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Electro Force IPO is a fixed price issue of ₹80.68 crores. The issue is a combination of fresh issue of 0.60 crore shares aggregating to ₹55.80 crores and offer for sale of 0.27 crore shares aggregating to ₹24.88 crores.
Electro Force IPO bidding started from Dec 19, 2023 and ended on Dec 21, 2023. The allotment for Electro Force IPO was finalized on Dec 22, 2023. The shares got listed on NSE SME on Dec 27, 2023.
Electro Force IPO price is ₹93.00 per share . The lot size for an application is 1,200. The minimum amount of investment required by an individual investor (retail) is ₹1,11,600 (1200 shares). The minimum lot size investment for HNI is 2 lots (2,400 shares), amounting to ₹2,23,200.
First Overseas Capital Ltd. is the book running lead manager and Skyline Financial Services Pvt.Ltd. is the registrar of the issue. The market maker of the company is Arham Shares Pvt.Ltd..
Refer to Electro Force IPO RHP for detailed Information.
| IPO Date | December 19, 2023 to December 21, 2023 |
| Listing Date | December 27, 2023 |
| Face Value | ₹10 per share |
| Issue Price Band | |
| Issue Price Final | ₹93 per share |
| Lot Size | 1,200 Shares |
| Sale Type | Fresh Capital-cum-Offer for Sale |
| Total Issue Size | 86,74,800 shares (aggregating up to ₹80.68 Cr) |
| Reserved for Market Maker | 4,35,600 shares Arham Shares Pvt.Ltd. (aggregating up to ₹4.05 Cr) |
| Fresh Issue (Ex Market Maker) | 55,64,400 shares (aggregating up to ₹51.75 Cr) |
| Offer for Sale | 26,74,800 shares of ₹10 (aggregating up to ₹24.88 Cr) |
| Net Offered to Public | 82,39,200 shares (aggregating up to ₹76.62 Cr) |
| Issue Type | Fixed Price IPO |
| Listing At | NSE SME |
| Share Holding Pre Issue | 1,74,00,001 shares |
| Share Holding Post Issue | 2,34,00,001 shares |
Electro Force India IPO offers total 86,74,800 shares. Out of which 41,19,600 (47.49%) allocated to NII, 41,19,600 (47.49%) allocated to RII.
| Investor Category | Shares Offered |
|---|---|
| Market Maker Shares Offered | 4,35,600 (5.02%) |
| NII (HNI) Shares Offered | 41,19,600 (47.49%) |
| Retail Shares Offered | 41,19,600 (47.49%) |
| Total Shares Offered | 86,74,800 (100.00%) |
Electro Force IPO opens on December 19, 2023, and closes on December 21, 2023.
| IPO Open Date | Tue, Dec 19, 2023 |
| IPO Close Date | Thu, Dec 21, 2023 |
| Tentative Allotment | Fri, Dec 22, 2023 |
| Initiation of Refunds | Tue, Dec 26, 2023 |
| Credit of Shares to Demat | Tue, Dec 26, 2023 |
| Tentative Listing Date | Wed, Dec 27, 2023 |
| Cut-off time for UPI mandate confirmation | 5 PM on Thu, Dec 21, 2023 |
Investors can bid for a minimum of 1,200 shares and in multiples thereof. The following table depicts the minimum and maximum investment by Individual Investors (Retail) and HNI in terms of shares and amount.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 1,200 | ₹1,11,600 |
| Retail (Max) | 1 | 1,200 | ₹1,11,600 |
| HNI (Min) | 2 | 2,400 | ₹2,23,200 |
Note : The value will be calculated using Equity Dilution = Share Holding Pre Issue - Share Holding Post Issue
Incorporated in 2010, Electro Force (India) Limited designs and manufactures electrical components and metal/plastic contact parts for India's electronics, lighting, switchgear, and allied industries.
Electro Force designs and manufactures stamping components and plastic components by metal stamping, injection molding and insert molding for electrical MCBs (Miniature Circuit Breakers), 63A electrical manual transfer switches, electrical MCCBs & RCBs, brushless DC motors for medical devices/aerospace/defense and automation, electrical motor starters, Electrical Control Gears, and electrical switches.
The company also provides quality testing, packaging, assembly, secondary operations and logistics services.
The company has a leased manufacturing facility in Vasai, Maharashtra, with an area of over 10,000 square feet.
Electro Force (India) Limited's revenue decreased by -12.04% and profit after tax (PAT) dropped by -7.48% between the financial year ending with March 31, 2023 and March 31, 2022.
| Period Ended | 30 Sep 2023 | 31 Mar 2023 | 31 Mar 2022 | 31 Mar 2021 |
| Assets | 7,827.00 | 7,231.51 | 4,783.37 | 1,719.96 |
| Total Income | 2,314.19 | 3,028.81 | 3,443.55 | 1,587.13 |
| Profit After Tax | 711.08 | 799.60 | 864.26 | -223.69 |
| Net Worth | 2,546.41 | 1,835.33 | 1,035.73 | 171.47 |
| Reserves and Surplus | 806.41 | 95.33 | 535.73 | -328.53 |
| Total Borrowing | ||||
| Amount in ₹ Lakhs | ||||
The market capitalization of Electro Force IPO is ₹217.62 Cr.
The company intends to utilize the net proceeds from the issue towards the funding of the following objects:
[Dilip Davda] The company operates in a highly competitive and fragmented segment. It marked fluctuating trends in its top and bottom lines for the reported periods. Based on annualized super earnings of FY24, the issue appears fully priced. The sustainability of such margins going forward is a major concern. There is no harm in skipping this dicey IPO. Read detail review...
| Listing Date | December 27, 2023 |
| BSE Script Code | |
| NSE Symbol | EFORCE |
| ISIN | INE0Q1W01012 |
| Final Issue Price | ₹93 per share |
| Price Details | NSE SME |
|---|---|
| Final Issue Price | ₹93.00 |
| Open | ₹100.00 |
| Low | ₹95.10 |
| High | ₹105.00 |
| Last Trade | ₹105.00 |
Electro Force (India) Ltd.
39/5, Village - Waliv,
Taluka -
Vasai East,
Palghar, Maharashtra, 401208
Phone: +91 22 35722456
Email: compliance@electroforceindia.com
Website: https://electroforceindia.com/
Skyline Financial Services Pvt.Ltd.
Phone: 02228511022
Email: ipo@skylinerta.com
Website: https://www.skylinerta.com/ipo.php
Electro Force IPO is a SME IPO of 86,74,800 equity shares of the face value of ₹10 aggregating up to ₹80.68 Crores. The issue is priced at ₹93 per share. The minimum order quantity is 1200.
The IPO opens on December 19, 2023, and closes on December 21, 2023.
Skyline Financial Services Pvt.Ltd. is the registrar for the IPO. The shares are proposed to be listed on NSE SME.
Zerodha customers can apply online in Electro Force IPO using UPI as a payment gateway. Zerodha customers can apply in Electro Force IPO by login into Zerodha Console (back office) and submitting an IPO application form.
Steps to apply in Electro Force IPO through Zerodha
Visit Zerodha IPO Application Process Review for more detail.
The Electro Force IPO opens on December 19, 2023 and closes on December 21, 2023.
Electro Force IPO lot size is 1200, and the minimum amount required for application is ₹1,11,600.
You can apply in Electro Force 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 Electro Force IPO will be done on Friday, December 22, 2023, and the allotted shares will be credited to your demat account by Tuesday, December 26, 2023. Check the Electro Force IPO allotment status.
The Electro Force IPO listing date is on Wednesday, December 27, 2023.
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