Rexpro Enterprises
Fixed Price issueSMENSE₹53.65 Cr issue
-19.31%
Listing gain over issue price
Issue size
₹53.65 Cr
1 lot at cut-off
₹1,45,000
Lot size
1,000shares
Open
22 Jan 2025
Close
24 Jan 2025
Allotment
27 Jan 2025
Listing
29 Jan 2025
Listing performance
Issue price
₹145
Listed at
₹117
Listing-day close
₹111.15
Latest price
₹29.40
Close on 23 Oct 2026
Listing gain
-19.31%
Return since issue
-79.72%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 22 Jan 2025 – 24 Jan 2025
- Listing date
- 29 Jan 2025
- Face value
- ₹10 per share
- Issue price
- ₹145 per share
- Lot size
- 1,000 shares
- Issue type
- Fixed Price issue
- Listing at
- NSE
- Total issue size
- ₹53.65 Cr
- Market cap at offer price
- ₹162 Cr
- Promoter holding
- 100.00% → 66.99% pre-issue → post-issue
- ISIN
- INE113601012
- Registrar
- Cameo Corporate Services Ltd.
- Lead managers
- Horizon Management Pvt.Ltd.
- Registered office
- Building No 2, WING A & B, Survey No-36, Hissa No 13, Waliv Village, Dhumal Nagar, Valiv, Vasai, Dist.Palghar, Maharashtra
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 | 0 | — | — |
| Market maker | 1,86,000 | — | — |
Application size
Minimum 1,000 shares per lot, in multiples, at ₹145
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,000 | ₹1,45,000 |
| S-HNI (min) | 2 | 2,000 | ₹2,90,000 |
| S-HNI (max) | 6 | 6,000 | ₹8,70,000 |
| B-HNI (min) | 7 | 7,000 | ₹10,15,000 |
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
0
Anchor portion
₹0 Cr
at ₹145 per share
Valuation and performance
Valuation at offer price
₹145 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 5.69 | 6.89 |
| P/E (×) | 25.48 | 21.04 |
| Market cap | — | ₹162 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 56.24%
- ROCE
- 62.21%
- Debt / equity
- 0.65
- PAT margin
- 6.25%
- NAV per share
- ₹11.58
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Rexpro Enterprises
Rexpro Enterprises Limited, incorporated as a private limited company in March 2012 and converted to public limited company in August 2024, is a manufacturing company based in Vasai, Maharashtra. The company started as a one-stop solution for furniture and fixture requirements for retailers across multiple segments including fashion, lifestyle, electronics, grocery, beauty, and telecom. It has expanded into commercial and institutional furniture for offices, hospitals, and government offices, as well as the residential segment. The company manufactures sound barriers for infrastructure projects, high-precision double doors for metro stations, and racking systems for the warehousing industry. All manufacturing is in-house based in Vasai, with operations serving pan-India requirements. The company operates on a B2B model and counts major clients including Shoppers Stop Limited, Samsung (One RX India Private Limited), Hindustan Unilever, Lenskart, Marks & Spencer, Reliance India Private Limited, and Godrej & Boyce Mfg. Co. Limited.
Company Analysis
from RHPRexpro Enterprises Limited is a diversified product manufacturing company specializing in furniture, fixtures, and industrial products for retail, commercial, institutional, infrastructure, and warehousing sectors across India.
Rexpro Enterprises Limited, incorporated as a private limited company in March 2012 and converted to public limited company in August 2024, is a manufacturing company based in Vasai, Maharashtra. The company started as a one-stop solution for furniture and fixture requirements for retailers across multiple segments including fashion, lifestyle, electronics, grocery, beauty, and telecom. It has expanded into commercial and institutional furniture for offices, hospitals, and government offices, as well as the residential segment. The company manufactures sound barriers for infrastructure projects, high-precision double doors for metro stations, and racking systems for the warehousing industry. All manufacturing is in-house based in Vasai, with operations serving pan-India requirements. The company operates on a B2B model and counts major clients including Shoppers Stop Limited, Samsung (One RX India Private Limited), Hindustan Unilever, Lenskart, Marks & Spencer, Reliance India Private Limited, and Godrej & Boyce Mfg. Co. Limited.
Furniture and fixtures manufacturingRetail infrastructureCommercial and institutional furnitureInfrastructure (sound barriers)Metro infrastructure (platform screen doors)Warehousing and logistics infrastructure
Objects of the Issue
- Purchase of Equipment and Renovation of Factory ₹ 2,500.00 Lakhs p.24
- Funding of working capital requirements of the Company ₹ 1,000.00 Lakhs p.24
- Pursuing Inorganic Growth ₹ 352.00 Lakhs p.24
- General Corporate Expenses ₹ 584.00 Lakhs p.24
- Purchase of Equipment ₹1,798.94 lakhs p.88
- Renovation of Factory ₹737.53 lakhs p.92
- Funding of working capital requirements of the Company ₹1,000.00 lakhs p.93
- Pursuing Inorganic Growth ₹352.00 lakhs p.96
- General Corporate Purposes ₹584.00 lakhs p.96
Issue Structure
- Total Issue
- ₹ 5,365.00 Lakhs
- Fresh Issue
- ₹ 4,712.50 Lakhs (Up to 32,50,000 Equity Shares of ₹ 10/-)
- Offer for Sale
- ₹ 652.50 Lakhs (Up to 4,50,000 Equity Shares of ₹ 10/-)
- Price Band
- ₹ 145 per Equity Share (including a premium of ₹ 135 per Equity Share)
- Face Value
- ₹ 10/- each
Business Model
The company manufactures and supplies diverse products from wood and metal or combinations thereof, with support materials including laminates, paints, acrylic, prints, solid surfaces, and LEDs. All processes are in-house to ensure quality and timeline adherence. The business model is B2B, serving multiple business verticals with customised products. The company also undertakes turnkey projects for end-to-end solutions including designing, manufacturing, and installing products across India.
Business Segments
Complete standalone stores, shop in shops, kiosks and displays for leading global brands and large Indian retailers across fashion, lifestyle, electronics, grocery, beauty, and telecom segments
Customised products for offices, hospitals, government offices and the growing home segment
Manufacturing of racks, cabinets and trolleys
Sound barriers installed on flyovers to reduce noise pollution
High precision double doors used at Metro stations (platform screen doors) for safety and accident prevention
Manufacturing of racking systems and fixtures catering to the warehousing industry in the subsidiary
Manufactures customized furniture, fixtures, standalone stores, shop-in-shops, kiosks and displays for leading global brands and large Indian retailers
Manufactures commercial and institutional furniture for offices, hospitals, government offices and provides industrial products like racks, cabinets and trolleys
Sheet metal and tube processing for retail, infrastructure and kiosk applications with capacity of 2,200 tonnes p.a.
Manufactures MDF and plywood panels for retail and institutional applications with capacity of 1,350,000 sq. ft p.a.
Manufactures sound barriers for infrastructure sector and double doors for metro stations
Provides complete warehousing solutions through subsidiary Progulf Warehousing Solutions LLP with roll forming capacity of 3,000 tonnes p.a.
Manufacturing retail fixtures, displays, and furniture for retail stores of leading global brands and Indian retailers across fashion, lifestyle, electronics, grocery, beauty, and telecom segments
Manufacturing point of sale materials (POSM) and kiosks for retail display
Manufacturing noise barriers for highways and flyovers and platform screen doors for metro stations
Manufacturing furniture for offices, hospitals, government offices and educational institutions
Manufacturing racking systems and fixtures for the warehousing and logistics sector through subsidiary Progulf Warehousing Solutions LLP
Manufacturing retail fixtures and displays, and customized furniture for retail outlets, commercial spaces, and other sectors
Manufacturing industrial warehouse racks, cabinets, trolleys and related infrastructure products for warehouse and industrial applications
SWOT Analysis
Strengths
- • Diversified product manufacturing across multiple retail segments with established client base(p.21)
- • Multi-material manufacturing capability with all processes in-house ensuring quality and timeline adherence(p.21)
- • Pan-India service capability from centralized Vasai manufacturing base with proven recurring customer relationships(p.21)
- • Strong financial performance with improving EBITDA margins and profitability(p.25)
- • Innovative product development in high-potential sectors including metro platform screen doors and sound barriers(p.21)
- • Diversified product manufacturing with multi-material capability(p.100)
- • Established client base across multiple retail segments(p.100)
- • Advanced manufacturing capabilities and customization at scale(p.100)
- • Revenue growth trajectory(p.103)
- • Strong EBITDA margin expansion(p.103)
- • Diversified product range across retail, infrastructure, institutional, and warehousing sectors(p.163)
- • Strong quality control and ethical business practices with certifications(p.164)
- • Multiple manufacturing facilities with diverse machinery and in-house capabilities(p.164)
- • Long-term relationships with marquee customers and repeat business(p.164)
- • Experienced management team with diverse expertise and over four decades combined experience(p.164)
- • High revenue growth with CAGR of 53% over two years(p.129)
- • Established manufacturing facilities with 86,737+ sq ft capacity across 3 plants(p.258)
- • Strong revenue growth at 53% CAGR over two years(p.258)
- • In-house manufacturing capabilities covering all processes(p.259)
- • Diversified product portfolio across retail, commercial, and industrial sectors(p.258)
- • Long-standing relationships with major customers including Shoppers Stop, Marks & Spencer, and Godrej(p.258)
- • Improved profitability with PAT margin of 8.24% in H1 FY25(p.265)
Weaknesses
- • Significant dependence on Maharashtra for raw material procurement with over 80% sourced from the state(p.34)
- • Heavy concentration of revenue from top 10 customers accounting for 65-74% of total revenue(p.36)
- • Operating premises not owned by company; dependent on rental agreements including from related parties(p.35)
- • Reliance on unorganized third-party suppliers without firm commitments or exclusive arrangements(p.33)
- • No long-term contracts with customers; revenue dependent on purchase orders subject to cancellation(p.36)
- • Previous instance of product rejection with Rs. 70 lakhs worth of products rejected in FY 2022-23(p.38)
- • History of statutory compliance delays and payment defaults across multiple regulatory areas(p.46)
- • Outstanding litigation including GST demand notice of Rs. 21.92 lakhs and criminal proceedings against promoter and director(p.32)
- • Multiple unregistered leave and license agreements creating enforceability risks(p.48)
- • Low capacity utilization in certain product segments despite expansion(p.42)
- • High customer concentration risk(p.105)
- • Significant reliance on limited customer base(p.105)
- • Elevated inventory holding days indicating working capital strain(p.103)
- • Increased trade receivables days suggesting collection delays(p.103)
- • Existing debt burden(p.61)
- • High concentration of revenue in top 10 customers at 73.86%(p.130)
- • Significant increase in inventory days from 67 to 188 days(p.128)
- • Elevated trade receivables days at 163 days(p.128)
- • Debt-to-equity ratio at 0.50 indicates reliance on borrowings(p.128)
- • Limited number of clients (85 in FY24) despite diversified customer base(p.130)
- • High dependence on few major customers for revenue concentration(p.269)
- • Material rejections impacting profitability(p.267)
- • Debt obligations and reliance on bank borrowings(p.256)
- • Pending GST demand notice with significant amount at stake(p.271)
- • Promoter involvement in ongoing litigation(p.272)
Opportunities
- • High growth potential in organized retail sector with 10% CAGR expected through 2032(p.21)
- • Significant expansion opportunity in warehousing sector with CAGR of 20-25% and space expected to reach 500 MSF by 2025(p.22)
- • Large addressable market for metro platform screen doors with 725 existing stations and 2,000 in pipeline; only 5% currently equipped(p.22)
- • Growing demand for sound barriers driven by rapid urbanization and infrastructure expansion(p.22)
- • Strategic expansion into inorganic growth through acquisitions with allocated Net Proceeds of Rs. 352 lakhs(p.24)
- • Opportunity to expand in home segment capitalizing on growing residential demand(p.21)
- • Capacity expansion through new machinery(p.91)
- • Entry into B2G (Business-to-Government) segment(p.96)
- • Inorganic growth through acquisitions(p.96)
- • Expansion into new market segments and geographies(p.114)
- • India's robust retail growth and FDI inflows(p.113)
- • Strong growth in Indian retail market projected to reach US$ 2 trillion by 2032(p.117)
- • Retail industry projected to grow at CAGR of 9% from 2019-2030(p.117)
- • Organized retail at nascent stage with only 12% market share offers significant expansion potential(p.118)
- • Rapid expansion of organized warehousing with CAGR of 20-25% expected in next five years(p.122)
- • Metro rail expansion with 600 new stations planned in next three years(p.123)
- • Growing demand for sound barriers and noise pollution mitigation solutions(p.126)
- • India's FDI attractiveness with significant foreign investor interest in retail and infrastructure(p.119)
- • E-commerce market projected to reach US$ 350 billion by 2030(p.118)
- • Expansion in institutional and educational furniture segment growing 70% CAGR(p.262)
- • Growth in warehouse/industrial sector with 259% CAGR through subsidiary(p.262)
- • New product verticals including metro door systems and spatial display solutions(p.258)
- • Diversification into infrastructure sector with sound barriers and related products(p.258)
- • B2B model with turnkey solutions offering full in-house capabilities(p.258)
Threats
- • Intense competition from organized and unorganized domestic competitors creating pricing pressure(p.39)
- • Risk of supply chain disruptions from Maharashtra dependence and transportation constraints(p.34)
- • Cyclical nature of retail and commercial real estate sectors affecting demand(p.21)
- • Currency and commodity price volatility impacting raw material costs(p.37)
- • Dependency on labor availability and exposure to labor disputes and wage inflation(p.40)
- • Risk of technology obsolescence requiring continuous capital investment(p.39)
- • Regulatory and compliance risks including environmental regulations and manufacturing approvals(p.40)
- • Macroeconomic risks including interest rate fluctuations, inflation and economic slowdown(p.51)
- • Natural disasters, pandemics and geopolitical uncertainties causing operational disruptions(p.52)
- • Changes in government policies, taxation and regulatory environment(p.52)
- • Regulatory changes in labor and employment compliance(p.53)
- • Inflation and rising input costs(p.54)
- • Natural calamities and supply chain disruptions(p.53)
- • Foreign exchange volatility affecting foreign investors(p.55)
- • Global economic slowdown and geopolitical risks(p.55)
- • Intense competition from established national players in retail fixtures(p.167)
- • Potential disruption from international players entering the market(p.167)
- • Raw material supply chain dependencies and procurement concentration(p.132)
- • Regulatory and compliance requirements for environmental and health standards(p.170)
- • Land acquisition challenges for warehousing expansion(p.122)
- • Variability in state-level regulations affecting operations(p.122)
- • Skilled labor shortage in warehousing and manufacturing sectors(p.122)
- • Dependence on retail customer expansion plans affecting business volume(p.265)
- • Vulnerability to raw material price fluctuations(p.259)
- • Competition from established and emerging market players(p.259)
- • Geographic concentration of operations in Western Maharashtra(p.258)
- • Economic and political uncertainties affecting customer spending(p.259)
- • Regulatory and compliance risks including taxation(p.260)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Minesh Anilbhai Chovatia | Promoter | 15.00% | 9.65% |
| Premal Niranjan Shah | Promoter | 28.33% | 19.11% |
| Ragesh Deepak Bhatia | Promoter | 28.33% | 19.11% |
| Ravishankar Sriramamurthi Malla | Promoter | 28.33% | 19.11% |
| Ragesh Deepak Bhatia | Promoter | 28.33% | 19.11% |
| Premal Niranjan Shah | Promoter | 28.33% | 19.11% |
| Ravishankar Sriramamurthi Malla | Promoter | 28.33% | 19.11% |
| Minesh Anilbhai Chovatia | Promoter | 15.00% | 9.65% |
| Karuna Ravishankar Malla | Promoter Group | 0.01% | 0.0% |
| Jiniti Premal Shah | Promoter Group | 0.01% | 0.0% |
| Rajeshwari S Malla | Promoter Group | 0.01% | 0.0% |
| Premal Niranjan Shah | Promoter/Chairman & Managing Director | 28.33% | 19.11% |
| Ragesh Deepak Bhatia | Promoter/Whole Time Director | 28.33% | 19.11% |
| Ravishankar Sriramamurthi Malla | Promoter/Whole Time Director | 28.33% | 19.11% |
| Minesh Anilbhai Chovatia | Promoter/Whole Time Director | 15.00% | 9.65% |
| Ragesh Deepak Bhatia | Promoter | 28.33% | — |
| Premal Niranjan Shah | Promoter | 28.33% | — |
| Ravishankar Sriramamurthi Malla | Promoter | 28.33% | — |
| Minesh Anilbhai Chovatia | Promoter | 15.00% | — |
| Premal Niranjan Shah | Selling Shareholder / Promoter | — | — |
| Ragesh Dipak Bhatia | Selling Shareholder / Promoter | — | — |
| Ravishankar Sriramamurthi Malla | Selling Shareholder / Promoter | — | — |
| Minesh Anilbhai Chovatia | Selling Shareholder / Promoter | — | — |
| Ragesh Deepak Bhatia | Promoter | — | — |
| Premal Niranjan Shah | Promoter | — | — |
| Ravishankar Sriramamurthi Malla | Promoter | — | — |
| Minesh Anilbhai Chovatia | Promoter | — | — |
Leadership
Premal Niranjan Shah · Key Managerial Personnel/Promoter
Ragesh Deepak Bhatia · Key Managerial Personnel/Promoter
Ravishankar Sriramamurthi Malla · Key Managerial Personnel/Promoter
Minesh Anilbhai Chovatia · Key Managerial Personnel/Promoter
Shankar Laxman Chalke · Chief Financial Officer
Khushboo Nilesh Rawat · 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.
Rexpro Enterprises IPO FAQs
What is the lot size of Rexpro Enterprises IPO?
The minimum lot size of Rexpro Enterprises IPO is 1,000 shares. One lot costs ₹1,45,000 at the cut-off price.
When does Rexpro Enterprises IPO open and close?
Rexpro Enterprises IPO opened for subscription on 22 Jan 2025 and closed on 24 Jan 2025.
What is the listing date of Rexpro Enterprises IPO?
Rexpro Enterprises IPO listed on 29 Jan 2025.