Naturo Indiabull SME
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 22 Aug 2022 – 24 Aug 2022
- Listing date
- 02 Sep 2022
- Face value
- ₹10 per share
- Issue price
- ₹30 per share
- Lot size
- 4,000 shares
- Total issue size
- ₹10.92 Cr
- Market cap at offer price
- ₹30.59 Cr
- Promoter holding
- 42.17% → 27.12% pre-issue → post-issue
- ISIN
- INE0JNB01012
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- Finshore Management Services Ltd.
- Registered office
- 1st Floor, 51, Lohiya Colony, 2, 200 Ft.Bye-Pass, Vaishali Nagar, Rajasthan
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 | 1,84,000 | — | — |
Application size
Minimum 4,000 shares per lot, in multiples, at ₹30
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 4,000 | ₹1,20,000 |
| S-HNI (min) | 2 | 8,000 | ₹2,40,000 |
| S-HNI (max) | 8 | 32,000 | ₹9,60,000 |
| B-HNI (min) | 9 | 36,000 | ₹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 |
|---|---|---|
| EPS (₹) | 1.70 | — |
| P/E (×) | 17.65 | — |
| Market cap | — | ₹30.59 Cr |
Key performance indicators
- Return on net worth
- 8.80%
- ROCE
- 11.78%
- Debt / equity
- 0.02
- PAT margin
- 9.69%
- NAV per share
- ₹19.30
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Naturo Indiabull SME
Naturo Indiabull Limited, incorporated in 2016 and formerly known as IT Indiabull Private Limited, operates in the Fast-Moving Consumer Goods (FMCG) sector. The company trades in various health products and kits, including sanitary towels, sanitary napkins, hand sanitizers, and other health kits, with plans to diversify into juices, soaps, shampoos, medicines, and tablets under the Naturo Indiabull brand. The company procures goods from third-party manufacturers and sells them directly to wholesalers and through agents, primarily operating in Jaipur, Rajasthan. It has shown revenue growth from ₹802.76 lakhs in FY2020 to ₹1,144.63 lakhs in FY2022.
Company Analysis
from RHPNaturo Indiabull Limited is an FMCG trading company that sources and distributes health and personal care products including sanitary napkins, hand sanitizers, and herbal health products under its own brand.
Naturo Indiabull Limited, incorporated in 2016 and formerly known as IT Indiabull Private Limited, operates in the Fast-Moving Consumer Goods (FMCG) sector. The company trades in various health products and kits, including sanitary towels, sanitary napkins, hand sanitizers, and other health kits, with plans to diversify into juices, soaps, shampoos, medicines, and tablets under the Naturo Indiabull brand. The company procures goods from third-party manufacturers and sells them directly to wholesalers and through agents, primarily operating in Jaipur, Rajasthan. It has shown revenue growth from ₹802.76 lakhs in FY2020 to ₹1,144.63 lakhs in FY2022.
Objects of the Issue
- Working capital requirements ₹957.00 lakhs p.18
- General corporate purposes ₹100.00 lakhs p.18
- Issue related expenses ₹35.00 lakhs p.18
- To meet the working capital requirements of the company ₹957.00 Lakhs p.59
- General Corporate Purposes ₹100.00 Lakhs p.59
- To meet the Issue Expenses ₹35.00 Lakhs p.59
- Not specified in this document part
Issue Structure
- Total Issue
- ₹1,092.00 lakhs
- Fresh Issue
- ₹1,092.00 lakhs (36,40,000 equity shares of ₹10 face value each at ₹30 per share)
- Offer for Sale
- Nil
- Price Band
- ₹30 per equity share (100% Fixed Price Issue)
- Lot Size
- 4,000 equity shares
- Face Value
- ₹10 per equity share
Business Model
The company operates as a trading business, purchasing health and personal care products from various third-party manufacturers and selling them under its own brand "Naturo Indiabull" both directly to wholesalers and through distribution agents. The business model relies on order-based transactions with distributors and customers rather than long-term contracts.
Business Segments
SWOT Analysis
- • Established FMCG trading business with growing revenue trajectory(p.17)
- • Strong revenue growth in recent years(p.18)
- • Improved profitability and positive EBITDA margin(p.18)
- • Reduced debt burden over three years(p.18)
- • Positive net asset value and improved equity base(p.18)
- • Established operations with proven track record over 5+ years(p.88)
- • Strong management expertise and organizational structure(p.88)
- • Good customer relationships and repeat business model(p.88)
- • Existing supplier relationships protecting business terms and pricing(p.88)
- • Wide range of product portfolio(p.88)
- • Experienced management with FMCG and agriculture sector background(p.109)
- • Part of growing FMCG industry with long runway for growth(p.154)
- • Revenue growth trajectory and profitability(p.156)
- • Low debt burden(p.128)
- • Extremely high customer concentration risk(p.22)
- • Extreme supplier concentration dependency(p.22)
- • Negative operating cash flows in recent years(p.26)
- • No long-term contracts with suppliers or customers(p.21)
- • Non-filing of income tax return for FY 2019-20(p.23)
- • No insurance coverage for operational risks(p.24)
- • Trademark application not yet registered(p.24)
- • Rented premises with no ownership of office spaces(p.24)
- • Heavy dependence on small number of customers (100% top 5 in FY22)(p.89)
- • Heavy dependence on limited suppliers (100% top 5)(p.89)
- • Insufficient market reach beyond Jaipur(p.85)
- • High working capital requirement for business operations(p.60)
- • Limited pricing power due to industry fragmentation(p.89)
- • Small scale operations with limited resources vs. competitors(p.89)
- • Significant concentration of debtors with aging receivables(p.125)
- • High inventory buildup relative to sales(p.128)
- • Dependence on few customers for significant portion of revenues(p.155)
- • Reliance on unsecured borrowing from promoters(p.132)
- • Related party transactions not at arm's length(p.125)
- • Rapid growth in Indian FMCG sector(p.17)
- • Strong post-pandemic recovery in FMCG sector(p.17)
- • Increasing rural market consumption(p.17)
- • Growing modern retail channel adoption(p.17)
- • Government support for FDI in food processing and retail(p.17)
- • Product diversification into health and herbal products(p.17)
- • Expand into new geographical regions beyond Jaipur(p.88)
- • Leverage brand equity to introduce wider range of products(p.88)
- • Provide value-added services beyond current product offerings(p.89)
- • Growth in Indian FMCG market at 14.9% CAGR to reach $220 billion by 2025(p.73)
- • Rising rural consumption and penetration opportunities(p.73)
- • E-commerce channel growth opportunity for FMCG distribution(p.79)
- • Listing benefits including enhanced corporate image and easier future financing(p.59)
- • Diversification into health and herbal products(p.154)
- • Distribution expansion through agents and direct channels(p.154)
- • Growing consumer awareness in health and wellness sectors(p.163)
- • High competitive pressure from organized and unorganized players(p.25)
- • Vulnerability to raw material and input price fluctuations(p.21)
- • Dependence on third-party logistic providers without formal arrangements(p.25)
- • Risks from changes in government regulations(p.28)
- • Tax policy and levy changes affecting industry(p.29)
- • COVID-19 pandemic impacts on business operations(p.24)
- • Political instability and changes in economic policies(p.29)
- • Currency fluctuation and forex risks(p.16)
- • Infrastructure vulnerabilities in India(p.30)
- • Natural calamities and disaster risks(p.30)
- • Intense competition from organized and unorganized players(p.89)
- • No entry barriers attracting new competitors to the industry(p.89)
- • Rising labour wages constraining margins(p.89)
- • Changes in Government Policies affecting business operations(p.89)
- • Competitors with substantially larger capital and broader product range(p.89)
- • COVID-19 pandemic impact on operations(p.155)
- • Increased competition in FMCG sector(p.155)
- • Regulatory changes affecting sector operations(p.155)
- • Currency and input price volatility(p.157)
- • General economic slowdown impact(p.155)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Ms. Jyoti Choudhary | Promoter | 21.19% | — |
| Mr. Gaurav Jain | Promoter | 20.98% | — |
| Jyoti Choudhary | Promoter | 21.19% | 13.63% |
| Gaurav Jain | Promoter | 20.98% | 13.49% |
| Gaurav Jain | Promoter | 20.98% | 13.49% |
| Jyoti Choudhary | Promoter | 21.19% | 13.63% |
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.