Aprameya Engineering
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 25 Jul 2024 – 29 Jul 2024
- Listing date
- 01 Aug 2024
- Face value
- ₹10 per share
- Issue price
- ₹58 per share
- Lot size
- 2,000 shares
- Issue type
- Book Building issue
- Total issue size
- ₹29.23 Cr
- Market cap at offer price
- ₹110 Cr
- Promoter holding
- 100.00% → 73.53% pre-issue → post-issue
- ISIN
- INE0LQG01010
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- Hem Securities Ltd.
- Registered office
- 908, 9th Floor, Venus Atlantis Corporate Park, Anandnagar, Prahladnagar, 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 |
|---|---|---|---|
| Anchor investor · within QIB | 14,34,000 | — | — |
| Market maker | 2,54,000 | — | — |
Application size
Minimum 2,000 shares per lot, in multiples, at ₹58
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 2,000 | ₹1,16,000 |
| S-HNI (min) | 2 | 4,000 | ₹2,32,000 |
| S-HNI (max) | 8 | 16,000 | ₹9,28,000 |
| B-HNI (min) | 9 | 18,000 | ₹10,44,000 |
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.
Valuation and performance
Valuation at offer price
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 2.47 | 1.82 |
| P/E (×) | 23.48 | 31.87 |
| Price to book (×) | 3.48 | — |
| Market cap | — | ₹110 Cr |
Key performance indicators
- Return on net worth
- 14.79%
- ROCE
- 9.60%
- Debt / equity
- 1.80
- PAT margin
- 5.30%
- NAV per share
- ₹16.69
- Price to book
- 3.48
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Aprameya Engineering
Aprameya Engineering Limited ('AEL'), an Ahmedabad, Gujarat-based public limited company (CIN U51909GJ2021PLC128294), originated as the partnership firm 'M/s. Aprameya Engineering' formed on September 05, 2003 by promoters Saurabh Kishorbhai Bhatt and Chetan Mohan Joshi, was converted into a private limited company on December 28, 2021 and then into a public limited company on May 12, 2022. It runs two business lines: (i) turnkey 'Healthcare Infrastructure projects' - designing, civil/prefabrication works, procurement and installation of Intensive Care Units (ICU), Neonatal ICUs, Pediatric ICUs, modular operation theatres and prefabricated wards in hospitals and medical care centres, bundled with 3-5 year warranty service and separately priced comprehensive annual maintenance contracts thereafter; and (ii) dealing in high-value medical and diagnostic equipment (e.g., Electrosurgical Generators/Units, CO2 Insufflators, LED Surgery Lights, ICU respiratory monitoring and ventilation systems, anaesthesia workstations, harmonic scalpels) as distributor/dealer of manufacturers and suppliers such as Johnson & Johnson Private Limited and Stryker India Private Limited. Since entering turnkey ICU/OT setup in 2020, AEL has completed installation of around 2,000 critical care beds across Rajasthan for clients including Dr. S N Medical College (Jodhpur), SMS Medical College (Jaipur), RNT Medical College (Udaipur), Government Medical College (Kota) and RMSCL (Jaipur), and had an Order Book of Rs. 1221.54 lakhs as of the DRHP date. Work is won mainly through competitive bidding of government and private tenders; revenue from operations rose from Rs. 2,593.16 lakhs in FY2021 to Rs. 19,999.46 lakhs in FY2022 and Rs. 7,811.91 lakhs in FY2023, with restated profit for the year of Rs. 536.92 lakhs in FY2023.
Company Analysis
from DRHPAprameya Engineering Limited installs, sets up and maintains ICUs, NICUs, PICUs, operation theatres and prefabricated hospital wards on a turnkey basis, and supplies high-value healthcare and diagnostic equipment to hospitals, medical colleges and medical practitioners.
Aprameya Engineering Limited ('AEL'), an Ahmedabad, Gujarat-based public limited company (CIN U51909GJ2021PLC128294), originated as the partnership firm 'M/s. Aprameya Engineering' formed on September 05, 2003 by promoters Saurabh Kishorbhai Bhatt and Chetan Mohan Joshi, was converted into a private limited company on December 28, 2021 and then into a public limited company on May 12, 2022. It runs two business lines: (i) turnkey 'Healthcare Infrastructure projects' - designing, civil/prefabrication works, procurement and installation of Intensive Care Units (ICU), Neonatal ICUs, Pediatric ICUs, modular operation theatres and prefabricated wards in hospitals and medical care centres, bundled with 3-5 year warranty service and separately priced comprehensive annual maintenance contracts thereafter; and (ii) dealing in high-value medical and diagnostic equipment (e.g., Electrosurgical Generators/Units, CO2 Insufflators, LED Surgery Lights, ICU respiratory monitoring and ventilation systems, anaesthesia workstations, harmonic scalpels) as distributor/dealer of manufacturers and suppliers such as Johnson & Johnson Private Limited and Stryker India Private Limited. Since entering turnkey ICU/OT setup in 2020, AEL has completed installation of around 2,000 critical care beds across Rajasthan for clients including Dr. S N Medical College (Jodhpur), SMS Medical College (Jaipur), RNT Medical College (Udaipur), Government Medical College (Kota) and RMSCL (Jaipur), and had an Order Book of Rs. 1221.54 lakhs as of the DRHP date. Work is won mainly through competitive bidding of government and private tenders; revenue from operations rose from Rs. 2,593.16 lakhs in FY2021 to Rs. 19,999.46 lakhs in FY2022 and Rs. 7,811.91 lakhs in FY2023, with restated profit for the year of Rs. 536.92 lakhs in FY2023.
Objects of the Issue
- To meet incremental working capital requirements (including augmentation on Long Term Working Capital) p.76
- General corporate purposes (amount utilised shall not exceed 25% of the Gross Proceeds) p.76
Issue Structure
- Total Issue
- Upto 50,40,000 equity shares aggregating to Rs. [•] Lakhs
- Fresh Issue
- Entire issue is a Fresh Issue: upto 50,40,000 equity shares aggregating to Rs. [•] Lakhs
- Offer for Sale
- Nil
- Face Value
- Rs. 10/- per equity share
Business Model
AEL earns revenue principally from (a) turnkey healthcare infrastructure contracts (ICU/NICU/PICU/operation-theatre and prefabricated ward setup) procured primarily through competitive bidding, under which it is paid the contract value for designing, site preparation/civil modification, and procurement and installation of equipment (pendants, OT lights, OT tables, beds, medical gas pipelines, ventilators, monitors, CSSD equipment, mini labs); these contracts require security deposits of about 2.5-3% of the work-order value, carry free after-sales warranty service for 3-5 years, and allow separately agreed fees for Comprehensive Annual Maintenance Contracts after the warranty period; and (b) margins on sale of high-value medical and diagnostic equipment to doctors, private and government hospitals and medical colleges as distributor/dealer/authorized agent of manufacturers and suppliers.
Business Segments
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Saurabh Kishorbhai Bhatt | Promoter; Chairman & Joint Managing Director | 49.29 | — |
| Chetan Mohan Joshi | Promoter; Managing Director | 49.29 | — |
| Archana Chetan Joshi | Promoter Group; Non-Executive Director | 0.43 | — |
| Pooja Saurabh Bhatt | Promoter Group; Non-Executive Director | 0.43 | — |
| Mohan Champalal Joshi | Promoter Group | 0.28 | — |
| Devyaniben Kishorbhai Bhatt | Promoter Group | 0.14 | — |
| Kishorbhai Ichhashankar Bhatt | Promoter Group | 0.14 | — |
Leadership
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.