Naman In-Store (India) Limited IPO

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The company presents itself as a leader in the design, manufacture, and supply of display and retail furniture and fixtures, servicing a diverse range of industries and retail stores with customized solutions. Specializing in modular furniture for offices, beauty stores, low-housing kitchens, educational institutions, and supermarket shelving, the company stands out for its comprehensive approach to project execution. This one-stop solution ethos extends across various retail and industrial sectors, with all engineering and shop drawing tasks handled in-house, ensuring a seamless, integrated service delivery.

At the core of your offerings are customized in-store furniture and fixtures crafted from wood, metal, and plastic. This includes kiosks, full shops, Countertop Units (CTUs), Countertop Display Units (CDUs), and Point of Sales Merchandising (POSM) solutions, all designed to enhance the visual appeal and functionality of retail spaces. Operating on a B2B model, your company has successfully catered to around 32 retail customers and their franchises, alongside 4 industrial clients, as of September 30, 2023. This client base is indicative of your ability to meet diverse needs across various geographies, industry verticals, and service offerings, underpinned by a deep understanding of customer needs, market trends, and the provision of value-driven products.

The company’s manufacturing prowess is centralized in its Vasai, Maharashtra facility, which spans approximately 141,687 Sq. Ft., equipped with advanced manufacturing equipment and a design facility capable of producing a wide range of product sizes and combinations to meet client specifications. This capability is complemented by two additional warehouses in Kaman, Maharashtra, and one in Bengaluru, facilitating efficient logistics and distribution.

Expanding beyond the Indian market, the company has ventured into the international arena, securing export orders in the USA, which signifies a strategic move towards global presence and recognition. This expansion is supported by a foundation laid by the company’s promoters, Mr. Raju Paleja and Ms. Bhavika Paleja, whose vision and industry experience have been pivotal in steering the company’s growth and innovation. With a strong management team and a workforce of 491 employees as of September 30, 2023, the company is well-positioned to continue its trajectory of growth, innovation, and excellence in the display and retail furniture and fixtures industry.

Objects of the Naman In-Store (India) Limited IPO:

The company intends to utilize the proceeds of the Issue to meet the following objectives: i. Funding capital expenditure of the company to acquire land on a leasehold basis at Butibori, MIDC, and proposes to shift the company's existing manufacturing facilities. ii. Construction of factory building. iii. General Corporate Purposes.
DRHP of Naman In-Store (India) Limited IPO
RHP of Naman In-Store (India) Limited IPO

Naman In-Store (India) Limited IPO Details:

Open Date: Mar 22 2024
Close Date: Mar 27 2024
Total Shares: 2,848,000
Face Value: ₹ 10 Per Equity Share
Issue Size: 25.35 Cr.
Lot Size: 1600 Shares
Issue Price: ₹ 84 - 89 Per Equity Share
Listing At: NSE Emerge
Listing Date: Apr 01 2024

Promoters And Management:

Mr. Raju Paleja is the Founder Promoter, Chairman and Managing Director of the Company. He has been a Director since incorporation of the Company i.e., July 23, 2010. He holds a Bachelor of Science degree from University of Mumbai. He has more than 24 years of experience in similar industry. He is responsible for providing overall guidance and vision in development of new factory unit and taking decisions in day to day business activities of the Company. Mr. Jay Shah is one of the Promoters and Whole Time Director of the Company. He has been appointed as a director of the company since September 25, 2020. He has completed higher secondary education. He has all over 19 years of experience in manufacturing of metal and wooden fixtures. He is Production head of the company. Mr. Mehul Naik is one of the promoters & Whole Time Director of the Company. He was appointed as a director of the company since September 25, 2020. He has completed the certificate course in Mechanical Drafting and Estimating in the year 1994 from R B Patel Technical Institute Satem. He has more than 26 years of overall experience in Marketing and Sales field. He heads Sales and Marketing Department of the company. and responsible for sales and marketing strategies.

Financials of Naman In-Store (India) Limited IPO:

Particulars ( In Lakhs )
2021
2022
2023
6M-FY24
Revenue from Operations 1,338 5,099 14,985 7,922
Other Income 3 10 9 8
Total Revenue 1,341 5,109 14,994 7,930
Cost of materials consumed 863 3,874 9,833 5,017
Changes in inventory -281 -526 -113 -944
Employees Benefit Expenses 195 300 655 441
Other Expenses 488 1,170 3,546 2,175
EBITDA 77 291 1,073 1,241
Depreciation & Amortisation 33 149 228 171
Finance cost 34 113 313 193
EBIT 43 142 846 1,070
OPM (%) 5.73% 5.69% 7.16% 15.65%
PBT 10 29 532 877
Tax 5 7 151 258
PAT 5 21 382 619
NPM (%) 0.38% 0.42% 2.55% 7.80%
No.of Shares 105.48 105.48 105.48 105.48
EPS 0.04 0.20 3.61 5.86

Comparison With Peers:

Note :- There are no listed companies in India that engage in a business that is similar to this Company.

Recommendation on Naman In-Store (India) Limited IPO:

Review and Recommendation of Naman In-Store (India) by team IZ is 4/10. 1. Naman In-Store (India) Limited is at the forefront of the display and retail furniture and fixtures industry, offering an expansive range of in-store solutions across various sectors. Their expertise encompasses the design, manufacturing, and execution of modular furniture for a multitude of applications, including offices, beauty stores, low-cost housing kitchens, educational institutions, and supermarket shelving solutions. 2. Their B2B model is tailored to meet the bespoke needs of their clients, providing customized, quality products designed to enhance the functionality and aesthetic appeal of retail spaces. 3. Specialization and Services :- Their specialization in turnkey project execution sets them apart, offering comprehensive solutions from engineering to shop drawing, all under one roof. They cater to a wide array of needs with their in-store customized furniture and fixtures, leveraging materials like wood, metal, and plastic. Their offerings include kiosks, full shops, Countertop Units (CTU), Countertop Display Units (CDU), and Point of Sales Merchandising (POSM), among others. 4. Clientele and Market Presence :- As of September 30, 2023, they have proudly served 32 retail customers and their franchises, alongside 4 industrial customers, showcasing their versatility and commitment to quality. Their PAN India presence is complemented by their burgeoning export activities, notably their recent ventures in the USA, which underline their global aspirations and capabilities. 5. Strategies :- i. Continue to develop customer relationship ii. Continue to recruit, retain and train qualified personnel iii. Expand their operations in the geographies where they have presence and also in other geographies. iv. Improving functional efficiency 5. Competition :- The competitive landscape in their industry is vibrant and challenging, with domestic contenders like Elemental Design and Disha Retail Fixtures, among others. The international arena presents its own challenges and opportunities, with Naman In-Store strategically positioned as a viable alternative to counterparts in China and Southeast Asia. Their focus on differentiation and innovation is key in maintaining a competitive edge, both domestically and internationally. 6. The Revenue has Increased from Rs.13 Crore in FY21 to Rs.149 Crore in FY23. 7. The EBITDA has Increased from 77 Lakhs in FY21 to 10 Crore in FY23. 8. The PAT has Increased from 5 Lakhs in FY21 to 3 Crore in FY23. 9. As per FY23, CFO/EBITDA is 1.01, As per FY24, EPS is 11.73, 10. Market Capitalization is 93 Crore & P/E is 7.58x based on FY24.

Lead Manager of Naman In-Store (India) Limited IPO:

  1. GYR CAPITAL ADVISORS PRIVATE LIMITED

Registrar of Naman In-Store (India) Limited IPO:

  1. Bigshare Services Private Limited

Company Address:

Naman In-Store (India) Limited E/13-14, Shree Sardar Patel CHSL, Patel Baug, Nehru Road, Opp Adarsh petrol pump, Vile Parle (E), Mumbai - 400057 Phone: +91-8087042862 Email: compliance@nipl.co Website: http://www.namaninstore.com/

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