CARE Ratings IPO
CARE Ratings IPO — date, price band, lot size & details 2012
CARE Ratings listed on 26 Dec 2012 at ₹940, 25.3% above the ₹750 issue price.
Credit Analysis & Research (CARE Ratings) is the second largest full service credit rating company in India, rating debt, grading IPOs and equities and providing industry research. Its total income was Rs 217.19 crore in FY2012.
Stock price
CARE Ratings is listed — here is the live share price.
Researched & reviewed by
Abhishek Vohera,
Founder, IPO Guru
Last updated
Figures sourced from the RHP, BSE & NSE
Timetable
Key dates from opening to listing. Today is 14 November.
- Open 07 Dec 2012
- Close 11 Dec 2012
- Allotment 20 Dec 2012
- Refund/credit TBA
- Listing 26 Dec 2012
Issue summary
The terms of the offer, as filed.
| IPO Dates | 7 to 11 Dec, 2012 |
|---|---|
| Price Band | ₹700 – ₹750 |
| Face Value | ₹10 |
| Lot Size | 20 Shares |
| Issue Size | ₹539.98 Cr |
| Sale Type | OFS only |
| Listing On | BSE, NSE |
| Registrar | KFin Technologies Limited |
| Min Investment | ₹ 15,000 |
Share of the offer set aside for each investor category, as stated in the offer document.
What will it cost me?
Bidding is in multiples of 20 shares at the ₹750 cut-off. Drag to size your application.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 20 | ₹15,000 |
| Retail (max) | 13 | 260 | ₹1,95,000 |
| S-HNI (min) | 14 | 280 | ₹2,10,000 |
| S-HNI (max) | 66 | 1,320 | ₹9,90,000 |
| B-HNI (min) | 67 | 1,340 | ₹10,05,000 |
Strengths & risks
Drawn from the offer document — the case for and against, side by side.
Strengths · 4
- 01It was the second largest full service credit rating company in India; net worth was Rs 426.82 crore on 30 September 2012.
- 02Profit after tax rose from Rs 85.69 crore in FY2010 to Rs 115.70 crore in FY2012, more than half its income.
- 03Total income rose from Rs 152.03 crore in FY2010 to Rs 217.19 crore in FY2012.
- 04Net worth rose from Rs 213.50 crore in FY2010 to Rs 426.82 crore on 30 September 2012.
Risks · 5
- 01Rating fees depend on debt issuance, which falls in a slowdown; profit was Rs 85.69 crore in FY2010 against Rs 87.95 crore in FY2011.
- 02Rating agencies face regulatory and reputation risk if a rated borrower defaults; total income was Rs 102.54 crore in six months to September 2012.
- 03The whole Rs 539.98 crore issue was an offer for sale, so none of it went to the company.
- 04It competes with a larger rival, as the second largest agency in 2012, so pricing power is limited; net worth was Rs 426.82 crore.
- 05It has no identifiable promoter, so its largest shareholders were institutions selling in this Rs 539.98 crore offer.
Three years of numbers
All figures in ₹ crore, as reported in the CARE Ratings offer document.
| Metric | 30 Sep 2012 | 31 Mar 2012 | 31 Mar 2011 | 31 Mar 2010 |
|---|---|---|---|---|
| Total Income | 102.54 | 217.19 | 172.26 | 152.03 |
| Profit After Tax | 50.05 | 115.70 | 87.95 | 85.69 |
| NET Worth | 426.82 | 376.77 | 294.25 | 213.50 |
| Reserves and Surplus | 398.27 | 348.22 | 284.74 | 203.98 |
See how this IPO compares — view listing performance of all mainboard IPOs.
Valuation & key ratios
Ratios are for the latest full financial year reported in the CARE Ratings RHP.
Where the money goes
How the company intends to use the proceeds of the issue.
Information about the usage of proceeds from the CARE Ratings IPO will be updated shortly.
About the company
It offers ratings and gradings across a wide range of instruments and industries, including IPO grading, equity grading, and grading of shipyards, maritime training institutes, construction companies and real estate projects.
It also provides general and customised industry research.
The IPO was Rs 539.98 crore and was entirely an offer for sale by existing shareholders at Rs 750, the top of the Rs 700 to Rs 750 band, so the company received no money.
Interested in this IPO? Check the live subscription status or browse all upcoming mainboard IPOs.
The bankers & the filings
Who is running the book, and the documents this page is built from.
CARE Ratings IPO Documents
Read the filings this page is built from.
Lead Manager Track Record
How the book-running lead managers on this issue have priced their past IPOs, measured on listing day.
SBI Capital Markets Ltd.
142 issues handledBest listing: Bajaj Housing Finance (+114.3%). Weakest: ICICI Securities (-16.3%).
ICICI Securities
221 issues handledBest listing: Latent View Analytics (+160.0%). Weakest: Bannari Amman Spinning Mills (-25.2%).
IDBI Capital Markets & Securities Ltd.
43 issues handledBest listing: Route Mobile (+104.9%). Weakest: Bharat Dynamics (-13.6%).
Kotak Mahindra Capital Company Limited
204 issues handledBest listing: Premier Energies (+120.0%). Weakest: Puravankara Projects (-22.5%).
Bofa Securities India Limited
64 issues handledBest listing: Tata Technologies (+140.0%). Weakest: Puravankara Projects (-22.5%).
Edelweiss Financial Services Ltd
73 issues handledBest listing: Route Mobile (+104.9%). Weakest: ICICI Securities (-16.3%).
Listing gain compares the listing-day opening price with the issue price, using the IPOs on IPO Guru that this lead manager has taken to market. A strong record reflects how the banker has priced past issues — it is not a forecast for this one. See every issue they have handled on the lead managers page.
Company contact
Frequently asked
What is the GMP of CARE Ratings?
The current Grey Market Premium is ₹0.
What is the CARE Ratings IPO price band?
₹700 to ₹750, on a face value of ₹10.
When is the allotment?
The basis of allotment is 20 December 2012, with listing on 26 December 2012.
How do I check allotment status?
On the IPO Guru allotment page or on the registrar's site — KFin Technologies Limited.
Every number here traces back to a filing.
IPO Guru tracks GMP, subscription and allotment for every Mainboard and SME issue. Every number on this page is sourced from the RHP, BSE & NSE.
Not investment advice. Grey market premium is an unofficial, unregulated indicator and is not a forecast.
