Nitesh Estates IPO
Nitesh Estates IPO — date, price band, lot size & details 2010
Nitesh Estates listed on 13 May 2010 at ₹54, flat to the ₹54 issue price.
Nitesh Estates is a real estate developer focused on residential projects in Bengaluru, with a hospitality project and projects in Kochi. Its total income was Rs 86.89 crore in FY2009.
Stock price
Nitesh Estates 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 15 November.
- Open 23 Apr 2010
- Close 27 Apr 2010
- Allotment 10 May 2010
- Refund/credit TBA
- Listing 13 May 2010
Issue summary
The terms of the offer, as filed.
| IPO Dates | 23 to 27 Apr, 2010 |
|---|---|
| Price Band | ₹54 – ₹56 |
| Face Value | ₹10 |
| Lot Size | 100 Shares |
| Issue Size | ₹405 Cr |
| Sale Type | Fresh capital only |
| Listing On | BSE, NSE |
| Registrar | KFin Technologies Limited |
| Min Investment | ₹ 5,400 |
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 100 shares at the ₹54 cut-off. Drag to size your application.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 100 | ₹5,400 |
| Retail (max) | 37 | 3,700 | ₹1,99,800 |
| S-HNI (min) | 38 | 3,800 | ₹2,05,200 |
| S-HNI (max) | 185 | 18,500 | ₹9,99,000 |
| B-HNI (min) | 186 | 18,600 | ₹10,04,400 |
Strengths & risks
Drawn from the offer document — the case for and against, side by side.
Strengths · 4
- 01Total income rose from Rs 24.02 crore in FY2007 to Rs 86.89 crore in FY2009.
- 02It was developing the first Ritz-Carlton brand hotel in India, while selling homes in Bengaluru that brought in Rs 86.89 crore of income in FY2009.
- 03Profit after tax was Rs 7.21 crore in the nine months to 31 December 2009, above any full year before it.
- 04The whole Rs 405 crore issue was fresh money for the business.
Risks · 5
- 01Profit after tax was only Rs 2.85 crore in FY2009 and Rs 0.97 crore in FY2008.
- 02Net worth fell from Rs 113.17 crore in FY2008 to Rs 55.41 crore in FY2009.
- 03The issue was priced at Rs 54, the bottom of its price band.
- 04Most of the money went to subsidiaries and an associate, so returns depend on projects it does not fully own; total assets were Rs 219.34 crore.
- 05Promoter holding fell from 84.11% before the issue to 40.86% after it.
Three years of numbers
All figures in ₹ crore, as reported in the Nitesh Estates offer document.
| Metric | 31 Dec 2009 | 31 Mar 2009 | 31 Mar 2008 | 31 Mar 2007 |
|---|---|---|---|---|
| Assets | 219.34 | 210.84 | 255.41 | 63.89 |
| Total Income | 73.09 | 86.89 | 68.87 | 24.02 |
| Profit After Tax | 7.21 | 2.85 | 0.97 | 2.87 |
| NET Worth | 78.13 | 55.41 | 113.17 | 41.46 |
| Reserves and Surplus | 8.34 | 48.61 | 45.65 | 34.44 |
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 Nitesh Estates RHP.
Where the money goes
₹1,020.77 Cr of the issue is earmarked to named objects.
Nitesh Estates IPO Anchor Investors
5 anchor investors across 4 fund houses committed ₹58.58 Cr a day before the issue opened.
| Anchor Investor | Fund House | Shares | Amount (₹ Cr) | % of Anchor Book |
|---|---|---|---|---|
| HSBC Bank (Mauritius) Limited | HSBC | 3,616,100 | 19.53 | 33.33% |
| Nomura India Investment Fund Mother Fund | Nomura | 3,616,000 | 19.53 | 33.33% |
| Sbimf-Tax Advantage Fund Series 1 | SBI Mutual Fund | 904,100 | 4.88 | 8.33% |
| Sbimf-Magnum Multicap Fund | SBI Mutual Fund | 904,000 | 4.88 | 8.33% |
| Hdfcmf- Monthly Income Plan Long Term Plan | HDFC Mutual Fund | 1,808,000 | 9.76 | 16.67% |
| Total anchor allocation | 58.58 | |||
Anchor investors bid a day before the issue opens and are locked in after allotment, so a book weighted towards domestic mutual funds is generally read as a stronger signal than one filled by short-horizon funds. Browse every anchor investor scheme or fund house we track.
About the company
It mainly develops residential projects in Bengaluru, including apartment buildings for high and middle income buyers. It was also developing a residential and an office project in Kochi, and planned shopping malls and projects in Chennai and Goa.
Its first hospitality project was the first Ritz-Carlton brand hotel in India, on Residency Road in the central business district of Bengaluru.
The IPO was Rs 405 crore and was entirely fresh issue, priced at Rs 54, the bottom of the Rs 54 to Rs 56 band. The money was mainly to fund its subsidiaries and associate for loan repayment, ongoing projects and joint development rights.
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.
Nitesh Estates 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.
Axis Capital
256 issues handledBest listing: Latent View Analytics (+160.0%). Weakest: Shriram Properties (-23.7%).
ICICI Securities
221 issues handledBest listing: Latent View Analytics (+160.0%). Weakest: Bannari Amman Spinning Mills (-25.2%).
Kotak Mahindra Capital Company Limited
204 issues handledBest listing: Premier Energies (+120.0%). Weakest: Puravankara Projects (-22.5%).
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 Nitesh Estates?
The current Grey Market Premium is ₹0.
What is the Nitesh Estates IPO price band?
₹54 to ₹56, on a face value of ₹10.
When is the allotment?
The basis of allotment is 10 May 2010, with listing on 13 May 2010.
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.
