City Pulse Multiplex Limited

LISTED

SME IPO · IPO Guide

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Issue Price

₹30

Listed On

11 Jul 2019

Listing Price

₹28.50 (-5.00%)

Current Price LIVE

₹28.50 (-5.00%)

🧮

Lot Size Calculator

Application	Lots	Shares	Amount
Retail	2	8,000	₹2,40,000
HNI Min	3	12,000	₹3,60,000

Company has shown good results, RoNW is -0.06% and issue looks fully priced with respect to latest earnings. Main concern is very high value of trade receivables which is around 45% of total revenue. Company's new concept "CINEMA ON WHEELS" looks exiting and may drive more growth. Entertainment industry is growing at very good rate. So we give NEUTRAL rating to this SME IPO.

As on Date	Combined (QIB + NII)	RII	Total
Shares Offered / Reserved	6,28,000	6,28,000	12,56,000
Day 1 27-06-19	4,92,000 (0.78)	2,48,000 (0.39)	7,40,000 (0.59)
Day 2 28-06-19	5,16,000 (0.82)	6,04,000 (0.96)	11,20,000 (0.89)
Day 3 01-07-19	6,00,000 (0.96)	8,56,000 (1.36)	14,56,000 (1.16)
Day 4 02-07-19	7,36,000 (1.17)	9,96,000 (1.59)	17,32,000 (1.38)
Day 5 03-07-19	16,76,000 (2.67)	20,92,000 (3.33)	37,68,000 (3.00)

Started in 2000, City Pulse Multiplex Limited is Ahmedabad based company engaged in the area of setting-up, managing and operating a multiplexes/miniplex chain in India and specifically in Gujarat. There are 14 screens of the company with the 3340 seating capacity under the WOW Cine Pulse brand name across Gujarat. The company has also debuted in the film production work with Love is Blind (Gujarati movie) in 2006. The first cinema screen of the company was established in 2007 in Mehsana. Currently, the company has a presence across 14 locations with 14 screens and 3340 seats in Gujarat. The cinemas of the company are surrounded by food courts, restaurants, malls, and car parking facilities which are attractive for patrons. The company is also planning to launch an innovation entertainment project namely World on Wheel which is a cinema on wheels along with all the facilities like a miniplex / multiplex. The company has already purchased the containers and proposing to launch the new project in fiscal 2020. The company primarily involved in three types of business, which are:1. Film Production2. Film Distribution3. Film Exhibition Company has 62 number of employees employed in the manufacturing facility and at office. As per the financial performance front, City Pulse has posted turnover/net profits of Rs. 0.24 cr. / Rs. 0.10 cr. (FY17), Rs. 0.74 cr. / Rs. 0.26 cr. (FY18) and Rs. 3.09 cr. / Rs. 0.59 cr. (FY19). So company has shown good growth since FY17. Trade receivables for FY19, is around 1.39 Cr which is 45% of total revenue of FY19. As per RHP, in FY19, increase in number of foot falls at screens leads to higher ticket sale revenue and also increase in revenue from sale of foods & beverages For company for which revenue source is sale of tickets, foods & beverages and others, this much amount of trade receivables is very serious concern. For last three fiscals, City Pulse has posted an average EPS of Rs. 12.50 and an average RoNW of -0.06%. The issue is priced at a P/BV of 1.56 on the basis of its NAV of Rs. 19.18 post issue. If we take FY19 earnings and attribute it on fully diluted post issue equity, then asking price is at a P/E of around 16.84, thus issue appears fully priced. Comparison between listed peers is shown in above table, but they are not strictly comparable. On BRLM's front, for CapitalSquare Advisors Private Limited this is the 1st IPO. ( As on 21.06.2019 ) Company has shown good results, RoNW is -0.06% and issue looks fully priced with respect to latest earnings. Main concern is very high value of trade receivables which is around 45% of total revenue. Company's new concept "CINEMA ON WHEELS" looks exiting and may drive more growth. Entertainment industry is growing at very good rate. So we give NEUTRAL rating to this SME IPO.

Fresh Issue

1
Setting up of new miniplex /Multiplex ( Rs 2.71 Cr )General Corporate Purposes ( Rs 0.75 Cr )To meet the Issue Expenses ( Rs 0.52 Cr )
2
Setting up of new miniplex /Multiplex ( Rs 2.71 Cr )
3
General Corporate Purposes ( Rs 0.75 Cr )
4
To meet the Issue Expenses ( Rs 0.52 Cr )
5
All matter published here is purely for educational and information purposes only and under no circumstances should be used for making investment decision
6
Readers must consult a qualified financial advisor prior to making any actual investment decisions, based on information published on this applicatio
7
With entry barriers, SEBI wants only well informed investors to participate is such SME offer
8
With crazy recent listings, SME IPOs have started drawing attention of investors across the boar
9
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
10
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

47 Comments

J
Jai khodiyaar 17 Jul 2019, 06:44

ok
R
Rocking star 16 Jul 2019, 23:22

Hold for a month
J
Jai khodiyaar 16 Jul 2019, 22:14

how much time I have to hold to take gain ...?
J
Jai khodiyaar 15 Jul 2019, 10:17

okay thanks
R
Rocking star 15 Jul 2019, 10:16

Hold jai
J
Jai khodiyaar 15 Jul 2019, 10:15

so hold or sell ?
R
Rocking star 15 Jul 2019, 10:14

Last 2 yrs mai all gud fundamentally company ke shares almost khatam ho gye
R
Rocking star 15 Jul 2019, 10:14

So samaj aa gya ki aaj tak kabhi aapne share market se kuch earn nhi kiya
I
IPO Guru 15 Jul 2019, 10:09

if company has good fundamental, than at least we can bet for long term, but wihtout that it will be very difficult to assess.
R
Rocking star 15 Jul 2019, 10:03

Jai as per view u should hold it tightly
R
Rocking star 15 Jul 2019, 10:03

M living in gujarat so i knw the brand of this company
R
Rocking star 15 Jul 2019, 10:02

Atleast investors should understand the business model of the company
R
Rocking star 15 Jul 2019, 10:02

Ok so u mean to say IPO Guru that shares of every fundamentally gud company rocks high
J
Jai khodiyaar 15 Jul 2019, 10:00

okay
I
IPO Guru 15 Jul 2019, 09:44

there is no fundamental involved in this share, so it may go anywhere. Now depends on you if you want to take risk or getaway by taking principal back.
J
Jai khodiyaar 13 Jul 2019, 09:09

bechade or rakhe ?
I
IPO Guru 09 Jul 2019, 17:55

yes
V
veeru 09 Jul 2019, 15:55

allotment out
M
manthan vora 03 Jul 2019, 13:28

Thanks guru
I
IPO Guru 03 Jul 2019, 13:16

not sure it's 50:50
M
manthan vora 03 Jul 2019, 13:15

@ipo guru.. Listing gains possible???
R
Rocking star 03 Jul 2019, 13:13

Apply in HNI, if pssble
R
Rocking star 03 Jul 2019, 13:13

Apply fast.. Listing gain 100%
M
manthan vora 03 Jul 2019, 12:54

Any update??
I
IPO Guru 02 Jul 2019, 10:51

This IPO may open above issue price, so one may go but it's risky and only for investors who take risk.
M
Manoj i mulani 02 Jul 2019, 10:43

wat u say guru??can v go for it???
J
Jaydev 02 Jul 2019, 10:10

what's ur opinion guru??
R
Rocking star 02 Jul 2019, 09:22

Everyone should apply for listing gain
R
Rocking star 02 Jul 2019, 09:21

100% subscribed and still 2 days to go and gmp is cmng 5000
J
Jaydev 01 Jul 2019, 08:30

ok guru
I
IPO Guru 29 Jun 2019, 09:49

@jaydev, financials are not good and this segment is very competitive, so this IPO not looks good.
R
Rocking star 28 Jun 2019, 23:10

Ahmedabad mai yahi news hai
R
Rocking star 28 Jun 2019, 23:10

City pulse will be repeat the history of dangee dum as there is ego betweek promoter of city pulse and dangee dum
J
Jaydev 28 Jun 2019, 15:07

why not go for anyone sme? any specific about these ipos??
I
IPO Guru 28 Jun 2019, 13:54

our view is it's better to not go for anyone. But anyone wants to apply anyway than AB is better
M
Manoj i mulani 28 Jun 2019, 12:35

city ya ab dono mai se konsa bharna chaiye sir???
D
Dipak Bhavsar 27 Jun 2019, 20:02

let see what happens.
R
Rocking star 27 Jun 2019, 20:00

HNI will rock tmrw
R
Rocking star 27 Jun 2019, 19:59

HNI is almost double than retail
I
IPO Guru 27 Jun 2019, 19:55

avg subscription on first day.
R
Rocking star 27 Jun 2019, 14:02

Contact on the above no. For kostak
R
Rocking star 27 Jun 2019, 14:02

Eight one two eight seven two two two two Eight
R
Rocking star 27 Jun 2019, 14:01

Hi
Z
zavreri 27 Jun 2019, 10:29

kon ape chhe bhai send number
J
janak 27 Jun 2019, 00:21

120000 Vali application karo 2000 milega kostak
I
IPO Guru 26 Jun 2019, 20:20

better to avoid
N
nilesh Rudani 26 Jun 2019, 17:41

Kya lagta

Period	Total Income	Total Expenses	Profit After Tax (PAT)
FY 19	3.09	2.49	0.59
FY 18	0.74	0.50	0.26
FY 17	0.24	0.19	0.10

Open Date	Jun 27, 2019
Close Date	Jul 03, 2019
Allotment Date	Jul 09, 2019
Listing Date	Jul 11, 2019
Face Value	₹ 10 Per Equity Share
Issue Price	₹ 30 Per Equity Share
Issue Size	Fresh Issue of Up to 13,28,000 with aggregating up to Rs 3.98/- Cr
Retail Min Lot	1 Lot (4,000 Shares - ₹ 1,20,000)
Lead Manager	Capitalsquare Advisors Private Limited

Company	P/B Ratio	P/E Ratio	RoNW	Total Revenue (Cr)
City Pulse Multiplex Limited Current	1.56	16.84	24.85%	3.09
Inox Leisure Limited	3.44	24.18	14.22%	1692.18
PVR Limited	6.04	40.87	14.78%	3085.56

City Pulse Multiplex Limited

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