Sunday, March 1, 2020

Antony Waste Handling Cell's Rs 206 crore IPO & Its Valuations

Initial public offer of solid waste management company Antony Waste Handling Cell will open for subscription on March 4. The issue will close on March 6.The company plans to raise up to Rs 206 crore from the primary market. It has set the price band of the issue at Rs 295-Rs 300 per equity share. Antony Waste Handling proposes to utilise the net proceeds towards reduction of the consolidated borrowings of the company and general corporate purposes. The company counts Municipal Corporation of Greater Mumbai, North Delhi Municipal Corporation, New Okhla Industrial Development Authority, Nagpur Municipal Corporation and the Greater Noida Industrial Development Authority as its clients. The company said it is also currently undertaking a project for Jaypee International Sports.
The profit after tax for fiscal 2017, 2018 and 2019 and the six-month period ended September 30, 2019, were Rs 41.04 crore, Rs 39.88 crore and Rs 34.42 crore and Rs 37.84 crore, respectively.
We have valued the Price of each share based on EPV method and its comes at X1.4 of its FY(12M)2019 earnings, while X0.6 of its FY2019-2020(6Months PAT was taken with double for the whole year).So, Antony Waste Handling Cell's share is being offered at ~40% Overpriced to its FY19 Earnings & ~40 Discount to its FY2020 earnings (We have considered the double of 6 months PAT) at the highest offer price of Rs.300.
Source : Economic Times at https://economictimes.indiatimes.com/markets/ipos/fpos/antony-waste-handling-cells-rs-206-crore-ipo-to-open-on-march-4/articleshow/74415082.cms
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