Comrade Appliances
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 31 May 2023 – 05 Jun 2023
- Listing date
- 13 Jun 2023
- Face value
- ₹10 per share
- Issue price
- ₹54 per share
- Lot size
- 2,000 shares
- Issue type
- Book Building issue
- Total issue size
- ₹12.30 Cr
- Market cap at offer price
- ₹40.66 Cr
- Promoter holding
- 100.00% → 69.74% pre-issue → post-issue
- ISIN
- INE0NXA01015
- Registrar
- Bigshare Services Pvt.Ltd.
- Lead managers
- Gretex Corporate Services Ltd.
- Registered office
- Shop No.39, Ground Level I, Dewan Centre, 183-186, S.V.Road, Jogeshwari 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 | 6,48,000 | — | — |
| Market maker | 1,14,000 | — | — |
Application size
Minimum 2,000 shares per lot, in multiples, at ₹54
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 2,000 | ₹1,08,000 |
| S-HNI (min) | 2 | 4,000 | ₹2,16,000 |
| S-HNI (max) | 9 | 18,000 | ₹9,72,000 |
| B-HNI (min) | 10 | 20,000 | ₹10,80,000 |
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 (₹) | 3.15 | — |
| P/E (×) | 17.14 | — |
| Market cap | — | ₹40.66 Cr |
Key performance indicators
- Return on net worth
- 23.73%
- ROCE
- 0.16%
- Debt / equity
- 1.96
- PAT margin
- 6.00%
- NAV per share
- ₹13.28
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Comrade Appliances
Comrade Appliances Limited (formerly Comrade Appliances Private Limited) is a Mumbai-based consumer durables manufacturer incorporated on March 22, 2017 and converted into a public limited company on December 13, 2022 (CIN U74999MH2017PLC292817). The company manufactures an extensive array of air coolers and electric geysers, offering end-to-end product solutions — global sourcing, fabrication of components, captive manufacturing and assembly, quality testing, packaging and logistics — to leading international and national consumer brands under both original equipment manufacturer (OEM) and original design manufacturer (ODM) models, and also sells finished products under its own 'Comrade' brand. In 2021 it took over the plastic injection moulding business of its sister concern M/s Troupe Technologies Private Limited on a slump-sale basis. It operates a single rented manufacturing facility admeasuring 66,322 sq. ft. at Palghar, Maharashtra, equipped with eight injection moulding machines, three conveyor assembly lines and in-house R&D/testing capabilities. It makes money from sales of manufactured goods to brand customers — its top five customers contributed 85.23% and top ten 96.93% of revenue in the stub period ended August 31, 2022 — with total income of ₹2,973.28 lakh and profit after tax of ₹38.77 lakh in FY2022, and total income of ₹1,559.15 lakh and PAT of ₹100.45 lakh for the stub period ended August 31, 2022.
Company Analysis
from DRHPComrade Appliances Limited is an Indian consumer-durables manufacturer of air coolers and electric geysers, serving appliance brands as an OEM and ODM contract manufacturer while also selling under its own 'Comrade' brand.
Comrade Appliances Limited (formerly Comrade Appliances Private Limited) is a Mumbai-based consumer durables manufacturer incorporated on March 22, 2017 and converted into a public limited company on December 13, 2022 (CIN U74999MH2017PLC292817). The company manufactures an extensive array of air coolers and electric geysers, offering end-to-end product solutions — global sourcing, fabrication of components, captive manufacturing and assembly, quality testing, packaging and logistics — to leading international and national consumer brands under both original equipment manufacturer (OEM) and original design manufacturer (ODM) models, and also sells finished products under its own 'Comrade' brand. In 2021 it took over the plastic injection moulding business of its sister concern M/s Troupe Technologies Private Limited on a slump-sale basis. It operates a single rented manufacturing facility admeasuring 66,322 sq. ft. at Palghar, Maharashtra, equipped with eight injection moulding machines, three conveyor assembly lines and in-house R&D/testing capabilities. It makes money from sales of manufactured goods to brand customers — its top five customers contributed 85.23% and top ten 96.93% of revenue in the stub period ended August 31, 2022 — with total income of ₹2,973.28 lakh and profit after tax of ₹38.77 lakh in FY2022, and total income of ₹1,559.15 lakh and PAT of ₹100.45 lakh for the stub period ended August 31, 2022.
Objects of the Issue
- Funding of working capital requirements Upto ₹ 800.00 Lakhs p.80
- General corporate purposes p.82
Issue Structure
- Total Issue
- Upto 19,08,000 Equity Shares amounting to ₹ [●] Lakh
- Fresh Issue
- Upto 19,08,000 Equity Shares amounting to ₹ [●] Lakh
- Offer for Sale
- Nil
- Face Value
- ₹ 10.00 each
Business Model
Earns revenue by manufacturing and supplying air coolers and electric geysers to consumer-appliance brands under two models: OEM (manufacturing and supplying products based on designs developed by customers, who distribute them under their own brands) and ODM (additionally conceptualizing and designing products marketed under customers' brands), while also selling products under its own 'Comrade' brand.
Business Segments
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| M/s Troupe Technologies Private Limited | Promoter | 35.21% | 25.83% |
| Mr. Khursheed Alam | Promoter | 15.24% | 11.17% |
| Mr. Mehboob Alam | Promoter | 38.73% | 28.41% |
| Mr. Waheed Nizami | Promoter Group | 1.49% | 1.09% |
| Mr. Shakir Khan | Promoter Group | 9.33% | 6.84% |
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.