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Friday, August 11, 2017

The equity shares of Cochin Shipyard powerboated upon listing with the shares listing at 20 percent premium over issue price

The scrip took gear changing time to take off the shores with the listing at mere Rs.3 above the issue price before speed boating to 20 percent up at Rs.522 as against issue price of Rs.432 a piece. The stock was trading at Rs.512.40 at 10.26 am

Stay tuned to Indian IPO Blog for more

Wednesday, August 9, 2017

Cochin Shipyard IPO Allotment Status is declared. Investors have started to receive SMSs for allotment and credit of equity shares in their demat account

The link to check Cochin Shipyard IPO Allotment Status is http://cs.linkintime.co.in/ipo/IPO.aspx

Cochin Shipyard IPO Allotment Status is declared. Investors have started to receive SMSs for allotment and credit of equity shares in their demat account

The link to check Cochin Shipyard IPO Allotment Status is http://cs.linkintime.co.in/ipo/IPO.aspx

Cochin Shipyard IPO - Basis of Allotment -
HNI - 280.39x
Retail - 30 shares to 86:423 (4.9186x) avg.6.10 shares

Tuesday, August 8, 2017

Cochin Shipyard IPO GMP: Rs.171 to Rs.173 per equity share

The much awaited allotment status for the recently concluded Cochin Shipyard IPO is expected to be declared today

The finalization and upload of the Cochin Shipyard IPO Allotment Status is expected to be done by late night today

The latest update on Cochin Shipyard IPO Allotment Status would be posted on Indian IPO Blog and Indian IPO Blog Whatsapp groups. 

Stay tuned for more

Securities and Intelligence Services (SIS) IPO Allotment Status is declared and can be checked from the link provided below:

Click here to check allotment status now

Monday, August 7, 2017

SIS IPO Allotment Status is expected to be declared shortly

Please check back here for latest updates on Securities and Intelligence Services IPO Allotment Status

Thursday, August 3, 2017

QIB: 63.52 times
HNI: 288.87 times
Retail: 8.11 times
Employees: 0.49 times
Overall: 76.05 times

Cochin Shipyard IPO Subscription status - Day 3 at 12:20PM

The following data is assuming the shares will be issued at upper price band

QIB*: 8.14x (*Excluding Anchor)
NII: 3.24x
RII: 5.69x
Empl. 0.36x
Overall: 6.40 times

Applications: 13,64,000 Approx
No. of Application: 3.53 times

The initial public offering (IPO) of state-owned Cochin Shipyard Limited was subscribed 3.16 times on its second day of opening
The IPO is a fresh issue of 22.65 million shares, which at the upper end of the price band will fetch the company over Rs978 crore. There is also an offer for sale of 11.3 million shares. At the upper end of the price band, the government, which is selling 10% stake, will raise over Rs.489 crore

But whether all this makes a good bet to go for it? Let's find out on a simple 3 point criteria

1. Company Business prospects

The company has a strong reputation in the shipbuilding space, particularly in relation to the defence sector. It has been in existence since 1972. In the past it has undertaken repairs of Indian Navy aircraft carriers such as INS Viraat and INS Vikramaditya. It is also building India's first indigenous Aircraft Carrier (IAC) for Indian Navy. It is also one of the few companies with "Miniratna" status
Cochin Shipyard has a credible moat given that it receives preferential orders from the Indian navy and the coast guard. Being a Government of India company it also receives some confidential orders which can not be given to private players

2. Financials

The company's average five year ROE and ROCE were 16.1% and 24.7% respectively. Current ROE and ROCE stand at 16.2% and 23.9% respectively
The company's revenue increased at a CAGR of 5.7% in last five years. However this growth seems impressive, given the poor health of the shipbuilding industry, excess supply, low demand and volatility in crude prices
Moreover, the company is effectively debt free and has cash and cash equivalents of around Rs 2,000 crores against estimated capital expenditures of around Rs 2,000 crores over 3-4 years after adjusting for IPO proceeds

3. Pricing

The company has set a price band of Rs. 424 to Rs.432 per share for the initial share sale. One of the tempting features especially for Retail investors is the special discount of Rs.21 per equity share which will in turn reduce the cost per share Rs.411 per share assuming allotment is made at upper end of price band.

The company is best profit making one in the shipbuilding industry since all of its listed peers have negative earnings and are highly leveraged whereas Cochin Shipyard would have a PE ratio of 18.8 times which is fairly justified

This price is also clearly attractive for listing gains considering already high grey market premium running through

Verdict

Considering that the company ticks most of the boxes, investors may not want to miss this ship!

QIB: 5.64x
HNI: 1.66x
Retail: 19.51x
Overall: 7.07 times

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