Aakash Exploration Services IPO – Review, Allotment Status, Subscription, Price, Date & more

Aakash Exploration Services IPO is a new IPO launching 0n 17th April 2017. Aakash Exploration Services Limited, an oil & gas exploration company, is all set to float an IPO. Lets have a detailed review of Aakash Exploration IPO & in-depth analysis of its IPO release date, IPO offer price, IPO subscription, IPO allotment, grey market price and other details like the company’s background, its financial positions, its promoters and other related things.


Aakash Exploration Services IPO Review & Ratings

Aakash Exploration IPO Ratings & Review
CriteriaRatings
Industry Sentiments5.1/10
Industry Ranking5.4/10
Company Background5.2/10
Company Reputation5.3/10
Competitive Edge5.3/10
Financial Statements5.2/10
Popularity Index5.4/10
Promoters Reputation5.2/10
Retail Appetite5.3/10
Top Brokers Review5.3/10
Overall Ratings5.3/10
Star Ratings★★★☆☆

Summary of Aakash Exploration Services IPO

aakash exploration services ipoEstablished in 2007, Aakash Exploration Services Limited is a company providing services for Oil and Gas Exploration with a fundamental vision of being a leader in providing services to Oil and Gas Field while achieving international standard of excellence.

The company is based out of Ahmedabad, Gujarat and spear headed by our promoters Mr. Hemang Navin Haria, Mr. Vipul Navin Haria and Mr. Krunal Pravin Haria, all having experience of oilfield services industry.

Public issue of 18,00,000 equity shares of face value of Rs.10/- each (“equity shares”) of aakash exploration services limited (“ our company” or “the issuer”) for cash at a price Rs.56/- per equity share (including a share premium of Rs.46/- per equity share) (“issue price”) aggregating to Rs.1008 lakhs (“the issue”), of which 90,000 equity shares of face value of Rs.10/- each for a cash price of Rs.56/- per equity share, aggregating to Rs.50.4 lakhs will be reserved for subscription by market maker (“market maker reservation portion”).

The issue less the market maker reservation portion i.e. issue of 17,10,000 equity shares of face value of Rs.10/- each at an issue price of Rs.56/- per equity share aggregating to Rs.957.6 lakhs (is hereinafter referred to as the “net issue”).

Aakash Exploration Service limited has appointed one Lead Manager i.e. Monarch Networth Capital Limited. The registrar to the offer is Skyline Financial Services Privtae Limited.


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Aakash Exploration IPO Date

The release date of the issue date of the IPO is 17th April 2018 & closing day of the issue is 19th April 2018.

Aakash Exploration Services IPO Subscription

 Subscription
Day 1X
Day 2X
Day 3X
Day 4X
Day 5X

The details about subscription of the Crystal Crop Protection IPO would be updated post the release of the IPO.

Aakash Exploration Services IPO Allotment Status

The allotment status section gives information regarding the extent to which he shares have been allotted to the subscribers. Thus, the details of subscription and allotment would be updated post the release of IPO.

Aakash Exploration Services IPO Price Band

The face value of each equity share is Rs.10 but the price band of the IPO is Rs.56 per shares i.e. at Rs.46 premium.

Aakash Exploration IPO Issue Size

The Issue size of Aakash Exploration IPO is Rs.1008 Lakhs i.e. INR 10 crores.

Aakash Exploration Services IPO Equity Share Offerings

The equity shares in the offering is around 18,00,000 shares of which 90,000 equity shares are reserved for market makers while 17,90,000 shares are up for net issue to the public.


Aakash Exploration Services Limited – Company Overview

This Company was originally incorporated as ―Aakash Exploration Services Private Limited‖ on January 17, 2007 under the Companies Act, 1956 vide certificate of incorporation issued by the Registrar of Companies, Gujarat, Dadra and Nagar Havelli.

The company was converted into a Joint Stock Company from the Partnership firm M/s. Aakash Roadlines. M/s. Aakash Roadlines was formed on 30/05/2006 with the aim of carrying on the business of transportation hire, technical services and common carries.

Company was subsequently converted in to a public company and consequently name was changed to ―Aakash Exploration Services Limited‖ (AESL) vide fresh certificate of incorporation dated November 8, 2017 issued by Registrar of Companies, Ahmedabad, Gujarat. The CIN of the Company is U23209GJ2007PLC049792.

Established in 2007, Aakash Exploration Services Limited is a company providing services for Oil and Gas Exploration with a fundamental vision of being a leader in providing services to Oil and Gas Field while achieving international standard of excellence.

The Exploration company is based out of Ahmedabad, Gujarat and spear headed by our promoters Mr. Hemang Navin Haria, Mr. Vipul Navin Haria and Mr. Krunal Pravin Haria, all having experience of oilfield services industry. Mr. Hemang Navin Varia having an experience of over 18 years, handles the budgeting issues, planning and finance related issues of the company.

Mr. Vipul Navin Haria having an experience of over 20 years, handles the machinery and technical issues. Mr. Krunal Pravin Haria having an experience of over 14 years, handles and controls the work at sites. With a journey of over ten years the company has shown tremendous growth.

Key Members of Aakash Exploration Services Limited:

  • Vipul Navin Haria (MD)
  • Hemang Navin Haria (Executive Director & CFO)
  • Krunal Pravin Haria (Executive Director)

Aakash Exploration Services Limited – Financial Statements

A summary of the financial position of the company has been tabulated below:

Assets of the Company

Assets (in INR & Lakh)
 Mar’17Mar’16Mar’15Mar’14Mar’13
Non-Current Asset2,1211,9841,362622607
Current Asset1,2611,1461,187771450
Total Asset3,3823,1302,5491,3931,057

Revenue & PAT of the Company

Revenue & Profits (in INR & Lakh)
 Mar’17Mar’16Mar’15Mar’14Mar’13
Total Revenue3,3802,5632,3451,390945
Profit after Tax (PAT)110441014914

Earnings per Equity Share

Earning per Equity Share (in INR)
 Mar’17Mar’16Mar’15Mar’14Mar’13
Basic2.220.895.072.470.72
Diluted2.220.895.072.470.72

The PAT of the SME company has seen a decent growth but then especially in 2016, it has seen a big drop. The growth figures is quite fluctuating, this means that IPO will be a risky investment. This may also lead to low subscription to this IPO.


Aakash Exploration Services Limited Promoters

The promoters of Crystal Crop Protection are:

  • Vipul Navin Haria
  • Hemang Navin Haria
  • Krunal Pravin Haria

Payment or Benefit to Promoters of Our Company:

No payment has been made or benefit given to our Promoters in the two years preceding the date of the Prospectus or is intended to be given by us except mentioned / referred to in this Chapter and in page no. 173 under Related Party Transactions, under the Chapter “Financial Information of our company” of the Prospectus.

Interest in promotion of Our Company:

Promoters jointly hold 47,89,700 Equity Shares aggregating to 96.76 % of pre-issue Equity Share Capital in the Company and they are interested to the extent that they have promoted the Company and to the extent of their shareholding in our Company & dividend payable thereon, if any.

Interest in the property of Our Company:

Promoters are not currently interested in any transaction with our Company involving acquisition of land, construction of building or supply of any machinery.

Interest as a creditor of Our Company:

Company has not availed any loans from the Promoters of our Company as on the date of this Prospectus.

Interest as Director of our Company:

Promoters/ Directors, may be deemed to be interested to the extent of fees, if any, payable to them for attending meetings of Board or Committees thereof as well as to the extent of remuneration and/or reimbursement of expenses payable to them for services rendered.

Interest in transactions involving acquisition of land:

Promoters are not currently interested in any transaction with the Company involving acquisition of land, construction of building or supply of any machinery.


Aakash Exploration Services IPO Offer Details or Issue Details

Particulars No. of Equity Shares
Equity Shares offered18,00,000 Equity Shares of face value of Rs. 10/- each fully paid of the Company for cash at price of Rs. 56/- per Equity Share aggregating Rs.10,08,00,000/-.
Of Which:
Reserved for Market Makers90,000 Equity Shares of face value of Rs. 10/- each fully paid of the Company for cash at price of Rs. 56/- per Equity Share aggregating Rs.50,40,000/-.
Net Issue to the Public*17,10,000 Equity Shares of face value of Rs. 10/- each fully paid of the Company for cash at price of Rs. 56/- per Equity Share aggregating Rs.9,57,60,000/-.
Of which:
Retail Investors Portion8,55,000 Equity Shares of face value of Rs. 10/- each fully paid of the Company for cash at price of Rs. 56/- per Equity Share aggregating Rs.4,78,80,000/-.
Non Retail Investors Portion8,55,000 Equity Shares of face value of Rs. 10/- each fully paid of the Company for cash at price of Rs. 56/- per Equity Share aggregating Rs.4,78,80,000/-.
Equity Shares outstanding prior to the Issue49,50,000 Equity Shares
Equity Shares outstanding after the Issue67,50,000 Equity Shares

Aakash Exploration Services IPO Issue Object

Aakash Exploration Services IPO proceeds are expected to be used for the following purposes:

  • Payment of Cash Credit Facilities;
  • Repayment of Unsecured Loans;
  • Working Capital Requirement;
  • General Corporate Purpose; and
  • Issue Expense

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Aakash Exploration Services IPO Basis for offer price

The Issue Price is determined by our Company in consultation with the Lead Manager on the basis of the following qualitative and quantitative factors. The face value of the Equity Share is Rs. 10 and Issue Price is Rs.56/- per Equity Share and is 5.6 times the face value.

Qualitative factors are:

Some of the qualitative factors, which form the basis for computing the price, are –

  • Experienced promoters and Management Expertise;
  • Quality projects and committed operations;
  • Independent Execution capabilities ; and
  • Networking strength

The relevant quantitative factors are:

  • EPS – The weighted average EPS for Crystal Crop Protection for the latest 3 years is 2.25
  • PE ratio or the price earning ratio of last 3 years is 24.89
  • RoNW – Return on net worth for Crystal Crop Protection (on a weighted average basis) is 6.66%
  • Net Asset Value – The Net Asset Value for March 31, 2017 is 34.28
  • Industry Peers – Based on EPS, the company ranks 4th with companies among all exploration companies.

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Aakash Exploration Services IPO Lead Managers

Lead Managers
Monarch Networth Capital Limited

Aakash Exploration IPO Registrar to the Offer

Registrar of the Offer
Skyline Financial Services Private Limited

Aakash Exploration Services IPO Review by Top 10 Stock Brokers

Top Stock Brokers ReviewCompany Repu-tationCompe-titive EdgeFinan-cial State-mentPopu-larity IndexPromo-ters Repu-tation
Angel Broking8.6/108.6/108.6/108.6/108.6/10
Sharekhan8.7/108.6/108.7/108.6/108.7/10
Kotak Securities8.0/108.6/108.6/108.6/108.0/10
ICICI Direct8.0/108.0/108.8/108.6/108.6/10
IIFL8.6/108.7/108.0/108.0/108.6/10
Edelweiss8.6/108.6/108.6/108.0/108.7/10
Zerodha8.6/108.6/108.6/108.6/108.0/10
5Paisa8.6/108.6/108.6/108.6/108.6/10
Karvy8.6/108.0/108.7/108.6/108.6/10
Motilal Oswal8.6/108.6/108.7/108.0/108.7/10

Aakash Exploration Services IPO Grey Market Premium

The Grey Market Premium are generally out before 1 week of IPO issue date but for SME Companies, Grey Market pricing are not considered.


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Aakash Exploration IPO News

News 1 – Aakash Exploration Services Issue Opens


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