Alphalogic Techsys BSE SME Startup IPO review

Alphalogic Techsys BSE SME Startup IPO review

Incorporated in 2016, Maharashtra-based Alphalogic Techsys Ltd is a Software Consulting Firm. It is engaged in offering end-to-end technology solutions, technology consulting services, and support. Alphalogic Techsys has clients in India and multiple locations such as Australia, the USA, and the UK.

The services range of the company includes mobile application development, data analytics services, UI/UX consulting, web application development, and business intelligence.

The services offered by the company covers various sectors including Software-as-a-service (SAAS Software), Healthcare, Social Networking, Fintech, E-commerce, and many others. Alphalogic Techsys improves the services offered to the clients by customizing the offerings from time to time based on clients' needs.

Products

1. Alphalogic' Business Process Automation suite

2. Business Process Management Software (BPMS)

Competitive Strengths

1. End-to-end technology services and solutions

2. A long-standing relationship with clients

3. Domain experts

Company Promoters:

The promoters of the company being Mr. Anshu Goel and Mr. Dhananjay Subhash Goel.

Company Financials:

Summary of financial Information (Restated)

Particulars For the year/period ended (in Rs. Lakhs)

31-Mar-19 31-Mar-18 31-Mar-17

Total Assets 415.40 8.64 120.17

Total Revenue 501.21 218.33 188.84

Profit After Tax 219.05 37.09 33.86

Objects of the Issue:

The company proposes to utilize the funds which are being raised through this Issue towards the below-mentioned objects and gain benefits of listing on BSE SME Platform:

A. To meet the working capital requirements of the company (?500.00 Lakhs)

B. To meet the Issue Expenses (?47.20 lakhs)

C. General Corporate Purposes (?71.04 Lakhs)

Alphalogic IPO Details

Issue Open Aug 26, 2019 - Aug 28, 2019

Issue Type Fixed Price Issue IPO

Issue Size 736,000 Eq Shares of Rs 10 

(aggregating up to Rs 6.18 Cr)

Face Value Rs 10 Per Equity Share

Issue Price Rs 84 Per Equity Share

Market Lot 1600 Shares

Min Order Quantity 1600 Shares

Listing At BSE SME

Alphalogic IPO Tentative Date / Timetable

Bid/Offer Opens On Aug 26, 2019

Bid/Offer Closes On Aug 28, 2019

Finalization of Basis of Allotment Aug 30, 2019

Initiation of Refunds Sep 3, 2019

The credit of Shares to Demat Acct: Sep 4, 2019

IPO Shares Listing Date: Sep 5, 2019

Alphalogic IPO Promoter Holding

Pre Issue Share Holding 100%

Post Issue Share Holding 73.49%

Alphalogic IPO issue shares will list on BSE startup platform

Alphalogic SME IPO issue open and close date revised to 26 Aug-28 Aug from 23 Aug -27 Aug, as confirmed by Lead Manager

Company Contact Information

Alphalogic Techsys Ltd

405, Pride Icon, Near Columbia Asia Hospital,

Kharadi Bypass Road,

Pune, Maharashtra-411014, India

Phone: 0727-6701155

Email: info@alphalogiclimited.com

Website: https://www.alphalogicinc.com/

Alphalogic IPO Registrar

Cameo Corporate Services Limited

   Cameo Corporate Services Ltd.,

   Subramanian Building # 1, Club House Road,

   Chennai 600 002 - India

Phone: +91-44-28460390

Email: investor@cameoindia.com

Website: https://online.cameoindia.com/

Conclusion / Investment Strategy

Company's performance on the basis of FY19 super earnings raises concern. However, on the basis of recent earnings (with super-profits in the pre-IPO year), the issue appears fully priced. Risk savvy cash surplus investors may consider moderate investment at their own risk. (Other).

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Tata Capital Fin. NCD Tranche II (Aug19) Offer review - Subscribe

Tata Capital Fin. NCD Tranche II (Aug19) Offer review - Subscribe

Incorporated in 2010, Tata Capital Financial Services Limited (TCFSL) is a Systemically Important Non-Deposit taking Non-Banking Financial Company (NBFC). The company provides a range of financial products to corporates and consumers.

Corporate Finance- Term loans, working capital term loans, channel finance, bill discounting, construction equipment finance, leasing solutions, lease rental discounting, promoter finance and structured products.

Consumer finance- Car and two-wheeler loans, commercial vehicle loans, tractor loans, business loans, loans against property, personal loans, consumer durable loans and loans against securities.

The company is a wholly owned subsidiary of TCL, the financial services arm of the Tata group. It operates an extensive a network of 134 offices spanning across 23 states.

Key Strengths

1. Diversified and balanced mix of businesses

2. Extensive network of our 134 offices

3. 'Tata' as a recognized brand

4. Robust internal processes

Tata Capital NCD Aug 2019 Detail

Issue Open Aug 13, 2019 - Aug 23, 2019

Security Name Tata Capital Financial Services Ltd

Security Type Secured, Redeemable, Non-Convertible Debentures (Secured NCDs) and/or Unsecured Subordinated Non-Convertible Debentures (Unsecured NCDs)

Issue Size (Base) Rs 500.00 Crores

Issue Size (Shelf) Rs 3,626.00 Crores

Issue Price Rs 1000 per NCD

Face Value Rs 1000 each NCD

Minimum Lot size 10 NCD

Market Lot 1 NCD

Listing At BSE, NSE

Credit Rating CRISIL AAA / Stable by CRISIL Ltd and CARE AAA Stable by CARE Ratings Ltd

Tenor 3 years/ 5 years/ 8 years/ 10 years

Series

Series I to Series IV

Payment Frequency Annual

Basis of Allotment First Come First Serve Basis

NCD Allocation Ratio

NCD's allocated in each investor category:

Category ? NCD's Allocated

Category 1 (QIB) 15%

Category 2 (NII) 15%

Category 3 (HNI) 35%

Category 4 (RII) 35%

Coupon Rates

Coupon rates for series 1 to 4

  Series 1 Series 2 Series 3 Series 4

Frequency of Interest Payment Annual Annual Annual Annual

Nature Secured Unsecured

Tenor 3 years 5 years 8 years 10 years

Coupon Rate For Category I & II 8.35% 8.40% 8.55% 8.75%

Coupon Rate For Category III & IV 8.45% 8.50% 8.65% 8.85%

Amount on Maturity For Category I & II/ for III & IV ?1,000 ?1,000 ?1,000 ?1,000

NCD Rating Detail

The NCDs proposed to be issued under this Tranche II Issue have been rated "CRISIL AAA / Stable" for an amount of up to ?7,50,000 lakh by CRISIL Limited vide its letter dated August 15, 2018, revalidated vide its letter dated August 27, 2018 and further revalidated by letter dated July 25, 2019 and have been rated "CARE AAA; Stable" for an amount up to ?7,50,000 lakh by CARE Ratings Limited vide its letter dated August 14, 2018, revalidated vide its letter dated August 27, 2018 and further revalidated by letter dated July 26, 2019. The ratings of the NCDs issued by CRISIL Limited indicate highest degree of safety regarding timely servicing of financial obligations.

Company Promoters

Tata Capital Limited is the promoter of the company.

Objects of the Issue:

TCFSL proposes to utilise the funds which are being raised through the Tranche II Issue, after deducting the Tranche II Issue related expenses to the extent payable by TCFSL ("Net Proceeds"), towards funding the following objects (collectively, referred to herein as the "Objects"):

1. For the purpose of onward lending, financing, and for repayment /prepayment of interest and principal of existing borrowings of TCFSL

2. General Corporate Purposes

Conclusion / Investment Strategy

A debt offer with Good Rating from well known investor friendly Tata group with attractive coupon rates make it a worthy option for investors looking for long term fixed income. (Subscribe)

Sterling and Wilson IPO Date, Price, GMP, Review & Details

Sterling and Wilson IPO Date, Price, GMP, Review & Details



Incorporated on 2017, Mumbai based Sterling & Wilson Solar Limited (SWSL) is engaged in providing solar engineering, procurement and construction (EPC) solutions to the end-users. SWSL is focused on utility-scale solar power projects and manages solar projects from conceptualizing to commissioning. It provides operations and maintenance (O&M) services for the 3rd party projects as well. It was previously named as Rashmika Energy Private Limited.



The company started its operation as a Solar EPC Division of SWPL in 2011 and demerged on April 1, 2017. According to IHS Markit, the company was the world's largest solar EPC solutions provider in 2018 based on annual installations of utility-scale PV systems. Currently, it has a wide presence across 26 countries.



Sterling & Wilson offers customized solutions to its customers for solar power projects. The company follows a "hub-and-spoke" business model where India works as a hub for various services. The company aims to improve the performance ratio by offering cost-effective and innovative designing solutions supported by an engineering and competent design team. It has 138 employees in the design and engineering team.



Competitive Strengths



1. World's largest solar EPC solutions provider

2. A dedicated design and engineering team

3. Takes benefits of the brand image of the SP group and S&W

4. Strong financial performance

Risk to Investors



The six global coordinators and book running lead managers and two book running lead managers associated with the offer have handled 48 public issue in the past three years out of which 18 closed below the issue price on listing date.

The Price/Earnings ratio based on diluted EPS for fiscal 2019 for the issuer at the upper end of the Price Band is as high as 19.57.

The average cost of acquisition per Equity Share for our promoter selling shareholders is nil per equity share.

Company Promoters:

The promoters of the Company are Shapoorji Pallonji and Company Pvt Ltd and Khurshed Yazdi Daruvala.



Company Financials:

Summary of financial Information (Restated)

Particulars For the year/period ended (in Rs. 10 Lakhs)

31-Mar-19 31-Mar-18 31-Dec-17

Total Assets 53,919.19 49,203.81 35,701.70

Total Revenue 82,404.08 68,717.08 32,324.81

Profit After Tax 6,382.33 4,505.35 1,733.62

Objects of the Issue:

The objects of the Offer are:

1. To achieve the benefits of listing the Equity Shares on the Stock Exchanges.

2. For the Offer of the Equity Shares by the Promoter Selling Shareholders.

3. To enhance visibility and brand image.



Sterling and Wilson IPO Details

Issue Open Aug 6, 2019 - Aug 8, 2019

Issue Type Book Built Issue IPO

Issue Size [.] Eq Shares of Rs 1

(aggregating up to Rs 3,125.00 Cr)

Offer for Sale [.] Eq Shares of Rs 1

(aggregating up to Rs 3,125.00 Cr)

Face Value Rs 1 Per Equity Share

Issue Price Rs 775 - Rs 780 Per Equity Share

Market Lot 19 Shares

Min Order Quantity 19 Shares

Listing At BSE, NSE

Sterling and Wilson IPO Tentative Date / Timetable

Bid/Offer Opens On Aug 6, 2019

Bid/Offer Closes On Aug 8, 2019

Finalisation of Basis of Allotment Aug 14, 2019

Initiation of Refunds Aug 16, 2019

Credit of Shares to Demat Acct: Aug 19, 2019

IPO Shares Listing Date: Aug 20, 2019

Sterling and Wilson IPO Promoter Holding

Pre Issue Share Holding 99.10%

Post Issue Share Holding

Offer Size Allocated

QIB Portion: At least 75% of the offer;

Retail Portion: Not more than 10% of the offer

NII Portion: Not more than 15% of the offer



Company Contact Information

Sterling and Wilson Solar Ltd

9th Floor

Universal Majestic, P L Lokhande Marg,

Chembur (West), Mumbai 400 043



Phone: +91 22 2548 5300

Email:

Website: https://sterlingandwilson.com/



Sterling and Wilson IPO Registrar

Link Intime India Private Ltd

   Link Intime India Private Ltd

   C 101, 247 Park, L.B.S.Marg,

   Vikhroli (West), Mumbai - 400083



Phone: +91-22-4918 6270

Email: sterlingwilson.ipo@linkintime.co.in

Website: http://www.linkintime.co.in



Sterling and Wilson IPO Lead Manager(s)

Axis Capital Limited

Credit Suisse Securities (India) Private Limited

Deutsche Equities India Private Limited

ICICI Securities Limited

IIFL Holdings Limited

IndusInd Bank Limited

SBI Capital Markets Limited

Yes Securities (India) Limited



Conclusion / Investment Strategy

As the solar power sector is set for a boom globally and India is also gearing for spending in a big way, SWSL (being the largest solar EPC solution provider) is poised for bright prospects going forward. As the issue appears fully priced in the given market status, investors may consider investment for the long term.

Spandana Sphoorty IPO Date, Price, GMP, Review & Details

Spandana Sphoorty IPO Date, Price, GMP, Review & Details

Incorporated in 2003, Spandana Sphoorty Financial Ltd is a rural area focused NBFC-Microfinance Institution. Mrs Reddy is a founder, MD and promoter of the company. It is engaged in offering small-ticket unsecured loans to help the women in the low-income bracket in rural and urban areas. The company provides income generation loans, business loans and loans against gold jewellery.

Spandana has a presence across 15 states in India with 4,045 employees and 694 branch network. By offering the loan products to low-income households, the company is strengthening the socio-economic condition and improving their livelihoods.

The company has started working under CDR mechanism (Corporate Debt Restructuring) of the RBI to revive the business and restructure the borrowings in 2010. And, exited successfully in March 2017 with the help of Kangchenjunga Ltd and Kedaara AIF-1.

Before the 2010 crisis, the company had Rs 4,500 crore loan portfolio. The company started recovering and made the first profit in the year 2013-14. As of September 2018, Spandana had Rs 2,244 crore loan portfolio.

Company Products

1. Abhilasha (JLG Loans)

2. Shree Loans

3. Loans Against Property (LAP)

4. Gold Loans (Keertana)

5. Phinix Loans

6. Interim Loans

Competitive Strengths

1. Seasoned business model

2. Large employee base for a high degree of client engagement

3. Focus on a highly under-served market

4. Geographically diversified business operations

Company Promoters:

Padmaja Gangireddy and Kangchenjunga Limited are the promoters of the company.

Company Financials:

Summary of financial Information (Restated)

Particulars For the year/period ended (in Rs. 10 Lakhs)

31-Mar-19 31-Mar-18 31-Mar-17 31-Mar-16 31-Mar-15

Total Assets 48,980.37 37,642.47 19,286.22 20,998.95 23,524.69

Total Revenue 10,362.81 5,872.74 3,770.64 3,438.62 3,019.71

Profit After Tax 3,087.48 1,879.71 4,434.14 2,432.35 1,050.99

Objects of the Issue:

The Net Proceeds of the Fresh Issue are proposed to be utilised for:

1. Augmenting the capital base and 

2. General corporate purposes

Spandana Sphoorty IPO Details

Issue Open Aug 5, 2019 - Aug 7, 2019

Issue Type Book Built Issue IPO

Issue Size 14,046,056 Eq Shares of Rs 10 

(aggregating up to Rs 1,200.94 Cr)

Fresh Issue [.] Eq Shares of Rs 10 

(aggregating up to Rs 400.00 Cr)

Offer for Sale 9,356,725 Eq Shares of Rs 10 

(aggregating up to Rs [.] Cr)

Face Value Rs 10 Per Equity Share

Issue Price Rs 853 - Rs 856 Per Equity Share

Market Lot 17 Shares

Min Order Quantity 17 Shares

Listing At BSE, NSE

Spandana Sphoorty IPO Tentative Date / Timetable

Bid/Offer Opens On Aug 5, 2019

Bid/Offer Closes On Aug 7, 2019

Finalization of Basis of Allotment Aug 14, 2019

Initiation of Refunds Aug 14, 2019

The credit of Shares to Demat Acct: Aug 16, 2019

IPO Shares Listing Date: Aug 19, 2019

Spandana Sphoorty IPO Promoter Holding

Pre Issue Share Holding 81.21%

Post Issue Share Holding

Company Contact Information

Spandana Sphoorty Financial Ltd

Plot No: 31 & 32,

Ramky Selenium Towers, Tower A, Ground Floor,

Financial District, Nanakramguda, Hyderabad 500 032

Phone: +91 40 4812 6666

Email: secretarial@spandanaindia.com

Website: http://www.spandanaindia.com/

Spandana Sphoorty IPO Registrar

Karvy Computershare Private Limited

   Karvy Registry House, 8-2-596, St. No. 1,

   Banjara Hills, Hyderabad - 500 034

   Andhra Pradesh, India

Phone: +91-40-23312454

Email: spandana.ipo@karvy.com

Website: https://karisma.karvy.com/

Spandana Sphoorty IPO Lead Manager(s)

Axis Capital Limited

ICICI Securities Limited

IIFL Holdings Limited

IndusInd Bank Limited

JM Financial Consultants Private Limited

Yes Securities (India) Limited

Conclusion / Investment Strategy

SSFL is the most efficient micro-finance company with a cost to income ratio of 25% and the industry-leading opex ratio of 4.6% for FY19. Its AUM posted 85% CAGR and PBT posted 222% CAGR in last two years with just 0.01% NPAs as on 31.03.19. SSFL offer appears cheap against its close peer CAGL. Considering these, investors may consider investment for the long term.