Issue Details

Maiden Forgings IPO Review | This is an SME IPO of 3,784,000 equity shares of the face value of ₹10 aggregating up to ₹23.84 Crores. The issue is priced at ₹60 to ₹63 per share.

A retail-individual investor can apply for up to 1 lots (2000 shares or ₹126,000). And HNI (Min) is 2 lot of 4,000  shares at the price of ₹252,000

The IPO opens on Mar 23, 2023, and closes on Mar 27, 2023 and listing date is on Apr 6, 2023

The Company  Pre Issue Share Holding is 100%.

Company Background

Maiden Forgings IPO | Incorporated in 2005, Maiden Forgings Limited is engaged in manufacturing and selling ferrous metal products. The company manufactures steel bright bars, wires, profiles, collated pneumatic nails, and ground bars.

The company has three manufacturing plants, all located in Ghaziabad, Uttar Pradesh, India. The combined aggregated manufacturing capacity of these plants is 50,000 tons per annum.

Maiden Forgings has around 450+ B2B customers across the globe. The company sells its products from Original Equipment Manufacturers (OEM) to large manufacturing companies in different industry domains like Prestige TTK, Everest, UM Auto, etc. 

Company Financial Details

Talking about the financials the company has posted a turnover of ₹204.40 Cr with a net profit of ₹1.66 Cr in FY20. ₹199.37 Cr. with a net profit of ₹1.68 Cr. in FY21 and ₹210.84 Cr. with a net profit of ₹2.14 Cr. in FY22.

Talking about the EPS of the company, the company has posted a weighted average EPS of ₹23.90 for the last 3 years.

Summary of Financial Statement

Profit & Loss Account

EPS (Earning Per Shares)

RoNW

Comparison with Industry Peers

Conclusion

MFL has a very small amount of forgery going on. It is currently in the business of selling products made from iron or steel. MFL has added high-margin products like carbon steel and alloy to its product line. It is increasing the amount of these high-margin products it can make. But based on annualized earnings for FY23, the issue seems to be fully priced, taking into account all near-term positives. Investors who are well-informed and have extra cash can park their money for long-term gains.

Read Full IPO Details Here – Maiden Forgings IPO

Issue Details

Dev Labtech Venture IPO Review | This is an SME IPO of 2,200,000 equity shares of a face value of ₹10 aggregating up to ₹11.22 Crores. The issue is priced at ₹51 per share. 

A retail-individual investor can apply for up to 1 lots (2000 shares or ₹102,000). And HNI (Min) is 2 lot of 4,000  shares at the price of ₹204,000

The IPO opens on Mar 17, 2023, and closes on Mar 21, 2023, and the listing date is on Mar 29, 2023.

The Company  Pre Issue Share Holding is 92.66% and Post Issue Share Holding is 68.01%.

Company Background

Dev Labtech Venture IPO | Incorporated in 1993, Dev Labtech Venture Limited is a Premier Lab Grown Diamond & Jewellery Manufacturer. The company’s registered office is situated in Bhavnagar, Gujarat and it also operates through its sales offices.

Dev Labtech has recently started the manufacturing of lab-grown diamonds, earlier to this, the entity was engaged in the processing of natural diamonds only. The company has developed expert skills over the years in mapping, designing, cutting, and polishing with innovation & extracting optimum output with less wastage while transforming rough to natural polish diamonds.

Dev Labtech Venture Limited has an in-house technical & Design team to make Laboratory grown diamonds. The company has placed the highest quality checks at every level of the manufacturing processes to ensure the superiority of its products.

The company is striving to expand its product line and offer complementary products to enhance its product portfolio.

Company Financial Details

Talking about the financials of the company has posted a turnover of ₹11.79 Cr with a net profit of ₹0.004 Cr in FY20. ₹12.28 Cr. with a net profit of ₹0.03 Cr. in FY21 and ₹26.98 Cr. with a net profit of ₹0.43 Cr. in FY22.

Talking about the EPS of the company, the company has posted a weighted average EPS of ₹0.44for the last 3 years.

Summary of Financial Statement

Profit & Loss Account

EPS (Earning Per Shares)

RoNW

Conclusion

DLVL used to make and sell natural diamonds, but it has recently started to use MPCVD technology to make diamonds in a lab. Its PAT margins have grown since it started doing different things, and the company’s management is confident that this will continue in the coming years as more MPCVD machines are added. Based on the earnings for FY23, the issue seems to be priced too high. Others can ignore parking funds, but those who are well-informed, have extra cash, or like taking risks may want to do it.

Read Full IPO Details Here – Dev Labtech Venture IPO

Issue Details

Command Polymers IPO Review | This is an SME IPO of 2,532,000 equity shares of a face value of ₹10 aggregating up to ₹7.09 Crores. The issue is priced at ₹28 per share.

A retail-individual investor can apply for up to 1 lots (4000 shares or ₹112,000). and And HNI (Min) is 2 lot of 8,000 shares at the price of  ₹224,000

The IPO opens on Mar 17, 2023, and closes on Mar 21, 2023. And the listing date is on Mar 29,

The Company  Pre Issue Share Holding is 52.60% and Post Issue Share Holding is 38.39%.

Company Background

Command Polymers IPO | Incorporated in 1998, Command Polymers Limited is in the business of Marketing and Manufacturing Polymer-based products. These products include Polythene LF tubes, Tarpaulin sheets, Polyester Fabrics, and other polymers.

The products of Command Polymers have a wide variety of applications in industries like Industrial packaging industries, Food industry, etc. With its versatility and scale, the company is able to serve multiple types of industries and its scope is continuously growing.

The company primarily engages in manufacturing and trading. Its revenue is generated in the proportion of 67% and 33% from these activities, respectively.

The manufacturing facility of Command Polymers Limited is situated in District 24 Parganas (South). The facility is well-equipped with all the necessary machinery. And tools required for an efficient and smooth manufacturing process and easy logistics.

Company Financial Details

Talking about the financials of the company to the company has posted a turnover of ₹10.90 Cr with a net profit of 0.09 Cr in FY20, ₹16.37 Cr. with a net profit of ₹0.19 Cr. in FY21, and ₹19.48 Cr. with a net profit of ₹0.3 Cr. in FY22.

Talking about the EPS of the company. The company has posted a weighted average EPS of ₹0.34 for the last 3 fiscal years.

Summary of Financial Statement

Profit & Loss Account

EPS (Earning Per Shares)

RoNW

Listed Peers

Conclusion

The company is operating in a highly competitive and fragmented segment. It has posted an average financial performance so far. Based on its FY23 annualized earnings, the issue is priced exorbitantly. There is no harm in skipping this pricey bet.

Read Full IPO Details Here – Command Polymers IPO

Issue Details

Bright Outdoor Media IPO Review | This is an SME IPO of 3,800,000 equity shares of a face value of ₹10 aggregating up to ₹55.48 Crores. The issue is priced at ₹146 per share. 

 A retail-individual investor can apply for up to 1 lots (1000 shares or ₹146,000). ). And HNI (Min) is 2 lot of 2,000 shares at the price of ₹292,000

The IPO opens on Mar 14, 2023, and closes on Mar 17, 2023.and listing date is on Mar 27, 2023

The Company  Pre Issue Share Holding is 99.99% and Post Issue Share Holding 72.72%

Company Background

Bright Outdoor Media IPO | Incorporated in 2005, Bright Outdoor Media Limited is engaged in the business of providing advertising services offering advertising media services consisting of Out of Home (OOH) media services.

The company’s array of service hoardings includes Transfer stickers, Railway boards, Railway panels, Promos, full train, Bus panels, Full Bus painting, Toll Naka, Mobile sign trucks, Kiosks, Traffic Booths, Cinema slides, Gantry and Vinyl.

Alongside Out-of-Home (OOH) Advertising and offering novel communication services to clients, the company also engages in offering services assuring multicultural and ethnic Outdoor Advertising campaigns that engage audiences and achieve impact, for every creative need, idea, and budget.

Company Financial Details

Talking about the financials of the company has posted a turnover of ₹71.51 Cr with a net profit of ₹1.71 Cr in FY20. ₹24.95 Cr. with a net profit of ₹1.08 Cr. in FY21 and ₹50.89 Cr. with a net profit of ₹2.59 Cr. in FY22.

Talking about the EPS of the company, the company has posted a weighted average EPS of ₹1.92 for the last 3 years.

Summary of Financial Statement

Profit & Loss Account

EPS (Earning Per Shares)

RoNW

Conclusion

BOML is in the business of advertising in OOH and other ways. After doing okay up until FY22, it made more money in the first half of FY23, which makes people curious and worried about its future. Based on the huge profits of FY23, the price of the issue is very low. There’s no harm in passing on this expensive “High-Risk/Low-Return” bet.

Read Full IPO Detail Here – Bright Outdoor Media IPO

Issue Details

Quality Foils India IPO Review | This is an SME IPO of 754,000 equity shares of a face value of ₹10 aggregating up to ₹4.52 Crores. The issue is priced at ₹60 per share. 

 A retail-individual investor can apply for up to 1 lots (2000 shares or ₹120,000).And HNI (Min) is 2 lot of 4,000 shares at the price of ₹240,000

The IPO opens on Mar 14, 2023, and closes on Mar 16, 2023. And listing date is on Mar 24, 2023

The Company  Pre Issue Share Holding is 72.80% 

Company Background

Quality Foils India IPO | Incorporated in 1990, Quality Foils (India) Limited is engaged in the manufacturing and exporting of Cold Rolled Stainless Steel Strips/Coils and Stainless Steel Flexible Hoses/pipes. The company uses raw materials of premium quality i.e. Hot Rolled Stainless Steel Coils/Strips mainly from Jindal Stainless Hissar Limited.

Quality Foils is among India’s prospering manufacturers and exporters of Cold Rolled Stainless Steel Strips/Coils and Stainless Steel Flexible hose pipes. The entity has over three decades of experience in manufacturing stainless steel products.

The deliverables of Quality Foils (India) Limited are offered under the brand name “Quality”.

Quality Foils (India) Limited products are sold both in the domestic as well as international markets. The company have exported its products to more than seven countries, including Germany, the UK, the Philippines, Sri Lanka, Turkey, Poland and Bogota Colombia.

Company Financial Details

Talking about the financials of the company has posted a turnover of ₹152.10 Cr with a net profit of ₹1.08 Cr in FY20. ₹124.36 Cr. with a net profit of ₹0.96 Cr. in FY21 and ₹180.30 Cr. with a net profit of ₹1.62 Cr. in FY22.

Talking about the EPS of the company, the company has posted a weighted average EPS of ₹9.35 for the last 3 years.

Summary of Financial Statement

Profit & Loss Account

EPS (Earning Per Shares)

RoNW

Conclusion

QFIL is a small company that makes cold-rolled SS pipes, coils, rolls, and stipes. Its performance has gone up every year except FY21, when it went down because of the Pandemic. Small paid-up equity after an IPO means that the company will take longer to move to the mainboard. Based on its super earnings for FY23, the issue is priced well, while based on its earnings for FY22, it is priced at its full value. Investors who know what they’re doing might jump on it for the rewards in the medium to long term.

Read Full IPO Details Here – Quality Foils India IPO

Issue Details

Nirman Agri Genetics IPO Review | This is an SME IPO of 2,050,800 equity shares of a face value of ₹10 aggregating up to ₹20.30 Crores. The issue is priced at ₹99 per share. 

A retail-individual investor can apply for up to 1 lots (1200 shares or ₹118,800). And HNI (Min) is 2 lot of 2,400 shares at the price of ₹237,600

The IPO opens on Mar 15, 2023, and closes on Mar 20, 2023. And listing Date is on Mar 28, 2023

The Company  Pre Issue Share Holding is 99.99%. And Post Issue Share Holding 65.59%

Company Background

Nirman Agri Genetics IPO | Incorporated in 2020, Nirman Agri Genetics Limited is an organized Agri-Input Company in India. The company is in the business of production, processing, and marketing of high-quality hybrid seeds, Pesticides, and Bio-organic. These processes are used for different crops like corn, sunflower, cotton, paddy, grain sorghum, etc.

Expanding its horizon, Nirman Agri Genetics Limited recently forayed into micronutrients and Bioproducts. And they also produce non-hybrid seeds, primarily for paddy.

The company currently has production, outsourced processing, and R&D facilities in Nashik and Nimgul, Maharashtra, Gujarat, and Madhya Pradesh.

Company Financial Details

Talking about the financials of the company tho the company has posted a turnover of ₹3.82 Cr with a net profit of 0.05 Cr in FY21, and ₹18.04 Cr. with a net profit of ₹2.3 Cr. in FY22.31-Oct-22

Talking about the EPS of the company, the company has posted a weighted average EPS of ₹7.87 for the last 2 fiscal years.

Summary of Financial Statement

Profit & Loss Account

EPS (Earning Per Shares)

Listed Peers

Conclusion

NAGL is in the business of making and selling hybrid seeds and other bio-organic products that go with them. Based on its super earnings in FY23, the issue seems to be priced at its fair value. Concerns are raised when more than 34% of the equity is lost. Well-informed investors might think about making a long-term investment.

Read Full IPO Details – Nirman Agri Genetics IPO

Issue Details

VELS Film International IPO Review | This is an SME IPO of 3,408,000 equity shares of a face value of ₹10 aggregating up to ₹33.74 Crores. The issue is priced at ₹99 per share. 

A retail-individual investor can apply for up to 1 lots (1200 shares or ₹118,800).And HNI (Min) is 2 lot of 2,400 shares at the price of ₹237,600

The IPO opens on Mar 10, 2023, and closes on Mar 14, 2023. And listing date is on Mar 22, 2023

The Company  Pre Issue Share Holding is 100%.

Company Background

VELS Film International IPO | Incorporated in 2019, VELS Film International Limited is primarily in the business of the production of films and the sale of film rights. The company is Promoted by Dr. Ishari K Ganesh who started the venture with the vision to produce feature films in various languages.

VELS Film is a member of the South Indian Film Chamber of Commerce. The company is growing at a fast pace as its contribution to the South Indian Film Industry is widening. The Tamil Film Industry is the third biggest film industry in India.

Since incorporation, VELS Film International Limited has produced the following movies:

1. Mookuthi Amman
2. Kutty Story
3. Sumo
4. Joshua Imai Pol Kaakha
5. Vendhu Thanindhathu Kaadu

Some of the forthcoming projects, the company is associated with, are – Singapore Salon, Corona Kumar, and Chutney Sambar.

Company Financial Details

Talking about the financials of the company has posted a turnover of ₹47.19 Cr with a net profit of ₹1.34 Cr in 30-Sep-22

Talking about the EPS of the company, the company has posted a weighted average EPS of ₹30.08 for the last 3 years.

Summary of Financial Statement

Profit & Loss Account

EPS (Earning Per Shares)

RoNW

Conclusion

There are a lot of mistakes in VFIL’s financial data. Based on its annualized earnings for FY23, the price of the issue is way too high. It’s a “high-risk, low-return” bet, and there’s no reason not to skip it.

Read Full IPO Details Here – VELS Film International IPO

Issue Details

ResGen IPO Review | This is a SME IPO of 6,000,000 equity shares of the face value of ₹10 aggregating up to ₹28.20 Crores. The issue is priced at ₹45 to ₹47 per share.

A retail-individual investor can apply for up to 1 lots (3000 shares or ₹141,000). And HNI (Min) is 2 lot of 6,000 shares at the price of ₹282,000

The IPO opens on Feb 28, 2023, and closes on Mar 2, 2023. And listing date is on Mar 13, 2023

The Company  Pre Issue Share Holding is 94.15%. And Post Issue Share Holding is 67.22%

Company Background

ResGen IPO | Incorporated in 2018, ResGen Limited is engaged in the process of manufacturing Pyrolysis Oil (a substitute for furnace oil) from all kinds of waste plastics. The company’s headquarter is situated in Mumbai. The idea behind the company was to make projects that help the environment profitable and easy to scale up.

The products of the company revolve around PYROLYSIS OIL.

The heavy usage of Plastic in various and diverse segments is creating hazardous issues for the environment and ResGen Limited with its sustainable solution strives at addressing these problems.

ResGen was founded on the idea of using plastic waste and converting it into a substitute for fuel. The company has come up with an ingenious, eco-friendly solution, which uses each by-product to increase efficiency. This not only gives people another way to use plastic waste, but it also gives them another way to get fuel.

Company Financial Details

Talking about the financials the company posted a net loss of ₹-0.15 Cr in FY20. ₹0.02 Cr. with a net profit of ₹0.06 Cr. in FY21 and ₹4.81 Cr. with a net profit of ₹0.73 Cr. in FY22.

Talking about the EPS of the company, the company has posted a weighted average EPS of ₹0.28 for the last 3 years.

Summary of Financial Statement

Profit & Loss Account

EPS (Earning Per Shares)

RoNW

Conclusion

The company didn’t start making money until 2021–2022, and the results for the sub-period of FY23 are surprising. The fact that reported margins can be kept up is a big worry, and the company operates in a high-risk area that is also affected by government policies. There are a lot of private local players in the market, so it is very competitive. Concerns are raised by the company’s large equity base in light of how it works now. Given its high prices and the likely problems it will face in the future, investors who are well-informed and have extra cash may want to invest for the long term, while others may decide to pass.

Read Full IPO Details Here – ResGen IPO

Issue Details

ITCONS E-Solutions IPO Review | This is a SME IPO of 1,700,000 equity shares with a face value of ₹10 aggregating up to ₹8.67 Crores. The issue is priced at ₹51 per share.

A retail-individual investor can apply for up to 1 lots (2000 shares or ₹102,000). And HNI (Min) is 2 lot of 4,000 shares at the price of ₹204,000

The IPO opens on Feb 28, 2023, and closes on Mar 2, 2023. and listing date is on Mar 13, 2023

The Company  Pre Issue Share Holding is 89.67%. And Post Issue Share Holding is 59.36%.

Company Background

ITCONS E-Solutions IPO | Incorporated in 2007, ITCONS E-Solutions Limited is a New Delhi-situated company engaged in the business of providing human resource services. The company offers its services mainly in the organized sector to both public and private organizations. The service of the entity are primarily in the domain:

• Manpower Supply/Recruitment Services;
• Manpower Sourcing/Staffing Services

Since its incorporation, ITCONS E-Solutions has grown to over 800 staff team including contractual employees. They offer their expert services in different segments like Staffing & Recruitment, Information Technology, FMCG, Food, etc.

ITCONS E-Solutions Limited has been developing its service offering so as to support its clients in their end-to-end HR needs through its services.

Company Financial Details

Talking about the financials of the company has posted a turnover of ₹8.35 Cr with a net profit of ₹0.11 Cr in FY20. ₹8.42 Cr. with a net profit of ₹0.07 Cr. in FY21 and ₹18.20 Cr. with a net profit of ₹1.19 Cr. in FY22.

Talking about the EPS of the company, the company has posted a weighted average EPS of ₹2.23 for the last 3 years.

Summary of Financial Statement

Profit & Loss Account

EPS (Earning Per Shares)

RoNW

Conclusion

IEL provides specialized staffing services and has a list of well-known clients. After a small setback caused by the pandemic in 2021, it is now moving forward quickly, as shown by its financial performance over the past 18 months. The price of the issue seems fair. Investors can put money away to make money in the medium to long term.

Read Full IPO Details Here – ITCONS E-Solutions IPO

Issue Details

Patron Exim IPO Review | This IPO is a SME IPO of 6,180,000 equity shares of the face value of ₹10 aggregating up to ₹16.69 Crores. The issue is priced at ₹27 per share.

 A retail-individual investor can apply for up to 1 lots (4000 shares or ₹108,000). And HNI (Min) is 2 lot of 8,000 shares at the price of ₹216,000

The IPO opens on Feb 21, 2023, and closes on Feb 24, 2023. And listing date is on Mar 6, 2023.

The Company  Pre Issue Share Holding is 97.06%. And Post Issue Share Holding is 71.18%.

Company Background

Patron Exim IPO | Incorporated in 1992, Patron Exim Limited is an Ahmedabad-based company engaged in the trading and distribution of a wide range of pharmaceutical raw materials, which are also known as APIs (Active Pharmaceutical Ingredients), industrial chemical, excipient, and solvents.

The product line offered by Patron Exim includes over 150 different types of AIPs, Excipients, Pharma Chemicals, and Intermediates. The company is also in the trading of a variety of chemicals, such as Petrochemicals, Dyes & Pigment Chemicals, Paints & Speciality Chemical, Agro Chemicals, Oil & Refinery Chemicals, Foam & Adhesive, Plywood & Laminates Chemical.

The business is staffed by a total of nine permanent employees, who are distributed across its several departments.

Company Financial Details

Talking about the financials of the company to the company has posted a turnover of ₹25.16 Cr with a net profit of ₹0.02 Cr in FY20. ₹20.53 Cr. with a net profit of ₹0.07 Cr. in FY21 and ₹5.02 Cr. with a net profit of ₹0.83 Cr. in FY22. till  and ₹10.54 Cr. with a net profit of ₹1.45 Cr. till 30-Nov-22.

Talking about the EPS of the company, the company has posted a weighted average EPS of ₹5.48 for the last 3 years.

Summary of Financial Statement

Profit & Loss Account

EPS (Earning Per Shares)

RoNW

Conclusion

After analyzing Patron Exim’s prospectus and conducting in-depth research about the company. We hereby conclude that the company is suitable to invest for Long term capital gains. 

Read Full IPO Details Here – Patron Exim IPO