Ganesh Infraworld Limited IPO

Ganesh Infraworld Limited (formerly Ganesh International) is a prominent Eastern Indian startup focused on providing comprehensive EPC services to large construction projects. The company operates in several sectors including Civil & Electrical Infra, Road & Rail Infra, and Water Infra, offering 24/7 service solutions.

The Ganesh Infraworld IPO is a Book Built Issue of ₹98.57 Crores, entirely consisting of a Fresh Issue of 118.76 Lakh shares. The subscription period runs from November 29 to December 03, 2024, with the allotment expected by December 04, 2024, and a tentative listing date of December 06, 2024.

• Price Band: ₹78 to ₹83 per equity share
• Market Capitalisation: ₹354.58 Crores at ₹83 per share
• Lot Size: 1,600 shares
• Retail Investment: Minimum of ₹1,32,800
• High-Net-Worth Individuals (HNIs): Minimum investment of ₹2,65,600

The Grey Market Premium (GMP) for Ganesh Infraworld is ₹25, suggesting potential listing gains. However, given the company's current valuation and performance, the IPO is deemed fairly priced, and investors are advised to Apply it for both listing gains and long-term investments.

Financial Overview:

• Revenue (FY24): ₹21,232.86 Lakhs
• EBITDA (FY24): ₹2,163.62 Lakhs
• Profit After Tax (FY24): ₹1,537.20 Lakhs
• P/E Ratios: Pre-issue: 11.67x, Post-issue: 22.81x (Industry P/E: 21x)
• ROCE: 61.58%, RoE: 59.38%

Suraksha Diagnostic Limited IPO

Suraksha Diagnostic, founded in 1992 in Kolkata, provides comprehensive pathology and radiology services, and aims to expand its footprint in Eastern and North-Eastern India. The company is offering an Offer for Sale (OFS) amounting to ₹846.24 Crores with 191.89 Lakh shares.

• Price Band: ₹420 to ₹441 per equity share
• Market Capitalisation: ₹2,296.76 Crores at ₹441 per share
• Lot Size: 34 shares
• Retail Investment: Minimum of ₹14,994
• HNIs: Minimum investment of ₹2,09,916 for 14 lots

GMP for Suraksha Diagnostic is expected to be ₹0, indicating no listing gains. Based on the high P/E ratios (99.55x pre-issue and 99.93x post-issue), investors are advised to avoid this IPO for both listing gains and long-term investments.

Financial Overview:

• Revenue (FY24): ₹618.49 Million (for the three months ending Sept 30, 2024)
• EBITDA (FY24): ₹217.21 Million
• Profit After Tax (FY24): ₹76.67 Million
• P/E Ratios: Pre-issue: 99.55x, Post-issue: 99.93x (Industry P/E: 79.65x)
• ROCE: 21.46%, RoE: 14.09%

Agarwal Toughened Glass India Limited IPO

Agarwal Toughened Glass India Limited is a leader in providing premium glass products, such as Toughened Glass, Safety Glass, and Reflective Glass. The company is offering a Fresh Issue of ₹62.63 Crores, consisting of 57.99 Lakh shares.

• Price Band: ₹105 to ₹108 per equity share
• Market Capitalisation: ₹190.88 Crores at ₹108 per share
• Lot Size: 1,200 shares
• Retail Investment: Minimum of ₹1,29,600
• HNIs: Minimum investment of ₹2,59,200 for 2 lots

The GMP for Agarwal Toughened Glass is ₹0, suggesting no listing gains. Given the company's P/E ratio (pre-issue 14.77x, post-issue 21.99x) and robust financials, the IPO appears fairly priced. However, investors are advised to proceed cautiously as the IPO does not offer significant upside potential.

Financial Overview:

• Revenue (FY24): ₹2,349.73 Lakhs (for the six months ending Sept 30, 2024)
• EBITDA (FY24): ₹697.50 Lakhs
• Profit After Tax (FY24): ₹453.92 Lakhs
• P/E Ratios: Pre-issue: 14.77x, Post-issue: 21.99x (Industry P/E: 110.70x)
• ROCE: 31.34%, RoE: 72.59%

Conclusion: While all three IPOs are currently active and attracting investor interest, Ganesh Infraworld and Agarwal Toughened Glass appear to be fairly priced, offering minimal listing gains, while Suraksha Diagnostic shows a concerningly high P/E ratio, making it a less attractive investment option.

The Upcoming IPOs in this week and coming weeks are Property Share REIT, Nisus Finance, Emerald Tyre Manufacturers, Rosmerta Digital and Avanse Financial. The Current active IPO is Ganesh Infraworld, Suraksha Diagnostic, Agarwal Toughened.
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