Mahickra Chemicals Limited IPO
Mahickra Chemicals Limited IPO
Mahickra Chemicals Limited is engaged in the business of manufacturing and trading of Reactive Dyes. The company manufactures 40 various types of Reactive Dyes. The products of the company cater to textiles & garments manufacturers. It also offers specialty performance chemicals to the Textile Dyeing and printing industry.
Mahickra has a production capacity of approx. 900 tons per annum. The manufacturing facility of the company is situated at Vatva GIDC in Gujarat. The facility is spread over 2 storeyed 700 sq. meters in area. It is an ISO 9001:2015, ISO 14001:2015 and GOTS certified company. The company had 18 employees on its payroll as on 31st January 2018.
Objects of the Mahickra Chemicals Limited IPO:
Mahickra Chemicals Limited IPO
are: 1. Funding the working capital requirements of the Company; 2. General Corporate PurposesMahickra Chemicals Limited IPO Details:
| Open Date: | Apr 16 2018 |
| Close Date: | Apr 18 2018 |
| Total Shares: | 2,100,000 |
| Face Value: | ₹ 10 Per Equity Share |
| Issue Type: | Book Built Issue IPO |
| Issue Size: | 5.25 Cr. |
| Lot Size: | 6000 Shares |
| Issue Price: | ₹ 24-25 Per Equity Share |
| Listing At: | NSE Emerge |
| Listing Date: | Apr 26 2018 |
Promoters And Management:
(i) Miteshkumar Champaklal Gandhi, aged 46 years, is Promoter, Chairman & Managing Director of our company. He has been an Executive Director of the Company from November 13, 2017 and thereafter has been designated as Chairman of the Company from December 18, 2017 and as Managing Director of the Company from December 20, 2017. He holds a Bachelor’s degree in n Engineering in chemical branch from Gujarat University and has a rather knowledge in chemical industry and is presently looking after sales, Page 150 of 327 marketing, production and quality control department in company. He is guiding force behind all the corporate decisions of the company.
(ii) Ashishkumar Champaklal Gandhi, aged 45 years, is the Promoter & Whole Time Director of our Company. He has been an Executive Director of the Company from November 13, 2017 and thereafter has been designated Whole-time Director of the Company from December 20, 2017. He holds a Bachelor’s degree in Engineering in electrical branch from Sardar Patel University, Gujarat. He currently looks after finance, exports, administration and accounting department in the company. (iii) Komal Mitesh Gandhi, aged 45 years, is the Promoter & Whole Time Director of our Company. She has been an Executive Director of the Company from November 13, 2017 and thereafter has been designated Whole-time Director of the Company from January 02, 2018. She holds Diploma in Banking from Technical Examination Board, Gujarat and also holds Bachelor’s degree in Commerce from Gujarat UniversityCapital Structure:
| (i) Authorized Share Capital ( 80,00,000 shares at FV@10) | 8 cr |
| (ii) Issued, Subscribed,& Paid-up Share Capital Before Issue (51,34,160 Shares at FV@10) | 5.1341 cr |
| (iii) Present Issue (21,00,000 Shares at FV@10) | 2.1 cr |
| (iv) Reservation for Market Maker (1,08,000 Shares at FV@10) | 10.80 lac |
| (v) Net Issue to Public (21,00,000-1,08,000= 19,92,000Shares) | 1.992 cr |
| (vi) QIB & HNI Quota-9,96,000 | 50% |
| (vii) Retail Quota- 9,96,000 | 50% |
| (viii) Paid Up Share Capital after the issue | 7.4141 cr |
Financials of Mahickra Chemicals Limited IPO:
| 1. Balance Sheet Snippet[ Financials as on Dec 2017] | |
| (i) Shareholders’ Fund[Equity] Value | 659.37 lakhs |
| (ii) Asset | 3028.02 lakhs |
| (iii) Liability | 2368.62 lakhs |
| (iv) Debt/Equity[<1 ideal] | 3.59(high) |
| (v) Net Worth(Asset- Liability) | 659.37 lakhs |
| (vi) RONW(PAT/Net Worth) | 5.43%(low) |
| (vii) P/B(post issue)[<5 ideal] | 2.74(reasonable) |
| 3. Cash Flow Statement(all figures in lakhs) | |||||
| Particulars | FY17 | FY16 | FY15 | FY14 | FY13 |
| (i) Net Cash Generated from Operation | -19.8 | 7.67 | 73.46 | -172.34 | 21.05 |
| (ii) Net Cash Generated from Investment | -7.77 | -8.46 | -17.59 | -8.85 | 0.12 |
| (iii) Net Cash Generated from Financing Activity | 45.66 | -6.63 | 21.4 | 180.78 | -21.3 |
| (iv) Total[ (i)+(ii)+(iii) ] | 18.09 | -7.42 | 77.27 | -0.41 | -0.13 |
| (v) Cash and Cash Equivalents at the Beginning of the Year | 70.13 | 77.56 | 0.28 | 0.69 | 0.82 |
| (vi) Cash and Cash Equivalents at the end of the Year | 88.22 | 70.14 | 77.55 | 0.28 | 0.69 |
Comparison With Peers:
| Sr.No | Name of the Company | FV | EPS | PE | RONW(%) |
| 1 | Mahickra Chemicals Limited | 10 | 0.67 | 37 | 5 |
| 2 | Aksharchem (India) Limited | 10 | 71 | 8.74 | 38.79 |
| 3 | Kiri Industries Limited | 10 | 34.2 | 15.02 | 35.33 |
| 4 | Camex Limited | 10 | 1.59 | 25.38 | 6.7 |
| 5 | Meghmani Organics Limited | 1 | 1.63 | 59.17 | 6.56 |
Recommendation on Mahickra Chemicals Limited IPO:
Mahickra Chemicals Limited IPO
from our side is:Lead Manager of Mahickra Chemicals Limited IPO:
Registrar of Mahickra Chemicals Limited IPO:
Company Address:
Bid Details of Mahickra Chemicals Limited IPO as on
18-Apr-2018 18:00:00 IST
| Category | No.of shares offered | No. of shares bid |
|---|---|---|
| 1,050,000 | 22,374,000 | |
| 1,050,000 | 33,636,000 | |
| - | - | |
| 2,100,000 | 56,010,000 |
| QIBs | Yes |
| QIBs+HNIs Subscription | 21.31X |
| Retail Subscription | 32.03X |
| Total Subscription | 26.67X |
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