Command Polymers
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 17 Mar 2023 – 21 Mar 2023
- Listing date
- 29 Mar 2023
- Face value
- ₹10 per share
- Issue price
- ₹28 per share
- Lot size
- 4,000 shares
- Issue type
- Fixed Price issue
- Total issue size
- ₹7.09 Cr
- Market cap at offer price
- ₹26.26 Cr
- Promoter holding
- 52.60% → 38.39% pre-issue → post-issue
- ISIN
- INE0LKQ01012
- Registrar
- Kfin Technologies Ltd.
- Lead managers
- Aryaman Financial Services Ltd.
- Registered office
- Mouza Malancha, J.L.No.87, P.O.Narayanpur, P.S Bhangar, West Bengal
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 | 1,32,000 | — | — |
Application size
Minimum 4,000 shares per lot, in multiples, at ₹28
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 4,000 | ₹1,12,000 |
| S-HNI (min) | 2 | 8,000 | ₹2,24,000 |
| S-HNI (max) | 8 | 32,000 | ₹8,96,000 |
| B-HNI (min) | 9 | 36,000 | ₹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.
Valuation and performance
Valuation at offer price
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 0.44 | — |
| P/E (×) | 63.64 | — |
| Market cap | — | ₹26.26 Cr |
Key performance indicators
- Return on net worth
- 3.12%
- ROCE
- 6.14%
- PAT margin
- 2.00%
- EBITDA margin
- 7.26%
- NAV per share
- ₹14.30
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Command Polymers
Command Polymers Limited was incorporated on October 12, 1998, and converted to public limited status in May 2022. The company is engaged in the business of marketing and manufacturing polymer-based products, primarily polythene LF tubes, tarpaulin sheets, polyester fabrics, and other polymer products. These products serve various industries including industrial packaging and food industries. The company is located in West Bengal with its manufacturing unit in 24 Parganas (South). The company manufactures products as per customer specifications and operates on a purchase-order basis with customers, typically without long-term contracts.
Company Analysis
from RHPCommand Polymers Limited manufactures and markets polymer-based products primarily polythene LF tubes, tarpaulin sheets, and polyester fabrics for industrial packaging and food industries.
Command Polymers Limited was incorporated on October 12, 1998, and converted to public limited status in May 2022. The company is engaged in the business of marketing and manufacturing polymer-based products, primarily polythene LF tubes, tarpaulin sheets, polyester fabrics, and other polymer products. These products serve various industries including industrial packaging and food industries. The company is located in West Bengal with its manufacturing unit in 24 Parganas (South). The company manufactures products as per customer specifications and operates on a purchase-order basis with customers, typically without long-term contracts.
Objects of the Issue
- Funding Working capital requirements ₹413.62 lakhs p.21
- Repayment of Loans ₹180.00 lakhs p.21
- General Corporate Purpose ₹63.77 lakhs p.21
- Funding Working capital requirements ₹413.62 lakhs p.63
- Repayment of Loans ₹180.00 lakhs p.65
- General Corporate Purpose ₹63.77 lakhs p.65
- Funding capex for manufacturing
- General corporate purposes
Issue Structure
- Total Issue
- ₹708.96 lakhs
- Fresh Issue
- 25,32,000 Equity Shares of ₹10 each at ₹28 per share, aggregating ₹708.96 lakhs
- Offer for Sale
- Nil
- Price Band
- ₹28 per share (fixed price)
- Lot Size
- 4,000 shares and multiples of 4,000 thereafter
- Face Value
- ₹10 per share
Business Model
The company manufactures polymer-based products to customer specifications and sells them on a purchase-order basis. Revenue is generated from the sale of polythene LF tubes, tarpaulin sheets, polyester fabrics, and other polymer products to customers in industrial packaging and food industries. For the period ended December 31, 2022, the cost of material consumed represented 74.85% of total revenue, indicating a manufacturing business model dependent on raw material procurement.
Business Segments
SWOT Analysis
- • Experienced management team with industry expertise(p.86)
- • Strong supplier relationships securing quality raw materials(p.87)
- • Quality assurance through well-defined manufacturing procedures(p.87)
- • Strong customer relationships generating repeat business(p.87)
- • Scalable business model with proven track record(p.87)
- • Diversified product applications across multiple industries(p.85)
- • Established polymer manufacturing capability with multiple product lines(p.150)
- • Growing track record of profitability and positive cash accruals(p.170)
- • Compliance with SME Platform eligibility criteria with solid financial foundation(p.170)
- • Managing Director involved in tax litigation(p.24)
- • High customer concentration—top 10 clients represent 94% of revenue(p.26)
- • No long-term supplier contracts; raw material dependency at 74.85% of revenue(p.26)
- • No long-term customer contracts; purchase order basis only(p.26)
- • Negative cash flows in recent fiscal years(p.27)
- • High working capital requirements with risk of customer payment delays(p.27)
- • Outstanding unsecured loans of ₹191.87 lakhs are recallable at any time(p.29)
- • Single geographic location—all facilities in West Bengal(p.30)
- • Installed production capacity underutilized(p.30)
- • Secured debt with charge over movable and immovable properties(p.33)
- • High dependence on top customers(p.93)
- • Low capacity utilization rates(p.93)
- • Significant debt burden relative to EBITDA(p.85)
- • Expired trademark not yet renewed(p.95)
- • Low profitability margins relative to peers(p.71)
- • Small scale operations compared to industry peers(p.71)
- • High dependence on raw material costs representing majority of production expenses(p.152)
- • Limited supply chain security with no long-term raw material contracts(p.152)
- • Thin profit margins with low net profitability(p.151)
- • Significant financial leverage with debt-to-equity concerns(p.160)
- • Directors facing multiple outstanding income tax liabilities(p.163)
- • Funding for working capital expansion via IPO proceeds(p.21)
- • Repayment of loans to improve debt-equity ratio(p.26)
- • Expanding customer base in growing Indian market(p.88)
- • Diversifying product portfolio across new segments(p.88)
- • Growing demand for plastic products in Indian market(p.83)
- • Government initiatives promoting plastic industry growth(p.83)
- • Strengthening marketing network to capture market share(p.88)
- • Significant growth potential in Indian plastics industry tailwind(p.150)
- • High sustained demand for plastic consumption with double-digit growth rates(p.150)
- • Rising per capita consumption of plastics in India with low baseline(p.150)
- • Growing market for energy-efficient manufacturing solutions(p.150)
- • Plastic pollution regulation and potential ban on industrial plastics usage(p.25)
- • Stricter environmental, health, and safety regulations(p.35)
- • Volatility in raw material prices and supply disruptions(p.26)
- • Power supply disruptions critical to manufacturing(p.29)
- • Labor cost inflation and availability of skilled labor(p.29)
- • COVID-19 pandemic risk—potential for future lockdowns and production halts(p.34)
- • General economic slowdown in India could reduce demand(p.37)
- • Changes in government tax regulations and policies(p.37)
- • Terrorist attacks and civil unrest in India(p.37)
- • Global economic downturns affecting Indian economy and market liquidity(p.39)
- • Intense competition from organized and unorganized players(p.64)
- • Low entry barriers enabling capacity expansion by competitors(p.94)
- • Raw material price volatility affecting cost structure(p.83)
- • Regulatory risks from plastic waste management rules(p.102)
- • Import competition from cheaper Chinese plastic goods(p.83)
- • Global economic slowdown affecting demand(p.77)
- • Volatility in raw material prices beyond company control(p.152)
- • Risk of supplier discontinuation disrupting production(p.152)
- • Intense competitive pressure from larger established competitors(p.152)
- • Government regulatory changes affecting industry operations(p.153)
- • Macroeconomic uncertainty affecting demand across sectors(p.152)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Kundan Vinimay Private Limited | Promoter | 9.20% | 6.72% |
| Sukhjit Consultants Limited | Promoter | 15.92% | 11.62% |
| Sukhdhan Vinimay Private Limited | Promoter | 9.13% | 6.67% |
| Ridhi Sidhi Advisory Private Limited | Promoter | 9.13% | 6.67% |
| Liberal Commodities Private Limited | Promoter Group | 9.20% | 6.72% |
| Kundan Vinimay Private Limited | Promoter | 6.72% | 6.72% |
| Sukhjit Consultants Limited | Promoter | 15.92% | 11.62% |
| Sukhdhan Vinimay Private Limited | Promoter | 9.13% | 6.67% |
| Ridhi Sidhi Advisory Private Limited | Promoter | 9.13% | 6.67% |
| Liberal Commodities Private Limited | Promoter Group | 9.20% | 6.72% |
| Sursadhana Mercantile Limited | Promoter | — | — |
| Khatushyam Distributors Limited | Promoter | — | — |
| Vishnu Kumar Agarwal | Natural person in control of promoters | — | — |
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.