Ganesh Infraworld IPO

• Company Overview: Ganesh Infraworld, formerly Ganesh International, is a rapidly growing startup in Eastern India, specializing in providing comprehensive erection services for complex EPC projects. The company offers services in civil, electrical, road, rail, and water infrastructure, with a focus on 24/7 accessibility for its clients. The company's growth trajectory has positioned it as a strong player in the region, particularly in servicing large EPC giants.

• IPO Details:

  • Offer Size: ₹98.57 Crores (Fresh Issue of 118.76 lakh shares)
  • Price Band: ₹78 to ₹83 per share
  • Market Capitalisation: ₹354.58 Crores (at upper price band)
  • Lot Size: 1,600 shares
  • Retail Investment: ₹1,32,800 minimum
  • Subscription Status: 51.62 times (as of 11:00 AM on 3rd December 2024)
  • Anchor Investors: ₹26.58 Crores raised at ₹83 per share
  • Allotment Date: 4th December 2024
  • Listing Date: 6th December 2024

• Financial Performance:

  • Revenues (FY 2024): ₹29,181.12 lakh
  • EBITDA (FY 2024): ₹2,419.15 lakh
  • PAT (FY 2024): ₹1,554.47 lakh
  • Valuation: Pre-issue P/E ratio of 11.67x and post-issue P/E ratio of 22.81x, with the industry P/E at 21x.
  • Grey Market Premium: ₹25, indicating strong demand and expected listing gains of around 30%.

• Recommendation: Apply for risky investors, as the strong subscription and growth potential make this IPO attractive for listing gains and long-term investment.

Suraksha Diagnostic IPO

• Company Overview: Suraksha Diagnostic, founded in 1992, is a major player in the pathology and radiology service industry in Kolkata. The company is well-positioned in East and North-East India, with plans to expand its reach. Suraksha aims to capitalize on the growing demand for organized diagnostic chains in the region's large and rapidly expanding market.

• IPO Details:

  • Offer Size: ₹846.24 Crores (Offer for Sale of 191.89 lakh shares)
  • Price Band: ₹420 to ₹441 per share
  • Market Capitalisation: ₹2,296.76 Crores (at upper price band)
  • Lot Size: 34 shares
  • Retail Investment: ₹14,994 minimum
  • Subscription Status: 0.34 times (as of 11:00 AM on 3rd December 2024)
  • Allotment Date: 4th December 2024
  • Listing Date: 6th December 2024

• Financial Performance:

  • Revenues (FY 2024): ₹2,222.60 million
  • EBITDA (FY 2024): ₹728.39 million
  • PAT (FY 2024): ₹231.27 million
  • Valuation: Pre-issue P/E ratio of 99.55x and post-issue P/E ratio of 99.93x, with the industry P/E at 79.65x.
  • Grey Market Premium: ₹0, indicating no expected listing gains.

• Recommendation: Avoid. Given the high P/E ratio and low subscription rate, this IPO is fully priced with limited prospects for listing gains or long-term growth.

Conclusion:

• Ganesh Infraworld is highly oversubscribed with strong financials, suggesting it could offer significant listing gains, making it suitable for risk-tolerant investors.
• Suraksha Diagnostic has low demand and high valuation, so it is better to avoid this IPO if seeking listing gains or long-term investment opportunities.