Flemingo Travel Retail IPO – Review, Allotment Status, Price, Date & more

Flemingo Travel Retail IPO is a new IPO filed with SEBI on Feb 16, 2018. This is one of the IPO into travel retail sector. In this article, we will discuss about Flemingo Travel Retail IPO review that includes allotment status, Flemingo Travel IPO subscription, IPO issue details, company background, company financials, release date, price band, grey market pricing and so on.

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Flemingo Travel Retail IPO Ratings & Review

FLEMINGO TRAVEL RETAIL IPO 
CriteriaRatings
Industry Sentiments7.5/10
Industry Ranking7.3/10
Company Background7.1/10
Company Reputation7.2/10
Competitive Edge7.9/10
Financial Statements7.4/10
Popularity Index7.2/10
Promoters Reputation7.2/10
Retail Appetite7.2/10
Top Brokers Review7.2/10
Overall Ratings7.3/10
Star Ratings★★★☆☆

Summary of Flemingo Travel Retail IPO

Flemingo Travel Retail Ltd is Mumbai based company and India’s one of the largest duty free travel retail operators that has filed its draft with SEBI to float an IPO. FLEMINGO TRAVEL RETAIL IPOThe company was incorporated as private limited company in the year 2007, called ‘DFS India Private Limited’ at Mumbai. The name was later changed to Flemingo Travel Retail Limited in the year December 2017.

The company issue equity shares aggregate up to Rs 2,423 crore and offer for sale of up to 1,129,500 equity shares by Flemingo Duty free shop Mumbai Private Limited. This offer would also include a reservation of up to 150,000 equity shares for subscription by eligible employees. This is the first public issue by the issuer, and the face value of the equity shares is Rs 10 each. The floor price and the cap price is yet to be decided. The IPO size for the Indian Unit is around Rs 2,500 crore and based on the estimate, the company will decide 40-45% stake dilution from the promoter holdings.

The company has hired the following book running lead managers: Axis Capital Limited, ICICI Securities Limited,
Credit Suisse Securities (India) Private Limited, HSBC Securities & Capital Markets (India) Private Limited and
YES Securities (India) Limited. The registrar to the offer for this IPO is Link Intime India Private Limited.

The legal counsel representing this company as to Indian law is Khaitan & Co. The legal counsel to the BRLMs as to Indian Law is Luthra & Luthra Law Offices. The International Legal Counsel to the BRLMs is Herbert Smith Freehills LLP.


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    Flemingo Travel Retail Limited IPO Date – Start & End Date

    The opening date and closing date of this IPO is not yet finalized.

    Issue

    Opens OnCloses On

    Flemingo Travel Retail IPO Subscription

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

    The IPO will be up in the stock exchange for subscription very soon. We will update the data of Subscription once it is declared.

    Flemingo Travel Retail IPO : Allotment Status

    The Allotment status will be out within 2-3 weeks of IPO issue. Please check the IPO allotment status post issue of IPO.

    Amount Payable

    Application PriceAllotment Price
    Rs.Rs.

    Flemingo Travel IPO : Price Band

    The price band is yet to be disclosed, this will be revealed before 1 week of the issue.

    Flemingo Travel IPO Issue Size

    The issue size of the IPO is around Rs 2,500 crore and and offer for sale of up to 1,129,500 equity shares by the promoters.

    Flemingo Travel Retail IPO Equity Shares Offerings

    Not yet disclosed. This will be released post approval from SEBI.


    Flemingo Travel Retail Limited – Company Overview

    This company was established as DFS India Private Limited in 15th December 2007 and it is based out of Maharashtra (Mumbai).  The name of the company later changed to Flemingo Travel Retail Private Limited in the year 2017. This company is a global travel retailer with a good hold and growth in countries like India and Sri Lanka markets. The company generate revenues various product lines mainly related to cruise lines, in-flight sales and other channels that includes stores at sea port, border crossing, etc.

    It seems that the companies pricing and valuation will have 40% to 45% stake dilution. According to the news 75% of this company share is for qualified institutional buyers. This company has over 28 duty free stores among top 20 international airports. This company was operating in more than 120 locations in 26 countries. The equity share of this IPO will be listed on BSE and NSE.

    Corporate Identity Number: U51410MH2007FLC176802
    Registered Office: Chhatrapati Shivaji International Airport, New Terminal 2, Sahar Road, Andheri (East), Mumbai-400 099, Maharashtra, India; Tel: +91 22 6520 1272; Fax: +91 22 6685 9848

    Corporate Office: Time Square Building, 401, 4th Floor, A, Andheri – Kurla Road, C-Wing, Chimatpada, Marol, Andheri East, Mumbai – 400 059, Maharashtra, India; Tel: + 91 22 6677 2401; Fax: + 91 22 6677 2422

    Contact Person: Suvarna Bhatjiwale, Company Secretary and Compliance Officer; Tel: + 91 22 6626 9919/6520 1280; Fax: + 91 22 6677 2422
    E-mail: compliance@mumbaidutyfree.net; Website: www.flemingotravelretail.com


    Flemingo Travel Retail Limited – Company Financials

    Check out the details below for their financial stability:

    Assets of the Company

    Assets (in Rs millions)
     Flemingo Travel Retail Limited ConsolidatedFlemingo Duty Free India consolidatedFlemingo UK
    consolidated
    Flemingo Cruise Travel 
    Mar’17Mar’17Dec’16Dec’16
    Non-Current Asset3,642.573,171.761,352.66
    Current Asset1,265.669,411.323,814.800.68
    Total Asset4,908.2312,583.085,167.460.68

    Revenue & PAT of the Company

    Revenue & Profits (in Rs millions)
    Indian Sub ContinentRest of WorldUKEUROPETOTAL
    Total Revenue14,149.193,853.3213,007.308,597.4639,607.27
    Profit after Tax (PAT)-687.43-435.4122.6229.26-651.9

    Flemingo Travel Retail Limited – Company Promoters

    ATUL VINI AHUJA
    FLEMINGO INTERNATIONAL (BVI) LIMITED

    Flemingo Travel Retail Limited IPO Offer Details

     Check the details below for detailed:

    Offer of Equity SharesUp to [●] Equity Shares, aggregating up to Rs [●] million
    of which:Up  to  [●]  Equity  Shares,  aggregating  up  to  Rs 24,230 million
    Fresh IssueUp to  1,129,500 Equity Shares, aggregating up to  Rs [●] million
    Offer for SaleUp  to  150,000  Equity  Shares,  aggregating  up  to  Rs [●] million
    of which:
    Employee Reservation Portion
    The Net Offer comprises of:
    A) QIB PortionAt least [●] Equity Shares
    of which:
    (i)  Anchor Investor Portion[●] Equity Shares
    (ii)  Balance  available  for  allocation  to  QIBs  other  than Anchor Investors (assuming Anchor Investor Portion is fully subscribed) (“Net QIB Portion”)[●] Equity Shares
    of which:
    (a)  Available for allocation to Mutual Funds only (5% of the Net QIB Portion)[●] Equity Shares
    (b)  Balance for all QIBs including Mutual Funds[●] Equity Shares
    B) Non-Institutional PortionNot more than [●] Equity Shares
    C) Retail PortionNot more than [●] Equity Shares

    NOTE: Equity Share of QIB, Non-Institutional Portion & Retail Portion has not been specified yet.


    Flemingo Travel Retail Limited IPO – Basis of Offer Price

    Offer price is yet to be determined by the company and the shareholder after consulting the booking runner lead managers based on market assessment. The face value of each equity share is Rs 10 and the offer price will be decided soon.

    Qualitative Factors:

    Some of the qualitative factors and our strengths which form the basis for the Offer Price are:

    • Track record of successful acquisitions
    • Worldwide travel details with various operations across different sales channel
    • Fast growing market leader in India
    • Being one of the largest travel retailer in cruise line
    • Diversified consolation portfolio for long term
    • Good networking with suppliers and ranges of product offerings
    • Good workforce of executives and management teams

    Quantitative Factors:

    The information presented below relating to our Company is based on the Restated Financial Statements.

    • Basic and Diluted Earnings/Loss per Share (“EPS”)
    • Price Earning Ratio (P/E) in relation to the Offer Price of ₹ [●] per Equity Share of the face value of ₹
      10 each
    • Return on Net Worth (RoNW)
    • Minimum Return on Total Net Worth after the Offer needed to maintain pre-Offer EPS for the financial
      year ended March 31, 2017
    • Net Asset Value (NAV) per Equity Share
    • Comparison with listed industry peers

    Flemingo Travel Retail IPO Issue Object

    Following are the Objects of the Offer:

    • Acquisition of 100% of the issued and paid-up share capital of Flemingo Dutyfree Shop Private Limited (“Flemingo India”) from our Corporate Promoter, Flemingo International, certain individual members of our Promoter Group being, Viren Ahuja, Arjun Ahuja and Karan Ahuja, and Symbolic Infra Projects Private Limited (“Symbolic”).
    • Acquisition of 100% of the equity interest in Flemingo International (UK) Limited (“Flemingo UK”) from our Corporate Promoter, Flemingo International.
    • General corporate purposes.

    Flemingo Travel Retail IPO Lead Managers 

    Book Running Lead Managers:

    • Axis Capital Limited
    • ICICI Securities Limited
    • Credit Suisse Securities (India) Private Limited
    • HSBC Securities and Capital Markets (India) Private Limited
    • YES Securities (India) Limited

    Flemingo Travel Retail Limited IPO – Registrar of the offer

    • Link Intime India Private Limited

    Flemingo Travel Retail IPO Review by Top 10 Stock Brokers

    Here is what stock brokers & their research analyst has to say about the IPO:

    Top Stock Brokers ReviewCompany Repu-tationCompe-titive EdgeFinan-cial State-mentPopu-larity IndexPromo-ters Repu-tation
    Angel Broking7.0/107.5/107.0/107.3/107.5/10
    Sharekhan7.1/107.6/107.8/107.5/107.7/10
    Kotak Securities7.3/107.5/107.9/107.5/107.6/10
    ICICI Direct7.3/107.3/107.2/107.4/107.4/10
    IIFL7.5/107.5/107.2/107.0/107.5/10
    Edelweiss7.5/107.5/107.1/107.3/107.6/10
    Zerodha7.4/107.4/107.0/107.1/107.5/10
    5Paisa7.1/107.6/107.8/107.5/107.3/10
    Karvy7.4/107.3/107.7/107.6/107.5/10
    Motilal Oswal7.1/107.5/107.9/107.3/107.4/10

    Flemingo Travel Retail Limited IPO Grey Market Premium

    The Grey Market Premium of Flemingo Travel Retail Limited IPO has not been released yet.


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      Flemingo Travel Retail Limited IPO News

      News 1 – Public Issues : Flemingo Travel Retail Limited Draft Offer Documents filed with SEBI (Feb 16, 2018)


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