Master Components
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 18 Sep 2023 – 21 Sep 2023
- Listing date
- 29 Sep 2023
- Face value
- ₹10 per share
- Issue price
- ₹140 per share
- Lot size
- 1,000 shares
- Issue type
- Fixed Price issue
- Total issue size
- ₹15.43 Cr
- Market cap at offer price
- ₹56 Cr
- Promoter holding
- 100.00% → 72.45% pre-issue → post-issue
- ISIN
- INE0OJM01017
- Registrar
- Bigshare Services Pvt.Ltd.
- Lead managers
- Aryaman Financial Services Ltd.
- Registered office
- Plot No.D-10/A, and D-10/B, M.I.D.C, Ambad, 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 | 0 | — | — |
| Market maker | 56,000 | — | — |
Application size
Minimum 1,000 shares per lot, in multiples, at ₹140
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,000 | ₹1,40,000 |
| S-HNI (min) | 2 | 2,000 | ₹2,80,000 |
| S-HNI (max) | 7 | 7,000 | ₹9,80,000 |
| B-HNI (min) | 8 | 8,000 | ₹11,20,000 |
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.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 5.17 | — |
| P/E (×) | 27.08 | — |
| Market cap | — | ₹56 Cr |
Key performance indicators
- Return on net worth
- 14.63%
- ROCE
- 59.24%
- Debt / equity
- 0.08
- PAT margin
- 8.24%
- NAV per share
- ₹35.31
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Master Components
Master Components Limited (formerly Master Components Private Limited) was incorporated on December 27, 1999 under the Companies Act, 1956 with the Registrar of Companies, Mumbai, and was converted into a public limited company vide special resolution dated December 26, 2022, with the fresh certificate of incorporation issued on January 04, 2023. Headquartered at Plot No. D-10/A and D-10/B, M.I.D.C., Ambad, Nashik, Maharashtra, the company manufactures plastic engineering components and sub-assemblies at a single Nashik facility equipped with injection and compression moulding machines ranging from 60 to 450 tonnes, moulding products from 1 gm to 1,500 gms; its processes cover thermoplastic injection moulding, thermoset injection moulding, thermoset transfer moulding and compression moulding. Its products are industrial capital goods used as inputs by customers in the electrical, automotive, medical and industrial sectors — largely MNCs such as SIEMENS, Schneider Electric, Atlas Copco, SCHMERSAL, LEAR CORPORATION, SCHMALZ, Tulip Diagnostics, federal power transformers, VISHAY and alfanar — who select/approve the raw materials (Nylon 6/46/66, PC-ABS, PBT, polypropylene, BMC/DMC/SMC, etc.) against which the company moulds on an order-by-order basis. The company is IATF 16949:2016 and ISO 9001:2015 certified, had 25 full-time employees as of March 31, 2023, and processed about 40 tonnes of raw material per month against a 50-tonne monthly capacity. It makes money from sale of these moulded components: FY2023 revenue from operations was ₹2,070.26 lakhs (domestic sales ~93.42%, export sales ~6.58%), with profit after tax of ₹170.54 lakhs.
Company Analysis
from RHPMaster Components Limited manufactures plastic engineering components and sub-assemblies through thermoplastic/thermoset injection and compression moulding, supplying inputs to the electrical, automotive, medical and industrial sectors.
Master Components Limited (formerly Master Components Private Limited) was incorporated on December 27, 1999 under the Companies Act, 1956 with the Registrar of Companies, Mumbai, and was converted into a public limited company vide special resolution dated December 26, 2022, with the fresh certificate of incorporation issued on January 04, 2023. Headquartered at Plot No. D-10/A and D-10/B, M.I.D.C., Ambad, Nashik, Maharashtra, the company manufactures plastic engineering components and sub-assemblies at a single Nashik facility equipped with injection and compression moulding machines ranging from 60 to 450 tonnes, moulding products from 1 gm to 1,500 gms; its processes cover thermoplastic injection moulding, thermoset injection moulding, thermoset transfer moulding and compression moulding. Its products are industrial capital goods used as inputs by customers in the electrical, automotive, medical and industrial sectors — largely MNCs such as SIEMENS, Schneider Electric, Atlas Copco, SCHMERSAL, LEAR CORPORATION, SCHMALZ, Tulip Diagnostics, federal power transformers, VISHAY and alfanar — who select/approve the raw materials (Nylon 6/46/66, PC-ABS, PBT, polypropylene, BMC/DMC/SMC, etc.) against which the company moulds on an order-by-order basis. The company is IATF 16949:2016 and ISO 9001:2015 certified, had 25 full-time employees as of March 31, 2023, and processed about 40 tonnes of raw material per month against a 50-tonne monthly capacity. It makes money from sale of these moulded components: FY2023 revenue from operations was ₹2,070.26 lakhs (domestic sales ~93.42%, export sales ~6.58%), with profit after tax of ₹170.54 lakhs.
Objects of the Issue
- Funding working capital requirements ₹ 681.66 lakhs p.70
- General corporate purposes ₹ 192.50 lakhs p.71
Issue Structure
- Total Issue
- 11,02,000 Equity Shares aggregating ₹ 1,542.80 Lakhs
- Fresh Issue
- 7,00,000 Equity Shares aggregating ₹ 980.00 Lakhs
- Offer for Sale
- 4,02,000 Equity Shares aggregating ₹ 562.80 Lakhs (2,01,000 shares / ₹ 281.40 Lakhs each by Mudduraj Kulkarni and Shrikant Joshi)
- Price Band
- Fixed Price Issue at ₹ 140 per Equity Share (14 times the face value)
- Lot Size
- 1,000 Equity Shares and in multiples of 1,000 thereafter
- Face Value
- ₹ 10 each
Business Model
The company earns revenue by manufacturing and selling custom-moulded plastic engineering components and sub-assemblies on an order-by-order basis (no long-term contracts), with raw materials selected/approved by customers; FY2023 revenue mix was Domestic Sales 93.42% and Export Sales 6.58%, and its top 10 customers contributed 77.14% of revenue from operations.
Business Segments
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Mudduraj Kulkarni | Promoter (also Promoter Selling Shareholder; Chairman and Managing Director) | 18.99% | 10.65% |
| Shrikant Joshi | Promoter (also Promoter Selling Shareholder; Whole-time Director and CFO) | 18.99% | 10.65% |
| Rajeshwari Kulkarni | Promoter (Non-Executive Director) | 26.00% | 21.45% |
| Anagha Joshi | Promoter (Non-Executive Director) | 26.00% | 21.45% |
| Mudduraj Kulkarni (HUF) | Promoter Group | 5.00% | 4.13% |
| Shrikant Joshi (HUF) | Promoter Group | 5.00% | 4.13% |
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.