Naman In-Store (India)
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 22 Mar 2024 – 27 Mar 2024
- Listing date
- 02 Apr 2024
- Face value
- ₹10 per share
- Issue price
- ₹89 per share
- Lot size
- 1,600 shares
- Issue type
- Book Building issue
- Total issue size
- ₹25.35 Cr
- Market cap at offer price
- ₹93.88 Cr
- Promoter holding
- 100.00% → 73.00% pre-issue → post-issue
- ISIN
- INE0RJM01010
- Registrar
- Bigshare Services Pvt.Ltd.
- Lead managers
- GYR Capital Advisors Pvt.Ltd.
- Registered office
- E/13-14, Shree Sardar Patel CHSL, Patel Baug, Nehru Road, Opp Adarsh petrol pump, Vile Parle (E), 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 | 8,11,200 | — | — |
| Market maker | 1,42,400 | — | — |
Application size
Minimum 1,600 shares per lot, in multiples, at ₹89
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,600 | ₹1,42,400 |
| S-HNI (min) | 2 | 3,200 | ₹2,84,800 |
| S-HNI (max) | 7 | 11,200 | ₹9,96,800 |
| B-HNI (min) | 8 | 12,800 | ₹11,39,200 |
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 (₹) | 4.96 | 11.73 |
| P/E (×) | 17.94 | 7.59 |
| Price to book (×) | 1.04 | — |
| Market cap | — | ₹93.88 Cr |
Key performance indicators
- Return on net worth
- 51.42%
- ROCE
- 24.51%
- PAT margin
- 7.81%
- NAV per share
- ₹85.96
- Price to book
- 1.04
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Naman In-Store (India)
Naman In-Store (India) Limited (formerly Naman In-Store (India) Private Limited) was incorporated on July 23, 2010 in Mumbai by promoters Mr. Raju Paleja and Ms. Bhavika Paleja and was converted into a public limited company pursuant to a special resolution passed on September 30, 2023 (fresh certificate of incorporation dated October 25, 2023). The company designs and manufactures in-store customised furniture and fixtures in wood, metal and plastic — kiosks, full shops, Countertop Units (CTU), Countertop Display Units (CDU) and Point of Sales Merchandising (POSM) — for fashion, apparel, footwear, beauty, electronics, paint and pan-shop retailers, and also makes modular office furniture, low-housing kitchens, educational-institution furniture and supermarket shelving; its industrial vertical manufactures metal products such as electrical control panels, petrol pump kiosks, HVAC outer housings, battery racks, UPS cabinets and server racks. Operating on a B2B model (no dealership channel), it provides one-stop turnkey solutions — design, prototyping, multi-material fabrication, powder coating/liquid painting, printing, thermoforming, assembly, packing and site installation — from two leased manufacturing units at Vasai, Palghar (approx. 1,41,687 sq. ft. constructed area) with warehouses at Kaman (Maharashtra) and Bengaluru, supported by 491 employees as of September 30, 2023; it holds ISO 9001:2015, ISO 14001:2015, ISO 45001:2018, ISO 13485:2016, OHSAS 18001:2007 and UK Certificate of Compliance certifications, serves clients PAN India and has procured an export order from the USA. It earns revenue from the sale of these manufactured products, typically against purchase orders without long-term contracts (top 10 customers contributed 91.59% of FY2023 revenue); revenue from operations grew from ₹1,337.90 lakhs in FY2021 to ₹5,099.41 lakhs in FY2022 and ₹14,984.57 lakhs in FY2023 (restated profit ₹381.71 lakhs), with ₹7,921.79 lakhs revenue and ₹618.89 lakhs profit in the six months ended September 30, 2023. Through the IPO, it proposes to fund acquisition of land on leasehold basis at Butibori MIDC, Nagpur and construction of a factory building to shift its existing Vasai manufacturing facilities.
Company Analysis
from DRHPNaman In-Store (India) Limited is a B2B manufacturer of customised in-store display and retail furniture & fixtures (kiosks, full-shop fit-outs, countertop units, POSM) and industrial metal products, spanning the retail fit-out, furniture manufacturing and industrial sheet-metal fabrication industries.
Naman In-Store (India) Limited (formerly Naman In-Store (India) Private Limited) was incorporated on July 23, 2010 in Mumbai by promoters Mr. Raju Paleja and Ms. Bhavika Paleja and was converted into a public limited company pursuant to a special resolution passed on September 30, 2023 (fresh certificate of incorporation dated October 25, 2023). The company designs and manufactures in-store customised furniture and fixtures in wood, metal and plastic — kiosks, full shops, Countertop Units (CTU), Countertop Display Units (CDU) and Point of Sales Merchandising (POSM) — for fashion, apparel, footwear, beauty, electronics, paint and pan-shop retailers, and also makes modular office furniture, low-housing kitchens, educational-institution furniture and supermarket shelving; its industrial vertical manufactures metal products such as electrical control panels, petrol pump kiosks, HVAC outer housings, battery racks, UPS cabinets and server racks. Operating on a B2B model (no dealership channel), it provides one-stop turnkey solutions — design, prototyping, multi-material fabrication, powder coating/liquid painting, printing, thermoforming, assembly, packing and site installation — from two leased manufacturing units at Vasai, Palghar (approx. 1,41,687 sq. ft. constructed area) with warehouses at Kaman (Maharashtra) and Bengaluru, supported by 491 employees as of September 30, 2023; it holds ISO 9001:2015, ISO 14001:2015, ISO 45001:2018, ISO 13485:2016, OHSAS 18001:2007 and UK Certificate of Compliance certifications, serves clients PAN India and has procured an export order from the USA. It earns revenue from the sale of these manufactured products, typically against purchase orders without long-term contracts (top 10 customers contributed 91.59% of FY2023 revenue); revenue from operations grew from ₹1,337.90 lakhs in FY2021 to ₹5,099.41 lakhs in FY2022 and ₹14,984.57 lakhs in FY2023 (restated profit ₹381.71 lakhs), with ₹7,921.79 lakhs revenue and ₹618.89 lakhs profit in the six months ended September 30, 2023. Through the IPO, it proposes to fund acquisition of land on leasehold basis at Butibori MIDC, Nagpur and construction of a factory building to shift its existing Vasai manufacturing facilities.
Objects of the Issue
- Funding capital expenditure to acquire land on leasehold basis at Butibori, MIDC (Nagpur) and shift the existing manufacturing facilities of the company Upto 600.00 (₹ in lakhs) p.86
- Construction of factory building (on the proposed acquired land at Butibori, MIDC Industrial area, Nagpur) Upto 1,150.00 (₹ in lakhs) p.86
- General corporate purposes (utilization capped at 25% of the Gross Proceeds from the Fresh Issue) p.86
Issue Structure
- Total Issue
- Upto ₹ [●] Lakhs
- Fresh Issue
- Upto 30,00,000 Equity Shares of face value of ₹ 10 each aggregating up to ₹ [●] Lakhs
- Offer for Sale
- NIL
- Face Value
- ₹ 10 each
Business Model
Manufactures and sells customised retail furniture & fixtures and industrial metal products to business clients on a B2B, purchase-order basis (no long-term customer contracts or dealership mode), executing turnkey projects end-to-end from in-house design and prototyping through multi-material production to dispatch and site installation; revenue is concentrated, with the top 10 customers contributing 91.59% of FY2023 revenue.
Business Segments
SWOT Analysis
- • Experienced promoter-led management team with long industry tenure guiding the business(p.135)
- • Large skilled and dedicated workforce supporting end-to-end operations(p.135)
- • Quality credentials (ISO 9001, 14001, OHSAS 18001 and UK compliance certificate) assure domestic and overseas customers(p.135)
- • Integrated, in-house one-stop design-to-manufacturing capability(p.115)
- • Strong, long-term client relationships built on on-time delivery and quality(p.135)
- • Multi-material process strength (metal, wood, plastic) providing versatile, customised finishes(p.92)
- • PAN India service capability backed by large warehousing infrastructure(p.92)
- • High customer concentration (top-10 customers = 91.59% of FY23 revenue) with no long-term contracts; business runs on purchase orders(p.39)
- • Highly leveraged balance sheet with lenders' charge over movable/immovable properties including directors' properties (secured loans Rs. 2,675.13 Lakhs as on Sept 30, 2023)(p.35)
- • Restrictive covenants under financing arrangements create default/acceleration and enforcement-of-security risk(p.35)
- • Registered office, corporate office-cum-factory and warehouses are all leased, not owned(p.34)
- • Peer-reviewed auditor's examination report carries an emphasis of matter: MSMED Act interest provisions not accounted for(p.35)
- • Negative cash flows in recent fiscals (net cash from operating activities negative in FY21, FY22 and FY23)(p.44)
- • Under-utilisation of manufacturing capacities (kiosk utilisation 46.72% and industrial products 56.24% in H1 FY24)(p.41)
- • Execution risk on proposed shift of manufacturing facilities from Vasai to Butibori MIDC, Nagpur (delay/cost overrun)(p.36)
- • Indian retail industry projected to grow at 9% to over US$1.8 trillion by 2030, expanding demand for store fixtures(p.108)
- • Organized retail projected to grow at 25% CAGR, with the Indian retail market reaching US$2 trillion by 2032(p.113)
- • Strategy to grow by increasing the number of customers and building on existing relationships(p.135)
- • Geographic expansion into new markets such as USA (export order already procured)(p.136)
- • IPO-funded land acquisition and factory construction at Butibori MIDC to capture economies of scale(p.87)
- • Retail leasing momentum shifting to tier-2/3/4 cities broadens addressable demand(p.114)
- • Intense and increasing competition from numerous small-time unorganised players, creating pricing pressure(p.36)
- • Raw material price volatility (materials consumed = 63.33%-75.97% of revenue) may compress margins if increases cannot be passed on(p.40)
- • Slowdown in Indian economic growth could adversely affect the business(p.49)
- • Rising inflation may increase costs faster than achievable price increases, hurting profits(p.49)
- • Changes in laws, regulations and government policies could adversely affect operations and growth(p.50)
- • Dependence on adequate, uninterrupted power and fuel supply; rising fuel/electricity prices raise operating costs(p.42)
- • Financial instability and disruptions in Indian financial markets(p.50)
- • Natural calamities and force majeure events impacting the economy and business(p.50)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Mr. Raju Paleja | Promoter | 21.50 | — |
| Ms. Bhavika Paleja | Promoter | 10.00 | — |
| Mr. Jay Shah | Promoter | 33.00 | — |
| Mr. Mehul Naik | Promoter | 11.50 | — |
| Mr. Abdul Shahid Shaikh | Promoter | 16.50 | — |
| Ms. Mahi Paleja | Promoter Group | 02.50 | — |
| Ms. Dipti Naik | Promoter Group | 05.00 | — |
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.