Dhariwalcorp
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 01 Aug 2024 – 05 Aug 2024
- Listing date
- 08 Aug 2024
- Face value
- ₹10 per share
- Issue price
- ₹106 per share
- Lot size
- 1,200 shares
- Issue type
- Book Building issue
- Total issue size
- ₹25.15 Cr
- Market cap at offer price
- ₹94.88 Cr
- Promoter holding
- 99.99% → 73.50% pre-issue → post-issue
- ISIN
- INE0YRN01017
- Registrar
- Bigshare Services Pvt.Ltd.
- Lead managers
- Shreni Shares Ltd.
- Registered office
- 36, Narayan Nagar, Shobhawaton ki dhani, Pal Link Road, Rajasthan
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 | 6,60,000 | — | — |
| Market maker | 1,23,600 | — | — |
Application size
Minimum 1,200 shares per lot, in multiples, at ₹106
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,200 | ₹1,27,200 |
| S-HNI (min) | 2 | 2,400 | ₹2,54,400 |
| S-HNI (max) | 7 | 8,400 | ₹8,90,400 |
| B-HNI (min) | 8 | 9,600 | ₹10,17,600 |
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 (₹) | 6.85 | 5.03 |
| P/E (×) | 15.47 | 21.07 |
| Price to book (×) | 7.95 | — |
| Market cap | — | ₹94.88 Cr |
Key performance indicators
- Return on net worth
- 51.50%
- ROCE
- 59.80%
- Debt / equity
- 1.00
- PAT margin
- 1.97%
- NAV per share
- ₹13.34
- Price to book
- 7.95
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Dhariwalcorp
Dhariwalcorp Limited was incorporated as 'Dhariwalcorp Private Limited' under the Companies Act, 2013 on June 14, 2020 in Jodhpur, Rajasthan, and converted to a public limited company (renamed Dhariwalcorp Limited) following a special resolution on April 1, 2024, with a fresh certificate issued May 4, 2024. The company is a trading entity engaged in a comprehensive range of waxes, industrial chemicals and petroleum jelly — including paraffin, slack, carnauba, microcrystalline, semi-refined, beeswax, montan, polyethylene, palm, residue and soya waxes, industrial chemicals such as rubber process oil, light liquid paraffin, citric acid monohydrate, refined glycerine, bitumen and stearic acid, and paraffin/white petroleum jelly. It makes money by procuring goods from domestic suppliers and through imports from China, Egypt, Singapore, UAE, UK and Hong Kong, stocking them in a Jodhpur processing unit and leased warehouses in Bhiwandi (Maharashtra), Ahmedabad and Mundra (Gujarat), and reselling them at margins set against market demand, freight, inventory and credit terms to industries such as plywood/board, paper coating, crayon and candle manufacturing, textiles, pharmaceuticals, petroleum jelly & cosmetics, tube & tyre manufacturing, match production, food processing and adhesives. Sales span 21 Indian states and 3 union territories, with exports to Nepal. For FY2024 the company reported revenue from operations of Rs. 22,880.29 lakhs (93.26% from waxes), EBITDA of Rs. 668.73 lakhs (2.92% margin) and PAT of Rs. 450.63 lakhs, with 7 employees as of March 31, 2024. The proposed IPO is a 100% book-built fresh issue of up to 23,75,000 equity shares of face value Rs. 10/- each, to be listed on the NSE Emerge platform.
Company Analysis
from DRHPDhariwalcorp Limited is a Rajasthan-based trading and processing company dealing in waxes, industrial chemicals and petroleum jelly, supplying customers across India and Nepal.
Dhariwalcorp Limited was incorporated as 'Dhariwalcorp Private Limited' under the Companies Act, 2013 on June 14, 2020 in Jodhpur, Rajasthan, and converted to a public limited company (renamed Dhariwalcorp Limited) following a special resolution on April 1, 2024, with a fresh certificate issued May 4, 2024. The company is a trading entity engaged in a comprehensive range of waxes, industrial chemicals and petroleum jelly — including paraffin, slack, carnauba, microcrystalline, semi-refined, beeswax, montan, polyethylene, palm, residue and soya waxes, industrial chemicals such as rubber process oil, light liquid paraffin, citric acid monohydrate, refined glycerine, bitumen and stearic acid, and paraffin/white petroleum jelly. It makes money by procuring goods from domestic suppliers and through imports from China, Egypt, Singapore, UAE, UK and Hong Kong, stocking them in a Jodhpur processing unit and leased warehouses in Bhiwandi (Maharashtra), Ahmedabad and Mundra (Gujarat), and reselling them at margins set against market demand, freight, inventory and credit terms to industries such as plywood/board, paper coating, crayon and candle manufacturing, textiles, pharmaceuticals, petroleum jelly & cosmetics, tube & tyre manufacturing, match production, food processing and adhesives. Sales span 21 Indian states and 3 union territories, with exports to Nepal. For FY2024 the company reported revenue from operations of Rs. 22,880.29 lakhs (93.26% from waxes), EBITDA of Rs. 668.73 lakhs (2.92% margin) and PAT of Rs. 450.63 lakhs, with 7 employees as of March 31, 2024. The proposed IPO is a 100% book-built fresh issue of up to 23,75,000 equity shares of face value Rs. 10/- each, to be listed on the NSE Emerge platform.
Objects of the Issue
- Funding capital expenditure towards construction of warehouse Rs. 810.00 Lakhs p.79
- Funding working capital requirements of our company Rs. 800.00 Lakhs p.81
- General corporate purposes (utilization shall not exceed 25% of the gross proceeds of the issue) p.83
Issue Structure
- Total Issue
- Up to 23,75,000 Equity Shares aggregating up to [●] Lakhs
- Fresh Issue
- Up to 23,75,000 Equity Shares aggregating up to [●] Lakhs
- Offer for Sale
- N.A. (the entire issue constitutes a fresh issue of equity shares)
- Face Value
- Rs. 10/- each
Business Model
Dhariwalcorp earns revenue from trading margins: it purchases waxes, industrial chemicals and petroleum jelly domestically and via imports (per the document, 'Company source its 90%-95% trading goods through imports' with advance payment to overseas suppliers), holds inventory across its warehouses, and resells locally and internationally. Prices are determined 'based on various parameters, including market demand, transportation costs, inventory levels, credit terms and sometimes it is fixed for particular customer to maintain the relationship.' FY2024 revenue from operations was Rs. 22,880.29 lakhs.
Business Segments
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Mr. Manish Dhariwal | Promoter | 49.99% (32,89,245 equity shares) | — |
| Ms. Shakshi Dhariwal | Promoter | 49.99% (32,89,245 equity shares) | — |
| Mr. Dilip Dhariwal | Promoter | Negligible (102 equity shares) | — |
| Mr. Abhishek Palrecha | Promoter Group | Negligible (102 equity shares) | — |
| Ms. Neha Dhariwal | Promoter Group | Negligible (102 equity shares) | — |
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.