CLN Energy
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 23 Jan 2025 – 27 Jan 2025
- Listing date
- 30 Jan 2025
- Face value
- ₹1 per share
- Issue price
- ₹250 per share
- Lot size
- 600 shares
- Issue type
- Book Building issue
- Listing at
- BSE
- Total issue size
- ₹72.30 Cr
- Market cap at offer price
- ₹264 Cr
- Promoter holding
- 99.99% → 72.60% pre-issue → post-issue
- ISIN
- INE0WDX01010
- Registrar
- Bigshare Services Pvt.Ltd.
- Lead managers
- Aryaman Financial Services Ltd.
- Registered office
- Plot-18, Sector-140, Phase-2, Nepz Post Office, Gautam Buddha Nagar, Uttar Pradesh
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 | 8,20,800 | — | — |
| Market maker | 1,56,000 | — | — |
Application size
Minimum 600 shares per lot, in multiples, at ₹250
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 600 | ₹1,50,000 |
| S-HNI (min) | 2 | 1,200 | ₹3,00,000 |
| S-HNI (max) | 6 | 3,600 | ₹9,00,000 |
| B-HNI (min) | 7 | 4,200 | ₹10,50,000 |
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 (₹) | 12.78 | 9.28 |
| P/E (×) | 19.56 | 26.94 |
| Market cap | — | ₹264 Cr |
Key performance indicators
- Return on net worth
- 73.19%
- ROCE
- 91.55%
- PAT margin
- 7.38%
- NAV per share
- ₹39.28
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About CLN Energy
CLN Energy Limited was originally incorporated as 'JLNPhenix Energy Private Limited' on October 1, 2019, and later renamed to CLN Energy Limited. The company manufactures custom lithium-ion batteries, motors, and powertrain components for electric vehicles (EVs), including controllers and converters. It offers B2B solutions for both mobility and stationary applications under the CLN ENERGY brand. The company has two manufacturing facilities: one in Noida, Uttar Pradesh and another in Pune, Maharashtra. The business serves the electric vehicle industry, commercial and industrial applications, material and equipment handling industry, solar industry, golf cart manufacturing, and telecommunications industry for power generation and storage purposes.
Company Analysis
from RHPCLN Energy manufactures custom lithium-ion batteries, motors, and powertrain components for electric vehicles and stationary energy applications.
CLN Energy Limited was originally incorporated as 'JLNPhenix Energy Private Limited' on October 1, 2019, and later renamed to CLN Energy Limited. The company manufactures custom lithium-ion batteries, motors, and powertrain components for electric vehicles (EVs), including controllers and converters. It offers B2B solutions for both mobility and stationary applications under the CLN ENERGY brand. The company has two manufacturing facilities: one in Noida, Uttar Pradesh and another in Pune, Maharashtra. The business serves the electric vehicle industry, commercial and industrial applications, material and equipment handling industry, solar industry, golf cart manufacturing, and telecommunications industry for power generation and storage purposes.
Objects of the Issue
- Purchase of machinery and equipment ₹971 lakhs p.20
- Funding Working capital requirements ₹4,022 lakhs p.20
- General Corporate Purpose ₹1,784 lakhs p.20
- Purchase of machinery and equipment ₹971 lakhs p.76
- Funding Working capital requirements ₹4,022 lakhs p.75
- General Corporate Purpose ₹1,784 lakhs p.79
Issue Structure
- Total Issue
- 28,92,000 Equity Shares of ₹10 each aggregating to ₹7,230.00 lakhs
- Fresh Issue
- 28,92,000 Equity Shares of ₹10 each aggregating to ₹7,230.00 lakhs (100% Book Built Issue)
- Offer for Sale
- Not Applicable
- Price Band
- ₹235 - ₹250 per equity share
- Lot Size
- 600 Equity Shares (Bid Lot) and in multiples of 600 Equity Shares thereafter
- Face Value
- ₹10 per equity share
Business Model
The company manufactures and sells custom lithium-ion batteries, motors, powertrain components, and related solutions to B2B customers in the EV, solar, telecommunications, and other industrial sectors. Revenue is generated through the sale of batteries, cells, motors, controllers, and related services.
Business Segments
SWOT Analysis
- • State-of-the-art manufacturing facilities with ISO certifications and government approvals(p.109)
- • Experienced senior management team with over 2 decades of industry experience(p.109)
- • Large diversified customer base with multiple revenue channels reducing customer concentration risk(p.110)
- • In-house R&D capabilities for customized product design and innovation(p.108)
- • Strong financial performance with consistent profit growth(p.112)
- • Multiple product certifications ensuring market compliance and quality(p.109)
- • Ability to provide customized solutions and design services to customers(p.111)
- • Vertically integrated manufacturing with two modern facilities (Noida & Pune) equipped with latest technology(p.197)
- • Significant installed manufacturing capacity for lithium-ion batteries and motors with specialized grading and sorting capabilities(p.197)
- • Diverse product portfolio spanning mobility and stationary applications with customized solutions(p.197)
- • Growing profitability with profit after tax increasing to ₹978.85 lakhs in FY2024 from ₹72.87 lakhs in FY2023(p.209)
- • Strong revenue growth from manufactured goods segment, demonstrating shift towards high-margin products(p.207)
- • Multiple industry certifications including ISO 9001:2015, ISO 14001:2015, ISO 45001:2018(p.224)
- • High concentration of purchases among few suppliers, particularly top supplier accounts for 44% of purchases(p.125)
- • Significant customer concentration with top 1 customer representing 22% of revenue(p.132)
- • Underutilization of manufacturing capacity across processes(p.132)
- • Limited geographic revenue base heavily concentrated in Uttar Pradesh and Delhi regions(p.110)
- • Heavy dependence on raw materials sourced primarily from China(p.125)
- • Heavy dependence on top 10 customers accounting for 71.45% of revenue in Sep 2024(p.212)
- • Significant dependence on top 10 suppliers accounting for 84.08% of purchases in Sep 2024(p.212)
- • High inventory levels as percentage of current assets, increasing from ₹3,192.72 lakhs to ₹4,792.48 lakhs(p.186)
- • Recent history of manufacturing disruption due to major fire accident in June 2022 resulting in ₹2,457.32 lakhs total loss(p.211)
- • Multiple pending litigation matters including GST penalties of ₹2,14,58,387 and customer cheque dishonor cases(p.215)
- • Negative operating cash flow of ₹(860.22) lakhs in period ended Sep 2024 despite profitability(p.210)
- • Significant untapped market opportunity in growing EV and energy storage sectors with government support(p.114)
- • Capacity expansion planned through capital expenditure to address market demand(p.113)
- • Expansion of distributor network from current 112 to planned 500 distributors in next two years(p.129)
- • Expansion of product portfolio across multiple applications and customer segments(p.114)
- • Government push for adoption of energy storage systems with Net Zero 2070 target(p.112)
- • Opportunity to establish state-level service network with 500 service centres in next two years(p.130)
- • Explosive growth trajectory for lithium-ion battery industry in India projected to grow from 2.9 GWh in 2018 to 132 GWh by 2030 at CAGR of 35.5%(p.197)
- • India's ambitious renewable energy targets including 500 GW non-fossil capacity and 50% electricity from renewables by 2030 driving battery demand(p.197)
- • Global lithium-ion battery market projected to grow at CAGR of 20.3% from 2024 to 2030(p.197)
- • Significant growth in EV adoption driven by supportive government policies and decreasing battery costs(p.197)
- • Estimated battery recycling market of 22-23 GWh by 2030 opening new revenue stream(p.197)
- • Potential for product line expansion and new market segments development(p.197)
- • Intense competition from domestic and other players in the EV and battery sector(p.130)
- • Dependence on imported raw materials subject to foreign exchange and supply chain risks(p.125)
- • Regulatory and certification changes affecting product compliance requirements(p.112)
- • Risk of technology obsolescence in rapidly evolving EV and battery technology landscape(p.111)
- • Environmental regulations and compliance requirements for battery waste management(p.130)
- • Significant volatility in raw material prices and import duties affecting production costs and profitability(p.198)
- • Dependence on third parties for logistics and transportation creates supply chain vulnerability(p.198)
- • Intense competition from domestic and international players with greater resources(p.212)
- • Economic downturn and reduced consumer demand impacting EV and battery sales(p.199)
- • Regulatory changes affecting battery manufacturing, recycling, environmental standards and EV policies(p.199)
- • Foreign exchange volatility affecting import costs and export revenues with unhedged currency exposures of ₹5,335.98 lakhs(p.191)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| CLN Energy Pte. Ltd. | Promoter | 99.99% | 72.54% |
| Rajiv Seth | Promoter | — | — |
| CLN Energy Pte. Ltd. | Promoter | 99.99% | 72.60% |
| Rajiv Seth | Promoter | — | — |
| CLN Energy Pte. Ltd. | Promoter | 99.99% | — |
| Rajiv Seth | Promoter | — | — |
| CLN Energy Pte Limited | Holding company/Promoter Group | 100.00% | — |
| Sunil Gandhi | Promoter/Director | 0.00% | — |
| Manish Shah | Promoter/Director | 0.00% | — |
| Jeevan Chand | Promoter/Director (resigned on 21.02.2024) | 0.00% | — |
| Not explicitly named in this part | Promoter | — | — |
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.