Party Cruisers SME
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 22 Feb 2021 – 25 Feb 2021
- Listing date
- 05 Mar 2021
- Face value
- ₹10 per share
- Issue price
- ₹51 per share
- Lot size
- 2,000 shares
- Total issue size
- ₹7.75 Cr
- Market cap at offer price
- ₹28.56 Cr
- Promoter holding
- 100.00% → 72.86% pre-issue → post-issue
- ISIN
- INE06ZX01015
- Registrar
- Kfin Technologies Ltd.
- Lead managers
- First Overseas Capital Ltd.
- Registered office
- 303/304/305, Simran Plaza, Khar 4th Road, Next to Regal Enclave Hotel, Khar (West), 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 | 76,000 | — | — |
Application size
Minimum 2,000 shares per lot, in multiples, at ₹51
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 2,000 | ₹1,02,000 |
| S-HNI (min) | 2 | 4,000 | ₹2,04,000 |
| S-HNI (max) | 9 | 18,000 | ₹9,18,000 |
| B-HNI (min) | 10 | 20,000 | ₹10,20,000 |
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.
Valuation and performance
Valuation at offer price
| Metric | Pre-issue | Post-issue |
|---|---|---|
| Market cap | — | ₹28.56 Cr |
About Party Cruisers SME
Party Cruisers Limited was incorporated on December 2, 1994, as Party Cruisers Private Limited and converted to a public limited company on November 13, 2013. The company specializes in wedding management and events management business, offering clients a complete variety of wedding and event facilities. Its wedding management services range from pre-wedding, during-wedding, and post-wedding events including in-house designing and designation wedding event décor. Event services range from planning and marketing to production and décor. The company operates across the full event lifecycle from initial conception (pre-event publicity, venue research and booking, transport) to turnkey production (set-up, on-site management, staffing, stage designing, entertainment) to post-event support (final material distribution, delegate attendance assessment, post-event report). The company is promoted by Mr. Zuzer H. Lucknowala and Mrs. Rachana Z. Lucknowala, who collectively bring over 50 years of industry experience. Through 26 years of operations, Party Cruisers has earned a reputation among clients by winning several accolades.
Company Analysis
from RHPParty Cruisers Limited specializes in wedding management and event management services, spanning the wedding planning and organized events industries in India.
Party Cruisers Limited was incorporated on December 2, 1994, as Party Cruisers Private Limited and converted to a public limited company on November 13, 2013. The company specializes in wedding management and events management business, offering clients a complete variety of wedding and event facilities. Its wedding management services range from pre-wedding, during-wedding, and post-wedding events including in-house designing and designation wedding event décor. Event services range from planning and marketing to production and décor. The company operates across the full event lifecycle from initial conception (pre-event publicity, venue research and booking, transport) to turnkey production (set-up, on-site management, staffing, stage designing, entertainment) to post-event support (final material distribution, delegate attendance assessment, post-event report). The company is promoted by Mr. Zuzer H. Lucknowala and Mrs. Rachana Z. Lucknowala, who collectively bring over 50 years of industry experience. Through 26 years of operations, Party Cruisers has earned a reputation among clients by winning several accolades.
Objects of the Issue
- Expansion of Business through strategic investment ₹340.00 Lakhs p.19
- Additional Working Capital ₹350.00 Lakhs p.19
- General Corporate Expenses ₹30.20 Lakhs p.19
- Expansion of Business through strategic investment Rs. 340.00 Lakhs p.73
- Additional Working Capital Rs. 350.00 Lakhs p.73
- General Corporate Expenses Rs. 30.20 Lakhs p.73
- To meet the expenses of the Issue Rs. 55.00 Lakhs p.73
- General corporate purposes p.200
Issue Structure
- Total Issue
- ₹775.20 Lakhs
- Fresh Issue
- ₹775.20 Lakhs (15,20,000 Equity Shares at ₹51 per share)
- Offer for Sale
- Nil
- Price Band
- ₹51 per Equity Share
- Face Value
- ₹10 per Equity Share
Business Model
Party Cruisers operates a full-service wedding and events management business model. It earns revenue by providing comprehensive wedding management services (pre-wedding, during-wedding, and post-wedding events including in-house designing and event décor) and event services (planning, marketing, production, and décor). The company has expanded through a franchisee model with 4 franchise agreements as of the filing date. It also generates revenue from strategic service offerings. The business is seasonal in nature for wedding management (producing revenue in 4-5 months per year) while event business is cyclic. The company depends on skilled personnel for service delivery and relies on third-party suppliers for materials and transportation.
Business Segments
SWOT Analysis
- • 26 years of industry experience and reputation(p.18)
- • Experienced promoter team with 50+ years combined experience(p.18)
- • Comprehensive end-to-end wedding and events management services(p.18)
- • Diversified service offerings across wedding and event segments(p.18)
- • 100% underwritten IPO with established intermediaries(p.55)
- • Established brand name and reputation in wedding/event management(p.104)
- • Long-standing supplier relationships ensuring quality and timely delivery(p.104)
- • Successful franchisee model with 4 profitable partnerships(p.104)
- • Experienced promoter team with 50+ years combined industry experience(p.105)
- • Diverse service portfolio spanning wedding and event management(p.105)
- • In-house design and production capabilities(p.105)
- • 26 years of operational history and market reputation(p.159)
- • Combined promoter experience of 50+ years in the industry(p.159)
- • Full-service event and wedding management capabilities(p.159)
- • Established brand portfolio (Vivaah, Vows, Event Factory, Livespace)(p.140)
- • Multiple award-winning recognition(p.121)
- • Consistent revenue growth from core wedding/event management business(p.183)
- • Franchise expansion strategy to increase sales across states(p.182)
- • Low financial leverage with minimal debt burden(p.188)
- • Profitability maintained across multiple fiscal years(p.183)
- • Proprietary brand and trademark portfolio(p.192)
- • High dependence on key managerial personnel(p.26)
- • CEO disqualified under Companies Act Section 164(2)(p.26)
- • Leased premises with termination risk(p.28)
- • Unregistered trademarks lack statutory protection(p.28)
- • Lost corporate records from 1994-2017(p.28)
- • Expired insurance policies not yet renewed(p.32)
- • No non-disclosure agreements with employees(p.34)
- • Negative cash flow in recent periods(p.35)
- • Promoter personal guarantees on debt facilities(p.36)
- • No long-term contracts with suppliers or customers(p.34)
- • Contingent income tax liability(p.35)
- • Heavy dependence on two promoters for management and operations(p.99)
- • Concentrated employee base of only 30 people as of September 30, 2020(p.109)
- • Limited geographic presence—currently operates only from Mumbai office(p.99)
- • Significant decline in PAT from FY 2018-19 to FY 2019-20(p.99)
- • Document retention and corporate governance gaps—loss of historical records(p.59)
- • Single location concentration - registered office at one Mumbai address(p.120)
- • Limited employee base and attrition risk(p.162)
- • Absence of non-compete agreements with group entities creating potential conflict of interest(p.145)
- • Significant decline in revenue during quarter ended September 2020(p.173)
- • Heavy dependence on two promoters for management and control(p.159)
- • Significant revenue decline from FY2019 to FY2020(p.182)
- • Profit decline from FY2019 to FY2020(p.182)
- • Dependence on limited number of customers(p.187)
- • Pending litigation over intellectual property and unpaid cheques(p.192)
- • Pending criminal litigation against promoters(p.193)
- • Expansion through strategic investment models(p.27)
- • Rapid growth in organized event management industry(p.17)
- • Strong wedding planning industry growth(p.17)
- • Services sector dominance and growth in India(p.16)
- • Franchise model expansion underway(p.26)
- • Expansion into multiple Indian cities and tier-2 locations(p.106)
- • Growing Indian wedding industry projected to reach Rs 1.6 trillion by 2020(p.97)
- • Expansion into international wedding management markets(p.106)
- • Increasing digital marketing and social media penetration opportunities(p.106)
- • Large addressable market—10+ million weddings annually in India(p.96)
- • Organized events industry growing at 15% CAGR with consolidation potential(p.93)
- • Expansion of geographical presence and customer base in new markets(p.159)
- • Growth in wedding and corporate events sectors(p.159)
- • Growth in wedding and event management sector with GST rationalization(p.182)
- • Expansion of in-house marketing team and cost rationalization(p.182)
- • Migration to main board NSE with minimum capital growth(p.216)
- • Leverage growth potential from regional and country's economic expansion(p.186)
- • COVID-19 pandemic impact on events business(p.25)
- • Highly competitive and fragmented industry(p.29)
- • Seasonal and cyclic nature of business(p.26)
- • Dependence on few major customers(p.34)
- • Dependence on few major suppliers(p.32)
- • Third-party transportation and logistics risks(p.33)
- • Regulatory and licensing requirements(p.29)
- • Working capital and cash flow pressures(p.30)
- • Foreign currency exchange rate fluctuations(p.36)
- • Changes in tax legislation and GST impact(p.40)
- • Highly competitive wedding and event management industry(p.108)
- • Significant competition from unorganized sector(p.108)
- • COVID-19 pandemic impact on wedding and event sector(p.102)
- • Economic downturn projected to impact discretionary spending on weddings(p.84)
- • Seasonal business volatility and concentration of revenue(p.105)
- • Regulatory uncertainties around foreign trade and exchange management(p.112)
- • Severe impact from COVID-19 on events and wedding industry operations(p.180)
- • Regulatory compliance requirements across multiple statutory legislations(p.119)
- • Hazardous waste management and environmental compliance obligations(p.114)
- • GST tax regime complexity and operational changes(p.116)
- • Income tax contingent liability of Rs. 87.69 lakhs(p.176)
- • High dependence on maintaining licenses and regulatory approvals(p.180)
- • Seasonal nature of wedding and event management business(p.186)
- • Potential increases in labour and material costs(p.186)
- • Tax claims and regulatory contingencies(p.193)
- • Outstanding material dues to creditors creating cash flow pressure(p.194)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Mr. Zuzer Hatim Lucknowala | Promoter | 47.34% | 34.49% |
| Mrs. Rachana Zuzer Lucknowala | Promoter | 46.96% | 34.21% |
| Mr. Zuzer Hatim Lucknowala | Promoter | 47.34% | 34.49% |
| Mrs. Rachana Zuzer Lucknowala | Promoter | 46.96% | 34.21% |
| Mr. Zuzer Hatim Lucknowala | Promoter | 47.34% | — |
| Mrs. Rachana Zuzer Lucknowala | Promoter | 46.96% | — |
| Zuzer Hatim Lucknowala | Promoter | — | — |
| Saroj Balram Naidu | Promoter | — | — |
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.