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PERFORMANCE OF IPO IN INDIAN MARKET

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CHAPTER 1:

INTRODUCTION OF IPO

WHAT IS AN IPO? WHY MAY A COMPANY NEED AN IPO? WHAT ARE THE TWO SIDE OF IPO COIN? WHO CAN" TOSS THE IPO COIN" PREPARING FOR IPO REGULATORY. PROCESS OF IPO. IDEAL PROCESS OF IPO. THE PROCEDURE FOR THE ISSUE OF AN IPO . DOCUMENT OF IPO. IPO MARKET IN INDIA


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EXECUTIVE SUMMARY:

The transition from being a private company to a public one is one of the most important events

in the life of a firm. It is also one of particular interest to institutional investors, and the transition is

facilitated through the INITIAL PUBLIC OFFERING (IPO) process. The IPO provides a fresh source of

capital Shareholders such as venture capitalists a liquid market for their shares. From an institutional

investor's perspective, the IPO provides an opportunity to share in the rewards of the growth of the

firm.

When a firm issues equity to the public for the first time, it makes an initial public offeringconsisting of two kinds of issues the primary issue and the follow-on issue. In a primary, the firm raises

capital for itself by selling stock to the public, whereas in the follow on issue, existing large shareholders

sell to the public a substantial number of shares they currently own.

It is a well-documented fact that IPOs tend to be generally underpriced, though some issues

tend to be overpriced. From the viewpoint of financial research, IPO underpricing in the sense of

abnormal short-term returns on IPOs has been found in nearly every country in the world. This suggeststhat IPO underpricing may be the outcome of basic problems of information and uncertainty in the IPO

process, and is unlikely to be a figment of institutional peculiarities of any one market.

There have also been various studies made to suggest the reasons for such underpricing. From

the investors poi nt of view, this underpricing appear to provide the sure and quick profit that most

dream about. Though first day return could vary, few of the issues tend to provide a very high return

over the first day. One of the examples is VA Linux which had a first day return of 700%. It is also seen

that for some of the issues, the first day return could also be negative. It then becomes inevitable for

most investors to measure the performance of IPOs by the short term (usually within one week of

issue), as the general scheme is to buy the shares at a low initial offering price and sell it the next day

when the price increases.


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Pricing of the IPOs are done by the issuers with guidance from underwriters from investment

banks. There are various ways to price the stocks but what is commonly used now is a process called

book building. It is basically a capital issuance process used in an Initial Public Offer which aids price anddemand discovery. It is also a process used for marketing a public offer of equity shares of a company.

During the period for which the book for the IPO is open, bids are collected from investors at various

prices, which are above or equal to the floor price. The offer/issue price is then determined by the

issuing company after the bid closing date based on the various bids that have been collected. For a

more detailed discussion of book building, one can visit any of the many stock exchanges. An example of

the book building process can be seen from the National Stock Exchange. This Initial Public Offering can

also be made through the fixed price method or a combination of both book building and the fixed price

method.

There have been various studies conducted on the price changes of the shares after prolonged

periods (six months to five years). These studies show that while the short-run performance of IPOs is

often quite impressive, the long-run performance over the subsequent three to five years is not as

impressive. Excluding the initial-day return, IPOs tend to underperform various benchmarks. However,

these studies focus mainly on developed economies and tend to neglect the developing counterparts. A

study by Madhusoodanan and Thiripalraju studies the performance of Indian IPOs prior to 1996.

It is in the hope that the long term performance of IPOs in developing economies can also be a

useful indicator to the potential investor that this study is to be undertaken. The purpose of this paper is

to examine the long-run performance of IPOs in Indian stock market which was issued during 2000-

2001. The IPO literature has shown that the IPO issues and performance is based on a cycle. In some

years there are a large number of IPOs while in some years, there are only a few IPOs. When it is a

vintage year with a large number of IPOs, most IPOs tend to do well on the first day but tend to do

poorly over a long term whereas in years when there are only a few IPOs, the results tend to be mixed.

The long run performance is likely to be affected while we include IPOs from different time periods

because the market movements in different market conditions are likely to be different. In order to see

that results are not confounded by the time period when IPO was issued, it was decided to include IPOs


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that were issued within a one-year period. This has resulted in a sample of 116 companies which had

IPOs in this period from various industries. This study is important mainly because the Indian stock

market has been performing very well from the year 2001 and our research wants to show whether this

performance is due to the established firms or the performance also gets to the newly issued shares

through IPOs.

The study uses various methods to ascertain the significance of the over or underperformance of

IPOs. Among the many reasons for the performance which we see, one of them could be the sensitivity

of the results to the choice of benchmarks. Dimson and Marsh, Ritter, Gregory et al , Fama and French

and Fama have successively demonstrated the sensitivity of the long-run performance of the IPOs the

benchmark used in the study. For this reason, the effect of various benchmarks on the return

measurements will be studied so as to elucidate the possibility that the magnitude of the performance is

benchmark dependent.

INTRODUCTION OF IPO:

What is an IPO ?

An IPO or an Initial Public Offer is a company's first sale of equity shares to

general public. Shares offered in an IPO are often, but not always, those of newly

set up companies seeking outside equity capital and a public market for their

shares.


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An initial public offer is an equity product that allows you to buy cheap

tomorrows possible winners

-George Mathew

An Initial Public Offering (IPO) can be a good investment avenue for equity investors. While the

IPO market is dry these days, a fresh crop is expected soon. Let us take five minutes to understand IPOs

and to decide whether to invest in them or not.

Suppose your friend owns a business, his company is profitable and he wants to grow the

company faster. For this he needs money. Instead of debt, he wants to offer a part of his company for

sale in the stock marke t. He will make, what is called, a public offer of shares (after a number of

procedures and regulatory processes). If the issue is successful, his company will list or begin to trade

in a stock exchange. So, an IPO is a fresh offer, where a company that is not yet trading, wants to sell

shares directly to the investors. The shares can be offered at par, that is, at face value of Rs 2 Rs 5 or Rs

10, or at a premium. After this, your friend is no longer the only owner but will have diluted his share.

The owners of the company may now be thousands of people he may not even know. Yet, if he holds

the majority shares, he will still take all the decisions about the company. All the shareholders are nowentitled to vote, may get dividends and bonuses. They also have the option to exit from the shares by

selling their stock in the secondary market, making a capital appreciation or loss as the price changes

from the issue price.

Why may a Company need an IPO ?


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To meet short-term requirements, the company may approach banks, lenders or may

even accept fixed deposits from the public/shareholders. To meet its long-term requirements,

funds can be raised either through loan from lenders, Banks, Institutions etc., (which carry

financial burden) or through the issue of capital. Capital can be raised through private

placement of shares, public issue, rights issue, etc. Public Issue means raising funds from the

public. Promoters of the company may have plans for the company that may require infusion

of money. The main purpose of the public issue, amongst others, is to raise money through

the public and to get its shares listed at any of the recognized stock exchanges in India. The f

for a company to go public:

Raising funds to finance capital expenditure programs like expansion, diversification,

modernization, etc.;

Financing of increased working capital requirements;

Financing acquisitions like a manufacturing unit, brand acquisitions, tender offers for shares of

another firm, etc.;

Debt financing ;

Exit route for exiting investors.

An IPO has two sides to it, consisting of advantages and disadvantages. Moreover, itneeds to be balanced, and this is done by the Regulatory Bodies such as The Securities and

Exchange Board of India (SEBI), so that it does not fall on one side. Due to this property of

an IPO, it has been referred to as a Coin in this report.


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What are the two sides of IPO coin?

Advantages Disadvantages

Money non-refundable except in the case ofwinding up or buy back of shares

No financial burden i.e. no fixed rate of interest

payable. However, in order to service the

equity, dividend may be paid.

Enhances shareholder's value if the company

performs well

Greater Transferability

Trading & Listing of securities at stock

exchanges

Better Liquidity of securities

Helps building reputation of promoters,

company & its products / services, provided the

company performs well

Time consuming process Expensive

Several Legal formalities.

Involvement of many intermediaries

Transparency Requirements and public

disclosure of information may lead to lack

of privacy

Continuous Compliance of provisions of

listing agreement and other legal

requirements

Constant scrutiny of performance by

investors

May lead to takeover of the company

Securities of the company may be made

subjective to speculative attacks.


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How is the coin made to balance (Controls) ?

Applicable Laws

A Company is required to comply with the following laws in connection with a public issue:

Provisions of The Companies Act, 1956

Securities Contracts (Regulations) Act, 1956

SEBI Rules & Regulations

Compliance to the Listing Agreement with the concerned stock exchanges after the

listing of securities.

RBI regulations in case of foreign.

Who can Toss the IPO Coin?

Eligibility Criteria for Public Issuance of Securities


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Net Tangible Assets of at least Rs. 3 crores in each of thepreceding 3 full years (of 12 months each), of which not more than50% is held in monetary assets. If more than 50% is held inmonetary assets, the company should have firm commitments todeploy such excess in its business/projectTrack record of distributable profits in for 3 out of preceding 5yearsNet Worth of at least Rs. 1 crores in each of the preceding 3 fullyears (of 12 months each)Issue size + previous issue in current FY is lesser than 5 times pre-issue net worth

Fixed Price or Bookbuilding (no minimumallocation to QIBs)

Yes

Only Book building, with compulsory allocation of at least50% to QIBs

Or

At least 15% participation in project by FIs/banks, of whichat least 10% should come from the appraiser(s) andadditionally allocation of at least 10% to QIBs.

And

Minimum post-issue face value capital of theCompany shall be Rs. 10 crores

Or

Compulsory market making for 2 years

No


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Preparing for IPO Regulatory: Company should adopt best corporate governance practices to assist Investors

appreciate greater transparency and disclosure. These have to be complied with

before listing .

Board of Directors

Change in Boardcomposition to reflectpublic shareholdersinterestIncrease number of non-

executive directors toconstitute at least 50% (Ifthe chairman of the board isan executive director thenthe board should have atleast 50% independentdirectors or else at least1/3rd)

Company would have to ramp up Secretarial and Complianceteams

Audit committee of at least3, all being non-executivedirectors, with majoritybeing independent & atleast 1 director having

financial & accountingknowledgeRemuneration committee todetermine the Companyspolicy on specificremuneration packages forexecutive directorsInvestor Grievance

committee

Committees


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Process of IPO :

For private companies in the United States, the first issue of

securities to the speculative and rarely do they result in large gains for

investors. However, since capital is often needed to grow a private company

and values of companies are public is referred to as an Initial Public Offering

(IPO). IPO's are extremely best determined in the marketplace, IPO's continue

to be used as a way for growing private companies.

IPO's are often one of the hottest topics in financial management.

Behind the glamour and the glitz of Initial Public Offerings (IPO's) there is a

tremendous amount of hard work and personal sacrifice. IPO's require a core

group of highly skilled professionals who must literally work around-the-clock

for one year. Therefore, one of the first steps to a successful IPO is the

formation of a seasoned, experienced team of professionals who will make the

IPO happen. You must recruit the best possible people you can find - there is

no time to supervise inexperienced MBA's fresh out-of-school.

Once an IPO team (Investment Banker, Legal Counsel, SEC Expert, Outside

Auditor, etc.) has been formed, you can establish a plan for the IPO Process. A

basic timeline for an IPO will usually consist of:

Month 12: Recruit new management to run the public company - CEO, CFO,etc. Start compiling the financial information .

Month 11: Start due diligence work - worthless assets are written off,

inconsistencies with GAAP are resolved, etc.


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Month 10: Start drafting the prospectus. Coordinate the collection of data to

minimize duplicative efforts.

Month 9: Establish a board of directors for the newly formed public company.

Month 8: Draft three-year historical financial statements.

Month 7: Circulate draft prospectus for comments .

Month 6: Establish transition contracts for services and products that will now

be provided to the newly formed public company. Some new contracts will be

needed, such as independent audits of financial statements.

Month 5: Finalize historical financial statements. Start preparing interim (stub)

financial statements for current period.

Month 4: Finalize pro forma and interim financial statements. Make revisions to

draft prospectus.

Month 3 : Convene new board of directors. Audit of interim financials should be

complete .

Month 2: Outside auditors opinion is issued. Membership with stock exchange is

complete .

Month 1: File prospectus with SEC (Securities Exchange Commission). Issue press

release and sell the company to investors.

Before the IPO Process is complete, it is essential to implement all of the

necessary controls, procedures, and systems that will now be required within


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"public life." Staff changes must be made, new financial systems tested,

functions like human resources must be managed, etc. The entire IPO process

is much more involved than most people realize. A great IPO team and proper

planning is the key to a smooth IPO process.

Ideal IPO Process:

On Monday morning, the newspaper should carry an advertisement which is the prospectus

of the IPO, which only talks about the firm and is silent on valuation.

The IPO should take place on Tuesday evening, from 4 PM to 5 PM. The auction should be a

simple uniform-price auction with full transparency. A picture of the demand schedule, and

the cut-off price, should update on the screen in real-time.

Investors should be able to go to any NSE terminal and place orders into the auction. This

harnesses 10,000 odd computer screens in 300 cities all over India in the auction process.

From the issuers perspective, NSCC should perform the credit enhancement exactly as it

does on the equity market. At a legal level, all orders on the screen should be placed by

NSCC, thus shielding the issuer from the credit risk associated with anonymous order

placement.

There should be no fragmentation of the shares on offer. All shares to be sold should go

through a single auction. If a retail investor wanted to "access the IPO at prices close to the

offer price" she would just place non-competitive bids at the IPO, where she bids to buy (say)

100 shares at the IPO price, whatever it proves to be.


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Allocation of shares in the depository should take place on Tuesday itself. There should be

no physical shares. Trading on NSE should start on Wednesday (the next day). This gives us

a one-- day lag between the IPO and the start of trading.

This proposed IPO process sounds startlingly effective. To put it in perspective, it is part of

the same disintermediation process that we have seen in other areas of areas of the financial

markets. With anonymous, electronic trading on the equity market, the broker/dealer has

been fundamentally disinter mediated out of secondary market trading, which is now

dominated by the actions of buyers and sellers (and not intermediaries). In that same fashion,

the IPO process proposed here uses technology to link up the issuer and the investor with a

transparent pricing mechanism, and eliminates the traditional overheads of intermediation.

The Procedure for the Issue of an IPO:

Many of these steps can be undertaken prior to formal launch of the

offering and filing of the offer document with SEBI and other regulators

Preparing for IPO.

Review business plan.

Capital structuring.

Initiate research.

Corporate governance.

Financial statements.


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Due diligence.

Business and legal due diligence.

Re-stated audited financials.

Exemptions and approvals.

Offer document .

Business overview.

Management discussion.

Statutory disclosures.

Pre-issue marketing .

Meeting with institutional investors.

Research briefings.

Corporate publicity .

Launch IPO


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File with SEBI.

Road shows.

Document of IPO:

A company coming out with a public issue has to come out with an offer

document/prospect .

An offer document is the document that contains all information you need about the company.

It will tell you why the company is coming is out with a public issue. Its financial and how the

issue will be priced.

The Draft Offer Document is the offer document in the draft stage. Any company making a

Public issue is required to file the draft offer document with the Securities and Exchange Board

of India (SEBI).The market regulator.

If SEBI demands any changes. They have to be made. Once the changes are made. It is field with

the registrar of companies are the Stock Exchange. It must be filed with SEBI at least 21 days

before the company files it with the ROC/ Stock Exchange during the period. You can check it

out on the SEBI website.

Red Herring prospectus is just like the above except that it will have all the information as a

draft offer document. It wills, however, not have the details of the price or the number of shares

being offered or the amount of issue. That is because the Red Herring prospectus is used in book


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building issues only, where the details of the find price are known only after bidding is

concluded.

IPO MARKET IN INDIA :

The IPO Market in India has been developing since the liberalization of the Indian economy. It

has become one of the foremost methods of raising funds for various developmental projects of

different companies.

The IPO Market in India is on the boom as more and more companies are issuing equity shares

in the capital market. With the introduction of the open market economy, in the 1990s, the IPO Marketwent through its share of policy changes, reforms and restructurings. One of the most important

developments was the disassembling of the Controller of Capital Issues (CCI) and the introduction of the

free pricing mechanism. This step helped in developing the IPO Market in India, as the companies were

permitted to price the issues. The Free pricing mechanism permitted the companies to raise funds from

the primary market at competitive price.

The Central Government felt the need for a governed environment pertaining to the Capital market, as

few corporate houses were using the abolition of the Controller of Capital Issues (CCI) in a negative

manner. The Securities Exchange Board of India (SEBI) was established in the year 1992 to regulate the

capital market. SEBI was given the authority of monitoring and regulating the activities of the bankers to

an issue, portfolio managers, stockbrokers, and other intermediaries related to the stock markets. The

effects of the changes are evident from the trend of the resources of the primary capital market which

Includes rights issues, public issues, private placements and overseas issues. The IPO Market in India

experienced a boom in its activities in the year 1994.In the year 1995 the growth of the Indian IPO

market was 32 %.The growth was halted with the South East Asian crisis. The markets picked up speed

again with the introduction of the software stocks.


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IPO Grading

IPO GRADING is designed to provide investors an independent, reliable and consistent

assessment of the fundamentals of new public issues. It includes an assessment of business and financial

prospects, management quality and corporate governance.

IPO Grades are assigned to each company by the credit rating agencies (CARE, ICRA,

CRISIL etc.)

Rating given by Credit Rating Agencies:-

IPO Grade 5 strong fundamentals

IPO Grade 4 above average fundamentals

IPO Grade 3 average fundamentals

IPO Grade 2 below average fundamentals

IPO Grade 1 poor fundamentals

CHAPTER 2:


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RESEARCH METHODOLOGY:

Statement of problem

Scope of the study

Objective of study

Selection of Sample

Significance of study Reference period

Source of data

Tools & techniques

Chapter schema :

Limitation of study

Review of literature

Statement of problem :

To measure short term performance and long term

performance of IPOs. To ascertain the profitability of IPO to the investors who

invested. To analyze the volatility of companys post -performance in IPO market .

Title of the study:-


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THE STUDY ON Short and long PERFORMANCE OF INITIAL PUBLIC

OFFER (IPO) LISTED IN THE YEAR 2010 WITH REFRENCE TO

WAY2WEALTH SECURITIES Ltd.

Scope of the study :

Analysis of 10 IPOs from different years.

Measurement of performance with reference to average return in

Short run and Long run. (1 month, 6month, 12month, 24month,36month).

Project emphasis more in fluctuation of share price after public

offering retain then effect of systematic factor.

Objective of study :

Main :

To compare performance of IPO in same day of 1day or in

short-run & long run.

To know profit potential of IPOs after long period of time.

Secondary:

To understand the return & risk associated of time.

To understand profit potential in IPOs & in secondary

market.


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Selection of sample:

Project is covered 10-IPOs from different sectors from the selected

year.

Significance of study :

The profit opportunity for investor.

Performance of IPO in Indian market

Complete analysis historical data

Reference period:

6th February, 2010 to 19 th February, 2014.

Source of data :

Primary data

Secondary data: Electronic source (like websites, blogs, etc.)

magazine, newspaper. Book & etc.


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Tools & techniques :

Moving Average Method

Average Returns

Chapter schema :

1. Introduction of IPO

2. Research Methodoly

3. Company profile

4. Data collection and analysis

5. Data interpretation, Finding and Conclusions.

Data collection :

Issue Details 10 IPO, Data related to the performance of first day performance of

Particular IPO.

Offer price of all 10 IPO. & Closing price (after 1month, 3month,

6month, 1year, 2year, 3year,) from listing date.

Review of literature

A vast number of empirical studies on initial equity issues in various

international markets document substantial abnormal returns. Following the

tradition of efficient markets, these findings pose a challenge to financial


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after listing), there is a drastic fall in the return on IPOs returns; returns are found

to be negative from the second to the fifth year of listing.

d. Anand Adhikari (2010), New Listings Pied Pipers of Primary Market published in Business Today point out that companies with unique business

models got listed in the year 2009-10 and made their investors rich.

e. Atul Mehra (2010) IPO Boom, Business Today, point out that promoters are

in hurry to IPO because they do not want to be left out.

f. Jagannadham Thunuguntla (2011) in his article IPOs: More Misses Than

Hits, published in the Dalal Street Investment pointed out that, the age old

philosophy of understanding the company and sticking to the basics should be

given due respect. Let the buyer be made aware that the investor has to put a price

tag to his hard earned money. There is a need for investor education and

awareness and the connections should be on a stable income than an becoming

rich overnight.

These conclusions have some important implications for the design of the financial system.

Limitation of study:

Study is only of 10 IPOs from year 2010 of different sectors. It may

not give complete idea about the performance of IPOs in short & long

run.


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Study analysis the perform only on compare to the retain of index

effect of other factor are market.

Tools which are used may have certain militate.

CHAPTER 3:

COMPANY PROFILE

Way2wealth is in the financial advisory business, where knowledge

is the key differentiator, change is continuous, and the quality of

response and customer servicing efforts determines our success. The

changing face of this industry mandates the new entrants to have

extremely high professional standards. Individuals who are dynamic,

result oriented and possessing a natural flair for understanding and

advising on financial products will find their own niche in this

environment. Amidst this backdrop Way2Wealth is at the forefront

redefining, pioneering and setting benchmark for the way financial

intermediaries should function in the future. Our aim is to make

investment decisions for our customer simpler and easily available,

and be an integral part of their life cycle.


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investment banking arm as Way2Wealth in 2000 and its Venture Capital division

came to be known as Global Technology Ventures (GTV) .

THE VISIONARY: - Mr.V.G.SIDDHARTHA

Mr. Siddhartha has a yen for creating companies and great brands.

He has been awarded 'Entrepreneur of the year'-2003 by the Economic

Times.

He is now actively involved and committed to realizing way 2 wealth's vision,

setting new standards in the retail financial services in India.

VISION

Way2Wealth is a premier Investment Consultancy Firm, launched with the mission to be the pre -

eminent destination for personalized financial solutions helping individuals creates wealth.

MISSION

"To be the pre-eminent destination for personalized financial solutions helping

individuals create wealth".

PHILOSOPHY


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Believe that knowledge combined with investors trust and involvement will lead to the growth of

wealth and make it an exciting experience.

Security: It ensures that the personal information given to us by you at the time of filling up the

application form and the client agreement would be stored in a safe and secure place.

Also ensure that the personal information on the web is placed in the secured portion of our web-site.

We use an advanced 128 bit encryption technology, the Secure Socket Layer (SSL), which is one of the

best available technology to ensure that the information transmitted between you and us across the

Internet is safe and cannot be accessed by any outsider. SSL has been universally accepted on the World

Wide Web for authenticated and encrypted communication between clients and servers.

Key persons

Shashibhushan M R - Chief Executive Officer

Shashibhushan , has over 21 years experience in Capital markets . In his last assignment with IL&FS

Investsmart Ltd . for over 9 years, he started as Head - Retail Business (Karnataka Region) and

subsequently moved to its Corporate Office in Mumbai to head their Retail Equities Business, which

included the Branch Network, Alternate Channels, Private Clients Group and Investments Advisory.Currently as CEO for Way2Wealth, he is in-charge of strategic planning. Renowned for turnaround, he is

deploying his vast experience in charting the way forward for way2wealth - a name to reckon in the

India financial space.

Ketan Sheth - Director (Research)

As director of Research, he drives the Portfolio Management Services desk Known in the markets for his

astute stock-picking ability.

Sunil Ramrakhiani Director & Chief Operating Officer


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Currently as COO - Way2Wealth, he would be driving business strategy and is in-charge for trading

products, including equities and derivatives in the equities and commodities markets.

Statistical Business Units (SBUs)

Business Overview

25 years in the financial services industry.

Part of the coffee Day group.

Renowned companies in the group, incl. Amalgamated Bean Coffee Trading Company

Ltd.


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Management having a combined experience of over 100 years in the financial services

industry.

Reputed research desk for fundamental & technical analysis.

Exclusive desks for advising and services HNI & Corporate relationships.

296+full service branches spread across 108+Indian cities/Towns.

55,000+broking clients, 1.5 lakh relationships.

750+ wealth managers across the country.

300+ associates for distribution of primary products.

NATURE OF BUSINESS CARRIED ON

Broking Business:

Network of 296+ full service branches spread across 108+ Indian cities/towns.

55,000+ broking clients.

Depository holdings - 7500mn+

Structured product offering for HNI clients.

Seamless execution services for corporate, institutional & retail clientele.

Arbitrage

Distribution of Financial Products:

Distribution of MF's, Insurance, PO's.

Sticky equity centric assets and low churn.

1.5 lakh relationships.

Corporate Acquisition Group for corporate acquaintances.


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750+ wealth managers across the country.

300+ associates for distribution of primary products.

Fund Based Activities

Margin Trade Finance

IPO Financing

Mutual Funds financing.

PMS assets of Rs.800 mn.

Structured Products assets of Rs.1000 mn.+Structured products

ESOP funding

Area of operation


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Key offices:

Corporate office:

4072-75 Oberoi Gardens Estate,

B Wing,Chandivli,Andheri(E),

Mumbai 400072

Tel no:(022)4 0843900

Registered Office:

Frontline Grandeur,No.14,Walton Road,

Bangalore 560001

Tel.No(080)43676869

Fax:(080)43676999

CHAPTER 4:

DATA COLLECTIONAND

INTERPRETATION.


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Systems won the 2008 NASSCOM Innovation Award and recognized as one of the

leading technology companies in the Deloitte Touch Tohmatsu Technology Fast

500 Asia Pacific 2009. Company has nine development centers in Europe, America

and Asia. In India, company operates from Pune. Company has workforce of morethan 3500 software professionals.

History

Persistent Systems was incorporated as Persistent Systems Private Limited

on May 30, 1990. It was subsequently converted into a public Limited company on

September 17, 2007 with the name Persistent Systems Limited and a newcertificate of incorporation was issued on September 28, 2007 from the RoC.

Shares in the company were listed on the National Stock Exchange of

India in March 2010 .[1] The operations of Nagpur-based Info spectrum India

Private, an outsourced private development of US Company Info spectrum, was

taken over by Persistent in February 2011.

Issue Detail:

Issue Open : Mar 17, 2010 - Mar 19, 2010

Issue Type : 100% Book Built Issue IPO

Issue Size : 5,419,706 Equity Shares of 10

Issue Size : 168.01 Crore
http://en.wikipedia.org/wiki/Persistent_Systems#cite_note-1http://en.wikipedia.org/wiki/Persistent_Systems#cite_note-1http://en.wikipedia.org/wiki/Persistent_Systems#cite_note-1http://en.wikipedia.org/wiki/Persistent_Systems#cite_note-1


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Page | 36

ISIN: INE262H01013

Issue Price: 310.00 Per Equity Share

Face Value: 10.00 Per Equity Share

Listing Day Trading Information

300

320

340360

380

400

420

440

IssuePrice:

Open: Low: High: LastTrade:

BSE

NSE

BSE NSE

Issue Price: 310 310

Open: 400 361.6

Low: 386 361.6

High: 448 447.3

Last Trade: 408 406.35

Volume: 9,230,459 14,945,321

Particulars Share

QIBs 2926638

NIIs 487773

RIIs 1463319

Number of Times Issue is Subscribed (BSE + NSE)

Analysis and interpretation:-

From the above table we can analyze the first day performance of the persistent system ltd, inboth the markets NSE & BSE the issue price is same but opening price under BSE is more than NSE and


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54%

9%

27%

10%QIBs

NIIs

RIIs

EmployeeReservation

Employee Reservation 541976

Total 5419706

MonthOpen High Low Close

10-Apr 400 448 382.65 397.95

10-May 394.9 404.7 365 386.9

10-Jun 385 423.8 370.35 412.45

10-Jul 411.9 507.5 410.1 456

Monthly wise performance of first financial year 2010-2011

From above Pie chart we can understand the percentage of subscription made by QIBs, NIIs, RIIsand employees reservation.

In Persistent Systems Ltd companys Equity IPOs QIBs hold the major share that is 54%, whereasNIIs hold only 9%, RIIs hold 27% and the companys employees reservation is 10%.


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Page | 38400

450

500

550

g e

high price

low prices

closingvlaues

10-Aug 456.65 496.9 450.25 453.75

10-Sep 454.1 474 400.55 445.5

10-Oct 443.1 454.2 395 402.95

10-Nov 406 424.9 373.25 385

10-Dec 385 444 370 430.1

11-Jan 433 467.15 381.8 388.75

11-Feb 390.1 407.7 371 376.4

11-Mar 372.5 409.4 337.05 366.7


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From the above chart we can understand and ascertain the Post- Performance of Persistent

System Ltd, in the first 12 months i.e... Between April 2010 to March 2011.

The chart clearly puts cross the performance of this particular company, in which using the

closing price of every particular month, I calculated 2yearly moving average by using which we can

measure the stability and performance.

In the above chart we can see how the prices have been fluctuating from each to another month, using

the closing price of every month we can conclude the performance of this companys IPO. The company started

its path in April 2010 with opening price of Rs.400 and ended with Rs.397.95, so no much change in one month

of time. In the month of July the company attained the highest share price that is Rs.507.5. the moving average

trend line (Black line) will show the average closing for the period of one year.


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Page | 41

annum. In addition, they are also equipped to perform decoration and surface ornamentation

processes like embroidery, printing & washing. As of December 31, 2009, the Companys export

customers constituted around 100 customers, which includes brands/labels and retail chains for

garments including Tommy Hilfiger, Charles Vogele, FCUK, RIP CURL, All Saints, Simint,

Pepe Jeans, LAFUMA, Auchan, Ben Sherman, Valentino, Colins and New Yorker.

The Company also getting revenue from sale of yarn, with the yarn dyeing capacity of 30

lakh kgs per annum. The Company caters to clients like Aditya Birla Nuvo (manufacturers of

brands like Louis Phillipe, Van Heusen, Peter England, and Allen Solly), Pantaloon Retail, ITC

(manufacturer of brand Wills LifeStyle), Woodland, Liliput, Blackberry, Indian Terrain

Clothing, Colorplus Fashion, Turtle, PJL Clothing India Limited (manufacturers of the brand

Pepe in India), Gini and Jony Limited and S-Oliver.

Company Promoters:

The Promoters of Mandhana Industries Ltd are:

1. Purushottam C Mandhana - Chairman & Managing Director,

2. Manish B Mandhana - Joint Managing Director,

3. Biharilal C Mandhana - Executive Director,4. Ghyanendra Nath Bajpai - Ind. Non-Executive Director,

5. Khurshed M Thanawalla - Ind. Non-Executive Director.

Company Financials:

Particulars For the year/period ended (Rs. in Lahks)


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Page | 42

31-Mar-09 31-Mar-08 31-Mar-07 31-Mar-06 31-Mar-05

Total Income 46,325.17 40,693.94 24,033.69 18,134.79 12,656.42

Profit After Tax (PAT) 3,656.42 3,530.38 1,943.10 1,212.63 641.11

Issue Detail:

Issue Open : Apr 27, 2010 - Apr 29, 2010


Issue Size : 8,300,000 Equity Shares of 10

Issue Size : 107.90 Crore

Face Value : 10 Per Equity Share

Issue Price : 120 - 130 Per Equity Share

Market Lot : 50 Shares

Minimum Order Quantity : 50 Shares

Listing At : BSE, NSE

Book Running Lead Manager : EDELWEISS CAPITAL LIMITED &

AXIS BANK LIMITED

Objects of the Issue:

The Objects of the Issue are:

Setting up of new garment manufacturing facility at MIDC, Tarapur Maharashtra;


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Expansion of yarn dyeing and weaving facility at MIDC, Tarapur, in the State of

Maharashtra;

Margin Money for Working Capital;

General Corporate Purpose and

Meeting issue expenses.

Mandhana Industries IPO Listing Date

Listing Date: Wednesday, May 19, 2010

BSE Scrip Code: 533204

NSE Symbol: MANDHANA

Listing In: 'B' Group of Securities

Sector: Textile

ISIN: INE087J01010

Issue Price: Rs. 130.00 Per Equity Share

Face Value: Rs. 10.00 Per Equity Share


BSE NSE

Issue

Price:

130 130

Open: 132.7 131

Low: 130 130


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Page | 44


130

131

132

133

134

135

136

137138

139

140

IssuePrice:


Chart Title

BSE.

NSE.

High: 139.15 139.5

Last

Trade:

133.65 133.55

Volume: 10,883,290 16,919,452

Subscribers Share

QIBs 2996150

NIIs 1245000

RIIs 2905000

Total 7146150


From the above table we can analyze the first day performance of the Mandhana Industries ltd , in

both the markets NSE & BSE the issue price is same but opening price under BSE is more than NSE and later


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Company :Mandhana Industries Ltd 533204

Period: Year 2010 to Year 2014

All Prices in

Year Open High Low Close

2010 132.7 295 130 262.2

2011 264.65 320.1 166 217.6

2012 221.85 299 211.05 273.4

2013 275 309 195.9 232.3

42%

17%

41%

QIBs

NIIs

RIIs


In Mandhana Industries companys Equity IPOs QIBs hold the major share that is 42%, whereasNIIs hold only 17% and RIIs hold 41%.


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2014 234.9 238 231.95 232.1

239.9 245.5252.85

100

120140

160

180

200

220

240

260

280

300

320

340

2010 2011 2012 2013 2014

P r

i c e r a n g e

Period

open values

high prices

low prices

closing values

2yearly moving

average


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3. HATHWAY CABLE & DATACOM Ltd

Incorporated in 1995, Hathway Cable & Datacom Limited is the leading cable television

services provider in India, as well as one of the leading cable broadband services providers.

Company offer analog and digital cable television services across 125 cities and towns and high-

speed cable broadband services across 20 cities. Hathway Cable is the leading operator in several

key markets of India including among others, cities such as Mumbai, Delhi, Bangalore,

Ahmedabad, Hyderabad, Jaipur, Indore, Bhopal, Baroda and Surat.

As per MPA Report, Hathway is the largest distributor of digital cable in India. As of

December 31, 2008, their digital television subscriber base constituted approximately 42% of the

total digital cable television market in India. As of July 31, 2009, company had 1,319,646subscribers for analog cable television services and 972,969 digital cable television subscribers.

Hathway Cable & Datacom hold a pan-India ISP license and were the first cable television

services provider to offer broadband internet services. They are currently India's largest cable

broadband services provider with 953,084 two-way broadband enabled homes passed, as on 31

July, 2009.

In addition to cable television and broadband service offerings, they also generate

advertising and airtime revenue from advertisements aired for and on behalf of channels owned

by third parties, such as the Hindi movie channel, Cine Channel, and the music channel, iTV.

. Company Promoters:

The individual promoters of the Company are:

1. Mr. Akshay Raheja, age 27 years, has been a non-executive Director since 2000. He is a

commerce graduate from the University of Mumbai and has obtained an MBA from Columbia

Business School, New York.

2. Mr. Viren Raheja, age 25 years, has been a non-executive Director since 2008. He is a

commerce graduate from the University of Mumbai and has obtained an MBA from London

Business School.


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Page | 49

Company Financials:

Particulars For the year/period ended (Rs. in Million)


Total Income 6,728.76 4,346.65 3,086.31 2,532.38 2,085.78

Profit After Tax (PAT) 116.95 46.70 10.97 9.07 6.55


The objects of the Issue are to:

1. Fund customer acquisitions;

2. Investment in the development of digital capital expenditure, services and set top boxes;

3. Investment in the development of broadband infrastructure, capital expenditure and services;

4. Repayment of loans; and

5. Fund expenditure for general corporate purposes.

Issue Detail:

Issue Open : Feb 09, 2010 - Feb 11, 2010

Issue Type : 100% Book Built Issue IPO Issue Size : 27,750,000 Equity Shares of Rs. 10

Issue Size : Rs. 666.00 Crore

Face Value : Rs. 10 Per Equity Share

Issue Price : Rs. 240 - Rs. 265 Per Equity Share



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Page | 50



Hathway Cable IPO Listing Date

Listing Date: Thursday, February 25, 2010


NSE Symbol: HATHWAY

Listing In: B Group

Sector: Broadcasting & Cable TV

ISIN: INE982F01028



Booking Running Lead Manager 1. Kotak Mahindra Capital Company Limited

2. Morgan Stanley India Company Pvt Ltd

3. UBS Securities India Private Limited


BSE NSE

Issue

Price:

240 240

Open: 246 250

Low: 206.2 204.5


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Page | 51


200

205

210

215

220

225

230

235

240

245

250

Issue Price: Open: Low: High: Last Trade:

BSE NSE

High: 246 250

Last

Trade:

207.8 207.65

Volume: 6,249,043 7,443,846

Subscribers Share

QIBs 11655000

NIIs 2775000

RIIs 8325000

Total 22755000


From the above table we can analyze the first day performance of the Hathway Datacom and Cable ltd

in both the markets NSE & BSE the issue price is same but opening price under BSE is less than NSE by Rs.4 and

later on the low price, highest price and closing is the same in both the markets.


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Page | 52

Company :Hathway Cable & Datacom Ltd 533162

Period: Jan 2010 to Feb 2014

All Prices in

Month Open High Low Close

10-Feb 246 246 189.1 201.05

51%

12%

37%

QIBs

NIIs

RIIs


In Hathway Datacom & Cable Ltd companys Equity IPOs QIBs hold the major share that is 51%,whereas NIIs hold only 12% and RIIs hold 37%.


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Page | 53

10-Mar 203.9 224.4 190 207.2

10-Apr 209.75 229.1 196.8 210.25

10-May 211.25 216 181 187.4

10-Jun 188 198.25 175 183.25

10-Jul 182.9 188.5 170.5 174.7

10-Aug 176 233.7 175.05 205.5

10-Sep 205.8 237 203.1 204.35

10-Oct 207.9 215 180.05 184.1

10-Nov 184.15 206 150 165.2

10-Dec 167 180 148 167.05

11-Jan 169.25 170.25 126.2 127.85

50

100

150

200

250

1 0 - F

e b

1 0 - M

a r

1 0 - A

p r

1 0 - M

a y

1 0 - J

u n

1 0 - J

u l

1 0 - A

u g

1 0 - S

e p

1 0 - O c t

1 0 - N

o v

1 0 - D

e c

1 1 - J

a n

1 1 - F

e b

1 1 - M

a r

Opening value High prices Low prices Closing price


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Company :Hathway Cable & Datacom Ltd 533162


All Prices in


2010 246 246 148 167.05

2011 169.25 170.25 72 109.9

2012 110 306 110 283.35

2013 286 301.7 227.05 282

2014 285 286.8 251 252.1


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Pradesh, Gujarat, Kerala and West Bengal, according to the designs, models and current fashions

and demand in the market for sale at the counters.

Thangamayil introduced the Hallmarking practice for the first time in Madurai and also

conducted an awareness campaign introducing this concept to the customers in the market

serviced by the Company. The gold jewels are tested for its purity and hallmarked at 916* for a

guaranteed quality and purity of its contents by the Company. The Company presently has a

customer base of more than 1, 00,000 customers. The Company has its showroom at Netaji

Road, Madurai. This showroom was set up in the year 2001. The showroom is housed in a three

storied set up in total area of 11,416 sq. ft.

TJL has a policy of price assurance with respect to returns of the product subject only to

changes in underlying metal prices. Again, the Company has very transparent practices when it

comes to exchange of jewellery. The Company has acquired sophisticated machinery to measure

the quality and carat value of the gold brought in. The measurements are scientific and tamper

proof, thereby giving the customer an assurance on the exchange value that they receive in return

for their jewellery.

Company Promoters:

The company has been promoted by:

1. Mr. Balarama Govinda Das , is the founder member and the Managing Director of the Company.

He is a Commerce Graduate from the Madurai Kamaraj University.

2. Mr. Ba. Ramesh , is also a founder member and a Joint Managing Director of the Company.3. Mr. N.B. Kumar , manages the day-to-day affairs of the Company. He is incharge of the entire human

resources in the company.

Company Financials:


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Page | 58

Particulars For the year/period ended (Rs. in Lacs)


Total Income 24,685.56 22,460.11 12,722.37 4,924.70 2,693.89

Profit After Tax (PAT) 749.27 561.14 309.90 146.07 34.45


The objects of the Issue are:

1. To expand existing business by establishing retail outlets at Tuticorin, Dindigul, Theni, Nagercoil,

Tirunelveli, Kovilpatti and Sivakasi and to renovate the existing outlet at Madurai;2. To meet the working capital requirement;

3. To meet the expenses of the Issue; and

4. To list the equity shares of the Company on the Stock Exchanges.

Issue Detail:

Issue Open : Jan 27, 2010 - Jan 29, 2010


Issue Size : 3,833,667 Equity Shares of Rs. 10







Book Running Lead Manager Keynote Corporate Services Ltd

Thangamayil IPO Listing Date


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Page | 59

Listing Date: Friday, February 19, 2010


NSE Symbol: THANGAMAYL


Sector: Other Apparels & Accessories

ISIN: INE085J01014




.


68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

IssuePrice:


BSE

NSE

BSE NSE

Issue Price: Rs. 75.00 Rs. 75.00

Open: Rs. 70.00 Rs. 75.70

Low: Rs. 70.00 Rs. 70.00

High: Rs. 79.00 Rs. 82.00

Last Trade: Rs. 71.10 Rs. 71.05

Volume: 8,613,802 11,915,169


From the above table we can analyze the first day performance of Thangamayil Jewellry ltd , in

both the markets NSE & BSE the issue price is same but opening price under BSE is more than NSE and later


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Page | 61

May-11 96.8 104.5 90 99.5

Jun-11 100.25 143 98 127.1

Jul-11 126.25 129 112 118.7

Aug-11 119 172 115.6 158.8

Sep-11 158.1 178.65 151 161.85

Oct-11 162.85 169 156.25 163.6

Nov-11 165.75 187.5 152.2 161.5

Dec-11 161 178.8 140 166.95

Jan-12 166.15 175.2 153 156.4

5060708090

100110120

130140150160170180190

P r i c e r a n g e

period

Opening values

High price

Low price

Closing price

2 per. Mov. Avg.(Closing price)


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Page | 62

50

100

150

200

250

300

350

2010 2011 20

P r i c e r a n g e

Per

Five ye

Company :Thangamayil Jewellery Ltd 533158


All Prices in


2010 70 187.5 62 166.95

2011 166.15 205 139 144.7

2012 143.5 351 140 325.3

2013 325 346 146 157.3

2014* 153.3 170 138 149.9


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5. Jubilant FoodWorks Limited

Incorporated in 1995, Jubilant FoodWorks Limited (the Company) is a Jubilant Bhartia

Group Company Jubilant FoodWorks Ltd is a food-service company and currently operates

Dominos pizza stores in India. Jubilant FoodWorks Limited is the master franchisee of

Dominos Pizza. According to the India Retail Report, 2009, they are the largest pizza chain in

India and one of the fastest growing multi-national fast food chains between 2006-2007 and

2008-2009, in terms of number of stores.

Jubilant FoodWorks Ltd is promoted by Mr. Shyam Sunder Bhartia, Mr. Hari ShankerBhartia and Jubilant Enpro Private Ltd. Company opened first Domino's Pizza store in India in

January 1996 at New Delhi. Today Domino's Pizza India has grown into a countrywide network

of stores, with a team of over 6,000 people. Dominos Pizza India had a network of 274 stores, in

55 cities, in 20 states and union territories (as on 31st August 2009). They have recently renewed

their contract with master franchise controller Dominos International. The new contract is for 15

years, it gives them exclusive rights for operations in India, Nepal, Sri Lanka and Bangladesh.

The contract also says that Dominos will open 25 stores in 2011 and 2012.

For fiscal 2009, 2008 and 2007, company's net sales are Rs. 2,806.10 million, Rs.

2,111.57 million and Rs. 1,386.81 million, respectively, and company made a profit after tax of

Rs. 67.43 million, Rs. 77.57 million and Rs. 55.80 million, respectively. The number of stores in

India has increased from 130 as on March 31, 2007 to 241 stores as of March 31, 2009.

Similarly, Domino's sold 8.99 million pizzas (including Add-ons) in fiscal 2007, 15.61 million

pizzas (including Add-ons) in fiscal 2008 and 21.74 million pizzas (including Add-ons) in fiscal

2009.

The Company launched Dunkin Donuts in India in April 2012 in Delhi. The Company

has 21 Dunkin Donuts restaurants in India (as of 31st December, 2013).With the launch of

Dunkin Donuts in India, the company is now well poised to address two distinct non-competing

segments of the Food Service Industry in India, namely the home delivery of Pizzas market and


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the all- day part food and beverage market. Dunkin Donuts is the worlds leading Donuts, baked

goods and coffee with market leadership Donuts, regular/decaf drip coffee, iced coffee, hot

flavored coffee, bagels and muffin categories. Dunkin Donuts (DD) in India is positioned as a

Food Caf, occupying the sweet spot between Cafs and quick service restaurants. DD serve a

wide range of D onuts, Dunkin Donuts Original Blend drip coffee; espresso coffee based

beverages such as cappuccinos and Lattes, fruit milkshakes, smoothies, tea, as well as a

delectable range of sandwiches made out of artisan breads such as Focaccia, Croissant, Ciabatta,

Bagels. Each Dunkin Donuts restaurant is designed with care and brings alive the brands

International, youthful, colorful and playful brand personality. The restaurants offer its young

guests a great ambience to catch up with their friends and family in a relaxed and comfortable

environment. And yes, Dunkin also serve the worlds best Donuts .

Companys Promoters: -

Mr. Shyam S. Bhartia

aged 57 years is our Chairman and founder director. He holds a bachelors

degree in commerce from St. Xaviers College, Calcutta University. He is also a fellow

member of the ICWAI. Mr. Shyam S. Bhartia has over 22 years of experience in the pharmaceuticals and speciality chemicals, food, oil and gas, aerospace and IT sectors.

Mr. Hari S. Bhartia

aged 53 years is our co-Chairman and founder director. He holds a

bachelors degree in chemical engineering from the Indian Institute of Technology,

Delhi. Mr. Hari S. Bhartia has over 20 years of experience in the pharmaceuticals, food,

oil and gas, aerospace and information technology sectors.

Jubilant Enpro Private Limited (JEPL).

JEPL was incorporated as Enpro Services India Limited on November 6,

1991 under the Companies Act. The name of the company was changed to Enpro


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Services India Private Limited on March 5, 1993, further to Enpro Indian Private Limited

on June 1, 1994 and further to Epro India Limited on October 10, 1994. Its name was

subsequently changed to Jubilant Enpro Limited on October 15, 2001 and further to

Jubilant Enpro Private Limited on December 12, 2003.

Mr. Shyam S. Bhartia and Mr. Hari S. Bhartia are the promoters of JEPL. There has been

no change in the control or management of JEPL during the period of three years immediately preceding the

date of filing of this Draft Red Herring Prospectus with SEBI. The equity shares of JEPL are not listed on

any stock exchange.

Issue Detail:










Jubilant FoodWorks Ltd IPO Grading / Rating

Fitch has assigned an IPO Grade 3 to Jubilant FoodWorks Ltd IPO. This means as per Fitch,

company has average fundamentals .

Jubilant FoodWorks IPO Listing Date

Book Running Lead Manager: Kotak Mahindra Capital Company

Limited


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Page | 66

Listing Date: Monday, February 08, 2010


NSE Symbol: JUBLFOOD


Sector: Restaurants

ISIN: INE797F01012




140

150

160

170

180

190

200

210

220

230

240

Issue Price: Open: Low: High: Last Trade:

BSE

NSE

BSE NSE

Issue

Price:

145 145

Open: 161.6 160

Low: 161.6 160

High: 241.95 240.9

Last

Trade:

229 229.1

Volume

:

31,753,857 56,963,373

Analysis and interpretation:-From the above table we can analyze the first day performance of the Jubilant FoodWorks ltd , in both

the markets NSE & BSE the issue price is same but opening price is slightly high of 0.6 in BSE than NSE later on,

the low price, highest price and closing is the same in both the markets.


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Page | 67


36%

16%

36%

12%

QIBs

NIIs

RIIs

EmploeeReservation

Subscribers Shares

QIBs 7141192

NIIs 3,060,510

RIIs 7141191

Employee s Reservation 2267044

Total 19609937


In Jubilant FoodWorks Ltd companys Equity IPOs QIBs hold the major share that is 36%, whereasNIIs hold 16%, RIIs hold 36% and the companys employees reservation is 12%.


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Page | 68

Company :Jubilant FoodWorks Ltd 533155


All Prices in


Feb-10 161.6 253.1 161.6 226.95

Mar-10 229.8 361.8 229.1 313.65

Apr-10 318 424.8 315.3 339.1

May-10 339.95 347.5 251.65 282.5

Jun-10 282.8 316.15 274.15 303.9

Jul-10 302.65 362.4 300 350

Aug-10 353.7 558 345.3 487.35

Sep-10 492 559 466 472.55

Oct-10 476.7 539.85 476.7 510.45

Nov-10 516 636.45 512 595.8

Dec-10 600.6 670.7 498.8 624.6

Jan-11 630 661 525.75 550.45


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Company :Jubilant FoodWorks Ltd 533155


All Prices in


2010 161.6 670.7 161.6 624.6

150

200

250

300

350

400

450

500

550

600

650

700

F e b

- 1 0

M a r - 1 0

A p r - 1 0

M a y - 1 0

J u n - 1

0

J u l - 1 0

A u g - 1 0

S e p - 1

0

O c t - 1 0

N o v - 1 0

D e c - 1 0

J a n - 1

1

P r i c e r a n g e

Period

Monthly wise Performance for first one month

Opening values

High prices

Low prices

Closing values

2 per. Mov. Avg.

(Closing values)


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Page | 70

2011 630 1,021.80 461 753.9

2012 756 1,397.00 732 1,288.10

2013 1,294.05 1,389.95 928 1,267.20

2014* 1,272.00 1,300.70 1,022.10 1,057.35

6. Infinite Computer Solutions

150250350450550650750850950

105011501250

13501450

2010 2011 2012 2013 2014*

P r i c e r a n g e

Period

Five year Annual Performance

Opening price

High price

Low price

Closing price

2 per. Mov. Avg. (Closingprice)


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Page | 71

Infinite Computer Solutions is a global service provider of Infrastructure Management

Services, Intellectual Property (IP) Leveraged Solutions, and IT Services, focused on the

Telecom, Media, Technology, Manufacturing, Power and Healthcare industries. Infinite

Computer services span from Application Management Outsourcing, Packaged Application

Services, Independent Validation and Verification, Product Development and Support, to higher

value-added offerings including Managed Platform and Product Engineering Services.

Infinite Computer's major customers includes Verizon, IBM, ACS, GE and AOL.

Company have 14 offices across the globe, including offices in multiple locations in the US, UK,

India, China, Malaysia, Singapore and Australia. Infinite is one of the leading providers of

telecom- specific offerings to service providers, OEMs and ISVs in the Telecom vertical,

globally. For fiscal year 2008-09, the telecom vertical contributed to 59.4% of their totalrevenues.

Infinite Computer Solutions was founded in 1999 by Sanjay Govil. Infinite is listed on

the Bombay Stock Exchange and the National Stock Exchange of India. Infinite has been ranked

among the Top 20 IT Services providers by the Indian IT Industry body NASSCOM.

Infinite offers consulting and information technology services to companies in

the BFSI, Telecom, Media & Content, Energy & Utilities, and Healthcare fields. Its services

include IT Infrastructure Management Services, Application Management Services, Mobility &

Messaging, and Product Engineering.

In 2007, Infinite acquired US-based telecom firm Comnet International. In 2010, Infinite and

Motorola entered a strategic alliance with Motorola where Infinite would take on Motorola's

messaging business. This created the wholly owned subsidiary Infinite Convergence Solutions.

Infinite was ranked No. 5 in Dataquest's 2010 "India's 20 best IT employers." In August

2011 Forbes named Infinite one of their "Asia's 200 Best Under a Billion" companies.

Infinite's CEO Upinder Zutshi has won "The CEO of the year Award" at ILC 2013.

THE PROMOTER OF THE COMPANY


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The promoter of Infinite Computer Solutions company is Mr. Sanjay Govil

Mr. Sanjay Govil,

Mr. Sanjay Govil, aged 42 years is the promoter and the Non Executive Chairman

of the Company. He is an NRI, settled in USA. He holds the degree of Bachelor of Science

degree in Electrical Engineering from Auburn University and a Master of Science degree in

Electrical Engineering from Syracuse University. In the year 1999 he ventured on his own and

set up this Company and has been the force behind the growth of the Company. Mr. Govil has

extensive work experience with companies like IBM and Verizon Communications.

Objects of the Issue:The objects of the Issue are to achieve the benefits of listing on the Stock Exchanges & to raise capital

to:

1. Capital Expenditure;

2. Acquisitions;

3. Repayment of Debt;

4. General Corporate Purposes;

5. Issue Related Expenses.

Issue Detail:

Issue Open : Jan 11, 2010 - Jan 13, 2010 Issue Type : 100% Book Built Issue IPO






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Book Running Lead Manager 1. India Infoline Limited &

2. Spa Merchant Bankers Ltd

Infinite Computer Solutions Ltd IPO Grading / Rating

CRISIL has assigned an IPO Grade 2 to Infinite Computer IPO.

This means as per CRISIL, company has below average fundamentals .


160

170

180

190

200

210

IssuePrice:


BSE.

NSE

Particulars BSE NSE

Issue Price: 165 165

Open: 178.35 170

Low: 178.35 170

High: 205.8 206

Last Trade: 191.6 191.8

Volume: 16,382,299 24,435,160


From the above table we can analyze the first day performance of the Infinite Computer Solutions ltd

in both the markets NSE & BSE the issue price is similar, whereas both the opening and low price in BSE is

178.35 and in NSE is 170, highest price and closing is the same in both the markets.


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41%

18%

41%

QIBs NIIs

RIIs

SUBSCRIBERS SHARE

QIBs 40260

NIIs 17254

RIIs 40260

TOTAL 97775

Monthly wise Performance for first one Year


In Infinite Computer Solution Ltd companys Equity IPOs QIBs hold the major share that is 41% ,whereas NIIs hold only 18% and RIIs hold 41%.


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Company :Infinite Computer Solutions (India) Ltd 533154

Period: February 2010 to January 2011

All Prices in


Feb-10 178.35 221.8 178.35 196.45

Mar-10 197.5 222.9 190 190.85

Apr-10 193.35 201 169.55 172.55

May-10 172.6 199.7 152.75 171.3Jun-10 172.5 177.95 163.05 169.65

Jul-10 170.95 182 166.7 171.65

Aug-10 175 182.85 158.05 159.3

Sep-10 161.1 185.8 157.25 168.4

Oct-10 167.9 173.5 160.3 161.7

Nov-10 162.25 187.5 156.25 169.45

Dec-10 171 189 165 187.25

Jan-11 192 222 175 179.45


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150

160

170

180

190

200

210

220

230

P r i c e r a n g e

Period

Monthly wise Performance for first one Year

Opening values

High prices

Low prices

Closing prices

2 per. Mov. Avg.(Closing prices)


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2010 178.35 222.9 152.75 187.25

2011 192 222 56.25 60.05

2012 60.65 166.85 60.5 124.15

2013 126 135.8 76.3 131.6

2014* 132 169.7 122 145.4

50

70

90

110

130

150

170

190

210

230

2010 2011 2012 2013 2014*

P r i c e r a n g e

Period

Five year Annual Performance

Opening values

High prices

Low prices

Closing prices


First Five year Annual Performance of Infinite Computer solution ltd


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7. Vascon Engineers Limited

Incorporated in 1986, Vascon Engineers Limited is engineering, procurement and

construction services and real estate Development Company with operations in a number of

states and union territories in India. Vascon have significant experience of 23 years in providing

EPC services which include, constructing factories, hospitals, hospitality properties, office and

residential complexes, shopping malls, multiplexes, IT parks and other buildings.

Vascon Engineers third party EPC clients include well-known Indian and multi-national

companies such as Cipla Limited, Emcure Pharmaceuticals Limited, Zensar Technologies

Limited, Kirloskar Brothers Limited, Symbiosis, Okasa Pharma Private Limited, PTC Software

(India) Private Limited and Goa Institute of Management. They have also provided EPC services

to their Subsid iaries and the Other Development Entities projects, such as Marigold, Marisoft

Annex, Weikfield IT Citi Infopark, Vista and Zircon.

In addition to developing and providing EPC services for real estate projects, Vascon also

continue to own or operate certain projects subsequent to their completion. For example, they

own the Vista do Rio, Vascon own an interest in the Galaxy Resorts in Goa, the Golden Suitesservice apartment complex in Pune, and Marigold Premises Private Limited, which owns and

operates the Mariplex mall and office complex. Additionally they are involved in developing a

multi-level car parking for Delhi International Airport.

Vascon Engineers has more than 25 years of experience, conceiving, developing, constructing

and managing varied projects. It is active in multiple sectors including residential, industrial, IT parks,

malls and multiplexes, hospitality and community.

Right from its inception in 1986 Vascon has remained committed to applying the art or value-

based aesthetics into the science of construction through efficient engineering. The Vascon team is

mainly made up of engineers who are backed up by highly qualified specialists from various fields of

management. Right from planning and procurement to testing and execution, every Vascon professional


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follows well-documented system and procedures.

Today, Vascon's achievements range from sprawling factories to premium homes, from glittering

malls to towering software parks and from classy hotels to elegant schools. One simple principle guides

Vascon's approach to every project: "Understand the customer's needs and exceed the expectations"

This is how Vascon has been able to strike the right balance between efficient engineering and

thoughtful development in project after project, across the country.

Company Promoters:

The individual promoters of the Company are:

1. R. Vasudevan;

2. Lalitha Vasudevan;

3. Thangam Moorthy; and

4. Geeta Lulla.

The corporate promoters of the Company are:

1. Vatsalya Enterprises Private Limited;

2. Premratan Exports Private Limited; and

3. Golden Temple Pharma Private Limited.


The objects of the Issue are to raise funds for

1. Construction of EPC contracts and real estate development projects;

2. Repayment of debt;

3. General corporate purposes; and4. Achieve the benefits of listing on the Stock Exchanges.

Issue Detail:


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Listing At : BSE,

NSE

Book Running Lead Manager

Vascon Engineering Ltd IPO Grading / Rating

CRISIL has assigned an IPO Grade 3 to Vascon Engineering Ltd IPO. This means as per CRISIL, company

has ' Average Fundamentals '.

Vascon Engineers IPO Listing Date

Listing Date: Monday, February 15, 2010


NSE Symbol: VASCONEQ


Sector: Realty

ISIN: INE893I01013



1. Enam Securities Private Limited

2. Kotak Mahindra Capital Company Limited


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140

150

160

170

180

IssuePrice:


BSE

NSE

BSE NSE

Issue

Price:

165 165

Open: 170 156

Low: 144 145.1

High: 173.45 171.95

Last

Trade:

147.2 148.05

Volume: 5,951,747 9,470,462


From the above table we can analyze the first day performance of the Vascon Engineers ltd , in both the

markets NSE & BSE the issue price is similar, whereas the opening price in BSE goes up with price of Rs.170 but

in NSE it falls down for Rs.156. The low price, highest price and closing is the same in both the markets.


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Company :Vascon Engineers Ltd 533156


All Prices in


Feb-11 170 173.45 120 121.7

Mar-11 123.8 156.9 119 155.3

Apr-11 154.05 168 148.1 161.7

59%

10%

30%

1%

QIBs

NIIs

RIIs

Employee Resarvation

SUBSCRIBERS SHARES

QIBs 6420000

NIIs 1070000

RIIs 3210000

Employee

Reservation

100000

TOTAL 10800000


In Vascon Engineers Ltd companys Equity IPOs QIBs hold the major share that is 59%, whereasNIIs hold 10%, RIIs hold 30% and the companys employees reservation is only 1%.


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May-11 162 164 138.1 140

Jun-11 143.85 151.75 130.05 141.4

Jul-11 141.6 151.85 135 141.6

Aug-11 143.9 196.4 138 166.7

Sep-11 169.9 186.5 162.7 165.85

Oct-11 167.05 180 158.75 162.3

Nov-11 165.75 171.5 112.35 141.4

Dec-11 142 147.5 116 140.65

Jan-12 147.5 148.8 110.05 113.55

.

100

110

120

130

140

150

160

170

180

190

200

p r i c e r a n g e

period

Monthly wise Performance for first year

Opening values

High prices

Low prices

Closing prices



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2010 170 196.4 112.35 140.65

2011 147.5 148.8 36 36.55

2012 37.75 63.5 34 63.5

2013 66.4 66.65 16.2 22.95

2014* 23 27.35 18.1 19.6

0

20

40

6080

100

120

140

160

180

200

2010 2011 2012 2013 2014*

P r i c e r a n g e

period

Five yearly Annual Performance

Opeing values

High prices

Low prices

Closing values

2 per. Mov. Avg.(Closing values)

First Five years Annual Performance


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chapter 1 ipo's performance including monthly

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