Sat Kartar Shopping
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 10 Jan 2025 – 14 Jan 2025
- Listing date
- 17 Jan 2025
- Face value
- ₹10 per share
- Issue price
- ₹81 per share
- Lot size
- 1,600 shares
- Issue type
- Book Building issue
- Listing at
- NSE
- Total issue size
- ₹33.80 Cr
- Market cap at offer price
- ₹128 Cr
- Promoter holding
- 86.06% → 63.25% pre-issue → post-issue
- ISIN
- INE0NB801022
- Registrar
- Skyline Financial Services Pvt.Ltd.
- Lead managers
- Narnolia Financial Services Ltd.
- Registered office
- 603, 6th Floor, Mercantile House, KG Marg, New Delhi
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 | 11,79,200 | — | — |
| Market maker | 2,33,600 | — | — |
Application size
Minimum 1,600 shares per lot, in multiples, at ₹81
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,600 | ₹1,29,600 |
| S-HNI (min) | 2 | 3,200 | ₹2,59,200 |
| S-HNI (max) | 7 | 11,200 | ₹9,07,200 |
| B-HNI (min) | 8 | 12,800 | ₹10,36,800 |
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.
Valuation and performance
Valuation at offer price
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 5.45 | 4.00 |
| P/E (×) | 14.86 | 20.25 |
| Price to book (×) | 2.40 | — |
| Market cap | — | ₹128 Cr |
Key performance indicators
- Return on net worth
- 66.84%
- ROCE
- 91.55%
- Debt / equity
- 0.19
- PAT margin
- 4.93%
- NAV per share
- ₹33.69
- Price to book
- 2.40
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Sat Kartar Shopping
Sat Kartar Shopping Limited was incorporated as a private limited company on June 29, 2012, and converted to a public limited company on July 12, 2021. The company is an Ayurveda healthcare company committed to providing natural wellness solutions relating to specific therapeutic areas and general lifestyle products. Initially, the company offered both Ayurveda and spiritual product lines, but has strategically refined its focus to specialize exclusively in Ayurveda. The company operates in the D2C (Direct-to-Consumer) segment, selling Ayurveda products directly to consumers through its own D2C website, third-party e-commerce websites, TV marketing, and Google and Meta applications. The company's business model is asset-light, with manufacturing outsourced to third-party contract manufacturers. Revenue from operations for the period ended December 15, 2024, was Rs. 10,92,832.84 thousands.
Company Analysis
from RHPSat Kartar Shopping Limited is an Ayurveda healthcare company operating in the Direct-to-Consumer (D2C) segment, selling natural wellness products directly to consumers through multiple channels.
Sat Kartar Shopping Limited was incorporated as a private limited company on June 29, 2012, and converted to a public limited company on July 12, 2021. The company is an Ayurveda healthcare company committed to providing natural wellness solutions relating to specific therapeutic areas and general lifestyle products. Initially, the company offered both Ayurveda and spiritual product lines, but has strategically refined its focus to specialize exclusively in Ayurveda. The company operates in the D2C (Direct-to-Consumer) segment, selling Ayurveda products directly to consumers through its own D2C website, third-party e-commerce websites, TV marketing, and Google and Meta applications. The company's business model is asset-light, with manufacturing outsourced to third-party contract manufacturers. Revenue from operations for the period ended December 15, 2024, was Rs. 10,92,832.84 thousands.
Objects of the Issue
- Unidentified Acquisition (In India or Abroad) ₹50,000.00 thousands p.23
- Marketing and Advertisement ₹1,10,000.00 thousands p.23
- Capital Expenditures ₹80,000.00 thousands p.23
- Investment in Technology ₹50,000.00 thousands p.23
- General Corporate Purposes p.23
- Unidentified Acquisition (In India or Abroad) ₹50,000.00 thousands p.82
- Marketing and Advertisement ₹1,10,000.00 thousands p.82
- Capital Expenditure ₹80,000.00 thousands p.82
- Investment in Technology ₹50,000.00 thousands p.82
- General Corporate Purposes p.82
Issue Structure
- Total Issue
- 41,72,800 Equity Shares of Rs. 10/- each aggregating to Rs. [●] Thousands
- Fresh Issue
- 41,72,800 Equity Shares of Rs. 10/- each aggregating to Rs. [●] Thousands
- Offer for Sale
- NIL
- Price Band
- Floor Price: Rs. 77/- per Equity Share; Cap Price: Rs. 81/- per Equity Share
- Lot Size
- 1,600 Equity Shares and in multiples of 1,600 Equity Shares thereafter
- Face Value
- Rs. 10/- per Equity Share
Business Model
The company operates a Direct-to-Consumer (D2C) business model, selling Ayurveda products directly to consumers through multiple channels: its own D2C website, third-party e-commerce websites, TV marketing, and digital platforms (Google and Meta applications). The company does not own manufacturing facilities; instead, it outsources production to third-party contract manufacturers who manufacture products according to company specifications and instructions. The company generates revenue from the sale of finished Ayurveda products and derives approximately 50% of total expenditure from marketing and advertising activities to reach and engage consumers.
Business Segments
SWOT Analysis
- • D2C business model with direct consumer engagement(p.21)
- • Established brand presence in Ayurveda market(p.31)
- • Strong revenue growth trajectory(p.24)
- • Profitable operations with consistent profitability(p.24)
- • Low product return rate indicating customer satisfaction(p.33)
- • Emerging brand with PAN India presence and geographic reach(p.150)
- • Asset-light contract manufacturing business model(p.150)
- • Strong digital media presence with significant social reach(p.150)
- • Competitive advantage through customer anonymity for sensitive products(p.151)
- • In-house R&D with BAMS doctors to control product development(p.151)
- • Clinical trials validating product efficacy in peer-reviewed journals(p.151)
- • Well-structured climate-controlled logistics with warehouse management system(p.151)
- • Experienced promoter with 30+ years in diverse industries(p.214)
- • Clean compliance record with no regulatory violations or debarments(p.200)
- • Strong revenue growth trajectory(p.275)
- • Improved profitability margins(p.276)
- • Strong revenue growth in Ayurvedic products sector driven by consumer health consciousness(p.277)
- • Efficient supply chain management and cost control(p.277)
- • Successful product innovation and marketing execution(p.277)
- • Significant PAT margin improvement through operational leverage(p.279)
- • First-generation entrepreneurship with limited experience(p.31)
- • Dependency on leased premises for operations(p.31)
- • Complete outsourcing of manufacturing with no owned facilities(p.32)
- • Board lacks experience with listed companies(p.32)
- • High concentration of revenue in top 5 states(p.34)
- • Heavy dependency on top 10 suppliers(p.34)
- • Outstanding litigation against promoters(p.33)
- • Formulations registered in manufacturers' names, not company's(p.35)
- • Conflict of interest with corporate promoter(p.35)
- • Significant related party transactions(p.37)
- • Past compliance failures with GST, PF, and ESI filings(p.37)
- • High concentration in top suppliers creates operational dependency risk(p.156)
- • Over-reliance on few geographic markets for revenue(p.155)
- • Dependence on contract manufacturers for production without full control(p.141)
- • Low customer retention with only 8.27% repeat customer rate(p.157)
- • Declining revenue trend across periods(p.148)
- • Significant dependence on advertising and promotional spending(p.275)
- • High employee benefit expense burden relative to revenue(p.271)
- • Concentration of shareholding with promoters holding 80.48% of capital(p.219)
- • Recent management changes and director turnover(p.205)
- • High dependence on promoter and director personal guarantees for debt(p.282)
- • Significant outstanding tax demands and GST compliance issues(p.285)
- • Pending litigation against promoter related to GST non-deposition(p.287)
- • Criminal proceedings against director for alleged offences under IPC(p.289)
- • Criminal proceedings against director for customs fraud and misdeclaration(p.289)
- • Outstanding income tax demands against promoter(p.287)
- • Significant borrowings at high interest rates(p.281)
- • Rapid growth in global health and wellness market(p.21)
- • Strong growth in Indian Ayurvedic products market(p.22)
- • Increasing consumer preference for natural and organic products(p.21)
- • Strategic focus on Ayurveda specialization(p.21)
- • Planned expansion through acquisitions(p.23)
- • Expanding into underserved health concerns via product line diversification(p.151)
- • Building community engagement and monetization through digital platforms(p.152)
- • Growing market for Ayurveda with 18.4% CAGR through 2029(p.130)
- • Strong government support promoting Ayurveda export and standardization(p.131)
- • Growing consumer shift toward natural, herbal, and preventive healthcare(p.130)
- • Online channel providing geographic reach and consumer education at scale(p.134)
- • Integration of technology with Ayurveda through e-commerce and mobile apps(p.133)
- • Growing consumer demand for natural and Ayurvedic wellness products(p.275)
- • Expansion of D2C (Direct-to-Consumer) distribution channel(p.269)
- • Strategic focus on Ayurveda healthcare specialization(p.269)
- • Opportunity to address market gap for high-quality standardized Ayurvedic products(p.269)
- • Growing consumer demand for natural and holistic health products(p.279)
- • Market expansion through new product introduction(p.279)
- • Scale-up and operational expansion to meet rising demand(p.279)
- • Evolving regulatory and compliance landscape(p.49)
- • Intense competition in fragmented market(p.40)
- • Dependence on government approvals and licenses(p.43)
- • Macro-economic and geopolitical risks(p.47)
- • Risk of pandemics and natural disasters(p.48)
- • Foreign exchange and economic volatility(p.48)
- • Consumer complaints and litigation risk(p.32)
- • Dependence on digital platforms and technology(p.21)
- • Quality assurance and standardization challenges across fragmented industry(p.131)
- • Risk of product contamination and adulteration in botanical ingredients(p.131)
- • Perception of inadequate regulatory oversight for Ayurvedic products(p.132)
- • Consumer misconceptions and lack of awareness about Ayurveda(p.132)
- • International IP threats and complexity of global regulatory compliance(p.132)
- • Intensified competition from organized and unorganized market players(p.158)
- • Inconsistent consumer experiences due to product quality variations(p.132)
- • Regulatory changes in Ayurveda and healthcare sector(p.270)
- • Volatility in capital markets and economic policies(p.270)
- • Potential conflict of interest with promoter group entities in similar business(p.223)
- • Regulatory compliance risks in GST and taxation matters(p.285)
- • Competitive pressures in Ayurvedic products market(p.280)
- • Potential impact of future changes in costs and competition(p.279)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| M/s Ajooni Wellness Private Limited | Corporate Promoter | 49.36% | 36.28% |
| Mr. Manprit Singh Chadha | Promoter | 28.49% | 20.94% |
| Mr. Pranav Singh Chadha | Promoter | 2.45% | 1.80% |
| Ms. Simrati Kaur | Promoter | 0.18% | 0.13% |
| Ajooni Wellness Private Limited | Promoter Group | 49.36% | 36.28% |
| Manprit Singh Chadha | Promoter | 28.49% | 20.94% |
| Pranav Singh Chadha | Promoter | 2.45% | 1.80% |
| Simrati Kaur | Promoter | 0.18% | 0.13% |
| Manprit Singh Chadha | Promoter | — | — |
| Pranav Singh Chadha | Promoter | 2.45% | — |
| Simrati Kaur | Promoter | 0.18% | — |
| Ajooni Wellness Private Limited | Promoter Group | — | — |
| Manprit Singh Chadha | Individual Promoter | 28.49% | — |
| Pranav Singh Chadha | Individual Promoter | 2.45% | — |
| Simrati Kaur | Individual Promoter | 0.18% | — |
| Ajooni Wellness Private Limited | Corporate Promoter | 49.36% | — |
| Manprit Singh Chadha | Promoter | — | — |
Leadership
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.