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Laxmi Dental Ltd: Subscribe

  • Date

    13th Jan 2025 - 15th Jan 2025

  • Price Range

    Rs.407 to Rs. 428

  • Minimum Order Quantity

    33

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Price Lot Size Issue Date Issue Size
₹ 407 to ₹ 428 33 13th Jan, 2025 – 15th Jan, 2025 ₹ 698.06 Cr

About Laxmi Dental Ltd IPO

Laxmi Dental Ltd. is India’s leading end-to-end integrated dental product company, offering a comprehensive portfolio of dental products.  The company operates in three verticals: i) Laboratory Offerings, which include custom-made crowns & bridges; ii) Aligner Solutions, which include dental aligners and related branded products; and iii) Paediatric Dental Products, which include a range of products like pre-formed crowns, Silver Diamide Fluoride (SDF), space maintainers, fissure sealants, etc.  The company has existed for more than 20 years, and according to the F&S Report, they are amongst the two largest Indian dental laboratories based on FY24 revenue. Based on the revenue from operations and PAT Margin for FY23 and the products offered, they are the largest and most profitable vertically integrated and indigenous B2B2C dental aligner solutions company. As of September 2024, the company operates six manufacturing facilities spread across 1,47,030 sq. ft.: three in Mira Road, Mumbai, two in Boisar, Mumbai and one in Kochi, Kerala. Both Boisar facilities and one of the Mira Road facility is registered with the US Food & Drug Administration (USFDA).

Objective of the Laxmi Dental Ltd IPO

The net proceeds from the fresh issue will be used towards the following purposes:

  • Repayment/prepayment, in full or in part, of certain outstanding borrowings availed by the    company;
  • Investment in Subsidiary, Bizdent Devices Pvt. Ltd, for the capex requirements for the purchase of new machinery;
  • Funding the capital expenditure requirements for purchase of new machinery for the Company;
  • General corporate purposes. 

Rationale To Laxmi Dental Ltd IPO

India’s only integrated dental products company is well-positioned to capture industry tailwinds

Laxmi Dental’s portfolio includes custom-made crowns and bridges, branded dental products such as clear aligners, thermoforming sheets, and aligner-related products as part of aligner solutions and pediatric dental products. Primary dental products offered by the laboratory focus on custom-made dental prostheses such as metal-free crowns and bridges, including a range of branded premium crowns under Illusion Zirconia, porcelain fused to metal (PFM) crowns, bridges, and dentures. According to the F&S Report, the Indian market for custom-made crowns and bridges, in terms of retail sales, is estimated to grow from USD 1.4 billion in 2023 to USD 3.1 billion in 2030 at a higher rate of 11.8% compared to the global market, which is estimated to grow from USD 71 billion in 2023 to USD 121.6 billion in 2030 at a rate of 8.0%. The company has also launched iScanPro, branded intraoral scanners to promote digital dentistry. The company deployed more than 160 intraoral scanners in the Indian market to promote digital dentistry. Laxmi Dental stands out as one of the few vertically integrated players globally, with a business model that includes backward integration (manufacturing raw materials) and forward integration (offering treatment planning solutions). The company’s vertically integrated approach contributes significantly to its competitive edge by directly controlling sourcing raw materials. Thus, they are positioned to ensure consistency and quality in the production process with end-to-end capabilities from raw material to distribution.

Second largest player in the domestic dental laboratory business

Laxmi Dental’s laboratory offerings have evolved over 20 years from a team of few members to an integrated dental product company. The laboratory offers custom-made dental prostheses such as metal bridges and crows, including premium crowns (under the ‘Illusion Zirconia’), PFM crowns, bridges and dentures. The dental network has a reach of more than 22,000 dental clinics, dental companies and dentists and cater to over 320 cities nationally. The company is amongst the top two largest Indian dental laboratories by FY24 revenue and was the largest exporter of custom-made dental prosthesis from India, catering to US and UK markets by FY23 revenue. Due to greater emphasis on quality (compliance to regulatory standards) and improved efficiency (adoption of automation and digital workflow), the market is moving towards more professionalization, favouring the growth of organized dental lab networks. Large organized dental laboratories in India would be in a better position to adopt digital workflows and automation tools, invest in technologies like computer-aided design (CAD) and computer-aided manufacturing (CAM), and attract skilled talent, whereas traditional and small laboratories will find it challenging to compete in the market. Dentists prefer organized laboratories over unorganized laboratories due to the availability of a broad and differentiated product portfolio, higher accuracy and compliance with international quality standards and better quality of service due to integrated product offerings. As the dental market continues to professionalize and favour organized dental lab networks, Laxmi Dental is well-equipped to lead the industry with innovative solutions, driving the company’s financial performance.

Valuation of Laxmi Dental Ltd IPO

As of September 2024, Laxmi Dental is among the few vertically integrated players globally and India’s only vertically integrated company. The company has been trying to establish ‘Illusion’ as a well-recognized brand. Its established market presence and experience in manufacturing quality products will help it build and scale future brands. The company also operates through a B2B2C model and has established a sizeable dental network of over 22,000 dental clinics, dental companies and dentists. Further, the company has catered to domestic and global demand by selling its products across 320 Indian cities and 95+ countries between FY2022-H1FY25. Laxmi Dental’s strong relationship with dentists, clinics, and dental companies is a strong entry barrier for new entrants to the Indian dental market. On the financial front, the company reported Revenue/EBITDA CAGR of 18.9%/109.6% during the FY2022-24 period, respectively. Laxmi Dental has also witnessed margin improvement from 4.0% in FY22 to 19.5% in H1FY25, driven by operational efficiencies. The reduction in interest cost following debt repayment is likely to improve profitability further. The issue is valued at a P/E of 89.2x on the upper price band based on FY24 earnings. However, we believe that factors such as the shift from the unorganized to the organized segment, greater awareness and adoption of dental aesthetics and a shift towards metal-free products are likely to drive growth for the company. Therefore, we recommend a SUBSCRIBE rating for the issue.

What is the Laxmi Dental Ltd IPO?

Laxmi Dental IPO is a book built issue of Rs 698.06 crores. The issue is a combination of fresh issue of 0.32 crore shares aggregating to Rs 138.00 crores and offer for sale of 1.31 crore shares aggregating to Rs 560.06 crores. Login to your account now.

 To apply for the Laxmi Dental Ltd IPO through StoxBox one can apply from the website and also from the app. Click here

Laxmi Dental Ltd IPO is opening on 13th January 2025.  Apply Now

The Lot Size of Laxmi Dental Ltd IPO is 33 equity shares. Login to your account now.

The allotment Date for  Laxmi Dental Ltd IPO is 16th January  2025.  Login to your account now.

The listing Date for Laxmi Dental Ltd IPO is 20th january 2025.  Login to your account now

In the Retail segment the minimum investment required is Rs. 14,124. Login to your account now

In the Retail segment the maximum investment requirement is Rs. 197,736. Login to your account now

  • The company depends heavily on its reputation and perception of the brands. Any negative publicity or other harm to the brand or failure to maintain and enhance brand recognition and quality standards may materially and adversely affect the reputation, which in turn may have an adverse effect on business, operations, financial condition, and results of operations.
  • The company operates through six manufacturing facilities, five of which are located in Mumbai and one in Kerala. Any disruption in manufacturing processes due to natural calamities, fuel shortages, mechanical breakdowns, terrorist attacks, loss of licenses, certifications & permits, regulatory changes, etc., may adversely affect the business, operations, financial condition, and results of operations.
  • The company has primarily adopted a B2B2C business model for the sale of products, which means dental products are sold through the dental network to the end consumer, lending credibility to dental products since the dental network recommends them. Any failure to add or retain clinics, companies, or dentists to the network in a cost-effective manner may hurt business, operations, financial condition, and the result of operations.

 The Laxmi Dental Ltd IPO be credited to the account on allotment date which is 17th January 2025. Login to your account now 

The prospectus of Laxmi Dental Ltd IPO prospectus can be find on the website of SEBI, NSE and BSE

IPO Open DateMonday, January 13, 2025
IPO Close DateWednesday, January 15, 2025
Basis of AllotmentThursday, January 16, 2025
Initiation of RefundsFriday, January 17, 2025
Credit of Shares to DematFriday, January 17, 2025
Listing DateMonday, January 20, 2025
Cut-off time for UPI mandate confirmation5 PM on January 15, 2025

Capital Infra Trust InvIT: Subscribe

  • Date

    07th Jan 2025 - 09th Jan 2025

  • Price Range

    Rs.99 to Rs. 100

  • Minimum Order Quantity

    150

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Price Lot Size Issue Date Issue Size
₹ 99 to ₹ 100 150 07th Jan, 2025 – 09th Jan, 2025 ₹ 1,077.00 Cr

About Capital Infra Trust InvIT IPO

Capital Infra Trust, established on September 25, 2023, is an infrastructure investment trust sponsored by Gawar Construction Ltd. (GCL). Its primary objective is to engage in activities and investments permitted under the SEBI InvIT Regulations. The trust was formalized through a Trust Deed by GCL, later amended, and registered with SEBI as an infrastructure investment trust on March 7, 2024. The sponsor, GCL, is a prominent infrastructure development and construction company in India with over 15 years of experience, specializing in the construction of roads and highways across 19 states. It has collaborated with various government and semi-government bodies, including the National Highways Authority of India (NHAI), the Ministry of Road Transport & Highways (MoRTH), the Mumbai Metropolitan Regional Development Authority (MMRDA), and the Central Public Works Department (CPWD). Since 2008, GCL has executed more than 100 road construction projects and currently manages a portfolio of 26 road projects under the hybrid annuity model (HAM) with NHAI. This portfolio comprises 11 completed projects including five acquired assets previously owned by Sadbhav Infrastructure Project Limited and 15 ongoing projects. GCL complies with the SEBI InvIT Regulations, meeting the requisite eligibility criteria and track record for developing infrastructure projects. Capital Infra Trust aims to acquire, manage, and invest in nine completed and revenue-generating initial portfolio assets. These assets span approximately 682.425 km and are operated and maintained under concessions granted by NHAI. These assets are owned and managed by the respective Project SPVs. Beyond the initial portfolio, the trust, through its Investment Manager, holds the right to acquire additional projects from its sponsor under a Right of First Offer Agreement, ensuring a pipeline of potential future investments.

Objective of the Capital Infra Trust InvIT IPO

The company proposes to utilize net proceeds towards funding the following objects:

  • Providing loans to the Project SPVs for repayment/pre-payment of external borrowings, in part or in full, from the financial lenders (including any accrued interest and prepayment penalty); and
  • Providing loans to the Project SPVs for repayment of unsecured loans availed by the Project SPVs from the Sponsor.

Rationale To Capital Infra Trust InvIT IPO

Attractive sector with strong underlying fundamentals and favourable government policies

The roads and highways sector are essential to India’s overall economy. The development of the infrastructure sector has been a priority area for the Government and has witnessed enhanced public investment over the years. In the Union Budget for FY2023-24, approximately Rs. 2.7 trillion was budgeted for the MoRTH, 25% higher than the revised estimates for FY2022-23. Further, Phase I of Bharatmala Pariyojana envisages the construction of about 24,800 km of highways under the following categories: National Corridor (North-South, East-West and the Golden Quadrilateral), economic corridors, inter-corridor roads, feeder roads, international connectivity, border roads, coastal roads, port connectivity roads and expressways. The scheme will include the existing NHDP programme as well. The government’s focus on sustained increase in budgetary allocations for the sector and the development of comprehensive infrastructure policies is likely to benefit the company’s business by bringing in more opportunities to acquire assets

Favorably positioned due to temporally and geographically diversified road asset portfolio

The Initial Portfolio Assets consist of nine operational HAM assets located across seven states of India, namely, Haryana, Rajasthan, Bihar, Uttarakhand, Himachal Pradesh, Madhya Pradesh and Karnataka.  The company believes that the geographic diversity of the Initial Portfolio Assets will play a significant role in developing experience and expertise, including the ability to evaluate, acquire, operate and maintain new projects. The Concession Agreements of the Project SPVs are also diverse and are expected to expire at different times. The residual terms of the operations period range between 10.09 years to 13.84 years.  Capital Infra Trust Invit believe that temporally and geographically diverse project portfolios and project managers’ expertise leveraged from existing projects provide an advantage in capitalizing on new opportunities available in the roads and highways sector. 

Valuation of Capital Infra Trust InvIT IPO

Capital Infra Trust (erstwhile National Infrastructure Trust) is an infrastructure investment trust sponsored by Gawar Construction Ltd (GCL), a leader in India’s road and highway development. The Sponsor has an established track record of efficient project management and execution involving trained and skilled manpower, efficient deployment of equipment and an in-house integrated business model. These attributes have enabled the company to complete projects on or before the scheduled completion period. The in-house supply chain management ensures that key construction materials are delivered promptly to the facilities and construction sites, enabling the Sponsor to manage its processes effectively and maintain its key raw material inventory optimally. The infrastructure sector is responsible for propelling India’s overall development and enjoys intense focus from the government on initiating policies that would ensure the time-bound creation of world-class infrastructure in the country. Additionally, over time, experienced sponsors build strong relationships with stakeholders such as government authorities, local communities, and financial institutions. Capital Infra Trust intends to leverage the Sponsor’s experience and expertise to gain a competitive advantage within the road infrastructure industry. The Investment Manager intends to expand the initial portfolio by identifying and acquiring additional road projects that meet the investment objectives by the provisions of the Trust Deed. The Investment Manager will be selective concerning new projects it acquires in the future and will rely on the relevant policies of the Trust to make investment decisions in road projects. Based on the FY24 book value, the current issue is valued at a P/BV multiple of 0.31x. Given the positive growth in India’s infrastructure, particularly in roads and highways, we advise investors to “Subscribe” to the issue.

What is the Capital Infra Trust InvIT IPO?

Capital Infra Trust Invit is a book built issue of Rs 1,578.00 crores. The issue is a combination of fresh issue of 10.77 crore shares aggregating to Rs 1,077.00 crores and offer for sale of 5.01 crore shares aggregating to Rs 501.00 crores. Login to your account now.

To apply for the Capital Infra Trust InvIT IPO through StoxBox one can apply from the website and also from the app. Click here

Capital Infra Trust InvIT IPO is opening on 07th January 2025.  Apply Now

The Lot Size of Capital Infra Trust InvIT IPO is 150 equity shares. Login to your account now

The allotment Date for  Capital Infra Trust InvIT IPO is 10th January  2024.  Login to your account now.

The listing Date for Capital Infra Trust InvIT IPO is 14th january 2025.  Login to your account now

In the Retail segment the minimum investment required is Rs. 15,000. Login to your account now

In the Retail segment the maximum investment requirement is Rs. 195,500. Login to your account now

  • The Trust is newly settled and does not have an established operating history, making it difficult to assess its future growth prospects accurately.
  • Any failure or inability of the Trust to identify and acquire new infrastructure assets that generate comparable revenue, profits, or cash flows may adversely affect its business, financial condition, cash flows, results of operations, and ability to make distributions.
  • The Trust is subject to regulatory restrictions regarding its debt financing and refinancing, which may adversely affect its operations and ability to distribute to unitholders.

The Capital Infra Trust InvIT IPO be credited to the account on allotment date which is 13th January 2025. Login to your account now 

The prospectus of Capital Infra Trust InvIT IPO prospectus can be find on the website of SEBI, NSE and BSE

IPO Open DateTuesday, January 7, 2025
IPO Close DateThursday, January 9, 2025
Basis of AllotmentFriday, January 10, 2025
Initiation of RefundsMonday, January 13, 2025
Credit of Shares to DematMonday, January 13, 2025
Listing DateTuesday, January 14, 2025
Cut-off time for UPI mandate confirmation5 PM on January 9, 2025

Quadrant Future Tek Limited : Subscribe

  • Date

    07th Jan 2025 - 09th Jan 2025

  • Price Range

    Rs.275 to Rs. 290

  • Minimum Order Quantity

    50

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Price Lot Size Issue Date Issue Size
₹ 275 to ₹ 290 50 07th Jan, 2025 – 09th Jan, 2025 ₹ 290.00 Cr

About Quadrant Future Tek Limited IPO

Quadrant Future Tek Limited is a research-oriented organization engaged in developing next-generation Train Control and Signalling Systems under the KAVACH project of the Indian Railways. These systems offer the highest level of safety and reliability to rail passengers. The company operates a speciality cable manufacturing facility equipped with an Electron Beam Irradiation Centre. The speciality cables manufactured by the company are used in railway rolling stock and the naval (defence) industry. Additionally, the facility boasts end-to-end infrastructure capabilities for the production of Solar and EV cables. The company has a dedicated facility for manufacturing, testing, researching, and developing speciality cables and producing the hardware required for the Train Control and Signalling Division. This facility is located at Village Basma, District Mohali. The company offers speciality cables for industrial usage and other applications where fire and safety, lightweight and long-term performance are of utmost importance. The company is accredited with various national and international certifications, namely, NQA Certification Limited and ROHS Certification Private Limited for its speciality cables division. The company have a wide product portfolio, which includes railways rolling stock cables, naval defence, marine cables, solar PV cables, automotive cables, and connectors & junction boxes. The company also provides end-to-end solutions for electrical 190 connectors and wiring harnesses with the complex arrangement of various wires and cables as per the client’s demand.

Objective of the Quadrant Future Tek Limited IPO

The company proposes to utilize net proceeds towards funding the following objects:

  • Funding long-term working capital requirements of company;
  • Capital expenditure for development of an Electronic Interlocking System;
  • Prepayment or repayment of all or a portion of outstanding working capital term loan availed by the Company; and
  • General corporate purposes.

Rationale To Quadrant Future Tek Limited IPO

Entered into an exclusive Memorandum of Understanding with RailTel for delivering the specific targeted opportunities related to KAVACH in Indian Railways and other country’s railways

On May 1, 2024, the company entered into a Memorandum of Understanding (MoU) with RailTel Corporation of India Limited (“RailTel”), a Government of India undertaking. The MoU establishes a framework of cooperation to: 

(i) Define intended opportunities to pursue under the agreement, 

(ii) Position KAVACH as an Automatic Train Protection System for railways in India and abroad, and 

(iii) Expand and realign the targeted scope to include opportunities within other countries’ railway systems. 

The company has partnered exclusively with RailTel to deliver specific opportunities related to KAVACH for Indian Railways and other international railway systems. Under the terms of the MoU, RailTel has committed not to solicit, negotiate, accept, or engage with any other party regarding this specific business opportunity, ensuring exclusive collaboration with the company. This agreement makes the company eligible to supply KAVACH equipment as an OEM to RailTel for projects awarded to RailTel, including the implementation of the KAVACH system both in India and internationally. The MoU remains valid until terminated by either party.   RailTel will lead stakeholder engagements within Indian Railways and international railways while jointly marketing and implementing KAVACH technology with the company. The company will be responsible for technology maintenance and upgrades in compliance with RDSO specifications throughout the project lifecycle. Additionally, the company will meet RDSO requirements to qualify for future KAVACH tenders, provide technical expertise, expert manpower, and necessary technology solutions, and jointly participate with RailTel in KAVACH tenders for Indian and international railway projects. 

Advanced manufacturing facilities with a diverse range of power and control cables with a focus on innovation and cost competitiveness

The company is one of the few manufacturers in India approved by RDSO, DGQA, and the Indian Register of Shipping, specializing in single core and multi-core control and power cables, as well as signalling cables for railway coaches, locomotives, and EMUs. It also supplies cables for naval ships. In FY22, the company began supplying cables for naval ships, generating Rs. 30.5 million in revenue, which increased to Rs. 369.2 million in FY23, making up 24.2% of total sales. Its competitive advantage stems from its Railway Signalling and Embedded System Design team, product innovation, and commitment to quality. All products are manufactured at its Basma, District Mohali, Punjab facility, which holds quality management certifications. The company handles all operations in-house, from raw material sourcing to various manufacturing processes, ensuring cost control and high quality. The facility has an installed production capacity of 1,887.6 MTPA as of September 30, 2024, with regular product inspections and quality checks. Advanced testing procedures for copper cables include electrical, mechanical, and chemical tests using specialized equipment. Additionally, the company has invested in a 2.5 MeV Electron Beam Industrial Accelerator for efficient cable manufacturing and complies with AERB requirements. The company received Fresh Registration for the “List of RDSO Vendors for Developmental Orders” on December 14, 2017 and the company have over six years of experience in manufacturing irradiated wires. The company’s in-house research facility, coupled with the approval of RDSO and DGQA, constitutes a high barrier to entry for other companies to emulate.

Valuation of Quadrant Future Tek Limited IPO

Quadrant Future Tek Ltd. is a research-focused company developing advanced Train Control and Signalling Systems for the Indian Railways under the KAVACH project. It has two main divisions: The Specialty Cables Division and the Train Control and Signalling Division. It also has a manufacturing facility featuring an Electron Beam Irradiation Centre. The domestic speciality cable market was valued at USD 536 million in 2023 and is expected to reach 589 million in 2024. The Indian Train Control System market was valued at USD 159 million in 2023, with projections to rise to USD 208 million in 2024, growing at a CAGR of 12.7% from 2024 to 2030. In the interim budget of FY2024-25, the FM allocated Rs. 2.55 lakh crore to Indian Railways, a 5.8% increase. The KAVACH automatic train protection system aims to enhance safety, expanding coverage to 4,500 kilometres next year and targeting 44,000 kilometres over five years. Additional tenders for 6,000 kilometres are expected soon. Financially, the company’s revenue from operations grew from Rs. 1,042.5 million in FY22 to Rs. 1,518.2 million in FY24, marking a CAGR of 20.6%. Its EBITDA increased from Rs. 95 million to Rs. 366.6 million during the same period. A strategic MoU with RailTel Corp. and a Rs. 78.6 crore order from Chittaranjan Locomotive Works strengthen the company’s position as a leading Original Equipment Manufacturer (OEM). The issue is valued at a price-to-earnings (P/E) ratio of 59.1x on the upper price band based on FY24 earnings, which is deemed fair compared to its peers. Considering the above compelling factors, we recommend a “SUBSCRIBE” rating for this issue.

What is the Quadrant Future Tek Limited IPO?

Quadrant Future Tek IPO is a book built issue of Rs 290.00 crores. The issue is entirely a fresh issue of 1.00 crore shares. Login to your account now.

To apply for the Quadrant Future Tek Limited IPO through StoxBox one can apply from the website and also from the app. Click here

Quadrant Future Tek Limited IPO is opening on 07th January 2025.  Apply Now

The Lot Size of Quadrant Future Tek Limited IPO is 50 equity shares. Login to your account now

 The allotment Date for  Quadrant Future Tek Limited IPO is 10th January  2024.  Login to your account now.

The listing Date for Quadrant Future Tek Limited IPO is 14th january 2025.  Login to your account now

In the Retail segment the minimum investment required is Rs. 14,500. Login to your account now

In the Retail segment the maximum investment requirement is Rs. 188,500. Login to your account now

  • Single manufacturing unit: The business is dependent on a single manufacturing facility and is subject to certain risks in the manufacturing process. Any slowdown or shutdown in the manufacturing operations could adversely affect the business, financial condition, and results of operations.
  • Failure to deliver the product: On December 12, 2024, the company received a purchase order from Chittaranjan Locomotive Works (CLW) for the supply and installation of Onboard Kavach equipment for 1,200 locomotives, valued at Rs. 978.6 crores, including taxes. Failure to meet obligations, such as timely delivery and maintenance, could negatively impact business, financial performance, and future opportunities in similar tenders.
  • Less experience in Train Control Systems: The company has recently expanded into Train Control Systems, making it difficult to predict its performance and future prospects. Further, promoters lack experience in this segment of the railway industry. If the company cannot effectively scale and manage its business or implement strategies, it could adversely affect the quality of its products and services.

The Quadrant Future Tek Limited IPO be credited to the account on allotment date which is 13th January 2025. Login to your account now 

The prospectus of Quadrant Future Tek Limited IPO prospectus can be find on the website of SEBI, NSE and BSE

IPO Open DateTuesday, January 7, 2025
IPO Close DateThursday, January 9, 2025
Basis of AllotmentFriday, January 10, 2025
Initiation of RefundsMonday, January 13, 2025
Credit of Shares to DematMonday, January 13, 2025
Listing DateTuesday, January 14, 2025
Cut-off time for UPI mandate confirmation5 PM on January 9, 2025

Standard Glass Lining Technology Ltd : Subscribe

  • Date

    06th Jan 2025 - 08th Jan 2025

  • Price Range

    Rs.133 to Rs. 140

  • Minimum Order Quantity

    107

Apply Now
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Price Lot Size Issue Date Issue Size
₹ 133 to ₹ 140 107 06th Jan, 2025 – 08th Jan, 2025 ₹ 410.05 Cr

About Standard Glass Lining Technology Ltd IPO

Standard Glass Lining Technology Ltd. is amongst India’s top five specialized engineering component manufacturers for the pharmaceutical & chemical sector in terms of FY24 revenue, with in-house capabilities across the entire value chain. The company’s capabilities include designing, engineering, manufacturing, assembly, installation and commissioning solutions and establishing standard operating procedures for pharmaceutical and chemical manufacturers on a turnkey basis. Its product portfolio comprises core engineering equipment categorized into (i) Reaction systems, (ii) Storage, separation & drying systems, and (iii) Plant, engineering and services (including other    ancillary parts). The company is also one of India’s top three manufacturers of glass-lined, stainless steel, and nickel alloy-based specialized engineering equipment as well as the top three suppliers of polytetrafluoroethylene (PTFE) lined pipelines and fitting in terms of revenue in FY24 (Source: F&S Report). Over the past three fiscals, they have been the fastest-growing company in their industry,   supplying over 11,000 products in the last decade. Their engineered solutions are utilized across various sectors, including pharmaceutical, chemical, food and beverage, biotechnology, and fertilizer industries. They have a diversified customer base, including end users operating in various sectors across pharmaceutical, chemicals, paint, biotechnology and food and beverages. The company’s marquee customer base includes 30 out of approximately 80 pharmaceutical and chemical companies in the NSE 500 index as of June 30, 2024. They operate through eight manufacturing facilities in Hyderabad, Telangana, covering over 400,000 sq. ft. Hyderabad, known as the Pharma Hub of India, accounted for 40% of India’s total bulk drug production in FY24.

Objective of the Standard Glass Lining Technology Ltd IPO

The net proceeds from the fresh issue will be used towards the following purposes:

  • Repayment/Prepayment of certain outstanding borrowings;
  • Investment in material subsidiary S2 Engineering Industry Pvt. Ltd. for funding capex requirements towards purchase of machinery and equipment;
  • Funding inorganic growth through strategic investments and/or acquisitions;
  • General corporate purposes. 

Rationale To Standard Glass Lining Technology Ltd IPO

Market leader in the specialized engineering equipment segment with in-house capabilities

Standard Glass Lining Technology is among India’s top five specialized engineering component manufacturers for the pharmaceutical and chemical sectors. It is also among the top 3 glass-lined, stainless steel, and nickel alloy-based specialized engineering equipment manufacturers. The     company possesses in-house capabilities across the value chain, including design, engineering, manufacturing, assembly, installation, and commissioning solutions, as well as establishing standard operating procedures for manufacturers on a turnkey basis. The company’s leading market position is attributed to several factors, such as a diverse product portfolio with a focus on customization, technical abilities and technically qualified employees, the promoters’ presence in the industry for over two decades, the high quality of products, the ability to deliver highly customized solutions in a timebound manner, and an extensive distribution network. Further, the company has leveraged its market position through strategic arrangements with HHV Pumps Private Limited to supply vacuum pumps and GL Hakko to supply to the glass lining division. These collaborations have increased competitive advantage, scalability, and broader customer reach across diverse segments bycross-selling to existing customers. The company has also entered into an exclusive partnership with GL Hakko to purchase glass-lined tubes, which will be used to manufacture and sell shell and heat tube exchangers under the GL Hakko name in India and abroad, except Japan. Primarily catering to end users in the pharmaceutical and chemical industries, the company foresees further growth due to its in-house capabilities to manufacture all core specialized engineering equipment required in these sectors, which will drive revenue growth in the future.

Long-term relationships with marquee clients to aid business performance

Standard Glass Lining Technology has established long-standing relationships with some of the  marquee clientele in the pharmaceutical and chemical industries in a relatively short time. The    company’s ability to cater to customized processes addressing customers’ requirements, technical know-how, and track record of timely fulfilment of customer orders has helped establish these      long-standing relationships in each product category. As of September 2024, it has 347 clients,    including marquee names like Aurobindo Pharma, CCL Foods & Beverages, Laurus Labs, Granules India, and Natco Pharma. The company has obtained repeat orders from over 80% of its top 20   customers in the FY22, FY23, FY24 and 1HFY25 periods. The company also constantly explores new technologies, materials, and manufacturing processes to improve products and offer customers cutting-edge solutions. Further, they monitor capacity utilization levels at manufacturing facilities to maintain optimum capacities, reducing customer delivery turnaround time. Additionally, the location of manufacturing facilities in and around Hyderabad, Telangana, provides proximity to the facilities of key clients, enabling regular interaction with them to understand their needs further and the  operational performance of equipment or designs. Long-term relationships and ongoing active  engagements with customers also allow for capital expenditure planning and enhance the ability to benefit from increasing economies of scale, which will improve operational performance and profitability.

Valuation of Standard Glass Lining Technology Ltd IPO

Standard Glass Lining Technology is one of the few companies in India offering end-to-end customized solutions in the specialized engineering equipment used in the pharmaceutical and chemical sectors. As of September 2024, the company’s comprehensive product portfolio consists of 65+ products & offerings across the pharma and chemical industries and is also developing 15 more products.  The company can also manufacture 300-350 pieces of equipment per month across the product portfolio. The company is further looking to expand capacity and is venturing into the 150 MM thickness segment, providing a gateway to sectors like Oil & Gas, Edible oil, Heavy engineering, etc. The company’s revenue has grown at a compound annual growth rate (CAGR) of 7% during FY2022-24 period. The company intends to continue strengthening its existing product portfolio in line with its capabilities and further diversify into products with prospects for increased growth and profitability. The company is targeting 20% of revenue from exports by 2026 v/s present 0.5% contribution. The issue is valued at a P/E of 39.8x on the upper price band based on FY24 earnings. Compared to its peers, we believe that the issue is fairly valued with a superior margin profile. Therefore, we recommend a SUBSCRIBE rating for the issue.

What is the Standard Glass Lining Technology Ltd IPO?

Standard Glass Lining IPO is a book built issue of Rs 410.05 crores. The issue is a combination of fresh issue of 1.50 crore shares aggregating to Rs 210.00 crores and offer for sale of 1.43 crore shares aggregating to Rs 200.05 crores. Login to your account now.

To apply for the Standard Glass Lining Technology Ltd IPO through StoxBox one can apply from the website and also from the app. Click here

Standard Glass Lining Technology Ltd IPO is opening on 06th January 2025.  Apply Now

The Lot Size of Standard Glass Lining Technology Ltd IPO is 107 equity shares . Login to your account now

The allotment Date for  Standard Glass Lining Technology Ltd IPO is 09th January  2025.  Login to your account now.

The listing Date for Standard Glass Lining Technology Ltd IPO is 13th january 2025.  Login to your account now

In the Retail segment the minimum investment required is Rs. 14,980. Login to your account now

In the Retail segment the maximum investment requirement is Rs. 194,740 . Login to your account now

  • The company depends on a limited number of suppliers for key raw materials due to customers’ precise requirements. The company is required to source raw materials from accredited suppliers, thereby limiting the ability to source raw materials at preferential rates. Any loss of suppliers or failure to procure raw materials cost-effectively may harm business, financial conditions and the result of operations.
  • The company operates through eight manufacturing facilities, concentrated in Hyderabad. This concentration exposes the company to adverse economic or political conditions that may affect production in the region.
  • The company’s arrangements with customers are generally based on purchase orders and do not include long-term contracts. Failure to retain customers cost-effectively or customer cancellations or reductions in orders may adversely impact business, financial conditions, and the result of operations.

 The Standard Glass Lining Technology Ltd IPO be credited to the account on allotment date which is 10th January 2025. Login to your account now 

he prospectus of Standard Glass Lining Technology Ltd IPO prospectus can be find on the website of SEBI, NSE and BSE

IPO Open DateMonday, January 6, 2025
IPO Close DateWednesday, January 8, 2025
Basis of AllotmentThursday, January 9, 2025
Initiation of RefundsFriday, January 10, 2025
Credit of Shares to DematFriday, January 10, 2025
Listing DateMonday, January 13, 2025
Cut-off time for UPI mandate confirmation5 PM on January 8, 2025

Indo Farm Equipment Limited : Subscribe

  • Date

    31st Dec 2024 - 02nd Jan 2025

  • Price Range

    Rs.204 to Rs. 215

  • Minimum Order Quantity

    69

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Price Lot Size Issue Date Issue Size
₹ 204 to ₹ 215 69 31st Dec, 2024 – 02nd Jan, 2025 ₹ 260.15 Cr

About Indo Farm Equipment Limited IPO

Established in 1994, Indo Farm Equipment Ltd. is a fully integrated manufacturer specializing in tractors and Pick & Carry Cranes. The company also produces other agricultural equipment, including harvester combines, rotavators, and related spare parts, though these do not contribute significantly to its overall revenue. After its incorporation in October 1994, the company acquired a land to establish a manufacturing facility for tractors, tillers, and harvesters. The company began production in 2000 after it acquired engine technology. Initially, the company imported fully assembled engines but gradually indigenized and upgraded them to comply with India’s evolving emission standards. In 2006, the company set up an in-house captive foundry and added Pick & Carry Cranes to its portfolio the following year. In 2017, Indo Farm launched its own NBFC to provide retail financing for its tractors, enhancing financial accessibility for its customers. The company’s manufacturing facility, located in Baddi, Himachal Pradesh, spans 127,840 sq. mtrs. of industrial land and includes a captive foundry, machine shop, fabrication units, and assembly lines for tractors, cranes, and other equipment. The facility, certified with ISO 9001:2015, has advanced machinery and technology. Indo Farm produces tractors ranging from 16 HP to 110 HP and Pick & Carry Cranes with lifting capacities from 9 tons to 30 tons. As of September 30, 2024, the company has an annual manufacturing capacity of 12,000 tractors and 1,280 Pick & Carry Cranes. With the acquisition of additional land, the company is set to increase its crane production capacity by 3,600 units annually. Indo Farm exports its products to multiple countries, accounting for 7% of total sales, while its domestic distribution network spans 175 dealers across states like Punjab, Haryana, Uttar Pradesh, Maharashtra, Gujarat, and Rajasthan. Over the years, Indo Farm has built a fully integrated ecosystem, ensuring high-quality products and comprehensive financial support for its customers.

Objective of the Indo Farm Equipment Limited IPO

The objects of the net fresh issue is to raise funds for:

  • Setting up new dedicated unit for expansion of its Pick & Carry Cranes manufacturing capacity;
  • Repayment or pre-payment, in full or part, of certain borrowings availed by the company;
  • Further investment in its NBFC subsidiary (Barota Finance Ltd.) for financing the augmentation of its capital base to meet its future capital requirements; and
  • General corporate purposes.

Rationale To Indo Farm Equipment Limited IPO

Efficient and integrated manufacturing setup provides a competitive advantage 

Indo Farm’s ISO 9001:2015-certified manufacturing facilities are located on 127,840 sq. mtrs of industrial land in Baddi, Himachal Pradesh. These facilities include a captive foundry unit, a dedicated machine shop, and fabrication and assembly units for Tractors and Pick & Carry Cranes. The facilities are equipped with advanced infrastructure, including induction furnaces, pneumatic molding machines, an automatic molding line, a sand plant, a fully equipped metallurgy and sand testing laboratory, machining centers, a gear shop, a hydraulic shop, a sheet metal and press shop, a fabrication shop, a paint shop, assembly units, and quality and utility rooms. The company’s integrated operations enable in-house manufacturing of critical components, reducing reliance on third-party suppliers and streamlining the production process. Over 330 components used in making a tractor and over 190 components used in making cranes are manufactured in-house by the company, enabling it to maintain control over the entire manufacturing process and providing better delivery timelines to its customers at a more competitive cost in both segments. The company’s R&D center, equipped with updated technology, is staffed with specialist engineers and develops customized solutions to meet diverse customer needs. This backward integration supports the production of a diverse range of series and variants, helping Indo Farm cater to its customers with flexibility and efficiency.

Diverse product range and global footprint offers growth potential

Indo Farm offers a diverse range of tractors, from 16 HP to 110 HP, in both 2WD and 4WD configurations, which meet approximately 80% of global market requirements, particularly for 4WD tractors. The 65, 75, 90, and 110 HP models are developed for export markets such as Africa, Latin America, the Middle East, and Central and South East Asia. The 1,026 (26 HP) tractor has been developed and homologated specially for the European market. Exports account for around 7% of the company’s total sales. However, its extensive product acceptance across numerous countries underscores an impressive international footprint and highlights its ability to deliver world-class products and reliable after-sales services at competitive prices. Currently, Indo Farm’s global presence spans various countries, including Afghanistan, Algeria, Bangladesh, Belgium, Bhutan, Brazil, Chile, Ethiopia, Gabon, Germany, Ghana, Hungary, Italy, Japan, Jordan, Kenya, Kuwait, Lebanon, Malawi, Mauritius, Mexico, Myanmar, Namibia, Nepal, the Netherlands, Nigeria, Oman, Poland, Saudi Arabia, Spain, Sudan, Syria, Tanzania, the United Kingdom, Uruguay, Uganda, Yemen, and Zimbabwe, among others. The company also manufactures Pick & Carry Cranes with capacities ranging from 9 to 30 tons, available in 2WD and 4WD variants. These cranes are widely utilized in the engineering, construction, and infrastructure sectors and are recognized for their safety, quality, operator productivity, innovative features, and competitive total cost of ownership. With an established portfolio of diverse, globally accepted products and a robust operational setup, Indo Farm is well-positioned to scale rapidly and capitalize on emerging opportunities in international and domestic markets.

Valuation of Indo Farm Equipment Limited IPO

Indo Farm Equipment, with over two decades of experience, is a fully integrated and established manufacturer of Tractors & Pick & Carry Cranes. The company also produces ancillary farm equipment such as harvester combines, rotavators, and related spare parts, although these do not significantly contribute to its total revenue. In addition, Indo Farm operates an asset financing business through its wholly owned subsidiary, Barota Finance Ltd., an RBI-registered NBFC. The mobile crane market is expected to grow to USD 29.1 billion, at a CAGR of 6.65%, during the 2024-29 period, while the global tractor market is projected to reach USD 114.5 billion, growing at a CAGR of 5.90% during the same period. The global agricultural equipment market is estimated to reach USD 296.61 billion, growing at a CAGR of 7.3% from 2023 to 2029. Indo Farm’s fully integrated manufacturing facilities enhance product efficiency and ensure timely delivery to its customers. The company’s diverse tractor range meets around 80% of global market requirements, while its Pick & Carry Cranes are widely utilized in infrastructure development. Additionally, the company’s investment in its subsidiary NBFC is expected to drive tractor sales by facilitating easier financing options. Indo Farm also plans to expand its dealer network from 175 to 500 dealers over the next five years. Financially, Indo Farm has maintained a profitable track record and consistent performance. It reported a PAT of Rs. 155.95 million, Rs. 153.72 million, and Rs. 137.19 million in FY24, FY23, and FY22, respectively, and has consistently achieved EBITDA margins of 16.63%, 15.79%, and 14.77% during the same periods. The issue is priced at a P/E ratio of 51.8x on the upper price band, based on FY24 earnings, which is relatively high compared to its peers. However, given the company’s improving sales, growth-oriented investment in its NBFC, and favorable industry trends, we recommend a “SUBSCRIBE” rating for the issue.

What is the Indo Farm Equipment Limited IPO?

Indo Farm Equipment IPO is a book built issue of Rs 260.15 crores. The issue is a combination of fresh issue of 0.86 crore shares aggregating to Rs 184.90 crores and offer for sale of 0.35 crore shares aggregating to Rs 75.25 crores. Login to your account now.

To apply for the Indo Farm Equipment Limited IPO through StoxBox one can apply from the website and also from the app. Click here

Indo Farm Equipment Limited IPO is opening on 31th December 2024..  Apply Now

The Lot Size of Indo Farm Equipment Limited IPO is 69 equity shares . Login to your account now

The allotment Date for  Indo Farm Equipment Limited IPO is 03rd January  2025.   Login to your account now.

 The listing Date for Indo Farm Equipment Limited IPO is 07th January  2025.  Login to your account now

In the Retail segment the minimum investment required is Rs. 14,835. Login to your account now

In the Retail segment the maximum investment requirement is Rs. 192,855 . Login to your account now

  • The company’s average capacity utilization was 32% for tractors and 87% for cranes from FY22 to FY24. Under-utilization or the inability to effectively utilize its existing and expanded manufacturing facilities could adversely affect its business, future prospects and financial performance.
  • The company’s manufacturing facility is geographically concentrated in Himachal Pradesh, which may restrict its operations and affect the business and financial conditions.
  • The company’s ability to sell tractors depends heavily on financing support from banks, NBFCs, and its subsidiary NBFC, which exposes the company to risks related to financing availability, regulatory compliance, and operational performance of its subsidiary NBFC.

The Indo Farm Equipment Limited IPO be credited to the account on allotment date which is 06th January   2025. Login to your account now 

The prospectus of Indo Farm Equipment Limited IPO prospectus can be find on the website of SEBI, NSE and BSE

IPO Open DateTuesday, December 31, 2024
IPO Close DateThursday, January 2, 2025
Basis of AllotmentFriday, January 3, 2025
Initiation of RefundsMonday, January 6, 2025
Credit of Shares to DematMonday, January 6, 2025
Listing DateTuesday, January 7, 2025
Cut-off time for UPI mandate confirmation5 PM on January 2, 2025

Unimech Aerospace and Manufacturing Ltd : Subscribe

  • Date

    23rd Dec 2024 - 26th Dec 2024

  • Price Range

    Rs.745 to Rs. 785

  • Minimum Order Quantity

    19

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Price Lot Size Issue Date Issue Size
₹ 745 to ₹ 785 19 23rd Dec, 2024 – 26th Dec, 2024 ₹ 500.00 Cr

About Unimech Aerospace and Manufacturing Ltd IPO

Incorporated in 2016, Unimech Aerospace and Manufacturing Limited is an engineering solutions provider specializing in the manufacturing and supply of critical parts such as aero tooling, ground support equipment, electro-mechanical sub-assemblies, and other precision-engineered components for the aerospace, defence, energy, and semiconductor industries. The company possesses “build to print” capabilities, manufacturing products based on client designs and “build to specifications” capabilities, assisting clients in designing products to be manufactured based on specifications. It supplies high-precision and critical components to major OEMs and their licensees worldwide. The company’s export-oriented business features a diverse product portfolio with a strong focus on quality and timely delivery. Its product portfolio includes, among other items, engine lifting and balancing beams, assembly, disassembly, and calibration tooling, ground support equipment, airframe assembly platforms, engine transportation stands, mechanical and electro-mechanical turnkey systems, and precision components. The company is a key link in the global supply chain for aerospace, defence, semiconductor, and energy OEMs and their licensees. The company’s diverse capabilities enable it to serve customers globally, establishing it as an export-oriented business with clients in the USA, Germany, and the United Kingdom. The company is one of the entities well-positioned in both Aerospace and Defence GSTE and precision component manufacturing in India, catering to global OEMs and their approved licensees. As of the six-month period ended September 30, 2024, the company has two manufacturing facilities, Unit I and Unit II, in Bangalore, spread across an aggregate area of over 1,20,000 sq. ft. These facilities have a combined annual installed capacity of 1,65,945 hours per annum, and an annual actual production of 1,57,123 hours per annum.

Objective of the Unimech Aerospace and Manufacturing Ltd IPO

The company proposes to utilize net proceeds towards funding the following objects:

Þ Funding of capital expenditure for expansion through the purchase of machinery and equipment by the company;

Þ Funding working capital requirements of the company;

Þ Investment in the company’s Material Subsidiary for:

  • purchase of machinery and equipment;
  • funding its working capital requirements; and
  • repayment/prepayment, in full or part, of certain borrowings availed by the company’s Materi al Subsidiary; and

Þ General corporate purposes.

Rationale To Unimech Aerospace and Manufacturing Ltd IPO

Advanced manufacturing capabilities capable of delivering high-precision engineering solutions

The company is a global high-precision engineering solutions provider specializing in manufacturing complex products with “build to print” and “build to specifications” offerings. This involves machining, fabrication, assembly, testing, and creating new products based on the specific requirements of its clients in the aerospace, defense, energy, and semiconductor industries.

The company offers unique dual capabilities:

Build to Print: Manufacturing complex, high-mix, low-volume tools and components based on client designs. Between FY22 and H1FY25, it produced 2,999 tooling and sub-assembly SKUs and 760 precision machined part SKUs for over 26 customers across seven countries.

Build to Specification: Assisting clients in product design by meeting specifications and ensuring functionality to deliver a satisfactory product experience.

The company’s manufacturing capabilities include machining processes such as turning, milling, double-column milling, electro-discharge machining (EDM), and grinding. The company’s end-to-end solutions under one roof enhance value-added offerings, improve operational efficiency, optimize resources, and strengthen customer retention.

Established player with unique capabilities in a sector with high entry barriers

The company specializes in manufacturing complex tooling, mechanical assemblies, electro-mechanical turnkey systems, and precision components. Its diverse product range and ongoing product development have allowed it to serve multiple industries and attract new customers. Between FY22 and H1FY25, the company produced 2,999 SKUs in tooling and precision complex sub-assemblies and 760 SKUs in precision machined parts, serving over 26 customers across seven countries. The company offers a variety of high-mix, highly complex, low-volume products, including engine lifting and balancing beams, ground support equipment, airframe assembly platforms, and engine transportation stands. It adheres to strict quality standards, including AS9100D and BS EN ISO 9001:2015, which are recognized industry norms for aerospace manufacturing. The production process is complex, and the lengthy client approval procedures make it challenging for new entrants to establish facilities for manufacturing similar products. Winning bids require technical expertise, competitive pricing, and strict adherence to quality and delivery standards. Scaling operations in a high-mix, low-volume manufacturing environment is intricate, demanding a skilled workforce, robust infrastructure, and consistent execution. Maintaining this balance while ensuring high quality is a significant challenge for new entrants. The company has established itself as an approved supplier for various leaders in the aerospace, defense, semiconductor, and energy industries.

Valuation of Unimech Aerospace and Manufacturing Ltd IPO

Incorporated in 2016, Unimech Aerospace and Manufacturing Limited specializes in the manufacture of complex tools, including mechanical assemblies, electromechanical systems, and components for aero-engine and airframe production. The company provides engineering solutions tailored to meet clients’ specific requirements in industries such as aerospace, defense, energy, and semiconductors. Their offerings include “build to print” and “build to specifications,” which encompass machining, fabrication, assembly, testing, and the development of new products. The Asian region is expected to witness the largest fleet expansion, with an anticipated addition of 11,925 aircrafts by 2042, solidifying its status as a global aviation leader. In the energy sector, there is a growing focus on renewable energy sources, including solar and wind, along with government support for cost-effective and environmentally friendly projects. Notable Asian countries with advanced semiconductor manufacturing capabilities include Taiwan, South Korea, China, and Japan, while India is emerging as a key player in the precision components sector for the chip manufacturing industry. Unimech’s systems and processes ensure efficient order fulfilment and on-time delivery. As of September 2024, the company had an order backlog valued at Rs. 807.52 million, with delivery timelines ranging from 4 to 16 weeks. In terms of financial performance, Unimech is the fastest-growing company in its sector, having recorded an impressive compound annual growth rate (CAGR) of 139.7% in revenue between FY22 and FY24. Their EBITDA saw a remarkable growth rate of 220.2% during the same period. Additionally, Unimech achieved the third-highest PAT margin of approximately 27.9% in FY24, up from 24.2% in FY23. The issue is valued at a price-to-earnings (P/E) ratio of 59.3x on the upper price band based on FY24 earnings, which is comparatively lower than its peers. Considering the company’s strong financial performance, industry tailwinds & attractive valuation, we recommend a “SUBSCRIBE” rating for this issue.

What is the Unimech Aerospace and Manufacturing Ltd IPO?

Unimech Aerospace IPO is a book built issue of Rs 500.00 crores. The issue is a combination of fresh issue of 0.32 crore shares aggregating to Rs 250.00 crores and offer for sale of 0.32 crore shares aggregating to Rs 250.00 crores. Login to your account now.

To apply for the Unimech Aerospace and Manufacturing Ltd IPO through StoxBox one can apply from the website and also from the app. Click here

Unimech Aerospace and Manufacturing Ltd IPO is opening on 23rd December 2024.  Apply Now

The Lot Size of Unimech Aerospace and Manufacturing Ltd IPO is 19 equity shares . Login to your account now

The allotment Date for  Unimech Aerospace and Manufacturing Ltd IPO is 27th December  2024.   Login to your account now.

The listing Date for Unimech Aerospace and Manufacturing Ltd IPO is 31st December 2024.  Login to your account now

In the Retail segment the minimum investment required is Rs. 14,915. Login to your account now

In the Retail segment the maximum investment requirement is Rs. 193,895. . Login to your account now

  • The company’s business is heavily reliant on exports, with 95.6% and 97.6% of total revenue from operations in the six months ended September 30, 2024 and FY24, respectively, coming from exports. Adverse changes in global market conditions, particularly in key markets like the United States and Germany, could negatively affect the company’s business, cash flows, operations, and financial condition
  • The customer on-boarding process can take up to three years, potentially causing delays in revenue generation. This reliance on trust-building for scaling operations may negatively impact the company’s financial condition and future results.
  • The company’s business operates on a longer gestation period, with a time gap of 7 to 28 weeks between receiving an order and receiving payment, impacting its working capital requirements.

 The Unimech Aerospace and Manufacturing Ltd IPO be credited to the account on allotment date which is 30th December 2024. Login to your account now 

The prospectus of Unimech Aerospace and Manufacturing Ltd IPO prospectus can be find on the website of SEBI, NSE and BSE

IPO Open DateMonday, December 23, 2024
IPO Close DateThursday, December 26, 2024
Basis of AllotmentFriday, December 27, 2024
Initiation of RefundsMonday, December 30, 2024
Credit of Shares to DematMonday, December 30, 2024
Listing DateTuesday, December 31, 2024
Cut-off time for UPI mandate confirmation5 PM on December 26, 2024

Senores Pharmaceuticals Ltd : Subscribe

  • Date

    20th Dec 2024 - 24th Dec 2024

  • Price Range

    Rs.372 to Rs. 391

  • Minimum Order Quantity

    38

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Price Lot Size Issue Date Issue Size
₹ 372 to ₹ 391 38 20th Dec, 2024 – 24th Dec, 2024 ₹ 582.11 Cr

About Senores Pharmaceuticals Ltd IPO

Senores Pharmaceuticals Limited is a global research-driven pharmaceutical company focused on developing and manufacturing a wide range of pharmaceutical products for the regulated markets of the US, Canada, and the United Kingdom across various therapeutic areas and dosage forms, with a presence in emerging markets. The company’s strength lies in identifying, developing and manufacturing a diverse range of specialty, underpenetrated and complex pharmaceutical products, establishing it as a preferred partner to specific customers. Through data analytics, research, market assessment and experienced management, they strategically identify commercially underpenetrated molecules to launch products in regulated and emerging markets. The company leverages R&D capabilities to develop and manufacture a portfolio of differentiated complex pharmaceutical products. Their focus on quality and ability to identify specialty and complex molecules has resulted in a pipeline of curated complex products spanning diverse dosage forms and therapeutic domains, demonstrated through partnerships in the regulated markets of the US, Canada and the United Kingdom with foreign and Indian pharmaceutical companies including Prasco LLC, Lannett Company Inc., Jubilant Cadista Pharmaceuticals Inc., Alkem Laboratories Limited, Sun Pharmaceuticals Industries Limited, Dr. Reddy’s Laboratories Inc. and Cipla USA Inc. The company’s business primarily focuses on the regulated markets of the US, Canada, and the United Kingdom. Senores also has a strong presence in emerging markets across 43 countries, manufacturing critical care injectables and APIs. This strategic approach underscores Senores Pharmaceuticals’ commitment to innovation and global growth, strengthening its position as a key player in the pharmaceutical industry.

Objective of the Senores Pharmaceuticals Ltd IPO

The company proposes to utilize net proceeds towards funding the following objects:

  • Funding incremental working capital requirements of the company;
  • Funding capital expenditure of the company; and
  • General corporate purposes.

Rationale To Senores Pharmaceuticals Ltd IPO

Ability to leverage position in the regulated market through USFDA approval

Senores Pharmaceuticals manufactures products for the regulated markets of the US, Canada and the United Kingdom through a USFDA-approved OSD facility in Atlanta, US. The USFDA approval certifies the quality of manufacturing facilities and processes for consumption in a stringent regulated market such as the US, demonstrating a commitment to maintaining quality standards. This enforces belief in the product, thereby increasing the ability to scale, permits access to customers in specific markets in which the USFDA approval is a precondition, increases corporate goodwill and provides a competitive advantage. The company also has a CDMO business in the regulated markets catering to pharmaceutical companies, which is out of the Atlanta facility. The CDMO business model helps to plan and efficiently utilize manufacturing capacities and leverage product development capabilities in a viable manner. Leveraging on the strengths, abilities and track record as CDMO/ CMO partners in the regulated markets of the US, Canada and the United Kingdom, they are in the process of expanding their reach by entering into similar CDMO/ CMO partnerships in other regulated and semi regulated markets. This will ensure that the share of revenues on a consolidated basis from regulated markets will consistently grow and will also provide efficient utilization of the capacities created at the Atlanta facility. The company believes the ability to serve regulated markets through a USFDA-approved formulation manufacturing facility in the US provides a distinct competitive advantage. This approval not only ensures compliance with stringent regulatory standards but also enhances credibility and market reach, positioning favorably against competitors.

Various niche product portfolios built in a short span will aid financial performance

Senores Pharmaceuticals’ approach to product selection strategy for the regulated markets targets developing and manufacturing specialty, niche and difficult-to-manufacture complex products in the small to the mid-market range, where typically global pharmaceutical companies are not present, resulting in less competition. Complex products offer several advantages, as they are less affected by price erosion, ensuring more stable pricing and profitability over time. The complex products that are difficult to manufacture also face lower competition and, therefore, enjoy lower price erosion and higher market share (Source: F&S Report). Following this strategy, Senores Pharmaceuticals has 19 ANDAs approved by the US FDA and has commercialized 21 products in the US and Canadian markets. As of September 30, 2024, they have identified and filed six ANDAs; seven products are on stability, two have ongoing exhibits, three are ready for exhibit, and 33 ANDAs are under development. Additionally, four of the 19 ANDAs that have received approval are CGT-designated products. This exclusivity period allows companies to establish a foothold in the market and generate revenue without competition, providing a valuable market penetration and revenue growth opportunity. Senores Pharmaceuticals was the first company globally to identify CGT for Chlorzoxazone 250mg and launched the product in October 2021 with six months of exclusivity. During the first 11 months of CY23, Senores enjoyed a volume market share of 60.9% for this product. This product selection strategy has helped rapidly grow business in the regulated markets over three years since the launch of the first commercial product in April 2020, positioning the company for continued success and market penetration.

Valuation of Senores Pharmaceuticals Ltd IPO

Senores Pharmaceuticals is a global research-driven pharmaceutical company engaged in developing and manufacturing a wide range of pharmaceutical products predominantly for the regulated markets across various therapeutic areas and dosage forms, with a presence in emerging markets. The company is an R&D-driven company with a differentiated product portfolio across dosage forms, which has enabled the company to reach a range of target markets with a presence in the US, Canada and emerging markets. Senores Pharmaceuticals partners with many CDMO customers early in the drug development process, enabling them to expand relationships as molecules progress through the clinical phase and into commercial manufacturing. This results in sustained relationships with customers and a recurring revenue stream. The company has also entered into long-term marketing arrangements for a period ranging between 5-7 years with major generic pharmaceutical and marketing companies that operate in the regulated market. On the financial front, the company’s Rev/EBITDA/PAT grew at a CAGR of 289.1%/361.6%/474.5%, respectively, during the FY22-24 period. Senores Pharmaceuticals’ financial performance is driven by leveraging its leadership position in key therapeutic areas, established presence in regulated markets, inorganic growth through synergistic acquisitions, niche product portfolios built in a short span in emerging markets, and robust R&D capabilities, all of which have supported strong growth. The issue is valued at a P/E of 32.0x on the upper price band based on FY24 earnings, which is deemed fair. Therefore, we recommend a SUBSCRIBE rating for the issue.

What is the Senores Pharmaceuticals Ltd IPO?

Senores Pharmaceuticals IPO is a book built issue of Rs 582.11 crores. The issue is a combination of fresh issue of 1.28 crore shares aggregating to Rs 500.00 crores and offer for sale of 0.21 crore shares aggregating to Rs 82.11 crores. Login to your account now.

To apply for the Carraro India Limited IPO through StoxBox one can apply from the website and also from the app. Click here

Senores Pharmaceuticals Ltd IPO is opening on 20th December 2024.  Apply Now

The Lot Size of Senores Pharmaceuticals Ltd IPO is 38 equity shares . Login to your account now

The allotment Date for  Senores Pharmaceuticals Ltd IPO is 26th December  2024.   Login to your account now.

The listing Date for Senores Pharmaceuticals Ltd IPO is 30th December 2024.  Login to your account now

In the Retail segment the minimum investment required is Rs. 14,858. Login to your account now

In the Retail segment the maximum investment requirement is Rs. 193,154. Login to your account now

  • The company depends on selling products through third-party marketing partners and distributors. The loss of one or more marketing partners or distributors, the deterioration of their financial condition or prospects, a reduction in their demand for products, or the inability to maintain and increase the number of arrangements for the marketing and distribution of products could adversely affect business, results of operations and financial conditions.
  • The company’s business is dependent on the sale of products and continued growth of the regulated markets. A decrease in market growth for a product or failure to respond to changes in market conditions could adversely affect the business, results of operations, financial conditions, and cash flows.
  • Manufacturing or quality control problems may damage the company’s reputation for high-quality production and expose it to potential litigation or other liabilities, which could negatively impact business prospects, results of operations, and financial conditions.

The Senores Pharmaceuticals Ltd IPO be credited to the account on allotment date which is 27th December 2024. Login to your account now 

The prospectus of Senores Pharmaceuticals Ltd IPO prospectus can be find on the website of SEBI, NSE and BSE

IPO Open DateFriday, December 20, 2024
IPO Close DateTuesday, December 24, 2024
Basis of AllotmentThursday, December 26, 2024
Initiation of RefundsFriday, December 27, 2024
Credit of Shares to DematFriday, December 27, 2024
Listing DateMonday, December 30, 2024
Cut-off time for UPI mandate confirmation5 PM on December 24, 2024

Carraro India Limited : Avoid

  • Date

    20th Dec 2024 - 24th Dec 2024

  • Price Range

    Rs.668 to Rs. 704

  • Minimum Order Quantity

    21

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Price Lot Size Issue Date Issue Size
₹ 668 to ₹ 704 21 20th Dec, 2024 – 24th Dec, 2024 ₹ 1,250.00 Cr

About Carraro India Limited IPO

The company is a technology-driven integrated supplier that develops complex engineering products and solutions for its original equipment manufacturer (“OEM”) customers. It is also an independent Tier-I solution provider of axles, transmission systems, and gears for India’s agricultural tractor and construction vehicle industries. The company primarily manufactures axles and transmission systems for agricultural tractors and construction vehicles such as backhoe loaders, soil compactors, cranes, self-loading concrete mixers, and small motor graders. The company’s products are mission-critical for its customers, as they constitute important components of the customer’s final products. The company provides a diverse range of products, including axles and transmission systems of different HP ranges for off-highway vehicles in the agricultural tractor and construction vehicle sectors and gears, shafts, and ring gears for industrial and automotive vehicles. The company owns and operates two manufacturing plants in Pune, Maharashtra, India, which include the driveline manufacturing plant, occupying a plot area of approximately 84,000 square meters and the gears manufacturing plant, occupying a plot area of approximately 78,000 square meters. Over the years, the company has built customer relationships through decades of close collaboration and the supply of customized products. As of September 30, 2024, the company supplies to 38 manufacturers in India. The company also supplies to international manufacturers, with some exports facilitated through Carraro Drive Tech Italia S.p.A., the Carraro Group’s driveline business leader. The company has developed expertise in the agricultural tractor and construction vehicle industry in India and has established a network of 220 suppliers based in eight states in India and 58 suppliers internationally.

 

Objective of the Carraro India Limited IPO

The company will not receive any proceeds from the issue as the entire issue is comprised of OFS.

Rationale To Carraro India Limited IPO

One of the leading tier 1 suppliers of transmission systems and a key supplier of axles in the agricultural tractor and construction vehicle industries in India

The company is one of the leading independent tier 1 suppliers of axles, transmission systems and gears for the agricultural tractor and construction vehicle industries in India. As of March 31, 2024, the company has established itself as the market leader in providing transmission systems for tractors up to 150HP and 4-wheel drive capabilities. As of 2023, the company is the leading sole supplier in the non-captive segment of the agriculture tractors transmission market and the market leader with a 60-65% share of the non-captive construction vehicle transmission market. Their axles and transmission system products are mission-critical for their customers, as their products constitute important components of their customers’ final products. The company’s axles and transmission system products are not easily replaceable with components from other suppliers due to their complexity and the time required to adapt them for use by an OEM customer in its products. The company believes the complexity of its products and the length of its customer relationships position it favourably compared to competition from other suppliers.

Strong, in-house R&D capabilities with proprietary IP rights to facilitate innovation of future-ready products

The company was among the first to enter the agricultural tractor and construction vehicle component market with its dedicated R&D team and centre, as the Carraro Group entered India in 1997 and established its manufacturing facility in Pune and R&D centre in 2006. As part of the Carraro Group, the company use the Carraro corporate name, logo and trademarks pursuant to an agreement with Carraro S.p.A. (Parent company). On October 1, 2023, Carraro S.p.A. transferred the worldwide exclusive rights, title and interest in the IP rights of certain products customized for the Indian market to the company and entered into an engineering service agreement with the company to provide engineering support services on the maintenance of products and child parts to support their development needs. This has decreased royalties paid to the Carraro Group from Rs. 40.75 crores in FY22 to Rs. 25.60 crores in FY24. After the company’s acquisition of CTIPL (subsidiary) in June 2024, they also acquired the R&D centre in Pune, Maharashtra, India and the R&D team of CTIPL. CTIPL will continue providing service support to the Carraro Group’s R&D departments. The transfer of the foregoing IP rights, acquisition of CTIPL, together with the engagement of Carraro S.p.A. to support their development needs, has enabled the company to strengthen their R&D offering further and integrate the design, R&D and manufacturing capabilities of their products.

Valuation of Carraro India Limited IPO

Carraro India was incorporated on April 11, 1997. It is one of the leading independent Tier 1 suppliers of axles, transmission systems, and gears for India’s agricultural tractor and construction vehicle industries. As the Indian subsidiary of the Carraro Group, Carraro India plays a significant role in the global driveline systems market, particularly for off-highway vehicles like tractors and construction machinery. In India, agricultural tractors and construction vehicle sales are projected to grow driven by factors such as farm mechanization, infrastructure development, and favourable government policies. Further, Rs. 27 lakh crores investment under the National Infrastructure Pipeline (NIP) and Rs. 7 lakh crores allocated for road and highway projects over the next 2-3 years are expected to increase the demand for construction vehicles significantly. Overall, agricultural tractors dominate the market with a 90% share due to their essential role in farming, while construction vehicles account for the remaining 10%. This construction segment is further supported by Rs. 10 lakh crores allocated to infrastructure in the 2023-24 budget. In terms of financial performance, the company’s revenue from operations increased by 4.4% YoY to reach Rs 1,770.5 crores in FY24. Additionally, the PAT saw a rise of 29.4% YoY to Rs 60.6 crores in FY24, with margins significantly lower than its peers at 3.50%. The issue is valued at a price-to-earnings (P/E) ratio of 64x on the upper price band based on FY24 earnings, which is comparatively expensive compared to its peers. Considering the company’s sluggish financial performance and relatively high valuation compared to its peers, we recommend an “AVOID” rating for this issue.

What is the Carraro India Limited IPO?

Carraro India IPO is a book built issue of Rs 1,250.00 crores. The issue is entirely an offer for sale of 1.78 crore shares. Login to your account now.

To apply for the Carraro India Limited IPO through StoxBox one can apply from the website and also from the app. Click here

Carraro India Limited IPO is opening on 20th December 2024.  Apply Now

The Lot Size of Carraro India Limited IPO is 21 equity shares . Login to your account now

The allotment Date for  Carraro India Limited IPO is 26th December  2024.   Login to your account now.

The listing Date for Carraro India Limited IPO is 30th December 2024.  Login to your account now

In the Retail segment the minimum investment required is Rs. 14,784. Login to your account now

In the Retail segment the maximum investment requirement is Rs. 192,192. Login to your account now

  • The company’s top 5 and top 10 customers generated 69.6% and 87.9% of its revenue in the six months ended September 30, 2024, while in FY24, it derived 69.4% and 85.4% of its revenue from them, respectively. If the company is unable to retain key customers, attract new ones, or expand its customer network, it could negatively impact its business and financial results .
  • The company’s performance heavily relies on the tractor and construction vehicle markets, which accounted for 45.1% and 41.3% of its FY24 revenue, respectively. Any negative changes in the conditions affecting these markets could adversely impact the company’s business, financial condition, operational results, cash flows, and future prospects.
  • The company’s agricultural tractor business is seasonal, and a decrease in sales during certain quarters could adversely impact its financial performance.

The Carraro India Limited IPO be credited to the account on allotment date which is 27th December 2024. Login to your account now 

The prospectus of Carraro India Limited IPO prospectus can be find on the website of SEBI, NSE and BSE

IPO Open DateFriday, December 20, 2024
IPO Close DateTuesday, December 24, 2024
Basis of AllotmentThursday, December 26, 2024
Initiation of RefundsFriday, December 27, 2024
Credit of Shares to DematFriday, December 27, 2024
Listing DateMonday, December 30, 2024
Cut-off time for UPI mandate confirmation5 PM on December 24, 2024

Ventive Hospitality Ltd : Subscribe

  • Date

    20th Dec 2024 - 24th Dec 2024

  • Price Range

    Rs.610 to Rs. 643

  • Minimum Order Quantity

    23

Apply Now
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Price Lot Size Issue Date Issue Size
₹ 610 to ₹ 643 23 20th Dec, 2024 – 24th Dec, 2024 ₹ 1,600.00 Cr

About Ventive Hospitality Ltd IPO

Ventive Hospitality Limited, incorporated in February 2002, specializes in the hospitality industry, focusing on high-end luxury hotels and resorts in the business and leisure segments. As of September 30, 2024, the company operates 11 hospitality assets across India and the Maldives, offering 2,036 keys in prime locations such as Pune, Bengaluru, the Maldives, and Varanasi. Its portfolio includes prestigious properties like JW Marriott Pune, The Ritz-Carlton Pune, Conrad Maldives, Anantara Maldives, and Raaya by Atmosphere Maldives, operated or franchised by renowned global brands like Marriott, Hilton, Minor, and Atmosphere. Ventive’s pre-acquisition assets include JW Marriott Pune, while its post-acquisition portfolio has expanded to include additional luxury properties. The company employs 2,791 permanent employees and 632 contract staff, ensuring seamless operations and an exceptional guest experience across its properties. Ventive Hospitality’s strategic focus on growth and acquisition within the luxury hospitality sector, alongside its strong portfolio, positions it as a significant player in the upscale hospitality market.

Objective of the Ventive Hospitality Ltd IPO

The company proposes to utilize the net proceeds towards funding the following objects:

  • Repayment/prepayment, in part or full, of certain of borrowings availed by the company:
  • For payment of interest accrued thereon; and
  • Step-down subsidiaries, namely SS & L Beach Private Limited and Maldives Property Holdings Private Limited, including the payment of interest thereon through investment in such step-down subsidiaries;
  • General corporate purposes.      

Rationale To Ventive Hospitality Ltd IPO

Leveraging premium hospitality and annuity investments for sustainable growth   

Ventive Hospitality Limited has established itself as a prominent player in the luxury hospitality sector with a portfolio of high-end hotels and resorts in key locations across India and the Maldives. The company operates 11 properties, totalling 2,036 rooms, with some of its flagship hotels including JW Marriott Pune, The Ritz-Carlton Pune, and Conrad Maldives. These luxury assets contribute to over 80% of the company’s hotel revenue, consistently commanding higher-than-average room rates, which reflects their strong market position and premium offerings. Ventive holds a dominant 64% share of the luxury hotel market in Pune, and its Maldives resorts cater to affluent global tourists, further bolstering its brand. Additionally, Ventive benefits from mixed-use developments, such as JW Marriott Pune, which include integrated office and retail spaces, providing a steady stream of rental income that enhances overall profitability. With a proven track record of successful hotel developments, strategic acquisitions, and partnerships with top global brands like Marriott and Hilton, Ventive continues to expand its footprint in desirable destinations. The company’s strong market presence and diversified asset base position it well for long-term growth. Given these factors, Ventive represents an attractive investment opportunity with strong growth potential in the luxury hospitality  market. 

Proven asset management with strategic growth driving performance in luxury   hospitality

Ventive Hospitality Limited has a strong history of active asset management, consistently enhancing the performance of its luxury hotel portfolio. The company manages premium properties, including JW Marriott Pune, The Ritz-Carlton Pune, and Conrad Maldives, with a focus on driving higher occupancy rates, revenue generation, and cost efficiency. Key initiatives such as the opening of Tao-Fu restaurant at JW Marriott Pune have proven successful, achieving a 43.4% yield-on-cost in FY24. Ventive’s asset management team works closely with hotel operators to implement strategies that optimize operational performance and boost profitability. Centralized procurement processes further reinforce the company’s scale and operational excellence, securing favorable supplier rates and improving cost efficiencies. With a focus on continuous asset enhancement, Ventive invests in renovations and refurbishments to maximize space usage and increase long-term value. Additionally, Ventive leverages strong marketing initiatives and loyalty programs like Marriott Bonvoy and Hilton Honors to build customer loyalty and encourage repeat business. As a leader in Pune’s luxury hotel market and with strong demand in its Maldives resorts, Ventive is well-positioned for continued growth, making it an attractive investment with significant long-term potential. 

Valuation of Ventive Hospitality Ltd IPO

The hospitality industry in India and the Maldives is witnessing robust growth, driven by rising domestic demand and an increase in international tourist arrivals. Ventive Hospitality Limited is well-positioned within this expanding market, with a portfolio of 11 luxury properties, including flagship hotels such as JW Marriott Pune, The Ritz-Carlton Pune, and Conrad Maldives. The company benefits from strong partnerships with globally renowned brands like JW Marriott, Hilton, and The Ritz-Carlton, which enhance its brand value and market presence. However, Ventive’s reliance on third-party operators and franchised brands for 78.05% of its keys, including Marriott and Hilton, exposes it to reputational risks and service quality concerns. Any negative impact on the reputation of these brands or failure in quality control could adversely affect the company’s financial performance. In addition to its hospitality assets, Ventive generates approximately 41% of its revenue from annuity assets leased to marquee tenants such as HSBC, Deutsche Bank, and Starbucks. This diversified revenue stream provides stable cash flows and contributes to the company’s profitability. Ventive also boasts a strong financial track record, with FY24 revenue of Rs. 4,780 million, growing at a CAGR of 44% from FY22 to FY24, an EBITDA of Rs. 2,838 million in FY24 with a CAGR of 56%, and PAT of Rs. 1,663 million in FY24, reflecting a CAGR of 138%. Despite a net loss of Rs. 208 million in H1FY25 due to recent acquisitions, the company plans to improve its financial position by utilizing net proceeds to repay part of its debt, which will help reduce finance costs and boost profitability in the future. At a P/E of 40.4x on the upper band, the company’s valuation is lower than its peers, making it an attractive investment opportunity. Furthermore, with plans to expand its footprint with projects in Varanasi, Bengaluru, and Sri Lanka, aiming to add 367 keys by FY28, Ventive is well-positioned for sustained growth. Considering its strong market presence, financial performance, and expansion plans, we recommend a “SUBSCRIBE” rating for the issue, with a medium- to long-term investment horizon.

What is the Ventive Hospitality Ltd IPO?

Ventive Hospitality IPO is a book built issue of Rs 1,600.00 crores. The issue is entirely a fresh issue of 2.49 crore shares. Login to your account now.

To apply for the Ventive Hospitality Ltd IPO through StoxBox one can apply from the website and also from the app. Click here

Ventive Hospitality Ltd IPO is opening on 20th December 2024.  Apply Now

The Lot Size of Ventive Hospitality Ltd IPO is 23 equity shares . Login to your account now

The allotment Date for  Ventive Hospitality Ltd IPO is 26th December  2024.   Login to your account now.

The listing Date for Ventive Hospitality Ltd IPO is 30th December 2024.  Login to your account now

In the Retail segment the minimum investment required is Rs. 14,789. Login to your account now

In the Retail segment the maximum investment requirement is Rs. 192,257. Login to your account now

  • Due to its reliance on third-party operators and franchised brands for its hospitality assets, the company is vulnerable to reputational risks and service quality issues. Any negative impact on the reputation of these brands or failure in quality control systems could harm the company’s business, financial performance, and results.
  • The company lacks a consolidated operating history, making it difficult to assess overall performance. It has incurred recent losses, and if newly acquired properties are not integrated, the company may continue to face financial challenges. This uncertainty raises concerns about the company’s future performance, financial stability, and ability to generate positive cash flows.
  • The company’s hospitality portfolio relies heavily on third-party operators, with 78.05% of its keys operated by or franchised by Marriott and Hilton. These agreements, typically ranging from 10 to 30 years, carry the risk of termination or non-renewal, which could negatively impact revenue and operations. Additionally, the company generates significant revenue from its annuity assets, mainly in Pune. Any failure to retain tenants or adjust rental rates to market conditions could adversely affect its financial performance and business operations.

The Ventive Hospitality Ltd IPO be credited to the account on allotment date which is 27th December 2024. Login to your account now 

The prospectus of Ventive Hospitality Ltd IPO prospectus can be find on the website of SEBI, NSE and BSE

IPO Open DateFriday, December 20, 2024
IPO Close DateTuesday, December 24, 2024
Basis of AllotmentThursday, December 26, 2024
Initiation of RefundsFriday, December 27, 2024
Credit of Shares to DematFriday, December 27, 2024
Listing DateMonday, December 30, 2024
Cut-off time for UPI mandate confirmation5 PM on December 24, 2024

Transrail Lighting Ltd : Subscribe

  • Date

    19th Dec 2024 - 23rd Dec 2024

  • Price Range

    Rs.410 to Rs. 432

  • Minimum Order Quantity

    34

Apply Now
Download In-depth Report
Price Lot Size Issue Date Issue Size
₹ 410 to ₹ 432 34 19th Dec, 2024 – 23rd Dec, 2024 ₹ 838.91 Cr

About Transrail Lighting Ltd IPO

Transrail Lighting Ltd. (TLL) is an engineering, procurement, and construction company primarily focusing on power transmission and distribution (T&D). The company is backed by a four-decade-long legacy of providing comprehensive power transmission and distribution solutions. Other than T&D, the company also operates in other business verticals such as civil construction, poles & lighting and railways. TLL has completed more than 200 projects in the power T&D vertical since its inception. The company operates both in India and internationally, primarily across Asia and Africa. The geographic split of revenue (as of FY24) is as follows: India (41.5%) and international (58.6%) The company has footprints in 58 countries, including Bangladesh, Kenya, Tanzania, Niger, Nigeria, Mali, Cameroon, Finland, Poland, and Nicaragua, encompassing turnkey EPCs and supply projects. As of June 30, 2024, the company has undertaken EPC projects covering 34,654 circuit kilometres (CKM) of transmission lines and 30,000 CKM of distribution lines, both domestically and internationally. The company provides EPC services for 765 kilovolt (kV) substations. The company caters to a wide client base in India, including central public sector undertakings under the Ministry of Power of India and state government-run and private power T&D companies. The revenue breakup from domestic operations (as of FY24) is as follows: Central PSU (81.1%), Private parties (17.9%) and state board (1.0%). Revenue break up from international activities (as of FY24) is as follows: Asia – other than SAARC (4.2%), Africa (45.1%), Americas (2.4%), Europe (0.8%) and SAARC (47.5%). The company operates with the help of four manufacturing units: one in Deoli, one in Vadodara and two units in Silvassa with impressive capacity utilization of 97.3%, 95.8%, 81.1% and 99.4%, respectively. The revenue split between business verticals (as of FY24) is as follows: Power T&D (83.8%), Civil Construction (9.3%), Railways (2.4%) and Poles & Lighting (4.4%).

Objective of the Transrail Lighting Ltd IPO

The company proposes to utilize net proceeds towards funding the following objects:

  • Funding incremental working capital requirements of the company;
  • Funding capital expenditure of the company; and
  • General corporate purposes 

Rationale To Transrail Lighting Ltd IPO

Strong order book coupled with strategic expansion ensures revenue visibility

TLL boasts a strong order book supported by a healthy mix of international and domestic clients. The majority of the order book consists of orders from the T&D vertical (90.6%), which remains the key area of focus and specialization. Civil construction (7.2%), Railways (1.6%), and Poles and lighting (0.6%) follow. The order book as of Q1FY25 stands at Rs. 1,02,131 million, which highlights healthy revenue visibility. The company also delivered consistently steady topline growth, further bolstering its position and underscoring its ability to retain and acquire new customers (grew its global reach from 46 countries in FY21 to 58 countries in Q1FY25). TLL’s plan to strengthen its presence in countries such as South and West Africa, Southeast Asia and SAARC further enhances its order book horizon while aiding in achieving economies of scale. Moreover, the company further plans to expand its footprint in current and new markets like LatAm, Middle-East and North African countries by leveraging resources and experiences achieved in the past.

Integrated service approach and strategic initiatives enhance EPC capabilities

The company operates its EPC business in an integrated manner, having developed key in-house competencies and resources to deliver projects from conceptualization to completion. TLL utilizes industry-leading design and engineering software, including PLS Tower, PLS Poles, I Tower, Bocad, Staad Pro, PLS Star, PLS CAAD, PLS Lit, DiLux, AGI 32, Autocad 3D, Solidworks, and more, ensuring it provides cutting-edge solutions in execution safety and quality. Its in-house integrated model includes a dedicated design and engineering team for each business vertical, enabling timely project completion without compromising on quality and allowing the company to capture a larger proportion of the EPC value chain. To further streamline processes and improve profitability, TLL aims to achieve full backward integration, reducing dependency on third-party suppliers for key products. Moving forward, the company plans to expand its footprint into allied and ancillary infrastructure sectors. It proposes acquiring the BH business of Gammon Engineers and Contractors Private Limited to broaden its scope to hydropower projects. Additionally, the company plans to enhance its presence in the solar EPC industry by undertaking turnkey projects related to solar rooftops, solar streetlights, and ground-mounted solar projects. These strategic initiatives will enable TLL to diversify its offerings and expand its sectoral horizon. 

Valuation of Transrail Lighting Ltd IPO

Transrail Lighting Ltd. (TLL) is a leading EPC company with a market share of 8-10% in the EPC sector, specializing in power transmission and distribution. The company maintains a strong order book, ensuring revenue visibility and steady topline growth, supported by a mix of international and domestic clients. TLL’s strategic expansion into emerging markets and new regions aims to achieve economies of scale and drive global growth. The company’s integrated approach to EPC projects, using industry-leading design and engineering software, ensures high-quality execution. Furthermore, plans to diversify into allied infrastructure sectors and the solar EPC industry will broaden its market reach and reinforce its position in the infrastructure sector. India’s power transmission and distribution system has significantly expanded, with an estimated investment of Rs. 3.0 trillion expected in the transmission sector during FY2025-29 period. Additionally, the distribution segment is projected to attract investments worth Rs 3-4 trillion during the same period, driven by the government’s initiatives to enhance electricity access and ensure 24×7 power for all under the Revamped Distribution Sector Scheme. The substantial investments in the power T&D sector will provide TLL with ample opportunities to expand its market presence, secure new projects, and achieve economies of scale. The company reported strong financial growth between FY22 and FY24, with a CAGR of 32.5% in revenue, 51.8% in EBITDA, and 89.8% in PAT. The company is valued at a P/E ratio of 22.1x on the upper price band based on FY24 earnings, which is lower than the average P/E of the industry. Given its strong position in the market, the company is poised to capitalize on emerging market opportunities. Therefore, we recommend a “SUBSCRIBE” rating for the issue from a medium to long-term perspective.

What is the Transrail Lighting Ltd IPO?

Transrail Lighting IPO is a book built issue of Rs 838.91 crores. The issue is a combination of fresh issue of 0.93 crore shares aggregating to Rs 400.00 crores and offer for sale of 1.02 crore shares aggregating to Rs 438.91 crores. Login to your account now.

To apply for the Transrail Lighting Ltd IPO through StoxBox one can apply from the website and also from the app. Click here

Transrail Lighting Ltd IPO is opening on 19th December 2024.  Apply Now

The Lot Size of Transrail Lighting Ltd IPO is 34 equity shares . Login to your account now

The allotment Date for  Transrail Lighting Ltd IPO is 24th December  2024.   Login to your account now.

The listing Date for Transrail Lighting Ltd IPO is 27th December 2024.  Login to your account now

In the Retail segment the minimum investment required is Rs. 14,688. Login to your account now

In the Retail segment the maximum investment requirement is Rs. 190,944. Login to your account now

  • The company has an outstanding FIR filed by the Central Bureau of Investigation (CBI), Anti-Corruption Bureau, Lucknow, Uttar Pradesh, regarding the Gomti River Project.
  • Since Transrail Lighting Ltd.’s project management and turnkey EPC contracts have long execution periods and are prone to time overruns, the estimated project costs and revenue projections may differ from the actual costs incurred and revenues generated.
  • The company is exposed to foreign currency fluctuation risks, particularly in relation to the import of raw materials, receivables from foreign projects and trade receivables. 

The Transrail Lighting Ltd IPO be credited to the account on allotment date which is 26th December 2024. Login to your account now 

The prospectus of Transrail Lighting Ltd IPO prospectus can be find on the website of SEBI, NSE and BSE

IPO Open DateThursday, December 19, 2024
IPO Close DateMonday, December 23, 2024
Basis of AllotmentTuesday, December 24, 2024
Initiation of RefundsThursday, December 26, 2024
Credit of Shares to DematThursday, December 26, 2024
Listing DateFriday, December 27, 2024
Cut-off time for UPI mandate confirmation5 PM on December 23, 2024