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INTIAL PUBLIC OFFERING (IPO)

IPO stands for Initial Public Offering and means the new offer of shares from acompany which was previously unlisted. This is done by offering those shares tothe public, which were held by the promoters or the private investors prior to theIPO. In the case when other investors or Promoter held the shares the stake holdingcomes down to the extent their shares are offered to the public. In other cases newshares are issued to the public and the shares, which are with the promoters stay

with them. In both cases the share of the promoters in the total capital comes down.

For example say there are 100 shares in a company and 50 of these are offered tothe public in an IPO then in such a case the promoters stake in the companycomes down from 100% to 50%. In another case the company issues 50 additionalshares to the public and the stake of the promoter comes down from 100% to 67%.

Normally in an IPO the shares are issued at a discount to what is considered theirintrinsic value and thats why investors keenly await IPOs and make money on

most of them. IPO are generally priced at a discount, which means that if theintrinsic value of a share is perceived to be Rs.100 the shares will be offered at aprice, which is lesser than Rs.100 say Rs.80 during the IPO. When the stockactually lists in the market it will list closer to Rs.100. The difference between thetwo prices is known as Listing Gains, which an investor makes when investing inIPO and making money at the listing of the IPO. A Bullish Market gives IPOinvestors a clear opportunity to achieve long term targets in a short term phase.

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Concept of an IPO

An IPO is the first sale of stock by a company to the public. A

company can raise money by issuing either debt or equity. If the company hasnever issued equity public, its known as an IPO. Companies fall into two broadcategories: private and public.The first sale of stock by a private company to the public, IPOs are often issuedby smaller, younger companies seeking capital to expand, but can also be done bylarge privately-owned companies looking to become publicity traded. In an IPO,the issuer obtain the assistance of a underwriter firm, which helps it determinewhat type of securities to issue (common preferred), best offering price and time to

bring it to market. IPOs can be a risky investment. For the individual investors, it

is though top predict what the stock will do on its initial day of trading and in thenear future since there is often little historical data with which to analyze thecompany. Also, most IPOs are of companies going through a transitory growthperiod, and they are therefore subject to additional uncertainty regarding theirfuture value.

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ADVANTAGES AND DISADVANTAGES OFIPO

The decision to take a company public in the form of an initial public offering(IPO) should not be considered lightly. There are several advantages anddisadvantages to being a public company, which should thoroughly be considered.This memorandum will discuss the advantages and disadvantages of conducting anIPO and will briefly discuss the steps to be taken to register an offering for sale tothe public. The purpose of this memorandum is to provide a thumbnail sketch ofthe process. The reader should understand that the process is very time consuming

and complicated and companies should undertake this process only after seriousconsideration of the advantages and disadvantages and discussions with qualifiedadvisors.

Advantages of going public:

Increased Capital

A public offering will allow a company to raise capital to use for various corporate

purposes such as working capital, acquisitions, research and development,marketing, and expanding plant and equipment.

Liquidity

Once shares of a company are traded on a public exchange, those shares have amarket value and can be resold. This allows a company to attract and retainemployees by offering stock incentive packages to those employees. Moreover, it

also provides investors in the company the option to trade their shares thusenhancing investor confidence.

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Increased Prestige

Public companies often are better known and more visible than private companies,this enables them to obtain a larger market for their goods or services. Publiccompanies are able to have access to larger pools of capital as well as differenttypes of capital.

Valuation

Public trading of a companys shares sets a value for the company that is set by thepublic market and not through more subjective standards set by a private valuator.This is helpful for a company that is looking for a merger or acquisition. It alsoallows the shareholders to know the value of the shares.

Increased wealth

The founders of the company often have the sense of increased wealth as a resultof the IPO. Prior to the IPO these shares were illiquid and had a more subjectiveprice. These shares now have an ascertainable price and after any lockup periodthese shares may be sold to the public, subject to limitations.

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Disadvantages of going Public:

Time and Expense

Conducting an IPO is time consuming and expensive. A successful IPO can takeup to a year or more to complete and a company can expect to spend severalhundreds of thousands of dollars on attorneys, accountants, and printers. Inaddition, the underwriters fees can range from 3% to 10% of the value of theoffering. Due to the time and expense of preparation of the IPO, many companiessimply cannot afford the time or spare the expense of preparing IPO.

Disclosure

The SEC disclosure rules are very extensive. Once a company is a reportingcompany it must provide information regarding compensation of seniormanagement, transactions with parties related to the company, conflicts of interest,competitive positions, how the company intends to develop future products,material contracts, and lawsuits. In addition, once the offering statement iseffective, a company will be required to make financial disclosures required by theSecurities and Exchange Act of 1934. The 1934 Act requires public companies tofile quarterly statements containing unaudited financial statements and auditedfinancial statements annually. These statements must also contain updatedinformation regarding nonfinancial matters similar to information provided in the

initial registration statement. This usually entails retaining lawyers and auditors toprepare these quarterly and annual statements. In addition, a company must reportcertain material events as they arise. This information is available to investors,employees, and competitors.

Falling Stock PriceIf the shares of the companys stock fall, the company may lose market confidence,decreased valuation of the company may effect lines of credits, secondary offering

pricing, the companys ability to maintain employees, and the personal wealth of

insiders and investors.

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VulnerabilityIf a large portion of the companys shares are sold to the public, the company maybecome a target for a takeover, causing insiders to lose control. A takeover bidmay be the result of shareholders being upset with management or corporateraiders looking for an opportunity. Defending a hostile bid can be both expensiveand time consuming. Once a company has weighed the advantages anddisadvantages of being a public company, if it decides that it would like to conductan IPO it will have to retain a lead

Regulatory ReviewThe Company will be open to review by the SEC to ensure that the company ismaking the appropriate filings with all relevant disclosures.

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PRIMARY AND SECONDARY MARKETS

In the primary market securities are issued to the public and the proceeds go to theissuing company. Secondary market is term used for stock exchanges, wherestocks are bought and sold after they are issued to the public.

Primary Market:

The first time that a companys shares are issued to the public, it is by aprocess called the initial public offering (IPO). In an IPO the company offloads acertain percentage of its total shares to the public at a certain price.

Most IPOS these days do not have a fixed offer price. Instead they follow amethod called BOOK BUILDING PROCESS, where the offer price is placed in aband or a range with the highest and the lowest value (refer to the newspaperclipping on the page).

Secondary Market:

Once the offer price is fixed and the shares are issued to the people, stockexchanges facilitate the trading of shares for the general public. Once a stock islisted on an exchange, people can start trading in its shares. In a stock exchange theexisting shareholders sell their shares to anyone who is willing to buy them at aprice agreeable to both parties. Individuals cannot buy or sell shares in a stockexchange directly; they have to execute their transaction through authorizedmembers of the stock exchange who are also called STOCK BROKERS.

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HISTORY OF PRIMARY MARKET

Indian capital market was initial with establishing the Bombay stock

exchange in the year 1875. at that time the main function of stock exchange was toprovide place for trading in the stocks. Now the exchange has completed more than25 years. It has undergone several charges.

Initially the IPO was called New Issue and the issues in the PrimaryMarket were controlled by CCI (Controller of capital issue). It was working as adepartment of MOF (ministry of finance). There were very few issues every year.CCI was highly conservative and hardly allowed any premium issues.

Also, the regulatory framework was inadequate to control several issues relating toPrimary Market. Therefore, in the year 1992 it was abolished.

There was no awareness of new issues among the investingpublic, during 1950s-1960s, the investment in stock market was considered to begambling. It was prerogative to highly elite business community to participate innew issues. More than 99% of Indian population never participated in any issueduring CCI regime.

There was tremendous growth in capital market in U.S.A anWestern Europe. In these markets they had established Security ExchangeCommission (SEC). It is most powerful autonomous body. The Government ofIndia realized the importance of a similar body in India for healthy and fast growthof Capital Market. Thus Security Exchange Board of India (SEBI) was establishedwith headquarters in Mumbai in1992. SEBI is the most powerful body in India.

SEBI has up with the guidances for disclosures and investors

protection. SEBI has framed rules for various intermediaries like MerchantBankers, Underwriters, Brokers, Registrars and Transfer Agents, Depositories,Stock Exchange etc. This has attracted foreign institutional and individualinvestors to invest money in India. This has resulted in exponential growth ofCapital Market in this last decade.

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STRATEGY TO INVEST IN PRIMARY MARKET

1. Collection of information regarding the new issueTyupe of security, kindof organisation making the issue, method of flotation of issue etc.

2. Product profile and companys future prospectus needs to be kept in mind.Management information like promoters past records needs to be sought.

3. No Investment decision must be done prior coolecting the information

specified. As one knows the famous quote, GOD lies in the details,accordingly one must careful look at the risk factors and other pointsmentioned in the prospetus of the company before application.

4. Anm issue, which has got a lot of hype, must be subscribed but in limitedquantity for it may happen that your capital is blocked and you are notalloted any shares. Sometimes it may happen that an over hyped issue whenit comes to listing is a real flop and people turn out top make loses.

5. The premium if charged by the company must also be be taken a note of. Assuch a company coming with an issue with high premium without properjustification and backup by past performanve must be avoided.

6. Broadly, new issues incresses when stock values are rising and vice versa.So , the timing is a crucial phenamenon as one can get the same stock at acheaper valuation from the open market.

7. The prospectus of the secondary market and the sector to which the IPObelongs m,ust also be taken a note of . Since if the secondary market or thesector is not performing the same is likely to be the case of the IPOirrespective of the prospects of the company as there exists a correlationbetween all of them.

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REASONS FOR GOING IN FOR IPO

Basically, going public (or participating in an initial public offering or (IPO) isthe process in which a business owned by one or several individuals is convertedinto a business owned by many. It involves the offering of part ownership of thecompany to the public through the sale of debt or more commonly, equitysecurities (stock).

Going public raises cash and usually a lot of it. Being publicly traded also opensmany financial doors:Because of the increased scrutiny, public companies can usually get better rates

when they issue debt.As long as there is market demand, a public company can always issue more stock.Thus, mergers and acquisitions are easier to do because stock can be issued aspart of the deal.Trading in the open markets means liquidity. This makes it possible to implementthings like employee stock ownership plans, which help to attract top talent.

Being on a major stock exchange carries a considerable amount of prestige. In thepast, only private companies with strong fundamentals could qualify for an IPOand it wasnt easy to get listed.

The internet boom changed all this. Firms no longer needed strong financials and asolid history to go public. Instead, IPOs were done by smaller startups seeking toexpand their businesses. Theres nothing wrong with wanting to expand, but mostof these firms had never made a profit and didnt plan on being profitable any timesoon.

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Improving the Prospectus for a Successful IPO

For most small business, the decision to go public is made gradually overtime as changes in the companys performance and capital needs make an IPOseem more desireale and necessary. But many companies still fall to bring theirplans to sell stock to completion due to a lack of planning. In an article forEnterpreneur, Devid R Evanson outlined a number of steps small business ownerscan take to improve the prospectus of an IPO long before their company formallyconsiders going public. One step involves assessing and taking action to improvethe companys image, which will be scrutinized by investors when the time comesfor an IPO. It is also necessary to recognize as a corporation and beging keeping

detailed fincial records.

Another steps small business owners can take in advance to preparetheir companies to go public is to supplement mangement with experiencedprofessionals. Invesators like to see a maagement team that genrates confidenceand respect within the industry, and that can be a source of innovative ideas forfuture growth. Forming this sort of management team may require a small businessowner to hire outside of his or her own local network of business associates. It mayalso involve setting up lucrative benefit plans to help attract and retain top talent.

Similarly, the smalll business should set about company maximisationshareholders value once it has become a public entity. It is also helpful for thesmall business owner to being making contacts with investment banks , attorneys,and accounts in advance of planning an IPO. Evanson recommended using a BigSix accounting firm, since they have earned the trust of investors nationwide.

Finally, Evanson recommended that small business untrested in eventuallygoing being acting like a large corporation in eventually going public being actinglike a large corporation in their relationships with customers, suppl;iers employees,

and the government contractors. They also favo formal human resource programsinducing hiring procedures, performing.

Reviews, and benefits plans. It is also important for small business to protecttheir unique produce products and ideas buy applying for patents and trademarksas needed. All of these steps, when taken in advance, can help to smooth a small

businesss passage to becoming a public entity.

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PARAMETERS TO JUDGE AN IPO

Good investing principles demand that you study the minutes of details

prior to investing in an IPO. Here are some parameters you shouldevaluate:-

1. Promoters

Is the company a family run business or is it professionally owned?Even with a family run business what are the credibility and professionalqualifications of those managing the company? Do the top level managershave enough experience (of at least 5 years) in the specific type of business?

2. .Industry Outlook

The products or services of the company should have a good demandand scope for profit.

3. Business Plans

Check the progress made in terms of land acquisition, clearances fromvarious departments, purchase of machinery, letter of credits etc. A higherinitial investment from the promoters will lead to a higher faith in theorganization.

4. Financials

Why does the company require the money? Is the company floatingmore equity than required? What is the debt component? Keep a track on theprofits, growth and margins of the previous years. A steady growth rate isthe quality of a fundamentally sound company. Check the assumptions thepromoters are making and whether these assumptions or expectations soundfeasible.

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5. Risk Factors

The offer documents will list our specific risk factors such as thecompanys liabilities, court cases or other litigations. Examine how thesefactors will affect the operations of the company.

6. Key Names

Every IPO will have lead managers and merchant bankers. You canfigure out the track record of the merchant banker through the SEBI website.

7. PRICING

Compare the companys PER with that of similar companies. With this youcan find out the P/E Growth ratio and examine whether its earningsprojections seem viable.

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PROCEDURE FOR APPLYING IN AN IPO

When a company floats a public issue or IPO, it prints forms for application to befilled by the investors. Public issues are open for a few days only. As per law, any

public issue should be kept open for a minimum of 3days and a maximum of 21days. For issues, which are underwritten by financial institutions, the offer shouldbe kept open for a minimum of 3 days and a maximum of 21 days. For issues,which are underwritten by all India financial institutions, the offer should be keptopen for a maximum of 10 days. Generally, issues are kept open for only 3 to 4days. The duly complete application from, accompanied by cash, cheque, DD orstock invest should be deposited before the closing date as per the instruction onthe form. IPOs by investment companies (closed end funds) usually containunderwriting fees which represent a load to buyers.

Before applying for any IPO, analyze the following factors:

1. Who are the Promoters? What is their credibility and track record?

2. What is the company manufacturing or providing servicesProduct, itspotential.

3. Does the Company have any Technology tie-up? If yes, what is the reputation ofthe collaborators?

4. What has been the past performance of the Company offering the IPO?

5. What is the Project cost, what are the means of financing and profitabilityprojections?

6. What are the Risk factors involved?

7. Who has appraised the Project? In India Projects apprised by IDBI and ICICIhave more credibility than small Merchant Bankers?

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PROCEDURE FOR GETTING IN AN IPO

1. Process of the company for issuing the IPOs

IPO generally involve one or more investment banks as Underwriter. Thecompany offering its shares, called the Issuer enters a contract with a leadunderwriter to sell its shares to the public. The underwriter then approachesinvestors with offers to sell these shares.

The sale (that is the allocation and pricing) of shares in an IPO may take severalforms. Common methods include.

Best efforts Bought deal Dutch auction Firm commitment Self Distribution of Stock

A large IPO is usually underwrittenby syndicate of investment banks led by one

or more major investment banks (lead underwriter). Upon selling the sharers, theunderwriters keep a commission based on a percentage of the value of the sharessold. Usually the lead underwriters, i.e. the underwriters selling the largestproportion of the IPO, take the highest commission-up5% in some cases.

Public offering is primarily sold to institutional investors, but some sharesare also allocated to the underwriters retail investors. A broker selling shares of apublic offering to his client is paid through a sales credit instead of a commission.The client pays no commission top purchase the shares the shares of public

offering: the purchase price simply includes the built-in credit.

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2. The Underwriting Process

Getting a piece of a hot IPO is very difficult, if not impossible. Tounderstand why, we need to know how an IPO is done, a process known asunderwriting.

When a company wants to go public, the first thing it does is hire an investmentbank. A company could theoretically sell its shares on its own, but realistically, aninvestment bank is requiredits just the way Wall Street works. Underwritingis the process of raising money by either debt or equity (in this case we arereferring to equity). You can think of underwriters as middlemen betweencompanies and the investing public. The biggest underwriters are Goldman Sachs,

Merrill Lynch, Credit Suisse First Boston, Lehman Brothers and Morgan Stanley.

The company and the investment bank will first meet to negotiate the deal. Itemsusually discussed include the amount of money a company will raise, the type ofsecurities to be issued and all the details in the underwriting agreement. The dealcan be structured in a variety of ways. For example, in a firm commitment, theunderwriter guarantees that a certain amount will be raised by buying the entireoffer and then reselling to the public. In a best efforts agreement, however, theunderwriter sells securities for the company but doesnt guarantee the amountraised. Also, investment banks are hesitant to shoulder all the risk of an offering.Instead, they form a syndicate of underwriters. One underwriter leads the syndicateand the others sell a part of the issue.

Once all sides agree to a deal, the investment bank puts together a registrationstatement to be filed with the SEC. This document contains information about theoffering as well as company info such as financial statements, managementbackground, any legal problems, where the money is to be used and insiderholdings. The SEC then requires a cooling off period, in which they investigate andmake sure all material information has been disclosed. Once the SEC approves the

offering, a date (the effective date) is set when the stock will be offered to thepublic.

During the cooling off period the underwriter puts together what is known as thered herring. This is an initial prospectus containing all the information about thecompany except for the offer price and the effective date, which arent known atthat time. With the red herring in hand, the underwriter and company attempt to

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hype and build up interest for the issue. They go on a road showalso known asthe dog and pony show where the big institutional investors are courted.

As the effective date approaches, the underwriter and company sit down anddecide on the price. This isnt an easy decision: it depends on the company, thesuccess of the road show and, most importantly, current market conditions. Ofcourse, its in both parties interest to get as much as possible.

Finally, the securities are sold on the stock market and the money is collected frominvestors.

As you can see, the road to an IPO is a long and complicated one. You may havenoticed that individual investors arent involved until the very end. This is becausesmall investors arent the target market. They dont have the cash and, therefore,

hold little interest for the underwriters. If underwriters think an IPO will besuccessful, theyll usually pad the pockets of their favorite institutional client withshares at the IPO price. The only way for you to get shares (known as an IPOallocation) is to have an account with one of the investment banks that is part ofthe underwriting syndicate. But dont expect to open an account with $1,000 andbe showered with an allocation. You need to be a frequently trading client with alarge account to get in on a hot IPO.

Bottom line, your chances of getting early shares in an IPO are slim to none unlessyoure on the inside. If you do get shares, its probably because nobody else wantsthem. Granted, there are exceptions to every rule and it would be incorrect for us tosay that its impossible. Just keep in mind that the probability isnt high if you are asmall investor.

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3. Registration Process

Going public requires a Registration Statement which is a carefully crafteddocument that is prepared by your attorneys and accountants. It requires detailed

discussions on information pertaining to:Business product/service/markets

Company Information

Risk Factors

Proceeds Use (How are you going to use the money)

Officers and Directors

Related party transactions

Identification of your principal shareholders

Audited financials

After your registration statement is prepared, it is submitted to the Securities and

Exchange Commission and various other regulatory bodies for their detailedreview. When this process is completed, you and your management team will do aroad show to present your company to the stock brokers who will then sell yourstock to the public investors. Assuming they can successfully sell your issue, youreceive your money. Then its simple, all you have to do is make a lot more moneywith the proceeds so as to increase the value of your, your teams and publicinvestors stock.

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METHODS OF ISSUE

1.AUCTION

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THE INTERMEDIARIES IN AN ISSUE

Merchant Bankers to the issue or Book Running Leading Managers

(BRLM),

syndicate members,

Registers to the issue,

Bankers to the issue,

Auditors of the company, Underwriters to the issue, Solicitors, etc.

The issuer discloses of these intermediaries to an issue. Theissuer discloses the address, telephone/fax number and email addressof these intermediaries. In addition to this, the issuer also discloses thedetails of the compliance officer appointed by the company for thepurpose of the issue.

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IPO SCAMS

YES Bank Ltd. Case:

New Delhi: When the Securities Exchange Board of India (SEBI) started scanningan entire spectrum of IPO launched over 2003, 2004 and 2005, it ended digging upmore dirt and probably prevented a larger conspiracy to hijack the market.

Here is a lowdown on the IPO scam:

What was the scam?

It involved manipulation of the primary market read initial public offers(IPOs)by financiers and market players by using fictitious or became demataccounts.

While investigating the Yes Bank scam, SEBI found that certain entities hadillegally obtained IPO shares reserved for retail applicants through thousands ofbenaami demat accounts.

They then transferred the shares to financiers, who sold on the first day of listing,

making windfall gains from the price difference between the IPO price and thelisting price.

The modus operandi adopted in manipulating the YES Bank Ltd (YBL)s initialpublic offering (IPO) allotment involved opening of over 7,500 becamedematerialized accounts.

These accounts were with the National Securities Depository Ltd (NSDL) throughKarvy Stock broking Ltd (Kirby-DP).When was the scam detected?

The IPO scam came to light in 2005 when the private Yes Bank launched itsinitial public offering. Roopalben Panchal, a resident of Ahmadabad, had allegedlyopened several fake demat accounts and subsequently raised finances on the sharesallotted to her through Bharat Overseas Bank branches.

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The SEBIi started a broad investigation into IPO allotments after it detectedirregularities in the buying of shares of YES Bank IPO in 2005.

What triggered the SEBI probe?

On October 10 last year, an Income Tax raid on businessman PurushottamBudhwani accidentally found he was controlling over 5,000 demat accounts.SEBI finds this suspicious.

On December 15, SEBI declared results of its probe, how a few peoplecornered a large chunk of YES Bank IPO shares.

Roopalben Panchal was found to be controlling nearly 15,000 demataccounts.

It was found that once they obtained these shares, the fictitious investorstransferred them to financiers.

The financiers then sold these shares on the first day of listing, reaping hugeprofits between the IPO price and the listing price. The SEBI report covered105 IPOs from 2003-2005.

The SEBI probe covered several IPO dating back to 2005, 2004 and 2003 to detect

misuse. These included the offerings of Jet Airways, Sasken Communications,Suzlon Energy, Punj Lloyds, JP Hydro Power, NTPC, PVR Cinema, ShringarCinema and others. A lot more dubious accounts across several IPOs areexpected to tumble out in the next few days.

It also detected similar irregularities in the IDFC IPO, in which over 8 per cent ofthe allotment in the retail segment was cornered by fictitious applicants throughmultiple demat accounts.

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FACTORS THAT FACILITATED THE SCAM

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EXAMPLE OF IPO

Issuer Company Issue Open Issue Close Offer Price Issue Size(Crore Rs.)

PG ElectroplastLimited IPO Sep 07, 2011 Sep 12, 2011 190/- to 210/- 120.65

TD Power

Systems Ltd IPO Aug 24, 2011 Aug 26, 2011 256/- to 261/- 227.00SRS Limited IPO Aug 23, 2011 Aug 26, 2011 58/- to 65/- 227.50

Brooks LaboratoriesLtd IPO Aug 16, 2011 Aug 18, 2011 90/- to 100/- 63.00

Tree House Education& Accessories LtdIPO Aug 10, 2011 Aug 12, 2011 135/- to 153/- 113.83

L&T Finance

Holdings Limited

IPO Jul 27, 2011 Jul 29, 2011 51/- to 59/- 1,245.00

Inventure Growth &Securities Ltd IPO Jul 20, 2011 Jul 22, 2011 100/- to 117/- 81.90

Bharatiya GlobalInfomedia Ltd IPO Jul 11, 2011 Jul 14, 2011 75/- to 82/- 55.10

Readymade SteelIndia Ltd IPO Jun 27, 2011 Jun 29, 2011 90/- to 108/- 34.75

Rushil Decor Ltd IPO Jun 20, 2011 Jun 23, 2011 63/- to 72/- 40.64

Birla Pacific MedspaLtd IPO Jun 20, 2011 Jun 23, 2011 10/- to 11/- 65.18

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TRENDS IN IPO

India IPO activity by year

Key trends

In 2011, Indias IPO markets will be strong driven by an 8% GDP growth rate,healthy corporate earnings and steady growth in corporate profits. More than 100Indian companies are expected to raise resources via IPOs and follow-on offerings.

India saw a dramatic recovery in its IPO markets in 2010. This revival hasbeen a domestic consumption ledgrowth story, driven by an influx of capital fromWestern economies and a booming local stock market. India saw a growth of215% in the number of IPOs compared to 2009.

2010 saw a string of IPOs and follow-on offerings from many previously state-owned enterprises in the materials sector such as steel, oil and gasall of whichhelped the Indian Government raise funds to build roads, ports and power plants.

This materials sector activity stems from Indias US$10 billion divestmentprogram that spawned the largest IPO in India ever, the listing of the worldslargest coal producer, US$3.4 billion Coal India, a former state-owned enterprise.

Driving industrial IPO activity is Indias investment plan to modernize itsinfrastructure worth US$1 trillion. This program has led to many new listings inthe energy and power, natural resources, building and construction sectors, inparticular

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Industry Overview

Infrastructure and Construction

India's infrastructure which had been expanding at an acceleratedpace to support the economic growth rate of over 9% slowed down inFY09 as economic activity slowed down in the aftermath of the globalturmoil. India's GDP growth slowed down from the 9% averagegrowth experienced over the last three years, to 6.7% in FY09. Thesix core-infrastructure industries, which account for a combinedweight of 26.68% in the index of industrial production (IIP), registereda growth of 2.7% in FY09, compared to 5.9% in the previous fiscal.

Fiscal measures taken by the Government to counter this slow-downinclude:

- Approval for 37 infrastructure projects worth Rs700bn betweenAugust'08 and January'09- In principle/final approval to 54 central sector infrastructure projectsunder PPP worth Rs677bn

Authorization to India Infrastructure Finance Company Ltd (IIFCL) forraising Rs100bn to refinance bank lending of longer maturity toeligible PPP based infrastructure projects. There has been a revival

with India's GDP growing in the first quarter of 2009-10 at 6.1 percent representing a modest recovery over the 5.8 per cent growthrecorded during the preceding two quarters in the second half of2008-09. Growth in core infrastructure witnessed notable accelerationin August 2009, and for April-August 2009 it was higher at 4.8 percent as against 3.3 per cent during the corresponding period of theprevious year primarily due to considerable acceleration in coal,cement, and electricity. Source: RBI, Macroeconomic and MonetaryDevelopments: Second Quarter Review 2009-10

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INTRODUCTION OF L&T

L&T Finance Holdings up to Rs 17.5 billion (USD 392 million) initial

public offering will open on July 26 and close July 29, the company said in afiling with the Registrar of Companies.

The offer will be open for anchor investors on July 26, while it will open forretail bids the next day.

L&TFH, promoted by L&T, is a financial holding company offering adiversified range of financial products and services across the corporate,retail and infrastructure sectors and having presence in mutual fund productsas well as investment management services through direct and indirectwholly owned subsidiaries. L&TFH is registered as a Non-Banking FinanceCompany (Non Deposit TakingSystemically Important) (NBFC-ND-SI)and has applied to RBI for registration as a Core Investment Company(CIC). L&TFH has two major subsidiaries, L&T Infrastructure FinanceCompany Ltd (L&T Infra) (which is registered with RBI as an InfrastructureFinance Company) and L&T Finance Ltd. (LTF) (which is registered asNBFC- Asset Finance Company with RBI and is into corporate and retailfinancing). L&TFH also has two wholly-owned indirect subsidiaries(whollyowned subsidiaries of LTF)L&T Investment Management Ltd

(L&TIM) (which is registered as an asset management company with SEBIand has received a license from SEBI to conduct portfolio managementservices) and L&T Mutual Fund Trustee Ltd. (L&TMFT) (which is thetrustee company for the Mutual Fund).

L&TFH is headquartered in Mumbai and has a presence through itssubsidiaries in 21 States of India. As on February 28, 2011, L&TFH had 890

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points of presence across India through 113 branches, 330 meeting centres,414 customer care centres and 33 Kisan Gaurav Seva Kendras (centres torun schemes for financing the acquisition of farm equipment by farmers)across its major direct and indirect subsidiaries.

HSBC, Citigroup, JM Financial, Barclays Capital, and Credit Suisse are thearrangers to the L&T Finance offer. Sharepro Services Private Limited is theregistrar to the issue.

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Vision

The L&T vision reflects the collective goal of the company. It was drafted through a large scaleinteractive process which engaged employees at every level, worldwide.

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HISTORY OF L&T

The evolution of L&T into the country's largest engineering and construction

organization is among the most remarkable success stories in Indian industry.

L&T was founded in Bombay (Mumbai) in 1938 by two Danish engineers, HenningHolck-Larsen and Soren Kristian Toubro. Both of them were strongly committed todeveloping India's engineering capabilities to meet the demands of industry.

Henning Holck-Larsen

(4.7.1907 - 27.7.2003)

Soren KristianToubro

(27.02.1906 -4.3.1982)

Beginning with the import of machinery from Europe, L&T rapidly took on engineeringand construction assignments of increasing sophistication. Today, the company setsglobal engineering benchmarks in terms of scale and complexity.

Early days

Henning Holck-Larsen and Soren Kristian Toubro, school-mates in Denmark, wouldnot have dreamt, as they were learning about India in history classes that they would,

one day, create history in that land.

In 1938, the two friends decided to forgo the comforts of working in Europe, andstarted their own operation in India. All they had was a dream. And the courage todare.

Their first office in Mumbai (Bombay) was so small that only one of the partners

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could use the office at a time!

In the early years, they represented Danish manufacturers of dairy equipment for amodest retainer. But with the start of the Second World War in 1939, imports wererestricted, compelling them to start a small work-shop to undertake jobs and provideservice facilities.

Germany's invasion of Denmark in 1940 stopped supplies of Danish products. Thiscrisis forced the partners to stand on their own feet and innovate. They startedmanufacturing dairy equipment indigenously. These products proved to be a success,and L&T came to be recognised as a reliable fabricator with high standards.

The war-time need to repair and refit ships offered L&T an opportunity, and led tothe formation of a new company, Hilda Ltd., to handle these operations. L&T also

started two repair and fabrication shops - the Company had begun to expand.

Again, the sudden internment of German engineers (because of the War) who were toput up a soda ash plant for the Tatas, gave L&T a chance to enter the field ofinstallation - an area where their capability became well respected.

The Journey

In 1944, ECC was incorporated. Around then, L&T decided to build a portfolio offoreign collaborations. By 1945, the Company represented British manufacturers ofequipment used to manufacture products such as hydrogenated oils, biscuits, soapsand glass.

In 1945, L&T signed an agreement with Caterpillar Tractor Company, USA, formarketing earthmoving equipment. At the end of the war, large numbers of war-surplus Caterpillar equipment were available at attractive prices, but the financesrequired were beyond the capacity of the partners. This prompted them to raiseadditional equity capital, and on 7th February 1946, Larsen & Toubro Private Limitedwas born.

Independence and the subsequent demand for technology and expertise offered L&Tthe opportunity to consolidate and expand. Offices were set up in Kolkata (Calcutta),Chennai (Madras) and New Delhi. In 1948, fifty-five acres of undeveloped marsh and

jungle was acquired in Powai. Today, Powai stands as a tribute to the vision of themen who transformed this uninhabitable swamp into a manufacturing landmark.

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Public Limited Company

In December 1950, L&T became a Public Company with a paid-up capital of Rs.2million. The sales turnover in that year was Rs.10.9 million.

Prestigious orders executed by the Company during this period included the AmulDairy at Anand and Blast Furnaces at Rourkela Steel Plant. With the successfulcompletion of these jobs, L&T emerged as the largest erection contractor in thecountry.

In 1956, a major part of the company's Bombay office moved to ICI House in BallardEstate. A decade later this imposing grey-stone building was purchased by L&T, andrenamed as L&T House - its Corporate Office.

The sixties saw a significant change at L&T - S. K. Toubro retired from activemanagement in 1962.

The sixties were also a decade of rapid growth for the company, and witnessed theformation of many new ventures: UTMAL (set up in 1960), Audco India Limited (1961), Eutectic Welding Alloys (1962) and TENGL (1963).

Today, L&T is one of India's biggest and best known industrial organisations with areputation for technological excellence, high quality of products and services, and strongcustomer orientation. It is also taking steps to grow its international presence.

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About the Company

L&T Finance Holdings Limited (L&TFH), the NBFC promoted by L&TLimited, has a highly diversified business model.

It has a balanced mix of high growth business segments across four corebusiness groups, namely

the Infrastructure Finance Group, the Retail Finance Group,

the Corporate Finance Group and the Investment Management Group,

Offering a broad spectrum of financial products and services. Withpan-India presence (across 23 states) and extensive network (837points of presence), the company has been able to provide service tocustomers from proximate locations. L&TFH specifically emphasizeson financing income-generating assets and activities in order tocontrol and maintain a high loan portfolio quality. With superior creditrating and strong brand equity, L&TFH has been in position to borrowat competitive rates. In addition, the capital structure, which currentlycomprises predominantly equity share capital, provides theopportunity to grow the business by raising additional Tier II capital.

Foraying into new products & services and new lines ofbusiness; physical and geographic expansion

The company intends to introduce new products & services as well as

continue identifying opportunities to expand into new business segments asdone in the past (Investment ManagementJan 10; Microfinance Jun08; Financial Products Distribution Sept 07; Infrastructure Finance Jan07). This strategy will mitigate the risk associated with productconcentration and enhance the profitability, thereby ensuring consistentgrowth.

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With an objective to increase the market penetration of the existingproducts and services, L&TFH continues to expand both physically andgeographically, with the primary focus on rural and semi-urban areas thatoffer significant opportunities. The company proposes to develop itsfinancial product distribution segment and sustain growth and profitabilityby cross-selling to the existing customer base.

Group Structure and Subsidiaries

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Growth of L&T and its subsidiaries

L&TFH through its subsidiaries L&T Finance and L&T Infra Finance

offers a broad spectrum of financial products and services. Theconsolidated loan book of the company could be broken into:

infrastructure finance (40%),

retail finance (37%),

corporate finance (20%) and

others (3%).

Over the past two years, the consolidated loan book has witnessed 57%CAGR.

More importantly, the book has become more diversified with the share ofretail and corporate finance segments combined having declined from 69%in FY09 to 58% in FY11.

Wide pan-India presence; exploring opportunities to leverage it

As of May 2011, L&TFH had 837 points-of-presence spread across 23states thereby enabling the company to cater to a large customer base(especially in rural and semi-urban areas). Company further plans to

strengthen its reach through expansion in areas offering significantopportunities to increase revenue and giving competitive advantage. Suchan extensive distribution network would be leveraged by the company toprovide new products and services and also foray into new businesssegments. With an edge over competition in terms of reach, robust loangrowth momentum is likely to continue.

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Sanguine asset quality; however, some slippages may crop up

Across segments, L&TFHs asset quality has improved substantially inFY11 despite the robust growth registered over the past few years. ForL&T Finance (comprising retail and corporate finance business), the Grossand Net NPAs stood at 1.4% and 0.8% respectively at end-FY11. In L&TInfra Finance, the Gross and Net NPAs stood at 0.7% and 0.5%respectively at end-FY11. More importantly, about 71%, 91% and 90% ofthe Corporate, Retail and Infra segment advances are secured therebyproviding high level of comfort. However, given the current challengingcredit environment, one could expect some slippage in NPL ratios.

Robust profitability reflected in high return ratios

RoA and RoE have improved materially in the past two years for L&TFinance driven by significant expansion in NIM and improvement in assetquality. End-FY11, RoA of the company stood at 2.5%, remarkable in thelight of the loan book mix. RoE was at 16% with the leverage at 5.3x. L&TInfra Finances RoA has been stable at 3.5% in the past two years. This isbetter than IDFC (like-to-like competitor) which has been earning around3%. Further, RoE is impressive at 18%. With valuation reasonable at mean2.5x P/BV (pre-IPO) we recommend subscribing to the IPO.

Key risks:

a) Competition by banks and other NBFCs; b) Material exposure tomicrofinance and power sector c) Asset-liability mismatch d) Higherinterest rate risk being wholesale funded

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Financial summary

Y/e 31 Mar (Rs m) FY10 FY11

Total oper. Income 14,056 20,864yoy growth (%) - 48.4

Op. profit (pre-prov) 11,954 17,738yoy growth (%) - 48.4

Net profit 2,630 3,926yoy growth (%) - 49.3

EPS (Rs) 1.9 2.8BVPS (Rs) 17.3 20.4

ROE (%) 13.6 15.0ROA (%) 2.6 2.4

Sound FinancialsOn a consolidated basis, L&TFH has an outstanding loan book ofRs179.43bn as on 31stMar 11 as against Rs114.46bn in the previousyear, recording a magnificent 57% y-o-y growth. The Company had

income from operations of Rs20,864mn and PAT of Rs3,926mn duringFY11 as against Rs14,056mn and Rs2,630mn during FY10, recording a48.4% and 49.3%of y-o-y growth respectively.

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Total Income during FY11

Total Loans & Advances as on 31st Mar 2011

Source: Company RHP, India Infoline Research

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Objects of the Issue

The Company intends to utilize the proceeds of the Issue for the followingobjects:Repayment of Inter-corporate deposit issued by the Promoter to theCompany for an aggregate amount of Rs3.45bn;To augment the capital base of L&T Finance and L&T Infra, by infusingRs5.15bn and Rs54.85bn respectively, to meet the capital adequacyrequirements for supporting the future growth in the business;For other general corporate purposes including meeting the expenses ofthe Issue.

Key concerns

Company operates in a highly competitive environment as various publicand private sector commercial banks and financial institutions deals in

similar products and services. However, the Company has been able toborrow at competitive rates owing to strong credit rating, brand reputationand higher than required CARs.L&TFH is exposed to interest rate risk and liquidity risk amid a big asset-liability mismatch in the more than 1 year maturity bucket, where the totaladvances are significantly above the liabilities for both L&T Infra & L&TFinance.Company has an exposure of 6.8% (Rs4.45bn) in the Microfinancesegment of its Retail Finance Group; 28.7% of the infrastructure loans areaccounted by the power sector.

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L&T Finance (Retail Finance & Corporate Finance Group)

L&T Finance, a wholly owned subsidiary, provides financing to its retailcustomers through its Retail Finance Group and corporate customersthrough its Corporate Finance Group. It is registered with the RBI as anNBFC-ND-SI and an AFC. Over the last five years the loan book recordeda CAGR of 40%, revenues at a CAGR of 52% and PAT at 38.5%. Itaccounts for 66% of the total income and 57% of the loan portfolio. Withvarious available sources of funding, the company has been able to pull inthe required amount of capital to grow and fund its business in line with itsbusiness strategy and customers requirements. L&T Finance has beenconsistently maintaining its CAR above the regulatory requirements andimproving it by 90bps in FY11 to 16.3%. Net NPA ratio declinedsignificantly from 1.7% in FY10 to 0.7% FY11 reflecting significantimprovement in asset quality.

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Source of funding

Higher than required CAR

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Retail Finance Group

Retail Finance Group provides financing to retail customers for theacquisition of income generating assets and activities that comprisesconstruction equipment finance, transportation equipment finance, ruralproducts finance and microfinance. At the end of the FY11, retail group

accounted for Rs65.8bn (~37%) of the total loan book of L&TFH. Out ofwhich, ~91% of the retail loans are secured. Its contribution towardsincome from operations was 48% in FY11. As on 31stMar 11 thecompanys exposure to microfinance segment stood at Rs4.45bn, whichaccounts for 6.8% of the total loans of Retail Finance group. Out of this50% are accounted by Andhra Pradesh, which may pose a threat to theasset quality.

Retail Finance Group-Products

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Corporate Finance GroupCorporate Finance Group offers financial products and services tocorporate clients, and comprises the segments of corporate loans andleases (in the form of asset-backed loans, term loans, receivablesdiscounting, short-term working capital facilities and operating and financeleases), supply chain finance (which includes vendor and dealer financeproducts) and capital markets products. At the end of FY11, corporategroup accounted for Rs35.8bn (~20%) of the total loan book of L&TFH.Out of which, ~71% of the corporate loans are secured. Its contribution

towards income from operations was Rs3.7bn during FY11 (~18%).

Retail loans and advances

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Corporate loans and advances

Source: Company RHP, India Infoline Research

Corporate Finance Group-Products

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Yield on loans and advances & Cost of funds

Net Interest Margin

Source: Company RHP, India Infoline Research

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Return Ratios

Average leverage

Source: Company RHP, India Infoline Research

Loan book as on 31st Mar 2011

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NPA ratios

Source: Company RHP, India Infoline Researc

L&T Infrastructure Finance Company (L&T Infra)

L&T Infra, a wholly-owned subsidiary, conducts infrastructure financebusiness, which provides financial products and services to customersengaged in infrastructure development and construction, with a focus onthe power, roads, telecommunications, oil and gas, urban infrastructure

and ports sectors in India. The Infrastructure Finance Group comprises thesegments of project finance and corporate loans, equity investments andfinancial advisory services. L&T Infra is registered with the RBI as anNBFC-ND-SI and an IFC, which allows it to optimize its capital structure bydiversifying its borrowings and accessing long term funding resources,thereby expanding its financing operations while maintaining itscompetitive cost of funds. In addition, L&T Infra has been notified as aPublic Financial Institution (PFI). The income from operations of theInfrastructure Finance Group for FY11 was Rs7bn and recorded a robust

CAGR of 88% over the last four years. Its contribution in the total incomeof L&TFH is 33.3%. The total loans and advances outstanding as on 31stMar 11 were Rs71.9bn. Despite slowdown in the infrastructure sector inrecent past, L&T Infra had negligible net NPA ratio of 0.53% in FY11. Thecompany has an exposure of 28.7% in the power sector. Of the totalinfrastructure loans, 28.7% are accounted by the power sector.Infrastructure Finance Group-Products

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Loan book as on 31st Mar 11

Source of funding

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Yield on loans and advances & Cost of funds

Net Interest Margin

Income from operations

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PAT Margin

Return Ratios

Average leverage

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LTF offers a spectrum of financial products and services for trade, industry andagriculture. The company's focus segments are corporate products, constructionequipment, CVs and tractors.

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IPO OF L&T

Objects of the Issue:

1. Repayment of inter corporate deposit issued by Promoter to the Company;2. To augment the capital base of L&T Finance and L&T Infra, to meet the capitaladequacy requirements to support the future growth in their business;3. To achieve the benefits of listing on the Stock Exchanges; and4. For other general corporate purposes including meeting the expenses of the

Issue.

Issue Detail:

Issue Open: Jul 27, 2011 - Jul 29, 2011 Issue Type: 100% Book Built Issue IPO Issue Size: Equity Shares of Rs. 10 Issue Size: Rs. 1,245.00 Crore Face Value: Rs. 10 Per Equity Share

Issue Price: Rs. 51 - Rs. 59 Per Equity Share Market Lot: 100 Shares Minimum Order Quantity: 100 Shares Listing At: BSE, NSE

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L&T Finance Holdings Ltd IPO Grading

CARE / ICRA has assigned an IPO Grade 5 to L&T Finance IPO. This means asper CARE / ICRA, company has 'Strong Fundamentals'. CARE / ICRA assignsIPO grading on a scale of 5 to 1, with Grade 5 indicating strong fundamentals andGrade 1 indicating poor fundamentals. Read L&T Finance Holdings IPO GradingReportIssue Subscription Detail / Current Bidding Status Number of Times Issue isSubscribed (BSE + NSE)As on Date & Time Qualified Institutional Buyers (QIBs) Non InstitutionalInvestors (NIIs) Retail Individual Investors (RIIs) Employee Reservations

Others TotalShares Offered / Reserved 75,382,416 31,617,647 73,774,510 10,204,082

23,529,412 214,508,067Day 1 - Jul 27, 2011 17:00 IST 0.6400 0.3900 0.4600

0.0300 0.1700 0.4600Day 2 - Jul 28, 2011 17:00 IST 0.7200 0.5000 2.2100

0.5100 0.9600 1.2200Day 3 - Jul 29, 2011 19:45 IST 1.9300 6.1800 9.6100

1.5300 3.3500 5.3400

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L&T Finance IPO News Alerts

Wednesday, August 10, 2011 5:40:17 AMIPO Listing - L&T Finance Holdings Limited

Monday, August 08, 2011 10:00:16 AMIPO Allotment - L&T Finance Holdings Limited

Sunday, July 31, 2011 3:56:55 AMInvestors amazed by L&T Finance fixing its share price at Rs 52/-

Friday, July 29, 2011 12:46:46 PML&T Finance IPO finally subscribed 5.34 times

Thursday, July 28, 2011 10:01:50 AML&T Finance IPO subscribed 1.22 times on day 2

Wednesday, July 27, 2011 2:15:53 PML&T Finance IPO subscribed 0.46 times on day 1

Thursday, July 21, 2011 3:31:43 AML&T Finance fixes it's IPO price band

Monday, July 18, 2011 7:14:21 AMUpcoming IPO - L&T Finance Holdings Limited

L&T Finance IPO Rating11294.2Rating:

IPO Reviews | IPO Gradings | RecommendationsL&T Finance IPO Listing DateListing Date: Friday, August 12, 2011BSE Scrip Code: 533519NSE Symbol: L&TFHListing In: B Group of SecuritiesSector:ISIN: INE498L01015

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Issue Price: Rs. 52.00 Per Equity ShareFace Value: Rs. 10.00 Per Equity Share

Listing Day Trading Information BSEIssue Price: Rs. 52.00

Open: Rs. 51.00Low: Rs. 49.50High: Rs. 52.50Last Trade: Rs. 49.95Volume: 44,321,154

NSERs. 52.00Rs. 53.85Rs. 49.30Rs. 53.85Rs. 50.05

98,188,151