DHARNI Capital IPO vs Earthstahl IPO

Comparison between DHARNI Capital IPO and Earthstahl IPO.

IPO Details

DHARNI Capital IPO is a SME Bookbuilding IPO proposed to list at BSE SME while Earthstahl IPO is a SME Bookbuilding proposed to list at BSE SME.

	DHARNI Capital IPO	Earthstahl IPO
Logo
Issue Category	SME	SME
Issue Type	IPO	IPO
Process Type	Fixed Price	Bookbuilding
Listing At	BSE SME	BSE SME
Lead Managers	Srujan Alpha Capital Advisors LLP	Hem Securities Ltd.
Registrar	Cameo Corporate Services Ltd.	Bigshare Services Pvt.Ltd.
Market Maker	Sunflower Broking Pvt.Ltd.	Hem Securities Ltd.
DRHP	DRHP	DRHP
RHP	RHP	RHP
Anchor Investor
IPO Allotment URL	IPO Allotment URL	IPO Allotment URL

Issue Size and Price

The total issue size of DHARNI Capital IPO is up to ₹10.20 Cr whereas the issue size of the Earthstahl IPO is up to ₹12.29 Cr. The final issue price of DHARNI Capital IPO is ₹20.00 per share and of Earthstahl IPO is ₹40.00 per share.

	DHARNI Capital IPO	Earthstahl IPO
Face Value	₹1 per share	₹10 per share
Issue Price (Lower)		₹38.00 per share
Issue Price (Upper)		₹40.00 per share
Issue Price (Final)	₹20.00 per share	₹40.00 per share
Discount (Retail)	₹0.00 per share	₹0.00 per share
Discount (Employee)
Market Lot Size	6000 shares	3000 shares
Fresh Issue Size	51,00,000 shares	30,72,000 shares
Fresh Issue Size (Amount)	up to ₹10.20 Cr	up to ₹12.29 Cr
OFS Issue Size	0 shares	0 shares
OFS Issue Size (Amount)	up to ₹0.00 Cr	up to ₹0.00 Cr
Issue Size Total	51,00,000 shares	30,72,000 shares
Issue Size Total (Amount)	up to ₹10.20 Cr	up to ₹12.29 Cr

IPO Timetable

DHARNI Capital IPO opens on Jan 18, 2023, while Earthstahl IPO opens on Jan 27, 2023. The closing date of DHARNI Capital IPO and Earthstahl IPO is Jan 20, 2023, and Jan 31, 2023, respectively.

	DHARNI Capital IPO	Earthstahl IPO
Anchor Bid Date
Issue Open	Jan 18, 2023	Jan 27, 2023
Issue Close	Jan 20, 2023	Jan 31, 2023
Basis Of Allotment (Tentative)	Jan 25, 2023	Feb 03, 2023
Initiation of Refunds (Tentative)	Jan 27, 2023	Feb 06, 2023
Credit of Share (Tentative)	Jan 30, 2023	Feb 07, 2023
Listing date (Tentative)	Jan 31, 2023	Feb 08, 2023
Anchor Lockin End date 1
Anchor Lockin End date 2

Financials & KPIs

DHARNI Capital IPO P/E ratio is 34.48, as compared to Earthstahl IPO P/E ratio of 4.22.

DHARNI Capital IPO

Earthstahl IPO

Financials

DHARNI Capital Services Limited Financial Information (Restated Standalone)
Period Ended	Total Assets	Total Revenue	Profit After Tax	Net Worth	Total Borrowing
31-Mar-20	19.16	19.87	1.34	-4.11	22.48
31-Mar-21	25.35	255.41	15.26	11.16	9.35
31-Mar-22	245.24	1,469.40	96.58	226.74	0.00
30-Sep-22	292.91	304.95	58.73	285.74	0.00
Amount in ₹ Lakhs

Earthstahl & Alloys Limited Financial Information (Restated)
Period Ended	Total Assets	Total Revenue	Profit After Tax	Net Worth	Reserves and Surplus	Total Borrowing
31-Mar-20	2,990.73	3,181.58	-33.49	44.24	200.22	1,733.71
31-Mar-21	2,817.23	2,457.53	267.31	311.55	467.53	1,396.82
31-Mar-22	3,592.61	4,907.54	745.48	1,057.03	1,213.01	1,399.97
30-Sep-22	4,303.34	4,824.68	580.47	1,637.50	1,793.48	1,092.93
Amount in ₹ Lakhs

Promoter Shareholding (Pre-Issue)

100.00

Promoter Shareholding (Post-Issue)

73.64

73.53

P/E Ratio

34.48

4.22

Market Cap

₹40.74 Cr.

₹48.96 Cr.

ROE

ROCE

Debt/Equity

EPS

RoNW

Shares Offered

In the DHARNI Capital IPO Retail Individual Investors (RII) are offered 25,50,000 shares while in Earthstahl IPO retail investors are offered 25,50,000 shares. Qualified Institutional Buyers (QIB) are offered in DHARNI Capital IPO and 9,18,000 shares in Earthstahl IPO.

	DHARNI Capital IPO	Earthstahl IPO
Anchor Investor Reserveration
Market Maker Reserveration	2,70,000 shares	1,68,000 shares
QIB		9,18,000 shares
NII	25,50,000 shares	10,77,000 shares
RII	25,50,000 shares	10,77,000 shares
Employee
Others
Total	51,00,000 shares	30,72,000 shares

Bids Received (Subscription)

DHARNI Capital IPO subscribed 6.57x in total, whereas Earthstahl IPO subscribed 235.18x.

	DHARNI Capital IPO	Earthstahl IPO
QIB (times)		39.83x
NII (times)	6.32x	445.09x
Big NII (times)
Small NII (times)
RII (times)	6.83x	191.77x
Employee (times)
Other (times)
Total (times)	6.57x	235.18x

Compare with others

DHARNI Capital IPO	Earthstahl IPO
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Shera Energy IPO	Indong Tea IPO
Gayatri Rubbers IPO	Agarwal Float Glass India IPO
Earthstahl IPO	Shera Energy IPO
Transvoy Logistics IPO	Gayatri Rubbers IPO
Aristo Bio-Tech IPO	Transvoy Logistics IPO
Ducol Organics IPO	DHARNI Capital IPO
Eastern Logica Infoway IPO	Aristo Bio-Tech IPO
Chaman Metallics IPO	Ducol Organics IPO
Rex Sealing IPO	Eastern Logica Infoway IPO