SME IPO Guidance Review Advice at a Glance

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• IPO Undercurrent

Emmforce Autotech IPO To the point Guidance
Price Rs 98, Lot 1200 Sh, Net Size Rs.51.19 Cr.
LM: Beeline
Op 23 April Cl 25 April BoA 26 April, Listing 30 April
The company is engaged in the business of manufacturing niche automotive drivetrain parts like Differential Housings, Differential Lockers, Differential Covers,4WD Locking Hubs, Spindles, Axles & Shafts etc. The company has been engaged in exports ever since its inception and more than 95% of its products are exported.
Size:  The net size of the IPO is Rs.51.19 Cr comprising of 5223600 shares. With 1523 applications, retail portion will get one time subscribed. Reasonably good subscription is expected.
Financial Snapshot: During last 3 years, the company has very strong topline and bottom-line. During the year 2022-23, there is a dip in the topline and bottom-line, we assume to be exceptional and expect strong rise in the sales and net profits in the coming years. 95% of the sales is exported. The shares are offered at PE multiple of 33.45, which we believe is reasonable and there is room for listing gains. We recommend APPLY for this IPO.

Shivam Chemicals IPO To the point Guidance
Price Rs 44, Lot 3000 Sh, Net Size Rs.20.08 Cr.
LM: Beeline
Op 23 April Cl 25 April BoA 26 April, Listing 30 April
The company is a manufacturer of Hydrated Lime (Calcium Hydroxide) & a distributor of various products such as Poultry feed supplement (MBM), Di-Calcium Phosphate (Feed Grade), Magnesium Oxide, Limestone Powder, etc With rich experience and knowledge we have built a well-established marketing network across India and it distributes animal feed products for various well renowned manufacture over the years,
Size:  The net size of the IPO is Rs.20.08 Cr comprising of 4564000 shares. With 761 applications, retail portion will get one time subscribed. Reasonably good subscription is expected.
Financial Snapshot: The company has impressive topline and bottomline during 2022-23. The shares are offered at PE multiple of 15.26, which we believe is reasonable and there is room for listing gains. We recommend APPLY for this IPO.

Varyaa Creations IPO To the point Guidance
Price Rs 150, Lot 1000 Sh, Net Size Rs.20.10 Cr.
LM: Inventure Merchant Banker
Op 22 April Cl 25 April BoA 26 April, Listing 30 April
Historically, the company has earned its revenues from wholesale trading of gold, silver, precious stone, semi precious stone and from sales of jewellery. Currently, its products are sold only through the offline market, i.e. from its registered office located in Mumbai.
Size:  The net size of the IPO is Rs.19.05 Cr comprising of 1270000 shares. With 635 applications, retail portion will get one time subscribed. so, oversubscription may not be an issue. 
Financial Snapshot: *The company has issued 3300000 Equity shares as bonus shares on 8th September 2023, after the end of the accounting year 2022-23 in the ratio of 22 shares on 1 share, Accordingly the EPS for the year 2022-23 should have been reworked to give correct picture of the EPS. The company has earned net profit of Rs. 78.93 lacs in the year 2022-23 and if we divide the same with enhanced equity base, the EPS comes to Rs. 2.29.
In the year 2021-22, the company had shown topline of Rs. 12 lac and net loss of Rs. 13 lacs. Whereas in year 2022-23, the topline has increased to Rs. 5.38 crores and net profit is Rs. 79 lacs. Such rise in the topline and bottom-line raises eyebrows. If compare the EPS post bonus issue to the issue price of Rs. 150, the valuation appears at PE multiple of 65.50 which is on very higher side. Avoid. 

Faalcon Concepts IPO To the point Guidance
Price Rs 62, Lot 2000 Sh, Net Size Rs.11.48 Cr.
LM: Navigant Corporate Advisors
Op 19 April Cl 23 April BoA 24 April, Listing 26 Apri
Incorporated in 2018, Faalcon Concepts Limited is engaged in designing, engineering, fabrication and installation of façade systems.
Size: The size of the IPO is net 1852000 shares/ Rs. 11.48 Crore. Retail portion is just Rs. 5.74 crore and with 463 applications, retail portion will get one time subscribed. Considering rise in the investors fancy during last few sessions, oversubscription may not create any problem. 
Financial Snapshot: The total income and net profit of the company during last 2 years, have shown sharp rise as compared to the total income and net profits of the year 2020-21. Based on the earnings per share of the year 2022-23, the offer price is not on higher side. The IPO is expected to provide small listing gains. May Apply.

Ramdevbaba Solvent IPO To the point Guidance
Price Rs 85, Lot 1600 Sh, Net Size Rs.47.97 Cr.
LM: Choice Capital Advisors Pvt Ltd
Op 15 April Cl 18 April BoA 19 April, Listing 23 April
Ramdevbaba Solvent is in the business of manufacturing, distribution, marketing and selling of Physically Refined Rice Bran Oil (-RiceBran Oil). It manufactures and sells Rice Bran Oil to FMCG companies like Mother Dairy Fruit & Vegetable Private Limited, Marico Limited and Empire Spices and Foods Ltd. It also manufactures, markets and sells Rice Bran Oil under its own brands -Tulsi and Sehat
Size:  The net size of the IPO is Rs.47.87 Cr comprising of 5632000 shares. With 1232 applications, retail portion will get one time subscribed. Considering deep in the sentiment of the SME Investors, Huge oversubscription may not be possible.
Financial Snapshot: Based on earnings of 2022-23, the shares are offered at PE ratio of 8.99. The company has shown good topline and bottomline. From fundamental angle, the application may be made.

Grill Splendour Services IPO To the point Guidance.
Price Rs 120, Lot 1200 Sh, Net Size Rs.15.64 Cr.
LM: Inventure Merchant Banker
Op 15 April Cl 18 April BoA 19 April, Listing 23 April
Grill Splendour Services a chain of gourmet Bakery and Patisserie spread across Mumbai through 17 retail stores, a centralized production facility and multiple corporate clients. Out of these 17 retail stores, 5 stores are running under the franchisee model (franchisee owned, and company operated) and rest 12 stores are owned by the company. It offers fresh food products from traditional to ‘made to order’ as required by the Customers. Both its Promoters individually have 30+ years of experience in Hospitality industry.
Size:  The net size of the IPO is Rs.15.64 Cr comprising of 1303200 shares. With 543 applications, retail portion will get one time subscribed. Considering decline in the sentiment of the SME Investors, Huge oversubscription may not be possible.
Financial Snapshot: Based on earnings of 2022-23, the shares are offered at PE ratio of 9.10. The company has shown good topline and bottomline. From fundamental angle, the application may be made.

Greenhitech Ventures IPO To the point Guidance
Price Rs 50, Lot 3000 Sh, Net Size Rs.5.97 Cr.
LM: Beeline Capital Advisors Pvt Ltd
Op 12 April Cl 16 April BoA 18 April, Listing 22 April
Greenhitech Ventures is engaged in trading of various petroleum-based products for the different categories of industries based on their requirement. This includes supply of biofuels, bitumen, light density oils, furnace oils etc. The company is also engaged in Operation & Maintenance as Job worker for Ethanol manufacturing in Government owned distilleries. The Company is not having its owned manufacturing unit. It bids for tender of Government owned distillery for Operation & Maintenance as Job worker for Ethanol manufacturing.
Size: The size of the IPO is just Rs.6.30 Cr /1260000 shares and retail portion is of 597000 shares. The retail portion will get oversubscribed by only 199 applications. With some improved in the sentiment, now oversubscription is not an issue.
Financial Snapshot: Based on earnings of 2022-23, the shares are offered at PE ratio of 27.62. The company is operating in competitive environment. For the reported periods it posted inconsistency in its top and bottom lines. It marked lower top and bottom lines for FY24 so far. Based on annualized FY24 earnings, the issue appears exorbitantly priced. Small equity base post-IPO indicates longer gestation for migration to mainboard.
Guidance: From fundamental angle, the IPO seems unattractive. However, considering small size of the IPO, good oversubscription and accordingly some GMP is possible. Only from the said angle, one or two applications may be made.

Teerth Gopicon IPO To the point Guidance
LM: Interactive Financial Services Ltd 
Op 8 April Cl 11 April BoA 12 April, Listing 16 April
(GMP Rs. 10 on 8 April @7.00am/ Offer price Rs. 111)
Teerth Gopicon is an engineering construction and development company engaged primarily in the construction of roads, sewerage work and water distribution work in the Madhya Pradesh. It has also worked as sub-contractor and constructed residential tower in the city of Indore.
Size:  The net size of the IPO is Rs.44.40 Cr comprising of 4000000 shares. With 1667 applications, retail portion will get one time subscribed. Huge oversubscription may not be possible.
Financial Snapshot: Based on earnings of 2022-23, the shares are offered at PE ratio of 49.55, which is on higher side. Very small listing gain may be possible. Not so attractive. 

DCG Wires And Cables IPO To the point Guidance
LM: Interactive Financial Services Ltd 
Op 8 April Cl 10 April BoA 12 April, Listing 16 April
(GMP Rs. 18 on 8 April @7.00am/ Offer price Rs. 100)
DCG Wires And Cables is manufacturer of copper cables and wires. Its primarily focus is on manufacturing of different types of copper cables which finds application in Transformers. Its product portfolio consists of Copper Strips, Paper Covered Copper Strips and Wires (Kraft/Crepe/Nomex/Mica) Bare Copper Wires and Strips, Copper Tapes and Fiber Glass Copper.
Size:  The net size of the IPO is Rs.47.47 Cr comprising of 4747200 shares. With 1978 applications, the retail portion will get one time subscribed. Considering recent lack fancy, huge oversubscription may not be possible.
Financial Snapshot: If we consider the PE multiple  based on EPS for the year 2022-23, the shares are offered at high valuation compared to peer companies. Not so attractive. 

Creative Graphics Solutions IPO To the point Guidance
Price Rs 85, Lot 1600 Sh, Net Size Rs.54.40 Cr.
LM: Corporate CapitalVenture
Op 28Mar Cl 4 April BoA 5 April, Listing 9 April
Creative Graphics is a pre-press company, engaged in the manufacturing of flexographic printing plates including Digital Flexo Plates, Conventional Flexo Printing Plates, Letter Press Plates, Metal Back Plates, and Coating Plates. The company is serving the customers across India as well as outside India namely African Countries, Thailand, Qatar, Kuwait and Nepal.
Size:  The net size of the IPO is Rs.51.68 Cr comprising of 6080000 shares. Considering large number of IPOs entering in the market and also year-end, the huge oversubscription may be difficult.
Financial Snapshot: The company has issued rights shares and bonus shares subsequent to 30 September 2023 and post-bonus EPS is not calculated. However, in the last 3 years, it has reasonably good topline and bottomline.May Apply.

Aluwind ArchitecturalTo the point Guidance

Price Rs 45, Lot 3000 Sh, Net Size Rs.29.70 Cr.
LM: Corpwis Advisors
Op 28Mar Cl 4 April BoA 5 April, Listing 9 April
Aluwind Architectural operates in the segment of manufacturing and installing a diverse range of aluminum products. This includes windows, doors, curtain walls, cladding, and glazing systems, all meticulously crafted to meet the unique needs of architects, consultants, builders, institutions, and corporations. Operating from a cutting-edge 45,000-square-foot facility in Pune, Maharashtra, this tech-driven company specializes in a niche product segment.
Size:  The net size of the IPO is Rs.28.22 Cr comprising of 6270000 shares. The HNI portion is just Rs.14.11 Cr and Retail portion is Rs. 14.11 Cr. The Retail portion will get oversubscribed with only 1045 applications. With large number of IPOs entering the market and also year-end, the huge oversubscription may not be possible.
Financial Snapshot: The company has shown sharp rise in the profits. In the year 2020-21, it showed net profit of Rs. 77 lacs and in the year prior to the IPO, the profit has shot up to Rs. 2.70 Cr and accordingly the EPS is also increased significantly. We are not sure, whether the company will be able to retain such high profits in the future. Not So attractive. May Apply.

K2 Infragen IPO To the point Guidance

Price Rs 119, Lot 1200 Sh, Net Size Rs.40.54 Cr.
LM: Expert Global
Op 28Mar Cl 3April BoA 4 April, Listing 8 April
K2 Infragen is an integrated engineering, procurement and construction (“EPC”) with a focus on Power Engineering and Project Engineering having experience in design and construction of various projects across 8 States in India viz. Uttar Pradesh, Rajasthan, Madhya Pradesh, Karnataka, Haryana, Gujarat, Punjab & Delhi. It provides its services across the value chain, ranging from design, procurement,
construction supervision, subcontract management and work order management to post-construction activities to its clients. 
Size:  The net size of the IPO is Rs.37.57 Cr comprising of 315720 shares. The HNI portion is just Rs.5.64 Cr and Retail portion is Rs.13.14 Cr. The Retail portion will get oversubscribed with only 921 applications. Now with large number of IPOs entering the market, the huge oversubscription may not be possible.
Financial Snapshot: The company has erratic profit trend. During 2020-21, it showed profit of just Rs. 22 lacs, loss during 2021-22 and then sharp rise to Rs. 11.32 cr in the year 2022-23, just prior to the IPO. Such trend raises eyebrows. Compared to the peer group companies, the IPO is reasonably valued if we consider latest year eps. Not So attractive. May Apply.

Jay Kailash NamkeenTo the point Guidance
Price Rs 73, Lot 1600 Sh, Net Size Rs.11.93 Cr.
LM: Expert Global
Op 28Mar Cl 3April BoA 4 April, Listing 8 April
Jay Kailash Namkeen is engaged in the business of manufacturing of packaged Indian snacks. Its range of Indian snacks includes Chana Jor Namkeen, Masala Chana Jor, Pudina Chana, Masala Mung Jor, Plain Mung Jor, Soya Sticks, Haldi Chanas, Chana dal, Sev Murmura & Garlic Sev Murmura, Bhavnagari Gathiya, Chana Dal, Sing Bhujia, Popcorn, Roasted Peanuts, etc. It has 186 SKUs of our 56 products 
Size:  The net size of the IPO is Rs.11.32 Cr comprising of 1550400 shares. The HNI portion is just Rs.2.26 Cr and Retail portion is Rs. 5.66 Cr. The Retail portion will get oversubscribed with only 485 applications. So, there is no worry about oversubscription.
Financial Snapshot: The company is shown sharp rise in the profits (Rs. 9 lacs in 2020-21 to Rs. 89 lacs in 2022-23) Such sharp rise ahead of the IPO raises eyebrows. The size of the IPO is not very large. So, IPO can get oversubscribed and may give small listing gains. May Apply

TAC Infosec IPO To the point Guidance

Price Rs 106, Lot 1200 Sh, Net Size Rs.29.99 Cr.
LM: Beeline Capital
Op 27Mar Cl 2April BoA 3 April, Listing 5 April
TAC Infosec is engaged in the business of providing risk-based vulnerability management and assessment solutions, cybersecurity quantification and services of Penetration testing to organizations of any scale, size, and business through “SaaS model”. The company offers security software products and solutions both in India and internationally. Its end customers are Banks and financial Institutions, government regulatory bodies and departments, large-scale enterprises (including business offices) like HDFC, Bandhan Bank, BSE, National Payments Corporation of India, DSP investment Managers Private Limited, Motilal Oswal Financial Services Limited and NSDL e-Governance. Its flagship software
product is ESOF (Enterprise Security in One Framework) which was launched in 2018. 
Size:  The net size of the IPO is Rs.28.49 Cr comprising of 2688000 shares. The HNI portion is just Rs.4.27 Cr and Retail portion is Rs. 9.97 Cr. The Retail portion will get oversubscribed with only 784 applications. So, there is no worry about oversubscription.
Financial Snapshot: The company has shown sharp rise in the profits (form Rs. 61 lacs in 2020-21 to Rs. 5.07 Cr in the year 2022-23.) Such rise raises eyebrows. However its cyber security business has received strong response from the market and that may be the reason for such sharp rise. The shares are offered at reasonable valuation and there is room for listing gains. Apply.

Yash Optics & Lens IPO To the point Guidance
Price Rs 81, Lot 1600 Sh, Net Size Rs.53.16 Cr.
LM: Shreni Shares
Op 27Mar Cl 3 April BoA 4 April, Listing 8 April
Established in the year 2010, initially the Company was engaged in trading and distribution of spectacle and optical lenses which were sourced from Indian importers and traded in Mumbai. Post the said acquisition, the Company has started manufacturing of spectacle / optical lenses in its own name. The Company is also appointed by HOYA Lens India Private Limited, as an exclusive distributor to sell, market and distribute the “Pentax” brand of Ophthalmic lenses in India.
Size:  The net size of the IPO is Rs.50.47 Cr comprising of 6230400 shares. The HNI portion is just Rs.7.57 Cr and Retail portion is Rs. 17.66 Cr. The Retail portion will get oversubscribed with only 1363 applications. So, there is no worry about oversubscription.
Financial Snapshot: The company has shown sharp rise in the net profits (from Rs.1.06 cr. in 2020-21 to Rs.8.07 Cr in the year 2022-23. Such sharp rise in the bottom-line raises eyebrows. The business of spectacle and optic lenses is highly profitable. The shares are offered at reasonable valuation. Apply.

Radiowalla Network IPO To the point Guidance
Price Rs 76, Lot 1600 Sh, Net Size Rs.14.25 Cr.
LM: Narnolia Financial Services
Op 27Mar Cl 2April BoA 3 April, Listing 5 April
Radiowalla Network is into the business of customer engagement services which includes in-store radio services (exclusive radio channel for a brand) on subscription model basis, corporate radio (private radio channels for employee engagement in organisation) and advertisement services which includes digital signage solution, content management services and point of purchase advertising to its clients. It exclusively caters to the business-to-business (B2B) sector. 
Size:  The net size of the IPO is Rs.13.40 Cr comprising of 1763200 shares. The HNI portion is just Rs.2.01 Cr and Retail portion is Rs.4.69 Cr. The Retail portion will get oversubscribed with only 386 applications. So, oversubscription may be attained without any problem.
Financial Snapshot: The company has issued 4702760 equity shares as bonus shares in the month of November 2023 whereby the equity capital has increased to 5173036 shares. We have recalculated EPS of 2022-23 with the increased capital and the EPS comes to Rs. 1.98 and accordingly the shares are offered at pE multiple of 38.38.  The company has shown sharp spurt in the net profits (from Rs. 10 lacs in the year 2020-21 to Rs. 1.02 Cr in 2022-23.) Such 10-fold rise raises eyebrows. There are large number of IPOs, so the investible funds may get divided and huge oversubscription may not be seen. Similarly grey market funds will also get divided. Small listing gains may be possible. May Apply.

Vruddhi Engineering Works IPO To the point Guidance
LM: Fedex Securities
Op 26Mar Cl 28Mar BoA 1April, Listing 3 April
Vruddhi Engineering Works is mainly engaged in offering mechanical splicing solutions to the real estate, construction and infrastructure industry by designing, engineering and supplying of rebar couplers. The Company’s offering under this vertical includes (a) supply of rebar couplers as per the customer needs; (b) on-site threading services of the couplers; and (c) trading in threading machines and spares.
Size:  The net size of the IPO is Rs. 4.76 Cr comprising of 680000 shares. The HNI portion is just Rs.0.71 Cr and Retail portion is Rs. 1.67 Cr. The Retail portion will get oversubscribed with only 119 applications. So, there is no worry about oversubscription.
Financial Snapshot: The company has shown sharp rise in the topline and its bottomline. In the year 2020-21, it had turnover of Rs. 44 lac and loss of Rs. 1 lacs which shot up to turnover of 13.10 Cr and profit of Rs. 0.75 Cr. in the year 20222-23, just prior to the IPO. Such rise in profits raises eyebrows. After such sharp rise in the profits, the shares are offered at PE multiple of 4.61. Not so attractive.

Trust Fintech IPO To the point Guidance
LM: Corporate Capital Ventures
Op 26Mar Cl 28Mar BoA 1 April, Listing 3April
Trust Fintech Limited is a Nagpur based SaaS Product focused company which has carved a niche in providing Core Banking Software, IT Solutions, ERP Implementation and Customized Software Solutions Development, SAP B1 and Offshore IT services for the BFSI sector. it has served this software in India, Shrilanka, Nepal, California, Ghambia, Tanzania, Ghana, Liberia, Nigeria, Zimbabwe, and few more countries.
Size:  The net size of the IPO is Rs. 60.24 Cr comprising of 5964000 shares. Considering the recent IPO trends, it can get oversubscribed but huge oversubscription will be somewhat difficult. With 4970 applications, the retail portion will get oversubscribed one time. The HNI portion is just Rs. 9.04 Cr, so normal oversubscription is possible.
Financial Snapshot: The company has shown steady topline. The bottom line in the year 2022-23 has shown sharp rise. Even if we discount the sharp rise in the profits, the shares are offered at reasonable valuation and there is some room for listing gains. May Apply.

Aspire & Innovative Advertising IPO To the point Guidance
LM: Hem Securities
Op 26Mar Cl 28Mar BoA 1 April, Listing 3April
Aspire & Innovative Advertising is engaged in the business of trading of wide range of consumer durables like kitchen appliances, home appliances, white goods, mobile phones and its accessories, solar products etc. of multiple renowned brands such as Bajaj, Prestige, Vivo, Samsung, Crompton, Whirlpool, Hindware, Havells and many more.
Size:  The net size of the IPO is Rs. 20.87 Cr comprising of 3864000 shares. The HNI portion is just Rs.3.13 Cr and Retail portion is Rs. 7.30 Cr. The Retail portion will get oversubscribed with only 676 applications. So, there is no worry about oversubscription.
Financial Snapshot: The company has shown steady growth in its topline and bottomline during last 3 years. During the year 2022-23, the profits show some exceptional rise. The shares are offered at PE multiple of 11.30. There appears to be some room for listing gain. May Apply.

GConnect Logitech IPO To the point Guidance
LM: Fedex Securities
Op 26Mar Cl 28Mar BoA 1 April, Listing 3April
GConnect Logitech and Supply Chain was incorporated on July 20, 2022. The Company is engaged in the business of providing surface logistics services viz. goods transport services. The Company offers its services to other logistic companies, including surface logistic companies and to direct customers. Size:  The net size of the IPO is Rs. 5.30 Cr comprising of 1326000 shares. The HNI portion is just Rs.2.65 Cr and Retail portion is Rs. 2.65 Cr. The Retail portion will get oversubscribed with only 221 applications. So, there is no worry about oversubscription.
Financial Snapshot: The company is formed in the year 2022 and hence very limited financial details are available. The business has tough competition. Just because of small size of the IPO, the IPO can get oversubscribed and may give small listing gains. Not So attractive.

Naman In-Store IPO To the point Guidance
Op 22Mar Cl 27Mar BoA 28Mar, Listing 2April
LM: GYR Capital Advisors
Naman In-Store (India) is one of the prominent display and retail furniture & fixture company with a broad spectrum of offerings and in-store solutions to various industries and retail stores. Further, it manufactures modular furniture for offices, beauty store, low-housing kitchens, educational institution as well as supermarket shelving solutions.
Size:  The net size of the IPO is Rs. 24.08 Cr comprising of 2705600 shares. The HNI portion is just Rs.3.61 Cr and Retail portion is Rs. 8.43 Cr. The Retail portion will get oversubscribed with only 592 applications. So, there is no worry about oversubscription.
Financial Snapshot: The company has shown sharp rise in the topline and its bottomline. In the year 2020-21, it had profit of Rs. 5 lacs which shot up to Rs. 3.81 Cr. in the year 20222-23,  just prior to the IPO. Such rise in profits raise eyebrows. The shares are offered at PE multiple of 17.34. Not so attractive.

Vishwas Agri Seeds IPO To the point Guidance
Op 21Mar Cl 26Mar BoA 27Mar, Listing 1 April
LM: ISK Advisors
Vishwas Agri Seeds Limited is in the business of processing quality seeds and supplying to farmers via there distribution network. The Company sells its seeds under the brand name “Vishwas”. Its seeds processing unit is equipped with optical sorting machine, they detect unwanted colours, subtle discoloration, size and shape defects, and foreign materials.
Size:  The net size of the IPO is Rs. 24.49 Cr comprising of 2848000 shares. The HNI portion is just Rs.12.25 Cr and Retail portion is Rs. 12.24 Cr. The Retail portion will get oversubscribed with only 890 applications. So, there is no worry about oversubscription.
Financial Snapshot: The company has shown steady growth in its topline and bottomline during last 3 years. During the year 2022-23, the profits show some exceptional rise. The shares are offered at PE multiple of 16.10 and compared to Peers, there appears to be some room for listing gain. May Apply.

Omfurn India IPO To the point Guidance
Op 20Mar Cl 22Mar BoA 26Mar, Listing 28Mar,
LM: Gretex Corporate Services
Omfurn India Limited is manufacturer and supplier of Pre-Finished Wooden Doors and Modular Furniture in India. It has been in business since November 13, 1997, which gives it a quarter-century of experience in this industry. Since then, it has been reaching remarkable milestones in creation and innovation. It creates a wide range of wooden doors and furniture for Modular Kitchens, Wardrobes, Vanities and Modern Office furniture through customized, system-based, or turnkey projects PAN India, got listed at NSE SME in the year 2017.
Size:  The net size of the IPO is Rs. 25.65 Cr comprising of 3420000 shares. The HNI portion is just Rs.3.85 Cr and Retail portion is Rs. 8.98 Cr. The Retail portion will get oversubscribed with only 499 applications. So, there is no worry about oversubscription.
Financial Snapshot:The company has shown sharp rise in the profits for the year 2022-23 (Rs. 4.15Cr) as compared to the loss of the year 2020-21 (Rs.99 lacs). Such rise raises eyebrows. The shares are offered at PE multiple of 14.76. This has been an existing listing company and its shares are quoted at around Rs. 82. Not so attractive.

Chatha Foods IPO Guidance
(Open on 19 March, Close on 21 March) (LM: Indorient Financial Services)
Founded in 1997, Chatha Foods Limited is a frozen food processor, serving top Quick Serving
Restaurants, Casual Dining Restaurants, and other players in the Hotel-Restaurant-Catering segment. As such, it is deeply connected with the Indian food services/dining out industry and this accounted
for almost its entire revenue for the six months ended September 30, 2023. For six months ended September 30, 2023 and Fiscal 2023, (i)Domino’s India franchise accounted for 44.41% and 51.53%, (ii) Subway’s India franchise accounted for 27.09% and 31.16%, respectively (ii) Café Coffee Day accounted for 1.24% and 1.40%, (iv) Chili’s & Pauls India accounted for 2.26% and 1.64%, (v) Wok Express accounted for 3.45% and 1.91% and (vi) Burger Singh accounted for 0.76% and 0.58%, of its revenues in that period/ Fiscal. In addition, its brands, which sells under “Chatha Foods” are distributed through its network of 29 distributors covering 32 cities across India and catering to the needs of 126 mid segment & standalone small QSR brands.
Size:  The net size of the IPO is Rs. 31.71 Cr comprising of 5662000 shares. The HNI portion is just Rs.4.76 Cr and Retail portion is Rs. 11.10 Cr. The Retail portion will get oversubscribed with only 991 applications. Under the changed circumstances, huge oversubscription may not be possible but more than one time oversubscription will not be a problem.
Financial Snapshot: The company has shown steady growth in its topline and bottomline during last 3 years. There appears to be no exception rise in the profits of the year prior to the IPO. The shares are offered at PE multiple of 37.83 and compared to Peers, there appears to be room for listing gain. Only negative aspect is few Jain investors may not apply to this IPO because of its non-veg related business. Apply.

K P Green IPO To the point Guidance
(Open on 15 March, Close on 19 March) (LM: Beeline)
KP Green manufactures fabricated and hot-dip galvanized steel products. Its diverse range of products includes Lattice Towers Structures, Substation Structures, Solar Module Mounting Structures, Cable trays, Earthing strips, Beam Crash Barriers and other infrastructure solution products aligning with its motto “A Company to Solve the Difficulties”. years, it has successfully executed more than 12 projects with our major completed projects quantifying to approximately Rs. 13,184.10 Lakhs. As at February 23, 2024, it has 8 major on-going projects.The company is an accredited vendor with GETCO (Gujarat Energy Transmission Corporation Limited) and MSETCL (Maharashtra State Electricity Transmission Company) for upto 400 Kw and 220 Kw, respectively.
Size:  The net size of the IPO is Rs. 180.00 Cr comprising of 12502000 shares. Considering the recent IPO trends and hunger of the investors, the IPO is very large, and looking to recent developments, huge oversubscription not be possible. With 4375 applications, the retail portion can get oversubscribed one time, which is a bit difficult under the changed market mood. The HNI portion is just Rs. 27.00 Cr, so huge oversubscription appears to be difficult.
Financial Snapshot: The company has reasonably good business. The profits of 2022-23 have shot up to Rs. 12.40 Cr, from Rs. 1.58 Cr in the year 2020-21. Such rise raises eyebrows. The shares are offered at somewhat higher valuation (PE 41.62) compared to the peers (PE of 30), who have much higher topline. Though premium rates are seen, we are not sure of much listing gains. Not attractive.

Enfuse Solutions IPO Guidance
(Open on 15 March, Close on 19 March) (LM: Hem)
Enfuse Solutions is engaged in business of providing integrated Digital solutions across various domains including (i) In Data Management & Analytics (ii) E-commerce & Digital Services (iii) Machine Learning & Artificial intelligence (iv) Edtech & Technology Solutions. It provides these service solutions by combining custom-designed data processes, delivery teams that include both generalists and domain
specialists.
Its revenue is generated from a combination of domestic operations within India and international endeavors, with a predominant share originating from its exports of services to countries like USA, Ireland, Netherland, Canada etc. It has generated around 71.94% of its total revenue from export sales and 28.06% of its total revenue from domestic sales for the period ending September 30, 2023.
Size:  The net size of the IPO is Rs. 21.28 Cr comprising of 2217000 shares. The HNI portion is just  Rs.3.19 Cr and Retail portion is Rs. 7.45 Cr. The Retail portion will get oversubscribed with only 646 applications. So, reasonable oversubscription possible.
Financial Snapshot: The company has shown steady growth in its topline and bottomline during last 3 years. There seems to be no exception rise in the profits of the year prior to the IPO. The shares are offered at PE multiple of 21.33 and compared to Peers, there appears to be room for listing gain. The name of the Lead manager, Hem Securities may also help to garner subscription and somewhat good listing. Apply.

Enser Communications IPO To the point Guidance
(Open on 15 March, Close on 19 March) (LM: Fast TRack)
Enser Communications was established in May 2008 and has been operating  in the Indian Information Technology enabled services (ITES) sector, specializing in Client Interaction Management. Enser primary focus encompasses industries such as Insurance, E commerce, Edtech, and Travel, among others, where it delivers tailor-made solutions to meet the unique requirements of its valued clients.
Enser’s core mission revolves around facilitating customer acquisition for its clients, thereby
fostering mutual growth. Notable clients in its portfolio include innovative Insurance companies
like Acko General Insurance, Reliance Nippon, Ola Financial services and New age companies
such as India lends, Doubtnut, Cordellia cruises, Mahindra holidays amongst others.
Size:  The net size of the IPO is Rs. 15.34 Cr comprising of 2192000 shares. The HNI portion is just Rs.7.67 Cr and Retail portion is Rs. 7.67 Cr. The Retail portion will get oversubscribed with only 548 applications. So, there is no worry about oversubscription.
Financial Snapshot: The company has shown steady growth in its topline and bottomline during last 3 years. There seems to be no exception rise in the profits of the year prior to the IPO. The shares are offered at PE multiple of 28.11 and compared to Peers, there appears to be room for listing gain. Apply.

Signoria Creation IPO Guidance
(Open on 12 March, Close on 14 March)
Signoria Creation Limited is engaged in manufacturing and marketing of women apparels like Kurtis, pants, tops, Co-ord Sets, dupattas and Gowns. It is popularly known and identified in apparel market by its brand name “Signoria”. Its brand is known for its Kurtis with traditional designs having wide range of colour, patterns and sizes.
Size:  The net size of the IPO is Rs. 8.81 Cr comprising of 1356000 shares. Considering the recent IPO trends and hunger of the investors, the IPO is not very large, and it can get oversubscribed without any problem. With just 238 applications, the retail portion will get oversubscribed one time. The HNI portion is just Rs. 1.32 Cr, so huge oversubscription possible.
Financial Snapshot: The company has issued 2220,000 bonus shares in October 2023, eg subsequent to the March 2023 end.  The Earnings per shares for the year 2022-23 are before the bonus shares and reworking based on large equity base has not been provided. If we rework based on the bonus issue, the EPS for the year 22-23, may be around Rs. 6.94. Not so attractive.

Royal Sense IPO Guidance
(Open on 12 March, Close on 14 March)
RoyalSense is supplier of high-quality goods that meet international standards required for hospitals, laboratories, institutions and clinics to provide health services. It trades and offers a wide range of surgical accessories, tools, equipment and other things. The supplied assortment can be modified according to the requirements of the clients and is offered in a wide range of parameters.
It aims to position it as the one-stop solution for hospital supplies.
Size:  The net size of the IPO is Rs. 8.77 Cr comprising of 1290000 shares. Considering the recent IPO trends and hunger of the investors, the IPO is not very large, and it can get oversubscribed without any problem. With just 323 applications, the retail portion will get oversubscribed one time. The HNI portion is just Rs. 4.39 Cr, so huge oversubscription possible.
Financial Snapshot: The company has provided performance data for the period 6 April 2023 to 30 June 2023 and on the basis of such small period data, we are unable to comment on future profitability and whether you should apply or avoid.

Pratham EPC Projects IPO Guidance
(Open on 11 March, Close on 13 March)
Pratham EPC Projects Limited is an integrated engineering, procurement, construction and commissioning company being in business of end-to end service providers to Oil & Gas distribution companies in India. Over the years, it has successfully executed more than 12 projects with our major completed projects quantifying to approximately Rs. 13,184.10 Lakhs. As at February 23, 2024, it has 8 major on-going projects.
Size:  The net size of the IPO is Rs. 34.20 Cr comprising of 4560000 shares. Considering the recent IPO trends and hunger of the investors, the IPO is not very large, and it can get oversubscribed without any problem. With just 998 applications, the retail portion will get oversubscribed one time. The HNI portion is just Rs. 5.13 Cr, so huge oversubscription possible.
Financial Snapshot:The company has reasonably good topline and bottomline and the rise in the net profits appears to be normal, considering rise in the bottomline. The shares are offered at attractive valuation and there is some room for listing gains. May Apply.

Pune E-Stock Broking IPO Guidance
(Open on 7 March, Close on 12 March)
In the field of financial services, Pune E – Stock Broking Limited (PESB) is a company known for its significant presence and achievements. Founded in 2007, Pune E – Stock Broking Limited (PESB) embarked on a remarkable journey that has been characterized by a series of strategic amalgamations, pioneering IT initiatives, and an unwavering commitment to expanding its reach and influence within the financial services sector.
Size:  The net size of the IPO is Rs. 32.50 Cr comprising of 3915200 shares. Considering the recent IPO trends and hunger of the investors, the IPO is not very large, and it can get oversubscribed without any problem. With just 856 applications, the retail portion will get oversubscribed one time. The HNI portion is just Rs. 4.88 Cr, so huge oversubscription possible.
Financial Snapshot:The company has reasonably good topline and bottomline but has not shown significant growth during last 3 years. It seems the business has been stagnant. May be because of tough competition of national level players such as ICICI Securities, Angel One etc. On the face of it, the IPO is reasonably priced but in absence of significant growth, higher valuation compared to peer companies may not be possible. Relatively small portion for HNIs can bring huge oversubscription and interest cost. Not so attractive.

Shree Karni Fabcom IPO Guidance
(Open on 6 March, Close 11 Mar)
Shree Karni Fabcom is engaged in the manufacturing of technical textiles tailored for diverse industries such as luggage, medical arch support, chairs, shoes, and apparels. Our production process begins with yarn procurement and encompasses weaving, coating, printing, and finishing, resulting in knitted and woven fabrics crafted to meet the clients’ customized specifications. Specializing in Woven Fabrics, Knitted Fabrics, Coated Fabrics, and 100% polyester, it sources yarn, resin, acrylic, and coating chemicals to produce specialized technical textiles. Being a technical textile company, the IPO may fetch some fancy.
Size:  The net size of the IPO is Rs. 40.37 Cr comprising of 1778400 shares. Considering the recent IPO trends and hunger of the investors, the IPO is not very large, and it can get oversubscribed without any problem. With just 1037 applications, the retail portion will get oversubscribed one time. The HNI portion is just Rs. 6.06 Cr, so huge oversubscription possible.
Financial Snapshot: The total income has shot up to Rs. 39.73 cr and net profit has moved up sharply to Rs. 5.55 in the year 2022-23, a year prior to the IPO, compared to net profit of Rs. 1.15 Cr in the year 2020-21. Such sharp rise in the profits raise eybrows. If the company is able to maintain this level of profitability, then IPO is reasonably priced.

Koura Fine Diamond Jewelry IPO Guidance
(Open on 6 March, Close 11 Mar)
Koura Fine Diamond Jewelry is engaged into the wholesale business of gold and diamonds jewelleries. The Company sells wide range of jewellery products, including gold jewellery and diamond jewellery. Its business model is B2B. It deals in two types of jewellery; one is in 22 Karat Gold jewellery and another one is in 18 Karat Diamond jewellery.
Size:  The net size of the IPO is Rs. 5.12 Cr comprising of 930000 shares. Considering the recent IPO trends and hunger of the investors, the IPO is not very large, and it can get oversubscribed without any problem. With just 233 applications, the retail portion will get oversubscribed one time. The HNI portion is just Rs. 4.88 Cr, so huge oversubscription possible.
Financial Snapshot: The company has taken over the business of a proprietorship firm. Firm and the company have good turn over but very low profit margin. There is nothing new in this jewellery business. The shares are offered at attractive valuation. The decision whether to apply or not may be taken on the basis of grey market fancy. 

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