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IPO-IRCTC.pptx

Brief information about the procedure of IPO using IRCTC as a case study. And attempting to understand the general behaviour of equity after listing.

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Prepared By :
Vishesh
CAPITAL MARKET
Capital market is a market where buyers
and sellers engage in trade of financial
securities like bonds, stocks, etc. The
buying/selling is undertaken by
participants such as individuals and
institutions.
Capital markets help channelise surplus
funds from savers to institutions which
then invest them into productive use.
PRIMARY MARKET
It refers to the market where securities
are created and first issued.
● Main objective is to raise capital
Two major types of issuer of securities:
1. Corporate Entities
2. Government ( Central and State )
MAJOR TYPES OF ISSUE IN
PRIMARY MARKET
1. Public issue
2. Preferential issue
3. Rights Issue
4. Bonus issue
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IPO-IRCTC.pptx

  • 2. CAPITAL MARKET Capital market is a market where buyers and sellers engage in trade of financial securities like bonds, stocks, etc. The buying/selling is undertaken by participants such as individuals and institutions. Capital markets help channelise surplus funds from savers to institutions which then invest them into productive use.
  • 3. PRIMARY MARKET It refers to the market where securities are created and first issued. ● Main objective is to raise capital Two major types of issuer of securities: 1. Corporate Entities 2. Government ( Central and State )
  • 4. MAJOR TYPES OF ISSUE IN PRIMARY MARKET 1. Public issue 2. Preferential issue 3. Rights Issue 4. Bonus issue
  • 18. Importance Of an IPO ● From Privately owned into a one that is owned by public stockholders. ● Access to public capital market. ● Increases credibility. ● Financial benefit which can be used for a variety of purposes within the company.
  • 19. Why do companies go for IPO ● To fund growth and expansion of the company ● Cash in on early investment. ● To increase public awareness of the company ● Increase market share of the company ● Value assessment
  • 20. ● Access to capital ● Ease of access to future capital ● Stock usage ● Employee retention ● Employee Motivation boost .
  • 21. Disadvantages of an IPO ● Huge cost and time ● Pressure to show short term performance ● Long term decisions may take a backseat ● Accounting systems ● New hiring ● Shareholder relations
  • 22. Some IPO trends in India ● In the main markets (i.e., BSE and NSE), there were 7 IPOs in Q2 2021 versus no IPO in Q2 2020 and 17 IPOs in Q1 2021. This represents an increase of 100% compared to Q2 2020 and a decrease of 59% compared to Q1 2021. ● As regards to SME markets, there were 11 IPOs in Q2 2021 versus four and six IPOs in Q2 2020 and Q1 2021, respectively, representing a increase of 175% and 83% as compared to Q2 2020 and Q1 2021 respectively. ● The IPO pipeline has over 40 companies that have filed their Draft Red Herring Prospectus (DRHPs) and more than 30 PE-backed companies planning exits.
  • 23. CASE STUDY - IRCTC
  • 24. Company Info- ● Incorporated in 1999, state-owned Indian Railway Catering and Tourism Corporation Limited (IRCTC) is a wholly-owned subsidiary of Indian Railways. ● IRCTC handles tourism, catering, online ticket booking services and provides packaged drinking water in trains and at railway stations in the country. ● The company website (www.irctc.co.in) is one of the most transacted websites in the Asia-Pacific region. ● IRCTC launched i-Pay payment gateway to manage domestic debit/credit transactions in October 2018. ● IRCTC also provides non-railway services including budget hotels, e-catering and executive lounges to create a one-stop solution for customers.
  • 25. ● The IRCTC has a monopoly business as it is the only authorized dealer for catering, ticket booking, and water bottles supply in Indian railways to the passengers. ● They are one of the most transacted websites, www.irctc.co.in, in the Asia- Pacific region with transaction volume averaging 2.5 to 2.8 cr transactions per month. ● The IRCTC is regularly giving very good dividends. Final Dividend during 2018-19:- INR 22.20 per share, F.Y 2017-18 INR 11.80 per share and F.Y 2016-17 INR 18.86 per share, including Interim Dividend paid during the year F.Y 2018-19 INR 3.75 per share and F.Y 2016-17 INR 9.38 per share. Competitive Strengths
  • 26. Promoters And Management: The govt. of India is the promoter of IRCTC. ● The Valuation at P/E multiple of 18x looks reasonable. ● The reduction in corporate tax to 25.17% will help the company as they are currently paying 34.99%. Moreover, they have started charging a convenience fee from Sept 2019 to Rs. 15 for Non-AC and 30 for AC which will help improve the bottom line in FY19.
  • 27. Financials of IRCTC of last 3 years:
  • 30. Objective of issue: ● To carry out the disinvestment of 20,160,000 Equity Shares by the Selling shareholder constituting 12.60% of paid-up Equity Share capital IRCTC. ● To achieve the benefits of listing the Equity Shares on the Stock Exchanges. The company will not receive any proceeds from the Offer and all proceeds shall go to the Selling Shareholder.
  • 31. IRCTC IPO Details: ● Open Date: Sep 30 2019 ● Close Date: Oct 03 2019 ● Total Shares: 20,160,000 ● Face Value:₹ 10 Per Equity Share ● Issue Type:Book building ● Issue Size:645 Cr ● Lot Size:40 Shares ● Issue Price:₹ 315-320 Per Equity Share ● Listing At:NSE,BSE ● Listing Date:Oct 14 2019
  • 33. Particulars Qualified Institutional Bidders Non- Institutional Bidders Retail Individual Bidders Eligible Employees Number of Offered Shares available for Allotment Not more than 10,000,000 Equity Shares Not less than 3,000,000 Equity Shares available for allocation or the Net Offer less allocation to QIBs and Retail Individual Bidders Not less than 7,000,000 Equity Shares available for allocation or the Net Offer less allocation to QIBs and Non Institutional Bidder 160,000 Equity Shares Total Number Of Equity Shares For Allotment is 20,160,000
  • 37. Reasons for successful IPO of IRCTC: ● The IRCTC IPO was subscribed 112 times, which means the company got bids worth ₹72200 crore, while it set out to raise ₹645 crore. ● An interesting feature of the IRCTC IPO was that the shares reserved for employees were subscribed nearly 6 times. The issue was priced at a price-earnings multiple of 18.8 times its FY19 earnings; but starting this September, the company has introduced a convenience fee, which is expected to more than double its profits. Income from other monopoly businesses, such as on-board catering and sale of packaged drinking water, ensures that IRCTC generates fairly decent cash flow.
  • 38. Bibliography: 1. Investopedia ( https://www.investopedia.com ) 2. Zerodha Varsity ( https://zerodha.com/varsity/ ) 3. Moneycontrol ( https://www.moneycontrol.com/ ) 4. TradingView ( https://in.tradingview.com/chart/ ) 5. SEBI ( https://www.sebi.gov.in/ ) 6. www.irctc.co.in 7. Screener.in ( https://www.screener.in/ ) 8. IRCTC prospectus (https://idbicapital.com/pdf/IRCTC%20Limited%20-Prospectus.pdf )