Macfos SME
SME₹23.75 Cr issue
+80.39%
Listing gain over issue price
Issue size
₹23.75 Cr
1 lot at cut-off
₹1,22,400
Lot size
1,200shares
Open
17 Feb 2023
Close
21 Feb 2023
Allotment
24 Feb 2023
Listing
01 Mar 2023
Listing performance
Issue price
₹102
Listed at
₹184
Listing-day close
₹174.80
Latest price
₹945.80
Close on 23 Oct 2026
Listing gain
+80.39%
Return since issue
+919.98%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 17 Feb 2023 – 21 Feb 2023
- Listing date
- 01 Mar 2023
- Face value
- ₹10 per share
- Issue price
- ₹102 per share
- Lot size
- 1,200 shares
- Total issue size
- ₹23.75 Cr
- Market cap at offer price
- ₹90.12 Cr
- Promoter holding
- 100.00% → 73.65% pre-issue → post-issue
- ISIN
- INE0OLH01013
- Registrar
- Bigshare Services Pvt.Ltd.
- Lead managers
- Hem Securities Ltd.
- Registered office
- S.No.78/1, Sumant Building, Dynamic Logistics Trade Park, Dighi, Bhosari Alandi Road, 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 | 6,60,000 | — | — |
| Market maker | 1,16,400 | — | — |
Application size
Minimum 1,200 shares per lot, in multiples, at ₹102
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,200 | ₹1,22,400 |
| S-HNI (min) | 2 | 2,400 | ₹2,44,800 |
| S-HNI (max) | 8 | 9,600 | ₹9,79,200 |
| B-HNI (min) | 9 | 10,800 | ₹11,01,600 |
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.
Shares allocated
6,60,000
Anchor portion
₹6.73 Cr
at ₹102 per share
Valuation and performance
Valuation at offer price
₹102 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 6.81 | — |
| P/E (×) | 14.98 | — |
| Market cap | — | ₹90.12 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 65.93%
- ROCE
- 39.68%
- Debt / equity
- 0.66
- PAT margin
- 10.83%
- EBITDA margin
- 15.73%
- NAV per share
- ₹10.32
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Macfos SME
Macfos Limited was incorporated as a Private Limited company on September 26, 2017, and converted to a Public Limited company on January 06, 2023. The company operates as an e-commerce-based business focused on marketing a broad range of electronic components for engineering products, projects, and emerging technologies. The company serves manufacturers, electrical and mechanical engineering students, educational institutions, researchers, and developers. It offers over 12,000 SKUs of electronics components and parts that help consumers turn ideas into reality and accelerate R&D and prototyping cycles. The company sources products from over 140 overseas and domestic vendors and sells through its e-commerce platform.
Company Analysis
from RHPMacfos Limited is an e-commerce company that markets over 12,000 SKUs of electronic components and parts for IoT, robotics, automation, drones, electric vehicles, 3D printing, and auto-guided vehicles.
Macfos Limited was incorporated as a Private Limited company on September 26, 2017, and converted to a Public Limited company on January 06, 2023. The company operates as an e-commerce-based business focused on marketing a broad range of electronic components for engineering products, projects, and emerging technologies. The company serves manufacturers, electrical and mechanical engineering students, educational institutions, researchers, and developers. It offers over 12,000 SKUs of electronics components and parts that help consumers turn ideas into reality and accelerate R&D and prototyping cycles. The company sources products from over 140 overseas and domestic vendors and sells through its e-commerce platform.
E-commerceElectronics retailIoTRoboticsAutomationDronesElectric Vehicles3D Printing
Objects of the Issue
- Offer for Sale of Equity Shares by the Selling Shareholders p.22
- Achieve the benefits of listing the Equity Shares on the Stock Exchanges p.22
- Achievement of the benefits of listing of Equity Shares on the Stock Exchanges and sale of Equity Shares by Selling Shareholders p.69
- Not explicitly stated in this section
Issue Structure
- Total Issue
- Offer of up to 23,28,000 Equity Shares of face value of ₹ 10.00 each aggregating up to Rs. [●] lakhs
- Offer for Sale
- Up to 23,28,000 Equity Shares aggregating up to Rs. [●] lakhs
- Price Band
- Price Band of a minimum price (Floor Price) of ₹ [●] and the maximum price (Cap Price) of ₹ [●]
- Lot Size
- [●] equity shares
- Face Value
- ₹ 10/-
Business Model
The company operates as an e-commerce retailer, purchasing electronic components from multiple overseas and domestic vendors and selling them through its platform to customers including manufacturers, students, institutions, researchers, and developers. Revenue is generated from the sale of these electronic components.
Business Segments
Electronic component category
Electronic component category
Electronic component category
Over 1100 items including LiDAR sensor, Proximity sensor, line sensor, gas and dust sensor, ultrasonic sensor, rotary encoder, distance sensor, light/colour sensor, flame sensor, sound sensor
Over 1300 items including Li-PO batteries, lithium-ion batteries, non rechargeable batteries, batteries connectors, battery harness, power adopter and cables
Over 350 items including cameras, HATs, displays, cases, Kits, Boards and accessories
Over 850 items including drone kits, drone frame & accessories, flight controller, drone transmitter & receiver, FPV Cameras, GPS and antennas, drone motor, drone speed controller, propellers, drone gimbal accessories
Over 400 items including Original Arduino Boards and Shields, Raspberry Pi Boards, PIC Development Boards, AVR Development Boards, Teensy Boards, Advance Development Boards
Over 70 items including various robotic parts such as mecanum wheel, Chassis, robotic arm, shock absorbers, robot car kit
Over 500 items including 3d printers, heat bed, couplings, display and controller, extruder parts, nozzle, filaments, smooth rod, linear guild rail, timing belt and pulley, limit switch, kits
Over 550 items including cameras, development board/kits, Wifi module, Bluetooth & NRF Module, GSM/GPRS, IR and RF transmitters & receivers, advance controller board and wireless smart switches
Over 1250 items including electronic modules, displays, Oscilloscope & Signal Generator, power supply items and measuring instruments
Over 900 items including DC Motor with gearbox, servo motors, metal gear box motors, motor drivers, plastic gear box motors, AC Motors, linear motor/actuator, solenoid and electromagnets, pumps, vibration motors
Sale of a broad range of electronic components used in basic and advanced engineering products and projects
3D printing services, prototyping services, mechanical and electronics assembly, battery assembly, metal laser cutting, SLA 3D printing, and PCB manufacturing services
Marketing and distribution of electronic components and parts for engineering applications and emerging technologies
SWOT Analysis
Strengths
- • Broad product portfolio across emerging technologies(p.22)
- • Strong revenue growth trajectory(p.29)
- • Growing customer base(p.29)
- • Established vendor network(p.27)
- • Strong net worth growth(p.23)
- • Extensive portfolio of 12,000+ SKUs across diverse electronics categories(p.93)
- • Content-rich platform with educational material to simplify purchase decisions(p.93)
- • Strong, diversified customer base across India with 83,752 customers in FY22(p.93)
- • Internally developed scalable technology platform with dedicated IT team(p.94)
- • Experienced promoters with 30+ years cumulative electronics industry experience(p.94)
- • Consistent profitable growth with strong financial performance (EBITDA CAGR)(p.94)
- • Three owned brands (Orange, EasyMech, SmartElex) contributing 7.98% of FY22 revenue(p.91)
- • Established in electronic components business with 12 years promoter experience(p.123)
- • Strong revenue growth trajectory crossing ₹50 crore turnover milestone(p.108)
- • Diverse product portfolio with expansion into advanced manufacturing segments(p.108)
- • Improved profitability metrics with net profit growth(p.129)
- • No material defaults or restructuring of borrowings with financial institutions(p.108)
- • E-commerce-based broad electronics portfolio(p.177)
- • Strong profitability metrics with positive growth trajectory(p.180)
- • Strong current ratio indicating solid liquidity position(p.168)
- • Improved debt position over time(p.168)
- • Strong customer base and order growth(p.182)
Weaknesses
- • High dependence on top five vendors(p.28)
- • No long-term agreements with vendors(p.28)
- • Negative operating cash flow in FY 2022(p.33)
- • High unsecured loan borrowings at elevated rates(p.36)
- • Rented premises with enforceability issues(p.34)
- • Non-compliance with certain statutory requirements(p.32)
- • Unregistered trademarks(p.37)
- • Heavy dependence on top corporate customers under offline channel(p.87)
- • Limited fulfillment infrastructure with single centralized facility of 7,900 sq ft(p.95)
- • Significant trademark registration challenges with multiple applications objected/opposed(p.96)
- • Single location concentration risk in Pune for all registered office and warehouse operations(p.97)
- • Relatively small workforce of 94 employees with dependency on 38 contract laborers(p.95)
- • Significant dependence on imported raw materials and traded goods(p.166)
- • High leverage with total debt-to-equity ratio of 0.78(p.161)
- • Limited diversification with concentration in electronic components trading(p.133)
- • Inventory-heavy business model with significant working capital requirements(p.128)
- • Young company with limited operational history in many product segments(p.108)
- • Declining trade receivables turnover ratio(p.168)
- • Declining inventory turnover efficiency(p.168)
- • Presence of related party lending obligations(p.176)
- • High unsecured loan reliance with elevated interest rates(p.176)
- • Recent director resignation(p.183)
Opportunities
- • India's e-commerce sector growth(p.22)
- • Growing electronics market with emerging tech demand(p.22)
- • Increasing internet and smartphone penetration(p.29)
- • India's digital sector expansion(p.29)
- • New fulfillment centre expansion(p.30)
- • ESDM sector expected to grow at 16.1% CAGR reaching US$ 230 billion by FY25(p.81)
- • E-commerce sector expected to reach US$ 99 billion by 2024 (27% CAGR)(p.83)
- • Government PLI scheme providing significant incentives for electronics manufacturing(p.82)
- • Expansion into new service offerings: laser cutting, 3D printing, PCB manufacturing, custom battery packs(p.94)
- • Growing smartphone base expected to reach 1 billion by 2026 supporting e-commerce penetration(p.83)
- • Future fulfillment center planned at Chakan Industrial Area to expand capacity(p.94)
- • Plan to increase B2B sales and marketing team to penetrate untapped corporate segment(p.94)
- • Expansion into advanced manufacturing and 3D printing services(p.107)
- • Growth in specialized services including PCB manufacturing and metal laser cutting(p.108)
- • Geographic expansion through new facility establishment(p.108)
- • Potential for custom product development and engineering solutions(p.131)
- • Emerging technology adoption for product diversification(p.177)
- • Expansion cum modernisation strategy in execution(p.170)
- • Domestic and export market growth potential(p.179)
- • Enhanced market positioning through public listing(p.195)
Threats
- • Vendor supply disruptions and price volatility(p.28)
- • Import restrictions and tariff changes(p.28)
- • Intense competition in e-commerce(p.31)
- • Changing consumer preferences and market trends(p.28)
- • COVID-19 pandemic impact(p.40)
- • Indian economic slowdown risk(p.41)
- • Regulatory and legal uncertainties(p.41)
- • Geographical concentration risk(p.36)
- • Highly competitive electronics market with both small and large established players(p.95)
- • Minimal entry barriers in electronics distribution enabling intensified competition(p.95)
- • Dependency on third-party logistics provider Blue Dart for delivery operations(p.94)
- • Regulatory compliance requirements across IT, consumer protection, e-waste and electronics standards(p.98)
- • E-Waste Rules impose extensive liabilities on sellers of electronic products(p.101)
- • Supply chain concentration risk with sourcing from 140+ vendors requiring careful management(p.94)
- • Rapidly evolving technology and changing consumer preferences requiring continuous inventory updates(p.94)
- • Foreign exchange volatility on imported goods representing majority of purchases(p.166)
- • Intense competition in electronic components distribution and trading(p.108)
- • Exposure to regulatory changes in electronic components and manufacturing sectors(p.115)
- • Dependence on credit facilities with multiple lenders at high interest rates(p.156)
- • Commodity price volatility and supply chain disruptions affecting imported components(p.156)
- • Exposure to business and economic uncertainties(p.177)
- • Reliance on technology and rapid product innovation requirements(p.177)
- • Government policy and regulatory changes risk(p.177)
- • Macroeconomic and external shocks(p.177)
- • Debt covenant compliance obligations and refinancing risk(p.177)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Atul Maruti Dumbre | Promoter | 25.00% | 24.55% |
| Binod Prasad | Promoter | 25.00% | 24.55% |
| Nileshkumar Purshottam Chavhan | Promoter | 25.00% | 24.55% |
| Jayesh Jain | Promoter Group | 25.00% | 0% |
| Binod Prasad | Promoter | 25.00% | 24.55% |
| Atul Maruti Dumbre | Promoter | 25.00% | 24.55% |
| Nileshkumar Purshottam Chavhan | Promoter | 25.00% | 24.55% |
| Jayesh Jain | Promoter Group | 25.00% | — |
| Atul Maruti Dumbre | Promoter | 25.00% | — |
| Binod Prasad | Promoter | 25.00% | — |
| Nileshkumar Purshottam Chavhan | Promoter | 25.00% | — |
| Jayesh Jain | Promoter | — | — |
| Binod Prasad | Promoter | — | — |
| Atul Maruti Dumbre | Promoter | — | — |
| Nileshkumar Purshottam Chavhan | Promoter | — | — |
| Jayesh Jain | Selling Shareholder | — | — |
| Atul Maruti Dumbre | Selling Shareholder | — | — |
| Binod Prasad | Selling Shareholder | — | — |
| Nileshkumar Purshottam Chavhan | Selling Shareholder | — | — |
Leadership
Atul Maruti Dumbre · Managing Director/Chairman
Binod Prasad · CFO/Whole Time Director
Nileshkumar Purshottam Chavhan · Whole Time Director
Sagar Subhash Gulhane · Company Secretary & Compliance Officer
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.
Macfos SME IPO FAQs
What is the lot size of Macfos SME IPO?
The minimum lot size of Macfos SME IPO is 1,200 shares. One lot costs ₹1,22,400 at the cut-off price.
When does Macfos SME IPO open and close?
Macfos SME IPO opened for subscription on 17 Feb 2023 and closed on 21 Feb 2023.
What is the listing date of Macfos SME IPO?
Macfos SME IPO listed on 01 Mar 2023.