Harshdeep Hortico
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 29 Jan 2024 – 31 Jan 2024
- Listing date
- 05 Feb 2024
- Face value
- ₹10 per share
- Issue price
- ₹45 per share
- Lot size
- 3,000 shares
- Issue type
- Book Building issue
- Total issue size
- ₹19.09 Cr
- Market cap at offer price
- ₹72.42 Cr
- Promoter holding
- 97.38% → 71.72% pre-issue → post-issue
- ISIN
- INE0OLZ01015
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- Hem Securities Ltd.
- Registered office
- Building No.1 Shree Sai Logistics, Survey No.18/2E 18/2P 17/2A, 17/2B Part, Elkunde, Bhiwandi, 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 | 12,06,000 | — | — |
| Market maker | 2,16,000 | — | — |
Application size
Minimum 3,000 shares per lot, in multiples, at ₹45
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 3,000 | ₹1,35,000 |
| S-HNI (min) | 2 | 6,000 | ₹2,70,000 |
| S-HNI (max) | 7 | 21,000 | ₹9,45,000 |
| B-HNI (min) | 8 | 24,000 | ₹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 (₹) | 0.00 | 3.30 |
| P/E (×) | — | 13.64 |
| Price to book (×) | 0.00 | — |
| Market cap | — | ₹72.42 Cr |
No price-to-earnings multiple is shown: the company reported a loss, and an earnings multiple struck on negative earnings would read as a cheap valuation while meaning the opposite.
Key performance indicators
- NAV per share
- ₹0.04
- Price to book
- 0.00
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Harshdeep Hortico
Harshdeep Hortico Limited was incorporated on December 30, 2022 and, pursuant to a Business Purchase Agreement dated April 03, 2023, took over the running business of the proprietorship concern of its promoter Hitesh Chunilal Shah, 'M/s Harshdeep Agro Products' (in operation since 2002), along with its assets and liabilities as a going concern. The company designs, develops, manufactures and supplies more than 500 variants of pots and planters — plastic indoor, outdoor, illuminated, decorative, roto moulded, fiber reinforced plastic (FRP) and eco-series planters — along with related accessories like garden hose pipes and water cans, and has recently entered roto moulded outdoor furniture. It operates two rented manufacturing units (Bhiwandi and Pune, Maharashtra) running rotational moulding, injection moulding and blow extrusion machines, three stores (Delhi, Pune, Rajahmundry) and four exclusive distributors (Hyderabad, Kolkata, Chandigarh, Visakhapatnam), markets to around 27 states & Union Territories in India (majority of revenue from Maharashtra, with historical exports to East Africa, UK, Nepal etc.), and sells through its website, online marketplaces such as Amazon and Flipkart, and social media platforms. It makes money from sales of these manufactured products; for the four months ended July 31, 2023 it reported revenue from operations of ₹1,481.05 lakhs and profit after tax of ₹177.24 lakhs.
Company Analysis
from RHPHarshdeep Hortico Limited designs, develops, manufactures and supplies plastic pots and planters (indoor, outdoor, illuminated, decorative, roto moulded, FRP and eco-series) along with garden accessories, spanning the horticulture/gardening products, plastics manufacturing and home décor industries.
Harshdeep Hortico Limited was incorporated on December 30, 2022 and, pursuant to a Business Purchase Agreement dated April 03, 2023, took over the running business of the proprietorship concern of its promoter Hitesh Chunilal Shah, 'M/s Harshdeep Agro Products' (in operation since 2002), along with its assets and liabilities as a going concern. The company designs, develops, manufactures and supplies more than 500 variants of pots and planters — plastic indoor, outdoor, illuminated, decorative, roto moulded, fiber reinforced plastic (FRP) and eco-series planters — along with related accessories like garden hose pipes and water cans, and has recently entered roto moulded outdoor furniture. It operates two rented manufacturing units (Bhiwandi and Pune, Maharashtra) running rotational moulding, injection moulding and blow extrusion machines, three stores (Delhi, Pune, Rajahmundry) and four exclusive distributors (Hyderabad, Kolkata, Chandigarh, Visakhapatnam), markets to around 27 states & Union Territories in India (majority of revenue from Maharashtra, with historical exports to East Africa, UK, Nepal etc.), and sells through its website, online marketplaces such as Amazon and Flipkart, and social media platforms. It makes money from sales of these manufactured products; for the four months ended July 31, 2023 it reported revenue from operations of ₹1,481.05 lakhs and profit after tax of ₹177.24 lakhs.
Objects of the Issue
- Repayment and/or pre-payment, in full or part, of certain borrowings availed by our Company ₹407.94 lakhs p.65
- To meet Working Capital requirements ₹900.00 lakhs p.65
- General Corporate Purpose p.67
Issue Structure
- Total Issue
- Upto 42,42,000 Equity Shares aggregating to ₹[●] Lakhs
- Fresh Issue
- Upto 42,42,000 Equity Shares aggregating to ₹[●] Lakhs
- Offer for Sale
- Nil
- Face Value
- ₹10/- each
Business Model
The company earns revenue by manufacturing and selling pots, planters and garden accessories through four exclusive distributors, three own stores, e-commerce platforms (Amazon, Flipkart), its website and social media channels, serving customers across around 27 states & Union Territories in India (with past exports from the erstwhile proprietorship concern).
Business Segments
SWOT Analysis
- • Wide product portfolio of 500+ planter/accessory variants across series(p.83)
- • Quality accreditations (ISO 9001, 14001, 45001)(p.84)
- • Diversified revenue across multiple Indian states(p.84)
- • In-house manufacturing base of 25 moulding machines(p.85)
- • Experienced management led by promoter with 20+ years in the industry(p.85)
- • Omni-channel sales via website, marketplaces and social media(p.83)
- • Entire manufacturing concentrated at two units in Maharashtra(p.22)
- • Heavy supplier concentration with no long-term supply contracts(p.23)
- • Very short operating history as a company(p.23)
- • No owned premises – registered office, plants and stores all rented(p.24)
- • Trademark held in promoter's personal name, not the company's(p.24)
- • Outstanding indebtedness of ₹636.82 lakhs(p.27)
- • High working capital intensity of operations(p.27)
- • Heavy dependence on Promoter and key managerial personnel(p.28)
- • Aggressive domestic market penetration and customer addition(p.85)
- • Diversification into new Roto Moulded Outdoor Furniture segment(p.85)
- • Floriculture sector expected to grow to $5.9 Bn by 2030 (7.4% CAGR)(p.81)
- • Real estate completion of ~558,000 homes in 2023 supporting demand(p.80)
- • Strategy of deepening customer relationships for repeat business(p.85)
- • Competition from larger, better-resourced established players(p.26)
- • Potential legislative ban on plastic products(p.27)
- • Raw material price volatility and availability risk(p.23)
- • Slowdown in Indian economic growth(p.33)
- • Changing laws, rules, regulations and tax uncertainties(p.33)
- • Global economic and geopolitical disruptions(p.34)
- • Natural disasters, epidemics, war and civil unrest(p.35)
- • Price-sensitive industry with consumer decisions driven by price(p.24)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Hitesh Chunilal Shah | Promoter | 95.93 | 70.64 |
| Dipti Hitesh Shah | Promoter Group | 1.43 | 1.05 |
| Bhavana Mulchand Gala | Promoter Group | 0.03 | 0.02 |
| Harshit Hitesh Shah | Promoter Group | Negligible | Negligible |
| Megh Hitesh Shah | 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.