Rajputana Biodiesel Limited IPO

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Rajputana Biodiesel Limited was established on November 10, 2016, as Rajputana Biodiesel Private Limited, under the Companies Act, 2013. It was converted into a public limited company on July 8, 2024, following a special resolution passed during an Extraordinary General Meeting on May 13, 2024. The company is registered with the Registrar of Companies, Jaipur, Rajasthan, under CIN: U74999RJ2016PLC056359.

Rajputana Biodiesel Limited focuses on the production and supply of biofuels and its by-products:
i. Biodiesel: Environmentally friendly fuel derived from renewable sources.
ii. Glycerine: A versatile by-product used in pharmaceuticals, cosmetics, and industrial applications.
iii. Fatty Acids: Widely utilized in the manufacture of soaps, detergents, and personal care products.

The company is actively exploring opportunities to enhance the value of its by-products and plans to tap into the export market for biodiesel.

Business Model

Rajputana Biodiesel Limited operates in the renewable energy sector, focusing on:
i. Sustainability: Contributing to the global transition toward cleaner energy.
ii. Flexibility: Adapting its production process to use diverse feedstocks as per market needs.
iii. Value Addition: Maximizing revenue potential by developing high-value by-products and exploring international markets.

Strategic Goals

i. Expand Export Opportunities: Leverage the global demand for biodiesel to establish a strong presence in international markets.
ii. Enhance By-Product Utilization: Invest in R&D to add value to by-products such as glycerine and fatty acids.
iii. Sustainable Growth: Align operations with environmental standards and promote renewable energy adoption.

With a focus on innovation, sustainability, and market adaptability, Rajputana Biodiesel Limited is poised to play a significant role in the renewable energy sector, contributing to India’s commitment to cleaner fuels and reducing carbon emissions.

Objects of the Rajputana Biodiesel Limited IPO:

The Company proposes to utilize the funds that are being raised through this Issue towards the following objectives: i. Loan to the Subsidiary, Nirvaanraj Energy Private Limited at H No - 576, Sheel Kunj Ph - II, Roorkee Road, Dist. - Meerut, Meerut, Uttar Pradesh, India, 250001 (“NEPL”) for capital expenditure requirements towards the expansion of existing manufacturing facility (the “Project”); ii. Funding working capital requirements of the company; and iii. General Corporate purposes.
DRHP of Rajputana Biodiesel Limited IPO
RHP of Rajputana Biodiesel Limited IPO

Rajputana Biodiesel Limited IPO Details:

Open Date: Nov 26 2024
Close Date: Nov 28 2024
Total Shares: 1,900,000
Face Value: ₹ 10 Per Equity Share
Issue Size: 24.70 Cr.
Lot Size: 1000 Shares
Issue Price: ₹ 125 - 130 Per Equity Share
Listing At: NSE Emerge
Listing Date: Dec 03 2024

Promoters And Management:

Mr. Sarthak Soni, aged 32, is the Promoter and Managing Director of the Company. A 2013 Arts graduate in Business from the University of Durham, London, he has 7 years of experience in the biodiesel industry. His expertise spans market dynamics, strategy development, operations management, regulatory compliance, sales, and marketing. Known for his strategic vision and innovation, Mr. Soni has been instrumental in enhancing the company’s competitiveness and operational efficiency. Since inception, he has overseen finance, purchasing, and overall management. Mr. Tanay Attar, aged 32, is a Promoter and Whole-Time Director of the Company. A 2013 commerce graduate from the University of Rajasthan, he has been with the Company since its inception. With deep expertise in biodiesel market dynamics, he has optimized operations through data-driven decision-making, cost-saving strategies, and process automation, significantly boosting productivity and efficiency. His long-term vision and industry knowledge have been pivotal to the Company's growth. He oversees production, operations, and human resources. Mr. Sudeep Soni, aged 54, is the Promoter, Executive Director, and Chairman of the Company. A commerce graduate from the University of Rajasthan (1989), he joined the Company in 2017. With over 24 years of experience in real estate, 23 years in gems and jewellery, and 7 years in biodiesel, he drives risk management, strategy, and process optimization, leveraging his expertise and networking skills to shape the Company's growth and competitive edge.

Financials of Rajputana Biodiesel Limited IPO:

(In Cr.)
Particulars For 4MFY2025 FY 2023-24 FY 2022-23 FY 2021-22
Revenue 26.72 53.45 23.40 17.07
EBITDA 3.72 7.55 3.50 1.36
EBITDA Margin 13.92% 14.12% 14.95% 7.97%
PAT 3.10 4.50 1.69 0.20
PAT Margins 11.60% 8.41% 7.22% 1.17%
CFOA (0.25) (7.45) (1.16) (0.52)

Comparison With Peers:

Companies Revenue EBITDA PAT D/E Ratio MCap P/E
Rajputana Biodiesel Ltd.        (FY 2024) 53.45 Cr. 7.55 Cr. (14.12%) 4.50 Cr.  (8.41%) 1.27 91.43 Cr. 20.31
Kotyark Industries Limited (TTM) 341 Cr. 61 Cr. (18%) 29 Cr. (8.50%) 0.63 1,077 Cr. 36.70

Recommendation on Rajputana Biodiesel Limited IPO:

Review and Recommendation of Rajputana Biodiesel IPO by team IZ is 4/10.

Lead Manager of Rajputana Biodiesel Limited IPO:

  1. GYR CAPITAL ADVISORS PRIVATE LIMITED

Registrar of Rajputana Biodiesel Limited IPO:

  1. Maashitla Securities Pvt. Limited

Company Address:

Rajputana Biodiesel Limited Jaipuria Mansion Panch Batti, M.I. Road, Jaipur - 302001 Phone: +91- 9509222333 Email: cs@rajputanabiodiesel.com Website: https://rajputanabiodiesel.com/

Discussion on Rajputana Biodiesel Limited IPO:

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