Parshva Enterprises Limited

LISTED

SME IPO · IPO Guide

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Issue Price

₹45

Listed On

01 Jul 2019

Listing Price

₹45.85 (+1.89%)

Current Price LIVE

₹45.85 (+1.89%)

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Lot Size Calculator

Application	Lots	Shares	Amount
Retail	2	6,000	₹2,70,000
HNI Min	3	9,000	₹4,05,000

Very limited financial data is available, RoNW is 9.38% and issue looks very highly priced with respect to latest earnings with P/E of 45. Performance of BRLM is average, So we give AVOID rating to this SME IPO.

Started in 2017, Mumbai-based Parshva Enterprises Limited is engaged in trading and wholesale business of cut & polished diamonds and gold jewellery. They buy and sell diamonds of different categories depending on fancy colour, size, shape and cut (princess-cut, heart-cut, etc.). The price of the diamond is decided based on the size and cut evaluation like poorly cut diamonds are sold at cheaper price whereas well-cut are at a premium price. They deal with natural diamonds and some of the diamonds are GIA certified as well. The company sells out diamonds to domestic clients only. In gold jewellery, Parshva Enterprises sells out gold necklaces, bangles, earrings, pendants, chains, and earrings which can be non-studded or studded with stones, diamonds, and pearls.. Apart from this, the company also invest in real estate properties in Gujarat and Mumbai area and sells them for the trading gains. They are also involved in real estate broking business to deal with apartments and properties.. The competitive strengths of the company are: 1. Multiple product range2. Good quality products3. Market-specific products On the financial performance front, Parshva Enterprises has posted turnover/net profits of Rs. 4.77 cr. / Rs. 0.04 cr. (FY18) and Rs. 7.13 cr. / Rs 0.30 cr. (FY19). Company has been formed recently, so very limited financial data is available. Salary of MD has been fixed Rs 24 lakhs per annum and that is around net profit of FY19. The issue is priced at a P/BV of 1.97 on the basis of its NAV of Rs. 22.75 post issue. As per latest earnings of FY19 asking price is at P/E of 45.09, so issue appears very highly priced. As per RHP, listed peers are shown in above table, but it can't be strictly comparable. On BRLM's front, for Inventure Merchant Banker Services Pvt Ltd this is the 8th IPO in last three fiscals and from last 7 IPOs, two opened below issue price and remaining opened above issue price with 1% to 20% premium on the day of listing. As of now, from last 7 IPOs, four are trading below issue price and remaining above issue price. ( As on 14.06.19 ) Very limited financial data is available, RoNW is 9.38% and issue looks very highly priced with respect to latest earnings with P/E of 45. Performance of BRLM is average, So we give AVOID rating to this SME IPO.

Fresh Issue

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Meeting Additional Working Capital Requirements
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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
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Readers must consult a qualified financial advisor prior to making any actual investment decisions, based on information published on this applicatio
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With entry barriers, SEBI wants only well informed investors to participate is such SME offer
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With crazy recent listings, SME IPOs have started drawing attention of investors across the boar
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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

I
IPO Guru 20 Jun 2019, 19:07

not look good
V
Vinod nagar 20 Jun 2019, 17:13

is it good for listing gain
N
nilesh Rudani 19 Jun 2019, 14:24

bharne jesa he
D
dsp rathore 15 Jun 2019, 15:13

good

As on Date	Combined (QIB + NII)	RII	Total
Shares Offered / Reserved	3,84,000	3,84,000	7,68,000
Day 1 19-06-19	2,67,000 (0.70)	48,000 (0.12)	3,15,000 (0.41)
Day 2 20-06-19	4,02,000 (1.05)	1,74,000 (0.45)	5,76,000 (0.75)
Day 3 21-06-19	6,33,000 (1.65)	2,85,000 (0.74)	9,18,000 (1.20)

Period	Total Income	Total Expenses	Profit After Tax (PAT)
FY 19	7.13	6.68	0.30
(27.7.17 to 31.03.18) FY 18	4.77	4.70	0.04

Open Date	Jun 19, 2019
Close Date	Jun 21, 2019
Allotment Date	Jun 27, 2019
Listing Date	Jul 01, 2019
Face Value	₹ 10 Per Equity Share
Issue Price	₹ 45 Per Equity Share
Issue Size	Fresh Issue of Up to 8,10,000 with aggregating up to Rs 3.65/- Cr
Retail Min Lot	1 Lot (3,000 Shares - ₹ 1,35,000)
Lead Manager	Inventure Merchant Banker Services Private Limited

Company	P/B Ratio	P/E Ratio	RoNW	Total Revenue (Cr)
Parshva Enterprises Limited Current	1.97	45.09	9.38%	7.13
Narbada Gems and Jewellery Limited	3.57	38.71	9.22%	26.33
Lypsa Jems and Jewellery Limited	0.11	0.83	12.87%	104.15
Goldiam International Limited	0.77	5.98	12.92%	446.38
Swarnasarita Germs Limited	0.24	4.59	4.84%	548.24

Parshva Enterprises Limited

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