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ASHAPURA INTIMATES FASHION


INTIAL PUBLIC OFFERING {I.P.O} 


Company Background:

Reputable in 2006, Ashapura Intimates Fashion Ltd and the Chief Promoter was Mr. Harshad H. Thakkar and the Company is engaged in the business of designing, branding, marketing and retailing intimate garments such as loungewear, bridal night wear, honeymoon sets, bathrobes and night wear.

The Company Ashapura Intimates sell their products such as loungewear, bridal night wear, honeymoon sets and bathrobes under the brands “Valentine” and “N-Line”. Also night wear, maternity feeding night wear and bridal night wear (two pieces) are marketed under the brand “Night & Day” and sportswear, women’s innerwear and lingerie’s under the brands “Valentine Sportswear”, “Valentine Secret Skin” & “Valentine Pink”. Company has in house design studio for developing products and creating styles to remain updated on consumer tastes and fashion trends.

Ipo Highlights:

ü  In the direction of set up Ten Exclusive Brand Outlets

ü  Toward fund branding and marketing set-up

ü  To Investment in the equity shares of our Group Company

ü  In the direction of fund modernization of machineries

ü  To meet incremental working capital requirements

ü  Intended for general corporate purposes

ü  To meet Issue expenses

Ipo Details:

ü  Issue Open: 28Mar’ 2013

ü  Issue Closes: 04Apr’2013

ü  Issue Type: Fixed Price Issue IPO

ü  Issue Size: 5,250,000 Equity Shares of Rs. 10 Each

ü  Issue Size: Rs. 21.00 Crore

ü  Face Value: Rs. 10 Per Equity Share

ü  Issue Price: Rs. 40 Per Equity Share

ü  Market Lot: 3000 Shares

ü  Minimum Order Quantity: 3000 Shares

ü  Listing At: Bombay Stock Exchange Small and Medium Enterprises {SME}

 Ipo Digest:

Possibly the last IPO for Fiscal 2012-13 is from BOMBAY STOCK EXCHANGE SMALL AND MEDIUM ENTERPRISES Platform that is likely to bid farewell to the primary market. With this the total tally for BOMBAY STOCK EXCHANGE SMALL AND MEDIUM ENTERPRISES IPOs will be 23 during the first year of SMALL AND MEDIUM ENTERPRISES {SME} platform.

The Ashapura Intimates Fashion Limited is in the business of designing, trading, job contract manufacturing, branding, marketing and selling of intimate garments such as loungewear, bridal night wear / honeymoon sets, bathrobes and nighties since amalgamation. An Ashapura Intimates Fashion Limited expanded its product portfolio by adding other intimate garments such as sportswear, women's innerwear including lingerie. It now plans to foray into a new product category i.e. kids' innerwear having cartoon characters.

 The Ashapura Intimates Fashion Limited products such as loungewear, bridal night wear, honeymoon sets and bathrobes under the brands "Valentine" and "N-Line" are available through our large network of distributors to our customers in India as well as other countries. Its products such as nighties, maternity feeding nighties and bridal night wear (two pieces) are marketed under the brand called "Night & Day". Further in the year of 2011, the company  started marketing of sportswear, women's innerwear and lingerie's under the brands "Valentine Sportswear", "Valentine Secret Skin" & "Valentine Pink" respectively by leveraging its existing marketing network.

An Ashapura Intimates Fashion Limited’s Now proposes to muster Rs. 21 crore to set up Ten Exclusive Brand Outlets, fund branding and marketing set-up, modernizations and investment in group companies along with other general corpus fund. For this it is coming out with an IPO of 5250000 equity share of Rs. 10 each at a fixed price of Rs. 40 each. KJMC Corporate Advisors (India) Ltd is the sole manager to this offer and Link In time India Pvt. Ltd. is the registrar to the offer. CARE has assigned ' SMALL AND MEDIUM ENTERPRISES Fundamental Grade 4' to this IPO indicating very good fundamentals. Post allotment, the shares will be listed on Bombay Stock Exchange SMALL AND MEDIUM ENTERPRISES platform. The novel face value of Rs. 100 per share was spitted in Rs. 10 in October 10. Between 2009-2011 March. It made preferential allotments at a price between Rs. 1000-2850 per share and In March 2012 it allotted shares at par. It also issued two bonus shares in the ratio of 5 for 1 in March 2012 and 1 for 1 in October 2012.

Company Valuation:

Resting on company's performance front, for the last three fiscals it posted an average EPS of Rs. 6.7 and Net Asset Value as on 31.03.12 is at Rs. 20.68. This will get diluted on post bonus issue. For first half of current fiscal it has earned net profit of Rs. 1.65 crore on a turnover of Rs. 57.47 crore. If we attribute this on annualized basis on the post Initial Public Offering equity of Rs. 19.47 then the issue is at a P/E of 22 plus point which is higher compared to its gaze.

Ipo Conclusion:

Lying on merchant banker's mandate front, possibly this is the first permission and there is no past track record. Due to entry fence and higher pricing. It is better to AVOID.

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* Disclaimer: These recommendations are based on the theory of technical analysis and outlook of the market performance. Readers those who buy and sell securities based on the above information in this column are solely responsible for their actions. The author won't be liable or responsible for any sort of financial and legal loses suffered by the traders.