Affine Formulations IPO – Review, Allotment status, Subscription & GMP Price

Affine Formulations manufactures the products and sell them to the pharmaceutical companies which then market those products under their own brand name. Affine Formulations IPO consists of 25,68,000 Equity shares of Rs.10 each.

Let’s have a detailed review of the company and analytics of the Affine Formulations IPO release date, IPO offer price, subscription, Affine Formulations IPO allotment, grey market price and other details like the company’s background, its financial positions, its promoters and other related things.


Affine Formulations IPO Review & Ratings

IPO Ratings & Review
Criteria Ratings
Industry Sentiments 7.8/10
Industry Ranking 7.7/10
Company Background 7.9/10
Company Reputation 7.4/10
Competitive Edge 7.7/10
Financial Statements 7.8/10
Popularity Index 7.7/10
Promoters Reputation 7.7/10
Retail Appetite 7.4/10
Top Brokers Review 7.4/10
Overall Ratings 7.7/10
Star Ratings ★★★★☆

Summary of Affine Formulations Limited  IPO

Affine Formulations IPOThe Indian pharmaceuticals market is the third largest in terms of volume and thirteenth largest in terms of value, as per a report by Equity Master. India is the largest provider of generic drugs globally with the Indian generics accounting for 20 per cent of global exports in terms of volume. Of late, consolidation has become an important characteristic of the Indian pharmaceutical market as the industry is highly fragmented.

India enjoys an important position in the global pharmaceuticals sector. The country also has a large pool of scientists and engineers who have the potential to steer the industry ahead to an even higher level. Presently over 80 per cent of the antiretroviral drugs used globally to combat AIDS (Acquired Immuno Deficiency Syndrome) are supplied by Indian pharmaceutical firms.

The UN-backed Medicines Patent Pool has signed six sublicenses with Aurobindo, Cipla, Desano, Emcure, Hetero Labs and Laurus Labs, allowing them to make generic anti-AIDS medicine TenofovirAlafenamide (TAF) for 112 developing countries.

According to the Restated Financial Statements,

For India, three external developments are of significant consequence. In the short run, the change in the outlook for global interest rates as a result of the US elections and the implied change in expectations of US fiscal and monetary policy will impact on India’s capital flows and exchange rates. Markets are factoring in a regime change in advanced countries, especially US macroeconomic policy, with high expectations of fiscal stimulus and unwavering exit from unconventional monetary policies.

The end of the 20-year bond rally and end to the corset of deflation and deflationary expectations are within sight.
Second, the medium-term political outlook for globalisation and in particular for the world’s “political carrying capacity for globalisation” may have changed in the wake of recent developments. In the short run a strong dollar and declining competitiveness might exacerbate the lure of protectionist policies. These follow on on-going trends— documented widely—about stagnant or declining trade at the global level. This changed outlook will affect India’s export and growth prospects.

Third, developments in the US, especially the rise of the dollar, will have implications for China’s currency and currency policy. If China is able to successfully re-balance its economy, the spill over effects on India and the rest of the world will be positive.

The Promoter of this company is Shailendra Biyani, Pradhyumn Nyati, and Vijay Kumar Nyati. The lead manager to the issue is PANTOMATH CAPITAL ADVISORS PRIVATE LIMITED and BIGSHARE SERVICES PRIVATE LIMITED


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Affine Formulations IPO Date

The opening and the closing date of Affine Formulations IPO is not known yet.


Affine Formulations IPO Subscription

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

The shares subscribed by the public will be updated herein on a daily basis, once the IPO is open for subscription.


Affine Formulations IPO Allotment Status

Will be updated soon. 


Affine Formulations IPO Price Band

The face value of each share is Rs 10, but the price band of the IPO is not yet disclosed. 


Affine Formulations IPO Equity Share Offering

 25,68,000 Equity Shares of Rs 10/- each but Issue Price is yet to be disclosed so it will be aggregated to Rs ( 25,68,000 * Issue Price).


Affine Formulations Limited – Company Overview

Their Company was originally incorporated as “Affine Formulations Private Limited” at Indore,  Madhya Pradesh as a Private Limited Company under the provisions of the Companies Act, 1956 vide Certificate of Incorporation dated July 4, 2006 bearing Corporate Identification Number U24232MP2006PTC018755 issued by Registrar of Companies, Madhya Pradesh and Chattisgarh.

Subsequently, their Company was converted into Public Company pursuant to Shareholders resolution passed at the Annual General Meeting of their Company held on September 5, 2016 and the name of their Company was changed to “Affine Formulations Limited” and a fresh Certificate of Incorporation Consequent upon Conversion from Private Company to Public Company dated September 20, 2016 was issued by the Registrar of Companies, Gwalior. The Corporate Identification Number (CIN) of their Company is U24232MP2006PLC018755.

Incorporated in 2006, Affine Formulations Limited is an ISO 9001:2015 certified Company engaged in manufacturing and trading of finished pharmaceutical formulations in a dosage forms viz, Non Beta (Tablets, Capsules) and Beta (Tablets, Capsules & Dry Syrups). Their Company manufactures the products and sell them to the pharmaceutical companies which then market those products under their own brand name.

Competitive Strengths of Affine Formulations Limited:

  • Experienced Promoters and management team.
  • Quality Assurance and Standards.
  • The wide range of products.
  • Cordial relationship with Customers, suppliers and employees.
  • Focus on Research and Development (R&D).

Business strategies of Affine Formulations Limited:

  • Expansion of Business activity by tapping the potential market in the other parts of the
    Country
  • Expanding their Product Portfolio
  • Access new markets through obtaining more certifications
  • Focus on consistently meeting Quality Standards
  • Enhancing existing production capacity
  • Continue to selectively pursue acquisitions.
  • Get new customers for their Consumer Platform business through their Enterprise Business Solutions.

Affine Formulations Limited – Financial Statements

A quick look into the past financial performance of the company to understand its performance of the business and evaluate the growth prospectus:

Financial Summary:

Amount (in INR & Lakhs)
31-Dec-18 31-Mar-17 31-Mar-16 31-Mar-15 31-Mar-14
Total Assets 2,914.69 2,622.86 2,315.67 2,317.32 2,284.38
Total Revenue 1,990.82 2,525.28 2,433.78 3,247.84 3,138.48
Total Expense 1,851.07 2,394.83 2,296.11 3,201.36 3,063.34
Profit After Tax 114.05 97.57 107.04 37.43 68.84

Earnings per Equity Share (in Lakhs)

31-Dec-17 31-Mar-17 31-Mar-16
Basic  1.90 1.63 1.78
Diluted  1.90 1.63 1.78

From the above statements, one could find that the Affine Formulations Limited may perform well.


Affine Formulations IPO – Promoters

The Promoter of this company are:

  1. Shailendra Biyani,
  2. Pradhyumn Nyati, and
  3. Vijay Kumar Nyati

List of Related Parties (Key Managerial Personnel)

  • Hardik Bhuta
  • Nilesh Chakle

Interest in the promotion of the Company

Their Promoters are interested in their Company to the extent that they have promoted their Company and to the extent of their shareholding and the dividend receivable if any and other distributions in respect of the Equity Shares held by them.

Their Promoters are the Directors of their Company and may be deemed to be interested to the extent of remuneration and/ or reimbursement of expenses payable to them for services rendered to us in accordance with the provisions of the Companies Act and in terms of the agreements entered into with their Company, if any and AoA of their Company.

Property Interest

The promoters along with the promoter group will continue to hold collectively some percentage of the equity share capital of the company. As a result of the same, they will be able to exercise significant influence over the control of the outcome of the matter that requires the approval of the majority shareholders vote.

Interest in Intellectual Rights of the Company

Promoters have not shown any interest in acquiring the intellectual rights of the company.


Affine Formulations IPO Offer Details or Issue Details 

Offer Up to 25,68,000 Equity Shares aggregating up to Rs *million
Of which
Market Maker Reservation Portion [●] Equity Shares of face value of Rs. 10/- each fully paid up of the Company for cash at a price of Rs. [●]/- per Equity share aggregating to Rs. [●] Lakhs
Net Issue to Public [●] Equity Shares of face value of Rs. 10/- each fully paid of the Company for cash at a price of Rs. [●]/- per share aggregating Rs. [●] Lakhs.
 of which
Offer for sale by promoters Up to * Equity Shares aggregating up to ` [●] million
Of which:
Retail Portion [●] Equity Shares of face value of Rs. 10/- each fully paid of the Company at a cash price of Rs. [●]/- per Equity share aggregating Rs. [●] Lakhs will be available for allocation to  Investors up to Rs. 2.00 Lakhs
Non-Institutional Portion [●] Equity Shares of face value of Rs. 10/- each fully paid of the Company for cash at price of [●]/- per Equity Share aggregating Rs. [●] lakhs will be available for allocation to investors above Rs. 2.00 Lakhs
Pre and Post Issue Equity
Shares
Equity Shares outstanding prior to the Offer 60,00,000 Equity Shares
Equity Shares outstanding after to the offer * Equity Shares
Use of Offer Proceeds As the Offer comprises an Offer for Sale, their Company will not receive any proceeds from the Offer.

Affine Formulations IPO Issue Object

  • Monitoring of Utilization of Funds and
  • General corporate purposes.

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Affine Formulations IPO – Basis of the Offer Price

The issue price is determined by the company in consultation with the Lead manager on the basis of the following qualitative and quantitative factors.

Qualitative factors are:

  • Experienced Promoters and management team;
  • Wide range of products;
  • Cordial relationship with suppliers and customers; and
  • Focus on research and development.

The relevant quantitative factors are:

Basic & Diluted EPS RONW (%) NAV (Rs.)
31-Mar-18 1.90
31-Mar-17 1.63 10.62
31-Mar-16 1.78 13.03
  • Industry P/E Ratio:
Particulars P/E ratio
Average 15.32
Highest 23.69
Lowest 6.94
  • Competitive Peers:

There are no comparable listed companies in India engaged substantially in the same line of business as their Company, hence the comparison with industry peers is not applicable.


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Manorama Industries IPO Lead Managers

Lead Managers
PANTOMATH CAPITAL ADVISORS PRIVATE LIMITED

406-408, Keshava Premises, Behind Family Ctheirt, Bandra Kurla
Complex, Bandra East, Mumbai – 400 051, Maharashtra
Tel: +91-22 6194 6700, Fax: +91-22 2659 8690
Website:www.pantomathgroup.com
Email:
Investor Grievance Id:
Contact Person: Hardik Bhuta
SEBI Registration No: INM000012110

 

Registrar to the Offer
BIGSHARE SERVICES PRIVATE LIMITED

1st Floor, Bharat Tin Works Building, Opp. Vasant Oasis, Makwana
Road, Marol, Andheri East, Mumbai, Maharashtra 400059
Tel: +91 22 62638200, Fax: +91 22 62638299
Email:
Website: www.bigshareonline.com
Investor Grievance E-mail:
Contact Person: Nilesh Chakle
SEBI Registration Number: INR000001385


Other Details:

  • Statutory Auditor – V.K. Ladha & Associates
  • Bankers to the Company –  State Bank of India

Affine Formulations IPO Review by Top 10 Stock Brokers

Top Stock Brokers Review Company Reputation Competitive Edge Financial Statement Popularity Index Promoters Reputation
Angel Broking 7.2/10 7.3/10 7.2/10 7.1/10 7.1/10
Sharekhan 7.2/10 7.1/10 7.7/10 7.1/10 7.2/10
Kotak Securities 7.3/10 7.2/10 7.3/10 7.1/10 7.3/10
ICICI Direct 7.3/10 7.3/10 7.7/10 7.1/10 7.1/10
IIFL 7.2/10 7.2/10 7.8/10 7.0/10 7.1/10
Edelweiss 7.2/10 7.3/10 7.3/10 7.3/10 7.2/10
Zerodha 7.3/10 7.1/10 7.2/10 7.1/10 7.0/10
5Paisa 7.1/10 7.1/10 7.3/10 7.1/10 7.1/10
Karvy 7.3/10 7.3/10 7.2/10 7.1/10 7.1/10
Motilal Oswal 7.1/10 7.1/10 7.7/10 7.3/10 7.2/10

The ratings would be updated once the financials and the other details of the IPO are released.


Affine Formulations IPO Grey Market Premium

The Affine Formulations IPO Grey Market Premium is yet to be announced. It will be updated as soon as the premium rates are announced.


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Affine Formulations IPO News

News 1 – IPO ISSUE OPENS SOON (Download Prospectus)

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