Issue Highlights
Issue Period
|
16/6/17-20/6/17
|
Price Band (Rs.)
|
600-603
|
Issue Size(shares)
|
2,88,75,100
|
Issue Size (Rs. crore)
|
1741.16
|
Issue Type
|
100% Book Built
|
Face Value (Rs.)
|
1
|
Listing
|
BSE, NSE
|
Industry
|
Pharmaceutical
|
Registrar
|
Link Intime India Pvt. Ltd.
|
Minimum Bid Quantity
|
24
|
Maximum Retail Subscription (Rs.)
|
1,88,136
|
BRLM
|
Axis Cap, City, Credit Suisse
|
Issue Details
Offer for Sale: 2,88,75,100
Fresh Issue: Nil
Equity Shares Outstanding
Prior to the Issue: 13,75,00,000
Equity Shares
Outstanding After the Issue: 13,75,00,000
Objects of the Issue
The Issue being a
pure offer for sale company shall not receive any proceeds from the offer.
(1)
To avail
the listing benefits
(2)
Providing
an exit route to selling share holders
(3)
Offer
related expenses
Company Profile
With an emphasis on
developing products linked to life style diseases, ELL
operates in both
chronic and acute categories of the Indian pharmaceutical market like
Cardiovascular, anti-diabetics, vitamins, gastroenterology and anti-infectives.
Round 64 % of the total revenue comes from the chronic categories. In terms of
revenue, ELL is ranked 21st out of the 353 domestic and
multi-national companies catering the chronic categories.
Risks & Threats
(1)
Around
52 of the revenue garnered is attributed to the Assam facility and the state of
Assam being prone to manmade disruption- is a major concern
(2)
Around
20 % of the revenue comes from the products made by the third-party
manufacturer
(3)
Around 76%
of the revenue comes from metro and class 1 towns making the company prone to
the risk of shift in demand
Financial Profile
Parameter
|
FY 2016
|
FY 17 Annu.
|
PEG Ratio
|
1.64
|
.61
|
P/B
|
27.67
|
|
Profit CAGR % (4 year)
|
37.89
|
|
ROCE (%)
|
46.04
|
|
ROE (%)
|
44.58
|
|
ROESharp %
|
31.61
|
|
NPM (%)
|
22.37
|
|
EBITDA MARGIN (%)
|
28.73
|
|
OCF/Sales
|
.22
|
|
AR Collection Period
|
14.99
|
|
Inventory Days
|
32.17
|
|
Total Liability/Net worth
|
.32
|
Comparison with the listed Peers #
NPM (%)
|
ROCE (%)
|
ROE (%)
|
PEG
|
|
GlaxoSmithKline
|
15.94
|
25.59
|
28.08
|
1.92
|
Abbott India Ltd
|
9.87
|
22.54
|
23.43
|
1.53
|
Sanofi India ltd
|
12.53
|
15.86
|
17.11
|
2.43
|
Pfizer Ltd
|
11.04
|
10.34
|
10.51
|
4.79
|
Eris life Sciences
|
22.37
|
46.04
|
44.58
|
1.64
|
# moneycontrol data
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