central depository services ltd (cdsl) - ipo · 2017. 6. 12. · axis capital, edelweiss financial...
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Call Toll Free 1800-425-8282 Central Depository Services Ltd (CDSL)
Initial Public Offer - Note
Central Depository Services Ltd (CDSL)
Issue Highlights: competitive prices for a wide range of securities
State-of-the-art technology and robust infrastructure and
IT systems
Objects of the Issue:
1. To achieve the benefits of listing the Equity Shares which will
enhance the visibility and brand image of the company and
thereby provide liquidity to its existing Shareholders
2. General Corporate Purpose.
Public issue of 3,51,67,208 equity shares of Rs. 10/- each
(“equity shares”) of Central Depository Services Ltd (CDSL)
(Company or Issuer).
About the Issuer:
It is one of the leading securities depository in India by incremental
growth of Beneficial Owner (“BO”) accounts over the last three
Fiscals and by the total number of registered Depository Participants
(“DPs”), as at the end of Fiscal 2016, according to the CRISIL
Report.
It offers dematerialization for a wide range of securities including
equity shares, preference shares, mutual fund units, debt
instruments, government securities. As a securities depository, it
facilitates holding of securities in electronic form and enables
securities transactions (including off-market transfer and pledge) to
be processed by book entry. The Registrar and Transfer Agents
(“RTAs”) and Clearing Members (“CMs”) are the other intermediaries
involved in the process of issue and transfer of securities on our
electronic platform.
On a consolidated restated basis, total revenue grew at a CAGR of
6.54% from Rs. 1,228.25 million in Fiscal 2014 to Rs. 1,394.21
million in Fiscal 2016 and net profit after tax grew as restated at a
CAGR of 22.57% from Rs. 493.50 million in Fiscal 2014 to Rs.
741.38 million in Fiscal 2016.
Revenue from Operations (Rs. Millions)
Net Profit After Tax (Rs. Millions)
907.48 889.341054.18
1228.53
0
500
1000
1500
FY 13 FY 14 FY 15 FY 16
505.21 495.48434.22
739.15
0
200
400
600
800
FY 13 FY 14 FY 15 FY 16
Issuer: Central Depository Services Ltd (CDSL)
Issue Type: 100% Book Built Issue IPO
Issue Open: Monday, June 19, 2017
Issue Close: Thursday, June 21, 2017
Issue Size (Rs): Offer for sale of 3,51,67,208 Equity Shares
(Rs.509.92* Cr – 523.99^ Cr)
Employee Reservation: 7,00,000 Equity Shares (Rs.10.15*Cr-
10.43^ Cr)
Face Value: Rs.10 per Equity Share
Price Band: Rs. 145 – Rs. 149 per Equity Share
Minimum Order Quantity Retail: 100 Shares and
in multiples thereof
Maximum Bid amount for Retail: Rs. 2 Lakhs
Listing: NSE
Issue Size and Investor Category Allocation
Total Issue Size: 3,51,67,208 Equity Shares
QIB: 50% of the issue size (1,72,33,603 Shares) (Rs.249.89*Cr-
Rs.256.78^ Cr)
NIB: 15% of the issue size (51,70,082 Shares) (Rs.74.97* Cr-
Rs.77.03^ Cr)
Retail: 35% of the issue size (1,20,63,523 Shares)
(Rs.174.92*Cr- Rs.179.75^ Cr)
(* lower price band and ^ upper price band)
Global Coordinators and Book Running Lead Managers:
Axis Capital, Edelweiss Financial Services, Nomura, SBI Capital
Markets Ltd
Book Running Lead Managers:
Haitong Securities, IDBI Capital, Yes Securities
Registrar:
Link Intime India Pvt Ltd
Key Business Strategies:
Continue to focus on developing new DPs relationships
and leveraging our existing DP network
Continue to introduce new offerings and scale up recently
started businesses
Continue to invest and upgrade our IT infrastructure and
systems leading to Enhancement of operational efficiency
and service quality
Continue investor education initiatives to foster a rise in
the number of potential new investors and deepening of
the Indian securities market
Key Strengths:
Stable revenue base due to repeat business in multiple
offerings in the Indian securities and financial services market
High economies of scale leading to steady growth in
profitability
India’s leading securities depository with the highest
share of incremental growth of BO accounts
Convenient and dependable depository services at
Call Toll Free 1800-425-8282
Central Depository Services Ltd (CDSL)
Initial Public Offer - Note
Central Depository Services Ltd (CDSL)
SUMMARY STATEMENT OF PROFITS AND LOSSES, AS RESTATED
(` in Million)
Particulars
For the
period
ended
September
30, 2016
For the year ended
March
31, 2016
March
31, 2015
March
31, 2014
March
31, 2013
March
31, 2012
I Revenue from Operations 584.67 1,017.35 856.45 754.39 753.57 782.59
II Other Income 142.86 143.43 195.55 300.11 291.30 239.67
III Total Revenue (I+II) 727.53 1,160.78 1,052.00 1,054.50 1,044.87 1,022.26
IV Expenses:
Employee Benefits Expense 98.12 194.93 168.73 156.50 156.06 116.28
Depreciation and Amortization
Expense 16.07 34.36 49.05 38.29 18.50 35.41
Other Expenses 169.96 325.82 357.24 351.84 332.44 180.04
Total Expenses 284.15 555.11 575.02 546.63 507.00 331.73
V Profit before Exceptional items,
Extraordinary Items and Tax (III-
IV)
443.38 605.67 476.98 507.87 537.87 690.53
VI Exceptional items - (331.04) (16.88) - - 26.68
VII Profit before Extraordinary Items
and Tax (V- VI)443.38 936.71 493.86 507.87 537.87 663.85
VIII Tax expense:
(1) Current Tax 137.00 324.80 160.28 92.61 137.84 193.00
(2) Deferred Tax (3.54) (22.01) (13.80) 6.87 (15.85) (3.70)
Total 133.46 302.79 146.48 99.48 121.99 189.30
IX Net Profit after tax before
extraordinary items as restated 309.92 633.92 347.38 408.39 415.88 474.55
X Extraordinary Items (net of tax)
Loss due to fire / (Fire Insurance
claim received)
- - - (5.62) 4.88 -
XI Profit after Tax and Extraordinary
Items (IX-X) 309.92 633.92 347.38 414.01 411.00 474.55
Adjustments - - - - - -
XII Net profit after tax as restated 309.92 633.92 347.38 414.01 411.00 474.55
XIII Earnings per equity share (EPS)
(face value of ` 10/- each)
Excluding Extraordinary Items
Basic and Diluted EPS (`) 2.97* 6.07 3.32 3.91 3.98 4.54
Including Extraordinary Items
Basic and Diluted EPS (`) 2.97* 6.07 3.32 3.96 3.93 4.54
Call Toll Free 1800-425-8282
Source
for
Note:
DRHP
IMPORTANT: Please
read
the
Red
Herring
Prospectus
of this
issue
carefully
before
investing
in
the
same.
:: Research Desk :: :: Research Desk ::
E-mail:
karvy.advisor@karvy.com
Direct Ph: 040 3321 7132
Disclaimer
The information and views presented in this report are prepared by Karvy Stock Broking Limited. The information
contained herein is based on our analysis and upon sources that we consider reliable. We, however, do not vouch for the
accuracy or the completeness thereof. This material is for personal information and we are not responsible for any loss
incurred based upon it. The investments discussed or recommended in this report may not be suitable for all investors.
Investors must make their own investment decisions based on their specific investment objectives and financial position
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document.
PF/IPON/12062017/26
Initial Public Offer - Note
Central Depository Services Ltd (CDSL)
Central Depository Services Ltd (CDSL)
SUMMARY STATEMENT OF ASSETS AND LIABILITIES, AS RESTATED
(` in Million)
Particulars
As at
September
30, 2016
As at
March
31,2016
As at
March
31, 2015
As at
March
31, 2014
As at
March
31, 2013
As at
March
31, 2012
I - EQUITY AND LIABILITIES
(1) Shareholders' Funds
(a) Share Capital 1,045.00 1,045.00 1,045.00 1,045.00 1,045.00 1,045.00
(b) Reserves and Surplus 2,926.94 2,617.02 2,297.54 2,226.86 2,057.37 1,890.89
3,971.94 3,662.02 3,342.54 3,271.86 3,102.37 2,935.89
(2) Non-current Liabilities
(a) Other Long-term Liabilities 229.44 230.34 222.99 217.63 215.25 206.72
229.44 230.34 222.99 217.63 215.25 206.72
(3) Current Liabilities
(a) Trade Payables
(i) Total outstanding dues of Micro, Small
and Medium Enterprises
- - - - - -
(ii) Total outstanding dues of creditors
other than Micro, Small and Medium
Enterprises
77.60 63.49 59.72 44.28 41.10 41.95
(b) Other Current Liabilities 490.31 172.68 479.79 338.72 213.19 67.09
(c) Short-term Provisions 82.27 382.33 298.51 267.56 265.64 198.65
650.18 618.50 838.02 650.56 519.93 307.69
TOTAL 4,851.56 4,510.86 4,403.55 4,140.05 3,837.55 3,450.30
II - ASSETS
(1) Non-current Assets
(a) Fixed Assets
(i) Tangible Assets 44.98 29.46 46.66 59.15 61.31 52.14
(ii) Intangible Assets 5.38 6.36 11.36 21.05 17.22 0.20
50.36 35.82 58.02 80.20 78.53 52.34
(b) Non-current Investments 1,367.55 2,089.07 2,203.02 809.88 620.58 940.69
(c) Deferred Tax Assets (net) 78.31 74.76 52.76 38.95 45.82 29.98
(d) Long term Loans and Advances 118.74 120.01 115.42 123.60 105.33 62.10
1,564.60 2,283.84 2,371.20 972.43 771.73 1,032.77
(2) Current Assets
(a) Current Investments 2,561.66 1,622.21 1,407.08 2,656.56 2,613.65 1,980.98
(b) Trade Receivables 146.95 97.75 37.12 33.33 35.03 44.31
(c) Cash and Cash Equivalents 411.75 402.52 484.58 358.16 300.88 301.30
(d) Short-term Loans and Advances 32.14 15.20 17.46 14.47 17.88 12.30
(e) Other Current Assets 84.10 53.52 28.09 24.90 19.85 26.30
3,236.60 2,191.20 1,974.33 3,087.42 2,987.29 2,365.19
TOTAL 4,851.56 4,510.86 4,403.55 4,140.05 3,837.55 3,450.30
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