Abhishek Integrations SME
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 08 Jun 2021 – 11 Jun 2021
- Listing date
- 21 Jun 2021
- Face value
- ₹10 per share
- Issue price
- ₹50 per share
- Lot size
- 3,000 shares
- Total issue size
- ₹4.95 Cr
- Market cap at offer price
- ₹15.05 Cr
- Promoter holding
- 100.00% → 67.12% pre-issue → post-issue
- ISIN
- INE0CAJ01017
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- Beeline Broking Ltd.
- Registered office
- Shop No.8-Parulnagar Shopping Centre, Nr.Bhuyangdev Cross Road, Sola Road, Ghatlodia, Gujarat
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Market maker | 54,000 | — | — |
Application size
Minimum 3,000 shares per lot, in multiples, at ₹50
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 3,000 | ₹1,50,000 |
| S-HNI (min) | 2 | 6,000 | ₹3,00,000 |
| S-HNI (max) | 6 | 18,000 | ₹9,00,000 |
| B-HNI (min) | 7 | 21,000 | ₹10,50,000 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Valuation and performance
Valuation at offer price
| Metric | Pre-issue | Post-issue |
|---|---|---|
| Market cap | — | ₹15.05 Cr |
About Abhishek Integrations SME
Abhishek Integrations Limited, incorporated on November 10, 2017, is a specialized infrastructure contractor focused on airport operations and maintenance. The company provides end-to-end solutions to the Airport Authority of India, including installation, design, commissioning, testing, implementation, management and operational support for electrical and mechanical work, fire fighting solutions, perimeter lighting, operation and maintenance of GLF/Airfield Lighting Systems, and security work. As of March 31, 2021, the company employs over 490 people and operates approximately 22 projects across multiple Indian airports including Ahmedabad, Allahabad, Aurangabad, Bhopal, Gaya, Gondia, Indore, Jabalpur, Jaipur, Jaisalmer, Madurai, Patna, Pune, Tezpur, and Vadodara, with additional projects at Port Blair for operation and maintenance. The company took over the proprietorship firm Abhishek Associates (owned by Mr. Sanjay Narbada Dubey) effective March 1, 2021. Revenue grew from ₹5.69 Lakhs in FY 2018-19 to ₹235.47 Lakhs in FY 2020-21, with profit after tax of ₹11.89 Lakhs in FY 2020-21.
Company Analysis
from RHPAbhishek Integrations Limited is a Class A Gujarat Government approved contractor engaged in developing, operating and maintaining electrical and mechanical work, fire fighting solutions, and perimeter lighting at airports in India, exclusively serving the Airport Authority of India (AAI).
Abhishek Integrations Limited, incorporated on November 10, 2017, is a specialized infrastructure contractor focused on airport operations and maintenance. The company provides end-to-end solutions to the Airport Authority of India, including installation, design, commissioning, testing, implementation, management and operational support for electrical and mechanical work, fire fighting solutions, perimeter lighting, operation and maintenance of GLF/Airfield Lighting Systems, and security work. As of March 31, 2021, the company employs over 490 people and operates approximately 22 projects across multiple Indian airports including Ahmedabad, Allahabad, Aurangabad, Bhopal, Gaya, Gondia, Indore, Jabalpur, Jaipur, Jaisalmer, Madurai, Patna, Pune, Tezpur, and Vadodara, with additional projects at Port Blair for operation and maintenance. The company took over the proprietorship firm Abhishek Associates (owned by Mr. Sanjay Narbada Dubey) effective March 1, 2021. Revenue grew from ₹5.69 Lakhs in FY 2018-19 to ₹235.47 Lakhs in FY 2020-21, with profit after tax of ₹11.89 Lakhs in FY 2020-21.
Objects of the Issue
- To Meet Incremental Working Capital Requirements ₹330.00 Lakhs p.14
- General Corporate Purpose ₹115.00 Lakhs p.14
- Public Issue Related Expenses ₹50.00 Lakhs p.14
- Incremental Working Capital Requirements ₹330.00 Lakhs p.62
- General Corporate Purpose ₹115.00 Lakhs p.61
- Public Issue Related Expenses ₹50.00 Lakhs p.61
- General Corporate Purposes
Issue Structure
- Total Issue
- ₹495.00 Lakhs
- Fresh Issue
- 990000 Equity Shares of Face Value of ₹10 each at ₹50 per share aggregating to ₹495.00 Lakhs
- Price Band
- Fixed Price of ₹50 per Equity Share
- Face Value
- ₹10 per Equity Share
Business Model
The company earns revenue through fixed-price or lump-sum contracts awarded by the Airport Authority of India for developing, operating and maintaining electrical and mechanical systems, fire fighting solutions, perimeter lighting, and airfield lighting systems at airports. Revenue is generated on a project basis through work orders from AAI, with the company also earning revenue from supply of electrical and GLF spares to AAI.
Business Segments
SWOT Analysis
- • Class A contractor status with AAI approval(p.13)
- • Exclusive focus on high-value AAI contracts across multiple airport locations(p.13)
- • End-to-end solution capability in electrical, mechanical, and fire safety systems(p.13)
- • Significant revenue growth trajectory(p.14)
- • Vast experience of 15+ years in airport electrical and mechanical work with experienced team(p.82)
- • Long-term relationships with primary client Airport Authority of India (AAI)(p.82)
- • Strong track record of timely project completion with minimal cost overruns(p.82)
- • Class A Gujarat Government approved contractor with 490+ employees(p.75)
- • Comprehensive end-to-end service offering for airport infrastructure(p.75)
- • Exclusive AAI contractor with long operational history(p.149)
- • Government-approved Class A contractor status(p.149)
- • Established promoter business foundation(p.149)
- • Diversified airport project portfolio(p.149)
- • Strong revenue growth trajectory(p.151)
- • Complete dependence on single customer (AAI) for revenues(p.19)
- • Unregistered logo with objections on trademark application(p.18)
- • Leased registered office with renewal risk(p.18)
- • High working capital intensity with significant project deposits requirement(p.20)
- • Heavy reliance on promoter for business continuity(p.22)
- • No long-term supplier agreements(p.19)
- • Negative operating cash flows in prior periods(p.25)
- • Promoter has significant control post-IPO(p.14)
- • Heavy geographic concentration in limited airport locations(p.91)
- • Sole dependence on Airport Authority of India (AAI) as exclusive client(p.75)
- • Relatively small size of operations until recently(p.91)
- • Complete customer concentration - single AAI dependency(p.154)
- • High supplier concentration risk(p.154)
- • Significant increase in working capital requirements(p.131)
- • Recent business acquisition debt burden(p.149)
- • New company status with limited track record(p.149)
- • Expansion into new geographic regions across Indian airports(p.13)
- • Growing fire safety and security awareness driving market expansion(p.13)
- • Projected fire safety equipment market growth at 8% CAGR(p.13)
- • Tender awards for supply of electrical and GLF spares expansion(p.13)
- • Use of IPO proceeds for working capital to support business expansion(p.59)
- • Government focus on infrastructure development and airport expansion(p.82)
- • India fire and safety equipment market projected to grow at 8% CAGR(p.73)
- • Expansion into new geographies and non-AAI clients(p.82)
- • Government investment of Rs. 1,69,637 crore in transport infrastructure(p.74)
- • Expansion to new AAI regions and international airports(p.149)
- • Tender-based growth for spares and AMC contracts(p.149)
- • Expansion of operation and maintenance service portfolio(p.149)
- • Growth through specialized infrastructure services(p.149)
- • Extreme dependence on AAI business creates customer concentration risk(p.19)
- • Material disruption risk from supply chain failures(p.19)
- • Project execution risks including delays and cost overruns(p.21)
- • Intense competition in infrastructure and electrical sector(p.23)
- • Regulatory and licensing compliance risks(p.19)
- • Fixed-price contract risk with limited escalation clauses(p.21)
- • Economic dependence on India with no international diversification(p.27)
- • Interest rate volatility affecting borrowing costs(p.27)
- • Labour availability and wage inflation risks(p.24)
- • COVID-19 pandemic impact on operations(p.26)
- • Increasing competition from organized players offering unrealistic prices(p.91)
- • Economic and political uncertainty affecting infrastructure investments(p.91)
- • Risk from COVID-19 pandemic impact on global and Indian economy(p.70)
- • Concentration risk with single client AAI creates dependency vulnerability(p.75)
- • Dependence on AAI contract renewals and policy changes(p.150)
- • COVID-19 pandemic impact on operations and revenues(p.150)
- • Disruptions in material and labour supply(p.150)
- • Competition from existing and potential competitors(p.150)
- • Macroeconomic and political risks(p.150)
- • Technology adaptation challenges(p.150)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Mr. Sanjay Narbada Dubey | Promoter | 94.40% | 63.36% |
| Mr. Sanjay Narbada Dubey | Promoter/Chairman and Managing Director | 94.40% | — |
| Sanjay N. Dubey | Promoter | 94.40% | — |
| Jyoti S. Dubey | Promoter Group | 5.47% | — |
Leadership
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.