Infrax Renewable
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Subscription
- Big non-institutionalbNII · above ₹10 lakh
- 0.75×
- Retail individualRII · up to ₹2 lakh
- 1.90×
Bids received
The demand behind each multiple — what was offered, what was bid for, and what those bids are worth
| Category | Shares offered | Shares bid for | Bids (₹ Cr) | Times |
|---|---|---|---|---|
| Non-institutional | 18,50,400 | 25,77,600 | ₹26.81 Cr | 1.39× |
| Retail individual | 18,81,600 | 35,66,400 | ₹37.09 Cr | 1.90× |
| Total | 37,32,000 | 76,33,200 | ₹79.39 Cr | 2.05× |
Times subscribed is the figure published for each category, not shares bid for divided by shares offered — a category's multiple is struck against its own allottable base, which is not always the offered count shown beside it. Observed 11 Sep, 05:09 pm IST; the registrar publishes the final basis of allotment.
Issue details
- IPO date
- 09 Sep 2026 – 11 Sep 2026
- Listing date
- 17 Sep 2026
- Face value
- ₹10 per share
- Price band
- ₹104
- Issue price
- ₹104 per share
- Lot size
- 1,200 shares
- Sale type
- Fresh capital cum OFS
- Issue type
- Fixed Price issue
- Listing at
- BSE
- Total issue size
- ₹40.88 Cr
- Fresh issue
- ₹31.74 Cr 30,51,600 shares
- Offer for sale
- ₹7.08 Cr 6,80,400 shares
- Market cap at offer price
- ₹148 Cr
- Promoter holding
- 70.64% → 49.73% pre-issue → post-issue
- ISIN
- INE1YC401018
- CIN
- U43222GJ2024PLC155272
- Registrar
- Bigshare Services Pvt.Ltd.
- Lead managers
- Smart Horizon Capital Advisors Pvt.Ltd.
- Registered office
- 402-403, R K Prime 2, Mahapuja Dham Chok, 150 Feet Road, Malviyanagar, Rajkot, Gujarat, India, 360004
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| QIB | 0 | 0.00% | 0.00% |
| NII (HNI) | 18,66,000 | 50.00% | 47.47% |
| bNII > ₹10L · within NII | 18,66,000 | — | 47.47% |
| sNII < ₹10L · within NII | 0 | — | 0.00% |
| Retail (RII) | 18,66,000 | 50.00% | 47.47% |
| Employee | 0 | — | 0.00% |
| Market maker | 1,99,200 | — | 5.07% |
| Total issue | 39,31,200 | — | 100.00% |
Net offer to the public of 37,32,000 shares, out of a total issue of 39,31,200. Indented rows sit inside the category above them and are not added to it.
Application size
Minimum 1,200 shares per lot, in multiples, at ₹104
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,200 | ₹1,24,800 |
| S-HNI (min) | 2 | 2,400 | ₹2,49,600 |
| S-HNI (max) | 8 | 9,600 | ₹9,98,400 |
| B-HNI (min) | 9 | 10,800 | ₹11,23,200 |
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 (₹) | 9.29 | 7.17 |
| P/E (×) | 11.19 | 14.50 |
| Price to book (×) | 6.59 | — |
| Market cap | — | ₹148 Cr |
Key performance indicators
- Return on net worth
- 64.68%
- ROCE
- 105.00%
- Debt / equity
- 0.44
- PAT margin
- 10.94%
- EBITDA margin
- 15.62%
- NAV per share
- ₹15.77
- Price to book
- 6.59
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
Company financials
| Period ended | FY26 | FY25 | FY24 |
|---|---|---|---|
| Profit and loss | |||
| Total income | 93.33 | 30.48 | 9.66 |
| Revenue from operations | 93.21 | 30.47 | 9.65 |
| Other income | 0.12 | 0.01 | 0.01 |
| Total expenses | 79.55 | 26.2 | 8.15 |
| Operating profit | 13.78 | 4.28 | 1.51 |
| Operating margin | 14.76% | 14.04% | 15.63% |
| Profit before tax | 13.79 | 4.27 | 1.51 |
| Profit after tax | 10.2 | 2.85 | 0.96 |
| PAT margin | 10.93% | 9.35% | 9.94% |
| Balance sheet | |||
| Total assets | 31.53 | 8.24 | 4.4 |
| Current assets | 26.22 | 7.67 | 3.98 |
| Current liabilities | 12.85 | 6.32 | 2.99 |
| Total liabilities | 15.76 | 6.35 | 3 |
| Net worth | 15.77 | 1.89 | 1.4 |
| Current ratio | 2.04× | 1.21× | 1.33× |
| Return on equity | 64.68% | 150.79% | 68.57% |
| Cash flow | |||
| Operating cash flow | -2.7 | 0.24 | 1.67 |
| Investing cash flow | -4.74 | -0.34 | -0.24 |
| Financing cash flow | 7.11 | 0.46 | -1.01 |
| Net cash flow | -0.33 | 0.37 | 0.42 |
Objects of the issue
1 Funding of capital expenditure towards purchase of machineries and equipments for proposed manufacturing facility ₹12.29 Cr
The company proposes to establish in-house manufacturing facility for solar panel recycling and silver extraction production line, manufacturing of structures for solar roofing and mounting applications, and solar frame production line to achieve backward integration and reduce dependency on third-party vendors.
2 Funding working capital requirements ₹17 Cr
The company intends to fund incremental working capital requirements to support geographical expansion, commencement of manufacturing facility operations, and increased revenue from B2B customers requiring extended credit periods.
3 General corporate purposes ₹2.03 Cr
The company will deploy funds towards strategic initiatives, partnerships, joint ventures, acquisitions, meeting business exigencies, brand promotion activities, and other purposes as approved by the Board subject to regulatory compliance.
About Infrax Renewable
Infrax Renewable Limited was originally formed as a partnership firm 'Infrax International' on April 27, 2019, and converted into a public limited company on September 23, 2024. The company operates in the renewable energy sector, specifically solar energy. It provides rooftop residential solar projects, ground-mounted solar projects, EPC (Engineering, Procurement and Construction) services, turnkey solutions, solar product trading and distribution, and O&M (Operations and Maintenance) services. The company also engages in independent power production through Power Purchase Agreements (PPAs) with Paschim Gujarat Vij Company Limited (PGVCL), with a solar power plant at Bhadla (Jasdan), Gujarat that commenced commercial operations in February 2026. The company generates revenue through sales of solar products and provision of solar project services across multiple Indian states including Gujarat, Uttar Pradesh, Madhya Pradesh, Maharashtra, Rajasthan and Telangana.
Management
Mr. Bhargv Ashvinbhai Vachhani
MD
Mr. Gandhi Bhavik Tarunkumar
CEO
Ms. Khushboo Bhargav Vachhani
Director
Mr. Ankitkumar Nathabhai Chotaliya
Director
Mr. Chetan Chandrakant Shah
Director
Ms. Shreya Siddhartha Mehta
COO
Mr. Davadra Hardik Nileshbhai
CFO
Strengths
As stated in the offer document
Established track record for execution of solar EPC solutions
The company has successfully developed, executed and commissioned 5,708 rooftop residential solar projects and ground mounted solar projects with an aggregate total project value exceeding ₹ 8,743.95 lakhs in the last three financial years.
Strong relationship with customers
The company generates recurring business through its network of dealers and third-party partners, with strong customer relationships contributing to robust growth and repeat orders from many customers.
Wide range of products
The company is engaged in supply and distribution of a wide range of solar products, including Solar PV modules, Solar PV inverters and related solar products, maintaining a diversified portfolio to cater to evolving energy requirements.
Financial Stability Through the IPP Model
The company has developed a solar power plant under Power Purchase Agreement through IPP model, which establishes a steady and reliable revenue stream over an extended period by selling electricity directly to government.
Established relationship with suppliers
The company focuses on building sustained and long-term relationships with suppliers, enabling continued business growth and effective supply chain management with alignment to market needs and customer demand.
Dealership network and presence across various states
The company has developed an established dealer network of 2,830 dealers as of FY 2025-26, supporting customer acquisition, project execution and timely completion of installations across various states.
Strategic location of warehouses and branch offices
The company operates 3 warehouses located at Rajkot, Ahmedabad and Kanpur, and 6 branch offices in 4 states, enabling expansion of geographic reach, reduced logistic costs and efficient business operations.
Risk factors
As stated in the offer document
Dependence on Government Policies and Subsidies
The company's business is significantly dependent on continued availability of government policies, subsidies, incentives and support mechanisms for the solar sector. Any withdrawal, reduction, delay or unfavorable modification of such policies may adversely affect demand for products and services, impact profitability, and have a material adverse effect on business operations and financial condition.
Dealer Dependency Risk
The company depends on dealers for a significant portion of revenue, with 2,830 dealers as of FY 2025-26. Any decrease in revenues from dealers, inability to retain existing dealers, or difficulties in recruiting new dealers may cause loss of customers and adversely affect business operations and results of operations.
Geographic Revenue Concentration
The company generates 97.41% of revenue from Gujarat in FY 2025-26, creating significant geographic concentration risk. Any adverse developments affecting operations in Gujarat, including competition, economic changes, or regulatory issues, could have a material adverse impact on revenue and results of operations.
Key Customer Concentration Risk
The company's top 10 customers contributed 47.02% of total revenue in FY 2025-26, with no long-term agreements in place. Loss of major customers or inability to maintain historical business levels from key customers could have a material adverse effect on business, financial condition, and results of operations.
Supplier Concentration and Supply Chain Risk
The company procures from limited suppliers, with top 10 suppliers accounting for 65.86% of total purchases in FY 2025-26, without long-term supply contracts. Any supply disruptions, price increases, or loss of key suppliers may adversely affect business operations, profitability, and ability to meet customer requirements.
Working Capital Requirements
The company requires significant working capital, with projected requirements increasing from ₹1,665.84 lakhs in FY 2025-26 to ₹4,907.02 lakhs in FY 2027-28. Any inability to meet working capital requirements may adversely affect business operations, cash flows, and results of operations.
Manufacturing Facility Implementation Risk
The company proposes to establish a manufacturing facility with estimated machinery costs of ₹1,229.33 lakhs. Any delays in setup, cost overruns, or time delays in procurement and installation of machinery may adversely affect implementation of manufacturing operations and could have a material adverse effect on business and growth prospects.
Negative Cash Flow from Operations
The company had negative cash flows from operating activities of ₹270.21 lakhs in FY 2025-26. Sustained negative cash flow could impact growth and business operations, affecting the company's ability to fund operations and meet capital expenditure requirements.
Project Execution and Operational Risks
Rooftop and ground-mounted solar projects are subject to execution risks including accidents, fire hazards, electrical failures, and workforce-related incidents. Such risks may result in liabilities, penalties, project delays, and reputational harm, which could adversely affect business operations and financial condition.
Regulatory and Compliance Risk
The company is required to obtain and maintain various approvals, licenses, and permits for operations. Any delay or failure to obtain, renew, or maintain necessary approvals could adversely affect project operations, and non-compliance may result in suspension or revocation of permits.
Company Analysis
from PROSPECTUSInfrax Renewable Limited engages in solar energy business including rooftop residential solar projects, ground-mounted solar projects, EPC services, solar product trading and distribution, and independent power production.
Infrax Renewable Limited was originally formed as a partnership firm 'Infrax International' on April 27, 2019, and converted into a public limited company on September 23, 2024. The company operates in the renewable energy sector, specifically solar energy. It provides rooftop residential solar projects, ground-mounted solar projects, EPC (Engineering, Procurement and Construction) services, turnkey solutions, solar product trading and distribution, and O&M (Operations and Maintenance) services. The company also engages in independent power production through Power Purchase Agreements (PPAs) with Paschim Gujarat Vij Company Limited (PGVCL), with a solar power plant at Bhadla (Jasdan), Gujarat that commenced commercial operations in February 2026. The company generates revenue through sales of solar products and provision of solar project services across multiple Indian states including Gujarat, Uttar Pradesh, Madhya Pradesh, Maharashtra, Rajasthan and Telangana.
Objects of the Issue
- Purchase of machineries and equipments for proposed manufacturing facility including Solar panel recycling and silver extraction production line, Manufacturing of structures for solar roofing and mounting applications and Solar frame production line ₹1,229.33 lakhs p.31
- Funding working capital requirements ₹1,700.00 lakhs p.33
- Funding of capital expenditure of our Company towards purchase of machineries and equipments for proposed manufacturing facility ₹1,229.33 Lakhs p.94
- Funding working capital requirements of our Company ₹1,700.00 Lakhs p.103
- General corporate purposes ₹203.24 Lakhs p.93
- Investment in manufacturing facility for (A) solar panel recycling and silver extraction production line, (B) manufacturing of structures for solar roofing and mounting applications, and (C) solar frame production line ₹1,229.33 Lakhs p.144
- Working capital for expansion of operations including manufacturing facility, geographical expansion into new states, commencement of ground-mounted solar projects, increase in B2B customer revenue and other working capital components ₹1,700.00 Lakhs p.105
- General corporate purposes including strategic initiatives, partnerships, joint ventures, acquisitions, meeting business exigencies, renovation and refurbishment of facilities, brand promotion activities or repayment of debt p.105
- Capex for establishment of 1 MW Solar Power Plant as Independent Power Producer (IPP) at Bhadla, Jasdan, Rajkot ₹300.00 lakhs p.237
- General corporate purposes ₹100.00 lakhs p.49
Issue Structure
- Total Issue
- ₹4,088.45 Lakhs
- Fresh Issue
- ₹3,380.83 Lakhs (32,50,800 Equity Shares)
- Offer for Sale
- ₹707.62 Lakhs (6,80,400 Equity Shares)
- Price Band
- ₹104 per Equity Share (Fixed Price)
- Lot Size
- 1,200 Equity Shares and in multiples thereof; minimum allotment of 2,400 Equity Shares
- Face Value
- ₹10 per Equity Share
Business Model
The company earns revenue through: (1) Solar product sales and distribution through a dealership network; (2) EPC and turnkey solar project execution services for rooftop residential and ground-mounted solar installations; (3) Operations and maintenance (O&M) services for commissioned solar systems; (4) Independent power production through PPAs with PGVCL, generating and selling electricity.
Business Segments
SWOT Analysis
- • Established presence in renewable energy with integrated business model(p.94)
- • ISO 9001:2015 certification demonstrates quality management capability(p.94)
- • Backward integration strategy to reduce dependency on third parties(p.94)
- • Revenue growth trajectory with EBITDA expansion(p.63)
- • Established execution track record in solar EPC across diverse segments(p.140)
- • Strong customer relationships driving repeat business(p.140)
- • Rapid dealer network expansion enabling market reach(p.142)
- • Strategic warehouse locations reducing logistics costs(p.142)
- • Diversified revenue streams across B2C and B2B segments(p.145)
- • Strong profitability and return metrics(p.133)
- • IPP business model providing stable long-term revenue(p.141)
- • Diversified business model across EPC, trading, and Independent Power Production(p.202)
- • Growing revenue trajectory demonstrating strong market traction(p.199)
- • Established operational base with own solar power generation facility(p.202)
- • Experienced management team with decade-long industry involvement(p.175)
- • ISO 9001:2015 certified with established quality management system(p.247)
- • Rapid revenue growth with 205.94% increase from FY 2024-25 to FY 2025-26(p.256)
- • Significant customer acquisition and repeat business development(p.257)
- • Diversified revenue streams across EPC services and solar product trading(p.247)
- • Strong profitability with PAT margin improvement from 9.36% to 10.93%(p.260)
- • Empaneled as national vendor for PM Surya Ghar program(p.247)
- • Expanded geographic footprint from single state to six states(p.258)
- • Healthy current ratio and improving financial position(p.248)
- • Recently formed company with limited operating history(p.26)
- • High dependence on dealer network for revenue generation(p.27)
- • Severe geographical concentration with Gujarat accounting for 97.41% of revenue(p.27)
- • Heavy reliance on small number of key customers(p.28)
- • Dependence on limited suppliers for raw materials and products(p.29)
- • Significant working capital requirements and past negative cash flows(p.33)
- • Multiple statutory and regulatory compliance delays and non-compliances(p.36)
- • Not owning registered office and warehouses creates operational vulnerability(p.31)
- • Very high employee attrition rate(p.44)
- • One promoter lacks professional qualifications(p.45)
- • Heavy dependence on small workforce creating operational vulnerability(p.49)
- • No dividend history indicating retained earnings constraint(p.50)
- • Promoter concentration risk with 49.73% post-offer shareholding(p.49)
- • Board lacks experience managing listed companies(p.52)
- • No exact comparable Indian peer for valuation benchmarking(p.51)
- • Recent private placement at lower price than IPO offer(p.50)
- • Incomplete orders placement for manufacturing machinery(p.96)
- • Heavy concentration in Gujarat state market(p.132)
- • High customer concentration risk(p.150)
- • Significant supplier concentration(p.149)
- • Current reliance on third-party vendors for key components(p.132)
- • High employee attrition rate(p.152)
- • Small team size and limited management depth(p.132)
- • Limited working capital efficiency(p.105)
- • Dependence on key promoters for business operations and continuity(p.186)
- • Limited management depth with young, relatively inexperienced leadership(p.175)
- • High financial leverage with significant borrowing dependence(p.217)
- • Concentrated customer base in renewable energy sector with execution risk(p.202)
- • Liquidity constraints with negative operating cash flow(p.200)
- • High dependence on trade receivables with significant working capital tied up(p.253)
- • Significant increase in total debt from nil to ₹698.67 lakhs(p.250)
- • Negative operating cash flows in FY 2025-26 despite profitability(p.265)
- • Rapid employee expansion from 14 to 52 staff creating management challenges(p.259)
- • Significant inventory buildup with inventory increases to ₹1,272.48 lakhs(p.254)
- • Relatively short operating history as converted company from partnership in Sept 2024(p.241)
- • Very recent expansion into new states with nascent operations(p.258)
- • Expansion into manufacturing with three production lines(p.94)
- • Backward integration enabling cost reduction and margin improvement(p.95)
- • Capacity expansion for solar recycling and frame production(p.96)
- • Widen product portfolio through manufacturing diversification(p.95)
- • Working capital funding for revenue expansion(p.93)
- • Expanding into high-growth new geographies beyond Gujarat(p.144)
- • Establishing in-house manufacturing capabilities(p.132)
- • Government-sponsored PM Surya Ghar scheme tailwind(p.131)
- • Rapid India renewable capacity additions(p.125)
- • Accelerating rooftop solar adoption with government backing(p.125)
- • B2B segment growth potential(p.105)
- • Ground-mounted solar project expansion(p.104)
- • Strong foreign direct investment in renewable energy sector(p.126)
- • Alignment with India's renewable energy targets and government policy support(p.162)
- • Significant demand growth in solar and renewable energy sector(p.162)
- • State-level policy support for renewable energy development in Gujarat(p.162)
- • Expansion of rooftop and ground-mount solar project market(p.202)
- • Government incentives for renewable energy projects(p.162)
- • Government renewable energy initiatives and solar subsidies creating market tailwinds(p.247)
- • Planned in-house manufacturing facilities for solar components and recycling(p.257)
- • Significant growth in solar rooftop projects with residential customer base expansion(p.257)
- • Growing B2B and commercial ground-mounted solar project segment(p.257)
- • Expansion of distribution network through dealer model(p.248)
- • Low market penetration in newly entered states with significant headroom for growth(p.258)
- • Dependence on government policies and subsidies for business viability(p.27)
- • Exposure to fluctuations in solar product prices and supply chain disruptions(p.34)
- • Competitive pressure from organized and unorganized players(p.41)
- • Significant vulnerability to weather conditions and seasonal fluctuations(p.43)
- • Risk of regulatory action and penalties for non-compliance(p.31)
- • Exposure to GST authority inspections and enforcement actions(p.38)
- • Technological obsolescence and need for continuous adaptation(p.43)
- • Complex and evolving environmental and safety regulations in renewable energy(p.47)
- • Uncertain impact of newly enacted labour codes on costs(p.47)
- • Regulatory and policy environment subject to unpredictable change(p.47)
- • High inflation impacting cost structure without proportional price increases(p.58)
- • Foreign exchange volatility affecting rupee-denominated returns(p.54)
- • Geopolitical tensions disrupting global supply chains(p.57)
- • Market maker investigation by SEBI affecting trading liquidity(p.75)
- • Potential for price and volume fluctuations without active trading market(p.54)
- • Restriction on foreign investor participation under Indian FDI regulations(p.55)
- • Intense competition from larger, better-resourced competitors(p.153)
- • Supply chain disruption risks for key components(p.147)
- • Volatility in raw material and commodity prices(p.120)
- • Regulatory policy changes affecting renewable energy sector(p.159)
- • Customer concentration dependency(p.150)
- • Geopolitical tensions impacting global energy markets(p.122)
- • Rising global inflation and energy prices(p.124)
- • Consolidation trends in fragmented solar EPC industry(p.153)
- • Regulatory and policy changes affecting renewable energy sector dynamics(p.162)
- • Competition from established and new entrants in solar EPC and trading sectors(p.162)
- • Commodity price volatility in solar equipment and materials(p.202)
- • Grid connectivity and transmission constraints affecting project viability(p.160)
- • Weather and monsoon-dependent energy generation affecting IPP operations(p.162)
- • Intense competition from organized and unorganized market players(p.267)
- • Interest rate risk affecting debt service obligations and borrowing costs(p.266)
- • Inflationary pressures affecting wages, salaries and operational costs(p.266)
- • Credit risk from customer defaults and receivables collection(p.266)
- • Regulatory and policy changes affecting renewable energy sector(p.267)
- • Vulnerability to input price fluctuations for solar equipment(p.267)
- • Dependence on key suppliers for solar modules and equipment(p.257)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Mr. Bhargv Ashvinbhai Vachhani | Promoter | — | — |
| Mr. Gandhi Bhavik Tarunkumar | Promoter Selling Shareholder | — | — |
| Ms. Khushboo Bhargav Vachhani | Promoter | — | — |
| Mr. Bhargv Ashvinbhai Vachhani | Promoter | 43.33% | 29.85% |
| Mr. Gandhi Bhavik Tarunkumar | Promoter | 17.48% | 12.29% |
| Ms. Khushboo Bhargav Vachhani | Promoter | 6.92% | 5.34% |
| Mr. Ashwinbhai Gordhanbhai Vachhani | Promoter Group | 2.18% | 1.69% |
| Ms. Gandhi Maya Bhavik | Promoter Group | 0.73% | 0.56% |
| Bhargv Ashvinbhai Vachhani | Promoter | — | — |
| Gandhi Bhavik Tarunkumar | Promoter | — | — |
| Khushboo Bhargav Vachhani | Promoter | — | — |
| Mr. Bhargv Ashvinbhai Vachhani | Promoter | 47.60% | — |
| Mr. Gandhi Bhavik Tarunkumar | Promoter | 19.20% | — |
| Ms. Khushboo Bhargav Vachhani | Promoter | 7.60% | — |
| Bhargv Ashvinbhai Vachhani | Promoter | 43.33% | — |
| Bhavik Tarunkumar Gandhi | Promoter | 17.48% | — |
| Khushboo Bhargav Vachhani | Promoter Group | — | — |
| Bhargv Ashvinbhai Vachhani | Promoter Selling Shareholder | — | — |
| Gandhi Bhavik Tarunkumar | Promoter Selling Shareholder | — | — |
Leadership
Auto-extracted from the company's PROSPECTUS 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 PROSPECTUS before relying on it.
Offer documents
Peer comparison
| Company | EPS | NAV | P/E | P/BV | RoNW |
|---|---|---|---|---|---|
| Infrax Renewable Ltd. THIS ISSUE | 10.86 | 15.77 | 14.50, computed at the offer price | 6.59, computed at the offer price | 64.68% |
| 8.24 | 83.63 | 49.25 | 4.83 | 9.84% | |
| 80.52 | 219.94 | 10.90 | 4.00 | 35.87% | |
| 9.81 | 77.93 | 15.78 | 2.00 | 12.58% |
Blank cells are figures the offer document does not publish. This issue is unlisted, so it has no market price and the document publishes no multiple for it — its P/E and P/BV here are computed at the offer price, on the post-issue share count, and are comparable to a listed peer's.