Ascom Leasing & Investments SME
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 26 Nov 2019 – 28 Nov 2019
- Listing date
- 06 Dec 2019
- Face value
- ₹10 per share
- Issue price
- ₹30 per share
- Lot size
- 4,000 shares
- Total issue size
- ₹6.32 Cr
- Promoter holding
- 98.94% → 72.24% pre-issue → post-issue
- ISIN
- INE08KD01015
- Registrar
- Skyline Financial Services Pvt.Ltd.
- Lead managers
- Fast Track Finsec Pvt.Ltd.
- Registered office
- 331, 3rd floor, Four Point Complex, Vesu, Besides Maniba Park, Gujarat
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Market maker | 1,08,000 | — | — |
Application size
Minimum 4,000 shares per lot, in multiples, at ₹30
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 4,000 | ₹1,20,000 |
| S-HNI (min) | 2 | 8,000 | ₹2,40,000 |
| S-HNI (max) | 8 | 32,000 | ₹9,60,000 |
| B-HNI (min) | 9 | 36,000 | ₹10,80,000 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Valuation and performance
Valuation at offer price
| Metric | Pre-issue | Post-issue |
|---|
About Ascom Leasing & Investments SME
Incorporated on December 16, 1986 as 'Ascom Leasing & Investments Limited' under the Companies Act, 1956 (RoC Andhra Pradesh; CIN U65993GJ1986PLC085128), the company received its commencement certificate on January 7, 1987, started operating as an NBFC in 2001, and after the current promoter acquired control pursuant to a July 2012 MOU, shifted its registered office from Hyderabad to Surat, Gujarat (November 23, 2015), whereupon it obtained RBI registration B-01.00559 dated December 17, 2015 as a non-deposit taking NBFC under Section 45 IA of the RBI Act, 1934. It provides bespoke rupee-denominated financing solutions to individual and corporate borrowers, focused on the service class — especially employees of public sector undertakings (90% of clients were salaried as of March 31, 2019 and June 30, 2019) — as well as self-employed persons, small and medium entrepreneurs and first-time borrowers with limited credit history, operating across more than 22 districts of Gujarat, from which 100% of gross sales originate. Its loan book spans two broad categories — mortgage loans and individual loans — delivered as micro-enterprise loans (loan-against-property at ~50% LTV and unsecured personal loans of Rs. 15,000 to Rs. 5 crore), pre-owned vehicle loans, and home renovation/purchase loans (18-24% p.a., up to 60-month tenures), serving around 2,062 active customers with a business size exceeding Rs. 20 crore as of June 30, 2019. Being non-deposit taking, it sources funds from promoter investments, unsecured loans from the promoter/promoter group, and bank funding (overdraft facilities from Bank of Baroda, State Bank of India and HDFC Bank). Growth since effective operations commenced in 2015 took total revenue from Rs. 366 lakhs (FY2017) to Rs. 624 lakhs (FY2018) and Rs. 914 lakhs (FY2019), with profit after tax of Rs. 49 lakhs, Rs. 444 lakhs and Rs. 345 lakhs respectively (Q1 FY2020 ended June 30, 2019: revenue Rs. 262 lakhs, PAT Rs. 196 lakhs); NAV per share rose from Rs. 11.01 (FY2017) to Rs. 28.46 (June 30, 2019). The company is led by promoter Mr. Tushar Rohitbhai Pandya (Chairman & Managing Director, aged 42, with over 15 years in finance), supported by whole-time directors Mrs. Rupalben Tushar Pandya and Mr. Rohitkumar Balvantrai Pandya; the promoter and promoter group together held 98.94% of the pre-issue equity.
Company Analysis
from RHPAscom Leasing & Investments Limited is a Surat-based, non-deposit taking non-banking finance company (NBFC) that provides Indian Rupee-denominated retail loans — micro-enterprise/loan-against-property and personal loans, pre-owned vehicle loans and home renovation/purchase loans — to salaried (largely PSU-employed) and self-employed borrowers across Gujarat.
Incorporated on December 16, 1986 as 'Ascom Leasing & Investments Limited' under the Companies Act, 1956 (RoC Andhra Pradesh; CIN U65993GJ1986PLC085128), the company received its commencement certificate on January 7, 1987, started operating as an NBFC in 2001, and after the current promoter acquired control pursuant to a July 2012 MOU, shifted its registered office from Hyderabad to Surat, Gujarat (November 23, 2015), whereupon it obtained RBI registration B-01.00559 dated December 17, 2015 as a non-deposit taking NBFC under Section 45 IA of the RBI Act, 1934. It provides bespoke rupee-denominated financing solutions to individual and corporate borrowers, focused on the service class — especially employees of public sector undertakings (90% of clients were salaried as of March 31, 2019 and June 30, 2019) — as well as self-employed persons, small and medium entrepreneurs and first-time borrowers with limited credit history, operating across more than 22 districts of Gujarat, from which 100% of gross sales originate. Its loan book spans two broad categories — mortgage loans and individual loans — delivered as micro-enterprise loans (loan-against-property at ~50% LTV and unsecured personal loans of Rs. 15,000 to Rs. 5 crore), pre-owned vehicle loans, and home renovation/purchase loans (18-24% p.a., up to 60-month tenures), serving around 2,062 active customers with a business size exceeding Rs. 20 crore as of June 30, 2019. Being non-deposit taking, it sources funds from promoter investments, unsecured loans from the promoter/promoter group, and bank funding (overdraft facilities from Bank of Baroda, State Bank of India and HDFC Bank). Growth since effective operations commenced in 2015 took total revenue from Rs. 366 lakhs (FY2017) to Rs. 624 lakhs (FY2018) and Rs. 914 lakhs (FY2019), with profit after tax of Rs. 49 lakhs, Rs. 444 lakhs and Rs. 345 lakhs respectively (Q1 FY2020 ended June 30, 2019: revenue Rs. 262 lakhs, PAT Rs. 196 lakhs); NAV per share rose from Rs. 11.01 (FY2017) to Rs. 28.46 (June 30, 2019). The company is led by promoter Mr. Tushar Rohitbhai Pandya (Chairman & Managing Director, aged 42, with over 15 years in finance), supported by whole-time directors Mrs. Rupalben Tushar Pandya and Mr. Rohitkumar Balvantrai Pandya; the promoter and promoter group together held 98.94% of the pre-issue equity.
Objects of the Issue
- For the purpose of onward lending, financing and augmenting the capital base Rs. 446.80 Lakhs (75.50% of Net Proceeds) p.68
- General Corporate Purposes (not to exceed 25% of the amount raised in the Issue) Rs. 145.00 Lakhs (24.50% of Net Proceeds) p.21
- To meet the Issue expenses Rs. 40.60 Lakhs p.69
Issue Structure
- Total Issue
- 21,08,000 Equity Shares of face value Rs. 10/- each at Rs. 30/- per share aggregating Rs. 632.40 Lakhs; the Issue and Net Issue constitute 26.99% and 25.61% respectively of the post-issue paid-up equity share capital
- Fresh Issue
- Fresh Issue of up to 21,08,000 Equity Shares aggregating up to Rs. 632.40 lakhs to be issued by the company pursuant to the Issue (entire issue is a fresh issue; no offer-for-sale component)
- Price Band
- No price band — 100% Fixed Price Issue at Rs. 30/- per Equity Share (including a share premium of Rs. 20/- per Equity Share)
- Lot Size
- 4,000 Equity Shares
- Face Value
- Rs. 10.00 each
Business Model
ALIL earns almost entirely interest income on the loans it extends: it disburses Indian Rupee-denominated micro-enterprise loans (secured loans against property at ~50% LTV and unsecured personal loans of Rs. 15,000 to Rs. 5 crore, mainly to government/salaried PSU personnel), pre-owned vehicle loans and home renovation/purchase loans (18-24% p.a., maximum 60-month tenure, standard fee of Rs. 1,950 per file plus stamp duty). As a non-deposit-taking NBFC it cannot accept public deposits and funds itself through promoter investments, unsecured loans from the promoter/promoter group and secured bank overdraft facilities. Per the restated financials, Revenue from Operations consists solely of 'Interest Income' (Rs. 897.52 lakhs of Rs. 914.29 lakhs total revenue in FY2019, i.e. 98%), supplemented by minor other income from interest on bank fixed deposits; the company discloses a single business segment and single geographical segment.
Business Segments
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Tushar Rohitbhai Pandya | Promoter | 67.86% | 49.54% |
| Mrs. Rupal Tushar Pandya (also written Rupalben Tushar Pandya) | Promoter Group | 19.98% | 14.58% |
| Mr. Rohitbhai Balvantrai Pandya | Promoter Group | 1.05% | 0.76% |
| Ms. Suvidyaben Pandya (Ms. Suvidyaben Rohitbhai Pandya) | Promoter Group | 3.06% | 2.24% |
| Tushar Rohitkumar Pandya HUF | Promoter Group | 4.25% | 3.10% |
| Rohit Pandya HUF | Promoter Group | 2.74% | 2.00% |
Leadership
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.