Cosmic CRF
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 14 Jun 2023 – 21 Jun 2023
- Listing date
- 30 Jun 2023
- Face value
- ₹10 per share
- Issue price
- ₹314 per share
- Lot size
- 400 shares
- Issue type
- Book Building issue
- Total issue size
- ₹57.21 Cr
- Market cap at offer price
- ₹228 Cr
- Promoter holding
- 98.42% → 72.52% pre-issue → post-issue
- ISIN
- INE0ORA01015
- Registrar
- MAS Services Ltd.
- Lead managers
- Horizon Management Pvt.Ltd.
- Registered office
- 19, Monohar Pukur Road, 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 | 91,200 | — | — |
Application size
Minimum 400 shares per lot, in multiples, at ₹314
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 400 | ₹1,25,600 |
| S-HNI (min) | 2 | 800 | ₹2,51,200 |
| S-HNI (max) | 7 | 2,800 | ₹8,79,200 |
| B-HNI (min) | 8 | 3,200 | ₹10,04,800 |
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 (₹) | 13.50 | — |
| P/E (×) | 23.26 | — |
| Market cap | — | ₹228 Cr |
Key performance indicators
- Return on net worth
- 39.35%
- PAT margin
- 5.28%
- NAV per share
- ₹22.34
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Cosmic CRF
Cosmic CRF Limited manufactures cold rolled stainless sections (CRF) for wagon and coach manufacturers, railways, and infrastructure companies. The company was incorporated in December 2021 and acquired the CRF manufacturing unit of Cosmic Ferro Alloys Limited in September 2022. As of March 31, 2023, the company had an order book of ₹53,640.82 lakhs, of which ₹13,566.33 lakhs had been executed and ₹40,074.48 lakhs were pending. The company generated revenues of ₹12,148.90 lakhs in FY 2023 and reported profit after tax of ₹641.20 lakhs. It is RDSO approved and ISO 9001:2015 certified, and supplies major customers including Titagarh Wagons Limited, Hindusthan Engineering & Industries Limited, Melbrow Engineering Works, and Jindal Rail Infrastructure Limited.
Company Analysis
from DRHPCosmic CRF Limited is a qualified and RDSO-approved manufacturer and supplier of cold rolled stainless sections to wagon manufacturers and Indian Railways.
Cosmic CRF Limited manufactures cold rolled stainless sections (CRF) for wagon and coach manufacturers, railways, and infrastructure companies. The company was incorporated in December 2021 and acquired the CRF manufacturing unit of Cosmic Ferro Alloys Limited in September 2022. As of March 31, 2023, the company had an order book of ₹53,640.82 lakhs, of which ₹13,566.33 lakhs had been executed and ₹40,074.48 lakhs were pending. The company generated revenues of ₹12,148.90 lakhs in FY 2023 and reported profit after tax of ₹641.20 lakhs. It is RDSO approved and ISO 9001:2015 certified, and supplies major customers including Titagarh Wagons Limited, Hindusthan Engineering & Industries Limited, Melbrow Engineering Works, and Jindal Rail Infrastructure Limited.
Objects of the Issue
- Funding the expansion of our existing manufacturing unit ₹3,000 lakhs p.20
- Funding of working capital requirements of our Company ₹1,000 lakhs p.20
- Prepayment or repayment of all or a portion of certain unsecured loans availed by our Company ₹1,100 lakhs p.20
- General corporate purposes [●] p.20
Issue Structure
- Total Issue
- Upto 19,00,000 Equity Shares aggregating to Rs. [●] Lakhs
- Fresh Issue
- Upto 19,00,000 Equity Shares aggregating to ₹[●] Lakhs
- Offer for Sale
- Nil
- Price Band
- [●]
- Lot Size
- [●] Equity Shares
- Face Value
- ₹10/-
Business Model
The company manufactures cold rolled stainless sections and sells them to wagon manufacturers, railway operators, and infrastructure companies on a project basis. Revenues are earned through the supply of fabricated items for railways and coaches, cold rolled formed items for wagons and coaches, sheet piles for infrastructure projects, and products for roadways and national highways.
Business Segments
SWOT Analysis
- • Qualified RDSO-approved supplier with established customer relationships(p.107)
- • Strong and growing order book demonstrating market demand(p.107)
- • In-house R&D and quality control capabilities(p.107)
- • ISO 9001:2015 certified quality management(p.109)
- • Profitability in first year of operations(p.111)
- • Limited operating history and track record(p.26)
- • Single manufacturing unit and geographic concentration(p.29)
- • Heavy dependence on few key customers(p.26)
- • Trademark application objected and not yet registered(p.33)
- • Significant unsecured borrowings that can be recalled(p.38)
- • Expansion of Indian Railway network and freight corridors(p.95)
- • Growing railway freight traffic and wagon manufacturing(p.95)
- • Government initiatives for PPP in railway projects(p.102)
- • Planned expansion capacity from 18,000 to 36,000 MTPA(p.75)
- • New products for high-speed and modern freight corridors(p.107)
- • Raw material cost volatility and supply chain risks(p.26)
- • Intense competition in manufacturing sector(p.35)
- • Regulatory changes and compliance risks(p.31)
- • Dependence on customer payment terms and credit risks(p.31)
- • Power and water supply disruptions(p.34)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Aditya Vikram Birla | Promoter | 63.99% | — |
| Prilika Enterprises Private Limited | Promoter Group | 17.65% | — |
| Purvi Birla | Promoter Group | 14.71% | — |
| AVB Entech Private Limited | Promoter Group | 1.96% | — |
| Aditya Vikram Birla HUF | Promoter Group | 0.10% | — |
| Gayatri Birla | Promoter Group | 0.02% | — |
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.