Maximus International Ltd IPO

Closed DRHP

Subscription Details

  • Open Date 17 Mar
  • Close Date 22 Mar
  • Lot Size 6000
  • IPO Size ₹ 3.77 Cr
  • IPO Price Range ₹ 25
  • Min Investment ₹ 150000

Maximus International Ltd IPO Timeline

Open Date
17 Mar
Close Date
22 Mar
Basis of Allotment
-
Refunds
-
Credit to Demat Account
-
Listing Date
-

IPO Synopsis

IPO Synopsis
Maximus International has filed its preliminary papers with SEBI to raise funds via an initial public offer. The offer comprises of an issue of equity shares worth Rs. 2,700 lakhs with face value of Rs. 10.
The company is promoted by Optimus Finance Limited.
Aryaman Financial Services Limited is the sole book lead manager for the issue.


Objective of the Issue
The net proceeds of the Issue will be utilised towards:
1.    funding working capital requirements 
2.    general corporate purposes
 

About Maximus International Ltd

Maximus International Limited, incorporated on December 22, 2015 in Ahmedabad, is a manufacturer, importer and exporter of lubricants, different types of base oils and other petro-chemical products used mainly in industries such as automotive, metal working, refrigeration, electrical, and paint. 
The company has also started trading in plastic additives used for master batches. The trading business model does not require to take physical delivery of the goods imported and exported by the firm. The firm imports on the basis of customer specific requirement and the same is transported directly from the supplier to the customer. This model requires minimum regulatory clearances, saves considerable resources due to less compliance with various regulators, reduces the time of delivery to customers giving advantage to negotiate better prices with them and save on the inventory costs and related overheads
On a standalone basis, it is primarily a merchant exporter and sourcing company. The consolidated manufacturing capacity for lubricants and specialty oils/chemicals is 18,000 KL p.a.
The company has two wholly owned subsidiaries namely: 
(1)    Maximus Global FZE (Sharjah, UAE) 
(2)    MX Africa Limited (Nairobi, Kenya)
These have production facilities, engaged in manufacturing of lubricants, various base oils and chemical products through the two-step down subsidiaries namely:
(1)    Maximus Lubricants LLC, a subsidiary of Maximus Global FZE (Sharjah, UAE) 
(2)    Quantum Lubricants (E.A.) Limited, a subsidiary of MX Africa Limited (Nairobi, Kenya).
 

Financials

 

Particulars (in Rs. Crores)

FY21

FY20

FY19

Revenue

52.47

30.74

57.25

EBITDA

6.37

4.25

3.99

PAT

3.53

2.71

1.87

EPS (basic in Rs.)

2.48

1.99

1.48

ROE

14.68%

12.95%

11.34%

 

Particulars (in Rs. Crores)

FY21

FY20

FY19

Total Assets

46.36

42.52

22.39

Share Capital

12.57

12.57

12.57

Total Borrowings

6.47

5.06

1.44

 

Particulars (in Rs. Crores)

FY21

FY20

FY19

Net cash generated from / (used in) operating activities

34.77

-47.72

15.35

Net cash from / (used in) investing activities

-21.80

-26.97

-8.69

Net cash flow from / (used in) financing activities

-12.50

73.84

-5.66

Net increase (decrease) in cash and cash equivalents

0.46

-0.85

1.00

 

Peer Comparison

 

Name of the company

Basic EPS

NAV Rs. per share

PE

RoNW %

Maximus International Limited

2.48

16.87

NA

14.68%

Gulf Oil Lubricants India Limited

39.86

172.81

16.29

23.01%

Tide Water Oil (India) Limited

415.8

2,113.64

7.52

19.19%

Petronet LNG Limited

19.59

78.71

11.14

24.89%

Confidence Petroleum India Limited

1.74

18.78

36.09

9.28%

Castrol India Limited

5.89

14.3

23.48

41.22%

Savita Oil Technologies Limited

159.16

775.69

9.3

20.51%


The key points are- 

Key Points

  • Strengths

    1.    Wide range of products in lubricants
    2.    Well established client relationship
    3.    Existing International Trade Relations
    4.    Entry Barriers in region of the trade
    5.    Robust Supply Chain and Quality Verified Products
     

  • Risks

    1.    There are outstanding litigation proceedings filed by the company and promoter
    2.    Relies on a limited number of customers for a portion of revenue from operations
    3.    Any slowdown or shutdown in manufacturing operations, or under-utilization at its existing manufacturing facility for the various products
    4.    Any change in the buying pattern of customers in East African region, Middle East and few areas in Southeast Asia, their nation’s policy and business framework could affect major revenues
    5.    Have not entered into any long-term agreements with suppliers for procuring the raw materials and neither with customers.
    6.    Registered Office and manufacturing facility are not owned by the company
     

How to apply for an IPO?

  • Login to your 5paisa account and select the issue in the current IPO section

  • Enter the number of lots and price at which you wish to apply for

  • Enter your UPI ID and click on submit. With this, your bid will be placed with the exchange

  • You will receive a mandate notification to block funds in your UPI app

  • Approve the mandate request on your UPI and funds will be blocked

Contact Details of Maximus International Ltd IPO

Contact Information

Address

504A OZone Vadi-Wadi,
Dr Vikram Sarabhai Marg,
Vadodara, Gujarat 390003

Maximus International Ltd IPO Lead Manager

Aryaman Financial Services Ltd

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