Corrtech International Limited is among India’s major pipeline laying solution suppliers, specializing in hydrocarbon pipeline laying. Corrtech International IPO will hit the stock market in September 2023.
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About Corrtech International
Over the years, their company has established itself as a leader in horizontal directional drilling and cathodic protection solutions, in addition to pipeline laying and construction.
They produce precision components and supply goods and services to gas turbine and steam turbine operators, as well as the aerospace and defense sectors, via their subsidiary, Corrtech Energy Limited (source: CARE Advisory Report).
CEL also provides EPC solutions for process facilities in oil and gas refineries and petrochemical complexes for material and feed management.
Through its other fully owned company Control Plus Oil & Gas Solutions, Corrtech International also produce equipment such as conditioning skids, pressure tanks, material handling equipment, and cathodic protection materials such as sacrificial anode for oil and gas network connectivity.
Journey
Their company began as a CPS supplier on June 8, 1982, & expanded into pipeline laying operations in 2002. They are one of the industry’s pioneers in pipeline construction, HDD, & CPS, with a diverse range of services.
To date, they have finished more than 50 hydrocarbon pipeline laying projects spanning over 3,500 kilometers in more than 13 states, with a diverse range of topographies & weather conditions, including over 229 kilometers of gas pipeline with a diameter of 48 inches and HDD crossings with individual crossing profile lengths of 2.2 kilometers.
They have finished projects in a variety of locations and weather circumstances, such as the laying of pipeline from Haldia Oil Jetty to Haldia Coastal Area and the Dhobi-Durgapur-Haldia Pipeline segment.
Recognition
They have received various accolades, including a certificate of appreciation from Engineers India Limited for their work as project management consultants & a letter from Indian Oil Corporation Limited for their performance in welding 9.245 km of mainline in a single day against a target of 5 kilometers.
Furthermore, one of their subsidiaries, CEL, completed a project in the Dahej region for the transit of LPG/propane from the port terminal zone to the processing facility under a composite contract that included the EPC of related facilities at both locations as well as the laying of an 11.65-kilometer pipeline between the two.
They carry out projects as construction contractors or engineering, procurement, & construction (“EPC”) contractors, depending on the scope of their services.
Corrtech International IPO
Corrtech International Limited, headquartered in Gujarat has submitted Draft Red Herring Prospectus(DRHP) to Securities and Exchange Board of India(SEBI) for initial public offering (IPO) of 350 crore and 4,000,000 equity shares on 16 March 2022.
The offer includes a fresh issue of 350 crore and there is offer for sale (OFS) of 4,000,000 equity shares by the promoters mentioned in the DRHP. They are not looking for any Pre-IPO placement in this issue.
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Initial Public Offering
They are now waiting for approval from Securities and Exchange Board of India(SEBI) to float the initial public offering (IPO) in the market.
Financials Trends
| Particulars | For the year/period ended ( in Cr.) | ||||
|---|---|---|---|---|---|
| 30-Sep-21 | 31-Mar-21 | 31-Mar-20 | 31-Mar-19 | ||
| Total Assets | 615.17 | 618.99 | 594.77 | 489.75 | |
| Total Revenue | 481.06 | 995.97 | 784.72 | 562.82 | |
| Profit After Tax | 15.48 | 28.56 | 34.95 | 24.47 | |
Basic and Diluted Earnings Per Share
| Financial Period | Basic EPS (in INR) | Diluted EPS (in INR) | Weight |
| Financial Year 2021 | 6.06 | 6.06 | 3 |
| Financial Year 2020 | 7.42 | 7.42 | 2 |
| Financial Year 2019 | 5.19 | 5.19 | 1 |
| Weighted Average | 6.37 | 6.37 | |
| 31 Sep. 2021 | 3.28 | 3.28 |
Objects of the Issue
- Prepayment / repayment of all or a portion of the outstanding borrowings of the company to be availed on consolidated basis.
- To meet common corporate objectives.
Basis of the offer
The following are some of the qualitative elements and their strengths that are used to calculate the Offer Price:
- They are able to secure projects because of our long-term relationships with clients and pre-qualification experience.
- The company has a proven track record of completed projects and a large global footprint.
- There is a large order book.
- A diverse fleet of equipment is available.
- Promoters and management with considerable experience, as well as a capable project execution staff.
Corrtech International Peer Comparison
| S. No. | Face Value | Company Name | PE |
| 1 | 10 | Likhitha Infrastructure Limited | 17.69 |
Corrtech International IPO Details
| IPO Opening Date | September 2023 |
| IPO Closing Date | September 2023 |
| Issue Type | Book Building |
| Face Value | 10 per share |
| IPO Price | 0 to 0 per equity share |
| Market Lot | – |
| Min Amount | – |
| Listing At | BSE, NSE |
| Issue Size | – |
| Fresh Issue | 350 crore |
| Offer for Sale | 4,000,000 Equity Shares |
Corrtech International IPO Date
Corrtech IPO opening date is September 2023, and the closing date is September 2023. The Corrtech International issue may list in September 2023.
| IPO Opening Date | September 2023 |
| IPO Closing Date | September 2023 |
| Basis of Allotment Date | September 2023 |
| Initiation of Refunds | September 2023 |
| Credit of Shares to Demat Account | September 2023 |
| IPO Listing Date | September 2023 |
Basis of Allotment
| Type | % of Offer | Basis of Allotment |
|---|---|---|
| Qualified Institutional Buyer | 50 |
Roughly equivalent
|
| Non Institutional Investor | 15 |
Roughly equivalent
|
| Retail | 35 | Minimum 1 lot based on availability |
Corrtech IPO Status
Allotment of equity stocks subject to the Fresh Issue and transfer of the Promoter Selling Shareholders’ OFS Stocks to the winning Bidders subject to the Offer for Sale. Nevertheless, the status of the allotment has yet to be revealed.
Here, you can find the Allotment Status of Corrtech International Limited IPO.
Corrtech International IPO GMP
Corrtech IPO Grey Market Premium is 0. You can check out GMP of Other IPOs on below Links:
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Check Out the GMP of all Other IPOs
Corrtech IPO Review
Corrtech IPO review will depend on the price band which will be announced after SEBI approval. Whenever it will be announced we will update you regarding review of Corrtech International IPO is good or bad.
Corrtech IPO Risk
- A broad public health disaster, such as a coronavirus pandemic, might have a significant negative impact on their firm.
- Their oil and gas services business provides them with the majority of their income.
- Presently, the majority of their income come from contracts with a small number of customers, and their business is mainly focused on projects in India conducted or awarded by oil and gas corporations.
- Their Order Book may or may not translate into future revenue in full or may be delayed.
- Projects in the O&G Services Business have largely been granted through a competitive bidding process. They might not be able to qualify for, compete for, and win projects all of the time, which could hurt their business.
Other Threats
- Corrtech International had previously defaulted on payments on certain loans.
- Under the terms of their financing arrangements, they must adhere to certain restrictive covenants.
- There may be a negative impact on their business if they have insufficient cash flows or are unable to secure external funds to meet our working capital requirements.
- Their actual project costs may differ from their bid’s anticipated cost assumptions.
- In the past, their company has been late in paying statutory dues to various government and municipal agencies, which may have resulted in penalties.
- A credit rating drop could jeopardize our capacity to raise financing in the future.
- Corrtech International have taken out several loans that our lenders have the right to revoke at any time.
Clients
Big participants in the Indian oil & gas sector, including GAIL (India) Limited, Indian Oil Corporation Limited, Oil & Natural Gas Corporation Limited, Hindustan Petroleum Corporation Limited, GSPL India Gasnet Limited, and Bharat Petroleum Corporation Limited, as well as other players like IHB Limited & Indradhanush Gas Grid Limited, are among their clients in the O&G Services Business.
They sell components and services to customers such as Ethos Energy GmbH, ET International, and one of India’s major aerospace and defense businesses through their Manufacturing Business, which caters to a variety of industry areas including energy, defense, and mass production.
Their organization is certified to ISO 9001:2015, ISO 14001:2015, and ISO 45001:2018. CEL, their Material Subsidiary, is accredited to ISO 14001:2015 and ISO 45001:2018.
Projects
They have finished more than 50 hydrocarbon pipeline laying projects spanning over 3,500 kilometers in more than 13 states, in a variety of topographies and weather conditions, including over 229.00 kilometers of gas pipeline with 48″ diameter and HDD crossings with individual crossing profile lengths of 2.2 kilometers.
They have received numerous awards during their 39 years of operation, such as a certificate of appreciation from Engineers India Limited as a project management consultant and a letter from Indian Oil Corporation Limited for our performance in mainline welding of 9.245 kilometers in a single day against a target of 5 kilometers.
the map below shows the locations of several projects they had accomplished.
Corrtech IPO Brokerage views
once the dates will be announced we will update the views of different brokerage firms regarding this IPO. Here is the views of different stock brokers regarding this Corrtech International IPO:
- Yes Securities : Not Updated
- Choice Brokering: Not Updated
- Axis Securities: Not Updated
- IIFL Securities: Not Updated
- Trade swift: Not Updated
- Anand Rathi : Not Updated
- ICICI Securities: Not Updated
Corrtech IPO Subscription Status
| Date | Day | QIB | NII | Retail | Employees | Total Subscription |
| September 2023 | 1 | |||||
| September 2023 | 2 | |||||
| September 2023 | 3 |
Corrtech International Management
Their Promoters have over 24 years of operational experience in the oil and gas service business, as well as long-standing customer contacts and a track record of successfully completing projects in our industry.
They feel that their Promoters’ leadership and vision have been critical in driving company growth and implementing their business plans.
Furthermore, their Board of Directors includes non-promoter directors with experience in the oil and gas industry, pipeline construction sector, accounting, ensuring compliance, law, and general administration.
Their top management includes qualified, experienced, and skilled experts with experience in pipeline building and manufacture, in addition to their individual Promoters and Directors. They believe they have succeeded in attracting a top management team with relevant experience.
Promoters
- Sandeep Indrasen Mittal
- Amit Indrasen Mittal
- IEC Projects Limited
Promoter’s Holding
| Pre Issue Share Holding | 71.11% |
| Post Issue Share Holding |
Corrtech International limited Prospectus
Contact Details
Corrtech International Limited
51 Mahagujarat, Ind Estate,
Opp Nova Petrochemicals,
Sarkhej-Bavla Highway Village Moraiya,
Changodar-382213, Gujarat, India
Tel: +91 79 2631 3100
E-mail: [email protected]
Website: www.corrtech.in
Registrar
Link Intime India Private Limited
C-101, 1st Floor, 247 Park, Lal Bhadur Shastri Marg
Vikhroli (West), Mumbai 400 083
Maharashtra, India
Telephone: +91 22 49186200
Email: [email protected]
Website: www.linkintime.co.in
Lead Manager(s)
- Equirus Capital Private Limited
We hope we are able to answer all your questions about Corrtech International IPO. If you don’t have a Demat account, open it now with Zerodha best trading app of India.
Disclaimer
The reference of IPO Grey Market Premium (IPO GMP) is only valid for the date specified in the header.
On the IPO Grey Market, we do not purchase or sell IPO forms.
The Kostak Rate is the profit earned by selling an IPO application (in an off-market transaction) to somebody else before the issue is allotted or listed.
Do not subscribe to an IPO based solely on the premium price, as it may alter at any time before to the listing. Only consider the fundamentals of the companies when subscribing.
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Note:
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FAQ
Corrtech IPO Opening Date?
Corrtech IPO will open in September 2023.
Corrtech IPO Listing Date?
Corrtech IPO will list in September 2023.
Corrtech IPO GMP Today?
Corrtech International IPO Grey Market Premium is INR 0 .
Corrtech IPO Allotment Date?
Corrtech IPO basis of allotment will be in September 2023.
Lot size for Corrtech IPO?
Lot size for Corrtech IPO is 0.
