Cochin Shipyard IPO – Schedule (Tentative)
25th July – Anchor List
26th July – Offer Opens
28th July – Offer Closes (Error Rectified)
02nd Aug – Finalisation of Basis of Allotment
03rd Aug – Unblocking of ASBA
04th Aug – Credit to Demat Accounts
07th Aug – Listing on NSE & BSE (Raksha Bandhan)
Cochin Shipyard IPO – Issue Information (Tentative)
Issue Opens on: 26 July 2017
Issue Closes on: 28 July 2017
Issue Type: Book Built Issue IPO
Issue Size: 3,39,84,000 Equity Shares
Face Value: Rs 10 per Equity Share
Issue Price: Rs.424 – Rs.428 per Equity Share (QIB & NII)
Discount: Rs.420 – Rs.424 per Equity Share (RII & Employees)
Market Lot: 35 shares
Listing At: NSE, BSE
Equity Shares outstanding prior to the Issue = 11,32,80,000 Equity Shares
Fresh Issue of 2,26,56,000 Equity Shares @upper price band = Rs.969.68 Crores
Offer for Sale of 1,13,28,000 Equity Shares @upper price band = Rs.484.84 Crores
Equity Shares outstanding after the Issue = 13,59,39,000 Equity Shares
Category-wise Break up:.
QIB – 1,65,80,000 Shares = 709.62Crs (No Anchor)
NII – 49,74,000 Shares = 212.89Crs
RII – 1,16,06,000 Shares = 496.74Crs (Lot size: 35 = 331,600 Forms)
Employees – 8,24,000 Shares = 35.27Crs
Total Issue – 3,39,84,000 Equity Shares = 1,454.52Crs.
Subscription required for 1X
RII = 331,600 Forms
NII = 212.89 Crs
Interest cost @5%p.a. for 7days = 41.041paise for 1X
Cochin Shipyard IPO – Financial Information (Basis of Valuation)
EPS for FY13-14 >>> Rs.25.03 (Page #88 of DRHP)
EPS for FY14-15 >>> Rs.06.29 (Page #88 of DRHP)
EPS for FY15-16 >>> Rs.25.23 (Page #88 of DRHP)
EPS for 6M16-17 >>> Rs.16.29 (Not Annualized) (Page #88 of DRHP)
RoNW for FY13-14 >>> 19.03% (Page #89 of DRHP)
RoNW for FY14-15 >>> 04.63% (Page #89 of DRHP)
RoNW for FY15-16 >>> 16.61% (Page #89 of DRHP)
RoNW for 6M16-17 >>> 09.69% (Not Annualized) (Page #89 of DRHP)
NAV as on September 30, 2016 was Rs.168.14 (Page #90 of DRHP)
Peer Group (Page #90 of DRHP):
Reliance Defence and Engineering (CMP 60.60)
ABG Shipyard (CMP 13.30)
Bharati Defence and Infrastructure(CMP 9.50)
Cochin Shipyard IPO
Market Estimates of oversubscription:
Category-wise:
1X QIB = 709.62Crs – assuming applications of 30KCrs. = 42X oversubscription
1X NII = 212.89Crs – assuming applications of 45KCrs. = 211X oversubscription
1X RII = 331,600 Forms – assuming 20.00L forms. = 6X oversubscription (applic-wise)
i.e. average 5.80 shares per form
Cochin Shipyard IPO
GMP 85 – 87 (expected)
Kostak 450 – 500 (expected)