Aelea Commodities
Book Building issueSME₹51 Cr issue
+73.68%
Listing gain over issue price
Issue size
₹51 Cr
1 lot at cut-off
₹1,14,000
Lot size
1,200shares
Open
12 Jul 2024
Close
16 Jul 2024
Allotment
18 Jul 2024
Listing
22 Jul 2024
Listing performance
Issue price
₹95
Listed at
₹165
Listing-day close
₹173.25
Latest price
₹129.60
Close on 23 Oct 2026
Listing gain
+73.68%
Return since issue
+36.42%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 12 Jul 2024 – 16 Jul 2024
- Listing date
- 22 Jul 2024
- Face value
- ₹10 per share
- Issue price
- ₹95 per share
- Lot size
- 1,200 shares
- Issue type
- Book Building issue
- Total issue size
- ₹51 Cr
- Market cap at offer price
- ₹193 Cr
- Promoter holding
- 86.45% → 63.66% pre-issue → post-issue
- ISIN
- INE0T3401029
- Registrar
- Maashitla Securities Pvt.Ltd.
- Lead managers
- Ekadrisht Capital Pvt.Ltd.
- Registered office
- 401 & 402, Saifee Park-2, Dr.Mascarenhas Road, Mazgaon, Maharashtra
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 15,28,800 | — | — |
| Market maker | 2,68,800 | — | — |
Application size
Minimum 1,200 shares per lot, in multiples, at ₹95
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,200 | ₹1,14,000 |
| S-HNI (min) | 2 | 2,400 | ₹2,28,000 |
| S-HNI (max) | 8 | 9,600 | ₹9,12,000 |
| B-HNI (min) | 9 | 10,800 | ₹10,26,000 |
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.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
15,28,800
Anchor portion
₹14.52 Cr
at ₹95 per share
Valuation and performance
Valuation at offer price
₹95 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 8.18 | 8.28 |
| P/E (×) | 11.61 | 11.47 |
| Price to book (×) | 2.92 | — |
| Market cap | — | ₹193 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 5.75%
- ROCE
- 5.72%
- Debt / equity
- 0.85
- PAT margin
- 10.17%
- NAV per share
- ₹32.50
- Price to book
- 2.92
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Aelea Commodities
Aelea Commodities Limited, formerly incorporated as a private limited company on November 5, 2018, was converted to a public limited company on February 28, 2024. The company is engaged in the business of processing and trade of cashew nuts and trade in other commodities such as sugar, rice, pulses and other agro products. The company conducts its operations through a manufacturing facility located in Surat, Gujarat, specifically at the Gujarat Agro Infrastructure Mega Food Park. For the period ended December 31, 2023, the company generated revenue of ₹8,420.48 lakhs from operations on a standalone basis, with cashew constituting 66.50% of total revenue, followed by sugar at 27.32%, rice at 3.93%, and other agro products at 2.25%.
Company Analysis
from DRHPAelea Commodities Limited processes and trades cashew nuts and agro commodities including sugar, rice, and pulses across multiple industry segments.
Aelea Commodities Limited, formerly incorporated as a private limited company on November 5, 2018, was converted to a public limited company on February 28, 2024. The company is engaged in the business of processing and trade of cashew nuts and trade in other commodities such as sugar, rice, pulses and other agro products. The company conducts its operations through a manufacturing facility located in Surat, Gujarat, specifically at the Gujarat Agro Infrastructure Mega Food Park. For the period ended December 31, 2023, the company generated revenue of ₹8,420.48 lakhs from operations on a standalone basis, with cashew constituting 66.50% of total revenue, followed by sugar at 27.32%, rice at 3.93%, and other agro products at 2.25%.
cashew processingcommodity tradingagro-commoditiessugar tradingrice tradingpulses trading
Objects of the Issue
- Setting up of new manufacturing unit and Installation of Plant & Machinery thereon ₹3,116.48 lakhs p.19
- Funding of capital expenditure requirements of our Company towards Plant & Machinery and installation cost thereon ₹591.66 lakhs p.19
- General Corporate Purposes p.19
- Setting up of new manufacturing unit and Installation of Plant & Machinery thereon ₹2,553.33 Lakhs p.85
- Purchase of Plant and Machinery at existing manufacturing unit ₹591.66 Lakhs p.85
- General Corporate Purposes p.85
- Expanding the capacity of existing cashew processing unit and setting up of new processing unit by installing new machinery and plant & machineries at a new location in Surat, Gujarat to increase installed capacity and venture into processing Cashew Nut Shell into Cashew Nut Shell Liquid (CNSL) p.121
- Not specified in this document excerpt
Issue Structure
- Total Issue
- Up to ₹[●] Lakhs
- Fresh Issue
- Issue of upto 55,00,000 equity shares upto ₹[●] Lakhs
- Offer for Sale
- Nil
- Price Band
- ₹[●] per Equity Share (Floor Price) to ₹[●] per Equity Share (Cap Price)
- Lot Size
- [●] Equity Shares and in multiples of [●] Equity Shares thereafter
- Face Value
- ₹10/- each
Business Model
The company earns revenue through processing and trading of cashew nuts and other commodities. Revenue from operations is generated by selling processed cashew nuts and trading in sugar, rice, pulses and other agro products. The company sources raw materials from suppliers and processes them at its manufacturing facility for sale to customers.
Business Segments
Processing and trade of cashew nuts including raw cashew nut processing through cleaning, boiling, cooling, de-shelling, drying, moistening, peeling, sorting and grading
Trading in sugar commodities
Trading in rice commodities
Trading in other agro products including pulses and other agricultural commodities
Processing of Raw Cashew Nuts into edible cashew kernels, which represent less than 25% by weight of Raw Cashew Nuts
Processing of Cashew Nut Shell byproducts into Cashew Nut Shell Liquid (CNSL), which has applications in automotive, pharmaceuticals, and chemicals industries
Processing of Raw Cashew Nuts (RCN) into cashew kernels through roasting, shelling, peeling, drying, grading and packing. Products include plain cashew and roasted & salted cashew kernels.
Trading of sugar, pulses, soybean, rice, wheat flour and other agro/commodity products through B2B channels. Company sources and supplies these commodities to industrial clients and modern trade partners.
Manufacturing and sale of processed cashew and other manufactured products in domestic market
Trading of agri-commodities including sugar, bagasse, cashew, pulses and other traded goods in domestic market
Export of manufactured cashew and processed products
Export of traded agri-commodities
Provision of transportation services
Commission earned on commodity trading transactions
Processing of raw cashew nuts into edible cashew kernels and planned processing into Cashew Nut Shell Liquid (CNSL), Cardanol, Residol, and Bio Charcoal
Trading of raw cashew nuts, sugar, pulses, soybean, rice, wheat flour and other agri-commodities
Export of processed cashew kernels
Export of raw and processed cashew nuts and other traded commodities
Transportation and processing services
Commission income and other operating revenue
SWOT Analysis
Strengths
- • Experienced promoters and management team with established operations(p.98)
- • Strong existing client relationships in cashew processing(p.98)
- • High utilization of existing manufacturing capacity at 95%(p.93)
- • Diversification into value-added products through CNSL processing(p.93)
- • Quality service and well-established systems and procedures(p.98)
- • Experienced promoters with deep industry knowledge in commodity trading(p.132)
- • Strong existing customer relationships and repeat business(p.132)
- • High capacity utilization demonstrating operational efficiency(p.133)
- • Quality control systems ensuring product consistency(p.140)
- • Well-established infrastructure and manufacturing facility(p.132)
- • Diversified product portfolio beyond cashews(p.118)
- • Established board governance structure with qualified directors(p.169)
- • Comprehensive policy framework for corporate governance and compliance(p.166)
- • Qualified and experienced key managerial personnel(p.170)
- • Experienced senior management personnel in operations(p.174)
- • Established cashew processing facility with 40 MT/Day capacity utilization(p.286)
- • Diversified commodity trading across multiple agro-products(p.285)
- • Established subsidiary operations in Dubai for international reach(p.285)
- • Dual operational model (B2B and B2C) enabling market penetration(p.285)
- • Strategic positioning in high-value processing with CNSL expansion plans(p.286)
- • Improved profitability and EBITDA margins in recent period(p.196)
Weaknesses
- • Discrepancies in financial reporting and delayed filing of statutory returns(p.33)
- • Non-consolidation of foreign subsidiary financials(p.33)
- • Multiple statutory compliance violations(p.34)
- • Violation of preferential allotment provisions(p.34)
- • Business commencement before regulatory filing(p.34)
- • Outstanding litigation against the company(p.30)
- • Concentration in single manufacturing location(p.35)
- • Negative operating cash flows in multiple years(p.42)
- • Heavy reliance on debt financing with significant short-term borrowings(p.55)
- • Limited cash position relative to operational needs(p.55)
- • Management estimates for fund requirements lack independent appraisal(p.48)
- • Risk of employee misconduct and trading errors(p.48)
- • Operational reliance on unplaced machinery orders with no firm agreements(p.86)
- • High debt-to-equity ratio indicating elevated financial leverage(p.131)
- • Significant working capital concentration from raw material imports(p.153)
- • Current ratio below 1.1 on standalone basis indicating liquidity concerns(p.131)
- • High dependence on a few major customers(p.130)
- • Limited track record with variable profitability(p.131)
- • Single manufacturing facility creating operational concentration risk(p.133)
- • High leverage with significant short-term borrowings(p.199)
- • Concentrated promoter shareholding creating control risk(p.176)
- • Limited cash and bank balances relative to operational needs(p.199)
- • Weak liquidity position with working capital constraints(p.200)
- • Significant trade receivables with aging issues(p.223)
- • High debt-to-equity ratio indicating financial leverage(p.196)
- • Significant working capital requirements for raw material imports(p.285)
- • Volatile profitability with sharp decline in FY2023 despite revenue growth(p.296)
- • Trade receivables aging with concentration risk(p.267)
- • Concentrated customer base domestically and internationally(p.286)
- • Outstanding loan obligation to Aelea Commodities Private Limited with delayed repayment and ongoing litigation(p.300)
Opportunities
- • Capacity expansion from 40 MT/Day to 140 MT/Day in cashew processing(p.93)
- • Entry into high-value CNSL derivatives production (Cardanol, Residol, Bio Charcoal)(p.94)
- • Proximity of new manufacturing facility to existing processing plant reduces distribution costs(p.87)
- • Growing demand for sustainable CNSL applications across automotive and pharmaceutical industries(p.94)
- • Enhanced market visibility and brand image through listing on BSE SME Platform(p.85)
- • Expansion of manufacturing capacity to capitalize on rising cashew demand(p.133)
- • Diversification into value-added CNSL and derivative products(p.119)
- • Growth in Asian cashew consumption and market expansion(p.113)
- • Market penetration through e-commerce and branded distribution(p.134)
- • Geographic expansion into new domestic and international markets(p.133)
- • Increasing global demand for plant-based and healthy snack alternatives(p.112)
- • Expansion of manufactured products segment(p.225)
- • Development of international export markets(p.225)
- • Growth in service revenue generation(p.225)
- • Planned capacity expansion from 40 MT/Day to 140 MT/Day(p.286)
- • Diversification into high-value CNSL products with multi-industry applications(p.286)
- • Planned development of Cardanol and Bio Charcoal products(p.286)
- • Growing domestic and export market demand for cashew products(p.286)
- • Waste minimization and sustainability-driven market positioning(p.286)
Threats
- • Dependency on top ten customers for 44.17% of revenue(p.34)
- • Reliance on top ten suppliers for 74.33% of raw material purchases(p.34)
- • Commodity price volatility(p.35)
- • Exposure to raw material cost fluctuations(p.40)
- • Seasonal dependency of raw material procurement(p.38)
- • Manufacturing risk and operational shutdown potential(p.31)
- • Product quality and breakage risk in cashew processing(p.35)
- • Competition from domestic and multinational corporations(p.39)
- • Regulatory and licensing dependencies(p.39)
- • Volatility in global and Indian capital markets affecting share price(p.48)
- • Regulatory changes impacting the cashew processing industry(p.48)
- • Inflation impacting input costs and reducing profit margins(p.49)
- • Natural calamities and extreme weather events disrupting operations(p.49)
- • Infectious disease outbreaks affecting workforce and supply chain(p.50)
- • Foreign investment restrictions limiting access to international capital(p.51)
- • Political instability and changes in economic liberalization policies(p.51)
- • Global financial market turmoil affecting Indian economy and equity valuations(p.51)
- • Volatility in raw cashew nut prices and availability(p.134)
- • Monsoon and weather dependency affecting raw material supply(p.112)
- • Intense competition from organized and unorganized players(p.139)
- • Foreign exchange fluctuation risk from import-dependent business model(p.118)
- • Regulatory compliance burden including food safety standards(p.145)
- • Decline in cashew export values indicating market softness(p.114)
- • Significant finance costs impacting profitability(p.200)
- • Volatile revenue dependent on commodity trading fluctuations(p.200)
- • Foreign currency exposure affecting operations(p.209)
- • Dependence on subsidiary operations outside India(p.186)
- • Dependence on imported raw cashew nuts from African countries exposed to supply disruptions(p.285)
- • Foreign exchange risk on international purchases and sales(p.252)
- • Competition from organized and unorganized players in commodities market(p.297)
- • Commodity price volatility affecting margins(p.287)
- • Regulatory and policy changes in agricultural processing and export(p.287)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Hozefa S Jawadwala | Promoter | 39.49% | [●]% |
| Satyanarayan Patro | Promoter | 39.50% | [●]% |
| Ashok Patel | Promoter | 1.33% | [●]% |
| Firoz Gulamhusein Hathiyari | Promoter | 1.33% | [●]% |
| Rashida Hozefa Jawadwala | Promoter Group | 2.00% | [●]% |
| Sonali Malla | Promoter Group | 2.00% | [●]% |
| Sumita A Patel | Promoter Group | 0.40% | [●]% |
| Farida Firoz Hathiyari | Promoter Group | 0.40% | [●]% |
| Hozefa S Jawadwala | Promoter | 39.49% | — |
| Satyanarayan Patro | Promoter | 39.50% | — |
| Ashok Patel | Promoter | 1.33% | — |
| Firoz Gulamhusein Hathiyari | Promoter | 1.33% | — |
| Rashida Hozefa Jawadwala | Promoter | 2.00% | — |
| Sonali Malla | Promoter | 2.00% | — |
| Sumita A Patel | Promoter | 0.40% | — |
| Farida Firoz Hathiyari | Promoter | 0.40% | — |
| Hozefa S Jawadwala | Promoter, Chairman and Managing Director | — | — |
| Ashok Patel | Promoter, Whole Time Director and Chief Financial Officer | — | — |
| Satyanarayan Patro | Promoter | — | — |
| Firoz Gulamhusein Hathiyari | Promoter and Non-Executive Director | — | — |
| Hozefa S Jawadwala | Promoter | 39.49% | — |
| Ashok Patel | Promoter | 1.33% | — |
| Satyanarayan Patro | Promoter | 39.50% | — |
| Firoz Gulamhusein Hathiyari | Promoter | 1.33% | — |
| Rashida Hozefa Jawadwala | Promoter | 2.00% | — |
| Sumita A Patel | Promoter | 0.40% | — |
| Sonali Malla | Promoter | 2.00% | — |
| Farida Firoz Hathiyari | Promoter | 2.00% | — |
| Hozefa Shabbir Husain Jawadwala | Promoter | 48.00% | — |
| Satyanarayan Patro | Promoter | 48.00% | — |
| Rozanna Foods | Proprietor of Promotor | — | — |
Leadership
Hozefa S Jawadwala · Chairman and Managing Director
Ashok Patel · Whole-Time Director & CFO
Rekha Kamal Rathi · Company Secretary and Compliance Officer
Auto-extracted from the company's DRHP 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 DRHP before relying on it.
Aelea Commodities IPO FAQs
What is the lot size of Aelea Commodities IPO?
The minimum lot size of Aelea Commodities IPO is 1,200 shares. One lot costs ₹1,14,000 at the cut-off price.
When does Aelea Commodities IPO open and close?
Aelea Commodities IPO opened for subscription on 12 Jul 2024 and closed on 16 Jul 2024.
What is the listing date of Aelea Commodities IPO?
Aelea Commodities IPO listed on 22 Jul 2024.