Author Topic: MUGHAL -- Mughal Iron & Steel Industries Limited  (Read 64982 times)

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Offline SBM

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Re: MUGHAL -- Mughal Iron & Steel Industries Limited
« Sticky post on: February 09, 2015, 02:52:10 PM »


http://www.akdsecurities.net/IPO.aspx

http://www.akdsecurities.net/downloads/MSteel/PreliminaryProspectus.pdf

THIS ISSUE CONSISTS OF 27,350,000 ORDINARY SHARES (25.00% OF THE POST ISSUE PAID UP
CAPITAL OF MUGHAL IRON & STEEL INDUSTRIES LIMITED) OF FACE VALUE OF PKR 10/- EACH

BOOK BUILDING PORTION OF THE ISSUE COMPRISES OF 20,512,500 ORDINARY SHARES (75% OF THE TOTAL
ISSUE) AT A PRICE BAND OF PKR20.00/- TO PKR34.00/- PER SHARE (INCLUDING PREMIUM OF PKR 10.00/-
PER SHARE ON LOWER LIMIT AND PREMIUM OF 24.00/- PER SHARE ON UPPER LIMIT OF THE PRICE BAND)

GENERAL PUBLIC PORTION OF THE ISSUE COMPRISES OF 6,837,500 ORDINARY SHARES (25% OF THE TOTAL
ISSUE) AT AN OFFER PRICE OF PKR XX/- PER SHARE (INCLUDING A PREMIUM OF PKR XX/- PER SHARE)

BIDDING PERIOD DATE: February 16, 2015

FROM 9:00 A.M. TO 5:00 P.M.
« Last Edit: February 09, 2015, 02:55:06 PM by SBM »
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Pakinvestorsguide

Re: MUGHAL -- Mughal Iron & Steel Industries Limited
« Reply #-1 on: February 09, 2015, 02:52:10 PM »

Offline 007

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MUGHAL -- Mughal Iron & Steel Industries Limited
« on: May 29, 2014, 02:22:08 PM »
All about Mughal Steels

yes they have applied for listing

Offline SBM

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Re: MUGHAL -- Mughal Iron & Steel Industries Limited
« Reply #1 on: May 29, 2014, 02:45:57 PM »
no fair mujhay iski thread banani thee
i saw it first
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Offline 007

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Re: MUGHAL -- Mughal Iron & Steel Industries Limited
« Reply #2 on: May 29, 2014, 02:50:41 PM »
 :D

app ki ijazat hai name change kar lain creator ka

Offline ksenewb

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Re: MUGHAL -- Mughal Iron & Steel Industries Limited
« Reply #3 on: May 29, 2014, 03:00:14 PM »
Chor group hai boss... Very bad repo in market.

Offline SBM

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Re: MUGHAL -- Mughal Iron & Steel Industries Limited
« Reply #4 on: May 29, 2014, 03:05:27 PM »
Chor group hai boss... Very bad repo in market.

why chor ?
@007, no thanks.  its yours now.
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Offline ksenewb

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Re: MUGHAL -- Mughal Iron & Steel Industries Limited
« Reply #5 on: May 29, 2014, 03:14:00 PM »
Chor group hai boss... Very bad repo in market.

why chor ?
@007, no thanks.  its yours now.

Doesn't make payments on time / defaults.. pangay etc. Most of the parties who deal with mughal iron and steel complain about them.. I am working in industry so I know

Offline 007

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Re: MUGHAL -- Mughal Iron & Steel Industries Limited
« Reply #6 on: January 09, 2015, 03:01:42 PM »
changes in book building process

Upper circuit has been removed on the price of companies

No corporate can apply for more than 5% of the shares in book building process

the issuer company will have to get a satisfactory credit rating before offering shares to general public

 :biggthumpup:

that's what I heard

Offline baqii

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Re: MUGHAL -- Mughal Iron & Steel Industries Limited
« Reply #7 on: January 09, 2015, 03:13:41 PM »
change in book building was draft that we published in Dawn on 7th January. Is it approved?

Offline SBM

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« Last Edit: February 06, 2015, 06:30:40 PM by SBM »
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Offline SBM

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Re: MUGHAL -- Mughal Iron & Steel Industries Limited
« Reply #9 on: February 06, 2015, 06:55:57 PM »
48-50  target ?
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Offline Stock_Cheeta

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Re: MUGHAL -- Mughal Iron & Steel Industries Limited
« Reply #10 on: February 06, 2015, 08:17:43 PM »
48-50  target ?

Possible tu lag rha he 50 eps k hissab se

Offline SAM71

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Re: MUGHAL -- Mughal Iron & Steel Industries Limited
« Reply #11 on: February 06, 2015, 08:28:34 PM »
Agreed.  Based on P/E multiple 45-50 seems to be the fair value. However, in the initial euphoria it may go even higher.

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Re: MUGHAL -- Mughal Iron & Steel Industries Limited
« Reply #12 on: February 09, 2015, 02:52:10 PM »


http://www.akdsecurities.net/IPO.aspx

http://www.akdsecurities.net/downloads/MSteel/PreliminaryProspectus.pdf

THIS ISSUE CONSISTS OF 27,350,000 ORDINARY SHARES (25.00% OF THE POST ISSUE PAID UP
CAPITAL OF MUGHAL IRON & STEEL INDUSTRIES LIMITED) OF FACE VALUE OF PKR 10/- EACH

BOOK BUILDING PORTION OF THE ISSUE COMPRISES OF 20,512,500 ORDINARY SHARES (75% OF THE TOTAL
ISSUE) AT A PRICE BAND OF PKR20.00/- TO PKR34.00/- PER SHARE (INCLUDING PREMIUM OF PKR 10.00/-
PER SHARE ON LOWER LIMIT AND PREMIUM OF 24.00/- PER SHARE ON UPPER LIMIT OF THE PRICE BAND)

GENERAL PUBLIC PORTION OF THE ISSUE COMPRISES OF 6,837,500 ORDINARY SHARES (25% OF THE TOTAL
ISSUE) AT AN OFFER PRICE OF PKR XX/- PER SHARE (INCLUDING A PREMIUM OF PKR XX/- PER SHARE)

BIDDING PERIOD DATE: February 16, 2015

FROM 9:00 A.M. TO 5:00 P.M.
« Last Edit: February 09, 2015, 02:55:06 PM by SBM »
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Offline Marshal

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Re: MUGHAL -- Mughal Iron & Steel Industries Limited
« Reply #13 on: February 10, 2015, 01:30:03 PM »
IPO Mughal Iron: Strong fundamentals justify 'subscription'

Mughal Iron & Steel Industries Limited (MISIL) is up for listing at local bourse offering 27.35mn shares (25% of post paid up capital). The book building will take place on 16Feb'15 with book building portion of 20.5mn shares (75% of the issue). The initial price band of the stock is Rs20- Rs34 with a premium band of Rs10- Rs24. The general public portion of the offer consists of 6.8mn shares (25% of the offer). In today's Value Seeker we discuss the key elements of this offer along with our recommendation.

Profitability up by 206%YoY in FY14

MISIL earned profit after tax (PAT) of Rs391mn (EPS: Rs4.76 Pre-IPO & Rs3.58 Post-IPO) in FY14 as compared to Rs128mn (EPS: Rs1.56 Pre-IPO & Rs1.17 Post-IPO) in FY13; up by 206%YoY. The profitability growth stems from higher revenue growth in FY14 and better control over costs. Revenue of the company depicted an upward trend which can also be witnessed in profitability growth (see the table attached) during last 4 years. The company has no cash dividend payment history.

Similarly key financial ratios of the company are also portraying very positive picture. ROE & ROA of MISIL holds an upward trend in last 4 years and settled at 29.5% & 5.5% respectively in FY14. In addition to this, gross & net margin of the company is also continuously improving. However, debt-to-equity ratio of the company has significantly jumped in last one year from 59:41 to 71:29 which is variable rate and is beneficial in declining interest rate scenario.

Key risks to the investment case

Although the company is facing certain risk factors but strong mitigating factors are also present to cope up with these risks. In our opinion, gas supply risk and power supply risk are the risks that require careful analysis by the investors.  MISIL is equipped with 9.3MW gas fired power plant, captive 132kva grid and coal gasification industrial plant to tackle the above mentioned risks. Furthermore, the company is also considering coal based electricity generation to cut down the power cost.

Utilization of IPO proceeds

The company is expected to raise Rs547mn at lower band of Rs20 and Rs930mn at upper band of Rs34. These funds will be utilized to acquire induction furnace, BMR of Re-rolling mill and to meet working capital needs.

Recommendation: 'Subscribe'

We recommend 'subscription' of the stock on account of i) up-trending revenue and earnings growth ii)  strong financial ratios and iii) attractiveness on peer comparison.

InvestCap Research

Offline Tax.Professional

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Re: MUGHAL -- Mughal Iron & Steel Industries Limited
« Reply #14 on: February 12, 2015, 09:00:47 AM »
Seniors please advise...should one go for book building??? Asim bhai have you analyzed the subject company?

Offline 007

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Re: MUGHAL -- Mughal Iron & Steel Industries Limited
« Reply #15 on: February 12, 2015, 10:24:15 AM »
i am going in the book building process

Offline genious.genio

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Re: MUGHAL -- Mughal Iron & Steel Industries Limited
« Reply #16 on: February 12, 2015, 10:33:43 AM »
i am going in the book building process

is it shariah complaint company???

Offline umar

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Re: MUGHAL -- Mughal Iron & Steel Industries Limited
« Reply #17 on: February 13, 2015, 11:42:30 AM »
i am going in the book building process

is it shariah complaint company???

Nope. Interest bearing loans greater than 37% of total assets.
On a long enough time line, the survival rate for everyone drops to zero

Offline genious.genio

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Re: MUGHAL -- Mughal Iron & Steel Industries Limited
« Reply #18 on: February 13, 2015, 11:47:49 AM »
i am going in the book building process

is it shariah complaint company???

Nope. Interest bearing loans greater than 37% of total assets.

Can u tell how much percnt??

Offline sheikhumer

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Re: MUGHAL -- Mughal Iron & Steel Industries Limited
« Reply #19 on: February 16, 2015, 01:11:09 AM »
i am going in the book building process
What are the chances of getting it. I had called AKD they said do not apply for it because you wont be able to get it. How will you submit the form. yourself or through broker?