SME NEWSLETTER OCTOBER, 2021 (21st Edition)

BSE has signed a MoU with HDFC Bank to encourage and promote listing of SMEs and small companies across India.

Through this MoU, HDFC Bank and BSE shall evaluate banking and lending solutions for companies undergoing listing process on the platform. HDFC Bank will identify potential SMEs and startups to help them to partner with intermediaries like merchant bankers, chartered accountants and lawyers to list on BSE. Both the parties have agreed to conduct and participate in joint outreach activities and contribute to each other’s publications on the ecosystem.

Banks have sanctioned loans worth Rs. 63,574 crore to about 13.84 lakh borrowers in a fortnight under the credit outreach programme through 10,580 camps held across the country.

As on October 31, 2021, the total ₹ 528.55 Crore raised through SME IPO in India and total 43 Companies were listed. Out of these 43 companies, 16 companies listed on NSE Emerge Platform, 22 companies listed on BSE SME Platform and 5 companies listed on BSE Start-Up Platform.

Merchant Banker and Market Maker

Total SME Companies Listed

Detailed Report on SME Initial Public Offer (IPO) for October, 2021

Name of Company   D. K. Enterprises Global Limited Samor Reality Limited Dynamic Services & Security Limited Destiny Logistics & Infra Limited CWD Limited Adishakti Loha and Ispat Limited
Date of Listing 22-Oct-21 13-Oct-21 13-Oct-21 13-Oct-21 13-Oct-21 13-Oct-21
Stock Exchange where listed NSE Emerge BSE SME NSE Emerge NSE Emerge BSE StartUp BSE SME
Industry Manufacturing Realty Outsourcing Services Logistics Consumer Electronics Iron and Steel
State Haryana Gujarat West Bengal West Bengal Maharashtra Delhi
Issue Size 7.99 Crore 8.06 Crore 24.13 Crore 5.39 Crore 18.01 Crore 2 Crore
Market Lot/ Min Order Quantity 3000 2000 2000 6000 800 10000
No. of Times Subscribe 12.50 1.74 1.94 4.78 1.31 1.84
Lead Manager Beeline Broking Limited Beeline Broking Limited Finshore Management Services Limited Finshore Management Services Limited Aryaman Financial Services Limited Turnaround Corporate Advisors Private Limited
IPO price ₹ 40/- ₹ 62/- ₹ 51/- ₹ 20/- ₹ 180/- ₹ 11/-
Open on Listing Date ₹ 42/- ₹ 64.80/- ₹ 53/- ₹ 20.70/- ₹ 180.90/- ₹ 12/-
52 Wk High ₹ 44.10/- ₹ 65/- ₹ 55.65/- ₹ 20.70/- ₹ 270.90/- ₹ 12/-
52 Wk Low ₹ 31.90/- ₹ 59.05/- ₹ 36.60/- ₹ 14.60/- ₹ 180/- ₹ 5.90/-
Closing Price as on 31-10-2021 ₹ 33.55/- ₹ 64.30/- ₹ 46.70/- ₹ 16.15/- ₹ 180.10/- ₹ 6.94/-
Market Capitalization as on 31-10-2021 25.19 Crore 27.65 Crore 63.13 Crore 12.43 Crore 65.04 Crore 3.16 Crore
Name of Company   Promax Power Limited Bombay Metrics Supply Chain Limited Shri Venkatesh Refineries Limited Getalong Enterprise Limited Jainam Ferro Alloys (I) Limited
Date of Listing 12-Oct-21 12-Oct-21 11-Oct-21 08-Oct-21 08-Oct-21
Stock Exchange where listed BSE SME NSE Emerge BSE SME BSE SME NSE Emerge
Industry Construction & Engineering Engineering Edible Oils Textiles Steel
State Chandigarh Maharashtra Maharashtra Maharashtra Chhattisgarh
Issue Size 1.60 Crore 4.29 Crore 11.71 Crore 5.18 Crore 19.61 Crore
Market Lot/ Min Order Quantity 10000 1200 3000 2000 2000
No. of Times Subscribe 6.89 18.50 3.12 2.09 6.65
Lead Manager Finshore Management Services Limited Unistone Capital Private Limited Hem Securities Limited Shreni Shares Private Limited Hem Securities Limited
IPO price ₹ 10/- ₹ 93/- ₹ 40/- ₹ 69/- ₹ 70/-
Open on Listing Date ₹ 11/- ₹ 98.30/- ₹ 42/- ₹ 73.05/- ₹ 73/-
52 Wk High ₹ 17.02/- ₹ 159.90/- ₹ 53/- ₹ 80.50/- ₹ 76.65/-
52 Wk Low ₹ 11/- ₹ 98.30/- ₹ 34.15/- ₹ 61/- ₹ 69/-
Closing Price as on 31-10-2021 ₹ 13.55/- ₹ 126.50/- ₹ 42.10/- ₹ 65/- ₹ 71.25/-
Market Capitalization as on 31-10-2021 8.13 Crore 19.47 Crore 46.56 Crore 11.88 Crore 75.25 Crore

Comparison of Listed Companies with BSE SME IPO Index and NIFTY SME Emerge Index

BSE SME IPO Index with BSE Listed Companies

NIFTY SME Emerge Index with NSE Listed Companies

Draft Prospectus Filed with Stock Exchange

Sr. No. Name of the Company Date of Draft Prospectus State Exchange
1. Foce India Limited 28-Oct-2021 Maharashtra NSE Emerge
2. Euro Panel Products Limited 16-Oct-2021 Maharashtra NSE Emerge
3. Scarnose International Limited 15-Oct-2021 Gujarati NSE Emerge
4. DMR Hydroengineering & Infrastructures Limited 12-Oct-2021 Haryana BSE SME
5. Nidan Laboratories And Healthcare Limited 08-Oct-2021 Maharashtra NSE Emerge
6. Nupur Recyclers Limited 07-Oct-2021 Delhi NSE Emerge
7. SAH Polymers Limited 07-Oct-2021 Rajasthan NSE Emerge

Changes In Market Lot

Sr. No. Name of the Company Exchange Effective Date Old Market Lot New Market Lot Purpose of Change
1. KKV Agro Powers Limited NSE 22-Nov-2021 312 156 Bonus
2. Vaxtex Cotfab Limited NSE 01-Nov-2021 3000 1500
3. Priti International Limited NSE 20-Oct-2021 1600 3200 Bonus
4. Dev Information Technology Limited NSE 21-Oct-2021 3500 3000 Bonus
5. Wonder Fibromats Limited NSE 06-Oct-2021 1600 2560 Bonus

Preferential Allotment

Name of Company Date of Listing Stock Exchange Industry State Issue Size Market Lot Date of Allotment Category Purpose of Issue Issue price 52 Wk High 52 Wk Low   Closing Price as on 31-10-2021
Softtech Engineers Limited 27-10-2021 NSE Emerge IT Maharashtra 9.99 Crore 1600 08-Oct-2021 Public Funding of Project and Investment Rs. 150/- Rs. 133.40/- Rs. 74.60/- Rs. 129/-

Companies Migrated to Main Board of Exchange in October, 2021

Sr. No. Name of the Company Date of Migration State Exchange
1. Sikko Industries Limited 22-Oct-21 Gujarat NSE
2. Pansari Developers Limited 18-Oct-21 West Bengal NSE
3. Art Nirman Limited 18-Oct-21 Gujarat NSE
4. Vaksons Automobiles Limited 18-Oct-21 Delhi BSE
5. Anand Rayons Limited 14-Oct-21 Gujarat BSE
6. Airo Lam limited 13-Oct-21 Gujarat NSE
7. Euro India Fresh Foods Limited 12-Oct-21 Gujarat NSE
8. Meera Industries Limited 01-Oct-21 Gujarat BSE

Bonus Issue

Sr. No. Name of the Company No. of Securities Issued Allotment Date Ratio
1. Dev Information Technology Limited 5520500 23-Oct-2021 1:1
2. Priti International Limited 7782996 22-Oct-2021 3:1
3. KKV Agro Powers Limited 113375 19-Oct-2021 1:4
4. Thejo Engineering Limited 7094756 15-Oct-2021 2:1
5. Ace Integrated Solutions Limited 3400000 11-Oct-2021 1:2
6. HEC Infra Projects Limited 8110528 09-Oct-2021 4:1
7. Wonder Fibromats Limited 5025300 08-Oct-2021 3:5

Comparisons Of Listing Price Before And After Migration

Companies Migrated from NSE SME platform to NSE Main Board

Sr. No. Name of Securities Date of Migration Price Before Migration (In Rupees) Price as on 31-10-2021 (In Rupees) Growth/Decline (In Rupees) % of Growth/Decline
1. Sikko Industries Limited 22-Oct-21 36.8 49.1 12.3 33.42%
2. Pansari Developers Limited 18-Oct-21 55 73.55 18.55 33.73%
3. Art Nirman Limited 18-Oct-21 31.15 45.8 14.65 47.03%
4. Airo Lam limited 13-Oct-21 83.4 67.8 -15.6 -18.71%
5. Euro India Fresh Foods Limited 12-Oct-21 135 134.5 -0.5 -0.37%
6. Lagnam Spintex Limited 30-Sep-21 42.95 51.9 8.95 20.84%
7. Par Drugs And Chemicals Limited 16-Sep-21 136.1 209.65 73.55 54.04%
8. Shanti Overseas (India) Limited 16-Sep-21 22.7 22.2 -0.5 -2.20%
9. Ganga Forging Limited 06-Jul-21 95.15 16.9 -78.25 -82.24%
10. Hindcon Chemicals Limited 05-Jul-21 39.8 67.1 27.3 68.59%
11. Moksh Ornaments Limited 21-May-21 67.35 34.9 -32.45 -48.18%
12. Ajooni Biotech Limited 07-May-21 42 62.25 20.25 48.21%
13. Tembo Global Industries Limited 23-Apr-21 107.8 300 192.2 178.29%
14. Nitiraj Engineers Limited 22-Apr-21 43.2 46.9 3.7 8.56%
15. Arvee Laboratories (India) Limited 22-Mar-21 43.55 72.95 29.4 67.51%
16. Silgo Retail Limited 03-Mar-21 53.8 34.55 -19.25 -35.78%
17. Iris Clothings Limited 22-Feb-21 59 217.85 158.85 269.24%
18. AKG Exim Limited 16-Feb-21 97.8 40.2 -57.6 -58.90%
19. Rajnandini Metal Limited 16-Feb-21 31.05 156 124.95 402.42%
20. Ahlada Engineers Limited 28-Jan-21 70 147.05 77.05 110.07%
21. Wealth First Portfolio Managers Limited 20-Jan-21 92.1 243 150.9 163.84%

Companies Migrated from BSE SME platform to BSE Main Board

Sr. No. Name of Securities Date of Migration Price Before Migration (In Rupees) Price as on 31-10-2021 (In Rupees) Growth/Decline (In Rupees) % of Growth/Decline
1. Vaksons Automobiles Limited 18-Oct-21 45 45.4 0.4 0.89%
2. Anand Rayons Limited 14-Oct-21 113.9 178.5 64.6 56.72%
3. Meera Industries Limited 01-Oct-21 85.1 70.1 -15 -17.63%
4. Earum Pharmacuticals Limited 16-Sep-21 122 70.6 -51.4 -42.13%
5. Nakoda Group of Industries Limited 20-Aug-21 60 112.5 52.5 87.50%
6. Veeram Securities Limited 06-Aug-21 52.05 129.45 77.4 148.70%
7. K.P.I. Global Infrastructure Limited 27-Jul-21 115.2 160.85 45.65 39.63%
8. Manorama Industries Limited 20-Jul-21 1,726.90 1,553.20 -173.7 -10.06%
9. Ashapuri Gold Ornament Limited 16-Jul-21 43.6 62.15 18.55 42.55%
10. Raw Edge Industrial Solutions Limited 12-Jul-21 32.15 34 1.85 5.75%
11. White Organic Retail Limited 30-Jun-21 107.3 156.4 49.1 45.76%
12. Ratnabhumi Developers Limited 30-Jun-21 71.85 63 -8.85 -12.32%
13. S. M. Gold Limited 17-Jun-21 85.6 195.15 109.55 127.98%
14. Anmol India Limited 04-Jun-21 175.25 147.75 -27.5 -15.69%
15. Shubham Polyspin Limited 31-May-21 75.35 133.5 58.15 77.17%
16. Vishal Bearings Limited 31-May-21 27.7 29.15 1.45 5.23%
17. Sharika Enterprises Limited 31-May-21 50.05 9.99 -40.06 -80.04%
18. Sylph Education Solutions Limited 22-Apr-21 11.25 0 -11.25 -100.00%
19. Deep Polymers Limited 12-Mar-21 70.95 261 190.05 267.86%
20. Aditya Vision Limited 15-Jan-21 31.9 829.7 797.8 2500.94%
21. BCPL Railway Infrastructure Limited 04-Jan-21 102.95 48.25 -54.7 -53.13%

Performance of Market Maker as on 31-10-2021

S
r. No.
Name of Market Maker Subscription by Market Maker (Rs. In Lakhs) Total No. of Companies
1 Aryaman Capital Markets Limited 324.52 4
2 Beeline Broking Limited 114.03 4
3 Gretex Share Broking Private Limited 231.65 3
4 Harjivandas Nemidas Securities Private Limited 25.20 1
5 Hem Finlease Private Limited 474.10 6
6 Intellect Stock Broking Limited 25.84 1
7 Maverick Share Brokers Private Limited 69.12 1
8 New Berry Capitals Private Limited 31.20 1
9 Nikunj Stock Brokers Limited 296.95 9
10 NNM Securities Private Limited 94.64 4
11 Pentagon Stock Brokers Private Limited 117.00 1
12 Rikhav Securities Limited 864.07 5
13 SERNET Financial Services Private Limited 34.56 1
14 Shreni Shares Private Limited 36.88 2
15 Sunflower Broking Private Limited 42.16 1

Performance of Merchant Banker as on 31-10-2021

Sr. No. Name of Merchant Banker Total Fund Raised (Rs. In Crore) Total No. of Companies
1 Aryaman Financial Services limited 66.64 5
2 Beeline Broking Limited 44.94 6
3 Fedex Securities Private Limited 151.93 4
4 Gretex Corporate Services Limited 45.90 3
5 Fast Track Finsec Private Limited 2.37 1
6 Finshore Management Services Limited 31.12 3
7 First Overseas Capital Limited 11.72 2
8 Hem Securities Limited 91.15 6
9 Holani Consultants Private Limited 13.70 1
10 Inventure Merchant Banker Services Private Limited 11.09 2
11 Mark Corporate Advisors Private Limited 4.98 1
12 Navigant Corporate Advisors Limited 7.46 2
13 Pantomath Capital Advisors Private Limited 23.40 1
14 Shreni Shares Private Limited 7.18 2
15 Turnaround Corporate Advisors Private Limited 2.00 1
16 Unistone Capital Private Limited 8.98 2
17 GYR Capital Advisors Limited 3.99 1

State Wise Fund Raise Through SME IPO AS ON 31-10-2021

Exchange wise Fund Raise Through SME IPO AS ON 31-10-2021

Disclaimer

This data is prepared based on the offer documents and available market information nothing contain in this data are in violation of any laws, rules, regulation, directive, guideline etc. of any regulatory authority. This newsletter is prepared for the information purpose only nothing contain in this data are intent to any means of invitation to subscribe or invest in the securities of the company. These data and report are subject to copyright in favour of BBL therefore, Reproduction or dissemination, directly or indirectly in any form is prohibited except with the prior written permission of Beeline.

Recipients should not construe any of the contents within the document as advice relating to business, financial, legal, taxation, or investment matters and are advised to consult their own business, financial, legal, taxation and other advisors. This document does not constitute an offer for sale, or an invitation to subscribe for, or purchase equity shares or other assets or securities of any Company and the information contained herein shall not form the basis of any contract.   This document are also not meant to be or to constitute any offer for any transaction.

Past performance is not a guide for future performance, future returns are not guaranteed and investors may suffer losses which may exceed their original capital. The user should consult their own advisors to determine the merits and risks of investment and also read the Risk Disclosure Documents for Capital Markets and Derivative Segments as prescribed by Securities and Exchange Board of India before investing in the Indian Markets.

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Macrotech Developers Ltd IPO (Lodha Developers IPO) – Date, Price, Review & Details

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ISSUE HIGHLIGHTS

Macrotech Developers (Lodha Developers) is one the largest real estate developers in India and is all set to hit the primary markets with a goal to raise around INR 2,500 Crores through the public offer.

This is the third attempt of the company to launch the issue.

Equity shares worth INR 30 Crs are reserved for eligible employees.

Issue Details

Strengths

  • One of India’s largest residential real estate developers
  • Well established brand & premium pricing
  • Proven end-to-end execution capabilities with continuous innovation
  • Strong focus on sustainable development
  • Diversified portfolio across price points
  • Significant inventory of completed, ready-to-move units
  • Unique ability to develop townships
  • Innovative marketing and sales strategies
  • High quality management team

Valuation

The company is getting listed at a PE of 26.3 on the basis of FY 20 EPS, at upper price band, against sector PE of 25.34. It is fairly priced.

Issue Break-Up

Utilization of Fresh Issue Funds

Background highlights of the company in brief

  • Macrotech Developers Ltd, formerly known as Lodha Developers is involved in the real estate business since 1986. It is one of the largest real estate developers in India, by residential sales value for the financial years 2014 to 2020.
  • The company’s core business is residential real estate developments with a focus on affordable and mid-income housing. Currently, it has residential projects in the MMR and Pune, and in 2019 it forayed into the development of logistics and industrial parks and entered into a joint venture with ESR Mumbai 3 Pte. Limited (“ESR”).
  • It also develops commercial real estate, including as part of mixed-use developments in and around its core residential projects.
  • The company’s brands include “Lodha”, “CASA by Lodha” and “Crown – Lodha Quality Homes” for its affordable and mid-income housing projects, the “Lodha” and “Lodha Luxury” brands for its premium and luxury housing projects, and the “iThink”, “Lodha Excelus” and “Lodha Supremus” brands for its office spaces.
  • Its in-house sales team is supported by a distribution network of multiple channels across India as well as key non-resident Indian (“NRI”) markets, such as the Gulf Cooperation Council, United Kingdom, Singapore and the United States.
  • Its large ongoing portfolio of affordable and mid-income housing projects include Palava (Navi Mumbai, Dombivali Region), Upper Thane (Thane outskirts), Amara (Thane), Lodha Sterling (Thane), Lodha Luxuria (Thane), Crown Thane (Thane), Bel Air (Jogeshwari), Lodha Belmondo (Pune), Lodha Splendora (Thane) and Casa Maxima (Mira Road).
  • The company’s premium and luxury housing projects include Lodha Park (Worli), Lodha World Towers (Lower Parel), Lodha Venezia (Parel) and New Cuffe Parade (Wadala). In addition, it also has a few projects under the “Lodha Luxury” brand, which comprise small-scale, high-value developments such as Lodha Altamount (Altamount Road), Lodha Seamont (Walkeshwar) and Lodha Maison (Worli).
  • As part of logistics and industrial park portfolio, it has planned to develop a logistics and industrial park of over 800 acres of land near Palava, which is strategically located near the Jawaharlal Nehru Port, the proposed international airport in Navi Mumbai and the industrial hub of Taloja.

Briefing about directors & key managerial personnel

Briefing Financials

Balance Sheet

Statement of Profit and Loss

Key Ratios

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Barbeque Nation Hospitality Limited IPO Note – Date, Price, Review & Details

View – Long Term Investors Can Apply

Issue Highlights

Incorporated in 2006, Barbeque Nation is a leading casual dining restaurant chain in India, with 138 Restaurants in 73 cities domestically and 7 International Restaurants in 3 countries internationally.

The company has already raised ₹150 Crs through a pre-IPO placement from Xponentia Capital and Jubilant Foodworks.

Issue Details

Company Strengths

  • One of the fastest growing restaurant brands in CDR market.
  • Strong financials, with proven track record of revenue growth.
  • Attractive Veg and Non-Veg menu offerings, with constant innovation.
  • Experienced promotors and senior management team.

View

The company has been reporting negative net margins from continuing business since past two years. However, strong presence in the country and growing industry could be an aid for better performance in the long run.

Issue Break-Up

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Suryoday Small Finance Bank Limited IPO Note – Date, Price, Review & Details

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Issue Highlights

Incorporated in 2008 as Micro Finance bank, Suryoday become a SFB in the span of 8 years. It has now expanded over 13 states and UTs, and aims to raise ~INR 582 Crs through this issue.

Issue Details

Company Strengths

  • Customer centric approach with a focus on financial inclusion.
  • Diversified asset portfolio with a focus on retail operations.
  • Fast evolving granular deposit franchise
  • Leveraging emerging technologies to enhance digital footprint
  • Strong credit processes and robust risk management framework
  • Strong past financial performance
  • Multiple distribution channels
  • Experienced leadership team

Valuation

The bank is getting listed at PE of 36.95 on the basis of Forward FY 21 EPS, against the sector PE of 39.5. We recommend to apply for the issue based on its attractive valuation and strong financials.

Issue Break-Up

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Nazara Technologies Limited OFS Note – Date, Price, Review & Details

View – Long Term Investors Can Apply

Issue Highlights

Incorporated in 1999, Nazara Technologies Ltd. is a leading India based gaming & sports media platform with presence in India & across emerging & developed global markets such as Africa & North America.

Issue Details

Company Strengths

  • Leadership position in a diversified and scalable business.
  • Portfolio of premium intellectual property & content across regions & businesses.
  • Large community of users, with attractive monetization opportunities.
  • Successful inorganic growth through strategic acquisitions.
  • Profitable platform model with limited regulatory risk.
  • Strong leadership team backed by marquee investors

View

The company reported a net loss in the FY 20 and 6M FY 21, with positive EBITDA. As Indian gaming industry is increasing at a faster pace, we expect better performance of the company in long run.

Issue Break-Up

#beelinebroking #IPO #NazaraIPO #NazaraTechnologies #Gaming #Game #Sports #Sportsgame #investing #profit #business #trader #stock #sharemarket #daytrader #daytrading #wealth #stockmarketnews #success #Bse #Nse

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Kalyan Jewellers Limited IPO – Date, Price, Review & Details

View – Long Term Investors Can Apply

Issue Highlights

Kalyan Jewellers is one of India’s largest Jewellery companies, hitting the market to raise INR 1,175 Crs through this offer.

It designs, manufactures, and sell a variety of gold, embossed and other jewellery products.

Equity shares worth INR 2 crores are reserved for eligible employees.

Issue Details

Company Strengths

  • Established brand built on the core values of trust and transparency.
  • One of India’s largest jewellery companies with a pan-India presence
  • Hyperlocal strategy enabling to cater to a wide range of geographies and customer segments
  • Extensive grassroots “My Kalyan” network with strong distribution capabilities
  • Visionary Promoters with strong leadership qualities
  • Wide range of product offerings

Valuation

The company is getting listed at a PE of 51.2 on the basis of FY 20 EPS, at upper price band, against sector PE of 11.91.

Issue Break-Up

Utilization of Fresh Issue Funds

Background highlights of the company in brief

  • Incorporated in the year 1993 with only a single showroom in Thrissur, Kerala, Kalyan Jewellers Limited has now become one of the largest jewellery companies in India based on revenue as of March 31, 2020, according to the Technopak Report.
  • The company has around 107 showrooms located across 21 states & union territories in India, and also have an international presence with 30 showrooms located in the Middle East as of December 31, 2020.
  • Its geographical bounds has reached and is expanding into new markets across India, GCC, USA, Singapore, Malaysia, Sri Lanka and more.
  • The company’s total showrooms have increased from 77 as of March 31, 2015 to 137 showrooms as of December 31, 2020, and it intend to continue to open additional showrooms as it expects significant opportunity for further penetration in its existing markets as well as in new markets, primarily in India.
  • The company designs, manufactures and sells a wide range of gold, studded and other jewellery products across various price points ranging from jewellery for special occasions, such as weddings, which is its highest-selling product category, to daily-wear jewellery.
  • Along with gold, it also offers an array of traditional and contemporary jewellery designs in diamonds, precious stones and other precious metals.
  • 74.77% and 75.88% of the company’s revenue from operations in Fiscal 2020 and in the 9M December 31, 2020 respectively, was from the sale of gold jewellery, 23.36% and 21.72%, respectively, was from the sale of studded jewellery (which includes diamonds and precious stones), and 1.87% and 2.40%, respectively, was from the sale of other jewellery.
  • The company’s “My Kalyan” network consists of multiple service centres that are located in a wide radius around most of its showrooms.
  • As of December 31, 2020, the company had 766 “My Kalyan” locations and 2,699 dedicated “My Kalyan” employees.
  • The company’s “My Kalyan” network contributed 17.02% and 20.82% of its revenue from operations in India and 30.88% and 36.02% of the enrolment to its purchase advance schemes in India in Fiscal 2020 and in the 9M December 31, 2020 respectively.
  • The company was awarded the Superbrands title of being ‘India’s most preferred jewellery brand in Fiscal 2020.

Briefing about directors & key managerial personnel

Briefing Financials

Balance Sheet

Statement of Profit and Loss

Key Ratios

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Laxmi Organic India Ltd IPO – Date, Price, Review & Details

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Issue Highlights

Laxmi Organic Industries is a specialty chemical manufacturer, based in Mumbai and having domestic and international operations (Europe, UAE and China). It is set to raise INR 600 Crs through an initial offer.

Issue Details

Company Strengths

  • Leading manufacturer of ethyl acetate with significant market share
  • Only Indian manufacturer of diketene derivatives; significant market share; the largest portfolios of diketene products.
  • Diversified customer base across high growth industries
  • Strategically located manufacturing facilities, vertical integration and supply chain efficiencies
  • In-house research and development capabilities
  • Global presence and low geographical concentration
  • Differentiated business model, asset base and product mix

Valuation

The company reported its EPS for FY 20 at 2.86, bringing its PE at 45.45 at upper price band, against the sector PE of 44.52. It is fairly priced.

Issue Break-Up

Utilization of Funds

Background highlights of the company in brief

  • Incorporated in 1989, Laxmi Organic India Ltd. is a leading manufacturer of Acetyl Intermediates and Specialty Intermediates with almost three decades of experience in large scale manufacturing of chemicals.
  • It is currently among the largest manufacturers of ethyl acetate in India with a market share of approx. 30% of the Indian ethyl acetate market. Post the acquisition of YCPL, the company’s market share in the ethyl acetate market will be further enhanced.
  • In FY 2010, the company commenced the manufacturing of Specialty Intermediates by acquiring Clariant’s diketene business.
  • It is the only manufacturer of diketene derivatives in India with a market share of approx. 55% of the Indian diketene derivatives market in terms of revenue in FY 2020 and one of the largest portfolios of diketene products.
  • The company’s Acetyl Intermediates include ethyl acetate, acetaldehyde, fuel-grade ethanol & other proprietary solvents, while the Specialty Intermediates comprises of ketene, diketene derivatives namely esters, acetic anhydride, amides, arylides & other chemicals.
  • It has significantly expanded its scale of operations & global footprint with customers in over 30 countries including China, Netherlands, Russia, Singapore, United Arab Emirates, United Kingdom & USA.
  • Currently, it has two manufacturing facilities in Mahad, Maharashtra, with one facility dedicated to Acetyl Intermediates and another to Specialty Intermediates, which are strategically located in proximity to several ports and each other.

Briefing about directors & key managerial personnel

Briefing Financials

Balance Sheet

Statement of Profit and Loss

Key Ratios

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Craftsman Automation Limited IPO – Date, Price, Review & Details


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Issue Highlights

Craftsman Automation Ltd is considered to be among top 5 automation companies in India and is coming with a public offer to raise around INR 824 crores.

Issue Details

Company Strengths

  • Strong in-house process & product design capabilities.
  • Long term & well established relationships with marquee domestic and global OEMs.
  • Wide manufacturing trail; strategically located manufacturing facilities.
  • Experienced management team supported by motivated & skilled work force
  • Robust financial performance

Valuation

The company is getting listed at a forward FY 21 P/E of 44.4 at upper price band, against sector PE of 61.61. It is getting listed at attractive valuation.

Issue Break-Up

Utilization of Funds

Background highlights of the company in brief

  • Incorporated in 1986 as a small scale industry in South India, Craftsman Automation has grown to become a leader in precision manufacturing in diverse fields.
  • It is a diversified engineering company with vertically integrated manufacturing capabilities, engaged in three business segments, namely powertrain and other products for the automotive segment (“Automotive – Powertrain and Others”), aluminum products for the automotive segment (“Automotive – Aluminum Products”), and industrial and engineering products segment (“Industrial and Engineering”).
  • Craftsman is the largest player involved in the machining of cylinder blocks and cylinder heads in the intermediate, medium and heavy commercial vehicles segment as well as in the construction equipment industry in India.
  • The company’s solutions include design, process engineering and manufacturing including foundry, heat treatment, fabrication, machining, and assembly facilities.
  • The company’s key products in Powertrain segment includes engine parts such as cylinder blocks and cylinder heads, camshafts, transmission parts, gear box housings, turbo chargers and bearing caps.
  • It has its geographical presence in cities including Coimbatore, Chennai, Pune, Indore, Jamshedpur, Faridabad and Bangalore.
  • It owns and operates 12 strategically located manufacturing facilities across seven cities in India, with a total built up area of over 1.5 million sq. ft.
  • The company’s key customers includes Daimler India, Tata Motors, Tata Cummins, Mahindra & Mahindra, Simpson & Co. Limited, TAFE Motors and Tractors, Escorts, Ashok Leyland, Perkins, Mitsubishi Heavy Industries, John Deere and JCB India.
  • The company has a wholly-owned overseas subsidiary, Craftsman Europe B.V., set up in 2008 in Netherlands, through which it is engaged in marketing, sales and servicing of marine engines and other associated equipment used in yachts.
  • Its sales volume, in terms of tonnage, from the Automotive – Aluminum Products segment was 9,339.32 tones, 12,596.22 tones, 18,863.83 tones and 11,819.04 tones for the nine months ended December 31, 2020 and Fiscals 2020, 2019 and 2018, respectively.
  • The company’s EBITDA Margin was 28.81%, 27.24%, 25.12% and 20.19%, for the nine months ended December 31, 2020 and Fiscals 2020, 2019 and 2018 respectively, having increased at a CAGR of 16.15%, from Fiscal 2018 to Fiscal 2020.

Briefing about directors & key managerial personnel

Briefing Financials

Balance Sheet

Statement of Profit and Loss

Key Ratios

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Anupam Rasayan India Limited IPO – Date, Price, Review & Details

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Issue Highlights

After its inception in 1984, Anupam Rasayan India has become one of the leading manufacturer of life science related specialty chemicals, and is all set to hit the capital markets.

The issue includes a reservation of up to 220,000 equity shares for subscription by eligible employees, at a discount of INE 55 per share.

Issue Details

Company Strengths

  • Strong & long-term relationships with diversified customers across geographies with significant entry barriers
  • Diversified and customized product portfolio with a strong supply chain
  • Consistent track record of financial performance
  • Core focus on process innovation through consistent R&D, value engineering and complex chemistries

Valuation

The company reported its EPS at 6.94, bringing the IPO valuation to a P/E of 79.97 at upper price band, against sector PE of 50.62. Though it is costlier, we are positive towards the issue based on its strong operations and global presence.

Issue Break-Up

Utilization of Funds

Background highlights of the company in brief

  • Incorporated as a partnership firm in 1984 as a manufacturer of conventional products, Anupam Rasayan India Limited is one of the leading companies engaged in the custom synthesis and manufacturing of life science related specialty chemicals and other specialty chemicals in India.
  • The company has two distinct business verticals: (i) Life science related specialty chemicals comprising products related to agrochemicals, personal care and pharmaceuticals, and (ii) Other specialty chemicals, comprising specialty pigment and dyes, and polymer additives.
  • In FY 20 and in the 6M September 20, revenues from its life science related specialty chemicals vertical accounted for 95.37% and 92.48%, respectively, of its revenue from operations, while revenue from other specialty chemicals accounted for 4.63% and 7.52%, respectively, of its revenue from operations.
  • The company has developed strong and long-term relationships with various multinational corporations, including, Syngenta Asia Pacific Pte. Ltd., Sumitomo Chemical Co. Ltd., and UPL Ltd. that has helped the company expand its product offerings and geographic reach across Europe, Japan, US and India.
  • In the 6M September 20, the company manufactured products for over 45 domestic and international customer, including 15 multinational companies. The Government of India has also recognized the Company as a three star export house.
  • The company has a dedicated in-house R&D facility and a pilot plant located at Sachin Unit – 6, which is equipped with laboratories engaged in process development, process innovation, new chemical screening and engineering, which assists in pursuing efficiencies from the initial conceptualization up to commercialization of a product.
  • It has expanded its commercialized product portfolio from 25 products in FY 18 to 34 products in FY 20 and 36 products in the 6M September 20.
  • As of September 30, 2020, the company operated six multi-purpose manufacturing facilities in Gujarat, with four facilities located at Sachin and two located at Jhagadia and an aggregate installed capacity of 23,438 MT.
  • India’s specialty chemicals industry is expected to grow at a CAGR of approximately 10% to 11% over the next five years, due to rising demand from end-user industries, along with tight global supply on account of stringent environmental norms in China.

Briefing about directors & key managerial personnel

Briefing Financials

Balance Sheet

Statement of Profit and Loss

Ratios

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Easy Trip Planners OFS- Date, Price, Review & Details

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Issue Highlights

Incorporated in 2008, Easy Trip Planners are the 2nd largest Online Travel Agencies in India, in terms of booking volume in the nine months ended December 31, 2020 and 3rd among the Key Online Travel Agencies in India in terms of gross booking revenues in FY 2020.

Issue Details

Company Strengths

  • Leading online travel agencies in India, with option of no-convenience fee
  • Consistent track record of financial & operational performance
  • In-house advanced technology and analytics capabilities
  • Wide distribution network supported by a hybrid platform
  • Well-recognized brand with a targeted marketing strategy
  • Well-qualified and experienced management team.

Valuation

The company is getting listed at PE of 49.03, against sector PE of 43.32. It is priced marginally costly. We recommend to apply on the basis of strong financials and operations.

Issue Break-Up

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