Australian Premium Solar (India)
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 11 Jan 2024 – 15 Jan 2024
- Listing date
- 18 Jan 2024
- Face value
- ₹10 per share
- Issue price
- ₹54 per share
- Lot size
- 2,000 shares
- Issue type
- Book Building issue
- Total issue size
- ₹28.08 Cr
- Market cap at offer price
- ₹107 Cr
- Promoter holding
- 99.98% → 73.64% pre-issue → post-issue
- ISIN
- INE0P0001010
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- Beeline Capital Advisors Pvt.Ltd.
- Registered office
- Tajpur, NH-08 TA-, Sabarkantha-, 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 | 14,80,000 | — | — |
| Market maker | 2,60,000 | — | — |
Application size
Minimum 2,000 shares per lot, in multiples, at ₹54
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 2,000 | ₹1,08,000 |
| S-HNI (min) | 2 | 4,000 | ₹2,16,000 |
| S-HNI (max) | 9 | 18,000 | ₹9,72,000 |
| B-HNI (min) | 10 | 20,000 | ₹10,80,000 |
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 (₹) | 2.29 | — |
| P/E (×) | 23.58 | — |
| Market cap | — | ₹107 Cr |
Key performance indicators
- Return on net worth
- 23.05%
- ROCE
- 30.62%
- Debt / equity
- 0.15
- PAT margin
- 3.53%
- NAV per share
- ₹9.95
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Australian Premium Solar (India)
Australian Premium Solar (India) Limited was incorporated on May 23, 2013 as a private limited company and subsequently converted to a public limited company on August 3, 2023. The company is engaged in the manufacturing of solar panels (PV modules) in both monocrystalline and polycrystalline variants at its facility in Tajpur, Sabarkantha, Gujarat, which spans 25,375 square meters with a manufacturing capacity of 200 MW per annum. The company also provides EPC services including installation services for solar rooftops for residential, industrial, and commercial customers, as well as solar pump installations for agricultural customers. As of August 31, 2023, the company has served more than 10,000 unique customers, with more than 9,500 rooftop installations for residential use and more than 1,300 solar pump installations for agricultural use. The company is certified with ISO 9001:2015 for Quality Management System. The promoters, Mr. Chimanbhai Ranchhodbhai Patel, Mrs. Savitaben Chimanbhai Patel, and Mr. Nikunjkumar Chimanlal Patel, have combined experience of more than twenty-five years in the solar industry.
Company Analysis
from DRHPAustralian Premium Solar manufactures monocrystalline and polycrystalline solar panels and provides engineering, procurement, and construction (EPC) services including rooftop installations and solar pump installations for residential, agricultural, and commercial applications.
Australian Premium Solar (India) Limited was incorporated on May 23, 2013 as a private limited company and subsequently converted to a public limited company on August 3, 2023. The company is engaged in the manufacturing of solar panels (PV modules) in both monocrystalline and polycrystalline variants at its facility in Tajpur, Sabarkantha, Gujarat, which spans 25,375 square meters with a manufacturing capacity of 200 MW per annum. The company also provides EPC services including installation services for solar rooftops for residential, industrial, and commercial customers, as well as solar pump installations for agricultural customers. As of August 31, 2023, the company has served more than 10,000 unique customers, with more than 9,500 rooftop installations for residential use and more than 1,300 solar pump installations for agricultural use. The company is certified with ISO 9001:2015 for Quality Management System. The promoters, Mr. Chimanbhai Ranchhodbhai Patel, Mrs. Savitaben Chimanbhai Patel, and Mr. Nikunjkumar Chimanlal Patel, have combined experience of more than twenty-five years in the solar industry.
Objects of the Issue
- Funding capital expenditure ₹335.06 Lakhs p.22
- To meet working capital requirements ₹1,702.82 Lakhs p.22
- General corporate purpose p.22
- To meet public issue expenses p.22
- Funding capital expenditure 335.06 lakhs p.79
- To Meet Working Capital Requirements 1,702.82 lakhs p.83
- General Corporate Purpose [●] p.85
- Not explicitly stated in this part of the document
Issue Structure
- Total Issue
- 5200000 Equity Shares aggregating to ₹ [●] Lakhs
- Fresh Issue
- 5200000 Equity Shares of Face Value of ₹ 10/- each at a price of ₹ [●]/- per Equity Share aggregating to ₹ [●] Lakhs
- Offer for Sale
- Nil (Not Applicable as the entire issue constitutes fresh issue of equity shares)
- Price Band
- ₹ [●] (Floor Price) to ₹ [●] (Cap Price)
- Lot Size
- [●] Equity Shares and in multiples of [●] Equity Shares thereafter
- Face Value
- ₹ 10/- each
Business Model
Australian Premium Solar manufactures solar panels and provides installation and EPC services. The company derives revenue from the sale of manufactured solar panels (monocrystalline and polycrystalline) and from providing installation services for solar rooftops and solar pumps. For residential rooftop and agricultural solar pump projects, the company is eligible for claiming subsidy from State/Central Government, which is typically claimed directly upon successful installation.
Business Segments
SWOT Analysis
- • ISO 9001:2015 certified quality management system(p.20)
- • Established brand recognition in solar industry(p.20)
- • Modern manufacturing facility with adequate capacity(p.20)
- • Significant customer base with over 10,000 installations(p.20)
- • Recognized brand in solar industry with modern manufacturing facility(p.116)
- • Experienced promoters with 25+ years combined solar industry experience(p.116)
- • ISO 9001:2015 certified for quality management system(p.116)
- • Significant customer base with 10,000+ unique customers served(p.116)
- • High return on equity of 26.05% demonstrating efficient capital utilization(p.119)
- • Strong return on capital employed at 30.62%(p.119)
- • Experienced promoters and management team with industry expertise(p.121)
- • Long-standing customer relationships and positive market reputation(p.121)
- • Scalable business model with order-driven customer-centric approach(p.122)
- • Modern manufacturing facility with specialized equipment(p.139)
- • ISO 9001:2015 certification for quality management systems(p.139)
- • Heavy dependence on top 10 customers (44.65% of FY2023 sales)(p.30)
- • Dependence on few key raw material suppliers (72.51% from top 10)(p.31)
- • No long-term agreements with customers or suppliers(p.30)
- • Leased registered office not owned by company(p.30)
- • Single manufacturing facility creates concentration risk(p.32)
- • Promoters hold 99.98% of pre-IPO shareholding(p.23)
- • Past non-compliance with Companies Act provisions(p.33)
- • Delayed GST filing and statutory deposit defaults(p.34)
- • Unsecured loans from promoters repayable on demand(p.36)
- • Low capacity utilization of only 13.69% despite 200 MW capacity(p.119)
- • Significant customer concentration with top 10 customers contributing 44.65% of revenue(p.119)
- • Declining revenue with -3.63% growth in FY23(p.119)
- • Heavy geographic concentration with Gujarat contributing 71.23% of revenue(p.118)
- • Low PAT margin of 3.53% indicating limited profitability(p.119)
- • Dependency on suppliers for critical raw materials(p.126)
- • Geographically concentrated operations in single location(p.126)
- • Capital-intensive manufacturing business requiring significant investment(p.126)
- • Low capacity utilization at manufacturing facility(p.127)
- • Significant exposure to debt obligations(p.167)
- • India's strong solar sector growth with 18x capacity increase since 2014(p.21)
- • Government PLI scheme expansion for domestic solar manufacturing(p.22)
- • Geographic expansion potential in India and overseas markets(p.20)
- • India's target of 450 GW renewable energy capacity by 2030 with 280 GW from solar(p.109)
- • Investment opportunities of US$ 221 billion by 2030 in renewable energy(p.109)
- • Strong government support through PLI scheme with Rs. 24,000 crore funding(p.110)
- • Rapid growth in solar power capacity with installations increasing 18-fold since 2014(p.110)
- • Company strategy to expand manufacturing capacity from 200 MW to 600 MW(p.79)
- • Growing demand for EPC services with expansion into solar pump segment(p.118)
- • Expansion of higher-margin EPC services vertical(p.122)
- • Expansion of domestic presence and geographic footprint(p.122)
- • Growing solar adoption and government renewable energy initiatives(p.126)
- • Government incentives for renewable energy sector(p.126)
- • Rising adoption of solar rooftop installations and agricultural solar pumps(p.139)
- • Emerging market for solar energy in India(p.126)
- • High customer concentration creates revenue risk(p.30)
- • Supplier concentration and supply chain disruption risk(p.31)
- • Geographic revenue concentration in Gujarat (71.23% FY2023)(p.31)
- • Raw material price fluctuations impact margins(p.32)
- • Dependence on government subsidies for EPC services(p.33)
- • Regulatory changes affecting solar products and industry(p.36)
- • Exposure to foreign currency exchange rate fluctuations(p.37)
- • Operational disruption from COVID-19 or similar pandemics(p.40)
- • Interest rate fluctuation risk on borrowings(p.41)
- • Tax and regulatory changes affecting industry(p.42)
- • Currency fluctuation risk due to imported machinery payments in foreign currency(p.83)
- • Global economic slowdown with advanced economies growth forecast at only 0.5% in 2023(p.101)
- • Rising global inflation and commodity prices affecting input costs(p.101)
- • Supply chain disruptions and geopolitical tensions affecting raw material availability(p.101)
- • Competitive pressure from international solar equipment manufacturers(p.110)
- • Price volatility of raw materials impacting margins(p.126)
- • Rapid technological changes in solar panel manufacturing(p.126)
- • Changes in government policies affecting renewable energy sector(p.126)
- • Intense competition from organized players with superior resources(p.127)
- • Foreign exchange volatility affecting import costs(p.174)
- • Export obligations under EPCG scheme requiring compliance(p.128)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Mr. Chimanbhai Ranchhodbhai Patel | Promoter | 26.04% | 19.18% |
| Mrs. Savitaben Chimanbhai Patel | Promoter | 22.94% | 16.90% |
| Mr. Nikunjkumar Chimanlal Patel | Promoter | 51.00% | 37.57% |
| Mr. Chimanbhai Ranchhodbhai Patel | Promoter | 26.04% | 19.18% |
| Mrs. Savitaben Chimanbhai Patel | Promoter | 22.94% | 16.90% |
| Mr. Nikunjkumar Chimanlal Patel | Promoter | 51.00% | 37.57% |
| Mr. Chimanbhai Ranchhodbhai Patel | Promoter/Non-Executive Director | — | — |
| Mrs. Savitaben Chimanbhai Patel | Promoter | — | — |
| Mr. Nikunjkumar Chimanlal Patel | Promoter/Chairman and Executive Director | — | — |
| Mr. Chimanbhai Ranchodbhai Patel | Promoter | 26.04% | — |
| Mrs. Savitaben Chimanbhai Patel | Promoter | 22.94% | — |
| Mr. Nikunjkumar C Patel | Promoter | 51.00% | — |
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.