Rudra Gas Enterprise
Fixed Price issueSME₹14.16 Cr issue
+90.00%
Listing gain over issue price
Issue size
₹14.16 Cr
1 lot at cut-off
₹1,26,000
Lot size
2,000shares
Open
08 Feb 2024
Close
12 Feb 2024
Allotment
13 Feb 2024
Listing
15 Feb 2024
Listing performance
Issue price
₹63
Listed at
₹119.70
Listing-day close
₹125.68
Latest price
₹67
Close on 23 Oct 2026
Listing gain
+90.00%
Return since issue
+6.35%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 08 Feb 2024 – 12 Feb 2024
- Listing date
- 15 Feb 2024
- Face value
- ₹10 per share
- Issue price
- ₹63 per share
- Lot size
- 2,000 shares
- Issue type
- Fixed Price issue
- Total issue size
- ₹14.16 Cr
- Market cap at offer price
- ₹52.53 Cr
- Promoter holding
- 99.99% → 73.03% pre-issue → post-issue
- ISIN
- INE0OYK01010
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- Beeline Capital Advisors Pvt.Ltd.
- Registered office
- B-702, The Capital Building, Science City Road, Opp.Hetarth Party Plot, Sola, 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 | 1,16,000 | — | — |
Application size
Minimum 2,000 shares per lot, in multiples, at ₹63
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 2,000 | ₹1,26,000 |
| S-HNI (min) | 2 | 4,000 | ₹2,52,000 |
| S-HNI (max) | 7 | 14,000 | ₹8,82,000 |
| B-HNI (min) | 8 | 16,000 | ₹10,08,000 |
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
₹63 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 5.78 | 5.09 |
| P/E (×) | 10.90 | 12.38 |
| Price to book (×) | 4.14 | — |
| Market cap | — | ₹52.53 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 44.09%
- ROCE
- 25.00%
- Debt / equity
- 2.18
- PAT margin
- 7.12%
- NAV per share
- ₹15.21
- Price to book
- 4.14
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Rudra Gas Enterprise
Rudra Gas Enterprise Limited, incorporated in September 2015 and converted to a public company in September 2023, operates across multiple infrastructure verticals. The company provides end-to-end solutions for city gas distribution, including pipeline construction, civil works, and operation and maintenance for CNG and PNG transportation networks. It also offers fiber optical cable installation and maintenance services, and rents construction machinery and vehicles. The company was founded by promoters with over 24 years of combined experience in the infrastructure industry. Over its history, Rudra Gas has successfully executed more than 50 projects valued at approximately ₹12,708 lakhs and maintains an order book of ₹32,783 lakhs as of October 31, 2023, of which ₹7,571 lakhs in revenue has already been booked.
Company Analysis
from DRHPRudra Gas Enterprise Limited is an integrated infrastructure solutions provider specializing in gas pipeline projects, fiber cable network installation, and construction machinery rental across India's city gas distribution and telecommunications sectors.
Rudra Gas Enterprise Limited, incorporated in September 2015 and converted to a public company in September 2023, operates across multiple infrastructure verticals. The company provides end-to-end solutions for city gas distribution, including pipeline construction, civil works, and operation and maintenance for CNG and PNG transportation networks. It also offers fiber optical cable installation and maintenance services, and rents construction machinery and vehicles. The company was founded by promoters with over 24 years of combined experience in the infrastructure industry. Over its history, Rudra Gas has successfully executed more than 50 projects valued at approximately ₹12,708 lakhs and maintains an order book of ₹32,783 lakhs as of October 31, 2023, of which ₹7,571 lakhs in revenue has already been booked.
City Gas Distribution (CGD)Telecommunications InfrastructureConstruction Equipment RentalPipeline InfrastructureEngineering, Procurement and Construction (EPC)
Objects of the Issue
- To Meet Working Capital Requirements ₹950.00 Lakhs p.14
- General Corporate Purposes p.14
- To Meet Working Capital Requirements ₹950.00 Lakhs p.75
- General Corporate Purposes [●] p.75
- To meet Public Issue Expenses [●] p.75
Issue Structure
- Total Issue
- 2248000 Equity Shares aggregating to ₹[●] Lakhs
- Fresh Issue
- 2248000 Equity Shares aggregating to ₹[●] Lakhs
- Offer for Sale
- Nil
- Price Band
- ₹[●] per Equity Share
- Lot Size
- [●] Equity Shares
- Face Value
- ₹10/- per Equity Share
Business Model
The company generates revenue through three primary business verticals: (1) Gas Pipeline Projects - providing engineering, procurement, and construction services for city gas distribution networks; (2) Fiber Cable Projects - installation and maintenance of optical fiber cables for telecommunications; and (3) Renting of Construction Machineries and Vehicles. Services are provided on a project basis, with revenue recognition dependent on project execution and completion of contractual obligations.
Business Segments
Provides end-to-end solutions including pipeline construction, civil works, and operation and maintenance for city gas distribution networks for CNG and PNG transportation
Provides services for installation of optical fiber cable and maintenance thereof for telecommunications industry
Rents construction machinery and vehicles to support project execution
Provides pipeline construction, civil works, and operation and maintenance services for city gas distribution networks serving CNG and PNG applications, including construction of CNG stations and related facilities.
Offers optical fiber cable installation services involving the creation, protection, and installation of specialized cables for high-speed data transmission networks in telecommunications.
Provides rental of construction machinery and vehicles to subcontractors for specific projects, maximizing utilization and reducing downtime.
Engineering, procurement, construction and commissioning of gas distribution pipelines, domestic connections, CNG stations, and operation & maintenance services for city gas distribution networks
Optical fiber cable installation services from optical node to households and commercial premises, including excavation and allied civil work for laying underground fiber optic cable networks
Provision of machinery and vehicles on rent to subcontractors and other parties for project execution and specific tasks
Installation of gas distribution networks and city gas infrastructure
Optical fiber cable, electrical, telecom, CCTV, wifi, waterline, drainage line installation, maintenance and all other allied activities
Rental of machinery and vehicles
Provides end-to-end solutions for city gas distribution including pipeline installation, construction of gas stations and associated facilities for CNG and PNG networks, including underground pipeline installation, testing and commissioning
Offers optical fiber cable installation services and maintenance thereof, involving creation of specialized cables for high-speed data transmission networks
Provides construction machinery and vehicles on rent to sub-contractors for specific projects to maximize utilization and reduce downtime
SWOT Analysis
Strengths
- • Experienced promoters with 24+ years in infrastructure industry(p.12)
- • Proven track record with 50+ completed projects worth approximately ₹12,708 Lakhs(p.12)
- • Significant order book of ₹32,783 Lakhs providing revenue visibility(p.12)
- • End-to-end solution provider with expertise in pipeline construction and civil works(p.12)
- • Diversified revenue streams across three business verticals(p.12)
- • Growing net worth from ₹267.07 Lakhs (FY2021) to ₹1,149.10 Lakhs (Oct 2023)(p.18)
- • Experienced promoter team with 24+ years in infrastructure(p.104)
- • Diversified service portfolio across gas, telecom, and machinery rental(p.104)
- • Strong track record with 50+ completed projects worth ₹12,708 Lakhs(p.104)
- • Growing order book of ₹32,783 Lakhs at various implementation stages(p.104)
- • Established client relationships with leading public and private sector players(p.104)
- • Experienced promoters with 24 years combined industry experience(p.113)
- • Robust infrastructure with large fleet of equipment(p.113)
- • Established long-term client relationships driving repeat business(p.113)
- • Strong partnerships with key industry stakeholders(p.113)
- • Compliance and safety culture embedded across operations(p.114)
- • Revenue diversification across multiple states and projects(p.110)
- • Experienced promoter leadership with specialized expertise in oil and gas sector(p.165)
- • Diversified service offerings across gas distribution, telecom, and ancillary infrastructure(p.204)
- • Joint venture entry into renewable energy business(p.162)
- • Established track record with growing revenue base(p.202)
- • Diversified revenue streams from gas distribution, telecom, and machinery rental(p.251)
- • Strong execution track record with 50+ completed projects valued at ₹12,708.77 Lakhs(p.252)
- • Significant order book of ₹32,783 lakhs with ₹7,571 lakhs already booked(p.252)
- • Established client base comprising major CGD and telecom players(p.252)
- • Strong profitability with PAT margin of 7.18% for stub period(p.255)
- • Promoters have combined 24+ years of infrastructure industry experience(p.251)
- • Eligible for SME Platform listing with strong financial track record(p.308)
- • Exceeds minimum Net Tangible Assets requirement for SME listing(p.307)
- • 100% underwritten issue with dedicated market making support(p.254)
- • No regulatory or disciplinary action against company or promoters(p.308)
- • No default in debt obligations(p.308)
Weaknesses
- • High dependence on few customers (top 10 contribute 94.77% of revenue)(p.22)
- • High dependence on few suppliers (top 10 contribute 62.09% of purchases)(p.22)
- • Significant working capital requirements impacting cash flow(p.23)
- • High debt levels with total borrowings of ₹1,990.15 Lakhs as of Oct 2023(p.27)
- • Outstanding litigations including tax disputes of ₹42.90 Lakhs(p.19)
- • Title deeds of vehicles held in Directors' names, not company name(p.25)
- • Delays in statutory filings and deposit of statutory dues(p.23)
- • Contingent liabilities of ₹1,498.41 Lakhs as of Oct 2023(p.27)
- • High customer concentration risk with top customer representing 29.81% of revenue(p.106)
- • Increasing working capital days from 15 to 54 days indicating growing receivables pressure(p.106)
- • Significant supplier concentration with top 3 suppliers accounting for 41.24% of purchases(p.106)
- • Declining revenue growth with 12.75% growth in FY23 after 56.04% in prior year(p.106)
- • Auditor change in January 2023 due to non-availability of peer review certificate(p.55)
- • Heavy dependence on few major clients in gas distribution sector(p.115)
- • Capital intensive business model requiring significant machinery investment(p.115)
- • Concentrated order book execution risk across multiple simultaneous projects(p.153)
- • Limited ownership of immovable assets(p.122)
- • High debt levels with significant interest obligations(p.134)
- • High debt-to-equity ratio indicating significant leverage(p.211)
- • Promoter-dependent management with potential concentration of control(p.190)
- • Significant reliance on short-term borrowings(p.211)
- • Pending contingent liabilities related to guarantees and claims(p.213)
- • High customer concentration with top customer representing 29.81% of revenue(p.266)
- • Significant supplier concentration with top supplier contributing 14.63% of purchases(p.266)
- • High debt-to-equity ratio of 1.73 as of October 31, 2023(p.268)
- • Substantial finance costs of ₹140.61 lakhs representing 4.08% of revenue(p.255)
- • High material consumption costs at 61.75% of revenue(p.255)
- • Pending labour law violations complaint in Chandigarh involving Minimum Wages Act(p.270)
- • Limited capital base - small post-issue paid-up capital(p.307)
- • No prior experience with public offerings(p.313)
- • Minimum allottees requirement creates execution risk(p.251)
Opportunities
- • Expansion into new geographical regions and business segments(p.12)
- • Growing infrastructure sector with high budgetary allocation(p.13)
- • Real estate sector expected to reach US$1 trillion by 2030(p.13)
- • Rapid urbanization with urban population expected to reach 675.5 million by 2035(p.13)
- • Growing IT market with spending expected to reach US$144 billion in 2023(p.13)
- • Government infrastructure capex expansion with ₹10 lakh crore allocation in Budget 2022-23(p.99)
- • National Infrastructure Pipeline with 9,335 projects at various implementation stages(p.99)
- • Rising urbanization with urban population expected to reach 542.7 million by 2025(p.101)
- • Smart Cities Mission releasing tenders for 6,017 projects worth ₹1,80,873 crore(p.100)
- • Expanding telecommunications infrastructure with fiber cable demand driven by 5G rollout(p.104)
- • Expansion of City Gas Distribution (CGD) market with government backing(p.113)
- • National expansion in under-penetrated regions(p.114)
- • Growing Operation & Maintenance (O&M) services demand(p.114)
- • Increasing natural gas consumption trends in India(p.114)
- • Expansion into Fiber Cable Network Projects(p.109)
- • Expansion into renewable energy sector through hydrogen energy joint venture(p.162)
- • Growth in gas pipeline infrastructure sector across multiple geographies(p.202)
- • Expansion of telecom tower and fiber cable installation services(p.162)
- • Strategic positioning in infrastructure development and industrial support services(p.162)
- • Growth in city gas distribution sector through pipeline network expansion(p.251)
- • Expansion of operations and maintenance services for CGD networks(p.253)
- • Geographic expansion across multiple states where company currently operates(p.258)
- • New venture in renewable energy through hydrogen generation joint venture(p.254)
- • Revenue growth opportunity from fiber cable network installation services(p.253)
- • Potential migration to main board upon meeting criteria(p.254)
- • Expanded capital raising potential post-listing(p.254)
- • Three-year market making support ensures liquidity(p.254)
Threats
- • Revenue seasonality with reduced efficiency during monsoon and summer(p.23)
- • Fixed-price/lump-sum contracts expose company to cost variation risks(p.27)
- • Intense competition may affect ability to secure contracts(p.24)
- • Regulatory and licensing requirements subject to government discretion(p.24)
- • Economic slowdown and political instability in India(p.33)
- • Adverse weather conditions impacting project execution(p.23)
- • Labour unavailability and increased labour costs due to new employment laws(p.29)
- • Changes in tax laws and regulatory environment(p.33)
- • Competitive pressure from larger infrastructure players with established market presence(p.76)
- • Project execution delays impacting revenue recognition and cash flows(p.104)
- • Dependent on individual sector cycles—gas distribution, telecom and machinery rental subject to market fluctuations(p.104)
- • Regulatory changes in infrastructure sector affecting project economics and timelines(p.99)
- • Limited financial information available with only one peer comparison (Likhitha Infrastructure)(p.84)
- • Price volatility in raw materials and steel inputs(p.115)
- • Regulatory changes affecting gas distribution and project execution(p.115)
- • Intense competitive environment with multiple market participants(p.115)
- • External risks from accidents, environmental hazards, and force majeure events(p.125)
- • Dependence on supplier availability for raw materials and equipment(p.115)
- • Industry cyclicality in pipeline and infrastructure projects(p.115)
- • Regulatory and compliance risks in energy and telecom sectors(p.162)
- • Dependence on a concentrated customer base(p.199)
- • Exposure to construction and project completion risks in gas distribution and telecom sectors(p.202)
- • Vulnerability to cyclical fluctuations in infrastructure and construction industry(p.202)
- • Dependence on limited number of customers for significant portion of revenue(p.254)
- • Impact of COVID-19 pandemic and natural calamities on operations(p.254)
- • Exposure to inflation affecting operating and staff costs(p.265)
- • Competition from existing players in pipeline and telecom sectors(p.265)
- • Multiple pending tax proceedings involving ₹42.90 lakhs in uncertain liability(p.270)
- • Listing permission contingency - entire refund if permission denied(p.242)
- • SME platform specificity - limited investor base compared to main board(p.241)
- • Dependence on Lead Manager and intermediaries for issue execution(p.240)
- • Foreign investment restrictions and regulatory compliance obligations(p.253)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Mr. Kush Sureshbhai Patel | Promoter | 33.00% | 24.10% |
| Mr. Kashyap Sureshbhai Patel | Promoter | 33.00% | 24.10% |
| Mrs. Manjulaben Sureshbhai Patel | Promoter | 33.99% | 24.83% |
| Manjulaben Sureshbhai Patel | Promoter | 33.99% | 24.83% |
| Kashyap Sureshbhai Patel | Promoter | 33.00% | 24.10% |
| Kush Sureshbhai Patel | Promoter | 33.00% | 24.10% |
| Avani Kush Patel | Promoter Group | Negligible | Negligible |
| Priyanka Kashyap Patel | Promoter Group | Negligible | Negligible |
| Kush Sureshbhai Patel | Promoter | — | — |
| Kashyap Sureshbhai Patel | Promoter | — | — |
| Manjulaben Sureshbhai Patel | Promoter | — | — |
| Kush Sureshbhai Patel | Promoter | 33.00% | — |
| Kashyap Sureshbhai Patel | Promoter | 33.00% | — |
| Manjulaben Sureshbhai Patel | Promoter | 34.00% | — |
| Kush Sureshbhai Patel | Promoter | — | — |
| Kashyap Sureshbhai Patel | Promoter | — | — |
| Manjulaben Sureshbhai Patel | Promoter | — | — |
Leadership
Mr. Kush Sureshbhai Patel · Chairman and Managing Director (CMD)
Ms. Shrustiben Chandulal Mulani · Chief Financial Officer (CFO)
Mr. Gauravkumar Pushkarrai Jani · Company Secretary and Compliance Officer
Auto-extracted from the company's DRHP 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 DRHP before relying on it.
Offer documents
Rudra Gas Enterprise IPO FAQs
What is the lot size of Rudra Gas Enterprise IPO?
The minimum lot size of Rudra Gas Enterprise IPO is 2,000 shares. One lot costs ₹1,26,000 at the cut-off price.
When does Rudra Gas Enterprise IPO open and close?
Rudra Gas Enterprise IPO opened for subscription on 08 Feb 2024 and closed on 12 Feb 2024.
What is the listing date of Rudra Gas Enterprise IPO?
Rudra Gas Enterprise IPO listed on 15 Feb 2024.