Review By on September 22, 2014
While we have a biggest NSE SME Emerge listing IPO of Momai Apparels, we have two BSE SME lPOs, i.e. Aryaman Capital Markets and Atishya Infotech. Details of Atishya Infotech Ltd are as under:
Atishya Infotech Ltd (AIL) is an ISO 9001-2008 certified and ISO/IEC 27001:2005 certified (Information Security Management Systems) company which offers wide range of Information Technology Database Management and E-Governance Services including Large Scale Data Entry and Scanning Solutions, Digitization Services, Document Conversion, Data Base Management of highest quality to our clients who are mainly PSU and Government Entities. The company operates from registered office located at Mumbai, Maharashtra and its corporate office located at Bhopal, Madhya Pradesh. It currently provides services in the states of Maharashtra, Rajasthan, Uttar Pradesh, Bihar & Madhya Pradesh.
To meet its working capital requirement and issue expenses, the company is coming out with an IPO of 2320000 equity share of Rs. 10 each at a fixed price of Rs. 16 per share to mobilize Rs. 3.71 crore. Issue opens on 25.09.14 and will close on 29.09.14. Minimum application is to be made for 8000 shares and in multiples thereof, thereafter. Issue is lead managed by Hem Securities Ltd and Sharex Dynamic (India) Pvt Ltd is the registrar to the issue. Post allotment, shares will be listed on BSE SME.
On performance front, Company’s restated total income increased from Rs.12.71 crore in FY 2012-13 to Rs. 15.60 crore in FY 2013-14 and restated profit after tax increased from Rs.1.48 crore in FY 2012-13 to Rs. 2.30 crore in FY 2013-14. Its current equity of Rs. 6.47 crore will enhance to Rs. 8.79 crore post this IPO. Present equity includes two bonus issues, 28 shares for 1 share held in November 2012 and 1 share for every 3 shares held in March 2014. Last three year’s average EPS stands at Rs. 3.11. If we attribute the current earnings of 2013-14 on enhanced equity post issue then the asking price is at a P/E of 6 which looks reasonable.
On merchant banker’s aspect, this is 8th SME issue from it. It has mixed trends of performances post listing and current market prices.
Risk aver investors can consider for long term as marketing of SME IPO has entry barriers on entry and trading platform, low preference from broking community and irregular trades.
(Disclaimer: Author has no plans to invest in this IPO)
Review By on September 22, 2014
Dilip Davda is a veteran financial journalist associated with the Indian stock market since 1978. He has been contributing to print and electronic media on capital markets, insurance, and finance since 1985.
He is widely recognized for reviewing public issues and non-convertible debentures (NCDs) in the primary market. Drawing on over three decades of market experience and close interaction with merchant bankers, his reviews focus on detailed fundamental and financial analysis of companies, with a special emphasis on SME public issues.
Dilip Davda
SEBI Registered Research Analyst – Mumbai
Registration No.: INH000003127 (Perpetual)
Email: dilip_davda@rediffmail.com
Disclaimer: The information provided herein is solely for educational and informational purposes and does not constitute an offer, solicitation, or recommendation to buy or sell any securities. Readers are advised to consult a qualified financial advisor before making any investment decisions. Investments in the securities market are subject to market risks. The author does not intend to invest in the securities discussed.
The initial public offer (IPO) of Atishay Infotech Ltd. offers an early investment opportunity in Atishay Infotech Ltd.. A stock market investor can buy Atishay Infotech IPO shares by applying in IPO before Atishay Infotech Ltd. shares get listed at the stock exchanges. An investor could invest in Atishay Infotech IPO for short term listing gain or a long term.
Read the Atishay Infotech IPO recommendations by the leading analyst and leading stock brokers.
Atishay Infotech IPO offers an opportunity to buy IPO shares before they get listed at the stock exchanges. Read the Atishay Infotech IPO Notes, Analysis and Recommendations by leading stock brokerage firms and experts mentioned in the above answer to "How is Atishay Infotech IPO?"
Our recommendation for Atishay Infotech IPO is to subscribe.
As per the analysis by our lead analyst Mr. Dilip Davda, we suggest you to subscribe to the Atishay Infotech IPO.
The Atishay Infotech IPO allotment status will be available on or around [.]. The allotted shares will be credited in demat account by [.]. Visit Atishay Infotech IPO allotment status to check.
