Blue Pebble
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 26 Mar 2024 – 28 Mar 2024
- Listing date
- 03 Apr 2024
- Face value
- ₹10 per share
- Issue price
- ₹168 per share
- Lot size
- 800 shares
- Issue type
- Book Building issue
- Total issue size
- ₹18.14 Cr
- Market cap at offer price
- ₹68.54 Cr
- Promoter holding
- 100.00% → 73.52% pre-issue → post-issue
- ISIN
- INE0SAK01011
- Registrar
- Bigshare Services Pvt.Ltd.
- Lead managers
- Hem Securities Ltd.
- Registered office
- B-1201, Titanium Towers, Opp.Star Bazar, Nr.D N Nagar Metro Station, Andheri (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 |
|---|---|---|---|
| Anchor investor · within QIB | 3,05,600 | — | — |
| Market maker | 56,000 | — | — |
Application size
Minimum 800 shares per lot, in multiples, at ₹168
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 800 | ₹1,34,400 |
| S-HNI (min) | 2 | 1,600 | ₹2,68,800 |
| S-HNI (max) | 7 | 5,600 | ₹9,40,800 |
| B-HNI (min) | 8 | 6,400 | ₹10,75,200 |
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 (₹) | 6.68 | 14.30 |
| P/E (×) | 25.15 | 11.75 |
| Price to book (×) | 8.31 | — |
| Market cap | — | ₹68.54 Cr |
Key performance indicators
- Return on net worth
- 48.14%
- ROCE
- 64.12%
- PAT margin
- 22.14%
- NAV per share
- ₹20.21
- Price to book
- 8.31
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Blue Pebble
Established in 2017, Blue Pebble Limited is a spatial design and environmental branding solutions provider that offers comprehensive bespoke services. The company designs and installs vinyl graphics, signage, 3D walls, frost/clear glass films, artifacts, wall panels, wall murals, and sculptures tailored for corporate interiors and exterior workplace environments. The company operates in the real estate sector, which is experiencing significant growth driven by residential property appreciation and commercial real estate expansion. The company has demonstrated strong revenue growth from ₹421.04 lakhs in FY 2021 to ₹1,594.96 lakhs in FY 2023, with profitability also increasing from ₹20.06 lakhs to ₹200.33 lakhs over the same period.
Company Analysis
from DRHPBlue Pebble Limited specializes in spatial design and environmental branding solutions, providing bespoke services encompassing conceptualization, design, printing, furnishing, and installation of vinyl graphics, signage, and furnishing products for corporate interiors and exterior workplace environments in the real estate sector.
Established in 2017, Blue Pebble Limited is a spatial design and environmental branding solutions provider that offers comprehensive bespoke services. The company designs and installs vinyl graphics, signage, 3D walls, frost/clear glass films, artifacts, wall panels, wall murals, and sculptures tailored for corporate interiors and exterior workplace environments. The company operates in the real estate sector, which is experiencing significant growth driven by residential property appreciation and commercial real estate expansion. The company has demonstrated strong revenue growth from ₹421.04 lakhs in FY 2021 to ₹1,594.96 lakhs in FY 2023, with profitability also increasing from ₹20.06 lakhs to ₹200.33 lakhs over the same period.
Objects of the Issue
- Funding Capital Expenditure towards installation of additional machinery ₹449.38 lakhs p.22
- To meet working capital requirements [●] p.22
- General Corporate Purpose [●] p.22
- Funding Capital Expenditure towards installation of additional machinery ₹449.38 Lakhs p.65
- To meet working capital requirements p.65
- General Corporate Purpose p.65
Issue Structure
- Total Issue
- upto ₹[●] lakhs
- Fresh Issue
- upto 10,80,000 Equity Shares aggregating upto ₹[●] lakhs
- Offer for Sale
- Nil
- Price Band
- ₹[●] (Floor Price) to ₹[●] (Cap Price)
- Lot Size
- [●] equity shares and in multiples of [●] equity shares thereafter
- Face Value
- ₹10 per Equity Share
Business Model
The company operates on a project-based model where it designs and executes custom environmental branding and spatial design solutions for corporate clients. It procures materials from third-party suppliers and engages skilled manpower for project execution. The company primarily invoices customers on a time-and-materials basis for work performed, with revenue derived from fees for design, printing, furnishing, and installation services.
Business Segments
SWOT Analysis
- • Established player in spatial design with comprehensive service offerings(p.22)
- • Strong revenue growth trajectory over three years(p.33)
- • Robust profitability improvement(p.33)
- • Strong cash generation from operations(p.30)
- • Established client relationships with leading corporates(p.100)
- • Experienced management team with 3+ decades in industry(p.94)
- • Strong vendor relationships for timely material supply(p.101)
- • Design and execution capability for complex projects(p.101)
- • Strong order book and project completion track record(p.94)
- • Industry recognition and awards(p.94)
- • Comprehensive integrated service delivery from design to installation(p.167)
- • Experienced leadership with 30 years in industry(p.167)
- • Significant revenue growth and profitability metrics(p.169)
- • Strong profit margins and return on equity(p.168)
- • Substantial order book providing revenue visibility(p.167)
- • Diverse client base across multiple sectors including major corporations(p.167)
- • Zero debt structure; strong balance sheet with positive net worth(p.175)
- • Track record of profitability with positive EBITDA across multiple years(p.186)
- • Compliant with regulatory requirements; no material litigation or regulatory action(p.176)
- • High customer concentration risk with top 10 customers representing majority of revenue(p.27)
- • No long-term contracts with major customers, reliance on short-term work orders(p.27)
- • Lack of long-term supply agreements exposes company to material price fluctuations(p.28)
- • Dependent on key promoters and management personnel with significant operational control(p.32)
- • Intellectual property protection challenges with pending trademark registrations(p.31)
- • Unregistered trademarks vulnerable to unauthorized use by third parties(p.31)
- • Working capital intensive business model requiring continuous investment in receivables and inventory(p.29)
- • Machinery orders not finalized despite IPO proceeds earmarked for capex(p.30)
- • Concentration of revenue with few major clients(p.100)
- • Lack of Key Man Insurance for key managerial persons(p.103)
- • Limited geographic footprint concentrated in Mumbai region(p.103)
- • Dependence on casual labor without long-term contracts(p.103)
- • No collaborative partnerships or joint ventures(p.102)
- • High concentration of ownership among promoters(p.134)
- • Limited working capital management - significant changes in trade payables(p.150)
- • Absence of any equity-based employee incentive schemes(p.133)
- • Dependence on a small number of large clients(p.167)
- • Extreme concentration on top 5 customers; significant revenue dependency risk(p.174)
- • Newly appointed management team with recent leadership transitions(p.175)
- • Personal tax proceedings against multiple directors totaling Rs. 16.26 lakhs(p.177)
- • Expansion in growing real estate sector with projected significant market growth(p.22)
- • Large addressable market as real estate expected to reach US$ 1 trillion by 2030(p.22)
- • Growing hospitality and commercial real estate providing infrastructure opportunities(p.22)
- • Robust residential property market expansion with high growth rate(p.22)
- • Customer base diversification potential across multiple sectors(p.27)
- • Expansion in high-growth real estate and commercial sectors(p.87)
- • Growing demand for organized interior design services(p.89)
- • Urbanization driving increased commercial space requirements(p.91)
- • Government support for construction and commercial development(p.86)
- • Geographic expansion opportunity across Indian cities(p.101)
- • Rising PE investment in real estate sector(p.92)
- • Expansion into new geographic markets across India(p.167)
- • Diversification into adjacent design and branding services(p.119)
- • Growing corporate workplace transformation and interior design demand(p.167)
- • Increased capital investment enabling capacity expansion(p.167)
- • Migration to Main Board eligibility for future growth through capital expansion(p.200)
- • Access to SME Exchange provides growth capital with potential upside for investors(p.203)
- • Compulsory market-making arrangements for 3 years provide liquidity support(p.200)
- • Frequently changing designs and customer preferences create product obsolescence risk(p.27)
- • Intense domestic competition in the sector(p.28)
- • Raw material cost volatility with no long-term procurement agreements(p.28)
- • Risk of material delays and cost overruns on projects due to multiple external factors(p.26)
- • Regulatory changes and new compliance requirements could increase operational costs(p.37)
- • COVID-19 pandemic uncertainty continues to pose business risks(p.37)
- • Economic slowdown in India could reduce demand for commercial and hospitality infrastructure(p.37)
- • Labor-intensive operations vulnerable to work stoppages and wage pressures(p.33)
- • Dependence on third-party transportation without formal agreements creates delivery risk(p.33)
- • Intense competition from organized and unorganized players(p.103)
- • Commodity price volatility and supply chain disruptions(p.103)
- • Economic slowdown affecting client spending on design services(p.80)
- • Regulatory compliance burden and building code requirements(p.107)
- • Dependence on favorable economic conditions and corporate spending(p.168)
- • Intense competition in design and printing industry(p.168)
- • Vulnerability to regulatory changes in labor and environmental compliance(p.168)
- • Exposure to fluctuating raw material costs(p.168)
- • Impact of macroeconomic uncertainty and inflation(p.168)
- • COVID-19 pandemic impact on business operations(p.168)
- • Customer concentration creates vulnerability to loss of major contracts(p.174)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Nalin Gagrani | Promoter | 74.99% | — |
| Manoj Bhushan Tiwari | Promoter | 24.99% | — |
| Nalin Gagrani | Promoter | 74.99% | — |
| Manoj Bhushan Tiwari | Promoter | 24.99% | — |
| Karuna Nalin Gagrani | Promoter Group | negligible | — |
| Anjita Manoj Tiwari | Promoter Group | negligible | — |
| Shlok Gagrani | Promoter Group | negligible | — |
| Sanjay Bhushan Tiwari | Promoter Group | negligible | — |
| Sudhir Bhushan Tiwari | Promoter Group | negligible | — |
| Nalin Gagrani | Promoter | 74.99% | — |
| Manoj Bhushan Tiwari | Promoter | 24.99% | — |
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.