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TPL -- TPL TRAKKER LIMITED

* * * * - 1 votes TPL TPL TRAKKER LIMITED TRAKKER LIMITED TRAKKER IPO TPL -- TPL Trakker Limited

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#1
Amin Khan

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    TPL TRAKKER LIMITED ­ IPO


    INVESTMENT THEME:

    TPL Trakker Ltd. (TPL) is offering 30 mn shares through an Initial Public Offering (IPO), which constitutes 13.81% of the post IPO Paid up capital of the company. Out of the total offer, 20 mn shares (66.7%) will be offered through book building to Institutional Investors and High Net Worth Individuals (HNWI) while the remaining 10 mn shares (33.3%) will be offered to General Public at a price determined through the book building process. The book building is due to commence from May 2nd, 2012 to 3rd May, 2012 at a floor price of TPL set at PkR 10.0 per share. National Bank of Pakistan, AKD Securities Ltd. and Arif Habib Ltd. are mandated to act as Joint Lead Managers and Arrangers for the said IPO transaction.


    Company Profile:

    TPL is a Satellite Vehicle Tracking Company offering vehicle security and fleet management services in Pakistan. It started as a joint venture with DigiCore Holdings Ltd. – a South African Company having 30% (56.17 mn shares) stake in the company and the remaining 70% (131.07 mn shares) held by TPL Holdings (Pvt.) Ltd of the total 187.25 mn shares.


    TPL owns 67.39% of TPL Direct Insurance Ltd., 29% of Trakker Middle East, 41% of TPL Properties (Pvt.) Ltd. and 99.99% of TPL Security Services (Pvt.) Ltd.


    Purpose of Issue:

    The company intends to retire a portion of their short term running finance amounting to PkR 150 mn and to meet its working capital requirements of “Safe transportation Environment” project as well as expansion of vehicle tracking and navigation operations.


    ƒ Repayment of Short Term Running Finance:

    The Company had obtained short term running finance from National Bank of Pakistan, Standard Chartered Bank and Habib Metropolitan Bank Ltd. amounting to PKR 150 mn, PKR 60 mn and PKR 175 mn respectively at a mark‐up rate which ranges from 15.25% to 16%. The repayment of loan will reduce the burden of financial cost to the company.


    ƒ Working Capital Requirement:


    a. Expansion of Container Tracking Operations:

    075]The Government of Pakistan has signed the APTTA agreement which requires installation of tracking devices in all containers that carry goods from one port to another to reduce pilferage and to ensure smooth flow of goods. Based on this, FBR invited tenders in February 2011 for provision of tracking services and TPL Trakker was selected to undertake the project in February 2012. The Project is called “Safe transportation Environment” requires all cargo moving from ports of Karachi to Afghanistan to have GPS satellite tracking systems installed. Under the license with Pakistan customs, TPL Trakker will provide the monitoring of all containers (reusable tracking units). The company will establish a Central Control Room (“CCR”) at Pakistan Customs headquarters where they will monitor movement themselves for exception based monitoring, escalation and reporting.


    b. Vehicle Tracking Business Expansion:

    075]TPL with its success in Pakistan and UAE now plans to further grow its operations in Sri Lanka, Middle East and Afghanistan. Operations expansion may also extend to Qatar, Jordan, Egypt and Oman.


    c. Location and Navigation Business Coverage Expansion:

    075]As the demand for navigation services is increasing TPL requires working capital to further enhance its map coverage to over 1000 cities/ towns in Pakistan.


    Posted Image

    Going Forward/Outlook:

    We expect the company would benefit from being selected for providing tracking services to Pakistan Customs and from the expansion to other geographic locations. Hence, investors may opt for investment in TPL Trakker Ltd through the book building and IPO process with a view of getting better returns in the long term.

    (AF)


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    #2
    Amin Khan

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    http://www.tpltrakker.com/ipo.html
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    #3
    Amin Khan

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    Initial Public Offering of TPL Trakker Limited (“TPL”)

    Dear Sir,
    National Bank of Pakistan (“NBP”), AKD Securities Limited (“AKDS”) and Arif Habib Limited (“AHL”)have been jointly mandated by the management of TPL Trakker Limited (“TPL” or “the Company”) to act as Joint Lead Managers & Arrangers for the Initial Public Offer (“IPO”) of TPL Trakker Limited. This letter is intended to solicit your interest for equity participation in the General Public Offering of the Transaction.

    The Transaction
    We are highly pleased and take great pride in informing you that TPL Book Building portion has been successfully subscribed. The Company offered 20 million Ordinary shares in the Book Building phase. The issue has received overwhelming response by both Institutional Investors and High Net-Worth Individuals (“HNWI”) and oversubscribed by 1.31 times.
    After successful closure of Book Building, the Company is offering the remaining 10 million Ordinary shares to General Public at a strike price of PkR 10.0 per share, which has been determined through the Dutch Auction method in Book Building process. The General Public dates are as under:

    Tuesday 5th June, 2012 to Wednesday 6th June, 2012 (both days inclusive)

    About TPL Trakker Limited
    TPL Trakker Limited is Pakistan’s number one Satellite Vehicle Tracking Company in terms of market share, corporate profile and branding. TPL Trakker is the pioneer of vehicle tracking Services in Pakistan.

    Trakker (Pvt.) Limited launched the vehicle security and fleet management concept in Pakistan in the year 2000 as a joint venture with the South African multinational DigiCore Holdings Limited which has 30% shareholding in the Company. The businesses and assets of Trakker (Pvt.) Limited were transferred pursuant to the scheme of arrangement to TPL Trakker Limited on March 31, 2009.

    TPL Trakker has unparalleled customer base and IT infrastructure. The Company also operates a Tier III data center which has multiple independent distribution paths serving the IT equipment. The Company won Brand of the year award in 2007, 2008, 2009 and 2010. Moreover, PACRA has issued consistent financial performance rating with A- for long term and A2 for short term.

    TPL Trakker has established a solid platform based on which it continues to expand its product portfolio and build on its customer base. TPL Trakker’s initial target market was the retail segment, where it has now established itself as the dominant player. Based on this success, TPL Trakker is now expanding into higher margin institutional clients. Additionally along with its core asset tracking services, TPL Trakker has launched related products and services which supplement its core asset tracking service offering and provides its customers with a complete portfolio of services to choose from.
    Investment Rationale

    ü Strong Historical Performance
    TPL Trakker Limited started its operations of vehicle tracking in the year 2000 with equity of PKR 23.59mn. The Company has shown magnificent growth over the years that started from an initial turnover of PKR 65mn in the year 2001 and has risen up to PKR 832mn in the year 2011. The topline of TPL Trakker Limited has grown at a CAGR of 28.93%. The equity of the company currently stands at PKR 2,071 which shows the exponential growth in operations since inception.

    ü Strong JV Partner
    The company’s JV partner DigiCore Holdings specializes in the research, design, development, manufacture, sales and support of technologically advanced GPS/GSM fleet management and vehicle tracking solutions. DigiCore has operations in over 30 countries globally providing support to over 550,000 customers.

    ü First-mover Advantage
    TPL Trakker Limited launched its operations in the year 2000 with DigiCore Holdings. The company has exclusive rights to use Digicore’s signature C-track technology which merges GPS technology with GSM service providers’ SMS & GPRS data service to bring information directly from the vehicle to the TPL Trakker control room. TPL Trakker is Pakistan’s first and region’s largest vehicle tracking and fleet management company with over 150,000 installed units.

    ü Diversified Product Portfolio
    Based on its unmatchable success, TPL Trakker is now expanding its market share into higher margin institutional clients. Additionally along with its core asset tracking services, TPL Trakker has launched related products and services which supplement its core asset tracking service offering and provides its customers with a complete portfolio of services to choose from. The business portfolio of TPL Trakker Limited consists of Asset Tracking Solutions, Container Tracking Solution and Navigation Services.

    ü Exclusivity with Indus Motors
    TPL Trakker Limited has entered into an exclusive contract with Indus to provide in-dash navigation services in Toyota Altis and the company also has the exclusive right to offer navigation devices and services through the dealership network of Toyota / Indus Motors.

    ü Dynamic Location & Navigation Solutions
    TPL has introduced the new business of location and navigation solution that uses GPS technology for navigation products and services. Products include portable navigation devices, in-dash infotainment systems, maps and advance location based services. TPL Trakker has recently introduced Trakker NAV navigation software. The product was first launched in 2009 for providing mobile navigation services.

    ü Unmatchable Map Coverage
    With rigorous efforts of over so many years, the map coverage includes major highways of Pakistan and road/street network of 120+ cities of Pakistan with over 150 more cities to be added shortly. Points of Interest data is currently over 600,000 and by end of the year 2012, it will increase to 2 Million. Currently we have 3,000 3D landmarks and will increase this to over 5,000 by the end of this year. Trakker NAV offers an all-inclusive navigation experience and is a pioneer of navigation in Pakistan.

    ü Revolutionary Container Tracking Systems
    TPL Trakker believes that container tracking is an exciting area for growth and has thus entered into an agreement with GlobalTrak, a leader in the deployment of container tracking and asset tracking solutions. Through this partnership, TPL Trakker enhances its asset management and security solutions by incorporating GlobalTrak world leading line of products and software to its existing product portfolio. In 2010, TPL Trakker in partnership with GlobalTrak launched its in-transit Tracking solutions for all container movements in Pakistan and Afghanistan. Through this agreement TPL Trakker provides 24x7 support, installation and monitoring of container movement destined to Afghanistan. To date, TPL Trakker has provided tracking for over 24,000 consignments.

    ü Achievements & Recognition
    The company has been a consistent performer as it has been rewarded with “Brand of the Year” award. TPL Trakker is recognized as the largest and most innovative tracking technology initiator not only within the country but on regional level as well.

    ü Strong Credit Rating
    PACRA has issued consistent financial performance rating for TPL Trakker Limited with A- for long term and A2 for short term.

    ü Attractive Share Valuation
    TPL is being offered to General Public at the Strike Price of PKR10 per share as against the DCF fair value of PKR18.38 per share offering an attractive upside to the investors.

    Based on the above mentioned highlights, we are pleased to solicit your interest for participation in the General Public Offering of TPL Trakker Limited. Furthermore, please note that the Final Prospectus and Share Application Form can be downloaded from the following websites:

    www.akdsecurities.net, www.akdtrade.com, www.arifhabibltd.com & www.tpltrakker.com


    The application forms are also available at the branches of designated Bankers to the Issue mentioned in the Prospectus and at the offices of AKD Securities Limited, Arif Habib Limited & TPL Trakker Limited.

    General Public IPO 5th and 6th June 2012
    http://www.tpltrakker.com/ipo.html
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    #4
    fasee

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    hmmmmmmmm
    It is not the strongest of the species that survive, nor the most intelligent, but the one most responsive to change.

    #5
    Amin Khan

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    View Postfasee, on 30 May 2012 - 02:17 AM, said:

    hmmmmmmmm

    try maro gay ? ya market say uthain gay ? kiya bolaty ho :D
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    #6
    fasee

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    IPo daal doon ga inshallah
    It is not the strongest of the species that survive, nor the most intelligent, but the one most responsive to change.






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