Diksha Greens Limited IPO

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(i) Diksha Green Limited was originally incorporated on July 21, 2004, in Kolkata. Diksha Green Limited is a company engaged in the business of trading of timber, wooden logs, sawn timber and manufacturing of veneer sheets.

(ii) In 2006 the company obtained Importer-Exporter code (IEC) and started importing the wooden logs and timber. It imports logs and timbers from many countries including Malaysia, Vietnam, Burma, Nigeria, Ghana, Ivory Coast, Ecuador, Salvador, Costa Rica, Solomon Island, Papua, and Guinea etc.

(iii) Diksha has a Factory located in Baidyabati, Hooghly, West Bengal. In this unit, the logs are sold in raw form as well as sawn timber. Here veneer sheets are also produced as per the customer requirements.

(iv) This year the company has decided to expand its business. It purchased a Multi-Commodity Cold Storage wherein storage facilities for fruits and vegetables are offered to traders/farmers. The company plans to involve into trading of fruits, vegetables, Dry Fruits, Egg, Fish, and Spices in future. Diksha Green has 9 employees on its payroll.

Objects of the Diksha Greens Limited IPO:

Objective of

Diksha Greens Limited IPO

are: 1. Working requirements of the company - Rs 1257 lakhs 2. Issue Expenses- Rs 75 lakhs

Diksha Greens Limited IPO Details:

Open Date: Nov 26 2018
Close Date: Nov 28 2018
Total Shares: 4,440,000
Face Value: ₹ 10 Per Equity Share
Issue Size: 13.32 Cr.
Lot Size: 4000 Shares
Issue Price: ₹ 30 Per Equity Share
Listing At: BSE SME
Listing Date: Dec 05 2018

Promoters And Management:

Promoters of Diksha Greens Limited Company are: (i) Mr. Rajesh Pirogiwal, (ii) Mrs. Sunita Pirogiwal, (iii) Ms Tanvi Pirogiwal and (iv) M/s. Rajesh Kumar Pirogiwal & Sons HUF

Financials of Diksha Greens Limited IPO:

Particulars For the year/period ended (in Rs Lacs)
30-Sep-2018 31-Mar-18 31-Mar-17 31-Mar-16 31-Mar-15
Total Assets 3,095.12 2,464.57 3,230.98 1,850.08 2,057.95
Total Revenue 1,256.07 4,182.95 5,446.68 5,422.61 5,424.85
Profit After Tax 41.45 55.05 63.78 45.99 40.33

Recommendation on Diksha Greens Limited IPO:

Review and Recommendation of Diksha Greens Limited IPO from IZ team is:3/10 [The revenue is not consistent in the last 5 years. The asking price is at P/E of 54 on FY18 earnings. The company is not generating operational cash flows.]

Lead Manager of Diksha Greens Limited IPO:

  1. Finshore Management Services Limited

Registrar of Diksha Greens Limited IPO:

  1. Cameo Corporate Services Limited

Company Address:

11 Sambhu Chaterjee Street, Jorasanko Kolkata - 700007 Phone No. 033 22198219 Email id : info@dikshagreens.com Website: www.dikshagreens.com

Bid Details of Diksha Greens Limited IPO as on
28 Nov 2018 | 11:58:03 PM

Category No.of shares offered No. of shares bid
2,108,000 4,360,000
2,108,000 144,000
224,000 224,000
4,440,000 4,728,000
QIBs Yes
QIBs+HNIs Subscription 2.07X
Retail Subscription 0.07X
Total Subscription 1.07X

Discussion on Diksha Greens Limited IPO:

    EPS post Issue
    1. Total no. of Shares= 98.67 Lakh
    2. PAT(FY18)= 55 Lakh
    3. EPS= .55
    4. P/E= 54

    LM is charging 75 lakh on 12 Cr issue is very huge. I think due to IPO drought in the market, the LMs are finding hard to survive.