IPO Note of “Mazagon Dock Shipbuilders Limited”

Issue Details of Mazagon Dock Shipbuilders Limited

	Mazagon Dock Shipbuilders Limited
Issue Period	Bid/Offer Opens On:  Tuesday, September 29, 2020 Bid/Offer Closes On:  Thursday, October 01, 2020
Issue Details	Offer for Sale of 30,599,017 Equity Shares
Issue Size (₹ Cr)	₹ 413 - 444 Cr
Price Band	₹ 135 - 145
Bid Lot	103 Shares & in Multiple thereof
Employee Reservation	345,517 Equity Shares
Issue Structure :
QIB	50% of the Net offer ( 15,126,750 Equity Shares ) (₹ 204~ - ₹ 219^ Cr)
NIB	15% of the Net Offer ( 4,538,025 Equity Shares ) (₹ 61~- ₹ 66^ Cr)
Retail	35% of the net offer ( 10,588,725 Equity Shares ) (₹ 143~ - ₹ 154^ Cr)
	~ Lower price band & ^ Upper Price Band
BRLMs	Axis Capital, Yes Securities, Edelweiss Financial, IDFC Securities, JM Financial
Registrar	Alankit Assignments Limited
Note : Application made using third party UPI or ASBA Bank A/c are liable to be rejected.

Mazagon Dock Shipbuilders Ltd. Issue Highlights :

• Incorporated on February 26, 1934, Mazagon Dock Shipbuilders Limited (“MDL”), conferred with the 'Mini-Ratna-I' status, is a Defence Public Sector Undertaking shipyard under the Department of Defence Production, Ministry of Defence (“MoD”), engaged in the construction & repair of warships & submarines for the MoD for use by the Indian Navy & other vessels for commercial clients. The shipyard builds warships & conventional submarines at its facilities in Mumbai and Nhava. Major customers for the shipyard include Indian Navy & Coast Guard. 
• Since 1960, MDL has built a total of 795 vessels including 25 warships, from advanced destroyers to missile boats & three submarines. MDL had also delivered cargo ships, passenger ships, supply vessels, multipurpose support vessels, water tankers, tugs, dredgers, fishing trawlers, barges & border outposts for various customers in India as well as abroad. 
• The company has also fabricated & delivered jackets, main decks of wellhead platform, process platforms, jack up rigs etc. 
• A few highlights in its shipbuilding are: 
• It is India’s only shipyard to have built destroyers and conventional submarines for the Indian Navy.
• It is one of the initial shipyards to manufacture Corvettes (Veer & Khukri Class) in India. 
• t is also one of the ship builders for P17-A project for building next generation guided missile stealth frigates through collaboration with Fincantieri, Italy. 
• It is also executing orders for 5 Scorpene submarines through collaboration with DCNS, France. 
• It has a capacity to build warships, submarines, merchant ships upto 40,000 DWT.
• As per Ministry of Shipping, no ship repair work has been undertaken by MDL in 2016. However it has undertaken ship repair activity in the past.
• For outfitting work, the company has several workshops with sophisticated equipment and machines specific to hull fabrication and ship construction. 
• The shares will be listed on BSE and NSE.

 Competitive Strength : 

• Only public sector defence shipyard constructing conventional submarines.
• World class infrastructure capable of serving the requirements of the Ministry of Defence.
• Location of the facilities promote closer association with the vendors and customers.
• Increase in indigenisation of the vessels & implementation of the “Make in India” campaign. 
• Established track record with strong financial position & strong Order Book. 
• Experienced board & senior management team and skillfully trained workforce.

Key Business Strategies :

• Export of the products to the international markets
• Focus on ship repair
• Augmentation of infrastructure and enhancing the manufacturing capacity

Brief Financial Details                                                                                              (₹ In Cr)

Particulars	As at March 31,
	2020	2019	2018	2017
Share Capital~	201.69	224.10	224.10	249.00
Reserves	2,867.44	2,992.82	2,609.95	2,741.15
Net Worth	3,069.13	3,216.92	2,834.05	2,990.15
Revenue from Operations	4,977.65	4,613.96	4,470.36	3,519.08
Revenue Growth (%)	7.88%	3.21%	27.03%	-
EBITDA as stated	425.63	851.52	711.97	881.52
EBITDA (%)	8.55%	18.46%	15.93%	25.05%
Profit Before Tax	735.37	778.12	650.41	830.55
Profit for the year	477.06	532.47	496.17	598.26
PAT as % to revenue	9.58%	11.54%	11.10%	17.00%
EPS (₹)	21.36	23.75	20.61	24.03
RoNW (%)	15.54	16.55%	17.51%	20.01%
Net Asset Value (₹)	152.17	143.55	126.46	120.09
Dividend (%)	107.45%	44.62%	109.50%	80.00^

Source: RHP, *Restated Consolidated  ^ Face Value ₹ 100/-per share, ~Reduction in share capital due to the share buyback.

For additional information & risk factors please refer to the Red Herring Prospectus

IPO Note of “UTI Asset Management Company Limited”

 Issue Details of UTI Asset Management Company Limited

	UTI Asset Management Company Limited
Issue Period	Bid/Offer Opens On: Tuesday, 29th September, 2020* Bid/Offer Closes On:  Thursday, 1st October, 2020 *The Anchor Investor Bidding Date shall be 28th September, 2020
Issue Details	Offer for Sale of upto 38,987,081 Equity Shares
Issue Size (₹ Cr)	₹ 2,152 Cr - ₹ 2,160 Cr
Price Band	₹ 552 - 554
Bid Lot	27 Shares and in multiple thereof
Employee Reservation	200,000 Equity Shares
Issue Structure :
QIB	50% of the net offer ( 19,393,540# Equity Shares ) (₹ 1,071~Cr - ₹ 1,074^ Cr)
NIB	15% of the net offer ( 5,818,062# Equity Shares ) (₹ 321~Cr - ₹ 322^ Cr)
Retail	35% of the net offer ( 13,575,479# Equity Shares ) (₹ 749~Cr - ₹ 752^ Cr)
	# Number of Equity Shares as per mentioned in RHP
	~ Lower price band and ^ Upper Price Band
BRLMs	Axis Capital, Kotak Mahindra Cap, Citigroup Global, DSP ML, ICICI Sec, JM Financial, SBI Capital Markets
Registrar	KFin Technologies Pvt. Ltd.
Note : Application made using third party UPI or ASBA Bank A/c are liable to be rejected.

 

Retail Matrix :-

 

UTI ASSET MANAGEMENT COMPANY LIMITED - IPO
Bid / Offer Opens on : 29th September 2020 - Tuesday
Bid / Offer Closes on : 1st October 2020 - Thursday
Price Band:	Rs. 552/- to Rs.554/-
Bid Lot :	27 equity share & in multiples thereof
Retail Application Matrix
No of Shares	Cut Off	Amount
27	554	14958
54	554	29916
81	554	44874
108	554	59832
135	554	74790
162	554	89748
189	554	104706
216	554	119664
243	554	134622
270	554	149580
297	554	164538
324	554	179496
351	554	194454
REGISTRAR  - KFIN TECHNOLOGIES PRIVATE LIMITED
Retail Applications Compulsory through UPI Mechanism
Applications made using third party UPI or ASBA A/c are liable to be rejected

UTI AMC IPO Issue Highlights :

• Incorporated as ‘UTI Asset Management Company Private Limited’, on November 14, 2002. UTI Asset Management Company Limited (“UTI AMC”) is the 2nd largest Asset Management Company in India in terms of Total AUM and the 8th largest asset management company in India in terms of mutual fund QAAUM as of June 30, 2020.
• UTI AMC and its predecessor (Unit Trust of India) have been active in the asset management industry for more than 55 years. For purposes of the SEBI Mutual Fund Regulations, its 4 sponsors are the State Bank of India (“SBI”), Life Insurance Corporation of India (“LIC”), Punjab National Bank (“PNB” ) and Bank of Baroda (“BOB”) (collectively, the “Sponsors”). T. Rowe Price Group, Inc., a global asset management company, is their other major shareholder (through its subsidiary T. Rowe Price International Ltd. (“TRP”)). 
• UTI AMC manages the domestic mutual funds of UTI Mutual Fund, provide portfolio management services (“PMS”) to institutional clients and high net worth individuals (“HNIs”), and manage retirement funds, offshore funds and alternative investment funds. As of June 30, 2020, the total QAAUM for its domestic mutual funds (“Domestic Mutual Fund QAAUM”) was ₹133,630 crore, while the Other AUM was ₹849,390 crore.  With 1.09 crore Live Folios as of March 31, 2020, its client base accounts for 12.2% of the approximately 8.97 crore folios that are managed by the Indian mutual fund industry. 
• As of June 30, 2020, UTI AMC manages 153 domestic mutual fund schemes, comprising equity, hybrid, income, liquid and money market funds. 
• As of June 30, 2020, its distribution network includes 163 UTI Financial Centres (“UFCs”), 257 Business Development Associates (“BDAs”) & Chief Agents (“CAs”) (40 of whom operate Official Points of Acceptance (“OPAs”)) & 43 other OPAs, most of which are in each case located in B30 cities. Its IFAs channel includes approximately 53,000 Independent Financial Advisors (“IFAs”) as of June 30, 2020. 
• UTI AMC also manages retirement funds (in its retirement solutions business, which manages the National Pension System (“NPS”) funds), offshore funds (including the Shinsei UTI India Fund, a co-branded fund with Shinsei Bank of Japan) & alternative investment funds. These other businesses (excluding its domestic mutual funds & its PMS business) had an aggregate closing AUM of ₹152,340 crore as of June 30, 2020.  
• The shares will be listed on BSE & NSE.

Competitive Strength :

• Well-positioned to capitalise on favourable industry dynamics, including the under penetration of mutual fund products.
• Pure-play independent asset manager with strong brand recognition and diverse portfolio of funds & services. 
• Multiple distribution channels with wide reach and broad and stable client base. 
• Long-term track record of product innovation, consistent and stable investment performance and AUM growth. 
• Established position in retirement solutions through product innovation and large retirement fund mandates. 
• Experienced management and investment teams supported by strong governance structures and human resources programs. 
• Enhanced profitability driven by the size and product mix.

 Key Business Strategies :

• Drive superior investment performance across the categories of funds. 
• Increase geographical reach and expand distribution channels. 
• Actively pursue additional partnership opportunities. 
• Continue to develop PMS, offshore & alternative funds businesses. 
• Leverage technology & digitization to enhance organizational efficiency & cost optimization, improve customer acquisition & experience & ensure data security. 
• Continue to attract, retain & develop human capital.