eClerx Services, provides data analytics and customised process solutions to global enterprise clients, ended the day with 42.35% premium at Rs 448.40 as against its issue price of Rs 315 on the NSE. The stock has touched a high/low of Rs 467.50 and Rs 340, respectively.
It traded with volumes of 93,16,883 shares and the turnover was at Rs 392 crore.
In an interview with CNBC-TV18, PG Mundra, Executive Director of eClerx Services said they are looking at US and Europe for acquisitions, and the deal size is between USD 5-15 million. eClerx will close the acquisition in the next financial year.
The stock debuted at Rs 320 and touched an intraday high/low of Rs 466.80 and Rs 320, respectively on the BSE. It closed at Rs 448.30, with volumes of 65,38,130 shares.
It had entered capital market with an initial public offering of approx. 37.41 lakh shares of Rs 10 each and raised more than 1000 million. The issue was subscribed 30 times. The price band was between Rs 270 and Rs 315 per equity share.
The proceeds of the issue will be used, inter alia, to fund acquisitions; make infrastructure investments; set up additional facilities and avail of listing benefits.
The Company's portfolio of services comprises data analytics, operations management, data audits, metrics management and reporting services.
Source: Moneycontrol.com
Showing posts with label eClerx Services IPO. Show all posts
Showing posts with label eClerx Services IPO. Show all posts
Monday, December 31, 2007
Sunday, December 30, 2007
eClerx Services to list on Dec 31
eClerx Services, provides data analytics and customised process solutions to global enterprise clients, will list on the bourses with its IPO shares on December 31, 2007. The issue price has been fixed at Rs 315 per share.
It had entered capital market with an initial public offering of approx. 37.41 lakh shares of Rs 10 each and raised more than 1000 million. The issue was subscribed 30 times. The price band was between Rs 270 and Rs 315 per equity share.
The QIBs reserved portion subscribed 36 times, non institutional investors 41 times and retail investors - 13 times.
The proceeds of the issue will be used, inter alia, to fund acquisitions; make infrastructure investments; set up additional facilities and avail of listing benefits.
The Company's portfolio of services comprises data analytics, operations management, data audits, metrics management and reporting services.
The book running lead managers to the issue are JM Financial Consultants Private Limited and Edelweiss Capital Limited.
Source: Moneycontrol.com
It had entered capital market with an initial public offering of approx. 37.41 lakh shares of Rs 10 each and raised more than 1000 million. The issue was subscribed 30 times. The price band was between Rs 270 and Rs 315 per equity share.
The QIBs reserved portion subscribed 36 times, non institutional investors 41 times and retail investors - 13 times.
The proceeds of the issue will be used, inter alia, to fund acquisitions; make infrastructure investments; set up additional facilities and avail of listing benefits.
The Company's portfolio of services comprises data analytics, operations management, data audits, metrics management and reporting services.
The book running lead managers to the issue are JM Financial Consultants Private Limited and Edelweiss Capital Limited.
Source: Moneycontrol.com
Saturday, December 8, 2007
eClerx Services IPO subscribed 26 times
eClerx Services, provides data analytics and customised process solutions to global enterprise clients, has received good response on the last day of subscription. It got bids for 9.7 crore shares as against approx. 37.41 lakh shares on offer and bids for 1.18 lakh shares at cut off price.
The issue was subscribed 25.96 times, till 5 pm, according to data available on NSE website.
The strong support was seen from qualified instiitutional investors and HNIs, their reserved portion subscribed 36.85 times and 42.72 times, respectively followed by retail with 13.4 times, according to sources.
The company had come out with public issue of Rs 10 each aggregating Rs 1010 million. The price band is between Rs 270 and Rs 315 per equity share.
The proceeds of the issue will be used, inter alia, to fund acquisitions; make infrastructure investments; set up additional facilities and avail of listing benefits.
The Company's portfolio of services comprises data analytics, operations management, data audits, metrics management and reporting services.
The book running lead managers to the issue are JM Financial Consultants Private Limited and Edelweiss Capital Limited.
Source: Moneycontrol.com
The issue was subscribed 25.96 times, till 5 pm, according to data available on NSE website.
The strong support was seen from qualified instiitutional investors and HNIs, their reserved portion subscribed 36.85 times and 42.72 times, respectively followed by retail with 13.4 times, according to sources.
The company had come out with public issue of Rs 10 each aggregating Rs 1010 million. The price band is between Rs 270 and Rs 315 per equity share.
The proceeds of the issue will be used, inter alia, to fund acquisitions; make infrastructure investments; set up additional facilities and avail of listing benefits.
The Company's portfolio of services comprises data analytics, operations management, data audits, metrics management and reporting services.
The book running lead managers to the issue are JM Financial Consultants Private Limited and Edelweiss Capital Limited.
Source: Moneycontrol.com
Wednesday, December 5, 2007
Apply for eClerx Services at lower band
eClerx Services has come in a tax net in FY08; its EBIDTA margin has dipped and employee costs are rising, Investment Advisor SP Tulsian observed.
“At the upper band at Rs 315 issue, it is overpriced. Maybe if somebody is too convinced with the sector or with the company, he can go at a lower band. Otherwise the best would be to give it a pass,” he said.
Excerpts of CNBC-TV18’s exclusive interview with S P Tulsian:
Q: You find eClerx expensive as well?
A: The critical part of the company or the negative is that they had EBITDA margin or 50% in FY07. First six months performance shows an EBITDA margin of 40%, second, they have come into tax net for FY08, for the first time and third, the way the employee costs are going up, they are unable to pass. I am not talking the currency pain, which has been the case with all the companies.
Once the company has been on a very low level of about Rs 70-90 crore topline, it has been able to post this kind of performance by making issue of equity that has got ballooned to about Rs 16.5 crore right now, which post-issue will go to Rs 19 crore with equity of Rs 19-20 crore. You have a topline close to Rs 110-120 crore with an EPS of close to 18-19. That means shares are issued at a PE multiple of 15. We have seen the recent fate of IT company issues when the front liners; I am not differentiating between the services, products and all sort of things because now they are broadly classified as an IT company and if the company is issuing at a PE multiple of close to 15, you have the larger players available at a PE multiple of 20-21. Again I have considered the FY08 EPS.
So taking all this into consideration this issue is quite attractive, there is offer for sale element, part of that is about getting diluted by the promoter to the extent of 25% or 30% of the issue size. So definitely at the upper band at Rs 315 issue, it is overpriced. Maybe if somebody is too convinced with the sector or with the company, he can go at a lower band. Otherwise the best would be to give it a pass.
Source: Moneycontrol.com
“At the upper band at Rs 315 issue, it is overpriced. Maybe if somebody is too convinced with the sector or with the company, he can go at a lower band. Otherwise the best would be to give it a pass,” he said.
Excerpts of CNBC-TV18’s exclusive interview with S P Tulsian:
Q: You find eClerx expensive as well?
A: The critical part of the company or the negative is that they had EBITDA margin or 50% in FY07. First six months performance shows an EBITDA margin of 40%, second, they have come into tax net for FY08, for the first time and third, the way the employee costs are going up, they are unable to pass. I am not talking the currency pain, which has been the case with all the companies.
Once the company has been on a very low level of about Rs 70-90 crore topline, it has been able to post this kind of performance by making issue of equity that has got ballooned to about Rs 16.5 crore right now, which post-issue will go to Rs 19 crore with equity of Rs 19-20 crore. You have a topline close to Rs 110-120 crore with an EPS of close to 18-19. That means shares are issued at a PE multiple of 15. We have seen the recent fate of IT company issues when the front liners; I am not differentiating between the services, products and all sort of things because now they are broadly classified as an IT company and if the company is issuing at a PE multiple of close to 15, you have the larger players available at a PE multiple of 20-21. Again I have considered the FY08 EPS.
So taking all this into consideration this issue is quite attractive, there is offer for sale element, part of that is about getting diluted by the promoter to the extent of 25% or 30% of the issue size. So definitely at the upper band at Rs 315 issue, it is overpriced. Maybe if somebody is too convinced with the sector or with the company, he can go at a lower band. Otherwise the best would be to give it a pass.
Source: Moneycontrol.com
Tuesday, December 4, 2007
eClerx Services IPO opens for subscription
eClerx Services, which provides data analytics and customised process solutions to global enterprise clients from its offshore delivery centres in India, is open for subscription with an initial public offering (IPO) of equity shares of Rs 10 each for cash, at a price to be decided through a 100% book building process and aggregating to Rs 1,010 million.
The issue will close on December 7, 2007. The price band is between Rs 270 and Rs 315 per Equity Share.
The issue comprises a fresh issue of equity shares and an offer for sale by Mr P D Mundhra, Mr. Anjan Malik and Burwood Ventures Limited (being the existing shareholders of the company) of 890,000 equity shares. The equity shares are proposed to be listed on the National Stock Exchange and the Bombay Stock Exchange.
The proceeds of the issue will be used, inter alia, to fund acquisitions; make infrastructure investments; set up additional facilities and avail of listing benefits.
The Company's portfolio of services comprises data analytics, operations management, data audits, metrics management and reporting services.
The company's unconsolidated revenues grew to Rs 862.3 million in Fiscal 2007 from Rs 477.5 million in fiscal 2006 and Rs 266.4 million in Fiscal 2005, growing at a compound annual growth rate of 79.9% over 2005-2007. The company's unconsolidated profit after tax grew to Rs 405.2 million in fiscal 2007 from Rs 240.4 million in fiscal 2006 and Rs 112.2 million in Fiscal 2005. For the six months ended September 30, 2007, its unconsolidated revenues were Rs 514.4 million while the profit after tax was Rs 164.7 million. For the six months ended September 30, 2007, the consolidated revenues were Rs 526.6 million and the net profit was Rs 169. 5 million.
The book running lead managers to the issue are JM Financial Consultants Private Limited and Edelweiss Capital Limited.
Source: Moneycontrol.com
The issue will close on December 7, 2007. The price band is between Rs 270 and Rs 315 per Equity Share.
The issue comprises a fresh issue of equity shares and an offer for sale by Mr P D Mundhra, Mr. Anjan Malik and Burwood Ventures Limited (being the existing shareholders of the company) of 890,000 equity shares. The equity shares are proposed to be listed on the National Stock Exchange and the Bombay Stock Exchange.
The proceeds of the issue will be used, inter alia, to fund acquisitions; make infrastructure investments; set up additional facilities and avail of listing benefits.
The Company's portfolio of services comprises data analytics, operations management, data audits, metrics management and reporting services.
The company's unconsolidated revenues grew to Rs 862.3 million in Fiscal 2007 from Rs 477.5 million in fiscal 2006 and Rs 266.4 million in Fiscal 2005, growing at a compound annual growth rate of 79.9% over 2005-2007. The company's unconsolidated profit after tax grew to Rs 405.2 million in fiscal 2007 from Rs 240.4 million in fiscal 2006 and Rs 112.2 million in Fiscal 2005. For the six months ended September 30, 2007, its unconsolidated revenues were Rs 514.4 million while the profit after tax was Rs 164.7 million. For the six months ended September 30, 2007, the consolidated revenues were Rs 526.6 million and the net profit was Rs 169. 5 million.
The book running lead managers to the issue are JM Financial Consultants Private Limited and Edelweiss Capital Limited.
Source: Moneycontrol.com
Monday, December 3, 2007
Subscribe to eClerx Services IPO
SPA Securities has come out with report on eClerx Services IPO. The firm has advised to subscribe to the issue.
eClerx Services, which provides data analytics and customised process solutions to global enterprise clients, is entering the capital market with its IPO of equity shares of Rs 10 each for cash, at a price to be decided through a 100% book building process and aggregating to Rs 1,010 million.
The issue will open on December 4, 2007, and will close on December 7, 2007. The price band has been fixed between Rs 270 and Rs 315 per Equity Share.
SPA Securities report on eClerx Services IPO
Investment Highlights
* ESL has shown a CAGR of 59% in the topline; 120% in OPM & 131% in the bottomline in the last three years.
* Investment Rationale: Good growth in terms of revenues is seen since inception along with exceptional margins; ESL has the ability to originate & grow existing client relationship; Strong focus on knowledge management; Rapid expansion has been seen through acquisitions which shows the growth intention of the management; The list of active clients has grown from 2 in FY 04 to 21 in FY 07; ESL is planning to expand out of the American markets to European countries & India.
* Concerns are: Heavy client concentration; Unlikely continuity of higher margins enjoyed in the past; Currency exchange rate risk; Rising wage inflation.
* CRISIL has been assigned an “IPO Grade 3/5”indicating average fundamentals.
* Business strategies are: Growing the existing client relationships; Develop new client relationships; Add to the productized service offerings; Invest in people & delivery process; Strengthen capabilities through selective acquisitions.
* There has been a clear shift from the early days of outsourcing to India, when most of the offerings were low-end services, while over the years the industry has started offering higher end, customized services to clients.
Valuation
The stock is available at a P/E of 8x & 9x on the lower & upper price band respectively of its FY 08E EPS of Rs.36. The growths in revenues & margins have been outstanding. ESL has recently started acquiring businesses for its growth & expansion. Its P/E is one on the lower side while comparing it with industry & with the peers. The margins are likely to be impacted due to the increase in competition from large third party players in India, exchange rate movement & wage pressure.
ESL has plans of considering acquisitions in the medium term & will primarily look at companies having a strong client base or having specific domain expertise operating in US or West Europe, where they can further reduce cost by migrating service delivery offshore. Hence, we recommend “Subscribe” to the issue.
Source: Moneycontrol.com
eClerx Services, which provides data analytics and customised process solutions to global enterprise clients, is entering the capital market with its IPO of equity shares of Rs 10 each for cash, at a price to be decided through a 100% book building process and aggregating to Rs 1,010 million.
The issue will open on December 4, 2007, and will close on December 7, 2007. The price band has been fixed between Rs 270 and Rs 315 per Equity Share.
SPA Securities report on eClerx Services IPO
Investment Highlights
* ESL has shown a CAGR of 59% in the topline; 120% in OPM & 131% in the bottomline in the last three years.
* Investment Rationale: Good growth in terms of revenues is seen since inception along with exceptional margins; ESL has the ability to originate & grow existing client relationship; Strong focus on knowledge management; Rapid expansion has been seen through acquisitions which shows the growth intention of the management; The list of active clients has grown from 2 in FY 04 to 21 in FY 07; ESL is planning to expand out of the American markets to European countries & India.
* Concerns are: Heavy client concentration; Unlikely continuity of higher margins enjoyed in the past; Currency exchange rate risk; Rising wage inflation.
* CRISIL has been assigned an “IPO Grade 3/5”indicating average fundamentals.
* Business strategies are: Growing the existing client relationships; Develop new client relationships; Add to the productized service offerings; Invest in people & delivery process; Strengthen capabilities through selective acquisitions.
* There has been a clear shift from the early days of outsourcing to India, when most of the offerings were low-end services, while over the years the industry has started offering higher end, customized services to clients.
Valuation
The stock is available at a P/E of 8x & 9x on the lower & upper price band respectively of its FY 08E EPS of Rs.36. The growths in revenues & margins have been outstanding. ESL has recently started acquiring businesses for its growth & expansion. Its P/E is one on the lower side while comparing it with industry & with the peers. The margins are likely to be impacted due to the increase in competition from large third party players in India, exchange rate movement & wage pressure.
ESL has plans of considering acquisitions in the medium term & will primarily look at companies having a strong client base or having specific domain expertise operating in US or West Europe, where they can further reduce cost by migrating service delivery offshore. Hence, we recommend “Subscribe” to the issue.
Source: Moneycontrol.com
Saturday, December 1, 2007
eClerx looks good with long term perspective
eClerx Services, which provides data analytics and customised process solutions to global enterprise clients from its offshore delivery centres in India, is entering the capital market with its initial public offering (IPO) of equity shares of Rs 10 each for cash, at a price to be decided through a 100% book building process and aggregating to Rs 1,010 million.
The issue will open on December 4, 2007, and will close on December 7, 2007. The price band has been fixed between Rs 270 and Rs 315 per Equity Share.
The issue comprises a fresh issue of equity shares and an offer for sale by Mr P D Mundhra, Mr. Anjan Malik and Burwood Ventures Limited (being the existing shareholders of the company) of 890,000 equity shares. The equity shares are proposed to be listed on the National Stock Exchange and the Bombay Stock Exchange.
The proceeds of the issue will be used, inter alia, to fund acquisitions; make infrastructure investments; set up additional facilities and avail of listing benefits.
The Company's portfolio of services comprises data analytics, operations management, data audits, metrics management and reporting services.
The company's unconsolidated revenues grew to Rs 862.3 million in Fiscal 2007 from Rs 477.5 million in fiscal 2006 and Rs 266.4 million in Fiscal 2005, growing at a compound annual growth rate of 79.9% over 2005-2007. The company's unconsolidated profit after tax grew to Rs 405.2 million in fiscal 2007 from Rs 240.4 million in fiscal 2006 and Rs 112.2 million in Fiscal 2005. For the six months ended September 30, 2007, its unconsolidated revenues were Rs 514.4 million while the profit after tax was Rs 164.7 million. For the six months ended September 30, 2007, the consolidated revenues were Rs 526.6 million and the net profit was Rs 169. 5 million.
The book running lead managers to the issue are JM Financial Consultants Private Limited and Edelweiss Capital Limited.
Source: Moneycontrol.com
The issue will open on December 4, 2007, and will close on December 7, 2007. The price band has been fixed between Rs 270 and Rs 315 per Equity Share.
The issue comprises a fresh issue of equity shares and an offer for sale by Mr P D Mundhra, Mr. Anjan Malik and Burwood Ventures Limited (being the existing shareholders of the company) of 890,000 equity shares. The equity shares are proposed to be listed on the National Stock Exchange and the Bombay Stock Exchange.
The proceeds of the issue will be used, inter alia, to fund acquisitions; make infrastructure investments; set up additional facilities and avail of listing benefits.
The Company's portfolio of services comprises data analytics, operations management, data audits, metrics management and reporting services.
The company's unconsolidated revenues grew to Rs 862.3 million in Fiscal 2007 from Rs 477.5 million in fiscal 2006 and Rs 266.4 million in Fiscal 2005, growing at a compound annual growth rate of 79.9% over 2005-2007. The company's unconsolidated profit after tax grew to Rs 405.2 million in fiscal 2007 from Rs 240.4 million in fiscal 2006 and Rs 112.2 million in Fiscal 2005. For the six months ended September 30, 2007, its unconsolidated revenues were Rs 514.4 million while the profit after tax was Rs 164.7 million. For the six months ended September 30, 2007, the consolidated revenues were Rs 526.6 million and the net profit was Rs 169. 5 million.
The book running lead managers to the issue are JM Financial Consultants Private Limited and Edelweiss Capital Limited.
Source: Moneycontrol.com
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