Wednesday, December 27, 2017

IPO ANALYSIS : Apollo Micro System Limited -Invest


ISSUE DETAILS :




Issue opens / closes on


10-01 /12-01-2018
Issue Size
Rs 156 Cr
Face Value
Rs 10
Price band
Rs 270-275


BUSINESS
Electronic,  electro
-mechanical,  engineering  designs  manufacturing  and  supplies  company

Promoters
Karunakar Reddy Baddam
LISTINGS
Bse, Nse
BRLM
Aryaman Financial Services
REGISTRAR
Big Share



BUSINESS :

The company is in to  electronic, electro-mechanical, engineering designs, manufacturing and supplies. The enterprise designs, develops and sell high-performance, mission and time critical solutions to Defence, Space and Homeland Security, public sector undertakings / others. The customised solutions are developed using common hardware and software technology IP’s which can be re-configured to suit the end application and domain requirements of end customer.


OBJECTS OF THE IPO :
        To meet the additional working capital requirements  and for general corpo purposes.

FINANCIALS : (Rs in crores)
   

31-03-2017
31-03-2016
31-03-2015
Revenues
212
159
109
Equity
13.71
13.71
13.71
PAT
19
10
7
EPS (Rs)
13.54
7.29
5.43




 The company has reported Rs 7 Cr net for the period ended 30-9-2017.  NAV as on 31-03-2017 is Rs 54.

RISK FACTORS :

  1. Business is significantly dependent  Public Sector Undertakings / Government entities.
  2. Working capital intensive business.
  3. The company has not disclosed the details of one of the members of the Promoter Group of  Promoter in the Red Herring Prospectus.

STRENGTHS:

1.Strong track record in developing new technological systems and order execution.  

2. Experienced team of R&D professionals and strong relationship with customers.    

3. CEMILAC Certified for Design of Avionic Systems



VALUATION AND RECOMMENDATIONS :


                        The company is likely to report an EPS of  Rs 15, on post issue capital. The offer is made around 18, which is attractive. Invest for listing and as well as far long-term capital appreciation.


                               



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