RPP Infra IPO allotment details are Out

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R.P.P. INFRA PROJECTS : Final Oversubscription details

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R.P.P. INFRA PROJECTS LIMITED


           

Total Issue Size	6500000
Total Bids Received	19290720
Total Bids Received at Cut-off Price	11181200
No. of times issue is subscribed	2.97

Sr.No.	Category	No.of shares offered/reserved	No. of shares bid for	No. of times of total meant for the category
1	Qualified Institutional Buyers (QIBs)	3050000	500960	0.16
1(a)	Foreign Institutional Investors (FIIs)		300960
1(b)	Domestic Financial Institutions(Banks/ Financial Institutions(FIs)/ Insurance Companies)		0
1(c)	Mutual Funds		0
1(d)	Others		200000
2	Non Institutional Investors	915000	6655600	7.27
2(a)	Corporates		2819120
2(b)	Individuals (Other than RIIs)		3836480
2(c)	Others		0
3	Retail Individual Investors (RIIs)	2135000	11961520	5.60
3(a)	Cut Off		11066960
3(b)	Price Bids		894560
4	Employee Reservation	400000	172640	0.43
4(a)	Cut Off		114240
4(b)	Price Bids		58400

Updated as on 22 November 2010 at 1700 hrs

RPP Infra Projects IPO: Avoid:: Busines Line

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RPP Infra Projects IPO: Avoid

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The company has no distinguishing model to justify a premium to peers.

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Bhavana Acharya

Investors can avoid the Initial Public Offer of RPP Infraprojects, a South-based construction contractor, given the high asking price relative to peers. The company does not have any distinguishing business model to command a premium to peers. In magnitude of order book and revenues, it lags well behind listed construction peers. Given its small-sized business, the execution risks in its efforts to scale up to a developer may be significantly higher. At the upper end of its price band of Rs 68-75, the offer is valued at 13 times the estimated FY-11 earnings. Peers such as Unity Infraprojects, Pratibha Industries and ARSS Infrastructure are available at valuations of 8 to 13 times trailing 12- month earnings. Other detracting factors include geographic concentration of the order book and stiff competition in other states.

Grey Market Premium Prices for India IPO: 19th Nov, 2010

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Company Name	Offer Price	Premium
	(Rs.)	(Rs.)
Power Grid FPO	90 (+ 5% retail discount)	7 to 9
RPP Infra Projects	68 to 75	5 to 7
Manganese Ore (MOIL)	600-660 (rumor)  (+ 5% retail discount)	180 to 190

R.P.P. INFRA PROJECTS LIMITED

           

Total Issue Size	6500000
Total Bids Received	4954800
Total Bids Received at Cut-off Price	2181200
No. of times issue is subscribed	0.76

Sr.No.	Category	No.of shares offered/reserved	No. of shares bid for	No. of times of total meant for the category
1	Qualified Institutional Buyers (QIBs)	3050000	0	0.00
1(a)	Foreign Institutional Investors (FIIs)		0
1(b)	Domestic Financial Institutions(Banks/ Financial Institutions(FIs)/ Insurance Companies)		0
1(c)	Mutual Funds		0
1(d)	Others		0
2	Non Institutional Investors	915000	2673280	2.92
2(a)	Corporates		1333280
2(b)	Individuals (Other than RIIs)		1340000
2(c)	Others		0
3	Retail Individual Investors (RIIs)	2135000	2281520	1.07
3(a)	Cut Off		2181200
3(b)	Price Bids		100320
4	Employee Reservation	400000	0	0.00
4(a)	Cut Off		0
4(b)	Price Bids		0

Updated as on 19 November 2010 at 1700 hrs

RPP Infra Projects ‐ IPO Avoid: MLR Secuities

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Issue Size: Rs 45‐49 Cr; Price Band: Rs 68‐75; Issue Date: Nov 18 ‐ Nov 22, Grey Market Premium: Rs 10 ‐11

We recommend investors to avoid the issue as the company is commanding a P/E of 20‐22x which is
quite high for a small construction player like RPPIPL as other established listed players like ARSS Infrastructure
and Pratibha Industries are available at a comparatively cheap valuations.


Considering the small size of the issue and the enthusiasm in primary market speculative interest on listing
cannot be ruled out, else the IPO is a highly risky bet.

R.P.P. Infra Projects - IPO Note (Keynote Capitals)

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note of the IPO of R.P.P. Infra Projects Ltd.

Issue Highlights

Price Band                                           : Rs 68-75 per share                                         

Minimum Bid Lot Size                         : 80 Equity Share

IPO open during                                  : November 18-22, 2010

Book Running Lead Manager               : VC Corporate Advisors

To list on                                             : NSE & BSE

IPO Grading                                         : 2 / 5 (Fitch)

PE                                                        : 12.97x (based on base price)*

                                                            : 14.31x (based on cap price)*

Market Cap post-listing                        : Rs169.5Cr or $37.5mn (based on the cap price)

Market Cap of Free Float                      : Rs48.8Cr or $10.8mn (based on the cap price)

* based on FY10 EPS.

IPO of 6.5mn equity shares of Rs10 each, aggregating to Rs48.75Cr or $10.8mn (at the cap price) consisting of a fresh issue of 6.1mn shares aggregating to Rs45.75Cr (at the cap price) and an offer for sale of 0.4mn shares aggregating to Rs3Cr.