Loss-making operations, bleak dividend prospects, capital intensive business, stiff competition, unassuming promoter stake, resignation of promoter-directors on the eve of IPO, existing shareholders’ low cost of holding, steep IPO pricing, etc., make it a weak investment proposition.

 

OFFER AT A GLANCE
Name	Healthcare Global Enterprises Ltd
Public Offer	Fresh Issue of 116 lakh shares and Offer for Sale of 182 lakh shares  of Rs 10 each
Offer % on Total Equity	35.03%
Offer Price	Between Rs 205 and Rs 216
Offer Amount	Rs 611 cr to Rs 631 cr
Application Quantity	65 & Multiples of 65
Listing at	NSE and BSE
IPO Grade	Nil
Book Running Lead Managers	Kotak Mahindra, Edelweiss Financial, Goldman Sachs, IDFC Securities, IIFL Holdings & Yes Bank
Registrar	Link Intime
IPO SCHEDULE
Bid/Offer Opens	Wednesday, 16th Mar 2016
Bid/Offer Closes	Friday, 18th Mar 2016
Finalisation of Basis of Allotment	Wednesday, 23rd Mar 2016
Refunds/Unblocking ASBA Fund	Monday, 28th Mar 2016
Credit of to Depository account	Tuesday, 29th Mar 2016
Trading to commence on or before	Wednesday, 30th Mar 2016

 

The IPO

The present IPO is a combined issue consisting of a fresh issue of 116 lakh shares by the company and `offer for sale’ of 182 lakh equity shares from fourteen shareholders.  Whereas one of the promoter viz. Dr B S Ajay Kumar, who currently holds 178.26 lakh shares, is offering just 1.83 lakh shares, venture capital funds namely India Build Out Fund and PI Opportunities Fund are offloading 95.2 lakh and 34.5 lakh shares respectively, Singapore-based V-Sciences Investments Pte Ltd is selling 34.5lakh shares, Ahmedabad-based Aastha Oncology Pvt Ltd and Mumbai-registered Milestone Army Trust are offering their entire holdings of 5.8 lakh shares and 3.34 lakh shares respectively. Three doctors are selling 52398 shares and three other individuals under public category are offloading 6.3 lakh shares.

The IPO price band has been fixed at Rs 205-218 a share (Rs 10 paid-up) which puts the total offer at Rs 611-631 cr. Investors should apply for a minimum of 65 shares and multiples of 65 thereafter. The IPO would constitute 35.03% of the post-issue paid up capital of the company (Rs 85.08 cr).  The promoters and their associates, who control 28.75% of the present equity (Rs 73.48 cr), would hold only 24.61% post-public offer. Kotak Mahindra Capital, Edelweiss Financial, Goldman Sachs, IDFC Securities, IIFL Holdings and Yes Bank are acting as book running lead managers to the offer.   

 

IPO Object

Of the fresh issue proceeds of Rs 238 cr to Rs 251 cr, the company proposes to spend Rs 30 cr on IT software, services and hardware and Rs 147 cr towards pre-payment of debts. The balance, net of issue expenses, is earmarked for general corporate purpose. The entire pre-payment of debt of Rs 147 cr is made to one of the lead managers – Yes Bank, whose dues amounted to Rs 166 cr at the end of December 2015. The fund requirements, the deployment of funds and the intended use of the issue proceeds are based on management estimates only and have not been appraised by any bank, financial institution or any other external agency.

 

Lineage

The Bengaluru-based HealthCare Global Enterprises Ltd (HGEL) was originally incorporated as Curie Centre of Oncology Private Ltd in March 1998. The name was changed to HealthCare Global Enterprises in November 2005. Dr. B S Ajai Kumar (64), Dr. K S Gopinath (63), Dr. Ganesh Nayak (73), Dr. M Gopichand (53) and Dr. B S Ramesh (64) are said to be the promoters of the company though they have joined the board at different point of time. As a matter of fact, Dr Ganesh Nayak and Dr Gopinath have already resigned from the board a year ago.

The Chairman-cum-CEO of HGEL, Dr Ajai Kumar, who joined the board in 2000, holds a bachelor’s degree in Medicine and Surgery from St. John’s Medical College, Bengaluru. He reportedly completed his residency in Oncology from the Virginia University Hospital, Charlottesville and his residency in Radiotherapy from the University of Texas System Cancer Centre, MD Anderson Hospital and Tumour Institute, Texas (USA).

Another promoter, Dr. Gopinath, who holds a bachelor’s degree in Medicine and Surgery from JJM Medical College, Davangere, Karnataka and a master’s degree in General Surgery from the Mumbai University is an honorary fellow of the Royal College of Surgeons, Edinburgh, United Kingdom, and has completed his fellowship in General Surgery and Oncology at the International College of Surgeons. Nevertheless, though claimed to be a promoter, Dr Gopinath joined the board only in 2006 and left in 2015.

The third promoter, Dr. Ganesh Nayak, holds a bachelor’s degree in Medicine and Surgery and a master’s degree in Surgery from the University of Mysore. He is a Fellow of the Indian College of Cardiology and a Fellow of the International College of Surgery. He has reportedly been working at Agadi Hospital and Research Centre and PD Hinduja Sindhi Hospital since 1983 as a consultant cardiothoracic and vascular surgeon and at Bhagwan Mahaveer Jain Hospital since 1990 as a consultant cardiothoracic surgeon. Interestingly, this promoter-director too joined the company’s board only in 2005 and left in 2015.

The company’s fourth promoter, Dr. Gopichand, holds a bachelor’s degree in Medicine and Surgery from the University of Mysore, a master’s degree in General Surgery from the Bangalore University and a diploma in General Surgery from the National Board of Examinations, New Delhi. He was a director of HealthCare Global Vijay Oncology Private Limited which was subsequently merged with HGEL.

The fifth promoter of the company, Dr. Ramesh, who has completed his MBBS from Bengaluru University, holds a degree of Doctor of Medicine (Radio Therapy), a post graduate diploma in Radio Diagnosis from Bengaluru University and a Post Graduate Diploma in Medical Law and Ethics from the National Law School of India University, Bengaluru. He has worked as a consultant in the department of radio therapy at Sri Devaraj Urs Academy of Higher Education and Research and a professor of Radio Therapy at the MS Ramaiah Medical College, Bengaluru.

 

Business Profile

HGEL is a provider of specialty healthcare focusing on cancer and fertility. Under the “HCG” brand, the company operates the largest cancer care network in India in terms of number of private cancer treatment centres licensed by the Atomic Energy Regulatory Board (AERB). The company operates its fertility centres under the `Milann’ brand. As of December 31, 2015, HCG’s network consisted of 14 comprehensive cancer centres, three freestanding diagnostic centres and one day-care chemotherapy centre. Each comprehensive cancer centre offers cancer diagnosis and treatment services (including radiation, medical oncology and surgical treatments) at a single location. The freestanding diagnostic centres and the day-care chemotherapy centre offer diagnosis and medical oncology services, respectively.

HCG’s network operates on a “hub and spoke” model, wherein its centre of excellence in Bengaluru serves as a “hub” to other cancer centres. The centre of excellence provides other centres of the company access to centralised quality control and assurance services; establishes treatment protocols that are adhered to across its network; provides centralised treatment planning and tele-radiology services to help with diagnosis and treatment; conducts weekly central tumour board meetings to review complex cases; and also gives the company’s network access to advanced technologies, specialized procedures such as liver transplants and stem cell therapies. HCG’s network was ranked second in the country and first in South India.

HGEL intends to establish a network of specialty cancer centres in Africa, similar to its cancer care network in India. The company has entered into a definitive agreement with CDC which will invest in HGEL’s subsidiary, HCG Africa, which has been formed to establish a network of comprehensive cancer centres in Africa.

The company acquired 50.1% equity in BACC Healthcare in 2013 which operates fertility centres under the Milann brand, through itself and its wholly-owned subsidiary, DKR Healthcare. BACC Healthcare is led by a team of qualified and experienced fertility specialists. Its founder, Dr. Kamini Rao reportedly has a successful track record of over 25 years of providing fertility treatments. Milann fertility centres provide comprehensive reproductive medicine services, including assisted reproduction, gynaecological endoscopy and fertility preservation and follow a multidisciplinary and technology-focused approach to diagnosis and treatment.

Under the Triesta brand, HGEL provides clinical reference laboratory services in India with a specialisation in oncology, including molecular diagnostic services and genomic testing. Triesta central reference laboratory is located in the company’s centre of excellence in Bengaluru and offers research and development services to pharmaceutical and biotechnology companies in the areas of clinical trial management and biomarker discovery and validation. Triesta is led by a team of specialist oncopathologists, molecular biologists and clinical researchers.

 

Financials

Even though the company’s HCG cancer network is more than twenty five years old and its Triesta clinical laboratory business is 10 years old, HGEL is yet to find a credible bottom line to service its existing large equity base of Rs 73.5 cr. On a consolidated basis, HGEL’s revenue from operations has steadily increased from Rs 215 cr in FY11 to around Rs 520 cr in FY15.  The company’s operating margin has been fluctuating between 7% and 14%. As a matter of fact, from 14% in FY11, the OPM continuously dropped to hit a low of 7.3% in FY14 but jumped to 13.8% in FY15.  Having remained in red for three consecutive years (FY12 to FY14), the company’s bottom line turned black only in FY15. In the first eight months of current fiscal, it has once again fallen into red.  In fact the company has an accumulated deficit of more than Rs 42 cr up to November 2015 which makes the dividend prospects bleak for the near future.   

 

HEALTHCARE GLOBAL ENTERPRISES CONSOLDATED FINANCIALS
(in lakh)	Nov-15	Mar-15	Mar-14	Mar-13	Mar-12	Mar-11
Medical Services	25786	33957	30098	22210	16483	13189
Pharmacy Revenue	11705	17629	14773	11508	10144	8269
Other Oper. Revenue	398	352	263	113	31	24
Total Oper. Revenue	37889	51938	45133	33831	26658	21482
Other Income	240	482	397	238	363	137
Gross Income	38128	52419	45531	34068	27022	21619
Operating Profit	5308	7649	4175	4861	4487	3869
Operating Margin (%)	13.4	13.8	7.3	10.2	12.2	14.0
Interest	2442	3423	3223	2918	2398	1361
Depreciation	2899	3983	3618	2957	2377	1706
PRE-TAX PROFIT	-33	244	-2665	-1015	-288	802
Tax	73	-168	535	71	23	98
Minority Interest	265	358	355	-35	23	74
Net Profit	-371	55	-3555	-1051	-333	630
Net Oper. cash flow	4745	5965	5142	3113	1869	5035
Equity Cap	7348	6998	6825	6689	5927	5330
Reserves	22106	20866	19494	21593	15196	11035
Share Premium	26184	24302	23418	22055	14555	10081
Earned Surplus	-4204	-3833	-4189	-597	551	914
Other Reserves	126	397	265	135	90	40
Dividend %	0	0	0	0	0	0
Net Block	59593	50985	46219	44784	38242	25806
Borrowings	38514	32030	29123	27736	18712	11529

 

Valuation

In the absence of any credible profit at the net level, one cannot compare HGEL with any other listed hospital stock in terms of price-earnings. The IPO price band of HGEL discounts its EBITDA 23 to 24 times and Net Block about 2 times which compare well with other listed multi-specialty hospitals like Apollo, Fortis, Narayana Hrudayalaya, etc. Nonetheless, as compared to the current discounting of high dividend yielding hospital scrips like Indraprastha, HGEL’s pricing looks very steep. It’s worth noting here that the weighted average cost of acquisition of shares of the promoters and the selling shareholders works out to only Rs 21.97 and Rs 52.83 respectively. Hence, once the lock-in period lapses, one may witness considerable selling pressure from the existing shareholders in the absence of dividend prospects.

HOW HEALTHCARE GLOBAL COMPARES WITH OTHER SPECIALITY HOSPITALS
CO NAME	M-CAP	EQ	Reven	OP	NP	P/OP	P/NB	OPM	YLD	PRICE
	(Rs Cr)					(x)		(%)		(Rs)
Apollo Hospitals	18,918	69.56	5,317	775	371	24.4	5.9	13.8	0.4	1,360
Fortis Healthcare	8,171	462.94	612	16	-66	509	24.0	–	0.0	177
Narayana Hrudayalaya	5,996	204.36	1,308	142	29	42.1	9.0	10.1	0.0	293
Kovai Medical Cent	726	10.94	450	97	39	7.5	2.4	19.9	0.2	663
Indraprastha Medical	443	91.67	747	82	30	5.4	1.5	10.8	3.7	48
Healthcare Global-H	1,838	85.08	519	76	1	24.0	3.1	13.8	0.0	216
-L	1,744	85.08	519	76	1	22.8	2.9	13.8	0.0	205

 

Concerns

Besides steep pricing HGEL also faces few perception issues which could mar the prospects of the scrip in the secondary market.  Though the company is claimed to have been promoted by five doctors, the aggregate promoters’ holdings amount to only 28% of the pre-IPO equity and post-issue it will be less than 25%! Two of the promoter directors have resigned from the company’s board in 2015 without any convincing reason. With such poor commitment, what great can the investing public expect from the promoter-doctors?

It is pertinent to note here that some of the promoters are reportedly involved in ventures which are in the same line of business as HGEL. Thus the public company may have to compete with group entities for business, which may impact the public company’s business, financial condition and results of operations.

Further, most of the company’s specialist physicians are not its employees. If such specialist physicians discontinue their association with HCEL or are unable to provide their services at the company’s centres or hospitals for any reason or if HGEL is unable to attract or retain such specialist physicians and other healthcare professionals, the business and results of operations may be adversely affected. What’s more, the conduct of two of the promoters too has attracted criminal proceedings which put the company’s image in poor light.

HGEL already faces intense competition from other healthcare providers which has resulted in losses for the company in recent times. As if this is not enough, the company is subjected to restrictions in setting up businesses in certain geographical regions which may affect its growth prospects.

Also, pursuant to the shareholders’ agreement between HGEL’s subsidiary BACC Healthcare and Dr. Kamini Rao, the latter can exercise a put option with respect to her shareholding in BACC Healthcare, at any point in time from March 23, 2018 to March 21, 2021. The exercise of the put option may require HGEL to utilize its reserves to fund such purchase and this may affect the company’s profitability and dividend distribution. The company’s goodwill reduced from Rs 15.69 cr in September 2014 to just Rs 0.15 cr in September 2015 as a result of the discontinuation of its comprehensive cancer centre in Mumbai.

The company also faces risks on the export and forex fronts as certain medical equipment have been imported under the EPCG Scheme. Under the terms of the import licence, HGEL is required to export goods and services amounting to Rs 41.75 cr by 2020.  The company’s business may also be affected by the fluctuations in the value of INR as a significant portion of its capital expenditure relates to the purchase of medical equipment and consumables is priced in U.S. dollars. Another negative feature of HGEL is its debt-equity ratio is 1.25 as compared with the industry average of only 0.5x.

 

Lead Manager’s Track

The Rs 631 cr IPO of HGEL is handled by as many as six investment bankers who have a mixed track record. Kotak Mahindra Capital has handled 31 IPOs between 2010 and 2015 of which only 13 are currently trading above their offer prices. In other words, the investment banker helped to raise Rs 63,176 cr whose current market value is Rs 58.124 cr, capital loss being Rs 5,052 cr (8%). 

While Gujarat Pipavav Port, Bajaj Corp and Jubilant Foodworks have fared well, Tecpro Systems, Jaypee Infra, Vascon Engineers, Nitesh Estates and NMDC have inflicted huge capital loss. Of the 9 IPOs of 2015, five are currently trading above the offer price. Whereas Dr Lal Pathlabs, Manpasand Beverages and S H Kelkar have fetched good return, Adlabs Entertainment and Coffee Day Enterprises were big disappointments.

 

KOTAK MAHINDRA-ASSOCIATED IPOs
	(Amt in cr)	IPO	IPO	CURRENT	GAIN/	%
		DATE	AMT	VALUE	LOSS
1	Dr. Lal Pathlabs	8-Dec-15	638	1042	404	63
2	S.H. Kellkar	28-Oct-15	508	687	178	35
3	Interglobe Aviation	27-Oct-15	3025	3163	137	5
4	Coffee Day Enterprises	14-Oct-15	1150	787	-363	-32
5	Sadbhav Infrastructure	31-Aug-15	492	412	-80	-16
6	Power Mech Projects	7-Aug-15	273	243	-30	-11
7	Manpasand Beverages	24-Jun-15	400	556	156	39
8	Adlabs Entertainment	10-Mar-15	366	184	-181	-50
9	Ortel Communications	3-Mar-15	175	178	4	2
10	Bharti Infratel	11-Dec-12	4156	7004	2849	69
11	Speciality Restauran	16-May-12	176	96	-80	-45
12	Future Consumer Ent	25-Apr-11	750	1526	776	104
13	Muthoot Finance	18-Apr-11	901	918	16	2
14	Tata Steel	19-Jan-11	3477	1709	-1768	-51
15	Coal India	18-Oct-10	15475	18674	3199	21
16	Prestige Estates	12-Oct-10	1200	914	-286	-24
17	Oberoi Realty	6-Oct-10	1029	966	-62	-6
18	Tecpro Systems	23-Sep-10	268	3	-265	-99
19	Eros International	17-Sep-10	350	313	-37	-11
20	Gujarat Pipavav Port	23-Aug-10	554	1912	1358	245
21	Bajaj Corp	2-Aug-10	297	867	570	192
22	SKS Microfinance	28-Jul-10	1654	879	-775	-47
23	Hindustan Media	5-Jul-10	270	415	145	54
24	Jaypee Infra	29-Apr-10	2274	199	-2075	-91
25	Nitesh Estates	23-Apr-10	405	92	-313	-77
26	NMDC	10-Mar-10	9967	3126	-6841	-69
27	Rural Electrificat	19-Feb-10	3486	2869	-617	-18
28	Hathway Cable	9-Feb-10	666	520	-146	-22
29	NTPC	3-Feb-10	8287	5252	-3034	-37
30	Vascon Engineers	27-Jan-10	178	26	-152	-85
31	Jubilant Foodworks	18-Jan-10	329	2589	2261	688
	31 IPOs’ COMPOSITE		63176	58124	-5052	-8

 

 Edelweiss Financial has handled twenty IPOs since 2010. These IPOs collectively mopped up Rs 20,076 cr whose market value is only Rs 12,949 cr today. In other words, investors in Edelweiss-associated IPOs have lost Rs 7,127 cr or 36%. While Wonderla Holidays and Mandhana Industries have done exceedingly well in the secondary market, Monte Carlo, Commercial Engineers, Electrosteel, United Bank of India, etc. have inflicted huge losses. 

Of the six IPOs of 2015, four are currently quoting below their offer prices.  Only Alkem Labs has fetched decent return.

EDELWEISS-ASSOCIATED IPOs
	(Amt in cr)	IPO	IPO	CURRENT	GAIN/	%
		DATE	AMT	VALUE	LOSS
1	Alkem Labs	8-Dec-15	1350	1740	390	29
2	Coffee Day Enterprises	14-Oct-15	1150	787	-363	-32
3	Sadbhav Infrastructure	31-Aug-15	492	412	-80	-16
4	Prabhat Dairy	28-Aug-15	365	350	-15	-4
5	Navkar Corp	24-Aug-15	600	641	41	7
6	Inox Wind	18-Mar-15	1037	807	-230	-22
7	Monte Carlo Fashions	3-Dec-14	350	208	-142	-41
8	Sharda Cropchem	5-Sep-14	352	496	144	41
9	Wonderla Holidays	21-Apr-14	181	522	340	188
10	Multi Commodity Exch	22-Feb-12	663	543	-120	-18
11	Future Consumer Ent	25-Apr-11	750	1526	776	104
12	MOIL	26-Nov-10	1260	671	-589	-47
13	Claris Lifesciences	24-Nov-10	288	172	-116	-40
14	Commercial Engineers	30-Sep-10	172	24	-149	-86
15	Electrosteel Steel	21-Sep-10	248	75	-173	-70
16	Hindustan Media	5-Jul-10	270	415	145	54
17	Mandhana Ind	27-Apr-10	108	244	136	126
18	NMDC	10-Mar-10	9967	3126	-6841	-69
19	United Bank Of India	23-Feb-10	330	97	-233	-71
20	Man Infraconstruct	18-Feb-10	142	92	-50	-35
	20 IPOs’ COMPOSITE		20076	12949	-7127	-36

 

In the case of Goldman Sachs, in last four years the investment banker has not handled any IPO. Between September 2010 and May 2011 it had associated with three public issues which raised an aggregate amount of Rs 13,136 cr. This has now appreciated to Rs 15,769 cr that a gain of 20%, thanks to Power Grid whose value has grown 54% or Rs 4099 cr! Nonetheless, Orient Green Power and Power Finance Corporation failed to protect the investors.

GOLDMAN SACHS-ASSOCIATED IPOs
	(Amt in cr)	IPO	IPO	CURRENT	GAIN/	%
		DATE	AMT	VALUE	LOSS
1	Power Finance Corp	10-May-11	4660	3878	-782	-17
2	Power Grid Corp	9-Nov-10	7576	11675	4099	54
3	Orient Green Power	21-Sep-10	900	215	-685	-76
	3 IPOs’ COMPOSITE		13136	15769	2633	20

 

Since 2010 IDFC Securities has handled 16 IPOs which collectively tapped Rs 10.354 cr. The current market value of this investment is only Rs 9,340 cr that is at a loss of Rs 1,014 cr or 10%. While nine IPOs are currently quoting above the offer prices, Repco Finance and Gujarat Pipavav fetching impressive gains, A2Z Infra and Jaypee Infra have turned out to be big losers.  Of the four recent IPOs managed by IDFC Sec, three are currently trading above the IPO price.   

 

IDFC-ASSOCIATED IPOs
	(Amt in cr)	IPO	IPO	CURRENT	GAIN/	%
		DATE	AMT	VALUE	LOSS
1	Teamlease Services	2-Feb-16	424	480	57	13
2	Narayana Hrudayalaya	17-Dec-15	613	717	104	17
3	PNC Infratech	8-May-15	488	626	137	28
4	MEP Infrastructure	21-Apr-15	322	199	-122	-38
5	Sharda Cropchem	5-Sep-14	352	496	144	41
6	Repco Home Fin	13-Mar-13	270	909	639	236
7	Tribhovandas	24-Apr-12	200	86	-114	-57
8	A2Z Infra Engg	8-Dec-10	776	39	-737	-95
9	Shipping Corp	30-Nov-10	1186	531	-655	-55
10	Ashoka Buildcon	24-Sep-10	225	377	152	68
11	Va Tech Wabag	22-Sep-10	473	950	477	101
12	Gujarat Pipavav Port	23-Aug-10	554	1912	1358	245
13	Engineers India	27-Jul-10	977	540	-437	-45
14	Jaypee Infra	29-Apr-10	2274	199	-2075	-91
15	SJVN	29-Apr-10	1079	1187	108	10
16	Man Infraconstruct	18-Feb-10	142	92	-50	-35
	16 IPOs’ COMPOSITE		10354	9340	-1014	-10

 

In last six years, IIFL Holdings has associated with only five IPOs of which the most recent two are quoting below the offer price. The five IPOs collected a total amount of Rs 1,351 cr whose market value is Rs 1,473 cr – a gain of Rs 123 cr or 9%. 

 

IIFL HOLDINGS-ASSOCIATED IPOs
	(Amt in cr)	IPO	IPO	CURRENT	GAIN/	%
		DATE	AMT	VALUE	LOSS
1	Precision Camshafts	27-Jan-16	410	332	-78	-19
2	Power Mech Projects	7-Aug-15	273	243	-30	-11
3	Manpasand Beverages	24-Jun-15	400	556	156	39
4	Talwalkars Better	21-Apr-10	77	119	42	54
5	Infinite Computer	11-Jan-10	190	223	33	17
	5 IPOs’ COMPOSITE		1351	1473	123	9

 

Among the six lead managers of HGEL’s IPO, Yes Bank has the worst record. The investment banker was associated with five IPOs which collected Rs 3,249 cr between December 2010 and October 2015. This is valued today only Rs 1,824 cr that is at a capital loss of 44% or Rs 1,425 cr. Of the five IPOs, four are currently languishing below the offer price.  In fact, C Mahendra Exports and A2Z Infra have inflicted a huge loss of 95% or more. Also, the recent  issues managed by Yes Bank (in 2015) are currently quoting at a discount. 

 

YES BANK-ASSOCIATED IPOs
	(Amt in cr)	IPO	IPO	CURRENT	GAIN/	%
		DATE	AMT	VALUE	LOSS
1	Coffee Day Enterprises	14-Oct-15	1150	787	-363	-32
2	Inox Wind	18-Mar-15	1037	807	-230	-22
3	Shemaroo Entertainment	16-Sep-14	120	186	66	55
4	C.Mahendra Exports	31-Dec-10	165	4	-161	-98
5	A2Z Infra Engineering	8-Dec-10	776	39	-737	-95
	5 IPOs’ COMPOSITE		3249	1824	-1425	-44