Fixed Price IPO | ₹86 Cr | Listed at BSE SME | Tue, May 30, 2023 - Fri, Jun 2, 2023
CFF Fluid Control IPO is a fixed price issue of ₹85.80 crores. The issue is entirely a fresh issue of 0.52 crore shares of ₹85.80 crore.
CFF Fluid Control IPO bidding started from May 30, 2023 and ended on Jun 2, 2023. The allotment for CFF Fluid Control IPO was finalized on Jun 7, 2023. The shares got listed on BSE SME on Jun 12, 2023.
CFF Fluid Control IPO price is ₹165 per share. The lot size for an application is 800. The minimum amount of investment required by an individual investor (retail) is ₹1,32,000 (800 shares) (based on upper price). The minimum lot size for investment in HNI is 2 lots (1,600 shares), amounting to ₹2,64,000.
Aryaman Financial Services Ltd. is the book running lead manager and Cameo Corporate Services Ltd. is the registrar of the issue. The Market Maker of the company is Aryaman Capital Markets Ltd..
Refer to CFF Fluid Control IPO RHP for detailed Information.
IPO Open
Tue, May 30, 2023
IPO Close
Fri, Jun 2, 2023
Issue Price
₹165 per share
Market Cap (Pre-IPO)
₹321.32 Cr
| IPO Date | 30 May to 2 Jun, 2023 |
| Listed on | Mon, Jun 12, 2023 |
| Face Value | ₹10 per share |
| Issue Price | ₹165 per share |
| Lot Size | 800 Shares |
| Sale Type | Fresh capital only |
| Issue Type | Fixed Price IPO |
| Listing At | BSE SME |
| Total Issue Size | 52,00,000 shares (agg. up to ₹86 Cr) |
| Reserved for Market Maker | 2,60,800 shares Aryaman Capital Markets Ltd. (agg. up to ₹4 Cr) |
| Fresh Issue (Ex Market Maker) | 49,39,200 shares (agg. up to ₹81 Cr) |
| Net Offered to Public | 49,39,200 shares (agg. up to ₹81 Cr) |
| Share Holding Pre Issue | 1,42,74,100 shares |
| Share Holding Post Issue | 1,94,74,100 shares |
| BSE Script Code | 543920 |
| ISIN | INE0NJ001013 |
CFF Fluid Control IPO comprises a total issue size of 52,00,000 shares. The net offer to the public is 49,39,200 shares, after excluding 2,60,800 shares allotted on a firm basis. Of the Net offer 24,69,600 (50.00%) allocated to NII 24,69,600 (50.00%) allocated to RII.
| Investor Category | Shares Offered | % of Net Issue | % of Total Issue |
|---|---|---|---|
| NII (HNI) Shares Offered | 24,69,600 | 50.00% | 47.49% |
| Retail Shares Offered | 24,69,600 | 50.00% | 47.49% |
| Firm Reservations | |||
| Market Maker Shares Offered | 2,60,800 | 5.02% | |
| Total Shares Offered | 52,00,000 | 100.00% | 100.00% |
Investors can bid for a minimum of 800 shares and in multiples thereof.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 800 | ₹1,32,000 |
| Retail (Max) | 1 | 800 | ₹1,32,000 |
| HNI (Min) | 2 | 1,600 | ₹2,64,000 |
Incorporated in 2012, CFF Fluid Control Limited is primarily engaged in the business of manufacturing and servicing of shipboard machinery. They manufacture critical component systems and test facilities for submarines and surface ships for The Indian Navy.
The entity also designs, manufacture, and service Mechanical equipment and systems for industries like Nuclear and Clean Energy.
The Company's promoters and group companies have been in the defense manufacturing space for more than 20 years.
CFF Fluid Control was incorporated with the purpose of having a dedicated new entity focused on meeting the growing requirements of the Indian Navy, Mazagaon Dockyard, and Shipbuilders Limited (MDL). This was to undertake the manufacturing and supplying of mechanical equipment for the "Scorpene" Submarine Program of India.
The company's facilities are situated at Khopoli. The facility is spread over 6,000 sq. mtrs. and has all the relevant state-of-the-art machinery and testing facilities. At the facility, the company design, manufacture, and service.
Servicing includes fluid control systems, distributor and air panels Weapons and Control Systems, Steering gear, Propulsion Systems, High-Pressure Air Systems, Hydraulics Systems, Breathing and Diving Air Systems, and Integrated Platform Management Systems for submarines and surface ships for the Indian Navy and its OEMs.
The facility is Indian Navy, MDL & Naval Group (France) approved and has ISO 9001:2015 certification for quality management systems.
| Period Ended | 31 Dec 2022 | 31 Mar 2022 | 31 Mar 2021 | 31 Mar 2020 |
|---|---|---|---|---|
| Assets | 71.66 | 55.94 | 42.32 | 43.10 |
| Total Income | 50.85 | 47.12 | 14.81 | 31.96 |
| Profit After Tax | 7.18 | 7.80 | 0.25 | 1.33 |
| NET Worth | 22.01 | 14.83 | 7.04 | 6.79 |
| Reserves and Surplus | 7.74 | 14.12 | 6.32 | 6.08 |
| Total Borrowing | 26.93 | 16.59 | 22.61 | 14.33 |
| Amount in ₹ Crore | ||||
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
| # | Issue Objects | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Funding Working capital requirements | 29.42 |
| 2 | Repayment of Loans | 21.00 |
| 3 | Purchase of machinery and equipment | 8.86 |
| 4 | Acquire Technology of “ Towed Wire Antenna (TWA) | 8.50 |
| 5 | General Corporate Purpose | 16.71 |
| KPI | Mar 31, 2022 |
|---|---|
| ROE | 52 |
| ROCE | 36.81 |
| Debt/Equity | 1.22 |
| RoNW | 52.56 |
| PAT Margin | 16.54% |
| EBITDA Margin | 26.81% |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (₹) | 5.46 | |
| P/E (x) | 30.22 | |
| Promoter Holding | 99.99% | 73.30% |
| Market Cap | ₹321.32 Cr. |
The CFF Fluid Control IPO is subscribed 2.21 times on June 2, 2023 7:02:00 PM (Day 4). The public issue subscribed 1.67 times in the retail category, [.] times in the QIB category, and 2.75 times in the NII category. Check Day by Day Subscription Details (Live Status)
| Category | Subscription (times) | Shares Offered | Shares bid for |
|---|---|---|---|
| NII* | 2.75 | 23,39,200 | 64,43,200 |
| Retail | 1.67 | 23,39,200 | 39,08,000 |
| Total | 2.21 | 46,78,400 | 1,03,53,600 |
Total Application : 1,906
*Market Maker portion is not included to NII/HNI.
| # | Issue Expenses | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Issue Management fees including fees and payment to other intermediaries such as Legal Advisors, Registrars and other out of pocket expenses. | 0.74 |
| 2 | Brokerage and selling commission | 0.21 |
| 3 | Printing & Stationery, Distribution, Postage, etc. | 0.02 |
| 4 | Advertisement and Marketing Expenses | 0.02 |
| 5 | Stock Exchange Fees, Regulatory and other Expenses | 0.32 |
| Price Details | BSE SME |
|---|---|
| Final Issue Price | ₹165.00 |
| Open | ₹175.00 |
| Low | ₹175.00 |
| High | ₹183.75 |
| Last Trade | ₹183.75 |
Lead Manager Reports
CFF Fluid Control IPO is a SME IPO of 52,00,000 equity shares of the face value of ₹10 aggregating up to ₹86 Crores. The issue is priced at ₹165 per share. The minimum order quantity is 800.
The IPO opens on Tue, May 30, 2023, and closes on Fri, Jun 2, 2023.
Cameo Corporate Services Ltd. is the registrar for the IPO. The shares are proposed to be listed on BSE SME.
Zerodha customers can apply online in CFF Fluid Control IPO using UPI as a payment gateway. Zerodha customers can apply in CFF Fluid Control IPO by login into Zerodha Console (back office) and submitting an IPO application form.
Steps to apply in CFF Fluid Control IPO through Zerodha
Visit Zerodha IPO Application Process Review for more detail.
The CFF Fluid Control IPO opens on Tue, May 30, 2023 and closes on Fri, Jun 2, 2023.
CFF Fluid Control IPO lot size is 800, and the minimum amount required for application is ₹1,32,000.
You can apply in CFF Fluid Control IPO online using either UPI or ASBA as a payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO Application is offered by brokers who don't offer banking services. Read more detail about applying IPO online through Zerodha, Upstox, 5Paisa, Nuvama, HDFC Bank, and SBI Bank.
The finalization of Basis of Allotment for CFF Fluid Control IPO will be done on Wednesday, June 7, 2023, and the allotted shares will be credited to your demat account by Fri, Jun 9, 2023. Check the CFF Fluid Control IPO allotment status.
The CFF Fluid Control IPO listing date is on Mon, Jun 12, 2023.
