Power & Instrumentation (Gujarat) Limited

LISTED

SME IPO · IPO Guide

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Issue Price

₹33

Listed On

23 Apr 2018

Listing Price

₹35 (+6.06%)

Current Price LIVE

₹35 (+6.06%)

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Lot Size Calculator

Application	Lots	Shares	Amount
Retail	2	8,000	₹2,64,000
HNI Min	3	12,000	₹3,96,000

As per financials, company's performance is steady and good, RoNW is 12.4% for last three fiscals and issue is fully priced as per latest earnings. Company has healthy order-book with around 20 projects. So we give NEUTRAL rating to this SME IPO as per current market situation.

Started in 1983, Power & Instrumentation (Gujarat) Limited is engaged in providing a wide range of contracting based services in the field of Electrical, Mechanical and Instrumentation Engineering. The company has been providing the clients with complete turnkey solutions from concept to commissioning which includes Design, procurement, installation, testing & commissioning and maintenance of the system. Apart from private sector entities, the company is also involved in bidding and executing government and semi-government projects. It has executed projects for Sardar Vallabhbhai Patel International Airport, Ahmedabad, Raja Bhoj Airport, Bhopal, U N Mehta Hospital, Ahmedabad, Secretariat Building, Naya Raipur, YMCA Club, Ahmedabad etc. As per financial performance, P&I has posted total income/net profits of Rs. 32.70 cr. / Rs. 0.88 cr. (FY13), Rs. 36.33 cr. / Rs. 0.95 cr. (FY14), Rs. 45.47 cr. / Rs. 1.07 cr. (FY15), Rs. 51.66 cr. / Rs. 1.22 cr. (FY16) and Rs. 60.73 cr. / Rs. 1.57 cr. (FY17). For upto Q3 of FY18, it has earned net profit of Rs. 1.41 cr. on a turnover of Rs. 48.56 cr. Thus it has shown slow and steady progress in top and bottom lines. For last three fiscals it has posted an average EPS of Rs. 2.71 and an average RoNW of 12.40%. Issue is priced at a P/BV of 1.15 based on post issue NAV of Rs. 28.66. If we annualise latest earnings and attribute it on fully diluted equity post issue, then asking price is at a P/E of around 12.37. As per offer documents, it is considering HEC Infra, Prerna Infra and MEP Infra as its listed peers and they are trading at a P/E of around 9, 6 and 22 respectively as on day end of 06.04.18. So issue looks fully priced as per latest earnings. On merchant banker's front, this is the 10th IPO in last three fiscals. Out of last 9 listings 3 opened at a discount, 1 at par and 5 at a premium ranging from 5% to 20% on the day of listing. As per financials, company's performance is steady and good, RoNW is 12.4% for last three fiscals and issue is fully priced as per latest earnings. Company has healthy order-book with around 20 projects. So we give NEUTRAL rating to this SME IPO as per current market situation.

Fresh Issue

1
To Meet Working Capital RequirementGeneral Corporate PurposesTo Meet the Issue Expenses
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To Meet Working Capital Requirement
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General Corporate Purposes
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To Meet the Issue Expenses
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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
8
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

50 Comments

Y
Yogesh 16 Oct 2018, 00:51

isne to loot liya. karte kya hai company wale ye no news at all
Y
Yogesh 07 Jul 2018, 20:21

Why there is no movement on this even this IPO has many on hand orders also no result news is available. how to get result related news
I
IPO Guru 26 Jun 2018, 12:42

there is no news on this.
S
sandeep 25 Jun 2018, 16:32

ipo guru please guide me for long term view on pigl
S
sandeep 25 Jun 2018, 16:28

why pgil is not declared results
J
jay 10 Jun 2018, 21:13

what to do now? sell or hold please any body help
K
kapil 10 Jun 2018, 13:01

when is result
Y
Yogesh 10 Jun 2018, 13:00

trading not happening, once result will be declared then only this stock will go up, currently in loss of 52000
D
deepak 09 May 2018, 14:47

please anybody help.
D
deepak 08 May 2018, 20:57

now what can I do ????
I
IPO Guru 05 May 2018, 15:01

there is no view on this and wait was only to check when it starts trading and not for hold call.
D
deepak 04 May 2018, 15:03

rate badhega iska ?????
I
IPO Guru 03 May 2018, 19:30

wait is only option
D
deepak 03 May 2018, 11:49

kya KARE ???
D
deepak 03 May 2018, 11:48

iska soda hi nahi ho raha he ????
S
shailesh 24 Apr 2018, 11:40

Guru ji tasty dairy me kya kare
I
IPO Guru 24 Apr 2018, 10:14

no long term view on this
K
kapil 23 Apr 2018, 19:14

hold or sell @ipo guru
C
C.A 23 Apr 2018, 10:14

PIGL
D
dhanraj 23 Apr 2018, 09:55

script code pl
M
manish rathi 23 Apr 2018, 09:54

listing price
T
Tejas 19 Apr 2018, 14:33

@ipoguru what price can we expect on listing day??
M
mm 19 Apr 2018, 13:17

0/1
S
shailesh 19 Apr 2018, 12:33

Mera cheque kro kaha pe chek krna hai
M
manish rathi 19 Apr 2018, 12:32

not alloted
T
Tejas 19 Apr 2018, 12:29

1/3
S
shailesh 19 Apr 2018, 11:44

Nahi aya bhai
C
C.A 19 Apr 2018, 11:23

2 lot alloted
Z
zavreri 19 Apr 2018, 10:18

allotment aya kya...?
Y
Yudi 16 Apr 2018, 12:15

Thanks IPO Guru. I am expecting more than 10% looking at the company profile and subscription figures. fingers crossed.
I
IPO Guru 16 Apr 2018, 11:47

5-10% listing gain
H
Hard 13 Apr 2018, 22:04

paras, on nse site
P
pankaj 13 Apr 2018, 21:50

now what's the chance of listing gain Guru??
C
C.A 13 Apr 2018, 16:25

9.3 time now
P
paras 13 Apr 2018, 16:08

hi yudi, how did u check
Y
Yudi 13 Apr 2018, 15:38

More than 6 times subscription in retail now. Looks like it will give atleast 10 percent listing gain.
M
manish rathi 13 Apr 2018, 14:06

@ipo guru data to update kare
P
Prakash 13 Apr 2018, 11:53

No QIB, no MFs, only Retail investors...not interested
I
IPO Guru 13 Apr 2018, 11:51

its good but also risky, so only risky investors should go for this.
S
shailesh 13 Apr 2018, 11:24

Bharva jevo chh e ke nahi
S
shailesh 13 Apr 2018, 11:24

Hii
B
bk 13 Apr 2018, 02:24

vicky all sme ipo is better for long investment. not for short term. bcz most of sme ipo is listed to t2t price.
V
vicky 13 Apr 2018, 00:28

just reply yes or no profit km bhi chalega but just say yes or no
B
Bhavya 12 Apr 2018, 21:03

Guru what is a final suggestions
V
vicky 12 Apr 2018, 15:50

this is good can apply this power sme ipo?
V
vicky 12 Apr 2018, 15:50

this is good ?
I
IPO Guru 12 Apr 2018, 15:29

check on detail page in section useful links.
P
paras 12 Apr 2018, 13:23

Ok sir , tomorrow at 1 or 2 pm if we want to check subscription, how can we check. So accordingly I will Apply
I
IPO Guru 12 Apr 2018, 13:03

not active in gray market and as said chances for listing gains are around 70%
P
paras 12 Apr 2018, 10:27

Can we apply for listing gain

As on Date	QIB	RII	Total
Shares Offered / Reserved	8,84,000	8,84,000	17,68,000
Day 1 11-04-18	1,84,000 (0.21)	3,32,000 (0.38)	5,16,000 (0.29)
Day 2 12-04-18	2,12,000 (0.24)	11,56,000 (1.31)	13,68,000 (0.77)
Day 3 13-04-18	76,12,000 (8.61)	1,05,24,000 (11.90)	1,81,36,000 (10.26)

Period	Total Income	Total Expenses	Profit After Tax (PAT)
upto Q3 FY18	48.56	46.53	1.41
FY17	60.73	58.37	1.57
FY16	51.66	49.85	1.22
FY15	45.47	43.88	1.07
FY14	36.33	34.91	0.95
FY13	32.70	31.39	0.88

Open Date	Apr 11, 2018
Close Date	Apr 13, 2018
Allotment Date	Apr 19, 2018
Listing Date	Apr 23, 2018
Face Value	₹ 10 Per Equity Share
Issue Price	₹ 33 Per Equity Share
Retail Min Lot	1 Lot (4,000 Shares - ₹ 1,32,000)
Lead Manager	Navigant Corporate Advisors Limited

Power & Instrumentation (Gujarat) Limited

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