Bulkcorp International
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 30 Jul 2024 – 01 Aug 2024
- Listing date
- 06 Aug 2024
- Face value
- ₹10 per share
- Issue price
- ₹105 per share
- Lot size
- 1,200 shares
- Total issue size
- ₹20.78 Cr
- Market cap at offer price
- ₹78.90 Cr
- Promoter holding
- 98.10% → 72.26% pre-issue → post-issue
- ISIN
- INE0SZ301012
- Registrar
- Kfin Technologies Ltd.
- Lead managers
- Swastika Investmart Ltd.
- Registered office
- 309, Safal Prelude, Corporate Road, Off Prahalad Nagar, Audagarden, 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 | 5,62,800 | — | — |
| Market maker | 99,600 | — | — |
Application size
Minimum 1,200 shares per lot, in multiples, at ₹105
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,200 | ₹1,26,000 |
| S-HNI (min) | 2 | 2,400 | ₹2,52,000 |
| S-HNI (max) | 7 | 8,400 | ₹8,82,000 |
| B-HNI (min) | 8 | 9,600 | ₹10,08,000 |
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 (₹) | 6.43 | 4.74 |
| P/E (×) | 16.33 | 22.15 |
| Price to book (×) | 6.22 | — |
| Market cap | — | ₹78.90 Cr |
Key performance indicators
- Return on net worth
- 38.10%
- ROCE
- 40.25%
- Debt / equity
- 0.68
- PAT margin
- 7.88%
- NAV per share
- ₹16.87
- Price to book
- 6.22
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Bulkcorp International
Bulkcorp International Limited was incorporated on October 08, 2009 as Navjivan Polyplast Private Limited, renamed Bulkcorp International Private Limited on August 05, 2015, and converted into a public limited company on March 09, 2024. Originally founded by Mr. Siddharth Sharma and Mr. Ganeshkumar Agarwal, the company was acquired during 2015-16 by its current promoters — Mr. Punit Mahendra Gopalka, Mr. Anup Mahendra Gopalka and Mr. Sanjay Pandurang Sadavarte. The company manufactures and supplies food-grade FIBC (jumbo) bags in eight variations (4-loop, Q-bags, UN certified, ventilated, conductive Type C, Type D Crohmiq, one/two-loop) plus container liners from its ISO 9001:2015, ISO 14001:2015, ISO 45001:2018 and BRC Grade A certified facility at Changodar, Ahmedabad, Gujarat; installed capacity was doubled from 2,400 MTPA to 4,800 MTPA effective April 20, 2024 via an adjacent leased plant. It caters to agriculture, chemical, construction, food, pharmaceutical and mining end-users, with customers in the USA, Canada, UK, South Africa, Ivory Coast, South Korea, Spain, Europe and Egypt, and is recognised as a One Star Export House. In FY2024 it reported revenue from operations of ₹4,518.25 lakhs and profit after tax of ₹355.90 lakhs, with exports contributing 68.42% of sales. It sources more than 95% of its raw materials (PP woven fabric) from group company Umasree Texplast Private Limited.
Company Analysis
from RHPBulkcorp International Limited is an Ahmedabad-based manufacturer and exporter of food-grade Flexible Intermediate Bulk Container (FIBC) 'jumbo' bags and container liners serving the agriculture, chemical, construction, food, pharmaceutical and mining industries.
Bulkcorp International Limited was incorporated on October 08, 2009 as Navjivan Polyplast Private Limited, renamed Bulkcorp International Private Limited on August 05, 2015, and converted into a public limited company on March 09, 2024. Originally founded by Mr. Siddharth Sharma and Mr. Ganeshkumar Agarwal, the company was acquired during 2015-16 by its current promoters — Mr. Punit Mahendra Gopalka, Mr. Anup Mahendra Gopalka and Mr. Sanjay Pandurang Sadavarte. The company manufactures and supplies food-grade FIBC (jumbo) bags in eight variations (4-loop, Q-bags, UN certified, ventilated, conductive Type C, Type D Crohmiq, one/two-loop) plus container liners from its ISO 9001:2015, ISO 14001:2015, ISO 45001:2018 and BRC Grade A certified facility at Changodar, Ahmedabad, Gujarat; installed capacity was doubled from 2,400 MTPA to 4,800 MTPA effective April 20, 2024 via an adjacent leased plant. It caters to agriculture, chemical, construction, food, pharmaceutical and mining end-users, with customers in the USA, Canada, UK, South Africa, Ivory Coast, South Korea, Spain, Europe and Egypt, and is recognised as a One Star Export House. In FY2024 it reported revenue from operations of ₹4,518.25 lakhs and profit after tax of ₹355.90 lakhs, with exports contributing 68.42% of sales. It sources more than 95% of its raw materials (PP woven fabric) from group company Umasree Texplast Private Limited.
Objects of the Issue
- Capital Expenditure – design, supply, erection and commissioning of a 500 KWP grid-tied ground-mounted captive solar PV power plant ₹ 218.00 Lakhs p.89
- To meet working capital requirements ₹ 1,100.00 Lakhs p.90
- General corporate purposes (not to exceed 25% of the Gross Issue Proceeds) p.96
Issue Structure
- Total Issue
- Public issue of 19,78,800 Equity Shares of face value of ₹ 10/- each aggregating to ₹ [●] Lakhs (constituting 26.33% of the post-issue paid-up equity share capital)
- Fresh Issue
- 19,78,800 Equity Shares aggregating to ₹ [●] Lakhs
- Offer for Sale
- Nil
- Face Value
- ₹ 10/- each
Business Model
Earns revenue by manufacturing and selling food-grade FIBC jumbo bags (86.80% of FY2024 revenue), PP woven fabric (10.18%), container liners, yarn and scrap, predominantly on a B2B basis to traders, dealers, agents and industry players after vendor registration and site/quality assessments; roughly 68-78% of revenue across FY2021-FY2024 came from exports (USA being the largest market at ~70-88% of exports), with the balance from domestic sales concentrated in Gujarat (>95% of domestic revenue).
Business Segments
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Mr. Punit Mahendra Gopalka | Promoter | 30.64% | 22.57% |
| Mr. Anup Mahendra Gopalka | Promoter | 30.64% | 22.57% |
| Mr. Sanjay Pandurang Sadavarte | Promoter | 26.72% | 19.68% |
| Ms. Anupriya Gopalka | Promoter Group | 2.71% | 2.00% |
| Ms. Preeti Sadavarte | Promoter Group | 2.71% | 2.00% |
| Ms. Vishakha Anshul Shah | Promoter Group | 2.71% | 2.00% |
| Mr. Ankit Fogla | Promoter Group | 1.96% | 1.45% |
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.