SME IPO Guidance Review Advice at a Glance

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Indian Emulsifier IPO To the point Guidance
Price Rs 132, Lot 1000 Sh, Net Size Rs. 40.26 Cr.
LM:Ekadrisht Capital Private Limited
Op 13 May Cl 16 May BoA  17May, Listing 22 May
Incorporated in the year 2020, the company is in the business of Manufacturing and Supplying of Specialty Chemicals i.e., Esters, Amphoterics, Phosphate Esters, Imidazolines, Wax Emulsions, SMO & PIBSA Emulsifiers. The Company has its manufacturing plant at Plot No. E-10 MIDC, Lote Parshuram, Tal. Khed, Ratnagiri 415 722, Maharashtra, India since inception. The facility has a production capacity of 4,800 metric tons per annum as on March 31, 2023 and 3,600 MT per annum for the period ended December 31, 2023, equipped with process control, innovative R&D centre, Quality Control and Application Laboratories. and its Registered office at Shop 206, Floor 2, Sumer Kendra, Shivram Seth, Amrutwar Road Near Doordarshan Kendra, Off Pandurang Budhwar Marg, Worli, Mumbai 400 018, Maharashtra, India.
Size:  The net offer is of Rs. 40.26 Crore/3050000 shares. Retail portion is Rs. 14.09 crore and it can get one time subscribed with 1067 applications. Though the size of the IPO is normal and over subscription may not be an issue.
Financial Snapshot: The company has strong and growing business. Sales and profits are impressive. The shares are offered at attractive valuation. Apply.

Veritaas Advertising IPO To the point Guidance
Price Rs 114, Lot 1200 Sh, Net Size Rs.8.06 Cr.
LM: Horizon Management Private Limited
Op  13 May Cl  15 May BoA  16 May, Listing  21May
Veritaas Advertising is an integrated advertising agency offering 360-degree services across multiple platforms.
Size:  The net offer is of Rs. 8.06 Crore/706800 shares. The size of the IPO is very small and over subscription may not be an issue.
Financial Snapshot: Compared to peer companies, the shares are offered at higher valuation, yet the small size of the IPO may fetch huge oversubscription. Listing gains are expected. May Apply.

Mandeep Auto Industries IPO To the point Guidance
Price Rs 67, Lot 2000 Sh, Net Size Rs.51.19 Cr.
LM: Jawa Capital Services
Op  13 May Cl  15 May BoA  16 May, Listing  21May
Mandeep Auto Industries is engaged in the business of manufacturing and supplying sheet metal
components, auto parts, and all types of sprocket gears and machined components, that finds its
application in a diverse industry, such as tractor, automobiles, material handling & earth moving
equipment, railways, defense, machine tools, DIY industry etc.
It manufactures these products from its Manufacturing Unit.
Size:  The net offer is of Rs. 23.97 Crore/3578000 shares. Retail portion is Rs. 11.98 crore and it can get one time subscribed with 895 applications. Though the size of the IPO is somewhat large, over subscription may not be an issue.
Financial Snapshot: The company has taken over running business of one of the promoters on 30 August 2023. So, for analysis of the profitability, we have to profits of the sole proprietary business into account. The Sole proprietorship business earned net profit of Rs. 104.91 lacs during 2022-23 and Rs. 77.50 lacs in the five months-period ended on 31 August 2023. The company has issued bonus shares on 31 August 2023 and hence the equity shares capital stands at 6569184 shares. To arrive at earnings per share, we have considered bonus shares and accordingly, the EPS comes to Rs. 2.78 for the year 2022-23. The shares are offered at Rs 67. So, we can assume PE ratio of 24.10. Compare the same with peer group companies. Small listing gains is possible. May Apply.

Aztec Fluids IPO To the point Guidance
Price Rs 67, Lot 2000 Sh, Net Size Rs.22.90 Cr.
LM: Hem Securities
Op 10 May Cl 14 May BoA  15May, Listing 17May
Established in 2010, Aztec Fluids & Machinery provides coding and marking solutions to a diverse range of industries such as personal care, food & beverages, pharmaceuticals, construction materials, cables, wires & pipes, metals, automotive & electronics, agrochemicals, chemicals & petrochemicals etc.Its customer base includes some of the renowned names such as Astral Limited, ADF Foods Limited, Eris Lifesciences Limited, Rossari Biotech Limited, Surya Roshni Ltd, Vectus Industries Ltd.
Size:  The net offer is of Rs. 22.90 Crore/3418000 shares. Retail portion is Rs. 8.01 crore and it can get one time subscribed with 598 applications. The size of the IPO is not very large, over subscription may not be an issue.
Financial Snapshot: The company has strong and growing business. Sales and profits do not appear to be inflated. The shares are offered at attractive valuation. Apply.

Premier Roadlines IPO To the point Guidance
Price Rs 67, Lot 2000 Sh, Net Size Rs.38.32 Cr.
LM: Hem Securities
Op 10 May Cl 14 May BoA  15May, Listing 17May
Premier Roadlines is engaged in providing logistics solutions to businesses, particularly surface transportation of goods ranging from 1 MT to 250 MT. To provide with transportation services, it engages third party operators i.e. small fleet owners and agents who provide it with necessary transportation facilities such as containerized trucks, Trailers, Hydraulic axles etc. So in simple words, it is transport agent.
Size:  The net offer is of Rs. 38.32 Crore/5720000 shares. Retail portion is Rs. 13.41 crore and it can get one time subscribed with 1001 applications. Though the size of the IPO is somewhat large, however looking to the fancy of the investors, oversubscription may not be difficult.
Financial Snapshot:The company has shown sharp rise in the topline and bottomline. The total income has increased from Rs. 94.16 crore in 202021 to Rs. 192.06 crore in the year 2022-23 whereas the net profit has increased 4.63 times to Rs. 7.18 crore. So sharp rise in the net profits raise eyebrows. In simple words, the company carries on the business of Transport agency and such rise is difficult to earn. Moreover to provide with transportation services, it engages third party operators. From fundamental angle, we do not find this IPO quite attractive. 

ABS Marine Services IPO To the point Guidance
Price Rs 147, Lot 1000 Sh, Net Size Rs.96.29 Cr.
LM: GYR Capital Advisors Private Limited
Op 10 May Cl 15 May BoA  16May, Listing 21May
ABS Marine Services started operations with two offshore vessel management and as of the date of December 31, 2023, it has 5 owned vessels comprising of 2 advanced offshore vessels servcing the Oil & Gas sector & 3 Harbour Crafts serving the Indian Ports sector It has one long term chartered specialised
multipurpose offshore vessel serving the Oil & Gas Sector.
Size:  Net Size of the IPO Rs. 90.26 Crore is very large. However, considering liquidity in the system and investor appetite, one time oversubscription may not pose any problem.
Financial Snapshot: The company has shown consistent growth in the topline. However, the profits for the year 222-23 has shot up to Rs. 10.22 Crore as compared to net profit of Rs. 2.08 crore. So compared to 23.77% rise in the topline, the profits have shot up to Rs. 10.22 crore (e.g. 4.91 times rise). We are not sure, whether the company can maintain such high profits in the future. From this angle, we are hesitant to recommend the IPO. Even very large size is another deterrent. May Avoid.

Piotex Industries IPO To the point Guidance
Price Rs 94, Lot 1200 Sh, Net Size Rs.13.74 Cr.
LM: Beeline Capital 
Op 10 May Cl 14 May BoA  15May, Listing 17May
The Pune-headquartered company is a leading supplier of yarn, fabric and cotton bales and works on an asset-lite model. These products are used for various purposes, such as garments and home furnishings.
Size:  The net offer is of Rs. 13.74 Crore/1461600 shares. The size of the IPO is not very large and over subscription may not be an issue.
Financial Snapshot: Bonus issue of 33,48,000 equity shares in the ratio of 31:2 dated July 18, 2023 has been issued by Capitalization of Reserve & Surplus of the Company. Subsequent to the bonus issue, the equity capital has increased to 3564000 shares and accordingly, we have to rework the EPS for 2022-23 and also book value as shown for 31 March 2023. According to our calculations, the EPS for 2022-23 comes to Rs. 8.11 (Rs.2.89 Crore / 3564000 shares). Similarly reworked book value as on 31 March 2023 comes to Rs. 12.35 per share against which the shares are offered at Rs. 94.
Moreover, there is sharp jump in the net profits of 2022-23 as compared to the net profit of 2020-21 (Rs.2.89 crore Vs. Rs. 60 lacs.) We cannot comment, whether the company can maintain such high profits in the future. From fundamental angle, the IPO is not quite attractive, however the small size of the IPO is positive point. Beeline is capable lead manager and hence some listing gains are expected. Apply in small quantity.

Energy Mission Machineries IPO To the point Guidance
Price Rs 138, Lot 1000 Sh, Net Size Rs.39.08 Cr.
LM: Hem Securities
Op 9 May Cl 13 May BoA  14May, Listing 16May
Incorporated in 2011, Energy Mission Machineries designs and manufactures CNC, NC and conventional metal forming machines which caters to the industrial sector requirement for metal fabrication solutions. Its wide spectrum of metal forming machines includes press brake machines, shearing machines, plate rolling machines, iron workers machines, hydraulic presses and busbar bending, cutting & punching machine.
Size:  The net offer is of Rs. 39.08 Crore/2832000 shares. Retail portion is Rs. 13.68 crore and it can get one time subscribed with 991 applications. Though the size of the IPO is somewhat large, over subscription may not be an issue.
Financial Snapshot: The company has strong  and growing business. Sales and profits are impressive. The shares are offered at attractive valuation. Apply.

TGIF Agribusiness IPO To the point Guidance
Price Rs 93, Lot 1200 Sh, Net Size Rs.6.07 Cr.
LM: Hem Securities Limited
Op 8 May Cl 10 May BoA  13May, Listing 15May
Mandeep Auto Industries started operations with two offshore vessel management and as of the date of December 31, 2023, it has 5 owned vessels comprising of 2 advanced offshore vessels servicing the Oil & Gas sector & 3 Harbour Crafts serving the Indian Ports sector It has one long term chartered specialized
multipurpose offshore vessel serving the Oil & Gas Sector.
Size:  The net offer is of Rs. 23.97 Crore/3578000 shares. Retail portion is Rs. 11.98 crore and it can get one time subscribed with 895 applications. Though the size of the IPO is somewhat large, over subscription may not be an issue.
Financial Snapshot: The company has taken over running business of one of the promoters on 30 August 2023. So, for analysis of the profitability, we have to profits of the sole proprietary business into account. The Sole proprietorship business earned net profit of Rs. 104.91 lacs during 2022-23 and Rs. 77.50 lacs in the five months-period ended on 31 August 2023. The company has issued bonus shares on 31 August 2023 and hence the equity shares capital stands at 6569184 shares. To arrive at earnings per share, we have considered bonus shares and accordingly, the EPS comes to Rs. 2.78 for the year 2022-23. The shares are offered at Rs 67. So, we can assume PE ratio of 24.10. Compare the same with peer group companies. Small listing gains is possible. May Apply.

Finelistings Technologies IPO To the point Guidance
Price Rs 123, Lot 1000 Shares, Net Size Rs.12.82 Cr.
LM: Shreni Shares Limited
Op 7 May Cl 9 May BoA 10 May, Listing 14 May
Finelistings Technologies is engaged in diversified business viz., (a) retail of pre-owned luxury car; and (b) software development services, that address digital transformation, data analytics, technology consulting, infrastructure and security needs of its customers. Its offerings are spread across the spectrum of various digital technologies such as cloud-based services, IT consulting services such as, big data analytics, cloud architecture, data engineering, IoT solutions and offering based solutions such as, business intelligence analytics, cloud development, cloud solutions, data management, digital transformation, IoT development and web development.
Size:  The net size of the IPO is Rs.12.82 Cr comprising of 1042000 shares. With 521 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 14.01. The company has shown sharp turnaround in the business. From loss of Rs. 85 lacs to profit of Rs. 8.78 crore in the year 2022-23. This raises eyebrows. Fundamentally not so attractive but considering grey market mood, you may apply.

Silkflex Polymers IPO To the point Guidance
Price Rs 138, Lot 1000 Sh, Net Size Rs.17.18 Cr.
LM: Shreni Shares
Op 7 May Cl 10 May BoA  13May, Listing 15May
The Company is engaged in the trading of the textile printing inks and water-based wood coating polymers products of a Malaysian based brand- “Silkflex” produced by Silkflex Polymers SDN BHD (“Silkflex Malaysia”). It doesnot have its own manufacturing.
Size:  The net offer is of Rs. 17.18 Crore/3304000 shares. Retail portion is Rs. 8.59 crore and it can get one time subscribed with 826 applications. Though the size of the IPO is somewhat large, over subscription may not be an issue.
Financial Snapshot: The company is a trading company and its topline and bottomline show steady growth pattern.  Peer group companies are manufacturing companies with solid technology setup and strong brand across the globe. Compared to peer companies, the shares of this trading company are offered at high valuation. May not bring high returns.

Winsol Engineers IPO To the point Guidance
Price Rs 75, Lot 1600 Sh, Net Size Rs.22.18 Cr.
LM: Beeline Capital Service
Op 6 May Cl 9 May BoA 10 May, Listing 14 May
Located at Jamnagar, Winsol Engineers Limited is an integrated engineering, procurement, construction and commissioning company providing Balance of Plant (BoP) Solutions for both Wind and Solar power generation companies. The company has been executing various projects on a Turnkey basis for various clients including Suzlon, Adani Green Energy, Powerica Limited and KP Energy Limited. On materiality basis since 2018, the company has completed more than 55 Projects
Size:  The net offer is of Rs. 22.18 Crore/2956800 shares. Retail portion is Rs. 7.76 crore and it can get one time subscribed with 647 applications. The size of the IPO is not very large and hence, over subscription may not be difficult.
Financial Snapshot: The company is providing Balance of Plant (BoP) Solutions for both Wind and Solar power generation companies. The business has strong growth potential. The net profit of the company has shown sharp rise (from Rs. 59 lacs in 2020-21 to Rs. 5.18 Crore.) and yes it is raises eye-brows. However, Wind and Solar power generation projects also show sharp rise during last 3 years and it may have brought sharp rise in the profits. The valuation based on 2022-23 performance appears to be reasonable. Apply.

Refractory Shapes IPO To the point Guidance
Price Rs 31, Lot 4000 Sh, Net Size Rs.17.66 Cr.
LM: Shreni Shares Limited
Op 6 May Cl 9 May BoA 10 May, Listing 14 May
Refractory Shapes Limited is primarily engaged in the manufacturing of different types of Bricks, Castables, High Alumina Catalyst and Ceramic Balls which includes Pre Cast & Pre Fired Blocks (“PCPF”), Burner Blocks, Special shaped Refractory bricks, Dense & Insulating Castables & Mortars.
Size:  The net offer is of Rs. 17.66 Crore/5696000 shares. Retail portion is Rs. 6.18 crore and it can get one time subscribed with 498 applications. The size of the IPO is very small and hence, over subscription may not be difficult.
Financial Snapshot: The company has strong topline and bottomline. The shares are offered at attractive valuation. There are small chance of listing gains. May Apply.

Slone Infosystems IPO To the point Guidance
Price Rs 98, Lot 1200 Sh, Net Size Rs.51.19 Cr.
LM: Jawa Capital Services
Op 3 May Cl 7 May BoA 8 May, Listing 10 May
As per the Slump Sale Agreement dated March 1, 2023, was executed by and between Mr. Rajesh Srichand Khanna, Proprietor of M/s SAM Computers and this Company, the company acquired the
entire business of M/s SAM Computers on a going concern basis. Slone Infosystems is an IT hardware solutions Company, engaged in selling and renting of IT Equipment, and in providing IT Service Solutions in India. It deals in selling and renting of IT equipment like laptops, desktops, servers, workstations and also provide IT solution services like managing cloud servers, servicing of IT equipment to the corporates.
Size:  The net offer is of Rs. 10.50 Crore/1329600 shares. Retail portion is Rs. 5.25 crore and it can get one time subscribed with 416 applications. The size of the IPO is very small and hence, over subscription may not be difficult.
Financial Snapshot: The business of the company has nothing new and there is tough competition in this line of the business. The topline and bottom line of 2022-23, a year prior to the IPO, show sharp rise which raise eyebrows.  Not attractive. May avoid.

Sai Swami Metals IPO To the point Guidance
Price Rs 60, Lot 1600 Sh, Net Size Rs.14.23 Cr.
LM: Swastika Investmart
Op 30 April Cl 25 3 May BoA 6 May, Listing 8 May
The Company was incorporated in the year 2010 and is engaged into storage racking system. It specialises in design, manufacturing, installation services of metal storage racks, automated warehouses and other storage solutions.
Size:  The net offer is of Rs. 15.00 Crore/2500000 shares. Retail portion is Rs. 7.12 crore and it can get one time subscribed with 593 applications. The size of the IPO is not so large & over subscription may not be an issue.
Financial Snapshot: The company is mainly engaged in trading of SS Scrap, SS Steel, which forms about 70% of its recent turnover (DRHP page 26). Trading of kitchenware is not so significant portion in the total turnover. The financial performance of the proprietary firm which has been taken over by the company is not quite impressive. This IPO may be avoided.

Amkay Products IPO To the point Guidance
Price Rs 55, Lot 2000 Sh, Net Size Rs.51.19 Cr.
LM: Hem Securities
Op 30 April Cl 25 3 May BoA 6 May, Listing 8 May
Mandeep Auto Industries started operations with two offshore vessel management and as of the date of December 31, 2023, it has 5 owned vessels comprising of 2 advanced offshore vessels servicing the Oil & Gas sector & 3 Harbour Crafts serving the Indian Ports sector It has one long term chartered specialized
multipurpose offshore vessel serving the Oil & Gas Sector.
Size:  The net offer is of Rs. 23.97 Crore/3578000 shares. Retail portion is Rs. 11.98 crore and it can get one time subscribed with 895 applications. Though the size of the IPO is somewhat large, over subscription may not be an issue.
Financial Snapshot: The company has taken over running business of one of the promoters on 30 August 2023. So, for analysis of the profitability, we have to profits of the sole proprietary business into account. The Sole proprietorship business earned net profit of Rs. 104.91 lacs during 2022-23 and Rs. 77.50 lacs in the five months-period ended on 31 August 2023. The company has issued bonus shares on 31 August 2023 and hence the equity shares capital stands at 6569184 shares. To arrive at earnings per share, we have considered bonus shares and accordingly, the EPS comes to Rs. 2.78 for the year 2022-23. The shares are offered at Rs 67. So, we can assume PE ratio of 24.10. Compare the same with peer group companies. Small listing gains is possible. May Apply.

Storage Technologies IPO To the point Guidance
Price Rs 78, Lot 1600 Sh, Net Size Rs.28.39 Cr.
LM: OneView Corporate
Op 30 April Cl 25 3 May BoA 6 May, Listing 8 May
The Company was incorporated in the year 2010 and is engaged into storage racking system. It specialises in design, manufacturing, installation services of metal storage racks, automated warehouses and other storage solutions.
Size:  The net offer is of Rs. 29.95 Crore/3840000 shares. Retail portion is Rs. 9.93 crore and it can get one time subscribed with 796 applications. Though the size of the IPO is somewhat large, over subscription may not be an issue.
Financial Snapshot: The company has fluctuating and yet good profitability. The shares are offered at somewhat higher valuation, when you compare the same with peer group company. Small listing gains is possible. May Apply.

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.

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