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note of the IPO of C Mahendra Exports Ltd.
Issue Highlights
Price Band
Minimum Bid Lot Size : 60 Equity Shares
Maximum Bid Lot Size : 1800 Equity Shares
IPO open during
Book Running Lead Managers : Yes Bank, Anand Rathi Advisors
To list on
IPO Grading
PE
Market Cap post-listing
Market Cap of Free-Float : `165Cr or $37mn (based on the cap price)
* based on FY10 EPS.
IPO of 15mn equity shares of Rs10 each, aggregating to Rs165Cr or $37mn (at the fixed price).
Executive Summery
· Incorporated in 1978 C Mahendra Exports Ltd. (CMEL) is an integrated diamond and diamond jewellery player in India. Mr. Mahendra C. Shah and Mr. Champaklal K. Mehta promoted the company.
· The company carries the business of manufacturing and trading of diamonds, precious stones and jewellery.
· The size of the global gems and jewellery industry is estimated at $146bn at retail prices in 2005. The industry has grown at an average CAGR of 5.2% since 2000. The Global jewellery sales are expected to grow at 4.6% year-on-year to touch $185bn in 2010 and $230bn in 2015.
· India and China together are expected to emerge as a market equivalent to U.S. market by 2015, according to GJEPC. India is the largest diamond cutting & polishing centre in the world, followed by Israel. The bulk of the GJ industry in India is concentrated in the unorganized sector
· CMEL is an integrated diamond and jewellery manufacturing group with presence across the value chain.
· CMEL sources considerable portion of the rough diamond requirement from primary source suppliers like the DTC, ALROSA Company Ltd., etc.
· The company’s business is highly working capital intensive nature of the operations and the need to ensure quick asset turnover which is critical to maintain growth and profitability.
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