On Door Concepts
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 23 Oct 2023 – 27 Oct 2023
- Listing date
- 01 Nov 2023
- Face value
- ₹10 per share
- Issue price
- ₹208 per share
- Lot size
- 600 shares
- Total issue size
- ₹31.18 Cr
- Market cap at offer price
- ₹117 Cr
- Promoter holding
- 51.92% → 38.14% pre-issue → post-issue
- ISIN
- INE00ER01015
- Registrar
- Bigshare Services Pvt.Ltd.
- Lead managers
- First Overseas Capital Ltd.
- Registered office
- Phoenix Corporate Park, First Floor, Opp.Vrindawan Garden, Hoshangabad Road, Madhya Pradesh
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 | 86,400 | — | — |
Application size
Minimum 600 shares per lot, in multiples, at ₹208
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 600 | ₹1,24,800 |
| S-HNI (min) | 2 | 1,200 | ₹2,49,600 |
| S-HNI (max) | 8 | 4,800 | ₹9,98,400 |
| B-HNI (min) | 9 | 5,400 | ₹11,23,200 |
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.
Valuation and performance
Valuation at offer price
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 56.77 | — |
| P/E (×) | 3.66 | — |
| Market cap | — | ₹117 Cr |
Key performance indicators
- Return on net worth
- 25.51%
- ROCE
- 50.90%
- PAT margin
- 7.25%
- NAV per share
- ₹132.50
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About On Door Concepts
On Door Concepts Limited was incorporated as 'On Door Concepts Private Limited' on December 15, 2014 (converted to a public limited company on May 01, 2023) and opened its first store in Bhopal, Madhya Pradesh in January 2015. As of March 31, 2023 it operates 55 stores across cities of Madhya Pradesh — 17 company-owned and company-operated (COCO) stores and the rest run under its Franchise Owned Company Operated (FOCO) model — with stores typically sized 200 sq. ft. to 3,500 sq. ft. and catering to a 2–3 km radius. It sells Foods (staples, groceries, fruits & vegetables, snacks, dairy, beverages — ~73% of FY2023 revenue), Non-Foods/FMCG (home care, personal care — ~22%) and General Merchandise (~5%), including private-label products that contributed 16.85% of FY2023 sales. Online orders placed via www.ondoor.com and the 'Ondoor – Online Grocery Shoppi' app are fulfilled from the inventory of the store mapped to the customer's location. Revenue from operations was ₹18,014.52 lakhs in Fiscal 2023 (PAT ₹1,306.18 lakhs, aided by ₹1,300 lakhs extraordinary income from forfeiture/waiver of compulsorily convertible debentures held by corporate promoter NSB BPO Solutions), versus losses of ₹536.98 lakhs (FY2022) and ₹523.44 lakhs (FY2021); the company turned debt-free in FY2022-23 after converting debentures into equity. A Pre-IPO Placement of 2,85,200 equity shares at ₹259 per share aggregating ₹738.67 lakhs was completed, reducing the size of the fresh issue.
Company Analysis
from RHPOn Door Concepts Limited ('Ondoor') is a regional omni-channel retailer of groceries and household essentials in Madhya Pradesh, India, operating small-format colony convenience stores alongside hyperlocal online home delivery through its website and mobile app.
On Door Concepts Limited was incorporated as 'On Door Concepts Private Limited' on December 15, 2014 (converted to a public limited company on May 01, 2023) and opened its first store in Bhopal, Madhya Pradesh in January 2015. As of March 31, 2023 it operates 55 stores across cities of Madhya Pradesh — 17 company-owned and company-operated (COCO) stores and the rest run under its Franchise Owned Company Operated (FOCO) model — with stores typically sized 200 sq. ft. to 3,500 sq. ft. and catering to a 2–3 km radius. It sells Foods (staples, groceries, fruits & vegetables, snacks, dairy, beverages — ~73% of FY2023 revenue), Non-Foods/FMCG (home care, personal care — ~22%) and General Merchandise (~5%), including private-label products that contributed 16.85% of FY2023 sales. Online orders placed via www.ondoor.com and the 'Ondoor – Online Grocery Shoppi' app are fulfilled from the inventory of the store mapped to the customer's location. Revenue from operations was ₹18,014.52 lakhs in Fiscal 2023 (PAT ₹1,306.18 lakhs, aided by ₹1,300 lakhs extraordinary income from forfeiture/waiver of compulsorily convertible debentures held by corporate promoter NSB BPO Solutions), versus losses of ₹536.98 lakhs (FY2022) and ₹523.44 lakhs (FY2021); the company turned debt-free in FY2022-23 after converting debentures into equity. A Pre-IPO Placement of 2,85,200 equity shares at ₹259 per share aggregating ₹738.67 lakhs was completed, reducing the size of the fresh issue.
Objects of the Issue
- Augmenting additional working capital requirements ₹2,043.45 lakhs p.74
- General Corporate Purposes ₹724.20 lakhs p.76
- Issue Related Expenses ₹349.85 lakhs p.76
Issue Structure
- Total Issue
- 14,98,800 Equity Shares at ₹208.00 per Equity Share aggregating ₹3117.50 Lakhs
- Fresh Issue
- 14,98,800 Equity Shares aggregating ₹3117.50 Lakhs (the entire Issue is a fresh issue)
- Face Value
- ₹10.00
Business Model
The company earns revenue from the retail sale of groceries, FMCG and general merchandise through its COCO stores, its network of FOCO franchise stores, and hyperlocal online home delivery; the entire sales generated by franchise stores are billed on company software and recorded under company revenue. Franchise owners pay refundable deposits against inventories, store set-up capex and a non-refundable franchise fee, with payouts linked to monthly sales slabs, while the company pays the store rent and provides technology, central procurement, logistics and marketing support. Margins are supported by direct procurement from manufacturers/wholesale suppliers and private-label products.
Business Segments
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| NSB BPO Solutions Private Limited | Corporate Promoter | 43.94% | 32.28% |
| Swati Bapna | Promoter | 7.40% | 5.43% |
| Vaishali Pramod Ingle | Promoter | 0.12% | 0.09% |
| Narendra Singh Bapna | Promoter | 0.02% | 0.02% |
| Pramod Ramdas Ingle | Promoter | 0.02% | 0.02% |
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.