Sungarner Energies Limited IPO

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i. Sungarner Energies is one of the leading technology and manufacturing company for power conditioning and storage products. The Company leadership team consists of various accomplished professionals either as KMP, directors or employees besides the promoters and who have collective experience of more than 100 years in the field of solar energy.

ii. Sungarner Energies Limited produces lead acid batteries of varying capacities in the range from 12 Volts 40 ampere-hour to 12 volts 300 ampere-hours. Today SunGarner Products are available through its Distributors in To be successful in Lead acid batteries business apart from quality product distribution & Brand recognition is the backbone for growth in revenue. They have already established distribution network in some of the key markets like Haryana, UP, Bihar, Rajasthan, and Assam. SunGarner Today has 6 (six) service Centres in India – Delhi, UP Haryana, Bihar Assam, Bengal. SunGarner is in the process in expanding it’s footprint further by appointing additional 500 Franchisee to cover all major Districts of India by end of 2025. Also, SunGarner has also started exports in last 2 years and has exported its products to Nigeria, Lebanon, Nepal, Dubai and Bhutan.

iii. SunGarner Solar EPC Division has till date commissioned more than 50 (fifty) large Solar Projects in last 8 years. Some of the prestigious projects that we have commissioned are for customers like Interglobe Enterprises, DLF, Jubilant Life Sciences, Eli Lilly, Modi Xerox, V N Dyers and Textiles, The ITC Hotels Delhi, The India Thermit Nagpur, Sarovar Portico Lucknow, Satyam Hospital Ludhiana, Dayawati Modi School Rampur to name a few. Further, we have also forayed into international projects by installing the largest solar power project in Bhutan in 2021.

iv. They are also an integrated solar energy solutions provider offering engineering, procurement and construction (“EPC”) services to their customers. They strive to deliver reliable solar solutions through innovative products, and they achieve this majorly through the specialized high efficiency PV module manufacturing line and comprehensive EPC solutions.

Some of these projects are:

i. Project “India Thermit Corporation LTD” Maharashtra, 50 kwp
ii. Project “Rubessa” Bhutan
iii. Project “Modi Group” Rampur (U.P.)
iv. Project “Palcero International Pvt Ltd” Haryana, 300 KW
v. Project “V N Dyers & Processors” Gorakhpur, 1.2 MW
vi. Project “Applies Solar Technology (Jubliant Site)” Greater Noida, 60kw

Competitive Strengths

i. Experienced Management Team
ii. Quality Assurance and Standards
iii. Cordial Relationships with our Suppliers
iv. Improving operational efficiencies

Objects of the Sungarner Energies Limited IPO:

The Company proposes to utilize the funds which are being raised towards funding the following objects and achieve the benefits of listing on the Emerge Platform of NSE. The objects of the Issue are:- 1. To meet out the Working Capital requirements of the Company; 2. To meet out the General Corporate Purposes; and 3. To meet out the Issue Expenses.
DRHP of Sungarner Energies Limited IPO
RHP of Sungarner Energies Limited IPO

Sungarner Energies Limited IPO Details:

Open Date: Aug 21 2023
Close Date: Aug 23 2023
Total Shares: 640,000
Face Value: ₹ 10 Per Equity Share
Issue Size: 5.30 Cr.
Lot Size: 1600 Shares
Issue Price: ₹ 83 Per Equity Share
Listing At: NSE Emerge
Listing Date: Aug 31 2023

Promoters And Management:

Mr. Sumit Tiwari aged 41 years, Managing Director and the Founder of the Company. He appointed as Managing Director of the Company for 5 years w.e.f. January 01, 2023. He has more than 18 Years of experience in the Electrical & Electronics domain, and he has engaged with companies like Tata BP Solar, Emerson Network Power & Delta. Mrs. Snigdha Tiwari, aged 38 years, is the Director of the Company. She has been appointed as Director on 06/06/2019. She holds a degree of postgraduate in pharmacy from APJ Abdul Kalam University. She has more than 15 years of experience in the Marketing and Branding. In the past, she has served in Data View System, Sunderdeep Group and Anmol Pharmaceutical Mr. Amit Tiwari, aged 46 years, is the Non-Executive Director of the Company. He has been appointed as nonexecutive director since 10/09/2022. He is an IIT-IIM graduate, having over 22 years of experience across multiple industries including in the senior management for last 14 years. He is also an active seed stage investor and through his professional & investing experience, we have exposure to more than 10 industries. He advises on and is considered a launch & turnaround specialist.

Financials of Sungarner Energies Limited IPO:

 
Particulars (in Lakh) FY21 FY22 FY23
Revenue 536 798 1765
Cost of Material Consumed 331 399 1054
Change in Inventory 0 -25 -33
Employee Benefit Expenses 108 189 278
Other Expenses 60 136 308
EBITDA 37 98 159
PAT 16 58 74
OPM 7% 12% 9%
NPM 3% 7% 4%
EPS 1 2 3

Comparison With Peers:

Company has shown Insolation Energy, and V Guard Ind. However, the size and scale of Sungarner Energies is very small as compared to above two peers. So, we should not make any comparison at this point.

Recommendation on Sungarner Energies Limited IPO:

Review and Recommendation of Sungarner Energies by IZ team is 5/10

Lead Manager of Sungarner Energies Limited IPO:

  1. Fast Track Finsec Private Limited

Registrar of Sungarner Energies Limited IPO:

  1. Skyline Financial Services Private Ltd

Company Address:

1/5322, S/F, Plot No. 19A, Gali No.13, Balbir Nagar Ext., New Delhi- 110032, India

Discussion on Sungarner Energies Limited IPO:

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