OIL India is country's second largest oil producer after ONGC. Crisil has graded the IPO 4/5 which is above average. Please note that Adani and NHPC were 3/5.
Issue Opens --September 07, 2009
Issue Closes --September 10, 2009
Issue Type --100% Book Building
Issue Size --26,449,982 equity shares
Price Band --Rs. 950- Rs 1050
Face Value --Rs. 10.00
Lot Size --6 shares
On the BID Closing Date i.e. September 10, 2009 the BIDs would be accepted till 03:00 p.m. Only.
OIL India IPO is not aggresively priced and is available at PE of around 10-11.
So we can expect some initial gains from the IPO but over the long term OIL India doesn't look promising.
Some of the key risks to its business are :-
1. Since it is PSU it is sharing the burden of subsidies. If the OIL prices increases a lot then share of burden will also increase and profits will always depends on the vagaries of the crude prices and govt policies.
2. 95% of the oil and gas comes from North East states which is sensitive zones based on environment and conflicts in the region.
3. Most of the wells are old so the output in the future will steadily decrease from these basins.
4. It doesn't have any significant acreage to increase its production capacity beyond North-East and hence profits.
5. It is fighting lot of court cases on environmental issues.
6. Apart from ONGC now it faces still competition from lot of other private players who have entered Exploration and extraction business like RIL,Cairn, British Petroleum, Niko resource etc.
So I think that though from IPO perspective this stock might be good, for long term probably it can given steady return in terms of dividend(being PSU) and small increase in stock price. This can't be termed as multibaggar or high growth stock.
Friday, September 4, 2009
OIL India IPO : Invest or Avoid
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The Oil and Natural Gas Corp took control of Imperial Energy Plc for $2.8 billion, in January 2009, after an overwhelming 96.8 per cent of London-listed firm’s total shareholders accepted its takeover offer.Speaking about India’s fifth largest M&A deal,ONGC chairman R.S Sharma said the company owed the acquisition to government support, which has seen OVL in the past seven years increase its number of projects to 39 in 17 countries, from just a single project in Vietnam.
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