IPO of PTC INDIA FINANCIAL SERVICES LIMITED (PFS)

Issue Opens on
Issue Closes for QIBs on
Expected Date of refund
Expected Date of Listing
Fresh Issue (Rs. crs)
Offer for Sale (Rs. crs)
Total Issue Size (Rs. crs)

16-Mar-11
18-Mar-11
31-Mar-11
01-Apr-11
298.99
68.47
367.46

Face Value of Share

Price Band
Floor Price - Lower Band (Rs.)
Cap Price - Upper Band (Rs.)
Discount for Retail (Rs.)
Merchant Bankers

26.00
28.00
1.00
SBI Caps, JM Fin, ICICI Sec, Almondz & Avendus

IPO Grade

CRISIL IPO Grade 3/5 - Average Fundamental

Shareholding Pattern
Promoters
PE Investor - GS Strategic Investments Ltd.
PE Investor - Macquarie India Holdings Ltd.
Employees
Public

10.00

Pre Issue
337,250,001
48,666,667
48,666,667
434,583,335

%
Post Issue
77.60% 337,250,001
11.20%
48,666,667
11.20%
19,466,667
0.00%
0.00% 156,700,000
100.00% 562,083,335

IPO Summary at Upper Band

Anchor (Will Announce Tomorrow)
QIB
HNI
Retail
Employees
Total
At Cap Price
No. of Shares in Offer for Sale
No. of Fresh Shares to be issued
No. of Existing Shares
Post Issue no. of shares

No. of Shares
23,505,000
54,845,000
23,505,000
54,845,000
156,700,000
29,200,000
127,500,000
434,583,335
562,083,335

%
15%
35%
15%
35%
100%

Amount
65.81
153.57
65.81
148.08
433.28

%
60.00%
8.66%
3.46%
0.00%
27.88%
100.00%

Post Issue Market Cap (Rs. crs)

Less: Fresh Issue (Rs. crs)
Pre-Money Valuation (Rs. crs)

1574
367
1206

PAT for the year ended 31/03/2010 (Rs. crs)

P/E Multiple (Pre-Money)
P/E Multiple (Post-Money)

25.45
47.40
61.84

PAT for the 9 Months ended 31/12/2010 (Rs. Crs)

Projected PAT for the Year ended 31/03/2011
EPS For FY 2011 on Fully Diluted Basis
P/E Multiple (Pre-Money)
P/E Multiple (Post-Money)

31.22
55.57
0.99
21.71
28.32

PAT for the year ended 31/03/2012 (Rs. crs)

EPS For FY 2012 on Fully Diluted Basis
P/E Multiple (Pre-Money)
P/E Multiple (Post-Money)

105.43
1.88
11.44
14.93

Valuations
March , 2010
Book Value (in Rs.)
Price/BVPS
EPS
RONW%
PAT Margin

At Cap Price
14.63
1.91
0.59
4.00%
47.58%

December, 2010
Book Value (in Rs.)
Price/BVPS
EPS
RONW%
PAT Margin
Post Issue Book Value Per Share
Post Issue - Price/BVPS

At Cap Price
15.29
1.83
0.70
4.70%
37.82%
17.14
1.63

41.63 Annualised
0.74
28.98
37.81

Fianancials (Rs. Crores)

Particulars
Total Income
PAT
Net Worth
PAT %
RONW %
EPS
BVPS
PE Ratio
P/BVPS
NPAs (Rs. Crs.)
Net Interest Margin (NIM) (%)
Capital Adequacy Ratio (%)
Peer Group Analysis (Historical TTM)
Company Name
Power Finance Corp. Ltd. (PFC)
Rural Elec. Corp. Ltd. (REC)
IFCI Limited (IFCI)
Average
Power Finance Corporation Limited (PFC)
Particulars (Rs. Crores)
Operating Income
PAT
Net Worth
PAT %
RONW %
EPS
BVPS
PE Ratio
P/BVPS
Bad Debts (Rs. Crs.)
Net Interest Margin (%)
Capital Adequacy Ratio (%)

31-Mar-10 31-Dec-10
53.49
82.54
25.45
31.22
635.94
664.47
47.58%
37.82%
4.00%
4.70%
0.59
0.70
14.63
15.29
40.00
1.83
11.94%
7.52%
88.30%
60.57%

CMP
240.50
228.25
53.65

31-Mar-11 31-Mar-12
156.88
335.09
55.57
105.43
987.81
1093.24
35.42%
31.46%
5.63%
9.64%
0.99
1.88
17.57
19.45
28.32
14.93
1.59
1.44
6.90%
3.60%
48.70%
30.80%

BVPS
121.30
112.20
42.70

TTM EPS
22.80
24.60
9.70

31-Mar-10 31-Mar-11
3,160
3,750
2,360
2,620
13,260
15,110
74.68%
69.87%
17.80%
17.34%
20.50
22.80
115.50
131.60
11.73
10.55
2.08
1.83
20.00
4.10%
3.90%
17.40%
16.30%

31-Mar-12
4,740
3,320
21,770
70.04%
15.25%
25.20
164.80
9.54
1.46
30.00
3.90%
18.30%

P/E
P/BVPS RONW %
10.55
1.98
18.77%
9.28
2.03
21.94%
5.53
1.26
22.82%
8.45
1.76
21.18%

PAT %
26.79%
30.30%
24.88%
27.33%

Rural Electrification Corporation Limited (REC)

Particulars (Rs. Crores)
Operating Income
PAT
Net Worth
PAT %
RONW %
EPS
BVPS
PE Ratio
P/BVPS
Bad Debts (Rs. Crs.)
Net Interest Margin (%)
Capital Adequacy Ratio (%)
Grey Market Premium (As on 14-03-2011)

31-Mar-10 31-Mar-11
2,652
3,373
2,327
2,465
11,080
12,570
87.77%
73.08%
21.00%
19.61%
23.26
25.00
112.20
127.30
9.81
9.13
2.03
1.79
4.40%
4.50%
17.80%
16.90%
3.00

31-Mar-12
4,033
2,919
14,470
72.38%
20.18%
29.60
146.50
7.71
1.56
4.40%
15.60%
10.71%

IPO of PTC INDIA FINANCIAL SERVICES LIMITED (PFS)

Issue Opens on
Issue Closes for QIBs on
Expected Date of refund
Expected Date of Listing
Fresh Issue (Rs. crs)
Offer for Sale (Rs. crs)
Total Issue Size (Rs. crs)
Face Value of Share
Price Band
Floor Price - Lower Band (Rs.)
Cap Price - Upper Band (Rs.)
Discount for Retail (Rs.)
Merchant Bankers
IPO Grade
Shareholding Pattern
Promoters
PE Investor - GS Strategic Investments Ltd.
PE Investor - Macquarie India Holdings Ltd.
Employees
Public

IPO Summary at Upper Band

QIB
HNI
Retail
Employees
Total
At Cap Price
No. of Shares in Offer for Sale
No. of Fresh Shares to be issued
No. of Existing Shares
Post Issue no. of shares
Post Issue Market Cap (Rs. crs)
Less: Fresh Issue (Rs. crs)
Pre-Money Valuation (Rs. crs)
PAT for the year ended 31/03/2010 (Rs. crs)
P/E Multiple (Pre-Money)
P/E Multiple (Post-Money)

16-Mar-11
18-Mar-11
31-Mar-11
01-Apr-11
352.54
80.74
433.28
10.00

26.00
28.00
1.00
SBI Caps, JM Fin, ICICI Sec, Almondz &
CRISIL IPO Grade 3/5 - Average Fundam
Pre Issue
337,250,001
48,666,667
48,666,667
434,583,335
No. of Shares
78,350,000
23,505,000
54,845,000
156,700,000
29,200,000
127,500,000
434,583,335
562,083,335
1574
433
1141
25.45
44.81
61.84

%
77.60%
11.20%
11.20%
0.00%
0.00%
100.00%
%
50%
15%
35%
100%

PAT for the 9 Months ended 31/12/2010 (Rs. Crs)

Projected PAT for the Year ended 31/03/2011
EPS For FY 2011 on Fully Diluted Basis
P/E Multiple (Pre-Money)
P/E Multiple (Post-Money)
PAT for the year ended 31/03/2012 (Rs. crs)
EPS For FY 2012 on Fully Diluted Basis
P/E Multiple (Pre-Money)
P/E Multiple (Post-Money)

31.22
55.57
0.99
20.52
28.32
105.43
1.88
10.82
14.93

Valuations
March , 2010
Book Value (in Rs.)
Price/BVPS
EPS
RONW%
PAT Margin

At Cap Price
14.63
1.91
0.59
4.00%
47.58%

September, 2010
Book Value (in Rs.)
Price/BVPS
EPS
RONW%
PAT Margin
Post Issue Book Value Per Share
Post Issue - Price/BVPS

At Cap Price
15.21
1.84
0.57
3.86%
47.59%
18.03
1.55

Fianancials (Rs. Crores)

Particulars
Total Income
PAT
Net Worth
PAT %
RONW %
EPS
BVPS
PE Ratio
P/BVPS
NPAs (Rs. Crs.)
Net Interest Margin (NIM) (%)
Capital Adequacy Ratio (%)
Peer Group Analysis (Historical TTM)

41.63
0.74
27.40
37.81

31-Mar-10 30-09-2010
53.49
53.61
25.45
25.51
635.94
660.84
47.58%
47.59%
4.00%
3.86%
0.59
0.57
14.63
15.21
49.12
1.84
11.94%
8.38%
88.30%
60.98%

Company Name
Power Finance Corp. Ltd. (PFC)
Rural Elec. Corp. Ltd. (REC)
IFCI Limited (IFCI)
Average
Power Finance Corporation Limited (PFC)
Particulars (Rs. Crores)
Operating Income
PAT
Net Worth
PAT %
RONW %
EPS
BVPS
PE Ratio
P/BVPS
Bad Debts (Rs. Crs.)
Net Interest Margin (%)
Capital Adequacy Ratio (%)
Grey Market Premium (As on 14-03-2011)

CMP
243.00
228.25
52.65

BVPS
121.30
112.20
42.70

31-Mar-10 31-Mar-11
3,160
3,750
2,360
2,620
13,260
15,110
74.68%
69.87%
17.80%
17.34%
20.50
22.80
115.50
131.60
11.85
10.66
2.10
1.85
20.00
4.10%
3.90%
17.40%
16.30%
3.50

ICICI Sec, Almondz & Avendus

3/5 - Average Fundamental
Post Issue
337,250,001
48,666,667
19,466,667
156,700,000
###
Amount
219.38
65.81
148.08
433.28

%
60.00%
8.66%
3.46%
0.00%
27.88%
100.00%
Anchor
65.81

Annualised

31-Mar-11 31-Mar-12
156.88
335.09
55.57
105.43
1,043.44
1148.87
35.42%
31.46%
5.33%
9.18%
0.99
1.88
18.56
20.44
28.32
14.93
1.51
1.37
6.90%
3.60%
48.70%
30.80%

TTM EPS
22.80
24.60
9.70

31-Mar-12
4,740
3,320
21,770
70.04%
15.25%
25.20
164.80
9.64
1.47
30.00
3.90%
18.30%
12.50%

P/E
P/BVPS RONW %
10.66
2.00
18.77%
9.28
2.03
21.94%
5.43
1.23
22.82%
8.45
1.76
21.18%

PAT %
26.79%
30.30%
24.88%
27.33%