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Home > Money > Stocks > IPO Center > IPO Analysis
October 19, 2000
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 Company  Vision Organics
 Market Price  Not listed
 Lead manager  Fedex Securities
 Listing At  Vadodara, BSE, NSE
 Opening/Closing  October 19/October 21
 Promoters  Jatin H Shah, Nayana Shah
 Associate Co.  Aims Chemicals Pvt Ltd
 Managing Director  Jatin H Shah
 Post-issue Stake  64.97%
 Issue  
 Size  Rs 415 million
 Price  Rs 40
 On Application  Rs 10
 On Allotment  Rs 30
 Objective  Expand capacity, working capital
 Business  
 Current  PVC plasticizers manufacturing
 Project  Capacity expansion
 Location  Vadodara
 Project cost  Rs 334.13 million
 Funded by  Equity, term loan, internal accruals
 Kensource projections  (2001)
 Sales  Rs 1010 million
 Profit  Rs 76 million
 Earnings per share  Rs 7.32
 Forward P/E  5
 Post-issue equity  Rs 103.5 million
 Return on equity  29%
 Comment Turnover growth has slowed down, poor profit margins. Industry growth is only 8-9%. Not much upside from this price
 Rating *  D

* A=Subscribe & Hold; B = Subscribe & Watch; C=Subscribe & Sell; D = Avoid; E = Buy post-listing

By Kensource Information Services Pvt Ltd.

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