Mandhana Industries IPO
Mandhana Industries IPO — date, price band, lot size & details 2010
Mandhana Industries listed on 19 May 2010 at ₹131, 0.8% above the ₹130 issue price.
Mandhana Industries is a vertically integrated textile and garment maker, covering yarn dyeing, weaving, processing and garment manufacturing. Its total income was Rs 463.25 crore in FY2009.
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 12 November.
- Open 27 Apr 2010
- Close 29 Apr 2010
- Allotment 11 May 2010
- Refund/credit TBA
- Listing 19 May 2010
Issue summary
The terms of the offer, as filed.
| IPO Dates | 27 to 29 Apr, 2010 |
|---|---|
| Price Band | ₹120 – ₹130 |
| Face Value | ₹10 |
| Lot Size | 50 Shares |
| Issue Size | ₹107.9 Cr |
| Sale Type | Fresh capital only |
| Listing On | BSE, NSE |
| Registrar | MUFG Intime India Private Limited |
| Min Investment | ₹ 6,500 |
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 50 shares at the ₹130 cut-off. Drag to size your application.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 50 | ₹6,500 |
| Retail (max) | 30 | 1,500 | ₹1,95,000 |
| S-HNI (min) | 31 | 1,550 | ₹2,01,500 |
| S-HNI (max) | 153 | 7,650 | ₹9,94,500 |
| B-HNI (min) | 154 | 7,700 | ₹10,01,000 |
Strengths & risks
Drawn from the offer document — the case for and against, side by side.
Strengths · 5
- 01Total income rose from Rs 240.34 crore in FY2007 to Rs 463.25 crore in FY2009.
- 02Profit after tax rose from Rs 19.43 crore in FY2007 to Rs 36.56 crore in FY2009.
- 03It is vertically integrated, with 1,150 sewing machines and in house dyeing and weaving.
- 04It had around 100 export customers as of 31 December 2009.
- 05Net worth rose from Rs 54.23 crore in FY2007 to Rs 184.24 crore on 31 December 2009.
Risks · 5
- 01Total borrowing rose from Rs 161.26 crore in FY2007 to Rs 383.88 crore on 31 December 2009.
- 02Total income only edged up from Rs 406.94 crore in FY2008 to Rs 463.25 crore in FY2009.
- 03Exports to about 100 customers bring currency risk and dependence on overseas brands.
- 04The planned garment and weaving projects, budgeted at Rs 69.09 crore and Rs 102.79 crore, carry execution risk.
- 05Promoter holding fell from 83.02% before the issue to 62.21% after it.
Three years of numbers
All figures in ₹ crore, as reported in the Mandhana Industries offer document.
| Metric | 31 Dec 2009 | 31 Mar 2009 | 31 Mar 2008 | 31 Mar 2007 |
|---|---|---|---|---|
| Assets | 688.30 | 549.88 | 394.16 | 258.07 |
| Total Income | 439.26 | 463.25 | 406.94 | 240.34 |
| Profit After Tax | 28.49 | 36.56 | 35.30 | 19.43 |
| EBITDA | 93.28 | 88.12 | 73.10 | 44.23 |
| NET Worth | 184.24 | 133.36 | 99.79 | 54.23 |
| Reserves and Surplus | 159.42 | 122.03 | 88.47 | 43.73 |
| Total Borrowing | 383.88 | 318.17 | 227.62 | 161.26 |
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 Mandhana Industries RHP.
Where the money goes
₹218.11 Cr of the issue is earmarked to named objects.
About the company
Its business runs from design and yarn dyeing to weaving, processing, dyeing and garment manufacturing, with embroidery, printing and washing in house.
It ran its garment operations with 1,150 sewing machines and a capacity of 36.00 lacs pieces a year. As of 31 December 2009 it had around 100 export customers, including brands and labels.
The IPO was Rs 107.9 crore and was entirely fresh issue at Rs 130, the top of the Rs 120 to Rs 130 band. The money was for a new garment facility and an expansion of yarn dyeing and weaving at MIDC Tarapur, and working capital margin.
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.
Mandhana Industries 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.
Edelweiss Financial Services Ltd
73 issues handledBest listing: Route Mobile (+104.9%). Weakest: ICICI Securities (-16.3%).
Axis Bank Ltd
9 issues handledBest listing: KNR Constructions (+23.5%). Weakest: Innoventive Industries (-4.3%).
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 Mandhana Industries?
The current Grey Market Premium is ₹0.
What is the Mandhana Industries IPO price band?
₹120 to ₹130, on a face value of ₹10.
When is the allotment?
The basis of allotment is 11 May 2010, with listing on 19 May 2010.
How do I check allotment status?
On the IPO Guru allotment page or on the registrar's site — MUFG Intime India Private 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.
