Fabtech Technologies Cleanrooms
SMEBSE₹27.74 Cr issue
+90.00%
Listing gain over issue price
Issue size
₹27.74 Cr
1 lot at cut-off
₹1,36,000
Lot size
1,600shares
Open
03 Jan 2025
Close
07 Jan 2025
Allotment
08 Jan 2025
Listing
10 Jan 2025
Listing performance
Issue price
₹85
Listed at
₹161.50
Listing-day close
₹169.57
Latest price
₹409
Close on 23 Oct 2026
Listing gain
+90.00%
Return since issue
+381.18%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 03 Jan 2025 – 07 Jan 2025
- Listing date
- 10 Jan 2025
- Face value
- ₹10 per share
- Issue price
- ₹85 per share
- Lot size
- 1,600 shares
- Listing at
- BSE
- Total issue size
- ₹27.74 Cr
- Market cap at offer price
- ₹105 Cr
- Promoter holding
- 93.07% → 68.41% pre-issue → post-issue
- ISIN
- INE0HSD01011
- Registrar
- Maashitla Securities Pvt.Ltd.
- Lead managers
- Vivro Financial Services Pvt.Ltd.
- Registered office
- 615, Janki Center, Off.Veera Desai Road, Andheri (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 | 9,28,000 | — | — |
| Market maker | 1,64,800 | — | — |
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.
Shares allocated
9,28,000
Anchor portion
₹7.89 Cr
at ₹85 per share
Valuation and performance
Valuation at offer price
₹85 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 6.39 | 8.77 |
| P/E (×) | 13.30 | 9.69 |
| Price to book (×) | 1.38 | — |
| Market cap | — | ₹105 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 11.95%
- ROCE
- 15.83%
- Debt / equity
- 0.11
- PAT margin
- 5.90%
- NAV per share
- ₹61.56
- Price to book
- 1.38
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Fabtech Technologies Cleanrooms
Fabtech Technologies Limited was incorporated as a private limited company in October 2018 and subsequently converted to a public limited company in March 2024. The company provides comprehensive turnkey engineering solutions in the pharmaceuticals capex space, encompassing designing, engineering, procurement, installation and testing of pharmaceutical equipment. The company's services span three key elements: bio clean air, clean water, and process. Since incorporation through June 30, 2024, the company has completed 35 projects across multiple countries and maintains a global footprint spanning more than 62 countries. The company generates revenue through fixed-price turnkey project contracts and standalone services for pharmaceutical, biotech and healthcare facilities. As of March 31, 2024, the company reported revenue from operations of ₹22,613.63 lakhs and net profit after tax of ₹2,721.74 lakhs.
Company Analysis
from DRHPFabtech Technologies Limited is a turnkey engineering solution provider for pharmaceutical capital equipment, offering design, engineering, procurement, installation and testing services across multiple facility types and regions.
Fabtech Technologies Limited was incorporated as a private limited company in October 2018 and subsequently converted to a public limited company in March 2024. The company provides comprehensive turnkey engineering solutions in the pharmaceuticals capex space, encompassing designing, engineering, procurement, installation and testing of pharmaceutical equipment. The company's services span three key elements: bio clean air, clean water, and process. Since incorporation through June 30, 2024, the company has completed 35 projects across multiple countries and maintains a global footprint spanning more than 62 countries. The company generates revenue through fixed-price turnkey project contracts and standalone services for pharmaceutical, biotech and healthcare facilities. As of March 31, 2024, the company reported revenue from operations of ₹22,613.63 lakhs and net profit after tax of ₹2,721.74 lakhs.
PharmaceuticalsBiotechHealthcare facilitiesMedical device manufacturing
Objects of the Issue
- Funding working capital requirements of our Company ₹12,000.00 lakhs p.31
- Pursuing inorganic growth initiatives through acquisitions ₹3,000.00 lakhs p.31
- General Corporate Purposes p.31
- Funding working capital requirements of our Company p.80
- Pursuing inorganic growth initiatives through acquisitions ₹3,000.00 lakhs p.76
- General corporate purposes p.80
- Funding working capital requirements of our Company ₹12,000.00 lakhs p.129
- Pursuing inorganic growth initiatives through acquisitions ₹3,000.00 lakhs p.129
- General Corporate Purposes p.129
- Funding acquisition of four to five target companies engaged in manufacturing of process equipment and other critical components ₹3,000 lakhs p.199
Issue Structure
- Total Issue
- Up to 1,20,60,000 Equity Shares of face value of ₹10 each aggregating up to ₹[●] lakhs
- Fresh Issue
- Up to 1,20,60,000 Equity Shares of face value of ₹10 each aggregating up to ₹[●] lakhs
- Offer for Sale
- Not Applicable
- Price Band
- ₹[●] per Equity Share (Floor Price) to ₹[●] per Equity Share (Cap Price)
- Lot Size
- [●] Equity Shares and in multiples of [●] Equity Shares
- Face Value
- ₹10 each
Business Model
The company operates as a project-based business offering turnkey engineering solutions to pharmaceutical and healthcare organizations. It generates revenue through: (1) Turnkey services - comprehensive project execution from design to commissioning, representing 87.43% of revenue in FY2024; (2) Standalone services - individual components or services outside full turnkey projects, representing 12.57% of revenue in FY2024. The company enters into fixed-price contracts with customers and procures equipment and materials from third-party manufacturers and related entities (34.89% from related entities in FY2024). The business model involves continuous lead generation, conversion to orders, and project execution with typical project margins affected by fixed-price contract structures.
Business Segments
Comprehensive start to finish solutions encompassing designing, engineering, procurement, installation and testing of pharmaceutical equipment for pharmaceutical, biotech and healthcare facilities.
Individual components or services outside full turnkey projects, providing specific elements such as equipment supply, installation or testing without full project scope.
International operations in 53 countries providing turnkey engineering solutions to pharmaceutical, healthcare and biotechnology organizations
Turnkey engineering solutions and standalone services for supply of equipment in the Gulf Cooperation Council region
Turnkey engineering solutions in the Middle East and North Africa region
Provides services for construction and operation of pharmaceutical facilities including air ventilation systems, cleanroom panels, cleanroom equipment, and containment systems (such as isolators) essential for protecting equipment and products from contamination. Equipment includes air showers, mist showers, sampling & dispensing booths, de-dusting tunnels, cleanroom modular panels and doors, HVAC systems, and various types of isolators (sterility testing, mobile, filling, liquid dispensing, potent API processing, QC/IPQA, sampling-dispensing, and granulation isolators).
Provides high-purity water treatment solutions critical for pharmaceutical manufacturing. Equipment includes purified water generation systems (flow rates from 200 litres per hour to 20,000 litres per hour), Water for Injection (WFI) generation systems, pure steam generators, purified water storage & distribution systems, Clean-in-Place (CIP) and Steam-in-Place (SIP) systems, heat exchangers, and process piping. These systems ensure water quality meets regulatory standards for various pharmaceutical manufacturing processes.
Provides process equipment for pharmaceutical manufacturing across liquids, solids, and semisolids dosage forms. Equipment includes high shear mixer granulators, fluid bed processors & coaters, fluid bed dryers, closed loop granulation lines, auto coaters, vacuum transfer systems, automatic capsule loaders, capsule polishers, capsule sorters, capsule de-dusters, containment capsule filling lines, vial filling and capping machines, and process piping networks for material transport and utility distribution.
Comprehensive end-to-end project execution including advisory services, disease profiling, feasibility studies, design and detailed engineering, equipment procurement, vendor selection, supply chain management, construction and installation oversight, regulatory compliance, quality assurance, training and validation, and project management. Turnkey projects constituted 87.43% of total revenue in FY2024.
Customised services for specific areas of the value chain including equipment procurement, equipment supply, installation and commissioning. Standalone services constituted 12.57% of total revenue in FY2024.
Design, engineering, procurement, installation and commissioning of pharmaceutical and biopharmaceutical manufacturing facilities including cleanrooms, HVAC systems, utilities, process equipment, and validation services.
Supply of pharmaceutical equipment and machineries, including design, engineering, procurement, installation, validation and turnkey solutions for pharmaceutical, biotech and healthcare facilities.
Provides cleanroom systems, HVAC (Heating, Ventilation, and Air Conditioning) systems, isolator containment systems, and related cleanroom infrastructure and equipment
Provides water treatment equipment and solutions
Provides process equipment and solutions for manufacturing
SWOT Analysis
Strengths
- • Comprehensive turnkey solutions provider in pharmaceutical capex space(p.31)
- • Extensive global footprint spanning 62+ countries across multiple regions(p.31)
- • Proven track record with 35 completed projects across multiple countries(p.31)
- • Strong order book with growth in new order booking(p.41)
- • Asset-light business model with diversified supplier base(p.54)
- • Foreign investment restrictions limit ability to attract foreign investors, affecting share trading price(p.98)
- • Constraints on raising foreign capital due to Indian law limitations(p.98)
- • Difficulty enforcing foreign judgments against the company and management(p.98)
- • Comprehensive turnkey engineering solutions provider with integrated service model(p.190)
- • Asset-light, scalable business model with controlled procurement and quality management(p.191)
- • In-house proprietary FabAssure project management software enabling real-time tracking and efficiency(p.193)
- • Diversified order book across geographies, clients, and business verticals with strong growth trajectory(p.193)
- • Track record executing projects across all pharmaceutical dosage forms (liquids, solids, semisolids)(p.200)
- • Experienced leadership team with 29+ years of Fabtech Group operating history in pharma engineering(p.186)
- • Established presence across 53 countries with 245+ international customers and proven execution in emerging markets(p.198)
- • Strong financial performance with growing margins and healthy liquidity position(p.188)
- • Comprehensive quality control processes with internal checklists and testing for equipment validation(p.217)
- • Proven track record executing complex pharmaceutical projects across diverse dosage forms globally(p.224)
- • Strategic partnerships with third-party contractors and equipment suppliers enabling integrated end-to-end execution(p.224)
- • Strong order book of ₹72,615.05 lakhs reflecting substantial revenue pipeline(p.221)
- • Diversified customer base across geographies and government and private sectors(p.221)
- • Established presence in pharmaceutical equipment supply with comprehensive turnkey solutions(p.295)
- • Experienced promoter with two decades of expertise in pharmaceutical equipment design and manufacturing(p.270)
- • Revenue growth trajectory with diversified geographic presence(p.319)
- • Strong profitability with growing profit after tax(p.292)
- • Consolidated operations through subsidiary structure enabling integrated service delivery(p.295)
- • Comprehensive turnkey engineering solutions across pharma capex value chain(p.344)
- • Strong order book and book-to-bill ratio demonstrating business momentum(p.346)
- • Digital project management system enhancing execution efficiency(p.347)
- • Experienced leadership team with 29+ years of Fabtech Group operating history(p.346)
- • Qualified engineering team enabling diverse project execution(p.347)
- • Growing revenue and improving profitability metrics(p.355)
- • No material litigation or regulatory actions against the company as of the DRHP date(p.384)
- • Strong financial position meeting IPO eligibility criteria across three years(p.397)
- • Consistent operating profitability in all three preceding fiscal years(p.398)
- • Adequate net worth across all three preceding fiscal years(p.397)
- • ISO certifications demonstrating quality, safety and environmental standards(p.395)
Weaknesses
- • Heavy dependence on related entities for 35% of procurement costs(p.44)
- • Extreme concentration in top 5 projects generating 63% of revenue(p.45)
- • High working capital intensity with 235 days of sales outstanding(p.51)
- • Significant bad debt write-off in prior year of ₹854.29 lakhs(p.51)
- • Limited operating history and first-time IPO(p.41)
- • High promoter concentration with 94.61% shareholding(p.123)
- • Limited operational history as a standalone entity post-demerger(p.106)
- • High customer concentration with top 5 customers representing 63.39% of revenue in FY2024(p.188)
- • Significant dependence on pharmaceutical, biotech and healthcare sectors for 94.35% of revenue(p.199)
- • Limited talent pool in specialized pharmaceutical engineering domain(p.176)
- • Substantial dependence on Related Entities for 34.89% of total equipment procurement costs(p.192)
- • Complex project execution requiring long sales cycles and considerable time for order conversion(p.195)
- • High concentration in top customers—5 largest customers represent 67.36% of order book as of FY2024(p.222)
- • Dependence on third-party contractors in foreign geographies for installation and commissioning execution(p.223)
- • Significant reliance on Promoter Group and subsidiary for equipment and materials procurement(p.252)
- • Uninsured assets represent 85.90% of total insurable assets as of March 31, 2024(p.226)
- • No owned properties; operates on leasehold premises with reliance on third-party landlords(p.226)
- • High concentration of trade receivables with significant aging over 3 years(p.313)
- • Significant provision for doubtful debts indicating collection challenges(p.313)
- • Dependence on a few major customers for substantial revenue(p.323)
- • Significant contingent liabilities including corporate guarantees(p.322)
- • Promoter involvement in multiple ventures creating potential conflicts of interest(p.269)
- • Heavy dependence on few customers creating revenue concentration risk(p.348)
- • Significant dependence on related entities for equipment procurement(p.352)
- • Project-based business model with low conversion rates requiring continuous lead generation(p.349)
- • Exposure to fixed-price contracts limiting ability to recover cost overruns(p.353)
- • High inventory levels relative to revenue generation(p.332)
- • Litigation involving former employee over recovery of illegal gains and dishonoured cheques(p.385)
- • Material pending litigation against the company's group company for commission default of ₹ 223.79 lakhs(p.389)
- • High-value civil suit against group company for ₹ 792.43 lakhs in liquidated damages and compensation(p.390)
- • Multiple pending litigation matters involving promoter in insolvency proceedings involving ₹ 438 lakhs(p.386)
- • Promoter also involved in appeal to Supreme Court regarding ₹ 120 lakhs contribution obligation(p.386)
- • Tax proceedings pending against the company for direct tax demands of ₹ 880.29 lakhs(p.391)
- • Subsidiary also engaged in similar litigation with former employee over ₹ 3.00 lakhs dishonoured cheques(p.388)
- • Material creditors including related party entity owed ₹ 535.87 lakhs(p.392)
Opportunities
- • Global pharmaceutical capex expected to increase 1.3x with $470-520 billion cumulative investments 2024-2028(p.31)
- • Strong government focus on local pharmaceutical manufacturing in UAE and KSA(p.31)
- • Improved regulatory environment in key markets accelerating drug approvals(p.31)
- • Strategy to enter additional geographies and service segments(p.45)
- • Pursuit of inorganic growth through acquisitions (₹3000 lakhs allocated)(p.32)
- • Funding working capital requirements to support business growth and project execution(p.129)
- • Strategic acquisitions to expand execution capabilities and geographic reach(p.136)
- • Global pharmaceutical capex growth providing market expansion opportunities(p.132)
- • Establishing local presence in GCC and MENA regions through subsidiaries(p.131)
- • Listing benefits and brand enhancement in public markets(p.129)
- • Global pharmaceutical capex projected to increase 1.3x to $470-520 billion by 2028(p.176)
- • MEA pharmaceutical market growing at 4-5% CAGR 2023-2028 driven by localization focus post-COVID(p.164)
- • Indian domestic formulation market growing at 9-10% CAGR to reach Rs 2.8-3.0 trillion by FY2028(p.167)
- • Increasing government focus on pharmaceutical localization and local manufacturing capacity in MEA post-COVID(p.165)
- • Rising prevalence of chronic diseases driving demand for pharmaceutical manufacturing capacity(p.162)
- • Strategic expansion opportunity in African region with limited private pharmaceutical players and government infrastructure development(p.198)
- • Potential for inorganic growth through acquisitions of manufacturing entities in key geographies(p.199)
- • Diversification into non-pharmaceutical sectors (nutraceuticals, GMP-certified FMCG) to reduce sector concentration risk(p.199)
- • Plan to establish joint ventures with local partners in multiple geographies to strengthen regional presence(p.223)
- • Active participation in 10-12 major pharmaceutical exhibitions annually to expand network and market reach(p.224)
- • Strategic use of marketing agents in Middle East, North Africa and Ukraine for service promotion(p.224)
- • Recent acquisition of subsidiaries (FT Institutions, FABL International) to expand domestic presence and manufacturing capabilities(p.239)
- • New wholly-owned UAE subsidiary established to capture Middle Eastern pharmaceutical project opportunities(p.239)
- • Expanding international markets with significant export revenue(p.319)
- • Growth in pharmaceutical and biotech sectors driving demand for equipment and turnkey solutions(p.295)
- • Acquisition of land parcel for expansion and future capacity enhancement(p.274)
- • Subsidiary structure enabling entry into healthcare and related segments(p.295)
- • Significant growth in global pharmaceutical capex driven by innovation and regulatory focus(p.348)
- • Emerging markets investing in pharma localization post-COVID for self-reliance(p.345)
- • Geographic expansion opportunity in underserved emerging economies(p.344)
- • Expansion of standalone services to diversify revenue beyond turnkey projects(p.351)
- • Opportunity to expand into new geographies and service segments(p.351)
- • Increasing AI integration and facility modernization creating new capex demand(p.348)
- • Export licensing for SCOMET dual-use items to Israel and Algeria(p.394)
- • Trademark licensing for 'Fabtech' brand with annual royalty structure(p.396)
- • International business operations through demerged group company assets and expertise(p.395)
- • Expansion of export capabilities with EEPC registration as Merchant Cum Manufacturer Exporter(p.394)
- • Access to capital markets through IPO for funding business growth and liquidity(p.397)
Threats
- • Concentrated geographic exposure in GCC, MENA, ECO regions (95% of ongoing order book)(p.48)
- • Political instability, geopolitical tensions and civil unrest in key markets(p.49)
- • Susceptibility of projects to delays, cancellations and modification beyond company control(p.45)
- • Fixed-price contracts expose company to cost overrun risks(p.52)
- • Heavy reliance on import of equipment subject to policy and geopolitical risks(p.54)
- • Dependence on conversion of proposals to orders with only 8.98% conversion ratio(p.41)
- • Foreign investment restrictions under FEMA Rules limiting investor base(p.98)
- • Regulatory approval uncertainty for foreign debt and foreign investment(p.98)
- • Difficulty enforcing foreign judgments in India and obtaining RBI repatriation approval(p.99)
- • India not a signatory to international treaty for recognition and enforcement of foreign judgments(p.99)
- • Geographical instability and regional conflicts disrupting supply chains and project operations(p.167)
- • Fluctuation in foreign exchange rates impacting revenue realization and profitability(p.176)
- • Increasing regulatory complexity and compliance requirements across multiple jurisdictions(p.175)
- • Increasing localization requirements creating exit barriers and uncertainty for foreign MNCs(p.176)
- • Dependence on Chinese imports for 71% of API intermediaries creating supply chain vulnerability(p.172)
- • Pricing pressures in US market due to consolidation and faster generic drug approvals(p.173)
- • Complexity of managing large-scale projects across multiple stakeholders and geographies(p.176)
- • Order book includes contracts in abeyance with no activity for 6+ months due to factors beyond company control(p.221)
- • Material risk that order book may not materialize; projects can be delayed, modified or cancelled beyond company control(p.221)
- • High competitive intensity in the turnkey engineering solutions industry with multiple competing factors(p.224)
- • Regulatory compliance requirements across multiple jurisdictions and environmental laws(p.228)
- • Risk of trademark non-transfer or loss following demerger affecting brand usage(p.225)
- • High dependency on related party transactions and potential conflict of interest(p.284)
- • Competition from other businesses in similar line conducted by group companies(p.282)
- • Exposure to foreign exchange fluctuations affecting export revenues(p.319)
- • Significant outstanding litigation and claims against the company(p.322)
- • Regulatory and compliance risks in international markets(p.275)
- • Geopolitical and economic instability in GCC, MENA and ECO regions(p.352)
- • Project cancellations, delays and scope reductions from external factors(p.351)
- • Customer strategic shifts away from outsourced services(p.351)
- • Lead conversion failure impacting revenue and margins(p.350)
- • Foreign exchange volatility affecting profitability on international projects(p.327)
- • Interest rate and inflation pressures on cost structures(p.372)
- • Counterparty risk from group company litigation involving non-performance on equipment supply contracts(p.389)
- • Reputational and financial risk from group company facing criminal appeal conviction under Negotiable Instruments Act(p.388)
- • Regulatory risk from allegations of false documentation by group company in criminal complaint(p.388)
- • Trademark dependency risk as non-exclusive license could be terminated(p.396)
- • Regulatory expiry risk for SCOMET dual-use export license to Algeria expiring in October 2024(p.394)
- • Regulatory risk from pending name change in licenses post conversion to public limited company(p.396)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Aasif Ahsan Khan | Promoter | 56.98% | — |
| Hemant Mohan Anavkar | Promoter | 11.76% | — |
| Aarif Ahsan Khan | Promoter | 14.11% | — |
| Manisha Hemant Anavkar | Promoter | 11.76% | — |
| Aasif Ahsan Khan | Promoter | 1,84,56,779 shares | — |
| Hemant Mohan Anavkar | Promoter | 38,08,761 shares | — |
| Aarif Ahsan Khan | Promoter | 45,70,500 shares | — |
| Manisha Hemant Anavkar | Promoter | 38,08,772 shares | — |
| Aasif Ahsan Khan | Promoter | 56.98% | — |
| Aarif Ahsan Khan | Promoter | 14.11% | — |
| Hemant Mohan Anavkar | Promoter | 11.76% | — |
| Manisha Hemant Anavkar | Promoter | 11.76% | — |
| Aatif Ahsan Khan | Promoter Group | Negligible | — |
| Aasif Ahsan Khan | Promoter | — | — |
| Hemant Mohan Anavkar | Promoter | — | — |
| Aarif Ahsan Khan | Promoter | — | — |
| Aasif Ahsan Khan | Promoter | 56.98% | — |
| Hemant Mohan Anavkar | Promoter | 11.76% | — |
| Aarif Ahsan Khan | Promoter | 14.11% | — |
| Manisha Hemant Anavkar | Promoter | 11.76% | — |
| Aasif Ahsan Khan | Promoter | 56.98% | — |
| Hemant Mohan Anavkar | Promoter and Executive Director | 11.76% | — |
| Aarif Ahsan Khan | Promoter | 14.11% | — |
| Manisha Hemant Anavkar | Promoter | 11.76% | — |
| Hemant Mohan Anavkar | Promoter and Director | — | — |
| Aasif Khan | Promoter | — | — |
| Aarif Khan | Promoter | — | — |
Leadership
Ashwani Kumar Singh · Chief Executive Officer
Guman Mal Jain · Chief Financial Officer
Neetu Sunil Buchasia · Company Secretary and Compliance Officer
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.
Offer documents
Fabtech Technologies Cleanrooms IPO FAQs
What is the lot size of Fabtech Technologies Cleanrooms IPO?
The minimum lot size of Fabtech Technologies Cleanrooms IPO is 1,600 shares. One lot costs ₹1,36,000 at the cut-off price.
When does Fabtech Technologies Cleanrooms IPO open and close?
Fabtech Technologies Cleanrooms IPO opened for subscription on 03 Jan 2025 and closed on 07 Jan 2025.
What is the listing date of Fabtech Technologies Cleanrooms IPO?
Fabtech Technologies Cleanrooms IPO listed on 10 Jan 2025.