Australian Premium Solar (India) is set to launch its Initial Public Offering (IPO) with a book-built issue of Rs 28.08 crores. The IPO comprises an entirely fresh issue of 52 lakh shares. Investors can subscribe to the Australian Premium Solar (India) IPO from January 11, 2024, to January 15, 2024. The allotment process is expected to be finalized on Tuesday, January 16, 2024, with the IPO set to list on NSE SME tentatively on Thursday, January 18, 2024.
Here are key details of the Australian Premium Solar (India) IPO:
– **Issue Size:** The IPO is a book-built issue with a size of Rs 28.08 crores, consisting of a fresh issue of 52 lakh shares.
– **Price Band:** The price band for the Australian Premium Solar (India) IPO is set at ₹51 to ₹54 per share.
– **Lot Size:** The minimum lot size for an application is 2000 shares.
– **Minimum Investment:** Retail investors need a minimum investment of ₹108,000, while HNI investors need to invest in 2 lots (4,000 shares), amounting to ₹216,000.
– **Book Running Lead Manager:** Beeline Capital Advisors Pvt Ltd is the book running lead manager.
– **Registrar:** Link Intime India Private Ltd is the registrar for the issue.
– **Market Maker:** Spread X Securities is the market maker for the IPO.
– **Listing Date:** The IPO is expected to list on NSE SME on Thursday, January 18, 2024.
**IPO Timeline (Tentative Schedule):**
– IPO opens on January 11, 2024, and closes on January 15, 2024.
– Basis of Allotment: Tuesday, January 16, 2024.
– Initiation of Refunds: Wednesday, January 17, 2024.
– Credit of Shares to Demat: Wednesday, January 17, 2024.
– Listing Date: Thursday, January 18, 2024.
– Cut-off time for UPI mandate confirmation: 5 PM on January 15, 2024.
**Promoter Holding:**
– The promoters of the company are Mr. Chimanbhai Ranchhodbhai Patel, Mrs. Savitaben Chimanbhai Patel, and Mr. Nikunjkumar Chimanlal Patel.
– Shareholding pre-issue: 99.98%
– Shareholding post-issue: 73.64%
**About Australian Premium Solar (India) Limited:**
Incorporated in 2013, Australian Premium Solar (India) Limited specializes in manufacturing monocrystalline and polycrystalline solar modules. The company also provides engineering, procurement, and construction (EPC) services for residential, agricultural, and commercial applications. They manufacture two types of solar panels: monocrystalline and polycrystalline.
As of August 31, 2023, the company has served over 10,000 customers with solar panel installations, with a manufacturing facility located in Sabarkantha, Gujarat, India, and a total workforce of 169 employees.
**Financial Information (Restated):**
– Revenue decreased by -3.43%, and profit after tax (PAT) rose by 23.27% between March 31, 2023, and March 31, 2022.
**Key Performance Indicators:**
– ROE: 26.05%
– ROCE: 30.62%
– Debt/Equity: 0.15
– RoNW: 23.05%
**Objects of the Issue:**
The proceeds from the fresh issue will be utilized for funding capital expenditure, meeting working capital requirements, general corporate purposes, and covering public issue expenses.
**IPO Review:**
[Dilip Davda] The company operates in the solar power-related business and services, showing fluctuating top lines with surging profits for the reported periods. The aggressive pricing of the IPO and the highly competitive and fragmented segment raise considerations, but well-informed investors may find potential for long-term rewards.
**Prospectus:**
The detailed information about the IPO can be found in the Australian Premium Solar (India) IPO Draft Red Herring Prospectus (DRHP) and Red Herring Prospectus (RHP).
