Creative Graphics Solutions India
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 28 Mar 2024 – 04 Apr 2024
- Listing date
- 09 Apr 2024
- Face value
- ₹10 per share
- Issue price
- ₹85 per share
- Lot size
- 1,600 shares
- Issue type
- Book Building issue
- Total issue size
- ₹54.40 Cr
- Market cap at offer price
- ₹206 Cr
- Promoter holding
- 92.10% → 67.83% pre-issue → post-issue
- ISIN
- INE0R7401011
- Registrar
- Bigshare Services Pvt.Ltd.
- Lead managers
- Corporate Capitalventures Pvt.Ltd.
- Registered office
- 3F-305, Third Floor, SSG East Plaza, Plot No.1&2, Mamram Complex, Mayur Vihar Phase-3, Near SFS Flats, Pocket C, New Delhi
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 | 18,24,000 | — | — |
| Market maker | 3,20,000 | — | — |
Application size
Minimum 1,600 shares per lot, in multiples, at ₹85
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,600 | ₹1,36,000 |
| S-HNI (min) | 2 | 3,200 | ₹2,72,000 |
| S-HNI (max) | 7 | 11,200 | ₹9,52,000 |
| B-HNI (min) | 8 | 12,800 | ₹10,88,000 |
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 (₹) | 4.83 | 5.96 |
| P/E (×) | 17.60 | 14.26 |
| Price to book (×) | 0.50 | — |
| Market cap | — | ₹206 Cr |
Key performance indicators
- Return on net worth
- 28.38%
- ROCE
- 24.99%
- Debt / equity
- 1.76
- PAT margin
- 9.59%
- NAV per share
- ₹249.70
- Price to book
- 0.50
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Creative Graphics Solutions India
Incorporated on January 24, 2014 as 'Tanushii Industries Private Limited', renamed 'Creative Graphics Solutions India Private Limited' in June 2019 and converted into a public limited company in August 2023, Creative Graphics Solutions India Limited builds on promoter Deepanshu Goel's proprietorship 'Creative Graphics' (operating since 1998). The company is a pre-press manufacturer of all types of printing blocks (photopolymer plates) for flexographic, letterpress and dry-offset machines, producing Digital Flexo Plates, Conventional Flexo Printing Plates, Letter Press Plates, Metal Back Plates and Coating Plates from seven manufacturing units across India (Noida, Vasai/Mumbai, Chennai, Baddi-Himachal Pradesh, Hyderabad, Ahmedabad and Pune), serving customers across India and abroad in African countries, Thailand, Qatar, Kuwait and Nepal. Through two wholly owned subsidiaries it extends into adjacent businesses: Creative Graphics Premedia Private Limited provides end-to-end premedia services (package design, artwork/pre-press, 3D CGI, mock-ups and sales samples) to brands such as ITC, Tata Consumers, Dabur and Haldiram, while Wahren India Private Limited produces pharmaceutical packaging materials (Alu-Alu foil, blister foil, tropical Alu-Alu foil, CR foil and pharmaceutical sachets) with an installed capacity of 8,000 tonnes per annum at Noida. The company earns primarily from sale of flexo plates (about 98% of FY2022-23 revenue of ₹9,17,834 thousand, i.e., roughly ₹91.8 crore) with about 2% from pre-press design services; restated consolidated profit after tax was ₹86,415 thousand (about ₹8.6 crore) in FY2023.
Company Analysis
from RHPCreative Graphics Solutions India Limited is an Indian pre-press manufacturer of photopolymer printing blocks — flexographic, letterpress and dry-offset printing plates — that also spans packaging premedia services and pharmaceutical packaging foils through its wholly owned subsidiaries.
Incorporated on January 24, 2014 as 'Tanushii Industries Private Limited', renamed 'Creative Graphics Solutions India Private Limited' in June 2019 and converted into a public limited company in August 2023, Creative Graphics Solutions India Limited builds on promoter Deepanshu Goel's proprietorship 'Creative Graphics' (operating since 1998). The company is a pre-press manufacturer of all types of printing blocks (photopolymer plates) for flexographic, letterpress and dry-offset machines, producing Digital Flexo Plates, Conventional Flexo Printing Plates, Letter Press Plates, Metal Back Plates and Coating Plates from seven manufacturing units across India (Noida, Vasai/Mumbai, Chennai, Baddi-Himachal Pradesh, Hyderabad, Ahmedabad and Pune), serving customers across India and abroad in African countries, Thailand, Qatar, Kuwait and Nepal. Through two wholly owned subsidiaries it extends into adjacent businesses: Creative Graphics Premedia Private Limited provides end-to-end premedia services (package design, artwork/pre-press, 3D CGI, mock-ups and sales samples) to brands such as ITC, Tata Consumers, Dabur and Haldiram, while Wahren India Private Limited produces pharmaceutical packaging materials (Alu-Alu foil, blister foil, tropical Alu-Alu foil, CR foil and pharmaceutical sachets) with an installed capacity of 8,000 tonnes per annum at Noida. The company earns primarily from sale of flexo plates (about 98% of FY2022-23 revenue of ₹9,17,834 thousand, i.e., roughly ₹91.8 crore) with about 2% from pre-press design services; restated consolidated profit after tax was ₹86,415 thousand (about ₹8.6 crore) in FY2023.
Objects of the Issue
- To meet out the working capital requirements of our company 'Creative graphics' ₹ 1,50,000.00 thousand (Rs. 15,00,00,000/-) p.80
- Repayment/prepayment, in part or full, of certain of our borrowings ₹ 1,10,000.00 thousand (₹ 11,00,00,000/-) p.81
- To meet out the capital expenditure of our company 'Creative graphics' (purchase of machinery for existing production facilities) ₹ 1,00,000.00 thousand (Rs. 10,00,00,000/-) p.83
- To meet out the inorganic growth through unidentified acquisition for company ₹ 50,000.00 thousand (Rs. 5,00,00,000/-) p.84
- General Corporate Expenses p.85
Issue Structure
- Total Issue
- 64,00,000 Equity Shares aggregating to ₹ [•] Lakhs
- Fresh Issue
- 64,00,000 Equity Shares aggregating to ₹ [•] Lakhs
- Offer for Sale
- Nil
- Price Band
- ₹ 80 to ₹ 85 per Equity Share of face value of ₹ 10/- each
- Lot Size
- Minimum 1600 Equity Shares and in multiples of 1600 Equity Shares thereafter
- Face Value
- ₹ 10 per Equity Share
Business Model
The company manufactures and sells flexographic printing plates (photopolymer printing blocks) to printers and packaging converters, generally on a purchase-order basis without long-term customer contracts, deriving about 98% of revenue from product sales and about 2% from pre-press design services; its wholly owned subsidiaries add revenue streams from brand-side premedia services (CG Premedia) and pharmaceutical packaging foils (Wahren India).
Business Segments
SWOT Analysis
- • Experienced promoter-led management team with deep industry expertise(p.122)
- • Long-term supply agreements with global suppliers ensure price stability and supply reliability(p.123)
- • State-of-the-art plate-making technology and in-house manufacturing(p.123)
- • Pan-India presence with 7 manufacturing units across states(p.18)
- • Facilities certified to international quality, environment and safety standards(p.115)
- • Strong, long-standing customer relationships driving repeat business(p.123)
- • Consistent historical financial growth track record(p.93)
- • Heavy reliance on intermediaries for acquiring corporate clients; no direct tie-ups with large corporates(p.31)
- • No long-term contracts with customers; business done on purchase-order basis(p.31)
- • Dependence on a few key suppliers for raw materials (top 5 suppliers were 76.83% of FY23 purchases)(p.32)
- • Revenue concentrated in certain geographical regions (top 5 states contributed 61.50% of FY23 revenue)(p.32)
- • History of delayed statutory filings and compliance lapses (ROC, GST, EPF/TDS returns)(p.32)
- • Unsecured loans of Rs. 5,26,72,120 repayable on demand create cash-flow risk(p.31)
- • Corporate guarantee exposure of Rs. 18,34,42,047 to subsidiary Wahren India's bank loans(p.30)
- • Heavy dependence on Promoters and Key Managerial Personnel for business success(p.38)
- • Global flexographic printing plates market growing at 7.8% CAGR to USD 1,259.85 million by 2030(p.103)
- • Growing consumer demand for eco-friendly packaging supports market growth(p.18)
- • Planned capex to expand production capacity from 1.2 billion sq cm to 1.9 billion sq cm(p.83)
- • Inorganic growth strategy through acquisitions funded with Rs. 5 crore of IPO proceeds(p.84)
- • India commercial printing market expected to grow to US$ 41.6 Billion by 2028(p.110)
- • Industry shift from gravure to flexographic printing benefits the company(p.93)
- • Rapid adoption of digital printing technologies could erode flexo printing market share(p.36)
- • Adverse changes in government regulations or their implementation could disrupt operations(p.41)
- • Increases in taxes, customs duties and other government levies could hurt profitability(p.42)
- • Foreign currency fluctuations can raise raw material costs passed through by suppliers(p.37)
- • Global economic and political conditions beyond company's control affect performance(p.42)
- • Natural calamities could negatively impact the Indian economy and the company's business(p.43)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Mr. Deepanshu Goel | Promoter (Managing Director) | 87.30 | 64.30 |
| Mrs. Sarika Goel | Promoter (Director) | 4.80 | 3.53 |
| Mr. Tanul Goel | Promoter Group | Negligible | Negligible |
| Mr. Deepak Goel | Promoter Group | Negligible | Negligible |
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.