Bookbuilding IPO | ₹12 Cr | Listed at BSE SME | Wed, May 31, 2023 - Mon, Jun 5, 2023
Comrade Appliances IPO is a book build issue of ₹12.30 crores. The issue is entirely a fresh issue of 0.23 crore shares of ₹12.30 crore.
Comrade Appliances IPO bidding started from May 31, 2023 and ended on Jun 5, 2023. The allotment for Comrade Appliances IPO was finalized on Jun 8, 2023. The shares got listed on BSE SME on Jun 13, 2023.
Comrade Appliances IPO price band is set at ₹54 per share. The lot size for an application is 2,000. The minimum amount of investment required by an retail is ₹1,08,000 (2000 shares) (based on upper price). The minimum lot size for investment in HNI is 2 lots (4,000 shares), amounting to ₹2,16,000.
Gretex Corporate Services Ltd. is the book running lead manager and Bigshare Services Pvt.Ltd. is the registrar of the issue. The Market Maker of the company is Gretex Share Broking Pvt.Ltd..
Refer to Comrade Appliances IPO RHP for detailed Information.
IPO Open
Wed, May 31, 2023
IPO Close
Mon, Jun 5, 2023
Issue Price
₹54 per share
Market Cap (Pre-IPO)
₹40.66 Cr
| IPO Date | 31 May to 5 Jun, 2023 |
| Listed on | Tue, Jun 13, 2023 |
| Face Value | ₹10 per share |
| Price Band | ₹52 to ₹54 |
| Issue Price | ₹54 per share |
| Lot Size | 2,000 Shares |
| Sale Type | Fresh capital only |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE SME |
| Total Issue Size | 22,78,000 shares (agg. up to ₹12 Cr) |
| Reserved for Market Maker | 1,14,000 shares Gretex Share Broking Pvt.Ltd. (agg. up to ₹0.6156 Cr) |
| Fresh Issue (Ex Market Maker) | 21,64,000 shares (agg. up to ₹12 Cr) |
| Net Offered to Public | 21,64,000 shares (agg. up to ₹12 Cr) |
| Share Holding Pre Issue | 52,50,795 shares |
| Share Holding Post Issue | 75,28,795 shares |
| BSE Script Code | 543921 |
| ISIN | INE0NXA01015 |
Comrade Appliances IPO comprises a total issue size of 22,78,000 shares. The net offer to the public is 21,64,000 shares, after excluding 1,14,000 shares allotted on a firm basis. Of the Net offer 10,80,000 (49.91%) are allocated to QIB, 3,26,000 (15.06%) allocated to NII 7,58,000 (35.03%) allocated to RII.
| Investor Category | Shares Offered | % of Net Issue | % of Total Issue |
|---|---|---|---|
| QIB Shares Offered | 10,80,000 | 49.91% | 47.41% |
| − Anchor Investor Shares Offered | 6,48,000 | 28.45% | |
| − QIB (Ex. Anchor) Shares Offered | 4,32,000 | 18.96% | |
| NII (HNI) Shares Offered | 3,26,000 | 15.06% | 14.31% |
| Retail Shares Offered | 7,58,000 | 35.03% | 33.27% |
| Firm Reservations | |||
| Market Maker Shares Offered | 1,14,000 | 5.00% | |
| Total Shares Offered | 22,78,000 | 100.00% | 100.00% |
Investors can bid for a minimum of 2,000 shares and in multiples thereof.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 2,000 | ₹1,08,000 |
| Retail (Max) | 1 | 2,000 | ₹1,08,000 |
| HNI (Min) | 2 | 4,000 | ₹2,16,000 |
Comrade Appliances IPO raises ₹3.50 crore from anchor investors. Comrade Appliances IPO Anchor bid date is May 30, 2023.
📝 Anchor Investors Letter (PDF)
| Bid Date | Tue, May 30, 2023 |
| Shares Offered | 6,48,000 |
| Anchor Portion (₹ Cr.) | 3.50 |
| Anchor lock-in period end date for 50% shares (30 Days) | Sat, Jul 8, 2023 |
| Anchor lock-in period end date for remaining shares (90 Days) | Wed, Sep 6, 2023 |
Incorporated in 2017, Comrade Appliances Limited is engaged in the process of manufacturing an extensive array of Air Coolers and Electric Geysers. The company manufactures consumer durable goods and assembles various products. They offer end-to-end product solutions to their customers.
Comrade Appliances operate under both, Original Equipment Manufacturer (OEM) and Original Design Manufacturer (ODM) business models.
Under the OEM model, they manufacture and supply products basis designs developed by their customers, later these products are sold under the customer's brand name. Under the ODM model, along with manufacturing, Comrade Appliances Limited also conceptualize and designs the products which are then marketed to the customers' prospective customers under their brands.
Presently, the company's product portfolio of consumer goods consists of:
The company's products are marketed, manufactured, and sold under the brand name "Comrade".
The company has a manufacturing facility located at Palghar admeasuring 66,322 Sq. Ft.
| Period Ended | 31 Mar 2023 | 31 Mar 2022 | 31 Mar 2021 | 31 Mar 2020 |
|---|---|---|---|---|
| Assets | 27.53 | 25.27 | 31.41 | 16.79 |
| Total Income | 26.99 | 29.73 | 26.04 | 21.62 |
| Profit After Tax | 1.64 | 0.39 | 0.20 | 0.42 |
| NET Worth | 6.89 | 5.02 | 2.42 | 2.93 |
| Reserves and Surplus | 1.64 | -0.15 | -0.91 | -0.39 |
| Total Borrowing | 17.66 | 11.14 | 14.12 | 4.01 |
| Amount in ₹ Crore | ||||
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
| # | Issue Objects | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Working Capital Requirements | 7.20 |
| 2 | General Corporate Purposes | 2.31 |
| KPI | Mar 31, 2023 |
|---|---|
| ROE | 0.27 |
| ROCE | 0.16 |
| Debt/Equity | 1.96 |
| RoNW | 23.73 |
| PAT Margin | 6.00% |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (₹) | 3.15 | |
| P/E (x) | 17.14 | |
| Promoter Holding | 100.00% | 69.74% |
| Market Cap | ₹40.66 Cr. |
The Comrade Appliances IPO is subscribed 77.25 times on June 5, 2023 7:02:00 PM (Day 4). The public issue subscribed 72.08 times in the retail category, 21.86 times in the QIB category, and 162.67 times in the NII category. Check Day by Day Subscription Details (Live Status)
| Category | Subscription (times) | Shares Offered | Shares bid for |
|---|---|---|---|
| QIB | 21.86 | 4,32,000 | 94,42,000 |
| NII* | 162.67 | 3,26,000 | 5,30,30,000 |
| Retail | 72.08 | 7,58,000 | 5,46,38,000 |
| Total | 77.25 | 15,16,000 | 11,71,10,000 |
Total Application : 34,440
*Market Maker portion is not included to NII/HNI.
| # | Issue Expenses | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Payment to the Book Running Lead Manager | 0.21 |
| 2 | Underwriting Fees | 1.23 |
| 3 | Market Making Fees | 0.03 |
| 4 | Fees payable to Registrar to Issue | 0.01 |
| 5 | Fees to Legal Advisor | 0.02 |
| 6 | Advertisement Expenses | 0.04 |
| 7 | Fees payable to Regulators including Stock Exchange | 0.04 |
| 8 | Printing & Distribution Expenses | 0.01 |
| 9 | Marketing, Selling & Consulting Expenses | 1.20 |
| 10 | Payment to Sponsor Bank | 0.01 |
| 11 | Statutory & Other Reports | 0.02 |
| Price Details | BSE SME |
|---|---|
| Final Issue Price | ₹54.00 |
| Open | ₹87.00 |
| Low | ₹87.00 |
| High | ₹91.35 |
| Last Trade | ₹91.35 |
Lead Manager Reports
Comrade Appliances IPO is a SME IPO of 22,78,000 equity shares of the face value of ₹10 aggregating up to ₹12 Crores. The issue is priced at ₹54 per share. The minimum order quantity is 2000.
The IPO opens on Wed, May 31, 2023, and closes on Mon, Jun 5, 2023.
Bigshare Services Pvt.Ltd. is the registrar for the IPO. The shares are proposed to be listed on BSE SME.
Zerodha customers can apply online in Comrade Appliances IPO using UPI as a payment gateway. Zerodha customers can apply in Comrade Appliances IPO by login into Zerodha Console (back office) and submitting an IPO application form.
Steps to apply in Comrade Appliances IPO through Zerodha
Visit Zerodha IPO Application Process Review for more detail.
The Comrade Appliances IPO opens on Wed, May 31, 2023 and closes on Mon, Jun 5, 2023.
Comrade Appliances IPO lot size is 2000, and the minimum amount required for application is ₹1,08,000.
You can apply in Comrade Appliances 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 Comrade Appliances IPO will be done on Thursday, June 8, 2023, and the allotted shares will be credited to your demat account by Mon, Jun 12, 2023. Check the Comrade Appliances IPO allotment status.
The Comrade Appliances IPO listing date is on Tue, Jun 13, 2023.
