Laxmi Goldorna House Limited

LISTED

SME IPO · IPO Guide

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Issue Price

₹15

Listed On

13 Apr 2020

Listing Price

₹15 (+0.00%)

Current Price LIVE

₹15 (+0.00%)

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Lot Size Calculator

Application	Lots	Shares	Amount
Retail	2	16,000	₹2,40,000
HNI Min	3	24,000	₹3,60,000

Company has average growth in financials, RoNW is 4.33% and issue looks aggressively priced as per FY19 and FY20 earnings. This industry has very tough competition from listed or local players. Performance of BRLM is poor post listing. Considering all these, we give 'AVOID' rating to this SME IPO.

As on Date	Combined (QIB + NII)	RII	Total
Shares Offered / Reserved	26,16,000	26,16,000	52,32,000
Day 1 20-03-20	0 (0.00)	8000 (0.0)	8000 (0.0)
Day 2 23-03-20	6,48,000 (0.25)	32,000 (0.01)	6,80,000 (0.13)
Day 3 24-03-20	6,48,000 (0.25)	32,000 (0.01)	6,80,000 (0.13)
Day 4 25-03-20	6,48,000 (0.25)	48,000 (0.02)	6,96,000 (0.13)
Day 5 26-03-20	6,48,000 (0.25)	48,000 (0.02)	6,96,000 (0.13)
Day 6 27-03-20	9,36,000 (0.36)	1,04,000 (0.04)	10,40,000 (0.20)
Day 7 30-03-20	9,36,000 (0.36)	1,04,000 (0.04)	10,40,000 (0.20)
Day 8 31-03-20	18,56,000 (0.71)	1,12,000 (0.04)	19,68,000 (0.38)
Day 9 01-04-20	18,56,000 (0.71)	1,12,000 (0.04)	19,68,000 (0.38)
Day 10 03-04-20	63,28,000 (2.42)	5,20,000 (0.20)	63,28,000 (1.21)

Started in 2010, Laxmi Goldorna House Ltd is engaged in wholesale and retail trading of gold jewellery and ornaments. In 2017, it also started a real estate business. So, Laxmi Goldorna House is also engaged in the construction of commercial and residential Projects under real estate. The registered office of the company is located at Manek Chowk, Ahmedabad. The company offers a wide product range with a variety of gold jewellery and other jewellery as per the regional taste. It doesn't have any manufacturing unit and designing & processing of jewellery is done by 3rd-party. The company is currently working on the Laxmi Eternia project designed by architecture "Bend Group". The project is nearer to Ahmedabad Airport, Ahmedabad Railway Station, and Baroda Express Way. It has 723, 3BHK Flats and 52 Shop along with party kitchen, basement parking, basketball court, party plot, gym, theatre, play zone, badminton court, and society office. On the financial performance front, for the last three fiscals, LGHL has reported turnover/net profits of Rs. 52.43 cr. / Rs. 0.58 cr. (FY17), Rs. 69.77 cr. / Rs. 0.44 cr. (FY18) and Rs. 73.45 cr. / Rs. 0.67. (FY19). For the first half of FY20, it has earned a net profit of Rs. 0.40 cr. on a turnover of Rs. 38.78 cr. Despite the growth in top lines, the bottom line has shown inconsistency. For the last three fiscals, LGHL has posted an average EPS of Rs. 1.78 and an average RoNW of 4.33%. The issue is priced at a P/BV of 1.01 based on its NAV of Rs. 15.12 as on 30.09.19 as well as post issue NAV of Rs. 15.09. If we annualise latest earnings and attribute it on fully diluted equity post issue, then asking price is at a P/E of around 39 making it aggressively priced. LGHL has not declared any dividend in the past five financial years. On BRLM's front for Beeline Broking Limited, this is the 5th IPO in the last three fiscals (including the ongoing). Out of last four listing, all listed with premiums ranging from 1% to 20% on the day of listings. As of now from last 4 IPOs, 3 are trading below issue price and remaining above issue price. ( As on 19.03.2020 ) Company has average growth in financials, RoNW is 4.33% and issue looks aggressively priced as per FY19 and FY20 earnings. This industry has very tough competition from listed or local players. Performance of BRLM is poor post listing. Considering all these, we give 'AVOID' rating to this SME IPO.

Fresh Issue

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To Meet Working Capital Requirement ( Rs 7 Cr )General Corporate Purpose ( Rs 0.88 Cr )To Meet the Issue Expenses ( Rs 0.40 Cr )
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To Meet Working Capital Requirement ( Rs 7 Cr )
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General Corporate Purpose ( Rs 0.88 Cr )
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To Meet the Issue Expenses ( Rs 0.40 Cr )
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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
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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

4 Comments

Z
zuki 05 Apr 2020, 23:56

Tell me something
Z
zuki 05 Apr 2020, 23:56

Hello
S
sourabh Nejkar 24 Mar 2020, 22:36

1 lote number of qty
N
naim 20 Mar 2020, 14:04

Hi

Period	Total Income	Total Expenses	Profit After Tax (PAT)
H1 FY 20	38.78	38.24	0.40
FY 19	73.45	72.55	0.67
FY 18	69.77	69.18	0.44
FY 17	52.43	51.39	0.58

Open Date	Mar 20, 2020
Close Date	Apr 03, 2020
Allotment Date	Apr 09, 2020
Listing Date	Apr 13, 2020
Face Value	₹ 10 Per Equity Share
Issue Price	₹ 15 Per Equity Share
Issue Size	Fresh Issue of Up to 55,20,000 with aggregating up to Rs 8.28/- Cr
Retail Min Lot	1 Lot (8,000 Shares - ₹ 1,20,000)
Lead Manager	Beeline Capital Advisors Private Limited

Company	P/B Ratio	P/E Ratio	RoNW	Total Revenue (Cr)
Laxmi Goldorna House Limited Current	0.99	46.85	2.93%	73.45
Vaibhav Global Limited	4.70	81.86	5.74%	1828.15
Narbada Gems and Jewellary Limited	1.06	8.58	12.41%	40.70

Laxmi Goldorna House Limited

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