Pearl Green Clubs and Resorts SME
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 27 Jun 2022 – 29 Jun 2022
- Listing date
- 07 Jul 2022
- Face value
- ₹10 per share
- Issue price
- ₹186 per share
- Lot size
- 600 shares
- Total issue size
- ₹11.72 Cr
- Market cap at offer price
- ₹44.04 Cr
- Promoter holding
- 99.88% → 73.31% pre-issue → post-issue
- ISIN
- INE0GTX01019
- Registrar
- Cameo Corporate Services Ltd.
- Lead managers
- Fast Track Finsec Pvt.Ltd.
- Registered office
- UP GF-01, Krushna Complex, Near Choice, Navrangpura, Gujarat
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 | 36,000 | — | — |
Application size
Minimum 600 shares per lot, in multiples, at ₹186
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 600 | ₹1,11,600 |
| S-HNI (min) | 2 | 1,200 | ₹2,23,200 |
| S-HNI (max) | 8 | 4,800 | ₹8,92,800 |
| B-HNI (min) | 9 | 5,400 | ₹10,04,400 |
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 (₹) | 3.15 | — |
| P/E (×) | 59.05 | — |
| Market cap | — | ₹44.04 Cr |
Key performance indicators
- Return on net worth
- 0.95%
- EBITDA margin
- 2.41%
- NAV per share
- ₹39.73
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Pearl Green Clubs and Resorts SME
Pearl Green Clubs and Resorts Limited was incorporated on January 10, 2018, initially as Rasam 18 Resorts and Clubs Limited, and was renamed in November 2019. The company is engaged in the business of trading agricultural produces and commodities including wheat, corn, rice, seeds, cotton, gram, pulses, cereals, and peas. The company facilitates solutions between farmers, private players, and consumers in the Indian agricultural product lifecycle. The promoters have over 20 years of diversified business experience in agricultural produce and commodities. The company proposes to expand into the hotel and resort business. As of December 31, 2021, the company reported revenue of Rs. 447.40 lakhs and profit after tax of Rs. 61.54 lakhs.
Company Analysis
from RHPPearl Green Clubs and Resorts Limited is an agricultural commodity trading company that also proposes to enter the hotel and resort business.
Pearl Green Clubs and Resorts Limited was incorporated on January 10, 2018, initially as Rasam 18 Resorts and Clubs Limited, and was renamed in November 2019. The company is engaged in the business of trading agricultural produces and commodities including wheat, corn, rice, seeds, cotton, gram, pulses, cereals, and peas. The company facilitates solutions between farmers, private players, and consumers in the Indian agricultural product lifecycle. The promoters have over 20 years of diversified business experience in agricultural produce and commodities. The company proposes to expand into the hotel and resort business. As of December 31, 2021, the company reported revenue of Rs. 447.40 lakhs and profit after tax of Rs. 61.54 lakhs.
Objects of the Issue
- Capital Expenditure Requirement Rs. 877.00 lakhs p.62
- General corporate purposes Rs. 234.80 lakhs p.62
- Funding capex for the proposed resort development in Gandhinagar, Gujarat - including construction of approximately 40 rooms and associated amenities p.91
Issue Structure
- Total Issue
- Rs. 1,171.80 lakhs
- Fresh Issue
- Rs. 1,171.80 lakhs (6,30,000 equity shares at Rs. 186 per share)
- Offer for Sale
- Nil
- Price Band
- Rs. 186/- per equity share (Fixed Price)
- Lot Size
- Not specified in this part
- Face Value
- Rs. 10/- per equity share
Business Model
The company earns revenue through trading of agricultural produces and commodities such as wheat, corn, rice, seeds, cotton, gram, pulses, cereals, and peas. It procures these commodities from suppliers and sells to customers. The company operates as a commodity trading intermediary, providing strategic procurement services on behalf of purchasers and leveraging its understanding of agricultural commodity markets.
Business Segments
SWOT Analysis
- • Promoters' extensive experience in agricultural commodities trading(p.17)
- • Established position in global agricultural commodity markets(p.17)
- • Strong net worth growth trajectory(p.19)
- • Significant revenue growth from agricultural trading operations(p.19)
- • Strong profitability improvement(p.19)
- • Established presence in agricultural commodity trading with proven track record(p.94)
- • Strategic location of resort property near GIFT City, a major customer segment(p.91)
- • Diversified product portfolio in agricultural commodities(p.95)
- • Experienced management team with deep sector knowledge(p.91)
- • Heavy dependence on small customer base for majority of revenues(p.23)
- • Top customer concentration risk(p.23)
- • Registered office on short-term lease dependent on promoter(p.23)
- • Resort development land on lease from promoter group(p.25)
- • No insurance coverage for company assets and stock(p.27)
- • Substantial working capital intensive trade receivables(p.26)
- • No long-term supplier agreements; dependence on informal relationships(p.26)
- • No formal transportation contracts with third-party service providers(p.27)
- • Unsecured loans callable on demand by lenders(p.27)
- • Limited operating history since 2018 incorporation(p.28)
- • Key management personnel associated with company for less than one year(p.30)
- • Promoters retain dominant control post-IPO(p.26)
- • Past delays in statutory compliance filings(p.27)
- • Low bargaining power with customers(p.101)
- • Heavy dependence on suppliers for quality of products(p.101)
- • Working capital intensive business model(p.101)
- • High concentration in customer base(p.98)
- • Limited number of employees (7 total) restricting operational capacity(p.97)
- • No long-term debt; minimal short-term borrowing(p.155)
- • Minimal fixed asset base and depreciation burden(p.156)
- • Very recent incorporation with limited operating history(p.149)
- • Significant dependence on few customers for majority of sales(p.170)
- • Highly seasonal business model(p.170)
- • No inventory accumulation capacity(p.157)
- • Not registered under PF Act & ESIC Act; no gratuity provisions(p.161)
- • Substantial growth in India's food production sector(p.17)
- • India's leading position as agricultural producer and exporter(p.17)
- • Expansion into hospitality and resort business segment(p.17)
- • Growing global agricultural trade opportunities(p.17)
- • Recovery and growth in tourism and hospitality post-COVID(p.17)
- • Expansion into neighboring states to establish new markets(p.101)
- • Significant growth potential in the agricultural commodities segment(p.101)
- • Government initiatives supporting agricultural sector and food processing(p.101)
- • Tourism and hospitality business expansion with resort development(p.91)
- • Rising demand for agricultural products from Middle East markets(p.89)
- • Expansion into tourism and hospitality segment with resort development(p.163)
- • Strategic location near GIFT City (major customer segment opportunity)(p.163)
- • Growing agricultural commodity trading market(p.163)
- • Role as intermediary between farmers and consumers(p.163)
- • SEBI interim order restricting lead manager's new assignments(p.23)
- • Industry cyclicality and economic sensitivity in hotel sector(p.31)
- • Natural calamities impact on agricultural production(p.15)
- • Intense competition in hospitality industry(p.29)
- • Low barriers to entry in scrap and commodity trading markets(p.29)
- • Uncertain title and land acquisition challenges in India(p.30)
- • Disruption risks in civil infrastructure and transportation(p.30)
- • Change in government policies adversely affecting business(p.37)
- • Impact of taxes and levies on industry(p.37)
- • Foreign investment restrictions limiting investor base(p.37)
- • Impact of terrorist attacks and civil unrest(p.38)
- • Intense competition from organized and unorganized players in agricultural trading(p.101)
- • Potential changes in government policies affecting agricultural sector(p.101)
- • Significant fluctuations in agricultural commodity market prices(p.101)
- • Ongoing impact of COVID-19 pandemic on business operations(p.101)
- • Dependence on rainfall and agricultural production patterns(p.93)
- • Global economic slowdown affecting demand and growth prospects(p.77)
- • Volatility in Indian and global capital markets(p.164)
- • Changes in regulations and regulatory framework affecting operations(p.164)
- • Uncertain economic environment due to COVID-19 and preventive measures(p.151)
- • Commodity price volatility impacting input costs(p.169)
- • Competition from existing and potential competitors(p.170)
- • Dependence on economic conditions, government policies, FX rates and interest rates(p.169)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Mr. Hemantsingh Naharsingh Jhala | Promoter | 22.04% | 16.18% |
| Mrs. Rekhadevi Hemantsingh Jhala | Promoter | 24.92% | 18.29% |
| Hemantsingh Naharsingh Jhala | Promoter | 22.04% | — |
| Rekhadevi Hemantsingh Jhala | Promoter | 24.92% | — |
| Rekhadevi Hemant Jhala | Promoter | 24.92% | — |
| Hemantsingh Naharsingh Jhala | Promoter | 22.04% | — |
| Jhanvi Singh Vijaysingh Jhala | Promoter | 14.85% | — |
| Rekha Vijaybhai Jhala | Promoter | 14.85% | — |
| Karamvirsingh Hemant Jhala | Promoter | 10.79% | — |
| Nanvi H Jhala | Promoter | 11.51% | — |
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.