Akshar Spintex Limited

LISTED

SME IPO · IPO Guide

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Issue Price

₹40

Listed On

11 May 2018

Listing Price

₹40 (+0.00%)

Current Price LIVE

₹40 (+0.00%)

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Lot Size Calculator

Application	Lots	Shares	Amount
Retail	2	6,000	₹2,40,000
HNI Min	3	9,000	₹3,60,000

As per financials, company's performance is good, it has shown consistent growth, RoNW is 11.50% and issue is aggressively priced as per latest earnings. So we give NEUTRAL rating to this SME IPO as per current market situation and "SUBSCRIBE FOR LONG TERM".

As on Date	Combined (QIB + NII)	RII	Total
Shares Offered / Reserved	32,01,000	32,01,000	64,02,000
Day 1 27-04-18	11,67,000 (0.36)	33,21,000 (1.04)	44,88,000 (0.70)
Day 2 30-04-18	11,67,000 (0.36)	37,38,000 (1.17)	49,05,000 (0.77)
Day 3 02-05-18	14,61,000 (0.46)	1,20,03,000 (3.75)	1,34,64,000 (2.10)
Day 3 03-05-18	55,32,000 (1.73)	2,96,04,000 (9.25)	3,51,36,000 (5.49)

Started in 2013, Rajkot - Gujarat based Akshar Spintex Limited is a company engaged in the manufacturing of cotton yarn. The company manufactures 100% cotton yarn which includes combed, semi-combed and carded yarn. The manufacturing facility of the Company is situated at Kalavad of Rajkot, which is in the vicinity of the rich cotton growing areas of Gujarat. The company has installed capacity of total 24,480 spindles. Company is currently working at 98% of capacity utilisation and projected to maintain it in future. As per financial performance, ASL has posted total income/net profits of Rs. 15.62 cr. / Rs. –(0.51) cr. (FY15), Rs. 59.84 cr. / Rs. 2.67 cr. (FY16), Rs. 90.39 cr. / Rs. 5.39 cr. (FY17). For first seven months ended on 31.10.17 of FY18 it has earned net profit of Rs. 2.79 cr. on a turnover of Rs. 55.60 cr. For last three fiscals it has posted an average EPS of Rs. 1.44 and an average RoNW of 11.50%. Issue is priced at a P/BV of 2.61 on the basis of post issue NAV of Rs. 15.33. If we annualise latest earnings and attribute it on fully diluted equity post issue, then asking price is at a P/E of around 20 plus against industry average of 9. As per offer documents it is showing Vippy Spinpro and Sri Nachammai as its listed peer that are trading at a P/E of 8 and 10 (as on 20.04.18). Thus issue appears aggressively priced. However, it would be worthwhile to note that recent SME entrant Angel Fibers which is the nearest listed peer (with a capacity of 19,584 spindles) and came with IPO at a price of Rs. 27 (at a P/E of around 13) is currently trading at Rs. 41 (at a P/E of around 31 as on 20.04.18). On merchant banker's front, this is 69th IPO in last four fiscals. Last 10 listings opened at a premium ranging from 1.6% to 20% on the offer price on the day of listing. As per financials, company's performance is good, it has shown consistent growth, RoNW is 11.50% and issue is aggressively priced as per latest earnings. So we give NEUTRAL rating to this SME IPO as per current market situation and "SUBSCRIBE FOR LONG TERM".

Fresh Issue

1
Funding the working capital requirements of the Company.For general corporate purposes.
2
Funding the working capital requirements of the Company.
3
For general corporate purposes.
4
All matter published here is purely for educational and information purposes only and under no circumstances should be used for making investment decision
5
Readers must consult a qualified financial advisor prior to making any actual investment decisions, based on information published on this applicatio
6
With entry barriers, SEBI wants only well informed investors to participate is such SME offer
7
With crazy recent listings, SME IPOs have started drawing attention of investors across the boar
8
However, as SME issues have entry barriers and continued low preference from broking community, any reader taking decisions based on any information published here does so entirely at own ris
9
Above information is based on information available as on date coupled with market perception

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Disclaimer

No financial information whatsoever published herein, should be construed as an offer to buy or sell securities, or as information to make investment decisions, or as an official confirmation of any transaction. All matter published herein is purely for educational and informational purposes only and under no circumstances should be used for making investment decisions. Readers must consult a qualified financial advisor prior to making any actual investment decisions.

💬 Community Discussion

50 Comments

S
shetty 15 Aug 2018, 09:26

ye kya haii
R
RAJDEEPSINH JADEJA 19 Jul 2018, 17:06

what to do in this stock??? ipo guru please suggest your views ...
S
shetty 28 May 2018, 11:14

hii
S
shetty 25 May 2018, 13:46

Hii
S
sadikot 17 May 2018, 01:11

Guruji kuch bataye kya ab bay banta he ??
S
sadikot 15 May 2018, 13:12

aaj vilyum bhadiya he mat becho
I
IPO Guru 15 May 2018, 12:09

no view on this
B
Bhavya 15 May 2018, 09:34

Guruji kya lagta he?
S
shetty 14 May 2018, 14:41

Dony sell one month
S
shetty 14 May 2018, 14:41

Hold karo bhaiii
B
Bhavya 14 May 2018, 12:19

?
B
Bhavya 14 May 2018, 09:19

Guruji ab kya kare
S
shetty 13 May 2018, 20:56

Hii
S
shetty 12 May 2018, 10:03

Ipo tumari bat galat huiii
I
IPO Guru 12 May 2018, 00:07

its gmp was for T+2, so it may bounce back.
S
shetty 11 May 2018, 21:07

Hi
C
C.A 11 May 2018, 16:05

spinning mill ki halat patle
S
shailesh bayad 11 May 2018, 08:28

Hii
S
shailesh bayad 10 May 2018, 22:33

Circit hogi ke nhi
S
shailesh bayad 10 May 2018, 22:33

T2T ME HAI
I
IPO Guru 10 May 2018, 21:48

pre-opening session 9:15 to 9:45 and normal trading from 10:00
S
shailesh bayad 10 May 2018, 20:57

Akshar timing
S
shailesh bayad 10 May 2018, 20:57

Hii
K
karan 10 May 2018, 13:33

want to sell 2 application in 9000 each
S
shailesh 09 May 2018, 21:44

Ketla ma
P
Pratik 09 May 2018, 21:41

i have 4 alloted application, Any buyer ?
S
shailesh 09 May 2018, 20:55

2 application hai 30000
S
shailesh 09 May 2018, 20:54

I want to sell ma akshar application 15000
I
IPO Guru 09 May 2018, 13:54

5 to 5.5 k subject to price.
P
Pratik 09 May 2018, 12:41

Gmp for Akshar ?
P
Pratik 08 May 2018, 21:34

Allotment available now
S
shailesh 08 May 2018, 21:06

Allot ho gaya akshar
P
piyush solanki 08 May 2018, 12:00

aj sam tak allotment aa jayega
S
shailesh 06 May 2018, 18:04

Hiiii
S
shailesh 04 May 2018, 20:58

Hi
I
IPO Guru 03 May 2018, 23:43

if you get allotment than 3-7% listing gain expected.
V
vrajdeepsinh 03 May 2018, 17:28

Sir akshar mai apply kiya hai listing gain hoga na?
I
IPO Guru 30 Apr 2018, 14:44

softech and akshar
B
Bhavya 30 Apr 2018, 13:23

Sirjii akshar, soft tech, indo us Aa three ma best two kaya che kaya two sme bharaye
I
IPO Guru 30 Apr 2018, 13:21

No one in our knowledge.
P
paras 30 Apr 2018, 13:19

In NCR if you knows , pls let me know
P
paras 30 Apr 2018, 13:18

Ok , actually I have account in zerodha. Local brokera I dnt know
I
IPO Guru 30 Apr 2018, 13:17

@paras, for that your broker can help you as local brokers are normally trading in gray market.
P
paras 30 Apr 2018, 13:16

I want to sell my applications . How can I do? pls tell me 9971078739
I
IPO Guru 30 Apr 2018, 13:14

in current scenario if want to defensive than sub to is good option.
V
vijay 29 Apr 2018, 11:10

sub pe nah dena ho ipo is good yea bad guru??
A
abhi 28 Apr 2018, 11:46

s p broker name sub to 8000 rajkot
I
ipoprimiumrajkot 27 Apr 2018, 22:01

6000/-
A
abhi 27 Apr 2018, 13:43

6000/- rajkot
A
abhi 27 Apr 2018, 13:43

good

Period	Total Income	Total Expenses	Profit After Tax (PAT)
H1 FY 18	55.60	41.35	2.79
FY 17	90.39	84.21	5.39
FY 16	59.84	56.37	2.67
FY 15	15.62	15.37	(0.51)

Open Date	Apr 27, 2018
Close Date	May 03, 2018
Allotment Date	May 09, 2018
Listing Date	May 11, 2018
Face Value	₹ 10 Per Equity Share
Issue Price	₹ 40 Per Equity Share
Retail Min Lot	1 Lot (3,000 Shares - ₹ 1,20,000)
Lead Manager	Pantomath Capital Advisors Private Limited

Akshar Spintex Limited

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