| Bangalore Prospectus |
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| Written by HW | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Thursday, 17 April 2008 | ||||||||||||||||||||||||||||||||||||||||||||||||||
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Prospectus for Initial Public Offer
Name of the stock: Bangalore IPO price: T20 Rs. 449
Number of shares released: 5,00,000
General Introduction The Banglore team have on paper a team with established and well-known names, but do not come with proportionate hype and expectations because their players are regarded as ‘Test players’ who aren’t the kind of players who would do well in T20 matches. Their Net Worth, based on their performances in the T20 matches they have played vindicates that to some extent. But they come with a cricketing pedigree which is hard to discount irrespective of the format. They also have one of the best bowling attacks in the IPL, if not the best. Net Worth Analysis The net worth of the stock is based on the cumulative performance ratings of the players in the team who have prior T20 international experience. Hence this more or less depicts the true expected net inflow from the player performances.
Further the net worth is discounted @ 30% to use a conservative estimate of the value, since the values represent average performances and not worst-case-scenarios, and so as to also to keep a buffer for shareholders’ gains.
Therefore the IPO value is staged @ 70% of the total net worth. Comments / tips The slightly discouraging thing here is that most players seem to have reached their potential, although there is no rule that they can’t break barriers. A player to watch out for is Mark Boucher, who is definitely capable of more than 17.22. Other areas of venture Since the above net worth analysis only covers players with T20 experience, the other players without any international experience form the TRUE ASSETS for the stock as their performance will only go to add further value to the team’s stock value at the time of redemption of shares. Following is the list of players who are yet untested
Comments / tips
Cameroon White has had very impressive Twenty20 performances in Australia’s domestic competitions, and is likely to do well. Praveen Kumar is also a player with no T20 experience but with a lot of promise. Rahul Dravid, Anil Kumble and Wasim Jaffar come with great cricketing credentials, but are considered ‘traditional test players’, so the package comes with a degree of speculation.
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