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Upcoming IPOs in August 2021 - New IPOs To Be Launched

Upcoming IPOs in August 2021
by Nikita Bhoota 07/08/2021

The Indian economy is gradually picking up as lockdown restrictions are easing across various states in India. Following the trend, the stock market is also performing well. On account of such positive signs, the IPO market is gaining traction. A lot of companies are coming up with IPOs this year 2021.


Here, we have discussed the tentative list of upcoming IPOs in August 2021. This list is subject to modifications once any further updates are received from the companies or regulatory body (SEBI).

List of Upcoming IPOs in August 2021

Company Name

Issue Size (₹ cr)

Open Date

Close Date

Devyani International Ltd

1,838.0

4-Aug

6-Aug

Utkarsh Small Finance Bank

1,350.0

Yet to be announced

Windlas Biotech Pvt. Ltd.

401.5

4-Aug

6-Aug

Fincare Small Finance Bank

1,330.0

Yet to be announced

 

Yet to be announced

 

Yet to be announced

ESAF Small Finance Bank Ltd

998.0

Shriram Properties

800.0

Nuvoco Vistas Corp

5,000.0

9-Aug

11-Aug

Krsnaa Diagnostics Limited

1,213.0

4-Aug

6-Aug

Cartrade Tech Limited

2,999.0

9-Aug

11-Aug

Chemplast Sanmar Limited

3,850.0

10-Aug

12-Aug

Aptus Value Housing Finance India Limited

2,780.0

10-Aug

12-Aug

 

1. Devyani International Ltd IPO

Company Background:
It is largest franchisee of Yum Brands in India and are among the largest operators of chain quick service restaurants (“QSR”) in India (Source: Global Data Report), on a non-exclusive basis, and operate 655 stores across 155 cities in India, as of March 31, 2021. Yum! Brands Inc. operates brands such as KFC, Pizza Hut and Taco Bell brands and has presence globally with more than 50,000 restaurants in over 150 countries, as of December 31, 20201. In addition, the company has a franchisee for the Costa Coffee brand and stores in India. The business is broadly classified into three verticals that includes stores of KFC, Pizza Hut and Costa Coffee operated in India.

Devyani International IPO Details:


•    The IPO consists of fresh issue of ₹440 crore and an offer for sale of 15,53,33,330 equity shares by existing shareholders and promoters.
•    The issue opens on 4 August 2021 and closes on 6 August 2021

•    The price band of the issue is fixed at Rs 86-90 per share. The bid lot is 165 shares and in multiples thereafter.
•    The purpose is to repay all borrowings of around Rs 324 crores and for general corporate purposes.
•    The global coordinators and book running lead managers to the issue are Kotak Mahindra Capital Company Limited, CLSA India Private Limited, Edelweiss Financial Services Limited and Motilal Oswal Investment Advisors Limited.

 

2. Utkarsh Small Finance Bank IPO

Company Background:

Utkarsh Small Finance Bank provides affordable banking services - loans, accounts, deposits and investments across India.

Utkarsh Small Finance Bank IPO Details:

•    Utkarsh Small Finance Bank, is looking to raise ₹1,350 crore through IPO.
•    The IPO consists of a fresh issue of ₹750 crore and an offer for sale (OFS) of ₹600 crore by promoter Utkarsh CoreInvest.
•    The bank intends to utilise the net proceeds from IPO towards expansion of its tier-1 capital base.

 

3. Windlas Biotech Pvt. Ltd. IPO

Company Background:

Windlas Biotech is among the top five players in the domestic pharmaceutical formulations contract development and manufacturing organization (CDMO) industry in India in terms of revenue. The IPO consists of fresh issue of ₹440 crore and an offer for sale of 15,53,33,330 equity shares by existing shareholders and promoters.

Windlas Biotech IPO Details:

•    The issue opens on 4 August 2021 and closes on 6 August 2021.
•    The offer comprises of a fresh issue of shares worth₹165 crore and an offer for sale of shares of 51,42,067 equity shares by existing selling shareholders.
•    SBI Capital Markets, DAM Capital Advisors, and IIFL Securities are the BRLM to the issue.
•    The price band is fixed at ₹448-460 per equity share for the public issue. The lot size is of 30 equity shares.
•    The company proposes to utilise the net proceeds from the issue for the purchase of equipment required for capacity expansion of existing facility at Dehradun Plant, to meet working capital requirements and repaying of certain borrowings.

 

4. Fincare Small Finance Bank IPO

Company Background: 

Fincare Small Finance Bank has a suite of banking products such as savings accounts, current accounts, fixed deposits, NRI fixed deposits, recurring deposits, microloans, cash overdraft, loans against gold, loan against property, institutional finance, and two-wheeler loan.


Fincare Small Finance Bank IPO Details:

•    Fincare Small Finance Bank has filed draft papers for its initial public offering (IPO) with the Securities and Exchange Board of India (SEBI). It plans to raise  ₹1,330 crore from the primary market.
•    The IPO of Bengaluru-based microfinance company comprises a fresh issue of ₹330 crore by the bank and an offer for sale of ₹1,000 crore by promoter Fincare Business Services.
•    Book running lead managers to the issue are ICICI Securities, Axis Capital, IIFL Securities, and SBI Capital Markets.

 

5. ESAF Small Finance Bank Ltd. IPO

Company Background:

ESAF Small Finance Bank is one of the leading small finance banks in India in terms of client base size, yield on advances, net interest margin, assets under management CAGR, total deposit CAGR, loan portfolio concentration in rural and semi-urban areas and ratio of micro loan advances to gross advances.

ESAF Small Finance Bank IPO Details:

•    The company is planning to raise ₹ 998 crore through its public issue. 
•    The IPO consists of a fresh issue of Rs 800 crore and an OFS of ₹197.78 crore by existing selling shareholders.
•    The bank intends to utilise the net proceeds from IPO towards expansion of its tier-1 capital base.
•    Axis Capital, Edelweiss Financial Services, ICICI Securities and IIFL Securities are merchant bankers to the issue.

 

6. Shriram Properties:

Company Background:
Shriram Properties has a key presence in South India. It has completed various real estate projects and many projects are under construction.

Shriram Properties IPO Details:

•    The company is planning to raise ₹800 crore through its public issue.
•     The IPO consists of a fresh issue of ₹250 crore and an offer for sale of ₹ 550 crore.
•    The bank intends to utilise the net proceeds from IPO towards repayment and/ or pre-payment of debt and general corporate purposes.

 

7. Nuvoco Vistas Corp:

Company Background:

Nuvoco Vistas is the fifth largest cement company in India and the largest cement company in East India in terms of capacity. (Source: CRISIL Report). As of December 31, 2020, the company’s cement production capacity constituted approximately 4.2% of total cement capacity in India, 17% of total cement capacity in East India and 5% of total cement capacity in North India, and we are one of the leading ready-mix concrete manufacturers in India (Source: CRISIL Report).
Nuvoco Vistas Cement Plants are in the states of West Bengal, Bihar, Odisha, Chhattisgarh and Jharkhand in East India andRajasthan and Haryana in North India, while our RMX Plants are located across India. As of December 31, 2020, the Cement Plants have an installed capacity of 22.32 MMTPA.

Nuvoco Vistas IPO Details:
•    Book Running Lead Managers to the issue are ICICI Securities, Axis Capital Limited, HSBC Securities and Capital Markets (India) Private Limited and J.P. Morgan India Private Limited.
•    Nuvoco Vistas is the cement arm of the household brand Nirma Ltd.
•    The issue size of the IPO is around ₹5,000 crores of which ₹ 1,500 crores will be a fresh issue and the rest will be an offer for sale.

 

8. Krsnaa Diagnostics Limited:

Company Background:

Krsnaa Diagnostics Ltd is one of the fastest-growing diagnostic chains in India. The company offers a wide range of diagnostic services such as imaging/radiology services (X-rays, MRI, etc.), routine clinical laboratory tests, pathology, and tele-radiology services to private and public hospitals, medical colleges, and community health centres.

Krsnaa Diagnostics IPO Details:

•    The issue opens on 4 August 2021 and closes on 6 August 2021.
•    The offer comprises of a fresh issue of shares worth ₹ 400 crore and an offer for sale of shares of 9,416,377 equity shares by existing selling shareholders.
•    DAM Capital Advisors Ltd, Equirus Capital Private Ltd, IIFL Securities Ltd and JM Financial Limited are the book running lead managers to the issue.
•    The company proposes to utilise the net proceeds from the issue to finance the cost of establishing diagnostics centres at Punjab, Karnataka, Himachal Pradesh, and Maharashtra, repayment/pre-payment of firm's borrowings fully or partially and for general corporate purposes.

Also Read: Upcoming IPOs List in 2021

 

9. Cartrade Tech Limited

Company Background:

Cartrade is a multi-channel auto platform with coverage and presence across vehicle types and value-added services. They offer a variety of solutions across the automotive transaction value chain for marketing, buying, selling and financing of new and pre-owned cars, two-wheelers as well as pre-owned commercial vehicles and farm and construction equipment. Their platforms operate under several brands: CarWale, CarTrade, Shriram Automall, BikeWale, CarTrade Exchange, Adroit Auto and AutoBiz.

Cartrade Tech Limited IPO Details:

•    The issue opens on 9 August 2021 and closes on 11 August 2021.
•    The offer is an Offer for sale of upto 18,532,216 Equity Shares.
•    Citigroup Global, Kotak Mahindra Capital, Nomura Financial are the book running lead managers to the issue.
•    The price band is fixed at ₹1,585-1,618 per equity share for the public issue. The lot size is of 9 equity shares.

 

10. Chemplast Sanmar Limited:

Company Background:

Chemplast Sanmar Limited (CSL) is a specialty chemicals manufacturer in India with focus on specialty paste PVC resin and custom manufacturing of starting materials and intermediates for pharmaceutical, agro-chemical and fine chemicals sectors. CSL is the leading manufacturer of specialty paste PVC resin in India, on the basis of installed production capacity as of December 31, 2020. In addition, CSL is also the 3 rd largest manufacturer of caustic soda and the largest manufacturer of hydrogen peroxide, each in South India region, on the basis of installed production capacity as of December 31, 2020 and one of the oldest manufacturers in the chloromethanes market in India.

Chemplast Sanmar Limited IPO Details: 

•    The issue opens on 10 August 2021 and closes on 12 August 2021.
•    The offer consists of fresh issue of equity shares aggregating up to ₹1,300 Crore and Offer for sale aggregating up to ₹2,550 Crore.
•    The price band is fixed at ₹530-541per equity share for the public issue. The lot size is of 27 equity shares.
•    GCBRLMs are Axis Capital, ICICI Securities, Credit Suisse, IIFL Securities, Ambit Pvt Ltd., BOB Capital Markets, HDFC Bank. BRLMs are Indusind Bank, Yes Securities.
 

11. Aptus Value Housing Finance India Limited

Company Background: 

Aptus Value Housing Finance India Limited (Aptus) is an entirely retail focussed housing finance company primarily serving low and middle income self-employed customers in the rural and semi-urban markets of India.

Aptus Value Housing Finance IPO Details

•    The issue opens on 10 August 2021 and closes on 12 August 2021.
•    The offer consists of fresh issue of equity shares aggregating up to ₹500 Crore and Offer for sale of 64,090,695 equity shares
•    The price band is fixed at ₹346-353per equity share for the public issue. The lot size is of 42 equity shares.
•    ICICI Securities, Citigroup Global, Edelweiss Financial, Kotak Mahindra Capital are the book running lead managers to the issue.
 

Disclaimer: The above report is compiled from information available on the public platforms.


 

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Berger Paints and Hindalco Ltd – Quarterly Results

Berger Paints
09/08/2021

Berger Paints reported 93.23% growth in sales revenues for the Jun-21 quarter at Rs.1,799 crore. Net profits for the Jun-21 quarter was up 9-fold at Rs.141 crore. While COVID 2.0 has had an impact on sequential sales, the YoY growth is extremely strong. Berger’s traction comes from its focus on the decorative paints segment with emphasis on total home solutions, which promises a higher wallet share of the customer.

 

Rs in Crore

Jun-21

Jun-20

YOY

Mar-21

QOQ

Total Income (Rs cr)

₹ 1,798.49

₹ 930.76

93.23%

₹ 2,026.09

-11.23%

Net Profit (Rs cr)

₹ 140.59

₹ 15.42

811.74%

₹ 208.59

-32.60%

Diluted EPS (Rs)

₹ 1.45

₹ 0.16

 

₹ 2.15

 

Net Margins

7.82%

1.66%

 

10.30%

 

 

For the Jun-21 quarter, Berger saw sharp expansion in EBITDA with the standalone EBITDA expanding 94.5% and consolidated EBITDA expanding 159%. Higher sales ensured economies of scale and better absorption of fixed costs overheads, boosting profits. EBITDA margins were 13.3% on a consolidated basis with net margins at 7.28% in the Jun-21 quarter.

Hindalco Ltd reported 63.58% growth in sales for the Jun-21 quarter at Rs.41,358 crore. The onset of COVID 2.0 had an impact on sequential growth, but it was still positive. Net profit for the Jun-21 quarter-turned around to a record level of Rs.2,787 crore against losses of Rs-709 crore in the Jun-20 quarter. Among the verticals, Novelis grew 54% YoY, domestic aluminium showed growth of 41% while copper grew 134%. Novelis total shipments were up 26% at 973KT while Aluminium India output grew 137% at 82KT. EBITDA per ton for Novelis spurted from $327 to $570 on YoY basis.
 

Rs in Crore

Jun-21

Jun-20

YOY

Mar-21

QOQ

Total Income (Rs cr)

₹ 41,358

₹ 25,283

63.58%

₹ 40,507

2.10%

Net Profit (Rs cr)

₹ 2,787

₹ -709

N.A.

₹ 1,928

44.55%

Diluted EPS (Rs)

₹ 12.51

₹ -3.19

 

₹ 8.66

 

Net Margins

6.74%

-2.80%

 

4.76%

 

 

Hindalco EBITDA was up 188% YoY at Rs.6,790 crore, another all-time record. While the Novelis EBITDA was up 119% at $555 million, the India business reported 121% growth in EBITDA at Rs.2,513 crore. Domestic aluminium EBITDA margins stood at 37.50%. The net margins for Jun-21 quarter at 6.74% was also supported by deleveraging which improved the Net debt to EBITDA ratio from 3.83X to 2.36X.

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Nuvoco Vistas - IPO Research Note

Nuvoco
09/08/2021

Nuvoco Vistas, the cement company promoted by Karsanbhai Patel of Nirma fame, has a pedigree of 22 years in the cement business. It began by acquiring the cement businesses of Tata Steel, L&T and Raymond and recently added cement plants of Lafarge India and Emami to emerge as the fifth largest cement company in India. With an installed capacity of 22.32 MTPA, Nuvoco ranks after Ultratech, Lafarge Holcim, Shree Cements and Dalmia Cements in terms of installed cement capacity. 

However, Nuvoco is the largest cement company in the East and has 17% of the total capacity in the East and 5% capacity in the North. It ranks among the top-4 ready mix concrete manufacturers in India. Its 11 cement plants are distributed, 8 in the East and 3 in the North while it has 49 RMX plants across India. Nuvoco has seen its installed capacity double in the last 5 years. 

Nuvoco Vistas IPO Details

 

Key IPO Details

Particulars

Key IPO Dates

Particulars

Nature of issue

Book Building

Issue Opens on

09-Aug-2021

Face value of share

Rs.10 per share

Issue Closes on

11-Aug-2021

IPO Price Band

Rs.560 - Rs.570

Basis of Allotment date

17-Aug-2021

Market Lot

26 shares

Refund Initiation date

18-Aug-2021

Retail Investment limit

13 Lots (338 shares)

Credit to Demat

20-Aug-2021

Retail limit - Value

Rs.192,660

IPO Listing date

23-Aug-2021

Fresh Issue Size

Rs.1,500 crore

Pre issue promoter stake

95.24%

Offer for Sale Size

Rs.3,500 crore

Post issue promoters

71.03%

Total IPO Size

Rs.5,000 crore

Indicative valuation

Rs.20,360 crore

Listing on

BSE, NSE

HNI Quota

15%

QIB Quota

50%

Retail Quota

35%

Data Source: IPO Filings

Some of the advantages in the business model of Nuvoco Vistas are as under.
•    It is the largest cement producer in the fast-growing East India market
•    Most cement plants are located in close proximity to key markets
•    Wide distribution network of over 16,000 dealers pan India
•    Excluding the COVID months, Nuvoco had capacity utilization of above 90%
•    Its cement enjoys EBITDA/tonne of Rs.966 with a net debt/EBITDA ratio of 4.50

A quick look at the financials of Nuvoco Vistas

Over the last 3 years, Nuvoco Vistas has shown steady revenues while the EBITDA is up more than 50% over last 2 years, improving EBITDA margins by 619 bps. 
 

 

Particulars

Fiscal 2020-21

Fiscal 2019-20

Fiscal 2018-19

Net Worth

Rs.6,959.45 cr

Rs.5,414.95 cr

Rs.5,126.94 cr

Revenues

Rs.7,488.84 cr

Rs.6,793.24 cr

Rs.7,052.13 cr

EBITDA

Rs.1,494.35 cr

Rs.1,333.85 cr

Rs.971.44 cr

Net Profit / loss

Rs.(25.92) cr

Rs.249.26 cr

Rs.(26.49) cr

ROCE

4.21%

7.66%

4.30%

Data Source: Company RHP

We have considered ROCE instead of ROE as Nuvoco Vistas has made losses in FY21 and FY19. Revenues have been more or less static over the last 3 years, but the impact of increased capacities should show up in the post-COVID scenario. Also, the book value at over Rs.230 acts as a buffer for the value of the stock.

Out of the Rs.1,500 crore raised by way of fresh issue, Rs,1,350 crore will be used for pre-payment of loans and other borrowings. With net debt at Rs.6,730 crore, this debt repayment will help the company reduce leverage and also improve the net debt/EBITDA ratio and ROCE.

Investment Perspective for Nuvoco Vistas

While the company made profits in FY20, it has made small net losses in FY21 and FY19. However, if you look at Nuvoco Vistas as a macro play on cement demand, especially in East India, then the story looks a lot more compelling.

a)    The overall capacity utilization of 77.6% for cement and 83.3% for clinker is almost back to pre-COVID levels. This should facilitate better absorption of fixed costs and higher profits going ahead.

b)    Apart from being best positioned to serve markets in the East and the North, Nuvoco plants in Chhattisgarh and Rajasthan allows the company to easily serve the markets of Uttar Pradesh, Madhya Pradesh and Maharashtra.

c)    The company is gradually moving from cement manufacturing to building solutions. This is evident from their diverse product mix consisting of chemicals, adhesives, wall putty, dry plaster, cover blocks and dry concrete. This also de-risks their portfolio.

d)    Since 1999, when it took over the cement operations of Tata Steel, Nuvoco has a track record of completing and integrating cement acquisitions seamlessly into its model. That is key to future inorganic growth plans.

e)    The ready-mix-concrete business contributes Rs.1,088 crore to the top line which puts Nuvoco in the same league as leaders like Ultratech, ACC and India Cements. 

The issue price values Nuvoco at 50X FY20 earnings. That places the valuation even higher than Shree and Ultratech, the two leaders in India. However, that may not be very representative since the model of Nuvoco is still work-in-progress. Also, the gains of premium products will be evident in the coming years. Investors can look at Nuvoco IPO for its East India domination and as a macro play in infrastructure in India.

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Exxaro Tiles IPO Allotment - How to check the allotment status?

Exxaro
09/08/2021

The Rs.161.09 crore IPO of Exxaro Tiles, consisting of Rs.134.23 crore fresh issue and Rs26.86 crore OFS, was subscribed 22.58X overall at the close of bidding on 06 August. The basis of allotment will be finalized on 11 August. If you have applied for the IPO, you can check your allotment status online.

Allotment status of an IPO - What is it?
Allotment status means the number of shares allocated against number of shares applied for in an IPO. Allotment is categorised as:
IPO Allotted: when full shares allotted against applied.
IPO Partly/ partially allotted: This means less number of shares allotted against applied.
IPO Non- Allotment: No shares allotted.

What could be the reason for non-allotment are?

•    The issue price is more i.e. higher than the bid price
•    The application was not selected in the lottery process
•    Error in some of the details like pan card number, Demat Account number
•    More than one application has been submitted via the same pan card number

Also Read: How to increase the chances of IPO allotment

 

You can either check your allotment status on the BSE website or the IPO registrar, Link Intime. Here are the steps.

Checking the allotment status of Exxaro Tiles IPO on BSE website

Visit the BSE link for the IPO allotment by clicking on the link below

https://www.bseindia.com/investors/appli_check.aspx 

Once you reach the page, here are the steps to follow - 

• Under Issue Type – Select Equity Option

• Under Issue Name – Select Exxaro Tiles IPO from the drop down box

• Enter the Application Number exactly as in the acknowledge slip

• Enter the PAN (10-digit alphanumeric) number

• Once this is done, you need to click on the Captcha to verity that you are not a robot

• Finally click on the Search Button

 

The allotment status will be displayed on the screen in front of you informing about the number of stocks of Exxaro Tiles allotted to you.

Checking the allotment status of Exxaro Tiles IPO on Link Intime (Registrar to IPO)

Visit the Link Intime registrar website for IPO status by clicking on the link below:

https://linkintime.co.in/MIPO/Ipoallotment.html

This dropdown will only show the active IPOs, so once the allotment status is finalized, you can select Exxaro tiles from the drop down box.
• There are 3 options. You can either access the allotment status based on PAN, Application Number or DPID-Client ID combination.

• Select the appropriate option you want to use and enter the details (PAN / Application Number / DPID-Client ID)

• Finally, click on the Search button

 

The IPO status with number of shares allotted will be displayed on the screen.

 

Must Read: Know About IPO Application Process

 

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Devyani International IPO Allotment - How to Check the Allotment Status?

Devyani
09/08/2021

The Rs.1,838 crore IPO of Devyani International, consisting of Rs.440 crore fresh issue and Rs1,398 crore OFS, was subscribed 116.70X overall at the close of bidding on 06 August. The basis of allotment will be finalized on 11 August. If you have applied for the IPO, you can check your allotment status online. 


What exactly is the allotment status of an IPO?

Allotment status indicates the number of shares allocated against number of shares applied for in an IPO. Allotment is categorised as:

IPO Allotted: when full shares allotted against applied.
IPO Partly/ partially allotted: This means less number of shares allotted against applied.
IPO Non- Allotment: No shares allotted. 

 

What could be the reasons for non-allotment of an IPO?

•    The issue price is more i.e. higher than the bid price
•    The application was not selected in the lottery process
•    Error in some of the details like pan card number, Demat Account number
•    More than one application has been submitted via the same pan card number

 

Also Read: How to Increase the Chances of IPO Allotment


You can either check your allotment status on the BSE website or the IPO registrar, Link Intime. Here are the steps.

 

Checking the allotment status of Devyani International IPO on BSE website

Visit the BSE link for the IPO allotment by clicking on the link below

https://www.bseindia.com/investors/appli_check.aspx 


Once you reach the page, here are the steps to follow.

•  Under Issue Type – Select Equity Option
•  Under Issue Name – Select Devyani International IPO from the drop down box
•  Enter the Application Number exactly as in the acknowledge slip
•  Enter the PAN (10-digit alphanumeric) number
•  Once this is done, you need to click on the Captcha to verity that you are not a robot
•  Finally click on the Search Button

The allotment status will be displayed on the screen in front of you informing about the number of stocks of Devyani International allotted to you.

 

Checking the allotment status of Devyani International on Link Intime (Registrar to IPO)

Visit the Link Intime registrar website for IPO status by clicking on the link below:

https://linkintime.co.in/MIPO/Ipoallotment.html

This dropdown will only show the active IPOs, so once the allotment status is finalized, you can select Devyani International from the drop down box.

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Chemplast Sanmar - IPO Research Note

Chemplast Sanmar
09/08/2021

Chemplast Sanmar, a specialty chemicals manufacturer, has been in existence for last 36 years. The company is in the limelight with the global focus shifting towards India as a focal point for specialty chemicals due to export curbs in China. Globally renowned PE investor, Prem Watsa, has a stake in Chemplast Sanmar via Fairfax Holdings. 

Chemplast has a diversified specialty chemicals portfolio. The focus is largely on specialty paste PVC resin and custom manufacturing intermediates for pharma and agrochemicals. Chemplast is the dominant manufacturer of specialty paste PVC resin, with the only Indian competitor being Finolex Industries. Chemplast Sanmar is the largest producer of Hydrogen Peroxide and the third largest producer of caustic soda in South India. Chemplast is India’s oldest manufacturers of chloromethanes. Its manufacturing capacity is spread across 4 units, with 3 in Tamil Nadu and 1 in Puducherry. 

Chemplast Sanmar IPO Details
 

Key IPO Details

Particulars

Key IPO Dates

Particulars

Nature of issue

Book Building

Issue Opens on

10-Aug-2021

Face value of share

Rs.5 per share

Issue Closes on

12-Aug-2021

IPO Price Band

Rs.530 - Rs.541

Basis of Allotment date

18-Aug-2021

Market Lot

27 shares

Refund Initiation date

20-Aug-2021

Retail Investment limit

13 Lots (351 shares)

Credit to Demat

23-Aug-2021

Retail limit - Value

Rs.189,891

IPO Listing date

24-Aug-2021

Fresh Issue Size

Rs.1,300 crore

Pre issue promoter stake

100%

Offer for Sale Size

Rs.2,550 crore

Post issue promoters

54.99%

Total IPO Size

Rs.3,850 crore

Indicative valuation

Rs.8,554 crore

Listing on

BSE, NSE

HNI Quota

15%

QIB Quota

75%

Retail Quota

10%

Data Source: IPO Filings

Some of the advantages in the business model of Chemplast are as under.
•    A vertically integrated business model makes it cost effective
•    Leadership in specialty paste PVC resin, caustic soda and hydrogen peroxide
•    Revenue growth of 200% in the last one year
•    EBITDA on rising trend and above 29% in FY21
•    High entry barriers and limited competition in niche segments
•    Custom manufacturing growing at 12% and projected to sustain in future

A quick look at the financials of Chemplast Sanmar

The company took a hit due to the pandemic last year. However, operations have resumed and the manufacturing capacity utilization is back at peak levels. In FY21, Chemplast Sanmar increased its utilization of the hydrogen peroxide capacity from 21% to 42% while other products have been stable to lower. 
 

Financial Parameter

Fiscal 2020-21

Fiscal 2019-20

Fiscal 2018-19

Net Worth

Rs.(1,865.68) cr

Rs.846.03 cr

Rs.1411.53 cr

Revenues

Rs.3,798.73 cr

Rs.1,257.66 cr

Rs.1,254.34 cr

EBITDA

Rs.1,127.22 cr

Rs.254.52 cr

Rs.298.05 cr

Net Profit / loss

410.24 cr

Rs.46.13 cr

Rs.118.46 cr

Data Source: Company RHP

The profits and revenues got a boost in the latest fiscal, from revival of production and from inorganic growth. The negative net worth is due to the absorption of losses post the CCVL acquisition. Hence, RONW is not exactly comparable on sequential basis. 

The fresh issue of Rs.1,300 crore will entirely be used for early redemption of NCDs worth Rs.1,238 crore, which will reduce the leverage and improve coverage ratios of the company. However, one area to observe is the sharp reduction in promoter stake from 100% to 55%.

Investment Perspective for Chemplast Sanmar

The company surely finds itself in the right place at the right time. With a vertically integrated model and leadership in most chemicals, the company is poised to benefit from the global boom in demand for specialty chemicals.

a)    Realization per tonne in terms of revenues, in its two core chemicals of specialty paste PVR resin and suspension PVC resin, increased over the last 3 years while the realization has been falling for other chemicals during the same period.

b)    Currently, 45% of India’s demand for specialty paste PVC resins is met through imports. That leaves a huge market opportunity for Chemplast, with its virtual leadership position in specialty paste PVC resins. Custom manufacturing is growing at 12%, with India’s skilled workforce at low rates.

c)    Another key product where there is a huge 50% demand-supply gap in India is suspension PVC resin. With low per capita consumption and big growth in user industries like irrigation and urban infrastructure, this is a big opportunity.

d)    The vertically integrated model gives Chemplast better control over costs and reduces reliance on external suppliers. In situations like today, it helps them to keep input prices in check and protect margins.

e)    The IPO price discounts the latest year earnings at around 17.7X, which is lower than the peer group. However, the company must show evidence of sustaining profits in the coming years with lower volatility.

IPO Investors can look at Chemplast Sanmar as a play on the fast growing specialty chemicals space. The vertically integrated model and reasonable valuations are an added advantage. However, the sharp lowering of promoter stake may be a red flag for investors.

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