IRCON International IPO vs MSTC IPO

Comparision between IRCON International IPO and MSTC IPO.

IPO Details

IRCON International IPO is a Mainline Book Built Issue IPO proposed to list at BSE, NSE while MSTC IPO is a Mainline Book Built Issue proposed to list at BSE, NSE.

	IRCON International IPO	MSTC IPO
Logo
Issue Category	Mainline	Mainline
Issue Type	IPO	IPO
Process Type	Book Built Issue	Book Built Issue
Listing At	BSE, NSE	BSE, NSE
Lead Managers	Axis Capital Limited Idbi Capital Market Services Limited SBI Capital Markets Limited	Equirus Capital Private Limited
Registrar	Kfin Technologies Limited	Alankit Assignments Ltd
Market Maker
DRHP	DRHP	DRHP
RHP	RHP	RHP
Anchor Investor
IPO Allotment URL	IPO Allotment URL	IPO Allotment URL

Issue Size and Price

The total issue size of IRCON International IPO is up to ₹470.49 Cr whereas the issue size of the MSTC IPO is up to ₹212.04 Cr. The final issue price of IRCON International IPO is ₹475.00 per share and of MSTC IPO is ₹120.00 per share.

	IRCON International IPO	MSTC IPO
Face Value	₹10 per share	₹10 per share
Issue Price (Lower)	₹470.00 per share	₹120.00 per share
Issue Price (Upper)	₹475.00 per share	₹128.00 per share
Issue Price (Final)	₹475.00 per share	₹120.00 per share
Discount (Retail)		₹5.50 per share
Discount (Employee)		₹5.50 per share
Market Lot Size	30 shares	90 shares
Fresh Issue Size
Fresh Issue Size (Amount)
OFS Issue Size
OFS Issue Size (Amount)
Issue Size Total	99,05,157 shares	1,76,70,400 shares
Issue Size Total (Amount)	up to ₹470.49 Cr	up to ₹212.04 Cr

IPO Timetable

IRCON International IPO opens on Sep 17, 2018, while MSTC IPO opens on Mar 13, 2019. The closing date of IRCON International IPO and MSTC IPO is Sep 19, 2018, and Mar 20, 2019, respectively.

	IRCON International IPO	MSTC IPO
Anchor Bid Date
Issue Open	Sep 17, 2018	Mar 13, 2019
Issue Close	Sep 19, 2018	Mar 20, 2019
Basis Of Allotment (Tentative)	Sep 25, 2018	Mar 25, 2019
Initiation of Refunds (Tentative)	Sep 26, 2018	Mar 26, 2019
Credit of Share (Tentative)	Sep 26, 2018	Mar 28, 2019
Listing date (Tentative)	Sep 28, 2018	Mar 29, 2019
Anchor Lockin End date 1	Oct 25, 2018	Apr 24, 2019
Anchor Lockin End date 2	Dec 24, 2018	Jun 23, 2019

Financials

IRCON International IPO P/E ratio is , as compared to MSTC IPO P/E ratio of .

IRCON International IPO

MSTC IPO

Financial

Summary of financial Information (Restated Consolidated)
Particulars	For the year/period ended (in Rs. Million)
	31-Mar-18	31-Mar-17	31-Mar-16	31-Mar-15 (Proforma)	31-Mar-14	31-Mar-13
Total Assets	127,782.22	92.314.11	81,394.06	65,210.01	62,134.65	62,389.08
Total Revenue	42,124.02	33,013.48	29,086.37	33,325.05	41,507.70	45,431.58
Profit After Tax	4,115.80	3,839.78	3,931.08	5,630.31	7,469.80	8,048.95

Summary of financial Information (Restated Standalone)
Particulars	For the year/period ended (in Rs. Millions)
	31-Marc-18	31-Mar-17	31-Mar-16	31-Mar-15(Proforma)	31-Mar-14	31-Mar-13
Total Assets	1,27,079.37	91,676.27	81,367.77	65,287.03	61,718.40	62,393.25
Total Revenue	41,230.59	33,544.28	28,343.49	32,192.33	41,588.22	45,600.59
Profit After Tax	3,908.60	3,688.51	3,693.04	5,591.28	7,403.85	8,131.88

Summary of financial Information (Restated)
Particulars	For the year/period ended (in Rs. Million)
	30-Sep-18	31-Mar-18	31-Mar-17	31-Mar-16
Total Assets	42,566.28	47,378.56	45,998.14	41,621.75
Total Revenue	14,915.50	27,931.50	18,762.00	33,078.00
Profit After Tax	(158.84)	(64.81)	1,391.50	(2,471.00)

Promoter Shareholding (Pre-Issue)

89.85%

Promoter Shareholding (Post-Issue)

64.75%

P/E Ratio

Market Cap

ROE

ROCE

Debt/Equity

EPS

RoNW

Shares Offered

In the IRCON International IPO retail investors (RII) are offered 32,91,805 shares while in MSTC IPO retail investors are offered 32,91,805 shares. Qualified institutional buyers (QIB) are offered 47,02,578 shares in IRCON International IPO and 1,32,00,000 shares in MSTC IPO.

	IRCON International IPO	MSTC IPO
Anchor Investor Reserveration
Market Maker Reserveration
QIB	47,02,578 shares	1,32,00,000 shares
NII	14,10,774 shares	26,40,000 shares
RII	32,91,805 shares	17,60,000 shares
Employee	5,00,000 shares	70,400 shares
Others
Total	99,05,157 shares	1,76,70,400 shares

Bids Received (Subscription)

IRCON International IPO subscribed 9.77x in total, whereas MSTC IPO subscribed 1.46x.

	IRCON International IPO	MSTC IPO
QIB (times)	12.29x	1.13x
NII (times)	4.92x	2.15x
Big NII (times)
Small NII (times)
RII (times)	9.66x	2.95x
Employee (times)	0.36x	1.54x
Other (times)
Total (times)	9.77x	1.46x

Compare with others

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MSTC IPO	Polycab IPO
Xelpmoc Design and Tech IPO	Metropolis IPO
Aavas Financiers IPO	Embassy Office Parks
Garden Reach Shipbuilders IPO	Xelpmoc Design and Tech IPO
Chalet Hotels Limited IPO	Aavas Financiers IPO
TCNS Clothing IPO	IRCON International IPO
CreditAccess Grameen IPO	Garden Reach Shipbuilders IPO
HDFC AMC IPO	Chalet Hotels Limited IPO

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