Rajeshwari Cans SME
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 31 Mar 2021 – 06 Apr 2021
- Listing date
- 15 Apr 2021
- Face value
- ₹10 per share
- Issue price
- ₹20 per share
- Lot size
- 6,000 shares
- Total issue size
- ₹4.03 Cr
- Market cap at offer price
- ₹10.49 Cr
- Promoter holding
- 100.00% → 61.71% pre-issue → post-issue
- ISIN
- INE0CQ101015
- Registrar
- Bigshare Services Pvt.Ltd.
- Lead managers
- Fedex Securities Pvt.Ltd.
- Registered office
- 96, Mahagujarat, Industrial Estate, Moraiya, Ta: Sanand, 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 | 1,08,000 | — | — |
Application size
Minimum 6,000 shares per lot, in multiples, at ₹20
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 6,000 | ₹1,20,000 |
| S-HNI (min) | 2 | 12,000 | ₹2,40,000 |
| S-HNI (max) | 8 | 48,000 | ₹9,60,000 |
| B-HNI (min) | 9 | 54,000 | ₹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 |
|---|---|---|
| Market cap | — | ₹10.49 Cr |
About Rajeshwari Cans SME
Rajeshwari Cans Limited (RCL), with its registered office at 96, Mahagujarat Industrial Estate, Moraiya, Ta: Sanand, Ahmedabad, Gujarat, traces its origins to a proprietorship concern 'M/s. Rajeshri Trading Company', which was acquired by the partnership firm 'M/s. Rajeshwari Metal Printers' pursuant to a partnership deed dated September 03, 2004; the firm was reconstituted several times and was converted into the public limited company 'Rajeshwari Cans Limited' on January 10, 2018 pursuant to Part I of Chapter XXI of the Companies Act, 2013 (CIN U13209GJ2018PLC100480). The company manufactures round printed tin containers of various sizes — from 50 gm to 500 gm for packing tobacco, up to 5 litres for the paint industry, and since 2019-20 small 50 gm tins for snuff manufacturers — which are supplied as packing material, and it also carries out colour printing job work on tin sheets and empty tins supplied by customers. Manufacturing runs from Mahagujarat Industrial Estate and Shree Ganesh Industrial Estate at Moraiya, Sanand, with an installed capacity of 3,90,00,000 tins per annum and 70 employees as of December 31, 2020. Revenue is highly concentrated: approximately 80% of turnover comes from a single tobacco-manufacturing customer (82.93%, 80.41% and 77.70% of turnover for the period ended December 31, 2020, FY2019-20 and FY2018-19 respectively), with no long-term agreement in place. The company reported total revenue of ₹2,209.73 Lakhs and profit after tax of ₹18.69 Lakhs in FY2020, and revenue of ₹1,285.47 Lakhs with PAT of ₹12.62 Lakhs for the stub period ended December 31, 2020. It is promoted by Bharatkumar Vora, Harshadkumar Vora, Siddharth Vora and Pratik Vora, who together with the wider promoter group held 100% of the pre-issue equity capital.
Company Analysis
from RHPRajeshwari Cans Limited manufactures round printed tin containers of various sizes used as packing material by tobacco and paint manufacturers, and also performs printing job work on tin sheets supplied by customers.
Rajeshwari Cans Limited (RCL), with its registered office at 96, Mahagujarat Industrial Estate, Moraiya, Ta: Sanand, Ahmedabad, Gujarat, traces its origins to a proprietorship concern 'M/s. Rajeshri Trading Company', which was acquired by the partnership firm 'M/s. Rajeshwari Metal Printers' pursuant to a partnership deed dated September 03, 2004; the firm was reconstituted several times and was converted into the public limited company 'Rajeshwari Cans Limited' on January 10, 2018 pursuant to Part I of Chapter XXI of the Companies Act, 2013 (CIN U13209GJ2018PLC100480). The company manufactures round printed tin containers of various sizes — from 50 gm to 500 gm for packing tobacco, up to 5 litres for the paint industry, and since 2019-20 small 50 gm tins for snuff manufacturers — which are supplied as packing material, and it also carries out colour printing job work on tin sheets and empty tins supplied by customers. Manufacturing runs from Mahagujarat Industrial Estate and Shree Ganesh Industrial Estate at Moraiya, Sanand, with an installed capacity of 3,90,00,000 tins per annum and 70 employees as of December 31, 2020. Revenue is highly concentrated: approximately 80% of turnover comes from a single tobacco-manufacturing customer (82.93%, 80.41% and 77.70% of turnover for the period ended December 31, 2020, FY2019-20 and FY2018-19 respectively), with no long-term agreement in place. The company reported total revenue of ₹2,209.73 Lakhs and profit after tax of ₹18.69 Lakhs in FY2020, and revenue of ₹1,285.47 Lakhs with PAT of ₹12.62 Lakhs for the stub period ended December 31, 2020. It is promoted by Bharatkumar Vora, Harshadkumar Vora, Siddharth Vora and Pratik Vora, who together with the wider promoter group held 100% of the pre-issue equity capital.
Objects of the Issue
- Meeting incremental working capital requirements ₹290.00 Lakhs p.61
- General corporate purposes ₹73.20 Lakhs p.65
Issue Structure
- Total Issue
- 20,16,000 Equity Shares of face value of ₹10.00/- each fully paid-up for cash at price of ₹20.00/- per Equity Share aggregating to ₹403.20 Lakhs (of which Market Maker Reservation Portion: 1,08,000 Equity Shares aggregating to ₹21.60 Lakhs; Net Issue to the Public: 19,08,000 Equity Shares aggregating to ₹381.60 Lakhs)
- Fresh Issue
- Entire issue is a fresh issue of 20,16,000 equity shares by the Company aggregating up to ₹403.20 Lakhs
- Price Band
- Fixed Price Issue at ₹20.00 per Equity Share (including a share premium of ₹10.00 per Equity Share); the Issue Price is 2.00 times the face value
- Lot Size
- 6,000 Equity Shares and in multiples thereof
- Face Value
- ₹10.00 per Equity Share
Business Model
The company earns revenue principally from the manufacture and sale of round printed tin containers used as packing material by tobacco, snuff and paint manufacturers, supplemented by printing job work performed on tin sheets and empty tins supplied by customers; approximately 80% of revenue is generated from orders received from a single tobacco-manufacturing customer.
Business Segments
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Bharatkumar Vora | Promoter / Managing Director | 14.24% | 8.79% |
| Harshadkumar Vora | Promoter / Whole Time Director | 14.24% | 8.79% |
| Siddharth Vora | Promoter / Executive Director | 15.79% | 9.74% |
| Pratik Vora | Promoter / Additional Executive Director | 14.24% | 8.79% |
| Bhartiben Vora | Promoter Group (spouse of Bharatkumar Vora) | 14.55% | 8.97% |
| Hetalben Vora | Promoter Group (spouse of Harshadkumar Vora) | 14.24% | 8.79% |
| Mittal Sheth | Promoter Group (spouse of Pratik Vora) | 0.08% | 0.05% |
| Suvini Vora | Promoter Group (spouse of Siddharth Vora) | 0.08% | 0.05% |
| Suchi Vora | Promoter Group (daughter of Harshadkumar Vora) | 0.08% | 0.05% |
| Binni Shah | Promoter Group (daughter of Bharatkumar Vora) | 0.08% | 0.05% |
| Bharatkumar N. Vora HUF | Promoter Group (HUF of Bharatkumar Vora) | 6.19% | 3.82% |
| Harshadkumar N. Vora HUF | Promoter Group (HUF of Harshadkumar Vora) | 6.19% | 3.82% |
Leadership
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