Puranik Builders IPO – Review, Allotment status, Subscription, GMP & more

Puranik Builders Limited are among the prominent residential real estate developers in Mumbai Metropolitan Region (“MMR”) and Pune Metropolitan Region (“PMR”) based on a number of units currently being marketed in these regions. Puranik Builders IPO consists of * Equity shares of Rs.10 each.

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


Puranik Builders IPO Review & Ratings

IPO Ratings & Review
Criteria Ratings
Industry Sentiments 7.8/10
Industry Ranking 8.7/10
Company Background 7.9/10
Company Reputation 8.6/10
Competitive Edge 7.7/10
Financial Statements 7.8/10
Popularity Index 8.7/10
Promoters Reputation 7.7/10
Retail Appetite 7.9/10
Top Brokers Review 7.9/10
Overall Ratings 7.9/10
Star Ratings ★★★★☆

Summary of Puranik Builders Limited  IPO

Puranik Builders IPOThey are among the prominent residential real estate developers in Mumbai Metropolitan Region (“MMR”) and Pune Metropolitan Region (“PMR”) based on number of units currently being marketed in these regions. They are also among the leading residential real estate developers in the growing Thane region of MMR based on the projects currently being marketed and corresponding units sold (Source: C&W Report).

They have a longstanding presence of over 28 years in the real estate market in India, developing residential projects in the mid-income affordable housing segment in the MMR and the PMR real estate markets. Their projects primarily cater to certain research-based strategic price ranges within the mid-income affordable housing market segment. As of March 31, 2018, they had completed 29 projects in the MMR and PMR.

They commenced operations in Thane in 1990 and have over the years diversified into other micro-markets within the MMR and the PMR. They believe they have consistently catered to evolving customer preferences, including theme-based projects, thereby successfully navigating fluctuating market conditions, leveraging our considerable experience operating in MMR and PMR markets under the guidance of our technically qualified Promoters supported by a team of experienced professionals.

According to the Restated Financial Statements:

Their fiscal year ends on March 31 of each year, and references to a particular fiscal are to the twelve months ended March 31 of that year. Unless otherwise indicated, the financial information included herein is based on our Restated Consolidated Financial Statements included in this Draft Red Herring Prospectus. They have, in this Draft Red Herring Prospectus, included various operational and financial performance indicators, some of which may not be derived from our Restated Consolidated Financial Statements and may not have been subjected to an audit or review by our Statutory Auditor.

The manner in which such operational and financial performance indicators are calculated and presented, and the assumptions and estimates used in such calculation, may vary from that used by other real estate companies in India and other jurisdictions. Investors are accordingly cautioned against placing undue reliance on such information in making an investment decision and should consult their own advisors and evaluate such information in the context of the Restated Consolidated Financial Statements and other information relating to our business and operations included in this Draft Red Herring Prospectus.

The Promoter of this company is Shailesh Puranik, Shrikant Puranik, Yogesh Puranik, Nilesh Puranik, Puranik Business Private Trust (“Puranik Business Trust”) and Puranik Family Private Trust (“Puranik Family Trust”).  The lead manager to the issue is Edelweiss Financial Services Limited, IIFL Holdings Limited and the Karvy Computershare Private Limited.


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Puranik Builders IPO Date

The opening and the closing date of IPO of Puranik Builders Limited is not known yet.


Puranik Builders IPO Subscription

Day / Date QIB NII RII Total Subscription
Day 1      
Day 2        
Day 3        
Day 4        
Day 5        

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


Puranik Builders IPO Allotment Status

Will be updated soon. 


Puranik Builders IPO Price Band

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


Puranik Builders IPO Equity Share Offering

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


Puranik Builders Limited – Company Overview

They are among the prominent residential real estate developers in Mumbai Metropolitan Region (“MMR”) and Pune
Metropolitan Region (“PMR”) based on number of units currently being marketed in these regions. They are also
among the leading residential real estate developers in the growing Thane region of MMR based on the projects
currently being marketed and corresponding units sold (Source: C&W Report). They have a longstanding presence of
over 28 years in the real estate market in India, developing residential projects in the mid-income affordable housing
segment in the MMR and the PMR real estate markets. Their projects primarily cater to certain research-based
strategic price ranges within the mid-income affordable housing market segment. As of March 31, 2018, they had
completed 29 projects in the MMR and PMR.

They commenced operations in Thane in 1990 and have over the years diversified into other micro-markets within
the MMR and the PMR. They believe they have consistently catered to evolving customer preferences, including
theme-based projects, thereby successfully navigating fluctuating market conditions, leveraging our considerable
experience operating in MMR and PMR markets under the guidance of our technically qualified Promoters
supported by a team of experienced professionals.

Competitive Strengths of Puranik Builders Limited:

  • Longstanding operations in the attractive real estate markets of MMR and PMR
  • Focus on and experience in the mid-income affordable housing segment
  • Strategic pricing for the MMR and PMR micro-markets
  • Differentiated and diversified product offerings
  • Integrated project execution and management capabilities
  • Established brand and customer goodwill in the MMR and the PMR markets
  • Proven track record for development of quality projects
  • Experienced and qualified Promoters and senior management team
  • Strong pipeline of projects
  • Asset-light model for development of projects through joint development agreements, joint venture
    arrangements and development management (DM) model

Business strategies of Puranik Builders Limited Limited:

  • Continue to focus on the mid-income affordable housing segment
  • Consolidate our position as a prominent real estate developer in the MMR and the PMR
  • Capitalise on emerging opportunities in rapidly evolving regulatory regimes and industry trends
  • Continue to focus on our flexible and asset-light model
  • Pursue opportunities in the low-income affordable housing segment
  • Continue to upgrade technology to drive operational efficiency and deliver quality products to our customers

Puranik Builders Limited 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 & Millions)
31-Mar-18 31-Mar-17 31-Mar-16 31-Mar-15 31-Mar-14
Total Assets 16,813.72 13,666.11 9,982.86
Total Revenue 5,120.84 3,048.31 2,504.31
Total Expense 4,381.15 2,725.02 2,242.73
Profit After Tax 507.21 199.19 165.48

Earnings per Equity Share (in Millions)

31-Dec-18 31-Mar-17 31-Mar-16
Basic  5.52 2.96 2.80
Diluted  5.52 2.96 2.80

From the above statements, one could find that the Puranik Builders Limited Limited may perform well.


Puranik Builders IPO – Promoters

The Promoter of this company are:

  1. Shailesh Puranik, 
  2. Shrikant Puranik, 
  3. Yogesh Puranik, 
  4. Nilesh Puranik, 
  5. Puranik Business Private Trust (“Puranik Business Trust”)
  6. and Puranik Family Private Trust (“Puranik Family Trust”)

List of Related Parties (Key Managerial Personnel)

  • Aditya Menon
  • Vishal Bangard / Pranay Doshi
  • M Murali Krishna

Interest in the promotion of the Company

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

Their Promoters do not have any interest, whether direct or indirect, in any property acquired by our Company in
the two years preceding the date of this Draft Red Herring Prospectus or proposed to be acquired by our Company,
or in any transaction by our Company for acquisition of land, construction of building or supply of machinery.

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.


Puranik Builders IPO Offer Details or Issue Details 

Offer Up to * Equity Shares aggregating up to Rs *million
Of which
Fresh Issue Up to [•] Equity Shares aggregating up to Rs. 8,100 million
Offer for Sale Up to 1,859,620 Equity Shares aggregating up to [●] million
 of which
Offer for sale by promoters Up to * Equity Shares aggregating up to [●] million
Of which:
– Available for allocation to Mutual Funds only (5% of the QIB Category (excluding the Anchor Investor Portion)) Up to * Equity Shares
Pre and post-Offer Equity Shares
Equity Shares outstanding as of the date of this Draft * Equity Shares
Equity Shares outstanding prior to the Offer 57,648,207 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.

Puranik Builders IPO Issue Object

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

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Puranik Builders 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:

1. Longstanding operations in the attractive real estate markets of MMR and PMR;
2. Focus on and experience in the mid-income affordable housing segment;
3. Strategic pricing for the MMR and PMR micro-markets;
4. Differentiated and diversified product offerings;
5. Integrated project execution and management capabilities;
6. Established brand and customer goodwill in the MMR and the PMR markets;
7. Proven track record for development of quality projects;
8. Experienced and qualified Promoters and senior management team;
9. Strong pipeline of projects; and
10. Asset-light model for development of projects through joint development agreements, joint venture
arrangements and development management (DM) model.

The relevant quantitative factors are:

Basic & Diluted EPS RONW (%) NAV (Rs.)
31-Mar-18 5.52 9.71
31-Mar-17 2.96 9.31
31-Mar-16 2.80 9.49
  • Industry P/E Ratio:
Particulars P/E ratio
Average
Highest
Lowest
  • 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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Puranik Builders IPO Lead Managers

Lead Managers
Edelweiss Financial Services Limited

IIFL Holdings Limited

 

Registrar to the Offer
Karvy Computershare Private Limited

Karvy Selenium Tower B, Plot 31-32, Gachibowli,
Financial District, Nanakramguda, Hyderabad 500 032
Telephone: +91 40 6716 2222
Facsimile: +91 40 2343 1551
E-mail:
Investor grievance e-mail:
Website: http://karisma.karvy.com
Contact person: M Murali Krishna
SEBI registration No.: INR000000221


Other Details:

  • Statutory Auditor – Sanjay Rane & Associates
  • Bankers to the Company –  Andhra Bank, HDFC Bank Limited and State Bank of India.

Puranik Builders 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.


Puranik Builders IPO Grey Market Premium

The Puranik Builders IPO Grey Market Premium price is Rs X, the Kostak rate is Rs X and the Subject to Sauda is X. 


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Puranik Builders IPO News

News 1 – IPO ISSUE OPENS SOON (Download Prospectus)

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