Billwin Industries SME
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 18 Jun 2020 – 22 Jun 2020
- Listing date
- 30 Jun 2020
- Face value
- ₹10 per share
- Issue price
- ₹37 per share
- Lot size
- 3,000 shares
- Total issue size
- ₹2.46 Cr
- Market cap at offer price
- ₹7.88 Cr
- Promoter holding
- 100.00% → 68.74% pre-issue → post-issue
- ISIN
- INE0CRS01012
- Registrar
- Bigshare Services Pvt.Ltd.
- Lead managers
- Gretex Corporate Services Ltd.
- Registered office
- 79,, Vishal Industrial Estate Village Road,, Bhandup West,, 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 |
|---|---|---|---|
| Market maker | 36,000 | — | — |
Application size
Minimum 3,000 shares per lot, in multiples, at ₹37
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 3,000 | ₹1,11,000 |
| S-HNI (min) | 2 | 6,000 | ₹2,22,000 |
| S-HNI (max) | 9 | 27,000 | ₹9,99,000 |
| B-HNI (min) | 10 | 30,000 | ₹11,10,000 |
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 | — | ₹7.88 Cr |
About Billwin Industries SME
Billwin Industries Limited, originally incorporated as Billwin Waterproof Private Limited on February 05, 2014 in Mumbai and renamed/converted into a public limited company during 2019-20, is engaged in manufacturing protective gears - rainwear coats and jackets, winter garments, marine life jackets, river rafts and inflatable rescue boats, sleeping bags, school bags, rucksacks and masks - using coated fabric as the primary raw material, largely procured from China. The business traces back to a proprietorship firm 'Billwin Industries' started by promoter Ms. Smita Subrata Dey in 2006, which the company took over through a Business Transfer Agreement dated February 15, 2020 (consideration settled by issuing 6,72,362 equity shares at ₹38). It runs a semi-automated manufacturing unit of approximately 5,190 sq. ft. at Bhandup West, Mumbai, and earns revenue by selling manufactured products and job-work services primarily through tenders and through distributors and retailers across states including Maharashtra, Kerala, Gujarat, Chhattisgarh, Tamil Nadu, Assam, Haryana and Tripura, supplemented by e-commerce tie-ups with Flipkart, Amazon, Buy Hatke and Shopcules Xerve. Restated total revenue was ₹38.42 Lakh for the period ended March 05, 2020 (₹60.72 Lakh in FY2019).
Company Analysis
from RHPBillwin Industries Limited manufactures and trades protective gear such as rainwear, winter wear, life jackets and inflatable boats made from coated fabric.
Billwin Industries Limited, originally incorporated as Billwin Waterproof Private Limited on February 05, 2014 in Mumbai and renamed/converted into a public limited company during 2019-20, is engaged in manufacturing protective gears - rainwear coats and jackets, winter garments, marine life jackets, river rafts and inflatable rescue boats, sleeping bags, school bags, rucksacks and masks - using coated fabric as the primary raw material, largely procured from China. The business traces back to a proprietorship firm 'Billwin Industries' started by promoter Ms. Smita Subrata Dey in 2006, which the company took over through a Business Transfer Agreement dated February 15, 2020 (consideration settled by issuing 6,72,362 equity shares at ₹38). It runs a semi-automated manufacturing unit of approximately 5,190 sq. ft. at Bhandup West, Mumbai, and earns revenue by selling manufactured products and job-work services primarily through tenders and through distributors and retailers across states including Maharashtra, Kerala, Gujarat, Chhattisgarh, Tamil Nadu, Assam, Haryana and Tripura, supplemented by e-commerce tie-ups with Flipkart, Amazon, Buy Hatke and Shopcules Xerve. Restated total revenue was ₹38.42 Lakh for the period ended March 05, 2020 (₹60.72 Lakh in FY2019).
Objects of the Issue
- To part finance working capital requirements of the Company ₹192.42 Lakh p.64
- To meet expenses related to the Issue ₹54.00 Lakh p.66
Issue Structure
- Total Issue
- ₹246.42 Lakh (6,66,000 Equity Shares of ₹10.00 each at ₹37.00 per Equity Share)
- Fresh Issue
- 6,66,000 Equity Shares of ₹10.00 each at ₹37.00 per Equity Share aggregating to ₹246.42 Lakh (entire issue is a fresh issue)
- Price Band
- Fixed Price Issue at ₹37.00 per Equity Share (100% Fixed Price Issue)
- Face Value
- ₹10.00
Business Model
Revenue is earned from manufacturing and selling protective gears (rainwear, winter garments, life jackets, inflatable boats, sleeping bags, bags, masks) made from coated fabric, plus job work charges; sales are made primarily through tenders and via distributors and retailers, with additional e-commerce channels (Flipkart, Amazon, Buy Hatke, Shopcules Xerve).
Business Segments
SWOT Analysis
- • Quality service over 7 years driving customer retention and repeat orders(p.81)
- • Experienced promoter-led management team(p.81)
- • Diversified product portfolio catering to multiple customer segments and price points(p.82)
- • Semi-automated manufacturing unit minimizing raw material losses(p.82)
- • Established distribution and sales network serving retailers, distributors and government institutions(p.82)
- • Mumbai location advantage with manpower availability and proximity to largest Maharashtra market(p.82)
- • High customer concentration - top 5 customers contribute 84.49% of revenue(p.24)
- • High supplier concentration - top 5 suppliers contribute 82.27%; key raw material sourced from China(p.24)
- • Working-capital intensive business with large trade receivables(p.25)
- • Negative cash flow from operating/investing/financing activities(p.31)
- • Secured borrowings with lender charge over movable and immovable properties (Rs.198.82 Lakh outstanding)(p.29)
- • No long-term contracts with customers; operates on work-order basis(p.22)
- • GST returns not filed and undisputed GST liability unpaid; interest/penalty not provided for(p.21)
- • Outstanding legal proceedings involving Company, Promoters and Directors (incl. income-tax demands)(p.19)
- • Expansion into defence and disaster management institutions segment with attractive margins(p.82)
- • Exclusive e-commerce tie-ups (Flipkart, Amazon, etc.) opening new markets and brand awareness(p.81)
- • Domestic textile & apparel demand expected to grow at 12% CAGR to US$220 billion by 2025(p.76)
- • India's textile & apparel exports expected to touch US$82 billion by 2021(p.77)
- • Government focus and favourable policies (e.g., TUFS) supporting textile industry growth(p.76)
- • Strategy to build brand awareness via retail presence and targeted marketing initiatives(p.83)
- • Intense competition from organized and unorganized players(p.28)
- • Volatility in price/supply of coated fabric, the primary raw material(p.22)
- • COVID-19 pandemic disrupting raw material procurement and production(p.22)
- • Seasonality - sales concentrated in monsoon and other significant seasons(p.22)
- • Changes in government regulations or their implementation(p.35)
- • Decline in product demand or shift to alternative technology / changing consumer habits(p.22)
- • Financial instability in Indian financial markets(p.36)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Ms. Smita Subrata Dey | Promoter | 95.82% | 65.87% |
| Mr. Subrata Dey | Promoter | 4.10% | 2.82% |
| Mr. Pritesh Subrata Dey | Promoter Group | 0.08% | 0.06% |
| Ms. Ritweikka Dey | Promoter Group | Negligible | Negligible |
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.