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Review By Dilip Davda on June 28, 2016
Titaanium Ten Enterprise Ltd (TTEL) is engaged in trading of yarn, grey cloth and knitted fabrics as well as manufacturing of knitted fabrics. Its plant is located at Surat a “The Textile Hub of the Nation” and enjoys customers’ satisfaction.
To part finance its working capital requirements, the company is coming out with a maiden IPO of 1816000 equity share of Rs. 10 each at a fixed price of Rs. 15 to mobilize Rs. 2.72 crore. Issue opens for subscription on 30.06.16 and will close on 05.07.16. Minimum application is to be made for 8000 shares and in multiples thereon, thereafter. Post allotment shares will be listed on BSE SME., Issue is solely managed by Pantomath Capital Advisors Pvt Ltd and Bigshare Services Pvt Ltd is the registrar to the issue. After initial equity issue at par, it has issued equity shares at a price range of Rs. 100 to Rs. 197 per share during 2009 to September 2015 and has also converted equity at a price of Rs. 15 per share in May 2016. It has also issued bonus shares in the ratio of 1 for 10 (in June 2014) , 1 for 5 (in Sept 2015) and 12 for 1 (May 2016). Post IPO its current paid up equity capital of Rs. 4.91 crore will stand enhanced to Rs. 6.73 crore.
On performance front, for last three fiscals the company has posted turnover and net profit of Rs. 96.14 cr./ Rs. 0.33 cr. (FY13), Rs. 104.60 cr./ Rs. 0.36 cr. (FY14) and Rs. 105.05 cr./ Rs. 0.32 cr. (FY15). For first nine months ended on 31.12.15 it has reported net profit of Rs. 0.15 crore on a turnover of Rs. 65.57 crore. If we annualize these earnings and attribute on fully diluted equity post issue then asking price is at a P/E of 50.
On merchant banker’s front, this is 20th mandate from its stable. Earlier mandates have shown mixed trends.
Conclusion: Issue pricing appears to be on higher side as the cow is already milked, risk aver investors with surplus cash may consider long term investment, as the sector has received some sops recently.
Review By Dilip Davda on June 28, 2016
DISCLAIMER: No financial information whatsoever published anywhere here should be construed as an offer to buy or sell securities, or as advice to do so in any way whatsoever. All matter published here is purely for educational and information purposes only and under no circumstances should be used for making investment decisions. My reviews do not cover GMP market and operators game plans. Readers must consult a qualified financial advisor before making any actual investment decisions, based the on information published here. With entry barriers, SEBI wants only well-informed investors to participate in such offers. With crazy listings in the recent past, SME IPOs drew the attention of investors across the board and lead to seer madness. However, as SME issues have entry barriers and continued low preference from the broking community, any reader taking decisions based on any information published here does so entirely at their own risk. The above information is based on information available as of date coupled with market perceptions. The Author has no plans to invest in this offer.
About Dilip Davda
Dilip Davda is veteran journalist associated with stock market since 1978. He is contributing to print and electronic media on stock markets/insurance/finance since 1985.
Dilip Davda is a leading reviewer of public issues and NCDs in the primary stock market in India. The knowledge he gained over 3 decades while working in the stock market and a strong relationship with popular lead managers makes his reviews unique. His detail fundamental and financial analysis of companies coming up with IPO helps investors in the primary stock market. Dilip Davda has a special interest in analyzing the SME companies and writing reviews about their public issues. His reviews are regularly published online and in news papers.
(Dilip Davda -SEBI registered Research Analyst-Mumbai,
Registration no. INH000003127 (Perpetual)
Email id: dilip_davda@rediffmail.com ).
The initial public offer (IPO) of Titaanium Ten Enterprise Ltd offers an early investment opportunity in Titaanium Ten Enterprise Ltd. A stock market investor can buy Titaanium Ten Enterprise IPO shares by applying in IPO before Titaanium Ten Enterprise Ltd shares get listed at the stock exchanges. An investor could invest in Titaanium Ten Enterprise IPO for short term listing gain or a long term.
Read the Titaanium Ten Enterprise IPO recommendations by the leading analyst and leading stock brokers.
Titaanium Ten Enterprise IPO offers an opportunity to buy IPO shares before they get listed at the stock exchanges. Read the Titaanium Ten Enterprise IPO Notes, Analysis and Recommendations by leading stock brokerage firms and experts in the above answer.
Our recommendation for Titaanium Ten Enterprise IPO is to subscribe.
As per the analysis by our lead analyst Mr. Dilip Davda, we suggest you to subscribe to the Titaanium Ten Enterprise IPO.
The Titaanium Ten Enterprise IPO allotment status will be available on or around [.]. The allotted shares will be credited in demat account by [.]. Visit Titaanium Ten Enterprise IPO allotment status to check.
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