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Toll management firm MEP Infrastructure files DRHP with SEBI for $60M IPO

01 October, 2014

MEP Infrastructure Developers Ltd, a Mumbai-based toll management company, has filed draft red-herring prospectus (DRHP) with the market regulator for its initial public offer (IPO). MEP Infra said that it seeks to raise up to Rs 360 crore ($58.2 million).

The firm is promoted by the Mhaiskar family.

IPO snapshot

– Public issue to raise Rs 360 crore.

– Issue managed by IDFC Securities, Inga Capital and IDBI Capital.

Use of proceeds

The firm plans to use around Rs 291.2 crore towards repayment / pre-payment, of certain debt by one of its subsidiaries, MIPL.

Business

The company follows an asset light business model by focusing on pure toll collection as well as OMT projects on operational roads constructed by third parties. It generates the revenue through collection of toll from commuters, under projects acquired by forecasting the traffic volume based on in-house surveys.

MEP Infra focuses on toll collection projects as well as OMT (operate-maintain-transfer) projects which involve maintenance obligations in addition to toll collection on operational roads (including highways) constructed by third parties.

The firm has completed 68 projects, with an aggregate of 122 toll plazas and 783 lanes across 12 states in India as of now.

MEP Infra currently operates 23 toll collection projects with an aggregate of 40 toll plazas, five OMT projects covering 2,530.04 lane kms with an aggregate of 15 toll plazas and one BOT project covering 42.02 lane kms with five toll plazas. These ongoing projects are located across nine states in India.

Financials

Its total revenue on a consolidated basis increased from Rs 329.1 crore in FY10 to RS 1,240.1 crore in FY14, representing a CAGR of 39.32 per cent. Its consolidated EBITDA increased from Rs 6.3 crore to Rs 36.3 crore while its net loss rose from Rs 1.27 crore to Rs 117.5 crore in the same period.

The firm saw its revenue decline and net loss almost double in FY14 over FY13.


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Toll management firm MEP Infrastructure files DRHP with SEBI for $60M IPO

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