Positron Energy
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 12 Aug 2024 – 14 Aug 2024
- Listing date
- 20 Aug 2024
- Face value
- ₹10 per share
- Issue price
- ₹250 per share
- Lot size
- 600 shares
- Issue type
- Book Building issue
- Total issue size
- ₹51.21 Cr
- Market cap at offer price
- ₹190 Cr
- Promoter holding
- 98.56% → 72.00% pre-issue → post-issue
- ISIN
- INE0S3H01017
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- Beeline Capital Advisors Pvt.Ltd.
- Registered office
- Office No.3, IT Tower-2, Ground Floor Infocity, Sector-7, 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 |
|---|---|---|---|
| Anchor investor · within QIB | 5,83,200 | — | — |
| Market maker | 1,02,600 | — | — |
Application size
Minimum 600 shares per lot, in multiples, at ₹250
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 600 | ₹1,50,000 |
| S-HNI (min) | 2 | 1,200 | ₹3,00,000 |
| S-HNI (max) | 6 | 3,600 | ₹9,00,000 |
| B-HNI (min) | 7 | 4,200 | ₹10,50,000 |
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.
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 (₹) | 15.83 | 11.56 |
| P/E (×) | 15.79 | 21.63 |
| Price to book (×) | 9.32 | — |
| Market cap | — | ₹190 Cr |
Key performance indicators
- Return on net worth
- 59.01%
- ROCE
- 61.55%
- Debt / equity
- 0.69
- PAT margin
- 6.52%
- EBITDA margin
- 8.94%
- NAV per share
- ₹26.82
- Price to book
- 9.32
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Positron Energy
Positron Energy Limited was incorporated as a private limited company on February 15, 2008 in Gujarat under the name 'Positron Energy Private Limited' and converted into a public limited company on January 02, 2024. For its first 11 years, the company was engaged solely in Management & Technical Advisory Services of the Oil and Gas Industry. In FY 2018-19, it commenced the aggregation business of Coal Bed Methane (CBM) gas for supplying to industrial units, and in July 2022 it aggressively commenced natural gas aggregation. The company operates through two major business verticals: (1) Management and Technical Consultancy Services — providing regulatory studies/advisory, technical feasibility studies, commercial feasibility studies, project management consultation (PMC), operations and maintenance of CGD networks, and execution projects for CGD infrastructure; and (2) Gas Aggregation and Sales — sourcing and marketing natural gas, R-LNG, and CBM gas to industrial customers across India, with a portfolio of approximately 4000-5000 MMBTU daily volume. The company has developed a gas aggregation business volume of approximately 35 MMSCM. It also collaborates with ICOM North America LLC for installation of ICOM Dual Fuel LNG conversion systems in on-road trucks weighing over 3.5 tons in India. Revenue grew from ₹869.04 lakhs in FY22 to ₹13,473.25 lakhs in FY24, driven primarily by natural gas sales which contributed ₹11,374.57 lakhs in FY24.
Company Analysis
from RHPPositron Energy Limited is an oil and gas company providing management and technical advisory services alongside gas aggregation and sales of natural gas, coal bed methane (CBM) gas, and LNG dual fuel solutions to industrial units across India.
Positron Energy Limited was incorporated as a private limited company on February 15, 2008 in Gujarat under the name 'Positron Energy Private Limited' and converted into a public limited company on January 02, 2024. For its first 11 years, the company was engaged solely in Management & Technical Advisory Services of the Oil and Gas Industry. In FY 2018-19, it commenced the aggregation business of Coal Bed Methane (CBM) gas for supplying to industrial units, and in July 2022 it aggressively commenced natural gas aggregation. The company operates through two major business verticals: (1) Management and Technical Consultancy Services — providing regulatory studies/advisory, technical feasibility studies, commercial feasibility studies, project management consultation (PMC), operations and maintenance of CGD networks, and execution projects for CGD infrastructure; and (2) Gas Aggregation and Sales — sourcing and marketing natural gas, R-LNG, and CBM gas to industrial customers across India, with a portfolio of approximately 4000-5000 MMBTU daily volume. The company has developed a gas aggregation business volume of approximately 35 MMSCM. It also collaborates with ICOM North America LLC for installation of ICOM Dual Fuel LNG conversion systems in on-road trucks weighing over 3.5 tons in India. Revenue grew from ₹869.04 lakhs in FY22 to ₹13,473.25 lakhs in FY24, driven primarily by natural gas sales which contributed ₹11,374.57 lakhs in FY24.
Objects of the Issue
- To Meet Working Capital Requirements ₹3,820.00 Lakhs p.82
- General Corporate Purposes p.82
Issue Structure
- Total Issue
- 20,48,400 Equity Shares aggregating to ₹ [●] Lakhs
- Fresh Issue
- 20,48,400 Equity Shares aggregating to ₹ [●] Lakhs
- Offer for Sale
- Nil
- Face Value
- ₹10/- each
Business Model
The company earns revenue from two major business verticals: (1) Management and Technical Consultancy Services — fees from regulatory studies, technical feasibility reports, commercial feasibility reports, project management consultation, operations and maintenance of CGD networks, and execution of CGD infrastructure projects; and (2) Gas Aggregation and Sales — margin from sourcing natural gas, R-LNG, and CBM gas from suppliers (through GSPAs via tendering and bilateral agreements) and selling to industrial customers, with pricing linked to crude index formulas adjusted monthly. Revenue is also derived from LNG dual fuel kit sales and erection/commissioning income.
Business Segments
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Rajiv Shankarankutty Menon | Promoter | 30.84 | 22.53 |
| Manav Bahri | Promoter | 30.84 | 22.53 |
| Sujit K Sugathan | Promoter | 31.83 | 23.26 |
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.