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Review By Dilip Davda on February 5, 2014
While we have two issues of Polymac and EIL closing on 10.02.14, one more at par SME IPO is opening on the same day. Details of the same are as under:
Unishire Urban Infra Ltd. (erstwhile known as Ratna Kamal Holdings Ltd.) is currently engaged in the business of real estate development and construction. The company is also engaged in equity shares trading and investing activities. The operations of the company spans in all aspects of real estate developments.
To part finance development of residential complex worth Rs. 12.59 crore at Kolkata and raising general corpus funds, it is entering in capital market on 10.02.14 with an issue of 6430000 equity shares of Rs. 10 each at par to mobilize Rs. 6.43 crore. Issue will close on 12.02.14. Minimum application is to be made for 10000 shares and in multiples thereof, thereafter. Issue is lead managed by Inventure Merchant Banker Services Pvt. Ltd. and Purva Sharegistry (India) Pvt. Ltd. is registrar to the offer. Post allotment, shares will be listed on BSE SME. Post issue equity will rise to Rs. 24.36 crore. Between 31.03.2003 to 31.03.2012 the company issued at various times, equity shares at a price ranging from Rs. 50 to Rs. 1000 and then issued bonus shares in the ratio of 17 shares for every 1 share held on07.03.2013 and thereafter again made preferential issue at par to take the equity to Rs. 17.93 crore.
On performance front, the company has posted an average EPS of Rs. 0.06 for last three fiscals. For first seven months ended on 31.10.13 of current fiscal, it has earned net profit of Rs. 0.20 crore on a total turnover of Rs. 5.16 crore. It we attribute this earnings on annualized basis on expanded equity post issue, then EPS stands at Rs. 0.13 and based on this even at par the issue is being translating in P/E of 76+.
On merchant banker’s part, this is the seventh SME mandate from them and they have poor track records.
Even at par, issue is not worth.
Review By Dilip Davda on February 5, 2014
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 Unishire Urban Infra Ltd offers an early investment opportunity in Unishire Urban Infra Ltd. A stock market investor can buy Unishire Urban Infra IPO shares by applying in IPO before Unishire Urban Infra Ltd shares get listed at the stock exchanges. An investor could invest in Unishire Urban Infra IPO for short term listing gain or a long term.
Read the Unishire Urban Infra IPO recommendations by the leading analyst and leading stock brokers.
Unishire Urban Infra IPO offers an opportunity to buy IPO shares before they get listed at the stock exchanges. Read the Unishire Urban Infra IPO Notes, Analysis and Recommendations by leading stock brokerage firms and experts in the above answer.
Our recommendation for Unishire Urban Infra IPO is to avoid.
As per the analysis by our lead analyst Mr. Dilip Davda, we suggest you to avoid the Unishire Urban Infra IPO.
The Unishire Urban Infra IPO allotment status will be available on or around [.]. The allotted shares will be credited in demat account by [.]. Visit Unishire Urban Infra IPO allotment status to check.
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