Wednesday, September 26, 2012

Anshu Clothing IPO

Anshu's Clothing, engaged in the business activities of readymade garments consisting of women's and kids wear has come out with Rs 5.05 crore inital public offer. The company is operating in women's exclusive ethnic wear, women's casual wear and kids wear segment. It is mainly deal in the business of designing, trading, job contract manufacturing, branding and selling of ready-made apparels under brands promoted in the name of company and its promoters.

The IPO shall open on 26 September, 2012 and shall close on 28 September, 2012. The issue price is fixed at Rs 27 a share. Bids can be made for minimum 4000 shares and in multiples of 4000 shares thereafter.

The company intends to use proceeds of the issue for making advances of long term nature for long term supplies of inputs required in business operations and for meeting issue expenses.

Net profit of the company rose by 30.78% year-on-year to Rs 50.31 lakh and revenues went up by 136.53% to Rs 27.79 crore in the year ended March 31, 2012.

The equity shares are proposed to be listed on the BSE SME platform. First Call India Equity Advisors Private Limited is the book running lead manager to the issue.

Recommendation:

We do not recommend investors to invest in this IPO.

Listing:

Anshu's clothing got listed on 12 October, 2012. The stock opened at Rs 26.85, touched an upper circuit limit of Rs 28.15, day's low of Rs 26.85, before closing at issue price of Rs 27.


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