Mahanagar Gas

Incorporated in 1995, Mahanagar Gas Limited is a city gas distribution company.

Mahanagar Gas supply natural gas in Mumbai and its surrounding areas. Company is sole
authorized distributor of compressed natural gas (CNG) and piped natural gas (PNG) in
Mumbai. CNG is used in motor vehicles and PNG for domestic household use as well as for
commercial and industrial use.
Information in this paragraph is copied from

chittorgarh.com.

Company supply CNG though its network of 180 CNG filling stations which includes stations
owned and operated by the company, oil marketing companies and private parties.
CNG and PNG businesses accounted for 65.10% and 34.90%, respectively, of total gas
sales revenue.
Content in this paragraph is copied from

chittorgarh.com.

Company distribute natural gas through an extensive CGD network of pipelines, for which
Mahanagar Gas have the exclusive authorization to lay, build, expand and operate the city
gas distribution network. Company have a supply network of over 4,464 kms of pipelines.
Competitive Strengths:
1. Well positioned in Mumbai, one of the most populous cities in the world and second
largest metropolitan city in India
2. Cost effective availability of domestic natural gas
3. Infrastructure exclusivity and established infrastructure network
4. Experience in successful development and operation of city gas distribution business.
5. Promoters with strong national and multinational experience
6. Strong financial performance with consistent growth and profitability

Company Promoters:
The promoters of the company are:
1. GAIL (India) Limited; and
2. BG Asia Pacific Holdings Pte. Limited

Company Financials:
Particulars

For the year/period ended (in Rs. Million)

31-Mar-16 31-Mar-15 31-Mar-14 31-Mar-13 31-Mar-12

Total Liabilities

23,562.96

21,655.85

19,743.01

17,829.70

15,462.72

Total Assets

23,562.96

21,655.85

19,743.01

17,829.70

15,462.72

Total Revenue

21,216.28

21,356.37

19,196.47

15,462.34

13,283.99

3,010.01

2,972.49

2,985.06

3,077.43

Profit After Tax (PAT) 3,086.87

Objects of the Issue:

The objects of the Offer are:
1. to achieve the benefits of listing the Equity Shares on the Stock Exchanges and
2. to carry out the Offer for Sale

Note: Company will not receive any proceeds from the Offer and all proceeds from the Offer
shall go to the Selling Shareholders.

Issue Detail:

Issue Open: Jun 21, 2016 - Jun 23, 2016

Issue Type: Book Built Issue IPO
Issue Size: 24,694,500 Equity Shares of Rs 10 aggregating up to Rs 1,039.64 Cr
Offer for Sale of 24,694,500 Equity Shares of Rs 10 aggregating up to Rs [.] Cr
Face Value: Rs 10 Per Equity Share
Issue Price: Rs. 380 - Rs. 421 Per Equity Share
Market Lot: 35 Shares
Minimum Order Quantity: 35 Shares
Listing At: BSE, NSE

Issue Subscription Detail / Current Bidding Status

Number of Times Issue is Subscribed (BSE + NSE)
As on Date & Time

NII

RII

Employe
e

Total

Shares Offered / Reserved 4,898,90

0

3,674,17
5

8,573,07
5

200,000

17,346,15
0

Day 1 - Jun 21, 2016 17:00

IST

1.8200

0.2300

1.0900

0.0200

1.1000

Day 2 - Jun 22, 2016 17:00

IST

6.4400

2.3900

3.2300

0.1500

3.9200

Day 3 - Jun 23, 2016 23:00

IST

72.8400

191.6100

6.8200

1.1800

64.5400

Issue Summary

QIB

Mahanagar Gas Ltd (MGL) is a joint venture between Indian gas transmission player GAIL
and British Gas (BG Group) plc. Both holds 49.75% stake and the government of
Maharashtra holds the balance. Since BG Group has been taken over by Royal Dutch Shell,
the latter now has the ultimate ownership of the stake BGAPH (BG Asia Pacific Holdings Pte.
Limited) owns in Mahanagar Gas.
MGL is presently the sole authorized distributor of compressed natural gas (CNG) and piped
natural gas (PNG). The company currently operates in Mumbai + Thane + Navi Mumbai and
has recently won Raigadh district distribution rights for CNG and PNG through competitive
bidding. The initial few years will be investment phase for Raigad (with around Rs. 40-50 cr.
capex per year) and expects to target 0.3mmscmd size by 2020. It current distribution
business is valid until 2020 for Mumbai, until 2030 for Thane District and until 2040 for the
Raigad district. Furthermore, this exclusivity is extendable in blocks of 10 years as per the
government regulations. CNG vehicles base currently stands at 0.43mn and PNG
households connection base is 0.82mn, 2700 commercial connections and 60 industrial
customers for LNG. Targeted customer base for PNG3mn households and CNG-6.7mn
vehicles.
MGL has a network of 180 CNG filling stations currently (Mumbai+Thane+Navi Mumbai)
which it has grown 7-10 stations per year for last few years. But it expects to put up 15-20
CNG filling stations in FY17 (except Raigad) and going ahead also it expects to maintain the
run rate. MGL has achieved 2.42mmscmd natural gas distribution size in FY16. 75% was
CNG volume and 25% was PNG and RLNG volume and value wise 65% CNG and 35% PNG
and RLNG.
MGLs top line increased to Rs. 2135.63 cr. in FY15 from Rs. 1074 cr. in 2011 and PAT to Rs.
301 cr. for FY15 from Rs. 225 cr. in FY11. For FY it has posted a net profit of Rs. 308.69 cr.
on a turnover of Rs. 2121.63 cr. Companys paid up equity has been Rs. 89.34 cr for all
these years. It is only in June 16 got enhanced to Rs. 98.77 cr. following conversion of
CCDs. For last three fiscals it has been posted an average EPS of Rs. 34.05 (basic) and Rs.
30.89 (diluted). Thus the asking price is at a P/E of 12.3 on the equity as on 31.03.16 and if
we consider current equity with FY 16 earnings, then the asking price is at a P/E of 13.4
plus which is justified compared to composite industry P/E of 30 plus. Peers have the lowest
P/E of 17 and the highest P/E of 44 as stated in RHP. The major bottleneck for growth of the
sector as well as industry is regulatory clearances. For putting up one CNG station, at least
2 5cleararnces are required from different authorities. This is the major reason for slow
growth despite huge demand. The entire CNG vehicles in Mumbai and surroundings are
voluntary today unlike in Delhi where CNG buses and taxis are mandatory now. Any such
development could push growth of the company on fast track.
To explore the value for the stakeholders and listing benefits, the company is coming out
with an Initial public offer of up to 24,694,500 equity shares of face value of Rs. 10 each
through an offer for sale via book building route within a price band of Rs. 380-421. Issue
opens for subscription on 21.06.16 and will close on 23.06.16. Minimum application is to be
made for 35 shares and in multiples thereon, thereafter. Both the promoters i.e. GAIL and
BG Asia are selling equal quantity of 12347250 shares to dilute around 25% of the post
issue paid up equity capital. With this IPO the company is trying to mobilize Rs. 938.39 cr. /
1,039.64 cr. based on the lower and upper price band. BRLM to the offer are Citigroup

Global Markets India Pvt Ltd and Kotak Mahindra Capital Company Ltd. Link Intime India Pvt
Ltd is the registrar to the issue. Post allotment, shares will be listed on BSE and NSE.
On BRLMs front, the two Book Running Lead Managers associated with this Offer have
handled 13 public issues in the past three years, of which five issues closed below the issue
price on listing date.
Conclusion: The Company is in virtual monopolistic business with steady growth and bright
prospects ahead. It offers IPO at a justified pricing and thus is worth considering for
medium to long term rewards.

L & T INfotech
Incorporated in 1996, Larsen & Toubro Infotech, a subsidiary of Larsen & Toubro Ltd is
Mumbai, India based IT Solutions & Services Company.
L&T Infotech is ranked 6th
largest IT company in India in terms of export revenues and among top 20 IT service
provider in the world.
Information in this paragraph is copie d from chittorgarh.com .

L&T Infotech offers an extensive range of IT services in diverse industries around the world.
The services offered by L&T Infotech includes application development, maintenance and
outsourcing, enterprise solutions, infrastructure management services, testing, digital
solutions and platform-based solutions.
L&T Infotech is promoted by Larsen & Toubro Limited, a leading Indian conglomerate in
engineering, construction, manufacturing, finance and technology.
For L&T Infotech,
the percentage of its revenue from North America, Europe, Asia Pacific and the rest of the
world amounted to 68.6%, 17.9%, 2.4% and 6.9%, for Financial Year 2015.
Content in this paragraph is copied from chittorgarh.com .

Competitive strengths of the company are as following:

1. Strong domain focus enabling Business-to-IT Connect
2. Strong parentage and brand equity of our Promoter
3. Established long-term relationships with our clients
4. Extensive portfolio of IT services and solutions
5. Focus on emerging technologies
6. Track record of established processes and executing large, end-to-end, mission
critical projects
7. Strong management culture
8. Conducive work environment to attract and retain talent

Company Promoters:

The Promoter of the Company is Larsen & Toubro Limited. L&T currently holds 161,250,000
Equity Shares, equivalent to 94.96% of the pre-Offer issued, subscribed and paid-up Equity
Share capital of L&T Infotech.

Company Financials:
Particulars

For the year/period ended (in Rs. Million)

31-Mar-16 31-Mar-15 31-Mar-14 31-Mar-13 31-Mar-12

Total Assets

29,068.71

25,058.09

21,893.69

19,814.75

Total Revenue

48,331.83

45,628.48

36,301.56

29,685.54

Profit After Tax (PAT)

7,735.97

9,032.57

5,599.83

4,059.27

Objects of the Issue:

The objects of the offer are:
1. to achieve the benefits of listing the Equity Shares on the Stock Exchanges; and
2. to carry out the sale of up to 17,500,000 Equity Shares by the Selling Shareholder.

Issue Detail:

Issue Open: Jul 11, 2016 - Jul 13, 2016

Issue Type: Book Built Issue IPO
Issue Size: 17,500,000 Equity Shares of Rs 1 aggregating up to Rs 1,400.00 Cr
Fresh Issue of 0 Equity Shares of Rs 1 aggregating up to Rs [.] Cr
Offer for Sale of 17,500,000 Equity Shares of Rs 1 aggregating up to Rs [.] Cr
Face Value: Rs 1 Per Equity Share
Issue Price: Rs. 705 - Rs. 710 Per Equity Share
Market Lot: 20 Shares
Minimum Order Quantity: 20 Shares
Listing At: BSE, NSE

Quess Corp Limited

Incorporated in 2007, Quess Corp Limited (formerly known as IKYA HUMAN CAPITAL
SOLUTIONS LIMITED), is integrated business services provider in India mainly focused on
emerging as the preferred partner for handling end-to-end business functions of their
clients.
Quess offers services across many sectors like IT and ITES staffing, managing
Information in this paragraph is copie d from chittorgarh.com .

facilities, F&B sector, skill development training, general staffing, HR solutions, engineering
services, etc.
Headquartered in Bengaluru, the Company has pan-India presence with 47 offices across 26
cities, as well as operations in North America, the Middle East and South East Asia.
It
serves over 1300+ customers across 4 segments namely, Global Technology Solutions,
People & Services, Integrated Facility Management and Industrial Asset Management.
Content in this paragraph is copied from chittorgarh.com .

Company Promoters:
The promoters of the company are:
1. Ajit Isaac
2. Thomas Cook (India) Ltd ('TCIL')

Company Financials:
Particulars

For the year/period ended (in Rs. Million)

31-Mar-16 31-Mar-15 31-Mar-14 31-Mar-13 31-Mar-12

Total Assets

12,378.68

7,190.96

3,309.11

2,541.99

Total Revenue

34,424.26

25,727.58

10,043.52

6,394.35

672.16

171.02

83.05

Profit After Tax (PAT) 885.21

Objects of the Issue:

The objects of the issue are:
1.
2.
3.
4.
5.

Repayment of debt availed by the Company;

Funding capital expenditure requirements of the Company and their Subsidiary, MFX US;
Funding incremental working capital requirement;
Acquisitions and other strategic initiatives; and
General corporate purposes.

Issue Detail:

Issue Open: Jun 29, 2016 - Jul 1, 2016

Issue Type: Book Built Issue IPO
Issue Size: [.] Equity Shares of Rs 10 aggregating up to Rs 400.00 Cr
Face Value: Rs 10 Per Equity Share
Issue Price: Rs. 310 - Rs. 317 Per Equity Share
Market Lot: 45 Shares
Minimum Order Quantity: 45 Shares
Listing At: BSE, NSE

Quess Corp Ltd (QCL) is the group company of Fairfax/Thomas Cook and one of Indias
leading integrated business services providers focused on emerging as the preferred partner
for handling end-to-end business functions of Its clients. QCL offers comprehensive
solutions including recruitment, temporary staffing, technology staffing, IT products and
Solutions, skill development, payroll, compliance management, integrated facility
management and industrial asset management services. As of March 31, 2016, its Key
Clients include some of the worlds largest, reputable organizations, including 20 companies
ranked in the 2015 Fortune Global 500 list. QCLs Key Clients includes clients whose revenue
meets one of the following criteria, (i) the client is a top 10 client in terms of revenue in a
business segment, or (ii) the client contributes a minimum of 1.5% of the respective
business segment revenue.
Its service and product offerings include four broad operational segments: Global
Technology Solutions
(GTS), People and Services (P&S), Integrated Facility Management (IFM) and
Industrial Asset Management (IAM), which are offered under various brands. As of March
31, 2016, QCLs operations were spread across India with 47 offices across 26 cities in
India. The company also offers certain of its services in a number of jurisdictions in North
America, the Middle East and South East Asia.
In Fiscal 2016 companys top 10 clients contributed 30.40% of its total revenue while
largest client, Samsung India Electronics Private Limited, contributed 7.40% of its total
revenues in such period. QCLs diversified service offerings across various industries and
geographies enable it to ensure diversified revenue streams, stable cash flows and reduce
vulnerability to economic cycles and geography-specific risks as well as reduce dependence
on any set of significant clients. Companys integrated service offerings also provide it with
significant operating efficiencies as well as cross-selling opportunities.
For repaying its debt, funding capital expenditure, incremental working capital etc, the
company is coming out with its maiden IPO of approx. 12618296 (based on upper price
band) of Rs. 10 each via book building route in a price band of Rs. 310-317. Issue opens for
subscription on 29.06.16 and will close on 01.07.16. Minimum application is to be made for
45 shares and in multiples thereon, thereafter. The issue has reserved quota of 75% for
QIBs 15% for HNIs and 10% for retail segment.
Post allotment, shares will be listed on BSE and NSE. BRLMs to the offer are Axis Capital
Ltd, ICICI Securities Ltd, IIFL Holdings Ltd and Yes Bank Ltd. Link Intime India Pvt Ltd is the
registrar to the issue. Most of its equity issue is made at par except in December 2010 it
issued some shares at a price of Rs. 56.68. It also issued bonus shares in the ratio of 3 for 1
in January 2016. Post IPO its current paid up equity capital of Rs. 113.33 crore will stand
enhanced to Rs. 125.95 crore.
On the performance front, the company posted a turnover of Rs. 1008.15 crore with a net
profit of Rs. 19.17 crore for twelve months ended 31.12.13. For 15 months period ended on
31.03.15 it has reported turnover of Rs. 2572.76 crore with a net profit of Rs. 67.22 crore.
For the fiscal 2015-16 it has posted turnover of Rs. 3442.43 crore with a net profit of Rs.
88.52 crore. Thus the company has (on consolidated basis) posted CAGR of around 52 per
cent in top line and around 81 per cent in bottom line. Management is confident of
continuing its quest of growth in coming years. If we attribute latest earnings on enhanced

equity post IPO then the asking price is at a P/E of around 45. The company has no peer in
strict terms, but recent IPO of Teamlease is considered as the nearest peer in human
resource service sector that is trading at a P/E of 65 plus (as on 24.06.16).
On BRLMs front, four BRLMs associated with this IPO handled 23 IPOs in past three years,
of which 9 IPOs closed below the issue price on listing date as mentioned in IPO Ads.
Conclusion: This being a niche player with many firsts to its credit and having
bright prospects ahead may be considered for medium to long term investment as
it also enjoys first mover tag for the segment.

Issue Subscription Detail / Current Bidding Status

Number of Times Issue is Subscribed (BSE + NSE)
As on Date & Time

Shares Offered / Reserved

QIB

NII

RII

Total

3,903,023

1,916,251

1,277,500

7,096,774

Day 1 - Jun 29, 2016 17:00 IST

0.0000

0.0500

2.1900

0.4100

Day 2 - Jun 30, 2016 17:00 IST

2.8000

0.3200

9.8100

3.4000