Mish Designs
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 31 Oct 2023 – 02 Nov 2023
- Listing date
- 07 Nov 2023
- Face value
- ₹10 per share
- Issue price
- ₹122 per share
- Lot size
- 1,000 shares
- Issue type
- Fixed Price issue
- Total issue size
- ₹9.76 Cr
- Market cap at offer price
- ₹34.16 Cr
- Promoter holding
- 95.75% → 68.39% pre-issue → post-issue
- ISIN
- INE0QI101019
- Registrar
- Kfin Technologies Ltd.
- Lead managers
- Aryaman Financial Services Ltd.
- Registered office
- Gala No.4, Gulati Industries, Hattibaug Love Lane, Mazgaon, 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 |
|---|---|---|---|
| Market maker | 78,000 | — | — |
Application size
Minimum 1,000 shares per lot, in multiples, at ₹122
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,000 | ₹1,22,000 |
| S-HNI (min) | 2 | 2,000 | ₹2,44,000 |
| S-HNI (max) | 8 | 8,000 | ₹9,76,000 |
| B-HNI (min) | 9 | 9,000 | ₹10,98,000 |
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 (₹) | 5.61 | — |
| P/E (×) | 21.75 | — |
| Market cap | — | ₹34.16 Cr |
Key performance indicators
- Return on net worth
- 27.86%
- ROCE
- 22.20%
- Debt / equity
- 1.38
- PAT margin
- 5.00%
- NAV per share
- ₹10.90
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Mish Designs
Mish Designs Limited is a women's fashion brand incorporated on November 24, 2017, that specializes in affordable western and indo-western wear. The company has been in business since 2017-18 and has sold over 2.5 lakhs products through e-commerce platforms including Myntra, Nykaa Fashion, Ajio, and Tata Cliq. The company also sells through Namshi platform in Dubai via a third party. MISH offers varieties of products in the women's wear segment including dresses, gowns, tops, co-ords, t-shirts, trousers, and palazzos. The company derives majority of its revenue from e-commerce platforms, with 87.15% of total revenue from operations (including GST) coming from digital platforms in FY 2022-23.
Company Analysis
from RHPMISH is a women's fashion brand specializing in affordable western and indo-western wear, sold primarily through e-commerce platforms in the apparel industry.
Mish Designs Limited is a women's fashion brand incorporated on November 24, 2017, that specializes in affordable western and indo-western wear. The company has been in business since 2017-18 and has sold over 2.5 lakhs products through e-commerce platforms including Myntra, Nykaa Fashion, Ajio, and Tata Cliq. The company also sells through Namshi platform in Dubai via a third party. MISH offers varieties of products in the women's wear segment including dresses, gowns, tops, co-ords, t-shirts, trousers, and palazzos. The company derives majority of its revenue from e-commerce platforms, with 87.15% of total revenue from operations (including GST) coming from digital platforms in FY 2022-23.
Objects of the Issue
- Funding Working capital requirements ₹550.50 lakhs p.21
- To fund branding and marketing initiatives ₹105.19 lakhs p.21
- General Corporate Purpose ₹183.31 lakhs p.21
- Funding Working capital requirements ₹550.50 lakhs p.66
- To fund branding and marketing initiatives ₹105.19 lakhs p.67
- General Corporate Purposes ₹183.31 lakhs p.68
- Not specified in this document part
Issue Structure
- Total Issue
- ₹976.00 lakhs (8,00,000 Equity Shares of ₹10 each at ₹122 per share)
- Fresh Issue
- ₹976.00 lakhs (8,00,000 Equity Shares of face value ₹10 each for cash at a price of ₹122 per Equity Share)
- Price Band
- ₹122 per Equity Share (Fixed Price Issue)
- Lot Size
- Minimum 1000 Equity Shares; Trading lot of 1000 and in multiples of 1000 thereafter
- Face Value
- ₹10 per Equity Share
Business Model
MISH operates as a women's fashion brand selling products primarily through e-commerce platforms. The company manufactures products at its facility in Mazgaon, Mumbai and sells through prominent e-commerce players such as Myntra, Nykaa Fashion, Ajio, and Tata Cliq, which account for the majority of revenues. The company also operates an offline sales channel and a website for direct sales.
Business Segments
SWOT Analysis
- • Strong e-commerce partnerships with major platforms(p.21)
- • Established brand presence and customer base(p.21)
- • Experienced management with relevant industry expertise(p.29)
- • Diversified product portfolio in women's wear(p.21)
- • Established e-commerce distribution network with major platforms(p.88)
- • Significant sales volume through online channels(p.89)
- • Scalable business model enabling efficient production(p.90)
- • In-house design and manufacturing capabilities(p.88)
- • Asset-light business model with high return on capital(p.88)
- • Experienced founding promoters with deep industry expertise(p.90)
- • Growing revenue and profitability trajectory(p.161)
- • Established multi-channel e-commerce platform distribution(p.164)
- • Experienced management with long tenure in textiles(p.127)
- • Strong asset base and improving balance sheet(p.154)
- • Heavy dependence on few e-commerce platforms for revenue(p.26)
- • High reliance on limited supplier base(p.29)
- • Significant unsecured borrowings that can be recalled(p.28)
- • High sales return rates affecting profitability(p.31)
- • Single manufacturing facility creating operational risk(p.34)
- • Trademark and intellectual property issues(p.33)
- • No long-term customer contracts or fixed customer base(p.30)
- • Limited working capital management and high inventory dependency(p.27)
- • High dependence on few major e-commerce customers(p.99)
- • Limited international presence and export exposure(p.100)
- • Significant working capital requirements and inventory holding(p.66)
- • High inventory holding period relative to payment delays(p.66)
- • Net debt to EBITDA ratio deteriorated significantly(p.72)
- • High dependence on a few large customers(p.164)
- • Significant reliance on concentrated supplier base(p.164)
- • Negative cash flow from operations despite profitability(p.163)
- • High leverage with substantial short-term borrowings(p.151)
- • Elevated debt service cost reducing profitability(p.160)
- • High working capital intensity with significant inventory accumulation(p.151)
- • Expansion of brand awareness and direct-to-consumer channels(p.27)
- • Growth through improved operational efficiency and working capital optimization(p.21)
- • Expansion into new product categories(p.35)
- • Penetration of international markets(p.32)
- • Expansion into underserved international markets(p.91)
- • Product portfolio diversification beyond core offerings(p.91)
- • Growing women's wear market with increasing e-commerce penetration(p.85)
- • Rapidly expanding Indian e-commerce sector(p.86)
- • Rising female workforce and spending power driving apparel demand(p.85)
- • Potential to leverage website and D2C channel expansion(p.92)
- • Rapid expansion of e-commerce and digital retail channels(p.161)
- • Growth in Indian textile sector with government support(p.156)
- • Export market expansion potential(p.161)
- • Significant growth in product volumes and market penetration(p.161)
- • Intense competition in women's wear industry(p.31)
- • Price control by e-commerce platforms limiting margins(p.26)
- • Rising logistics and commission costs(p.30)
- • Volatile consumer demand and fashion trends(p.27)
- • Economic sensitivity of fashion retail sector(p.32)
- • Stringent labor laws and unionization risks(p.37)
- • Raw material price volatility and supply chain risks(p.35)
- • Transportation infrastructure and logistics risks(p.32)
- • COVID-19 and communicable disease outbreak risks(p.37)
- • Data security and cyber breach risks(p.34)
- • Highly competitive apparel market with low entry barriers(p.100)
- • E-commerce platform policy changes and margin pressure(p.65)
- • Dependence on e-commerce platforms' continued cooperation(p.98)
- • Vulnerability to commodity price fluctuations(p.64)
- • Fashion industry cyclicality and trend volatility(p.90)
- • Exposure to potential supply chain and logistics disruptions(p.100)
- • Commodity price volatility and raw material cost fluctuations(p.157)
- • Monsoon and climate-dependent cotton availability(p.157)
- • Intense competition from domestic and international players(p.164)
- • Economic cyclicality and macroeconomic factors affecting demand(p.157)
- • Continued impact of COVID-19 pandemic on operations(p.156)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Kaushal Goenka | Promoter | 44.12% | 31.52% |
| Sajan Bhartia | Promoter | 44.12% | 31.52% |
| Shanker Lal Bhartia | Promoter Group | 7.50% | 5.36% |
| Kaushal Goenka | Promoter | 44.12% | 31.52% |
| Sajan Bhartia | Promoter | 44.12% | 31.52% |
| Shankar Lal Bhartia | Promoter Group | 7.50% | 5.36% |
| Anita Bhartia | Promoter Group | Negligible | Negligible |
| Bhawna Goenka | Promoter Group | Negligible | Negligible |
| Kaushal Goenka | Promoter | 44.13% | — |
| Sajan Bhartia | Promoter | 44.13% | — |
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.