Jetmall Spices and Masala SME
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 31 Mar 2021 – 07 Apr 2021
- Listing date
- 19 Apr 2021
- Face value
- ₹10 per share
- Issue price
- ₹20 per share
- Lot size
- 6,000 shares
- Total issue size
- ₹4.98 Cr
- Market cap at offer price
- ₹11.99 Cr
- Promoter holding
- 100.00% → 58.45% pre-issue → post-issue
- ISIN
- INE0D9X01018
- Registrar
- Cameo Corporate Services Ltd.
- Lead managers
- Mark Corporate Advisors Pvt.Ltd.
- Registered office
- 87A, Govindappa Naicken Street, Sowcarpet, Tamil Nadu
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 | 1,26,000 | — | — |
Application size
Minimum 6,000 shares per lot, in multiples, at ₹20
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 6,000 | ₹1,20,000 |
| S-HNI (min) | 2 | 12,000 | ₹2,40,000 |
| S-HNI (max) | 8 | 48,000 | ₹9,60,000 |
| B-HNI (min) | 9 | 54,000 | ₹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.
Valuation and performance
Valuation at offer price
| Metric | Pre-issue | Post-issue |
|---|---|---|
| Market cap | — | ₹11.99 Cr |
About Jetmall Spices and Masala SME
Jetmall Spices and Masala Limited, incorporated on September 6, 2012 in Chennai, is engaged in trading and marketing of food products including spices, masalas, and dry fruits. The company imports spices and supplies them in bulk quantities to institutional parties such as masala manufacturers and exporters, as well as to retail stores which repack and resell under their own brands. It maintains stock and ensures quality through standard packing processes. The company operates as a B2B trader highly specialized in masalas, spices, and dry fruits, positioning itself as a top-rated dealer due to its uncompromising quality supplies.
Company Analysis
from RHPJetmall Spices and Masala Limited is a B2B trader specializing in the import, wholesale distribution, and marketing of superior quality spices, masalas, and dry fruits sourced from countries like Vietnam, Sri Lanka, and Indonesia.
Jetmall Spices and Masala Limited, incorporated on September 6, 2012 in Chennai, is engaged in trading and marketing of food products including spices, masalas, and dry fruits. The company imports spices and supplies them in bulk quantities to institutional parties such as masala manufacturers and exporters, as well as to retail stores which repack and resell under their own brands. It maintains stock and ensures quality through standard packing processes. The company operates as a B2B trader highly specialized in masalas, spices, and dry fruits, positioning itself as a top-rated dealer due to its uncompromising quality supplies.
Objects of the Issue
- Setting up of New Retail Outlets ₹165.00 lakhs p.19
- Meeting the Working Capital Requirements ₹200.00 lakhs p.19
- General Corporate Purposes ₹85.00 lakhs p.19
- Setting up of Ten (10) new Retail Outlets ₹165.00 Lakhs p.70
- To meet the Working Capital Requirements ₹200.00 Lakhs p.70
- General Corporate Purposes ₹85.00 Lakhs p.70
- To meet the Expenses of the Issue ₹48.00 Lakhs p.70
- The document does not explicitly state specific objects or uses of the issue proceeds in the Objects of Offer section within this part (pages 138-195).
Issue Structure
- Total Issue
- 24,90,000 Equity Shares of face value of Rs. 10.00 each for cash at a price of Rs. 20.00 per Equity Share aggregating to Rs. 498.00 lakhs
- Fresh Issue
- 24,90,000 Equity Shares
- Price Band
- Rs. 20.00 per Equity Share (Fixed Price Issue)
- Lot Size
- 6000 Equity Shares and in multiples of 6000 thereafter; subject to a minimum allotment of 6000 Equity Shares to the successful applicants
- Face Value
- Rs. 10.00 per Equity Share
Business Model
The company operates as a B2B wholesaler and trader. It imports spices and dry fruits in bulk from countries including Vietnam, Sri Lanka, and Indonesia, maintains inventory, and distributes to institutional buyers such as masala manufacturers and exporters in bulk quantities. It also supplies to retail stores in bulk quantities under its own brand, which then repack and sell in their own brands. Revenue is generated from the sale of these bulk supplies to both institutional and retail channels.
Business Segments
SWOT Analysis
- • B2B trading specialization in spices, masalas, and dry fruits(p.17)
- • Bulk supply to institutional parties and retail stores(p.17)
- • High quality reputation in spices market(p.17)
- • Import operations from multiple countries(p.17)
- • Established brand with long operational history(p.86)
- • Strong core competencies in spices and dry fruits trading(p.89)
- • Experienced promoter with over 26 years in the sector(p.105)
- • Diverse product portfolio with 26 spice and dry fruit products(p.87)
- • Experienced promoter with 26+ years in spices trading(p.143)
- • Long operational history since 1947; continuous business presence(p.143)
- • Marquee clientele and long-standing customer relationships(p.144)
- • State-of-the-art infrastructure and advanced machinery(p.144)
- • Strong R&D capability for shelf-life and quality assurance(p.143)
- • Established South India network of operations(p.143)
- • High customer concentration risk(p.24)
- • Negative operating cash flows in the past(p.25)
- • Rented registered office premises with discontinuation risk(p.27)
- • Unsecured loans repayable on demand(p.29)
- • Dominant promoter control limiting minority shareholder influence(p.29)
- • Dependence on third-party transportation(p.26)
- • Heavy dependence on a single major customer(p.89)
- • Significant trade receivables concentration(p.136)
- • Declining profitability trend(p.124)
- • Minimal working capital cushion despite expansion plans(p.72)
- • Very small employee base limiting operational capacity(p.90)
- • Declining profits and profitability trends over recent years(p.146)
- • High reliance on director loans; significant debt to related parties(p.142)
- • Persistent net interest expenses and finance costs burden(p.145)
- • Declining revenue trend across recent years(p.144)
- • Thin profit margins; PAT margin only 7.01% as of Sept 2020(p.145)
- • FMCG sector growth in rural India(p.17)
- • Expansion through new retail outlets(p.19)
- • Working capital increase for business growth(p.19)
- • Expansion of retail footprint in Chennai market(p.70)
- • Growth in packaged and organized spices segment(p.87)
- • Benefit from rising rural consumption and organized retail shift(p.83)
- • Leveraging FDI inflows and GST benefits in FMCG sector(p.83)
- • Expansion into new geographical markets beyond South India(p.149)
- • Growth in organic and natural spices market segment(p.143)
- • Expansion of product portfolio including import of specialty spices(p.143)
- • Scale-up of retail and direct distribution channels(p.143)
- • Perishable nature of products requiring timely delivery(p.27)
- • Intense competition from organized and unorganized players(p.28)
- • Labour-intensive operations exposed to industrial action(p.26)
- • Regulatory compliance risks in food and spice sector(p.24)
- • Government policy changes and GST implementation uncertainties(p.34)
- • COVID-19 pandemic impact on business operations(p.31)
- • High customer concentration risk(p.89)
- • Exposure to commodity price and input cost volatility(p.70)
- • Intense competition in spices and FMCG sector(p.86)
- • Dependence on import supply from Vietnam, Sri Lanka, Indonesia(p.86)
- • Regulatory and compliance risks in food and spices sector(p.92)
- • Significant market demand volatility and fluctuation in market rates(p.146)
- • Highly competitive and fragmented market environment(p.149)
- • Exposure to commodity price volatility and input cost inflation(p.148)
- • Competition from pan-India and regional competitors in expansion markets(p.149)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Mr. Bharat Kumar Pukhrajji | Promoter | 35,02,300 shares (99.98%) | 35,02,300 shares (58.44%) |
| Bharat Kumar Pukhrajji | Promoter | 99.9% | 20.03% (promoter contribution locked-in for 3 years) |
| Bharat Kumar Pukharajji | Promoter | — | — |
| Jatin Pandya | Key Management Personnel/Promoter | — | — |
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.