Ishan International
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 09 Sep 2022 – 14 Sep 2022
- Listing date
- 22 Sep 2022
- Face value
- ₹10 per share
- Issue price
- ₹80 per share
- Lot size
- 1,600 shares
- Total issue size
- ₹18.24 Cr
- Market cap at offer price
- ₹57.66 Cr
- Promoter holding
- 99.61% → 68.10% pre-issue → post-issue
- ISIN
- INE0LCW01025
- Registrar
- Kfin Technologies Ltd.
- Lead managers
- First Overseas Capital Ltd.
- Registered office
- 607, Chiranjiv Tower, Nehru Place, 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 |
|---|---|---|---|
| Market maker | 1,20,000 | — | — |
Application size
Minimum 1,600 shares per lot, in multiples, at ₹80
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,600 | ₹1,28,000 |
| S-HNI (min) | 2 | 3,200 | ₹2,56,000 |
| S-HNI (max) | 7 | 11,200 | ₹8,96,000 |
| B-HNI (min) | 8 | 12,800 | ₹10,24,000 |
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.
Valuation and performance
Valuation at offer price
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 2.58 | — |
| P/E (×) | 31.01 | — |
| Market cap | — | ₹57.66 Cr |
Key performance indicators
- Return on net worth
- 21.00%
- NAV per share
- ₹12.58
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Ishan International
Ishan International Limited was incorporated on May 29, 1995, and changed its name to Ishan International Limited in January 2022. The company is an ISO 9001:2015 certified, GoI certified Star Export House engaged in contracting and building projects focused on supplying heavy engineering equipment and providing high-end engineering services and solutions. Established initially in pharmaceutical machinery and raw materials, the company diversified into heavy engineering and is largely focused on international markets. Since 1999, it has established overseas offices in Vietnam, Philippines, Indonesia, and Kenya. The company has served esteemed clients including Busco Sugar Milling Co. Inc, Universal Robina Corporation Group, First Farmer Holding Corporation, and others across the Philippines, Vietnam, and Indonesia.
Company Analysis
from RHPIshan International Limited is a diversified heavy engineering company with 26+ years of experience supplying machines, erection/installation, commissioning and operational training for sugar plants, jaggery plants, pharmaceutical plants, hydro power plants, and pollution control systems, operating primarily in international markets across ASEAN countries.
Ishan International Limited was incorporated on May 29, 1995, and changed its name to Ishan International Limited in January 2022. The company is an ISO 9001:2015 certified, GoI certified Star Export House engaged in contracting and building projects focused on supplying heavy engineering equipment and providing high-end engineering services and solutions. Established initially in pharmaceutical machinery and raw materials, the company diversified into heavy engineering and is largely focused on international markets. Since 1999, it has established overseas offices in Vietnam, Philippines, Indonesia, and Kenya. The company has served esteemed clients including Busco Sugar Milling Co. Inc, Universal Robina Corporation Group, First Farmer Holding Corporation, and others across the Philippines, Vietnam, and Indonesia.
Objects of the Issue
- Funding the Proposed Joint Venture and/or Acquisition ₹350.00 Lakhs p.23
- To meet the Working Capital requirements ₹1000.00 Lakhs p.23
- General Corporate Expenses ₹280.00 Lakhs p.23
- To meet the expenses of the Issue ₹194.00 Lakhs p.23
- Funding the Proposed Joint Venture and/or Acquisition 350.00 lakhs p.68
- To meet the Working Capital requirements 1000.00 lakhs p.69
- General Corporate Expenses 280.00 lakhs p.70
Issue Structure
- Total Issue
- ₹1824.00 Lakhs
- Fresh Issue
- 22,80,000 Equity Shares at the Issue Price of Rs. 80 each aggregating Rs 1824.00 Lakhs
- Offer for Sale
- There is no Offer for Sale as Our Company is making only a Fresh Initial Public Offer/Issue
- Price Band
- Rs. 80/- per Equity Share (Fixed Price Issue)
- Lot Size
- 1,600 shares as minimum lot, and in multiples of 1,600 thereafter
- Face Value
- Rs. 10/- each
Business Model
The company operates a high-volume, low-margin import-export business model for heavy engineering equipment. It sources products from manufacturers and suppliers, provides customized machinery and equipment, and receives payment over 90-120 days. The business involves order procurement, timely execution, delivery monitoring, and cost control of non-core activities.
Business Segments
SWOT Analysis
- • ISO 9001:2015 certified with 26+ years international experience(p.21)
- • Established international presence across multiple ASEAN markets(p.21)
- • Strong track record with major clients across multiple countries(p.21)
- • Diversified product and service offerings across multiple sectors(p.21)
- • Core quality management system and ISO certification(p.21)
- • Strong brand presence and market recognition in Southeast Asia(p.102)
- • Diversified product portfolio across multiple industrial sectors(p.102)
- • Established supply chain and logistics network with 26+ years experience(p.103)
- • ISO 9001:2015 certification and quality management system(p.99)
- • Integrated service offering from procurement to after-sales support(p.103)
- • Strong order book providing revenue visibility(p.103)
- • 26+ years of heavy engineering experience with international market presence(p.176)
- • Established overseas presence across multiple key markets(p.176)
- • Strong quality management system certification(p.176)
- • Diverse product portfolio across multiple sectors(p.176)
- • Long-standing relationships with government and blue-chip clients(p.177)
- • Broad product portfolio across multiple industrial sectors(p.188)
- • Unique value proposition in supply chain management(p.188)
- • Strong track record of profitability with positive networth(p.194)
- • Demonstrated operating profits across recent financial years(p.194)
- • Auditor emphasis of matters on inventory valuation and receivables provisioning(p.28)
- • High dependence on few customers for significant revenue(p.29)
- • No long-term customer agreements in place(p.30)
- • Promoter has provided personal guarantees for company loans(p.32)
- • No long-term supply agreements with suppliers(p.33)
- • Significant audit observations on Professional Tax compliance(p.28)
- • Corporate office ownership not yet registered; sub-lease arrangement in place(p.34)
- • Negative cash flows in prior fiscal years(p.32)
- • High dependence on exports and specific customer concentration(p.102)
- • Limited domestic market presence and revenue contribution(p.102)
- • Small workforce of only 16 employees limiting operational capacity(p.106)
- • Limited asset base and no significant manufacturing facilities(p.106)
- • Dependence on subcontractors for manufacturing capabilities(p.101)
- • High dependence on top 5 suppliers for 91% of traded goods cost(p.183)
- • High customer concentration with top 5 customers representing 56.91% of revenue(p.183)
- • Significant disputed receivables of Rs. 1.84 crore in dispute(p.145)
- • High short-term debt relative to equity at 101.62% debt-to-equity ratio(p.172)
- • Non-compliance with professional tax obligations(p.161)
- • Unreconciled trade payables and receivables balances(p.145)
- • Outstanding operational debt from customer(p.188)
- • Lack of registered intellectual property(p.192)
- • Multiple licenses and approvals not yet updated under new company name(p.192)
- • Material creditor concentration(p.190)
- • Significant outstanding debt relative to operations(p.194)
- • Working capital requirements funding to support business expansion(p.24)
- • Funding for joint ventures and acquisitions(p.24)
- • Growth in Indian heavy engineering sector with government focus(p.21)
- • Expansion opportunities in international markets beyond current presence(p.28)
- • Expansion into new geographic markets in Africa and Southeast Asia(p.104)
- • Broadening product portfolio into new industrial sectors(p.104)
- • Growing demand in Indian engineering and heavy machinery sector(p.82)
- • Government initiatives supporting renewable energy and infrastructure(p.87)
- • Strategic partnerships with multinational companies(p.104)
- • Rising demand for technical textiles and specialized equipment(p.93)
- • Expansion into emerging sectors including hydropower projects(p.180)
- • Recovery from COVID-19 supply chain constraints enabling growth(p.179)
- • Leverage existing overseas infrastructure for market expansion(p.176)
- • Expansion to main board post SME listing(p.210)
- • Market making and compulsory liquidity support for 3+ years(p.211)
- • Access to public capital markets through SME exchange listing(p.194)
- • Leverage from export house recognition(p.192)
- • 100% revenue exposure to foreign currency and exchange rate volatility(p.33)
- • Heavy dependence on ASEAN markets, particularly Vietnam, Philippines and Indonesia(p.28)
- • Intense competition with low entry barriers in the sector(p.31)
- • Significant reliance on third-party logistics providers without long-term agreements(p.29)
- • Exposure to supply disruptions and price volatility of imported products(p.33)
- • COVID-19 pandemic impact on operations and business execution(p.30)
- • Regulatory and policy changes affecting import-export operations(p.40)
- • Changes in GST regime and other tax legislation(p.40)
- • Natural disasters and force majeure events(p.41)
- • Terrorist attacks and civil unrest in India and region(p.41)
- • Intense competition from domestic and international players in heavy engineering(p.105)
- • Volatility in foreign exchange rates affecting export business(p.104)
- • Regulatory and political risks in international markets, particularly Southeast Asia(p.99)
- • Commodity price volatility affecting machinery and material costs(p.67)
- • Dependence on approval from foreign governments and clients for project execution(p.68)
- • Volatile foreign exchange fluctuations affecting export business(p.177)
- • Global supply chain disruptions and shipping constraints(p.179)
- • Risk of disease outbreaks and pandemic impact on operations(p.177)
- • Geopolitical instability affecting producing and importing countries(p.178)
- • Regulatory and environmental policy changes affecting heavy machinery usage(p.178)
- • Global shipping and freight rate volatility(p.180)
- • Operational debtor insolvency proceedings(p.188)
- • Customer concentration risk from single significant debtor(p.188)
- • Regulatory and compliance risk for unlicensed activities(p.192)
- • SME exchange regulatory restrictions and transition risk(p.210)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Mr. Shantanu Srivastava | Promoter | 75.73% | 51.78% |
| Mr. Satyam Srivastava | Promoter Group & Relatives | 23.88% | 16.33% |
| Mr. Shantanu Srivastava | Promoter | 75.73% | 51.78% |
| Mr. Satyam Srivastava | Promoter Group & Relatives | 23.88% | 16.33% |
| Mr. Shantanu Srivastava | Promoter | 75.73% | — |
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.