Rajgor Castor Derivatives
Book Building issueSME₹47.81 Cr issue
+18.00%
Listing gain over issue price
Issue size
₹47.81 Cr
1 lot at cut-off
₹1,50,000
Lot size
3,000shares
Open
17 Oct 2023
Close
20 Oct 2023
Allotment
26 Oct 2023
Listing
31 Oct 2023
Listing performance
Issue price
₹50
Listed at
₹59
Listing-day close
₹61.10
Latest price
₹16.95
Close on 23 Oct 2026
Listing gain
+18.00%
Return since issue
-66.10%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 17 Oct 2023 – 20 Oct 2023
- Listing date
- 31 Oct 2023
- Face value
- ₹10 per share
- Issue price
- ₹50 per share
- Lot size
- 3,000 shares
- Issue type
- Book Building issue
- Total issue size
- ₹47.81 Cr
- Market cap at offer price
- ₹120 Cr
- Promoter holding
- 100.00% → 60.02% pre-issue → post-issue
- ISIN
- INE0BZQ01011
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- Beeline Capital Advisors Pvt.Ltd.
- Registered office
- 807, Titanium One, Nr.Pakwan Cross Road, Nr.Shabri Water Works, S.G.Highway, Bodakdev, 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 | 27,12,000 | — | — |
| Market maker | 5,01,000 | — | — |
Application size
Minimum 3,000 shares per lot, in multiples, at ₹50
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 3,000 | ₹1,50,000 |
| S-HNI (min) | 2 | 6,000 | ₹3,00,000 |
| S-HNI (max) | 6 | 18,000 | ₹9,00,000 |
| B-HNI (min) | 7 | 21,000 | ₹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.
Shares allocated
27,12,000
Anchor portion
₹13.56 Cr
at ₹50 per share
Valuation and performance
Valuation at offer price
₹50 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 30.06 | — |
| P/E (×) | 1.66 | — |
| Market cap | — | ₹120 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 23.44%
- ROCE
- 22.97%
- Debt / equity
- 1.88
- PAT margin
- 1.29%
- NAV per share
- ₹15.75
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Rajgor Castor Derivatives
Rajgor Castor Derivatives Limited, originally incorporated as Hindprakash Castor Derivatives Private Limited in June 2018, has undergone multiple name changes and was converted to a public limited company in July 2022. The company operates a castor oil manufacturing facility in Harij, Gujarat. Until December 2021, the company was engaged in trading of agro commodities with a leased castor plant. From January 2022 onwards, the Rajgor family acquired full stake and has actively managed the manufacturing business. The company manufactures Refined Castor Oil First Stage Grade (F.S.G.), Castor De-Oiled Cake, and High Protein Castor De-Oiled Cake for the domestic market under a B2B business model. The company's promoters have combined experience of more than 24 years in castor oil and derivatives manufacturing.
Company Analysis
from RHPRajgor Castor Derivatives Limited manufactures and sells refined castor oil derivatives and castor de-oiled cake for the domestic B2B market.
Rajgor Castor Derivatives Limited, originally incorporated as Hindprakash Castor Derivatives Private Limited in June 2018, has undergone multiple name changes and was converted to a public limited company in July 2022. The company operates a castor oil manufacturing facility in Harij, Gujarat. Until December 2021, the company was engaged in trading of agro commodities with a leased castor plant. From January 2022 onwards, the Rajgor family acquired full stake and has actively managed the manufacturing business. The company manufactures Refined Castor Oil First Stage Grade (F.S.G.), Castor De-Oiled Cake, and High Protein Castor De-Oiled Cake for the domestic market under a B2B business model. The company's promoters have combined experience of more than 24 years in castor oil and derivatives manufacturing.
Castor oil and derivatives manufacturingAgricultural commodity trading
Objects of the Issue
- To Meet Working Capital Requirements ₹ 2,991.70 Lakhs p.21
- General Corporate Purpose ₹ 1,073.91 Lakhs p.21
- To Meet Working Capital Requirements ₹2,991.70 lakhs p.84
- General Corporate Purpose ₹1,073.91 lakhs p.84
- General corporate purposes
Issue Structure
- Total Issue
- ₹ 4,780.50 Lakhs (9,561,000 equity shares at ₹ 50 per share)
- Fresh Issue
- ₹ 4,447.50 Lakhs (8,895,000 equity shares)
- Offer for Sale
- ₹ 333.00 Lakhs (666,000 equity shares by Promoters and Promoter Group)
- Price Band
- ₹ 47 (Floor Price) to ₹ 50 (Cap Price)
- Lot Size
- 3,000 equity shares and in multiples of 3,000 equity shares thereafter
- Face Value
- ₹ 10 per equity share
Business Model
B2B manufacturing business. The company manufactures refined castor oil derivatives and castor de-oiled cake and sells them to customers based on purchase orders. The company sources castor seeds as raw material through the domestic spot market and does not have long-term supply agreements with suppliers. Products are sold to domestic customers without long-term contracts.
Business Segments
Manufacturing and selling of Refined Castor Oil First Stage Grade (F.S.G.), Castor De-Oiled Cake and High Protein Castor De-Oiled Cake for the domestic market
Trading of agro-commodity which amounts to a very small portion of revenue from operations in the current financial year
Manufactures Refined Castor Oil First Stage Grade (F.S.G.), Castor De-Oiled Cake, and High Protein Castor De-Oiled Cake for domestic market with B2B business model
Manufacturing of Refined Castor Oil First Stage Grade (F.S.G.), Castor De-Oiled Cake, and High Protein Castor De-Oiled Cake
Trading of agro-commodities including castor seeds, guar seeds, chana, and castor FSG oil
Revenue from lease rental and miscellaneous income
Sale of manufactured castor oil derivatives and traded goods for domestic market
Lease rental income from operating leases, cash discounts, and compensation on order cancellations
Manufacturing of Refined Castor Oil First Stage Grade (F.S.G.), Castor De-Oiled Cake and High Protein Castor De-Oiled Cake for domestic market
Trading of Castor Oil and its derivatives
Revenue from lease rental and Miscellaneous Income
SWOT Analysis
Strengths
- • Promoters have combined experience of 24+ years in castor oil manufacturing(p.20)
- • Established manufacturing facility at Harij with 450 MT/day capacity(p.20)
- • Customer-centric B2B business model with focus on quality(p.20)
- • Significant revenue growth driven by business model transition from trading to manufacturing(p.101)
- • Strong profitability improvement and positive return on equity in recent financial years(p.102)
- • Healthy net worth growth post-transition to manufacturing business(p.102)
- • Competitive advantage from experienced management team with industry expertise(p.93)
- • Quality control and quality assurance as competitive strength(p.93)
- • Experienced management with 24+ years in castor oil manufacturing(p.113)
- • In-house quality control and testing infrastructure(p.113)
- • B2B customer-centric business model with established domestic market presence(p.113)
- • Diversified product portfolio and revenue streams(p.116)
- • Scalable manufacturing model with significant capacity(p.117)
- • Strong revenue growth trajectory(p.115)
- • Established manufacturing facility with quality control infrastructure(p.223)
- • Experienced promoter leadership with 24+ years in castor oil industry(p.223)
- • Rapid revenue growth from FY2021 to FY2023(p.226)
- • Operational profitability achieved(p.226)
- • Significant recent revenue growth from manufacturing commencement(p.227)
- • Dominant market position in domestic castor oil products through B2B model(p.227)
- • Customer-centric approach with emphasis on quality and ethical practices(p.227)
- • Improved profitability with PAT growth of 962.41%(p.228)
- • Wide geographic expansion beyond initial Gujarat base(p.227)
Weaknesses
- • Registered office on lease from related party; no assurance of continuation(p.31)
- • Heavy dependence on few major customers; top 10 customers represent 75.37% of sales(p.31)
- • High supplier concentration; top 10 suppliers contribute 90.46% of purchases(p.31)
- • No long-term contracts with customers; business dependent on purchase orders(p.30)
- • Negative cash flows from operations for past 3 years(p.37)
- • No long-term agreements with suppliers for raw materials(p.31)
- • Promoters party to certain litigation and claims with regulatory authorities(p.30)
- • Past delays in statutory filings with regulatory authorities(p.33)
- • Factory license not yet updated to company name; approvals pending renewal(p.33)
- • High customer concentration with top customer representing significant revenue share(p.96)
- • Significant supplier concentration increasing procurement risk(p.96)
- • Negative operating cash flows in recent periods despite profitability(p.95)
- • High debt levels required to finance working capital needs(p.86)
- • Recently transitioned business model with limited operational history in manufacturing(p.88)
- • Working capital intensive business requiring significant liquid resources(p.121)
- • Dependence on timely availability of raw materials(p.121)
- • Labour-intensive manufacturing operations(p.121)
- • Negative operating cash flows despite profitability(p.115)
- • Concentrated revenue dependence on single product(p.115)
- • Geographic concentration of sales in Gujarat(p.116)
- • High leverage with debt-to-equity ratio of 2.02(p.215)
- • Negative operating cash flows in recent periods(p.224)
- • Heavy reliance on related party transactions(p.203)
- • Significant borrowings dependent on bank facilities(p.196)
- • Low net working capital relative to operations(p.224)
- • High dependence on few customers representing 75.37% of sales(p.230)
- • High dependence on few suppliers representing 90.46% of purchases(p.230)
- • Significant outstanding litigations from related parties involving ₹7.6+ crores(p.234)
- • High financial leverage with debt-to-equity ratio of 2.02 pre-IPO(p.232)
- • Conflict of interest risks with overlapping directorships in group companies(p.249)
Opportunities
- • Expand customer base and reduce concentration through business development(p.31)
- • Increase sales to existing customers and expand into new geographical areas(p.38)
- • Utilize IPO proceeds for working capital requirements to support growth(p.21)
- • Growing domestic demand for castor derivatives with applications across multiple industries(p.89)
- • Export market expansion opportunities with longer working capital cycles supported by IPO proceeds(p.89)
- • India's agricultural sector growth trajectory providing tailwinds for agro-commodity business(p.110)
- • Government policy support for agricultural infrastructure and supply chain development(p.112)
- • Scalable business model capable of supporting increased manufacturing capacity(p.93)
- • Expansion into international export markets(p.117)
- • Leveraging market relationships to enhance customer satisfaction and retention(p.117)
- • Technology enhancements to improve operational efficiency and cost reduction(p.117)
- • Pan-India expansion to increase market reach(p.132)
- • Achieving economies of scale through increased capacity utilization(p.121)
- • Expansion of manufacturing capacity(p.223)
- • Diversified applications for castor oil derivatives(p.223)
- • Growing demand for organic fertilizers(p.223)
- • B2B business model expansion potential(p.223)
- • Planned expansion to multiple states with current footprint in 9 states(p.227)
- • Migration pathway to NSE main board upon capital growth beyond ₹25 crores(p.269)
- • Potential for related party transaction growth with group companies(p.249)
- • Compulsory market making support for 3 years post-listing(p.269)
Threats
- • Business is seasonal; dependent on availability and harvesting of castor seeds(p.30)
- • Exposed to raw material price fluctuations with limited ability to control(p.30)
- • Revenue highly dependent on Gujarat; state represented 84.99% of FY2023 revenue(p.31)
- • Highly competitive castor oil segment with larger domestic and international players(p.36)
- • COVID-19 pandemic could materially impact business, supply chain, and demand(p.42)
- • Single manufacturing facility at Harij vulnerable to disruptions and shutdown(p.34)
- • Dependent on adequate and uninterrupted power and water supply at reasonable cost(p.36)
- • Changes in tax rates and GST implications could materially impact business(p.43)
- • Non-compliance with safety, health and environmental laws could result in penalties(p.35)
- • Terrorist attacks and civil disturbances could adversely affect financial markets and business(p.43)
- • Commodity price volatility affecting raw material costs and product pricing(p.107)
- • Global economic slowdown impacting demand for castor derivatives(p.105)
- • Agricultural sector risks from weather and monsoon variability(p.106)
- • High inflation and rising interest rates affecting borrowing costs(p.106)
- • Tight financing conditions and elevated borrowing costs for emerging market economies(p.106)
- • Intense competition from domestic and international players in castor oil sector(p.122)
- • Changing government policies affecting business operations(p.121)
- • Dependence on agricultural produce market committees for raw material procurement(p.123)
- • Commodity price volatility and input cost fluctuations(p.123)
- • Regulatory compliance requirements for food safety and environmental standards(p.136)
- • Exposure to commodity price fluctuations(p.225)
- • Dependence on raw material supply(p.224)
- • Regulatory and compliance risks(p.224)
- • Competition from existing market players(p.224)
- • Global economic and geopolitical uncertainties(p.224)
- • Exposure to interest rate and inflation risks affecting operating costs(p.230)
- • Competition from existing and potential competitors in castor oil market(p.230)
- • Uncertainty in business operations dependent on demand/supply and government policies(p.230)
- • Outstanding tax demands against promoters totaling ₹9.63+ lakhs(p.237)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Brijeshkumar Vasantlal Rajgor | Promoter | 31.00% | 19.37% |
| Vasantkumar Shankarlal Rajgor | Promoter | 29.28% | 17.68% |
| Maheshkumar Shankarlal Rajgor | Promoter | 6.97% | 3.66% |
| Induben Vasantkumar Rajgor | Promoter Group | 3.12% | 1.83% |
| Kiranben Maheshkumar Rajgor | Promoter Group | 6.04% | 3.66% |
| Jagrutiben Pareshkumar Rajgor | Promoter Group | 8.08% | 4.94% |
| Pareshkumar Vasudev Rajgor | Promoter Group | 5.51% | 2.74% |
| Zenishaben Anilkumar Rajgor | Promoter Group | 4.17% | 2.48% |
| Bhagyashri Brijeshkumar Rajgor | Promoter Group | 5.83% | 3.66% |
| Brijeshkumar Vasantlal Rajgor | Promoter | 31.00% | 19.37% |
| Vasantkumar S Rajgor | Promoter | 29.28% | 17.68% |
| Maheshkumar S Rajgor | Promoter | 6.97% | 3.66% |
| Induben Vasantkumar Rajgor | Promoter Group | 3.12% | 1.83% |
| Kiranben Maheshkumar Rajgor | Promoter Group | 6.04% | 3.66% |
| Bhagyashri Brijeshkumar Rajgor | Promoter Group | 5.83% | 3.66% |
| Jagrutiben Pareshkumar Rajgor | Promoter Group | 8.08% | 4.94% |
| Pareshkumar V Rajgor | Promoter Group | 5.51% | 2.74% |
| Zenishaben Anilkumar Rajgor | Promoter Group | 4.17% | 2.48% |
| Mr. Brijeshkumar Vasantlal Rajgor | Promoter/Managing Director | — | — |
| Mr. Vasantkumar Shankarlal Rajgor | Promoter/Executive Director | — | — |
| Mr. Maheshkumar Shankarlal Rajgor | Promoter/Chairman & Non-Executive Director | — | — |
| Brijeshkumar Vasantkumar Rajgor | Promoter | 31.00% | — |
| Vasantkumar Shankarlal Rajgor | Promoter | 29.28% | — |
| Maheshkumar Shankarlal Rajgor | Promoter | 6.97% | — |
| Maheshkumar Shankarlal Rajgor | Promoter/Director | — | — |
| Vasantkumar Shankarlal Rajgor | Promoter/Director | — | — |
| Brijeshkumar Vasantlal Rajgor | Promoter/Director | — | — |
| Brijeshkumar Vasantlal Rajgor | Selling Shareholder | — | — |
| Maheshkumar Shankarlal Rajgor | Selling Shareholder | — | — |
| Vasantkumar Shankarlal Rajgor | Selling Shareholder | — | — |
| Induben Vasantkumar Rajgor | Selling Shareholder | — | — |
| Kiranben Maheshkumar Rajgor | Selling Shareholder | — | — |
| Jagrutiben Pareshkumar Rajgor | Selling Shareholder | — | — |
| Pareshkumar V Rajgor | Selling Shareholder | — | — |
| Zenishahen Anilkumar Rajgor | Selling Shareholder | — | — |
Leadership
Brijeshkumar Vasantlal Rajgor · Managing Director
Vasantkumar Shankarlal Rajgor · Whole Time Director
Maheshkumar Shankarlal Rajgor · Director
Varun Ajaybhai Patel · Chief Financial Officer
Parin Shah · Company Secretary and Compliance Officer
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.
Offer documents
Rajgor Castor Derivatives IPO FAQs
What is the lot size of Rajgor Castor Derivatives IPO?
The minimum lot size of Rajgor Castor Derivatives IPO is 3,000 shares. One lot costs ₹1,50,000 at the cut-off price.
When does Rajgor Castor Derivatives IPO open and close?
Rajgor Castor Derivatives IPO opened for subscription on 17 Oct 2023 and closed on 20 Oct 2023.
What is the listing date of Rajgor Castor Derivatives IPO?
Rajgor Castor Derivatives IPO listed on 31 Oct 2023.