong><p align="justify"><strong>Favorable geographical location of its solar power plant:</strong> Company's solar power plant of Unit I is located at Sudi &amp; Tanchha village, Amod Tehsil, Bharuch, Gujarat and its proposed solar power plant of Unit II will be located at Sudi Samiyala and Tanchha, village of Amod Tehsil, Bharuch, Gujarat. The solar radiation at the said location is comparatively more favorable for generation of solar power. The Company currently operates its solar power plant totaling to a capacity of 15 MW, at a Capacity Utilisation Factor (CUF) which averages to more than 20%. Its solar power plant, which is located in the shadow free and open area, receives sunrays from all the sides without any obstacles / shading. The nominal temperature at the location is around 27 degree Celsius, with about 300 sunny days, which is ideally suitable for the solar power project. Its solar power plant has an easy availability of soft water which is crucial for panel cleaning. Its solar power plant and nearby surrounding area consist of black cotton soil land which is considered good for solar power generation because the dust generated is comparatively lower as compared to other types of land which reduces the annual maintenance cost and results into a higher CUF. Dahej GIDC, Vilayat GIDC and Vagra GIDC, which are located in the vicinity of its solar power project, have a high power demand, which can absorb its solar power. Skilled manpower is also easily available in the nearby surroundings. Considering these advantages, this solar power project is located at a favourable geographical site for solar power.<p align="justify"><strong>Optimal design and structure of its solar power plant:</strong> The company had engaged GERMI as a technical consultant for designing &amp; developing specifications of each network element, defining quality criteria of panels' inspection, pre-dispatch inspection and supervision of project execution. Its Promoter has completed a solar workshop organized by GERMI and is committed to evolving the solar power project's design to utilize the sunrays in generating power even within the fading hours of sunlight. While designing the system, it is important to analyze shading caused by surrounding objects and/or vegetation. The solar array layout is planned, connected and optimized in such a way that no shadow is created by the arrays during effective sunshine hours even when the sunlight is at an extreme angle. While preparing the site plan, positioning of the boundary fence, control room, administrative building, switchyard and security house, inverter rooms and transformers has been done so as to avoid shadows. The Company has installed high-resolution, rotating CCTV cameras covering a majority of the area of its solar power project location, through dedicated high bandwidth capacity radio/OFC network, telecasting a live feed through specifically installed towers from the solar power plant to the head office at Surat. Its team is able to continuously monitor and take corrective action by having a watch over the solar power plant, which enables minimum loss of resources and maximizes output without any need of frequent physical travelling to the site.<p align="justify"><strong>Experienced Promoter and management team:</strong> The company's management team is well qualified with vast industry experience and is instrumental for the growth in its operations. The experience and relationships of its management team has extended its operating capabilities, improved the quality of its services and facilitated access to its customers. Due to the active involvement of its experienced Promoter and management team, the organization has achieved the desired results in time and cost-effective manner. The Company would continue to depend on the experience, leadership and vision of its Promoter and management team to grow its business operations further.<p align="justify"><strong>Risks and concerns</strong><p align="justify"><strong>Face competition:</strong> The Company competes with renewable energy project developers in India on the basis of a number of differentiating factors in the industry, including site selection, access to vendors, access to project land, efficiency and reliability in project development and operation and auction bid terms. Further, it competes with both conventional and renewable energy companies for the financing needed to develop and construct projects. It also competes with other conventional and renewable energy companies in India for a limited pool of personnel with requisite industry knowledge and experience, equipment supplies, permits and land to develop new projects. Its operational projects may compete on price if it sells electricity into power markets at wholesale market prices. It may also compete with other conventional energy and renewable energy generators when it bid on, negotiate or renegotiate a PPA. Some of its competitors may have greater financial, marketing, personnel and other resources than it do and may be in a position to acquire renewable energy projects by paying a significant premium or otherwise seek to grow their business more aggressively. A reduction in demand for energy from renewable energy sources or its failure to successfully acquire new renewable energy projects may have an adverse effect on its business and financial condition.<p align="justify"><strong>Major portion of revenues from limited customers:</strong> The Company derives a significant portion of its revenues from a limited pool of customers.&nbsp; It derives revenue under IPP by selling entire solar power units to its six customers at present. In the FY 2018 and for the six months period ended September 30, 2018, a mix of these customers accounted for 100% of its revenue from operations under sale of solar power as an IPP. Its other division of sale of land plots, its top 10 clients is not necessarily the same every year. Further, in the FY 2018 and for the six months period ended September 30, 2018, the Company has sold one power plant and two power plants respectively to CPP clients. The loss of, or a significant reduction in the revenues the Company receives from, one or more of these customers, may adversely affect its business.<p align="justify"><strong>Operations are sensitive to seasonal changes:</strong> The Company's operations may be adversely affected as a result of seasonal variations. The amount of electricity its solar power projects produce is dependent in part on the amount of sunlight, or irradiation, where its projects are located. Because shorter daylight hours in winter months results in less irradiation, the generation capacities of its projects will vary depending on the season. In addition, its solar power projects may be affected by the monsoon season, which generally lasts from May through September. If it fails to adequately manage the fluctuations in the timing of its projects, business, financial condition or results of operations could be affected. The seasonality of its energy production may also create increased demands on its working capital reserves and borrowing capacity under its outstanding debt during periods where cash generated from operating activities is lower. During periods of curtailed activity due to adverse weather conditions, it may continue to incur operating expenses, but its revenues from operations may be delayed or reduced.<p align="justify"><strong>Outlook</strong><p align="justify">K.P.I. Global Infrastructure is a solar power generating Company focused on providing solar power, both as an Independent Power Producer (IPP) under the brand name of ‘Solarism' and as service provider to Captive Power Producer (CPP) customers. It builds, owns, operates and maintains grid connected solar power projects as IPP and generate revenue by entering into Power Purchase Agreements (PPA) with third parties for selling power units generated through its solar projects. It also develops transfers, operates and maintains grid connected solar power projects for CPP customers and generate revenue by selling these projects to CPP customers for their captive use requirements. Both these businesses, IPP and CPP, are currently carried out from its plant located at Bharuch, Gujarat. The company has also established a 13.25 km long 66 KV transmission line from its Plant to the Gujarat Energy Transmission Corporation Limited (GETCO) substation located at Amod, Bharuch, Gujarat, for evacuation of the solar power generated at the Plant. The existing infrastructure and engineering experience of its promoter group entity helps the Company to take advantage of various synergies within the group. Its promoter group entity involved in fabrication and galvanizing, is used by the company as a vendor for construction of module mounting structure (MMS), the structure used to hold modules in place, at a desired angle and direction required in solar power project. The business relations developed by its promoter group entities help it with cross-selling of its services. On the flip side, implementing its growth strategy requires significant capital expenditure. Any changes to its growth strategy could affect its ability to set up new solar power projects and also force it to be more conservative with its growth strategy. Any such failures may render it impossible for it to fully execute its growth plan. In addition, rising interest rates could adversely affect its ability to secure financing on favorable terms and its cost of capital could, as a result, increase significantly.<p align="justify">The company is coming out with a maiden IPO of 49,92,000 equity shares of Rs 10 each at a fixed price of Rs 80 per share to mobilize Rs 39.94 crore. On performance front, total revenue for FY 2018, FY 2017 and FY 2016 was Rs 3,158.28 Lakh, Rs 2,602.09 Lakh, and Rs 2,751.12 Lakh, respectively, and its EBIDTA was Rs 1,854.01 Lakh, Rs 1,746.14 Lakh and Rs 1,473.48 Lakh respectively. While, net profit of the company was Rs 1,140.92 Lakh, Rs 812.49 Lakh and Rs 767.97 Lakh respectively.<p align="justify">The company constantly endeavors to modernize its infrastructure and improve methods of processing to optimize the utilization of resources. The Company is successful in operating the plant with a capacity of 15 MW at a CUF of around 20.07% for FY 2018 and 17.53% for six months ended September 30, 2018. The Company has an in house research and development team that oversees the solar power plant on a continuous basis and makes modification in the module positioning and string box arrangement to generate maximum electricity from sunlight. The Company plans to monitor the solar power plant on a continuous basis to make modifications which would lead to incremental CUF. The Company regularly analyzes existing policies and operations which enable it to identify areas of improvements and act on the same, which improves its efficiency and utilization of resources.</p>
26-Dec-2018   16:26 Hrs IST Axita Cotton coming with an IPO to raise Rs 10.51 crore <p align="justify"><strong>Axita Cotton</strong> <ul><li><div align="justify">Axita Cotton is coming out with an initial public offering (IPO) of 17,52,000 equity shares of face value of Rs 10 each for cash at a fixed price of Rs 60 per equity share.</div></li><li><div align="justify">The issue will open on December 27, 2018 and will close on January 02, 2019.</div></li><li><div align="justify">The shares will be listed on SME Platform of BSE.</div></li><li><div align="justify">The share is priced 6.0 times higher to its face value of Rs 10. </div></li><li><div align="justify">Book running lead manager to the issue is Beeline Broking.</div></li><li><div align="justify">Compliance Officer for the issue is Deepakkumar Chaubisa.</div></li></ul><p align="justify"><strong>Profile of the company</strong><p align="justify">The Company was incorporated as ‘Axita Cotton Private Limited' at Ahmedabad on July 16, 2013, under the provisions of the Companies Act, 1956 vide Certificate of Incorporation issued by the Registrar of Companies, Gujarat, Dadra and Nagar Haveli. Consequent up on the conversion of the Company from Private Limited Company to Public Limited Company, the name of Company was changed to ‘Axita Cotton Limited' and fresh Certificate of Incorporation consequent up on the conversion from Private Limited Company to Public Limited Company dated October 15, 2018 was issued by the Registrar of Companies, RoC–Ahmedabad. <p align="justify">The Company is producing cotton bales and cotton seeds. The Company is producing mainly two varieties of cotton bales namely Shankar-6 and MCU-5/MECH. The production facility of Company is situated at Kadi in Mahesana District of Gujarat state which is close to the rich cotton growing areas of Maharashtra, Saurashtra and other regions of Gujarat. The products are sold majorily in the state of Gujarat, Rajasthan, Maharashtra and Madhya Pradesh. It is also engaged in the business of trading of Kapas, cotton bales and cotton seeds. It is also doing ginning and pressing of Kapas on job work basis. The Company is an ISO 9001:2015 certified company by OCI (Optimum Certifications INC.). It is also a member of Better Cotton Initiatives (Independent Organization) which promotes better standards in cotton farming and practices across various countries. It has also registered the company under Textile Certification Global Organic Textile Standard (GOTS) Standard.<p align="justify">From Financial year 2016-2017 onwards, the company also commenced exporting the products directly to few countries namely Pakistan, Bangladesh and Vietnam. During the FY 2016, the promoters again floated a new private limited company named, Axita Exports Private Limited (‘AEPL'), a group company, which was incorporated with the aim of exporting of cotton bales to various countries. AEPL exports cotton bales in Bangladesh, Vietnam, China and Pakistan, purchased from the company and also exports locally purchased cotton bales from other suppliers.&nbsp; <p align="justify"><strong>Proceed is being used for:</strong><p align="justify">The proceeds of the Issue, after deducting Issue related expenses estimated to be Rs 1000 Lakhs will be utilized to fund the Net Incremental Working Capital Requirement of the company.<p align="justify"><strong>Industry Overview</strong><p align="justify">Textiles are known to mankind since or earlier than 7,000 BC. The knowhow of textiles is older than metal working or pottery making. There are evidences that have been unearthed which has proved that people in Harrapan civilization knew weaving and spinning. Such is the age of textiles in India. In the medieval period, the evolution advanced a step further when William Lee invented the stocking frame, the first but hand- operated weft knitting machine.&nbsp; <p align="justify">But the real evolution of textiles in the field of technology happened in the industrial age. One name which finds worth mentioning over here is Sir Richard Arkwright. A visionary and doyen of his standards, he infused the much needed technology at that point of time to give spinning and weaving an industrial outlook through his inventions. Indian textiles industry is now a well-established one with showing significant attributes and a lustrous future. The country is the second biggest textiles manufacturer worldwide, right after China. The Indian textile industry is an integral part of the overall manufacturing sector of the country and is a major contributor to the country's economy. According to August 2014 reports, the sector contributes about 14 per cent to industrial production, 4 per cent to the gross domestic product (GDP), and 17 per cent to the country's export earnings. India's textile industry is also the largest in the country in terms of employment generation.&nbsp; <p align="justify"><strong>Pros and strengths</strong><p align="justify"><strong>Location advantage:</strong> The Company and factory is situated at well-developed industrial area, with all the infrastructure facilities and both skilled and unskilled manpower are available at competitive cost. Moreover, the factory location is near Kadi, which is connected to state highway connecting Ahmedabad – Mehsana -Palanpur. There are many Ginning units at Kadi. All infrastructure facilities like availability of skilled labour, raw material, technology; Communication, electricity, transportation etc. are easily available due to extensive industrialization in the area. The production facility of Company is located in the close vicinity of the cotton rich belt of Gujarat and Maharashtra. Hence it is having easy access to National and a state highway, as a result transportation of goods, it produce and procure, becomes hassle free.&nbsp; <p align="justify"><strong>Timely fulfillment of orders:</strong> The Company is having installed capacity of processing 87600 MT/per annum of seed cotton. In FY 2017-18, the Company is able to produce 6392.68 MT /per annum cotton bales and 10882.06 MT/per annum cotton seeds. Moreover, the company has taken various steps in order to ensure adherence to timely fulfillment and also to achieve greater cost efficiency as timely fulfillment of the orders is a prerequisite in the industry. These steps include identifying quality raw material, smooth labour relations, use of an efficient production system and ability to meet large and varied orders due to capacity and linkages with raw material suppliers. The Company also has enjoyed good relations with suppliers and as a consequence has the benefit of timely supplies of the raw materials which has been one of the major reasons why it has been able to achieve timely fulfillment of orders of customers. The Company constantly endeavors to implement an efficient procurement policy for inputs required for production so as to ensure cost efficiency in procurement which in turn results in cost effective production.<p align="justify"><strong>Risks and concerns</strong><p align="justify"><strong>Revenue is dependent on few numbers of customers:</strong> As per the books of Accounts, top ten customers contributes almost 92.29% and 87.85% of total sales for the period ended June 30, 2018 and for the year ended March 31, 2018 respectively. Out of which almost 47.65% and 68.81% was contributed by the group company/entity&nbsp;- ‘Axita Exports Private Limited' and ‘Aditya Oil Industries' for the period ended June 30, 2018 and for the year ended March 31, 2018 respectively. Any decline in the quality standards, growing competition and any change in the demand, may adversely affect the ability to retain them. It cannot assure that it shall generate the same quantum of business, or any business at all, and the loss of business from one or more of them may adversely affect revenues and results of operations. However, the composition and revenue generated from these customers might change as it continues to add new customers in the normal course of business. Though, the company&nbsp;will not face substantial challenges in maintaining business relationship with them or finding new customers, there can be no assurance that the Company will be able to maintain long term relationships with such customers or find new customers in time.<p align="justify"><strong>Highly competitive market:</strong> India is the primary market and it faces competition in business from local as well as nationwide producers and suppliers of Cotton Bales and Cotton Seed. There are a large number of players for production of same or similar products. Thus, competition in these markets is based primarily on demand and price. As a result, to remain competitive in the market, it must continuously strive to achieve operating efficiencies and secure the raw materials requirements. If the Company fails to do so, other producers and suppliers of similar products may be able to sell their products at prices lower than its prices, which would have an adverse effect on market share and results of operations.<p align="justify"><strong>Outlook</strong><p align="justify">Axita Cotton is engaged in manufacturing &amp; export of best quality cotton bales &amp; cotton seeds. The Company&nbsp;is professionally managed company having large network and infrastructure in the home company is equipped with state-of-art infrastructure backed by the large and fully automatic plant for cotton to cotton bales. The company is managed by a team of experienced personnel having experience in different aspects of cotton industry. The qualified and experienced management has substantially contributed to the growth of business operations. The&nbsp;experience of senior management team has resulted into improved product quality and increased profitability which give it a competitive edge. On the concern side, the Company has not entered into any supply agreement for the major raw materials required for production of products. Volatility in the prices and non-availability of these raw materials may have an adverse impact in business.<p align="justify">The company is coming out with a maiden IPO of 1,752,000 equity shares of Rs 10 each at a fixed price of Rs 60 per share to mobilize Rs 10.51 crore. On the performance front, the total income from operations for the FY 2017-18 was Rs 12345.78 Lakh as compared to Rs 9023.06 Lakh during the FY 2016-17 showing an increase of 36.82%. The Company's PAT increased from Rs 2.71 Lakh in the FY 2016-17 to Rs 82.13 Lakh in FY 2017-18 showing increase of 2936.00%.&nbsp;Through regular interactions with the customers, product sales trends and market research, it is able to determine current trends in the industry, which are used by it in the product development. The Company will continue to focus on timely delivery of quality products which will help in forging strong relationships with customers and gaining increased business from them.<p align="justify"><strong>(Financials in Rs Million)</strong><p align="justify"><table width="100%" border="1" cellspacing="1" cellpadding="1"><tbody><tr><th>Particulars</th><th>Mar&nbsp;2018</th><th>Mar&nbsp;2017</th><th>Mar&nbsp;2016</th><th>Mar&nbsp;2015</th><th>Mar&nbsp;2014</th></tr><tr><td>Net Sales</td><td>1234.58&nbsp;</td><td>902.31&nbsp;</td><td>680.88&nbsp;</td><td>769.12&nbsp;</td><td>173.61&nbsp;</td></tr><tr><td>Total Income</td><td>1239.24&nbsp;</td><td>915.22&nbsp;</td><td>687.60&nbsp;</td><td>770.54&nbsp;</td><td>173.61&nbsp;</td></tr><tr><td>PBIDT</td><td>34.26&nbsp;</td><td>17.25&nbsp;</td><td>19.96&nbsp;</td><td>15.59&nbsp;</td><td>4.93&nbsp;</td></tr><tr><td>PBT</td><td>10.92&nbsp;</td><td>0.16&nbsp;</td><td>1.00&nbsp;</td><td>-3.11&nbsp;</td><td>1.05&nbsp;</td></tr><tr><td>PAT</td><td>8.21&nbsp;</td><td>0.27&nbsp;</td><td>1.25&nbsp;</td><td>-2.85&nbsp;</td><td>0.59&nbsp;</td></tr><tr><td>Reserves and Surplus</td><td>7.29&nbsp;</td><td>-0.75&nbsp;</td><td>-1.02&nbsp;</td><td>-2.27&nbsp;</td><td>0.59&nbsp;</td></tr><tr><td>Net Worth</td><td>32.29&nbsp;</td><td>24.25&nbsp;</td><td>23.98&nbsp;</td><td>22.73&nbsp;</td><td>25.59&nbsp;</td></tr><tr><td>Total Debt</td><td>163.42&nbsp;</td><td>142.94&nbsp;</td><td>105.85&nbsp;</td><td>94.98&nbsp;</td><td>101.35&nbsp;</td></tr><tr><td>ROCE</td><td>16.37&nbsp;</td><td>7.08&nbsp;</td><td>10.22&nbsp;</td><td>6.76&nbsp;</td><td>2.90&nbsp;</td></tr><tr><td>RONW</td><td>29.05&nbsp;</td><td>1.12&nbsp;</td><td>5.33&nbsp;</td><td>-11.80&nbsp;</td><td>2.29&nbsp;</td></tr><tr><td>PATM(%)</td><td>0.67&nbsp;</td><td>0.03&nbsp;</td><td>0.18&nbsp;</td><td>-0.37&nbsp;</td><td>0.34&nbsp;</td></tr><tr><td>CPM(%)</td><td>1.03&nbsp;</td><td>0.63&nbsp;</td><td>1.15&nbsp;</td><td>0.58&nbsp;</td><td>1.06&nbsp;</td></tr><tr><td>CEPS</td><td>5.10&nbsp;</td><td>2.27&nbsp;</td><td>3.14&nbsp;</td><td>1.79&nbsp;</td><td>0.73&nbsp;</td></tr><tr><td>Enterprise Value</td><td>185.73&nbsp;</td><td>167.40&nbsp;</td><td>129.99&nbsp;</td><td>115.84&nbsp;</td><td>126.32&nbsp;</td></tr></tbody></table></p><p align="justify">&nbsp;</p>
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