You are on page 1of 28

ARC INDIAN Success IPO MARKET

Strategies for your

CY 2011 and Q1 Mar 12

Presented by

Strategies for your Success

ARC

ARC Financial Services (P) Ltd.


(w): www.arc-fs.com (o): +91 11 6542 2128

2012 ARC Financial Services (P) Ltd. All rights reserved. Privileged and confidential information of ARC Financial Downloaded by in-mapegroup from 14.96.134.96 at 2012-09-25 15:03:34 EDT. ISI Emerging Services Markets. Unauthorized Distribution Prohibited.

ISIEmergingMarketsPDF in-mapegroup from 14.96.134.96 on 2012-09-25 15:03:34 EDT. DownloadPDF.

April 2012
www.arc-fs.com | 1

Global IPO Market: Slump in 2011 (1/2)

Strategies for your Success

ARC

Globally, IPO activity fell by 45% compared to 2010 due to the European debt crisis and S&Ps downgrading of the US credit rating
The Asian stock exchanges recorded a drop of 56% in capital raised ($77.7 billion) compared to 2010 ($177.6 billion)
US exchanges performed relatively better raising 12% less capital than the previous year On the contrary, European exchanges raised 1% more capital in the same period

The volume of deals fell from Jan 11 to Nov 11, with only 1,117 IPOs listings, compared to 1,393 deals in 2010
$155.8 billion was raised in the first 11 months in 2011 through these deals compared to the $284.6 billion in 2010

The average deal size fell from $204 million to $139 million
72% of the total capital was raised in the first six months of 2011 prior to the European debt crisis

China dominated the IPO market with 356 new listings (32% of the global volume *) in 2011 out of which 75 companies were listed overseas

India contributed 3.5% of global IPOs (in terms of volume) in 11 months ending 30 Nov 11, compared to 4.9% in 2010

1,393

Global Volume
1,117

Global Proceeds ($ billion)

762 577

CY 08
*Till Nov11

CY 09

CY 10

CY 11

2012 ARC Financial Services (P) Ltd. All rights reserved. Privileged and confidential information of ARC Financial Downloaded by in-mapegroup from 14.96.134.96 at 2012-09-25 15:03:34 EDT. ISI Emerging Services Markets. Unauthorized Distribution Prohibited.

ISIEmergingMarketsPDF in-mapegroup from 14.96.134.96 on 2012-09-25 15:03:34 EDT. DownloadPDF.

www.arc-fs.com | 1

Global IPO Market: Slump in 2011 (2/2)


IPO proceeds in the US declined by 12% from $40.4 billion in 2010 compared to $35.6 billion in 2011
Volume of IPOs declined by 20% from 168 to 134* Singapore Japan 2% 3% Latin America 2% US 11%

Strategies for your Success

ARC

IPOs listed on Major Stock Exchanges (Based on Volume)

European IPOs comprised 36.5% of total global IPOs contributing $36.8 billion IPO proceeds and activities have fallen dramatically in the Middle East from $2,130 million to $789 million in the same period in 2011, with only 9 IPOs

Gulf Cooperation Council Australia 1% 9% Others Greater China 19.0% 36%

New York Stock Exchange topped the list on the basis of funds raised with $33.3 billion followed by Shenzhen Stock Exchange and Hong Kong Stock Exchange
The top three exchanges by deal activity are the Shenzhen stock exchange (226 IPOs), Warsaw Stock exchange (117) and Australian Securities Exchange (93)*

North America 17.5% Europe 36%

China 52.7%

IPOs (by volume)


2010 492 380 430 420 2011

168

134

98 105

68

39

22 36 Japan

30

23

22 21 LatinAmerica

12 GCC
#

Europe
*From Jan11 Nov11

Greater China

US

Australia

India

Singapore

# Gulf Cooperation Council


ISIEmergingMarketsPDF in-mapegroup from 14.96.134.96 on 2012-09-25 15:03:34 EDT. DownloadPDF.

2012 ARC Financial Services (P) Ltd. All rights reserved. Privileged and confidential information of ARC Financial Downloaded by in-mapegroup from 14.96.134.96 at 2012-09-25 15:03:34 EDT. ISI Emerging Services Markets. Unauthorized Distribution Prohibited.

www.arc-fs.com | 2 1

Largest IPOs in 2011 (Global)


Hong Kong Stock Exchange took the lead with five of the largest IPOs in the year 2011 listed on it

Strategies for your Success

ARC

Top five IPOs in 2011 included two companies from the US, a transportation company from Singapore, a mining company from Switzerland and a banking group from Madrid

Glencore Internationals $10.3 billion was the largest IPO of the year across the globe in 2011 listed on both London and Hong Kong

Stock Exchanges followed by the $5.5 billion IPO of Hutchison Port Holdings
It was just 46.6% (in terms of value) of the largest IPO of 2010 (Agricultural Bank of China, $22.1 billion)

Company Glencore Intenational Hutchison Port Holdings

Listing Stock Exchange Hong Kong/London Singapore

Offer Date 19 May11 10 Mar 11

Issue Size ( $ billion) 10.3 5.5

Industry Mining Transportation

Return (%) * (27%) / (26%) (24%)

Bankia
HCA Holdings Kinder Morgan Prada

Madrid
NYSE NYSE Hong Kong

08 Jul 11
09 Mar 11 10 Feb 11 17 Jun 11

4.4
3.8 2.9 2.1

Banking
Healthcare Services Pipelines Apparel

(28%)
(18%) 29% 28%

Sinohydra group Chow Tai Fook


New China Life Insurance Shanghai Pharmaceuticals

Shanghai Hong Kong


Hong Kong/Shanghai Hong Kong

28 Sep 11 09 Dec 11
08 Dec 11 13 May 11

2.1 2.0
2.0 2.0

Engineering and Construction Retail


Insurance Healthcare

(8%) (18%)
11% / 23% (46%)

* Offer price to closing price on 30th Mar12


2012 ARC Financial Services (P) Ltd. All rights reserved. Privileged and confidential information of ARC Financial Downloaded by in-mapegroup from 14.96.134.96 at 2012-09-25 15:03:34 EDT. ISI Emerging Services Markets. Unauthorized Distribution Prohibited.
ISIEmergingMarketsPDF in-mapegroup from 14.96.134.96 on 2012-09-25 15:03:34 EDT. DownloadPDF.

www.arc-fs.com | 3 1

Indian IPO Activity on a Downward slide (1/2)


SENSEX was one of the worst performing stock exchanges in the year 2011 losing 24% of its value
With secondary markets going south, primary markets mirrored the trend reporting a drop of 43% in the volume of IPOs. This was worse than the global fall in the volume of IPOs (~19%)

Strategies for your Success

ARC

The IPO activity was distributed evenly throughout the four quarters with all the IPOs in the fourth quarter issued in the month of October Only 2 IPOs oversubscribed by more than 10 times(Lovable Lingerie and Muthoot Finance) The average subscription was a mere 2.25x.
Volume Trend (2008-2011)
68 10 10

25 IPOs aiming to raise around ` 310 billion were withdrawn. Power and Realty sectors were the major casualties

Volume (CY 11 - Q1 Mar 12) Quarterly data


11

8 37 39

17 3 CY 08 CY 09 CY 10 CY 11 Q1 Mar' 12 Q1' 11 Q2' 11 Q3' 11 Q4' 11

Q1 Mar' 12

* On the basis of listings


2012 ARC Financial Services (P) Ltd. All rights reserved. Privileged and confidential information of ARC Financial Downloaded by in-mapegroup from 14.96.134.96 at 2012-09-25 15:03:34 EDT. ISI Emerging Services Markets. Unauthorized Distribution Prohibited.
ISIEmergingMarketsPDF in-mapegroup from 14.96.134.96 on 2012-09-25 15:03:34 EDT. DownloadPDF.

www.arc-fs.com www.arc-fs.com |4 |1

Indian IPO Activity on a Downward Slide(2/2)


With the rating downgrade of US from AAA to AA+ and growing concerns on default risk of European countries viz. Portugal, Greece, Spain, investors looked for safer

Strategies for your Success

ARC

investments. As a result, during the second half of the year, FIIs turned net sellers and
there was no liquidity left in the market There was very little excitement in the IPO market with only one issue getting listed in the last 2 months of the year

The last quarter of 2011 contributed to just 8.4% of the total IPO proceeds of the year

Proceeds (` billion)
435 54

Average issue size reduced to `1.58 billion in 2011 from `6.39 billion in 2010 and `9.35 billion in 2009

185
159 12 62 7

CY 08

CY 09

CY 10

CY 11

Q1 Mar' 10

Q1 Mar' 11

Q1 Mar' 12

2012 ARC Financial Services (P) Ltd. All rights reserved. Privileged and confidential information of ARC Financial Downloaded by in-mapegroup from 14.96.134.96 at 2012-09-25 15:03:34 EDT. ISI Emerging Services Markets. Unauthorized Distribution Prohibited.

ISIEmergingMarketsPDF in-mapegroup from 14.96.134.96 on 2012-09-25 15:03:34 EDT. DownloadPDF.

www.arc-fs.com www.arc-fs.com |5 |1

BSE SENSEX Worst Performer* Among Major Indices


20,561

Strategies for your Success

ARC

SENSEX

15%

13%
13,212

Sensex ended the year down by almost 24% primarily due to exit of foreign investors

17,404
US debt ceiling crisis and eventual downgrade of US credit rating by S&P from AAA to AA+

11,671

Jan' 11

Apr' 11

Jul' 11

Oct' 11

Jan' 12

12%
5,900 23,436

FTSE

4%
5,768

20,556

* Based on closing price on 30th Mar12


2012 ARC Financial Services (P) Ltd. All rights reserved. Privileged and confidential information of ARC Financial Downloaded by in-mapegroup from 14.96.134.96 at 2012-09-25 15:03:34 EDT. ISI Emerging Services Markets. Unauthorized Distribution Prohibited.
ISIEmergingMarketsPDF in-mapegroup from 14.96.134.96 on 2012-09-25 15:03:34 EDT. DownloadPDF.

www.arc-fs.com www.arc-fs.com |6 |1

Driven by Outbound Flight of Foreign Investors


Net Investment by FIIs+ (` billion)
1,405 854 473

Strategies for your Success

ARC

709

CY 07

CY 08 (530)

CY 09

CY 10

CY 11 (36)

Q1 Mar' 11 (31)

Q1 Mar' 12

Silver Lining Among the Dark Clouds ???


Net Investment + by FIIs in Q1 12 versus Q1 11 (` billion)
252

133 70 88

FII investments at a five year high in the March quarter 2012

Jan' 11

Jan' 12

Feb' 11 (38)

Feb' 12

Mar' 11

Mar' 12

(63)
* Only for Q1 2012 + Investment in Equity instruments
ISIEmergingMarketsPDF in-mapegroup from 14.96.134.96 on 2012-09-25 15:03:34 EDT. DownloadPDF.

2012 ARC Financial Services (P) Ltd. All rights reserved. Privileged and confidential information of ARC Financial Downloaded by in-mapegroup from 14.96.134.96 at 2012-09-25 15:03:34 EDT. ISI Emerging Services Markets. Unauthorized Distribution Prohibited.

www.arc-fs.com www.arc-fs.com |7 |1

Indias 10 Largest IPOs in 2011

Strategies for your Success

ARC

Of the total amount mobilized through the primary market by corporate India, the top 10 issues raised over ` 44billion ( ~72% of total IPO proceeds in 2011)

Out of the 39 issues listed on the bourses, only 33.33% raised more than ` 1 billion

Only 9 issues out of 39 are trading above their offer price. This downward trend has seen about ` 40 billion of investors wealth being wiped out
Issue Size
(in ` million)

Company L&T Finance Holdings Ltd.


Muthoot Finance Ltd. Future Ventures India Ltd.

Sector Finance
Finance Finance

Price Band (`) 51 - 59


160 - 175 10 - 11

Issue Price (`) 52


175 10

Return#
(on 30 Mar 2012)

12,450.0
9,012.5 7,500.0

(7.02%)
(27.74%) (15.00%)

PTC India Financial Services Ltd.


TD Power Systems Ltd. Innoventive Industries Ltd.

Finance
Capital Goods Electrical Equipment Steel

4,332.8
2,270.0 2,174.1

26 - 28
256 - 261 117 - 120

28
256 117

(41.96%)
0.94% (6.07%)

SRS Ltd.
AcroPetal Technologies Ltd. C. Mahendra Exports Ltd. PG Electroplast Ltd.

Diversified
IT - Software Diamond, Gems and Jewellery Consumer Durables

2,030.0
1,700.0 1,650.0 1,206.5

58 - 65
88 - 90 95 - 110 190 - 210

58
90 110 210

(47.59%)
(84.67%) 23.64% (1.02%)

# Offer price to closing price on 30th March 2012


2012 ARC Financial Services (P) Ltd. All rights reserved. Privileged and confidential information of ARC Financial Downloaded by in-mapegroup from 14.96.134.96 at 2012-09-25 15:03:34 EDT. ISI Emerging Services Markets. Unauthorized Distribution Prohibited.
ISIEmergingMarketsPDF in-mapegroup from 14.96.134.96 on 2012-09-25 15:03:34 EDT. DownloadPDF.

www.arc-fs.com www.arc-fs.com |8 |1

Sector Wise Comparison (Volume)


Volumes(2010)#: 68 Volumes (2010) Volume(2011) #: 39
Volumes (2011)

Strategies for your Success

ARC

REI*** 13.5%

Power 7% 10.8%

11.8% Healthcare &

18%

9%

37%
13.5%

5%

41%
Energy & Power 17.6%

8%

9%
Industrial 10% 29.4%

Industrials 37.8%

4%

10% 4%
Steel
# Based on listings

15% 10% 3%

10%

BFSI+

Textiles

TMT*

Consumer Durables

Pharma

Realty

Power Generation

Capital Goods

Others
contd www.arc-fs.com |9 www.arc-fs.com |1

* Telecom, Media & Information Technology

+ Banking, Financial Services and Insurance

2012 ARC Financial Services (P) Ltd. All rights reserved. Privileged and confidential information of ARC Financial Downloaded by in-mapegroup from 14.96.134.96 at 2012-09-25 15:03:34 EDT. ISI Emerging Services Markets. Unauthorized Distribution Prohibited.

ISIEmergingMarketsPDF in-mapegroup from 14.96.134.96 on 2012-09-25 15:03:34 EDT. DownloadPDF.

Sector Wise Comparison (Proceeds)


Proceeds (2010)#
`434 billion

Strategies for your Success

ARC

Proceeds (2011)#
`62 billion

16%

REI*** 8.0%

11%
TMT** 4% 4.1%

Industrials 22.0% 24%

9%

4%
11% 38%
Energy & Power

56% 5%

6% 11%

Energy & Power 67.5%


5%

Steel

BFSI+

Mining

TMT*

Construction

Realty

Power Generation

Capital Goods

Others

Textiles

There were 69 IPOs issued in 2010 which together raised `434 billion With proceeds of `152billion, the Coal India issue was the biggest IPO of 2010 There were 39 IPOs issued in 2011 which together raised `62 billion Finance sector had 7 issues during the year which accounted for 56% of total funds raised With proceeds of `12.5 billion, L&T Finance was the biggest IPO of 2011
# On the basis of listings * Telecom, Media & Information Technology + Banking, Financial Services and Insurance
www.arc-fs.com www.arc-fs.com | 10 |1

2012 ARC Financial Services (P) Ltd. All rights reserved. Privileged and confidential information of ARC Financial Downloaded by in-mapegroup from 14.96.134.96 at 2012-09-25 15:03:34 EDT. ISI Emerging Services Markets. Unauthorized Distribution Prohibited.

ISIEmergingMarketsPDF in-mapegroup from 14.96.134.96 on 2012-09-25 15:03:34 EDT. DownloadPDF.

Offer Document Filed With SEBI


Offer document filed with SEBI in 2011 declined to almost 30% from 2010
Out of the 90 offer documents filled with SEBI in 2011, only 9 IPOs made their debut by the end of 31st March 2012 The DRHP filing activity did not witness the peak it had seen in 2007

Strategies for your Success

ARC

DRHP* Filed
Volume

139 128

90 66 64

TMT** 17%

REI* 30%
CY 07 CY 08 CY 09 CY 10

10

Industrial 19%

CY 11

Q1 Mar' 12

*Draft Red Herring Prospectus


2012 ARC Financial Services (P) Ltd. All rights reserved. Privileged and confidential information of ARC Financial Downloaded by in-mapegroup from 14.96.134.96 at 2012-09-25 15:03:34 EDT. ISI Emerging Services Markets. Unauthorized Distribution Prohibited.
ISIEmergingMarketsPDF in-mapegroup from 14.96.134.96 on 2012-09-25 15:03:34 EDT. DownloadPDF.

www.arc-fs.com www.arc-fs.com | 11 |1

IPOs: Sector Wise Comparison in 2011


IPO Proceeds (in ` million) 34,778.8 3,076.0 3,011.6 2,348.1 2,030.0 % of total IPO Proceeds 56.38 4.99 4.88 3.81 3.29 IPO Volume 7 3 3 4 1 % of total IPO Volume 17.95 7.69 7.69 10.26 2.56

Strategies for your Success

ARC

Sector

BFSI IT Software Steel Textiles Diversified

L&T finance contributed 36% of the total BFSI proceeds


Lovable Lingerie was the 2nd highest subscribed IPO ( over 35x)

Pharmaceuticals Diamond, Gems and Jewellery


Packaging Consumer Durables Chemicals Healthcare

1,800.0
1,650.0 1,504.6 1,206.5 1,088.6 651.8

2.92
2.67 2.44 1.96 1.76 1.06

2
1 2 1 2 1

5.13
2.56 5.13 2.56 5.13 2.56

Construction
Entertainment Paper

600.0
600.0 600.0

0.97
0.97 0.97

1
1 1

2.56
2.56 2.56

Plastic
Cables Castings, Forgings & Fasteners Capital Goods ( Electrical Equipment Miscellaneous

600.0
558.8 369.0

0.97
0.91 0.6

1
1 1

2.56
2.56 2.56

320.0
2,017.0

5.19
3.27

2
4

5.13
10.26
www.arc-fs.com www.arc-fs.com | 12 |1

2012 ARC Financial Services (P) Ltd. All rights reserved. Privileged and confidential information of ARC Financial Downloaded by in-mapegroup from 14.96.134.96 at 2012-09-25 15:03:34 EDT. ISI Emerging Services Markets. Unauthorized Distribution Prohibited.

ISIEmergingMarketsPDF in-mapegroup from 14.96.134.96 on 2012-09-25 15:03:34 EDT. DownloadPDF.

Indian IPO Market Outlook

Strategies for your Success

ARC

The year 2011 witnessed a downturn in IPO activity in the primary market as a result of the downward slide of the Euro zone, downgrading of the US credit rating and increased volatility in the secondary markets Eleven companies have already called off their IPOs in 2012 which includes prominent names like Micromax Mobiles and Pride Hotels The lukewarm response to the ONGC disinvestment program does not augur well for the government divestment program. However, the successful listing of the MCX IPO proves that there is still a demand for good issues with attractive valuation SEBIs+ action against seven Indian companies for malpractices during the IPO process as well as simplification of IPO norms in 2011

augurs well for retail investors and would enhance their participation in retail markets
The cut in repo rates will inject around `480 billion in the market. This may not translate into demand for new issues The net FII inflows of around `470 billion in the first three months of 2012 in the secondary market has contributed to the upsurge of the

SENSEX cheering investor sentiment. This could have a cascading effect on the primary market
Some of the interesting IPOs to watch out for in 2012 are Credit Analysis & Research (CARE ratings) and Just Dial. There could be FPOs of Oil India, SAIL,NALCO from the government to meet the divestment target of ` 300 billion
+ Securities and Exchanges Board of India
2012 ARC Financial Services (P) Ltd. All rights reserved. Privileged and confidential information of ARC Financial Downloaded by in-mapegroup from 14.96.134.96 at 2012-09-25 15:03:34 EDT. ISI Emerging Services Markets. Unauthorized Distribution Prohibited.
ISIEmergingMarketsPDF in-mapegroup from 14.96.134.96 on 2012-09-25 15:03:34 EDT. DownloadPDF.

www.arc-fs.com www.arc-fs.com | 13 |1

Strategies for your Success

ARC

APPENDIX

2012 ARC Financial Services (P) Ltd. All rights reserved. Privileged and confidential information of ARC Financial Downloaded by in-mapegroup from 14.96.134.96 at 2012-09-25 15:03:34 EDT. ISI Emerging Services Markets. Unauthorized Distribution Prohibited.

ISIEmergingMarketsPDF in-mapegroup from 14.96.134.96 on 2012-09-25 15:03:34 EDT. DownloadPDF.

www.arc-fs.com | 1

Indian IPOs Listed in 2011


Listing Date 20-Jan-11 27-Jan-11 Company Sector Issue Size
(in ` million)

Strategies for your Success


Price Band
(`)

ARC
Return

Issue Price (`)

(on 30sth March 2012)

C. Mahendra Exports Ltd.


Midvalley Entertainment Ltd.

Diamond, Gems and Jewellery


Entertainment

1,650.0
600.0

95 110
64 70

110
70

23.64%
(86.54%)

10-Feb-11 11-Feb-11
10-Mar-11 11-Mar-11 11-Mar-11 24-Mar-11 30-Mar-11 08-Apr-11 06-May-11 09-May-11 10-May-11 12-May-11 13-May-11 23-May-11 27-May-11 14-Jun-11 22-Jun-11

Omkar Speciality Chemicals Ltd. Indo Thai Sec.


AcroPetal Technologies Ltd. Sudar Garments Ltd. Fineotex Chemical Ltd. Lovable Lingeries Ltd. PTC India Financial Services Ltd. Shilpi Cable Technologies Ltd. Muthoot Finance Ltd. Paramount PrintPackaging Ltd.

Chemicals Finance
IT - Software Textiles Chemicals Textiles Finance Cables Finance Packaging

793.8 296.0
1,700.0 699.8 294.8 932.8 4,332.8 558.8 9,012.5 458.3

95 98 70 84
88 90 72 77 60 72 195 205 26 28 65 69 160 175 32 35

98 74
90 77 70 205 28 69 175 35

(39.64%) (85.89%)
(84.67%) (13.77%) (24.36%) 74.71% (41.96%) (83.23%) (27.74%) (82.29%)

Future Ventures India Ltd.


Servalakshmi Paper Ltd.

Finance
Paper

7,500
600.0

10 11
27 29

10
29

(15.00%)
(83.14%)

Innoventive Industries Ltd.


Sanghvi Forging & Engineering Ltd. Aanjaneya Lifecare Ltd. VMS Industries Ltd. Timbor Home Ltd.

Steel Castings, Forgings & Fastners


Pharmaceuticals Miscellaneous Miscellaneous

2,174.1
369.0 1,170.0 257.5 232.5

117 120
80 85 228 240 36 40 54 - 63

117
85 234 40 63

(6.07%)
(40.76%) 133.29% 122.25% (69.44%)
www.arc-fs.com www.arc-fs.com | 15 |1

2012 ARC Financial Services (P) Ltd. All rights reserved. Privileged and confidential information of ARC Financial Downloaded by in-mapegroup from 14.96.134.96 at 2012-09-25 15:03:34 EDT. ISI Emerging Services Markets. Unauthorized Distribution Prohibited.

ISIEmergingMarketsPDF in-mapegroup from 14.96.134.96 on 2012-09-25 15:03:34 EDT. DownloadPDF.

Indian IPOs Listed in 2011


Listing Date
07-Jul-11 13-Jul-11

Strategies for your Success


Issue Size
(in ` million)

ARC
Return
30th March 2012)

Company
Rushil Dcor Ltd. Readymade Steel India Ltd.

Sector
Miscellaneous Steel

Price Band
(`)

Issue Price (`)


72 108

(on

406.4 347.5

63 - 72 90 - 108

186.67% (29.58%)

28-Jul-11 04-Aug-11
12-Aug-11 26-Aug-11

Bharatiya Global Infomedia Ltd. Inventure Growth & Securities Ltd.


L&T Finance Holdings Ltd.

IT ( Software Finance
Finance

551.0 819.0
12,450.0 1,120.6

75 - 82 100 - 117
51 - 59 135 - 153

82 117
52 135

(91.88%) 152.65%
(7.02%) 57.19%

Tree House Education & Accessories Ltd. Miscellaneous

05-Sep-11
08-Sep-11 16-Sep-11

Brooks Laboratories Ltd.


TD Power Systems Ltd. SRS Ltd.

Pharmaceuticals
Capital Goods ( Electrical Equipment Diversified

630.0
2,270.0 2,030.0

90 - 100
256 - 261 58 - 65

100
256 58

(83.65%)
0.94% (47.59%)

26-Sep-11
04-Oct-11 07-Oct-11 14-Oct-11 17-Oct-11 19-Oct-11 19-Oct-11 20-Oct-11 24-Oct-11

PG Electroplast Ltd.
Prakash Constrowell Ltd. RDB Rasayans Ltd. Tijaria Polypipes Ltd. Onelife Capital Advisors Ltd. Flexituff International Ltd. Taksheel Solutions Ltd. M and B Switch. Vaswani Inds.

Consumer Durables
Construction Textiles Plastic products Finance Packaging IT ( Software

1,206.5
600.0 355.5 600.0 368.5 1,046.3 825.0 930.0 490.0

190 - 210
130 - 138 72 - 79 60 100 - 110 145 - 155 130 - 150 180 - 186 45 - 49

210
138 79 60 110 155 150 186 49

(1.02%)
(26.52%) (87.33%) (88.68%) 193.55% 52.29% (92.77%) (61.69%) (83.71%)

Capital Goods ( Electrical Equipment


Steel

02-Nov-11

Indo Thai Securities Ltd.

Finance

296.0

70 - 84

74

(85.89%)
www.arc-fs.com www.arc-fs.com | 16 |1

2012 ARC Financial Services (P) Ltd. All rights reserved. Privileged and confidential information of ARC Financial Downloaded by in-mapegroup from 14.96.134.96 at 2012-09-25 15:03:34 EDT. ISI Emerging Services Markets. Unauthorized Distribution Prohibited.

ISIEmergingMarketsPDF in-mapegroup from 14.96.134.96 on 2012-09-25 15:03:34 EDT. DownloadPDF.

Sector: Cables
No.of IPOs Issue Size (` Million) % of total IPO proceeds

Strategies for your Success

ARC

558.8

0.91

Company Name
Shilpi Cable Technologies Ltd.

Issue Price (`)


69

IssueSize (` Million) 558.8

IPO Grading 1

Subscription
3.48x

Listing Date
08 April 2011

Price (`)
(30 Mar12)

Return# (%)

11.57

(83.23)

Sector: Capital Goods


No.of IPOs 2 Issue Size (` Million) 3,200.0 % of total IPO proceeds 5.19

Company Name TD Power Systems Ltd. M and B Switchgear Ltd.


# Offer price to closing price on 3oth March 2012

Issue Price (`) 256 186

IssueSize (` Million) 2,270.0 930.0

IPO Grading 4 2

Subscription

Listing Date

Price (`)
(30 Mar12)

Return# (%) 0.94% (61.69%)

2.92x 08 September 2011 1.57x 20 October 2011

258.40 71.25

2012 ARC Financial Services (P) Ltd. All rights reserved. Privileged and confidential information of ARC Financial Downloaded by in-mapegroup from 14.96.134.96 at 2012-09-25 15:03:34 EDT. ISI Emerging Services Markets. Unauthorized Distribution Prohibited.

ISIEmergingMarketsPDF in-mapegroup from 14.96.134.96 on 2012-09-25 15:03:34 EDT. DownloadPDF.

www.arc-fs.com www.arc-fs.com | 17 |1

Sector: Castings, Forgings & Fasteners


No.of IPOs Issue Size (` Million) % of total IPO proceeds

Strategies for your Success

ARC

369.0

0.6

Company Name
Sanghvi Forging & Engineering Ltd.

Issue Price (`)


85

IssueSize (` Million) 369.0

IPO Grading 3

Subscription

Listing Date

Price (`)
(30 Mar12)

Return# (%)

1.30x 23 May 2011

50.35

(40.76)

Sector: Chemicals
No.of IPOs 2 Issue Size (` Million) 1,088.6 % of total IPO proceeds 1.76

Company Name Omkar Specialty Chemicals Ltd. Fineotex Chemical Ltd.

Issue Price (`) 98 70

IssueSize (` Million) 793.8 294.8

IPO Grading 3 2

Subscription

Listing Date

Price (`)
(30 Mar12)

Return# (%) (39.64) (24.36)

4.67x 10 February 2011 1.57x 11 March 2011

59.15 52.95

# Offer price to closing price on 3oth March 2012


2012 ARC Financial Services (P) Ltd. All rights reserved. Privileged and confidential information of ARC Financial Downloaded by in-mapegroup from 14.96.134.96 at 2012-09-25 15:03:34 EDT. ISI Emerging Services Markets. Unauthorized Distribution Prohibited.
ISIEmergingMarketsPDF in-mapegroup from 14.96.134.96 on 2012-09-25 15:03:34 EDT. DownloadPDF.

www.arc-fs.com www.arc-fs.com | 18 |1

Sector: Construction
No.of IPOs Issue Size (` Million) % of total IPO proceeds

Strategies for your Success

ARC

600.0

0.97

Company Name
Prakash Constrowell Ltd.

Issue Price (`)


138

IssueSize (` Million) 600.0

IPO Grading 2

Subscription
2.21x

Listing Date
04 October 2011

Price (`)
(30 Mar12)

Return# (%)

101.40

(26.52)

Sector: Consumer Durables

No.of IPOs 1

Issue Size (` Million) 1,20.65

% of total IPO proceeds 1.96

Company Name PG Electroplast Ltd.

Issue Price (`) 210

IssueSize (` Million) 1,206.5

IPO Grading 3

Subscription

Listing Date

Price (`)
(30 Mar12)

Return# (%) (1.02%)

1.34x 26 September 2011

207.85

# Offer price to closing price on 3oth March 2012


2012 ARC Financial Services (P) Ltd. All rights reserved. Privileged and confidential information of ARC Financial Downloaded by in-mapegroup from 14.96.134.96 at 2012-09-25 15:03:34 EDT. ISI Emerging Services Markets. Unauthorized Distribution Prohibited.
ISIEmergingMarketsPDF in-mapegroup from 14.96.134.96 on 2012-09-25 15:03:34 EDT. DownloadPDF.

www.arc-fs.com www.arc-fs.com | 19 |1

Sector: Diamonds, Gems and Jewellery


No.of IPOs Issue Size (` Million) % of total IPO proceeds

Strategies for your Success

ARC

1,650.0

2.67

Company Name
C. Mahendra Exports Ltd.

Issue Price (`)


110

IssueSize (` Million) 1,650.0

IPO Grading 2

Subscription

Listing Date

Price (`)
(30 Mar12)

Return# (%) (23.64)

2.78x 20 January 2011

136.00

Sector: Diversified

No.of IPOs 1

Issue Size (` Million) 2030

% of total IPO proceeds 3.29

Company Name SRS Ltd.

Issue Price (`) 58

IssueSize (` Million) 2,030.0

IPO Grading 3

Subscription

Listing Date

Price (`)
(30 Mar12)

Return# (%) (47.59)

1.25x 16 September 2011

30.40

# Offer price to closing price on 3oth March 2012


2012 ARC Financial Services (P) Ltd. All rights reserved. Privileged and confidential information of ARC Financial Downloaded by in-mapegroup from 14.96.134.96 at 2012-09-25 15:03:34 EDT. ISI Emerging Services Markets. Unauthorized Distribution Prohibited.
ISIEmergingMarketsPDF in-mapegroup from 14.96.134.96 on 2012-09-25 15:03:34 EDT. DownloadPDF.

www.arc-fs.com www.arc-fs.com | 20 |1

Sector: BFSI

Strategies for your Success

ARC

No.of IPOs 7

Issue Size (` Million) 34,778.8

% of total IPO proceeds 56.38

Company Name L & T Finance Holdings Muthoot Finance Ltd. Future Ventures India Ltd. PTC India Financial Services Ltd. Inventure Growth & Securities Ltd. OneLife Capital Advisors Ltd.

Issue Price (`) 52 175 10 28 117 110

IssueSize (` Million) 12,450.0 9,012.5 7,500.0 4,332.8 819.0 368.5

IPO Grading 5 4 3 4 2 1

Subscription

Listing Date

Price (`)
(30 Mar12)

Return# (%) (7.02) (27.74) (15.00) (41.96) 152.65 193.55

5.34x 12 August 2011 24.55x 06 May 2011 1.52x 10 May 2011 1.70x 30 March 2011 4.58x 04 August 2011 1.53x 17 October 2011

48.35 126.45 8.50 16.25 295.60 322.90

Indo Thai Securities Ltd.

74

296.0

1.18x 11 February 2011

10.44

(85.89)

# Offer price to closing price on 3oth March 2012


2012 ARC Financial Services (P) Ltd. All rights reserved. Privileged and confidential information of ARC Financial Downloaded by in-mapegroup from 14.96.134.96 at 2012-09-25 15:03:34 EDT. ISI Emerging Services Markets. Unauthorized Distribution Prohibited.
ISIEmergingMarketsPDF in-mapegroup from 14.96.134.96 on 2012-09-25 15:03:34 EDT. DownloadPDF.

www.arc-fs.com www.arc-fs.com | 21 |1

Sector: Information Technology


No.of IPOs Issue Size (` Million) % of total IPO proceeds

Strategies for your Success

ARC

3,076.0

4.99

Company Name
AcroPetal Technologies Ltd. Taksheel Solutions Ltd. Bharatiya Global Infomedia Ltd.

Issue Price (`) 90 150 82

Issue Size (` Million) 1,700.0 825.0 551.0

IPO Grading 3 2 2

Subscription

Listing Date

Price (`)
(30 Mar12)

Return# (%) (84.67) (92.77) (91.88)

1.28x 10 March 2011 2.99x 19 October 2011 2.06x 28 July 2011

13.80 13.80 6.66

Sector: HealthCare
No.of IPOs Issue Size (` Million) % of total IPO proceeds

651.8

1.06

Company Name
Birla Pacific MedSpa Ltd.

Issue Price (`)


10

IssueSize (` Million) 651.8

IPO Grading 2

Subscription

Listing Date

Price (`)
(30 Mar12)

Return# (%) (50.9)

1.18x 07 July 2011

4.91

# Offer price to closing price on 3oth March 2012


2012 ARC Financial Services (P) Ltd. All rights reserved. Privileged and confidential information of ARC Financial Downloaded by in-mapegroup from 14.96.134.96 at 2012-09-25 15:03:34 EDT. ISI Emerging Services Markets. Unauthorized Distribution Prohibited.
ISIEmergingMarketsPDF in-mapegroup from 14.96.134.96 on 2012-09-25 15:03:34 EDT. DownloadPDF.

www.arc-fs.com www.arc-fs.com | 22 |1

Sector: Miscellaneous
No.of IPOs Issue Size (` Million) % of total IPO proceeds

Strategies for your Success

ARC

2,017

3.27

Company Name

Issue Price (`)


135 72 40

Issue Size (` Million) 1,120.6 406.4 257.5 232.5

IPO Grading
3 2 1

Subscription

Listing Date

Price (`)
(30 Mar12)

Return# (%) 57.19 186.67 122.25 (69.44)

Tree House Education & Accessories Ltd. Rushil Dcor Ltd. VMS industries Ltd. Timbor Home Ltd.

1.85x 26 August 2011 2.62x 07 July 2011 1.36x 14 June 2011

212.20 206.40 88.90

63

5.78x 22 June 2011

19.25

Sector: Entertainment
No.of IPOs Issue Size (` Million) % of total IPO proceeds

600.0

0.97

Company Name
MidValley Entertainment Ltd.

Issue Price (`)


70

IssueSize (` Million) 600.0

IPO Grading
1

Subscription

Listing Date

Price (`)
(30 Mar12)

Return# (%) (86.54)

4.03x 27 January 2011

9.42

# Offer price to closing price on 3oth March 2012


2012 ARC Financial Services (P) Ltd. All rights reserved. Privileged and confidential information of ARC Financial Downloaded by in-mapegroup from 14.96.134.96 at 2012-09-25 15:03:34 EDT. ISI Emerging Services Markets. Unauthorized Distribution Prohibited.
ISIEmergingMarketsPDF in-mapegroup from 14.96.134.96 on 2012-09-25 15:03:34 EDT. DownloadPDF.

www.arc-fs.com www.arc-fs.com | 23 |1

Sector: Textiles
No.of IPOs Issue Size (` Million) % of total IPO proceeds

Strategies for your Success

ARC

2,348.1
Issue Price (`) 205 77 30 79

3.81

Company Name

Issue Size (` Million)


932.8 699.8 360.0 355.5

IPO Grading
3 1 2 2

Subscription

Listing Date

Price (`)
(30 Mar12)

Return# (%)
74.71 (13.77) (12.50) (87.33)

Lovable Lingeries Ltd Sudar Garments Ltd. Shekhawati Poly-Yarn Ltd. RDB Rasayans Ltd.

35.21x 24 March 2011 1.55x 11 March 2011 10.40x 12 January 2011 1.50x 07 October 2011

358.15 66.40 26.24 10.01

Sector: Plastic
No.of IPOs Issue Size (` Million) % of total IPO proceeds

600

0.97

Company Name
Tijaria PolyPipes Ltd.

Issue Price (`)


60

IssueSize (` Million) 600.0

IPO Grading 2

Subscription

Listing Date

Price (`)
(30 Mar12)

Return# (%) (88.68)

1.20x 14 October 2011

6.79

# Offer price to closing price on 3oth March 2012


2012 ARC Financial Services (P) Ltd. All rights reserved. Privileged and confidential information of ARC Financial Downloaded by in-mapegroup from 14.96.134.96 at 2012-09-25 15:03:34 EDT. ISI Emerging Services Markets. Unauthorized Distribution Prohibited.
ISIEmergingMarketsPDF in-mapegroup from 14.96.134.96 on 2012-09-25 15:03:34 EDT. DownloadPDF.

www.arc-fs.com www.arc-fs.com | 24 |1

Sector: Steel
No.of IPOs Issue Size (` Million) % of total IPO proceeds

Strategies for your Success

ARC

3,011.6
Issue Price (`) 117 49 108

4.88

Company Name

Issue Size (` Million)


2,174.1 490.0 347.5

IPO Grading
3 2 2

Subscription

Listing Date

Price (`)
(30 Mar12)

Return# (%)
(6.07) (83.71) (29.58)

Innoventive Industries Ltd. Vaswani Industries Ltd. ReadyMade Steel India Ltd.

1.24x 13 May 2011 4.16x 24 October 2011 1.68x 13 July 2011

109.90 7.98 76.05

Sector: Pharmaceuticals
No.of IPOs 2 Issue Size (` Million) 1,800.0 % of total IPO proceeds 2.92

Company Name Aanjaneya LifeCare Ltd. Brooks Laboratories Ltd.

Issue Price (`) 234 100

IssueSize (` Million) 1,170.0 630.0

IPO Grading 1 2

Subscription

Listing Date

Price (`)
(30 Mar12)

Return# (%) 133.29 (83.65)

1.11x 27 May 2011 1.60x 05 September 2011

545.90 16.35

# Offer price to closing price on 3oth March 2012


2012 ARC Financial Services (P) Ltd. All rights reserved. Privileged and confidential information of ARC Financial Downloaded by in-mapegroup from 14.96.134.96 at 2012-09-25 15:03:34 EDT. ISI Emerging Services Markets. Unauthorized Distribution Prohibited.
ISIEmergingMarketsPDF in-mapegroup from 14.96.134.96 on 2012-09-25 15:03:34 EDT. DownloadPDF.

www.arc-fs.com www.arc-fs.com | 25 |1

Sector: Packaging
No. of IPOs Issue Size (` Million) % of total IPO proceeds

Strategies for your Success

ARC

1,504.6

2.44

Company Name
Flexituff International Ltd. Paramount Printpackaging Ltd.

Issue Price (`)


155 35

IssueSize (` Million) 1,046.3 458.3

IPO Grading
3 2

Subscription

Listing Date

Price (`)
(30 Mar12)

Return# (%) 52.29 (82.29)

1.17x 19 October 2011 3.92x 09 May 2011

236.05 6.20

Sector: Paper
No. of IPOs 1 Issue Size (` Million) 600.0 % of total IPO proceeds 0.97

Company Name Servalakshmi Paper Ltd.

Issue Price (`)

IssueSize (` Million) 600.0

IPO Grading
2

Subscription

Listing Date

Price (`)
(30 Mar12)

Return# (%) (83.14)

29

1.47x 12 May 2011

4.89

# Offer price to closing price on 3oth March 2012


2012 ARC Financial Services (P) Ltd. All rights reserved. Privileged and confidential information of ARC Financial Downloaded by in-mapegroup from 14.96.134.96 at 2012-09-25 15:03:34 EDT. ISI Emerging Services Markets. Unauthorized Distribution Prohibited.
ISIEmergingMarketsPDF in-mapegroup from 14.96.134.96 on 2012-09-25 15:03:34 EDT. DownloadPDF.

www.arc-fs.com www.arc-fs.com | 26 |1

Strategies for your Success

ARC

Strategies for your Success

ARC

Thank You
CA. Tapan Jindal
tapan@arc-fs.com +91 11 6542 2128

Aniket Kulkarni
info@arc-fs.com +91 11 4562 2128

Y Vamsi Krishna Reddy


info@arc-fs.com +91 11 4562 2128

Disclaimer The information contained herein has been obtained form various public sources. The above information is believed to be correct but is not necessarily complete and its accuracy cannot be guaranteed. ARC Financial Services is not responsible for any error or any decision taken by the reader based on this information. ARC Financial Services Pvt. Ltd. will not accept any liability, whatsoever with respect Services (P) Ltd. All reserved. Privileged and confidential information of ARC Financial Services to2012 theARC useFinancial of this document or rights its content.
ISIEmergingMarketsPDF in-mapegroup from 14.96.134.96 on 2012-09-25 15:03:34 EDT. DownloadPDF.

Copyright by ARC Financial Services Private Limited No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means electronic, mechanical, photocopying, recording, or otherwise without the permission of ARC Financial Services Private Limited. www.arc-fs.com | 1

Downloaded by in-mapegroup from 14.96.134.96 at 2012-09-25 15:03:34 EDT. ISI Emerging Markets. Unauthorized Distribution Prohibited.

You might also like