Rajputana Biodiesel
Book Building issueSMENSE₹24.70 Cr issue
+90.00%
Listing gain over issue price
Issue size
₹24.70 Cr
1 lot at cut-off
₹1,30,000
Lot size
1,000shares
Open
26 Nov 2024
Close
28 Nov 2024
Allotment
29 Nov 2024
Listing
03 Dec 2024
Listing performance
Issue price
₹130
Listed at
₹247
Listing-day close
₹259.35
Latest price
₹200
Close on 23 Oct 2026
Listing gain
+90.00%
Return since issue
+53.85%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 26 Nov 2024 – 28 Nov 2024
- Listing date
- 03 Dec 2024
- Face value
- ₹10 per share
- Issue price
- ₹130 per share
- Lot size
- 1,000 shares
- Issue type
- Book Building issue
- Listing at
- NSE
- Total issue size
- ₹24.70 Cr
- Market cap at offer price
- ₹91.44 Cr
- Promoter holding
- 90.00% → 65.68% pre-issue → post-issue
- ISIN
- INE0VHU01019
- Registrar
- Maashitla Securities Pvt.Ltd.
- Lead managers
- GYR Capital Advisors Pvt.Ltd.
- Registered office
- Jaipuria Mansion, Panch Batti, M.I.Road, Rajasthan
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 | 5,15,000 | — | — |
| Market maker | 1,41,000 | — | — |
Application size
Minimum 1,000 shares per lot, in multiples, at ₹130
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,000 | ₹1,30,000 |
| S-HNI (min) | 2 | 2,000 | ₹2,60,000 |
| S-HNI (max) | 7 | 7,000 | ₹9,10,000 |
| B-HNI (min) | 8 | 8,000 | ₹10,40,000 |
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
5,15,000
Anchor portion
₹6.70 Cr
at ₹130 per share
Valuation and performance
Valuation at offer price
₹130 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 8.81 | 11.07 |
| P/E (×) | 14.76 | 11.74 |
| Price to book (×) | 4.24 | — |
| Market cap | — | ₹91.44 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 16.49%
- ROCE
- 11.00%
- Debt / equity
- 1.26
- PAT margin
- 9.71%
- NAV per share
- ₹30.66
- Price to book
- 4.24
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Rajputana Biodiesel
Rajputana Biodiesel Limited is engaged in the manufacturing and supplying of biofuels and their by-products, namely glycerine and fatty acids. The company operates a manufacturing facility in Phulera, Rajasthan with an installed production capacity of 30 kiloliters per day. The company was originally incorporated as a private limited company on November 10, 2016, and converted to a public limited company in July 2024. The company intends to add value to its by-products and explore export potential of biodiesel. Its products primarily comprise biodiesel, crude glycerine, and free fatty acids, which it supplies through a tender-based process to customers including government PSUs.
Company Analysis
from RHPRajputana Biodiesel Limited manufactures and supplies biofuels (biodiesel, glycerine, and fatty acids) for the renewable energy sector in India.
Rajputana Biodiesel Limited is engaged in the manufacturing and supplying of biofuels and their by-products, namely glycerine and fatty acids. The company operates a manufacturing facility in Phulera, Rajasthan with an installed production capacity of 30 kiloliters per day. The company was originally incorporated as a private limited company on November 10, 2016, and converted to a public limited company in July 2024. The company intends to add value to its by-products and explore export potential of biodiesel. Its products primarily comprise biodiesel, crude glycerine, and free fatty acids, which it supplies through a tender-based process to customers including government PSUs.
BiofuelsRenewable EnergyChemical Manufacturing
Objects of the Issue
- Loan to Subsidiary (Nirvaanraj Energy Private Limited) for expansion of existing unit Up to ₹420 lacs p.21
- Working Capital Requirements Up to ₹1,220 lacs p.21
- General Corporate Purposes Not exceeding 25% of gross proceeds p.21
- Issue Expenses p.21
- Loan to subsidiary Nirvaanraj Energy Private Limited for capital expenditure towards expansion of existing manufacturing facility ₹420.00 lacs p.76
- Funding working capital requirements of the company ₹1,220.00 lacs p.76
- General Corporate purposes p.76
- Funding capex for Unit 3 manufacturing facility with target production capacity of 50 KLPD for biodiesel, feedstock manufacturing, and value-added by-products refinement including pharmaceutical-grade glycerine ₹11 Crore p.109
- Acquisition of subsidiary - 75.21% stake in Nirvaanraj Energy Private Limited, a biodiesel producer based in Meerut with current capacity of 20 KLPD and potential to double to 40 KLPD ₹2.5 Crore p.109
- Not specified in this document section
Issue Structure
- Total Issue
- Up to 19,00,000 equity shares aggregating up to ₹[●] lacs
- Fresh Issue
- Up to 19,00,000 equity shares of face value ₹10 each aggregating up to ₹[●] lacs
- Offer for Sale
- Nil
- Price Band
- Floor Price ₹[●], Cap Price ₹[●] (to be determined)
- Lot Size
- [●] equity shares and multiples thereafter
- Face Value
- ₹10 per equity share
Business Model
The company derives revenue from the manufacturing and sale of biodiesel and its by-products (glycerine and fatty acids). Biodiesel accounted for 89.80% of revenue from operations for the period ended July 31, 2024. The company operates on a purchase order basis without long-term contracts with customers and procures raw materials (non-edible vegetable oils, used cooking oil, and methanol) from multiple suppliers without exclusive long-term supply agreements.
Business Segments
Primary product manufactured and supplied for renewable energy applications
By-product of biodiesel manufacturing
By-product of biodiesel manufacturing
Renewable, biodegradable fuel manufactured from non-edible vegetable oils, recycled restaurant grease, and methanol for use in compression-ignition engines including on-road vehicles, off-road vehicles, marine vessels, stationary power generation, and as fuel additives and lubricity agents
By-product of biodiesel production with applications in animal feed, energy production, biological conversion, pharmaceutical industry, chemical industry, textile and paper industry
By-product of biodiesel manufacturing used in production of soaps, detergents, cosmetics, and can be reused for biodiesel production
Manufactures biodiesel for sale to government PSUs and commercial customers under blending mandates
By-product of biodiesel production, sold as a standalone product
Manufactured and sold as a specialty chemical product
SWOT Analysis
Strengths
- • Established biodiesel production capacity(p.21)
- • Flexible manufacturing to handle multiple feedstocks(p.21)
- • Government support and incentives for biofuel sector(p.32)
- • Operating in high-growth renewable energy segment(p.21)
- • First-generation entrepreneurs with ~7 years industry experience(p.45)
- • Established biodiesel manufacturing operations with subsidiary expansion capacity(p.76)
- • Strong revenue growth trajectory(p.86)
- • Improved profitability margins(p.86)
- • Government sector revenue concentration(p.109)
- • Approved biodiesel manufacturer status(p.115)
- • Multi-product revenue streams(p.108)
- • Experienced promoter management(p.108)
- • ISO/JB quality certifications achieved(p.115)
- • VERRA carbon credit registration(p.115)
- • Manufacturing and conversion of biodiesels with by-products (glycerine and fatty acids)(p.153)
- • Revenue growth trajectory from ₹1,707.71 Lakhs (FY2021) to ₹5,376.91 Lakhs (FY2023)(p.151)
- • Profitability improvement with net profit of ₹461.80 Lakhs in FY2023 vs ₹19.97 Lakhs in FY2021(p.151)
- • Established subsidiary and associate relationships for business diversification(p.197)
- • Consistent revenue growth driven by government PSU demand(p.234)
- • Improved profitability with strong margins(p.243)
- • Beneficial regulatory environment supporting biofuel expansion(p.243)
- • Positive net worth and operating profitability(p.259)
- • Track record of operating profit for multiple years(p.259)
- • Successful acquisition expanding operational capacity(p.234)
Weaknesses
- • Sole manufacturing facility concentration(p.36)
- • Heavy dependence on top customers(p.32)
- • High supplier concentration(p.33)
- • Significant debt burden(p.39)
- • Dependence on promoter expertise and management(p.44)
- • Past GST compliance delays(p.35)
- • No long-term supply agreements(p.37)
- • Rented office premises without ownership(p.36)
- • Heavy dependence on management judgment for fund utilization(p.45)
- • Uncertainty in fund deployment timing and execution(p.45)
- • No alternate funding source identified for working capital(p.45)
- • No dividend payments in five years despite profits(p.46)
- • High promoter control creating governance risk(p.46)
- • Unverified industry data underlying business strategy(p.45)
- • Employee unionization and workforce disruption risks(p.45)
- • Potential future tax demands and penalties(p.45)
- • Capital-intensive operations(p.108)
- • Inconsistent product sales mix(p.108)
- • Dependence on spot market feedstock purchases(p.115)
- • Single manufacturing location concentration(p.102)
- • Shortage experience in critical feedstocks(p.100)
- • High leverage with short-term borrowings of ₹1,152.51 Lakhs as of July 31, 2024(p.150)
- • Significant long-term debt obligations of ₹545.55 Lakhs as of July 31, 2024(p.150)
- • Dependence on loans from related parties and directors(p.161)
- • High inventory levels of ₹1,086.16 Lakhs as of July 31, 2024 indicating working capital strain(p.150)
- • Minimal cash reserves of ₹11.50 Lakhs as of July 31, 2024(p.150)
- • High debt-to-equity ratio limiting financial flexibility(p.249)
- • Significant dependence on government PSU customers(p.242)
- • Negative cash flows from operations in recent periods(p.246)
- • High working capital requirements affecting liquidity(p.246)
- • Concentration of secured loans with specific collateral dependencies(p.233)
Opportunities
- • Government mandate for biodiesel blending(p.21)
- • Export potential for biodiesel(p.21)
- • By-product value addition(p.21)
- • Expansion of subsidiary operations(p.22)
- • Renewable energy and environmental benefits of biofuels(p.21)
- • Capacity expansion from 20 KLPD to 40 KLPD at subsidiary facility(p.76)
- • India's projected economic growth of 6.6% through 2025(p.92)
- • Biodiesel production process expansion across bleaching and deacidification(p.77)
- • Listing benefits for brand enhancement and market creation(p.76)
- • Government biodiesel blending targets(p.108)
- • National ethanol blending acceleration(p.99)
- • Rising carbon credit values(p.108)
- • Global Biofuels Alliance expansion(p.98)
- • Biojet fuel market creation(p.100)
- • Expansion to uncertified states(p.109)
- • Subsidiary capacity expansion potential(p.109)
- • Intent to add value to by-products and capture export potential of biodiesel(p.153)
- • Expansion through subsidiary acquisition (75.23% stake in Nirvaana Energy Private Limited acquired March 2024)(p.166)
- • Growing revenue base with potential for operational scale(p.151)
- • Expansion potential in biofuel capacity through subsidiary(p.257)
- • Growing national biofuel policy support driving market demand(p.243)
- • Leveraging cost-plus model with government buyers(p.243)
- • Portfolio diversification into crude glycerine and fatty acids(p.248)
- • Geographic expansion opportunities through market penetration(p.235)
Threats
- • Regulatory changes and compliance requirements(p.30)
- • Low entry barriers attracting competition(p.32)
- • Price competitiveness with fossil fuels(p.36)
- • Risk of fossil fuel price decline(p.36)
- • Dependence on government procurement process(p.32)
- • Raw material price and supply volatility(p.31)
- • Customer resistance to biofuel adoption(p.30)
- • COVID-19 and future pandemic risks(p.39)
- • Natural and man-made disaster risks affecting operations(p.48)
- • Competition Commission scrutiny and regulatory restrictions(p.48)
- • Uncertain GST and tax regime changes(p.48)
- • Economic slowdown and reduced product demand(p.48)
- • Government policy shifts on biofuels affecting business model(p.50)
- • Global financial instability contagion to Indian markets(p.49)
- • Limited public trading market liquidity and price volatility(p.46)
- • Promoter cost advantage versus IPO price creating investor dilution(p.46)
- • Government policy and subsidy reversals(p.108)
- • Electric vehicle adoption limiting fuel demand(p.108)
- • Competing biofuel technologies(p.95)
- • Feedstock availability constraints(p.96)
- • Competitive market entry from established players(p.117)
- • Price volatility in feedstock raw materials(p.97)
- • Concentration of promoter shareholding (four promoters hold 89.41% of shares as of July 31, 2024)(p.158)
- • Exposure to biodiesel market volatility and commodity price fluctuations(p.153)
- • Aging trade receivables with amounts outstanding more than 3 years (₹67.00 Lakhs)(p.175)
- • Dependent on operating cycle of nine months for cash management(p.197)
- • Economic volatility affecting demand and customer purchasing capability(p.235)
- • Intense competition with low entry barriers(p.235)
- • Fragmented industry structure creating competitive pressure(p.235)
- • Regulatory changes impacting operations(p.235)
- • Key management dependency risk(p.235)
- • Business seasonality and market cyclicality risks(p.235)
- • Promoter tax liabilities pending resolution(p.252)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Sarthak Soni | Promoter | 27.83% | — |
| Sudeep Soni | Promoter | 30.73% | — |
| Tanay Attar | Promoter | 5.59% | — |
| Madhuri Surana | Promoter | 12.35% | — |
| Tanay Attar | Promoter | 5.59% | 4.08% |
| Sarthak Soni | Promoter | 27.83% | 20.31% |
| Sudeep Soni | Promoter | 30.73% | 22.43% |
| Madhuri Surana | Promoter | 12.35% | 9.01% |
| Pallavi Soni | Promoter Group | 13.50% | 9.85% |
| Sarthak Soni | Promoter | 27.83% | — |
| Tanay Attar | Promoter | 5.59% | — |
| Sudeep Soni | Promoter | 30.73% | — |
| Madhuri Surana | Promoter | 12.34% | — |
| Sarthak Soni | Promoter | 27.83% | — |
| Sudeep Soni | Promoter | 30.73% | — |
| Pallavi Soni | Promoter | 13.50% | — |
| Madhuvi Surana | Promoter | 12.55% | — |
| Tanay Attar | Promoter | 5.20% | — |
| Sudeep Soni | Promoter | — | — |
Leadership
Sarthak Soni · Managing Director / CEO / CFO
Tanay Attar · Whole-time Director
Rohit Kumar Gauttam · 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.
Rajputana Biodiesel IPO FAQs
What is the lot size of Rajputana Biodiesel IPO?
The minimum lot size of Rajputana Biodiesel IPO is 1,000 shares. One lot costs ₹1,30,000 at the cut-off price.
When does Rajputana Biodiesel IPO open and close?
Rajputana Biodiesel IPO opened for subscription on 26 Nov 2024 and closed on 28 Nov 2024.
What is the listing date of Rajputana Biodiesel IPO?
Rajputana Biodiesel IPO listed on 03 Dec 2024.