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Supreme Infrastructure attracts 62% premium on debut

Thursday, October 18, 2007

Supreme Infrastructure settled at Rs 175.25 on BSE, a premium of 62.2% over IPO price of Rs 108. The stock debuted at Rs 189, a premium of 75% over the IPO price.

The scrip hit a low of Rs 167.15 and high of Rs 224. On BSE, 47.28 lakh shares changed hands in the counter. The company had priced the IPO price at the top end of the Rs 95-108 price band.

The current price of Rs 175.25, discounts its year ended March 2007 EPS of Rs 9.20, by a PE multiple of 19.04.

At the IPO price of Rs 108, the PE multiple was 6.46 based Q1 June 2007 annualized EPS of Rs 16.70. The PE multiple was 11.73 based on the year ended March 2007 EPS of Rs 9.2.

The Supreme Infrastructure India (SIIL) IPO had ended on 26 September 2007 with 52.75 times subscription. It received total bids for 18.32 crore shares as against total issue size of 34.75 lakh shares. The qualified institutional buyers (QIBs) category was subscribed 52.10 times. The non-institutional investors category was subscribed 65.42 times. The retail investors category was subscribed 48.22 times.

SIIL is into infrastructure development, primarily engaged in civil construction. Presently, it is engaged in construction of roads, highways, widening of highways and execution of contracts under National Highway Authority of India (NHAI), Mumbai Metropolitan Region Development Authority (MMRDA) and of others. As on 1 August 2007, the company had orders to the tune of Rs 299.84 crore

The proceeds of the IPO will be utilised to part-finance the company's expansion plans and meet its long-term capital requirements. The company also has plans to foray into the construction contracting activity in real estate projects.

SIIL reported a net profit of Rs 12.76 crore on sales of 81.66 crore in the year ended March 2007. The company reported net profit of Rs 5.78 crore on revenue of Rs 39.43 crore in Q1 June 2007

Posted by FR at 7:03 PM  

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Investment in equity shares has its own risks. Sincere efforts have been made to present the right investment perspective.The information contained herein is based on analysis and up on sources that we consider reliable. I, however, do not vouch for the accuracy or the completeness thereof. This material is for personal information and I am not responsible for any loss incurred based upon it.& take no responsibility whatsoever for any financial profits or loss which may arise from the recommendations given in this blog.