Laxmi Goldorna SME
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 20 Mar 2020 – 03 Apr 2020
- Listing date
- 16 Apr 2020
- Face value
- ₹10 per share
- Issue price
- ₹15 per share
- Lot size
- 8,000 shares
- Total issue size
- ₹8.28 Cr
- Market cap at offer price
- ₹31.31 Cr
- Promoter holding
- 100.00% → 73.54% pre-issue → post-issue
- ISIN
- INE258Y01016
- Registrar
- Kfin Technologies Ltd.
- Lead managers
- Beeline Broking Ltd.
- Registered office
- Laxmi House, Opp. Bandharano Khacho, M G Haveli Road, Manek Chowk, Gujarat
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 | 2,88,000 | — | — |
Application size
Minimum 8,000 shares per lot, in multiples, at ₹15
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 8,000 | ₹1,20,000 |
| S-HNI (min) | 2 | 16,000 | ₹2,40,000 |
| S-HNI (max) | 8 | 64,000 | ₹9,60,000 |
| B-HNI (min) | 9 | 72,000 | ₹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 | — | ₹31.31 Cr |
About Laxmi Goldorna SME
Laxmi Cotspin Limited ('LCL') was incorporated on October 07, 2005 as Mauli Cotspin Private Limited, renamed Laxmi Cotspin Private Limited in 2007, and converted into a public limited company w.e.f. March 07, 2011. It is engaged in the business of cotton processing in the textile industry, operating a spinning unit (established 2006 with 13,200 spindles with combers, expanded to 16,800 spindles with compact, lycra and slub attachment, plus an open-end unit with 1,200 rotors) and a ginning and pressing unit (48 double-roll ginning machines) on a 48-acre facility at Gut No. 399, Samangaon-Kajla Road, Jalna, in the cotton-growing Marathwada/Vidarbha region. The company manufactures premium 100% cotton combed and carded hosiery/warp conventional, organic and BCI yarn in 30s Ne to 40s Ne counts serving home textiles, weaving, denim and hosiery customers, and produces pesticide-free organic and non-organic cotton bales and cotton seed; it also runs its own 'Organic Cotton Farming Project and Better Cotton (BCI) Project' with about 4,750 farmers across 13,200 acres. It earns revenue by selling yarn and ginned output largely through brokers, uses around 40% of ginned production in its own spinning mill and exports mainly to Pakistan, Bangladesh, China, Egypt and Tanzania. For FY ended March 31, 2016 it reported restated total revenue of ₹11,356.63 lakhs and profit after tax of ₹322.24 lakhs (FY2015 revenue ₹10,676.88 lakhs, restated PAT ₹225.77 lakhs per Annexure-II), with an order book of about ₹268 lacs as of August 25, 2016. The unit is approved as a Mega Project under the IPS Scheme 2007 of the Government of Maharashtra.
Company Analysis
from DRHPLaxmi Cotspin Limited is a cotton-processing textile company that manufactures cotton yarn (open end and ring spun) and gins and presses raw cotton into bales from its facility at Samangaon, Jalna district, Maharashtra.
Laxmi Cotspin Limited ('LCL') was incorporated on October 07, 2005 as Mauli Cotspin Private Limited, renamed Laxmi Cotspin Private Limited in 2007, and converted into a public limited company w.e.f. March 07, 2011. It is engaged in the business of cotton processing in the textile industry, operating a spinning unit (established 2006 with 13,200 spindles with combers, expanded to 16,800 spindles with compact, lycra and slub attachment, plus an open-end unit with 1,200 rotors) and a ginning and pressing unit (48 double-roll ginning machines) on a 48-acre facility at Gut No. 399, Samangaon-Kajla Road, Jalna, in the cotton-growing Marathwada/Vidarbha region. The company manufactures premium 100% cotton combed and carded hosiery/warp conventional, organic and BCI yarn in 30s Ne to 40s Ne counts serving home textiles, weaving, denim and hosiery customers, and produces pesticide-free organic and non-organic cotton bales and cotton seed; it also runs its own 'Organic Cotton Farming Project and Better Cotton (BCI) Project' with about 4,750 farmers across 13,200 acres. It earns revenue by selling yarn and ginned output largely through brokers, uses around 40% of ginned production in its own spinning mill and exports mainly to Pakistan, Bangladesh, China, Egypt and Tanzania. For FY ended March 31, 2016 it reported restated total revenue of ₹11,356.63 lakhs and profit after tax of ₹322.24 lakhs (FY2015 revenue ₹10,676.88 lakhs, restated PAT ₹225.77 lakhs per Annexure-II), with an order book of about ₹268 lacs as of August 25, 2016. The unit is approved as a Mega Project under the IPS Scheme 2007 of the Government of Maharashtra.
Objects of the Issue
- Achieve the benefits of listing the Equity Shares on the Emerge Platform of NSE (to enhance brand name/visibility and provide liquidity to existing shareholders) p.68
- Carry out the sale of 48,00,000 Equity Shares by the Selling Shareholders (Offer for Sale — all proceeds go to the Selling Shareholders; the Company receives no proceeds) p.68
- Offer-related expenses (borne by the Selling Shareholders pro-rata to their portion of Offered Shares; listing fees paid by the Company) p.68
Issue Structure
- Total Issue
- 48,00,000 Equity Shares of ₹10 each for cash at a price of ₹[●] per share, aggregating to ₹[●] Lakhs (constituting 27.99% of post-offer paid-up equity capital; net offer of 45,60,000 shares constituting 26.59%)
- Offer for Sale
- Entire 48,00,000 Equity Shares by way of Offer for Sale by Selling Shareholders: Sensex Tracom Private Limited (24,21,300), Mangalmayees Stock Management Private Limited (18,50,050) and Mauli Financial Services Private Limited (5,28,650); includes Market Maker Reservation Portion of 2,40,000 shares
- Face Value
- ₹10 each
Business Model
Revenue comes from manufacturing and sale of cotton yarn (open end and ring spun, including combed/carded, organic and BCI yarns in 30s Ne–40s Ne counts) and from ginning and pressing raw cotton into lint cotton bales and cotton seed. The model is order driven; sales are routed mainly through brokers into domestic markets (Maharashtra and Gujarat) and exports (Pakistan, Bangladesh, China, Egypt, Tanzania), with about 40% of ginned production consumed internally by the spinning mill and the balance sold in the market.
Business Segments
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Mr. Sanjay Rathi | Promoter; Chairman and Managing Director | 0.49% | 0.49% |
| Mr. Shivratan Mundada | Promoter; Non-Executive and Non-Independent Director | 0.27% | 0.27% |
| Mr. Bhavesh Patel | Promoter; Additional Executive Director | 1.94% | 1.94% |
| Mr. Rajesh Bansal | Promoter; Non-Executive and Non-Independent Director | 5.33% | 5.33% |
| Ashva Multi Trade Private Limited | Corporate Promoter | 12.05% | 12.05% |
Leadership
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.