ASIAN GRANITO INDIA LIMITED STUDY ON IPO MADE AS ON 26.07.07.
Detailed analysis of company Asian Granito India Ltd. City Mall, 2 nd Floor, Beside Rajpath Club, Sarkhej - Gandhinagar Highway Road, Ahmedabad, Gujarat - 380054 Phone: 32919687 Fax: 26861501 Public Issue of 166250 Equity Shares of Rs 10 each for Cash at a Premium of Rs 92 per share. Issue Opens : 26-07-07 Issue Closes : 31-07-07
Company background Asian Granito India (AGIL) is a certified vitrified tiles manufacturer with a market share of 11-12% in the Rs 1500 crore vitrified tile industry. Business Overview AGIL has a manufacturing plant located at Himmatnagar, Gujarat, under technical collaboration with SACMI, Italy. Its current installed capacity is 5.11mn sq mtrs. Its subsidiary is in the production of ceramic floor tiles. The brand “Asian” tiles is owned by its 100% subsidiary Asian Tiles Ltd. It derives 50% of its revenues from the retail segment. Going forward, it plans to derive 70% of its revenues from retail.
<ul><li>Asian Tiles boasts of a very professional set up,driven by one of the classiest manufacturing unit brought to the world . </li></ul><ul><li>It has a very strong and efficient network of over 3000 business associates spread across the country. </li></ul><ul><li>It has opened 18 depots with display centre throughout India. </li></ul>
<ul><li>Asian has set up an ultra modern plant in the ceramic zone of Sabarkantha,gujarat, in an area of 2,30,000 Sq.Mtr. </li></ul><ul><li>The combined production capacity of two plants is 24000Sq.Mtr.per day of tiles. </li></ul>
<ul><li>The dynamic & experienced entrepreneur Mr. Kamlesh Patel,Mr.Hasmukh Patel, Mr.Ramesh Patel & Mr.Mukesh Patel are the promoters. </li></ul><ul><li>Asian Tiles Ltd.has been churning out floor tiles since yr 2000. </li></ul>
<ul><li>Management - Asian Granito Kamleshbhai Patel - Chairman&MD Hasmukhbhai Patel - MD Rameshbhai Patel - Whole Time director Rajaram Sohanlal Shah – Director Mukeshbai Patel - Whole Time director Mahesh Chandra Julka - Director Hitesh Mehta- Director Maganlal Prajapati- Director </li></ul>
Objective of the issue. <ul><li>The objects of the Issue are set forth below i) Setting up of a wall tile unit; ii) Modernization and expansion of existing vitrified tile manufacturing unit </li></ul><ul><li>iii) General Corporate Purposes; iv) Issue Expenditure. </li></ul><ul><li>Additionally they were seeking to achieve the benefits of listing, which they believed, would enhance their brand equity and provide liquidity to their shareholders. The main object clause of Memorandum of Association and objects incidental to the main objects enabled them to undertake their existing activities and the activities for which funds are being raised by them through this Issue. </li></ul>
The company had come out with an IPO of 70 lakh equity share of Rs 10 each through a 100 per cent book building issue at a price band of Rs 85-102 per equity share Subscription Details 4.51 Total 1.38 Employee Reservation 4.66 Retail individual investors 10.00 Non institutional investors 3.09 Qualified institutional buyers Times Investors
<ul><li>Price %gain/ loss </li></ul><ul><li>Issue Current </li></ul><ul><li>Asian 97.00 55.25 -43.04 </li></ul><ul><li>Listing information </li></ul><ul><li>Face value of equity share-10 </li></ul><ul><li>Market lot of equity share- 1 </li></ul><ul><li>BSE CODE -532888 </li></ul>
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