Sheetal Universal
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 04 Dec 2023 – 06 Dec 2023
- Listing date
- 11 Dec 2023
- Face value
- ₹10 per share
- Issue price
- ₹70 per share
- Lot size
- 2,000 shares
- Issue type
- Fixed Price issue
- Total issue size
- ₹23.80 Cr
- Market cap at offer price
- ₹80.19 Cr
- Promoter holding
- 95.00% → 66.81% pre-issue → post-issue
- ISIN
- INE04VX01019
- Registrar
- Bigshare Services Pvt.Ltd.
- Lead managers
- Beeline Capital Advisors Pvt.Ltd.
- Registered office
- Office No.348, 2nd Floor, ISCON Mall, 150 Feet Ring Road, 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 | 1,72,000 | — | — |
Application size
Minimum 2,000 shares per lot, in multiples, at ₹70
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 2,000 | ₹1,40,000 |
| S-HNI (min) | 2 | 4,000 | ₹2,80,000 |
| S-HNI (max) | 7 | 14,000 | ₹9,80,000 |
| B-HNI (min) | 8 | 16,000 | ₹11,20,000 |
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
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 2.56 | — |
| P/E (×) | 27.34 | — |
| Market cap | — | ₹80.19 Cr |
Key performance indicators
- Return on net worth
- 30.63%
- ROCE
- 21.59%
- Debt / equity
- 2.09
- PAT margin
- 1.54%
- NAV per share
- ₹8.37
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Sheetal Universal
Sheetal Universal Limited was incorporated on August 20, 2015, and is engaged in sourcing, processing, and supply of agricultural commodities such as peanuts, sesame seeds, spices, and grains for manufacturers of peanut butter, biscuits, cakes, chocolate, and food products. The company operates a manufacturing and processing facility in Jamnagar, Gujarat, spread over approximately 14,668 square meters. It has been recognized as a Category One Star Export House (later upgraded to Two Star Export House in May 2023) by the Ministry of Commerce and Industry due to its export performance. The company maintains ISO 22000:2018 certification and has established a customer base across countries including Russian Federation, Indonesia, Malaysia, Vietnam, UAE, Iran, Algeria, Israel, Turkey, and Egypt. The promoters have more than 8 years of experience in agro-processing industries and leverage direct relationships with sourcing agents and traders across Indian states to procure quality seeds from producers and farmers.
Company Analysis
from RHPSheetal Universal Limited is an agro-processing company that sources, processes, and exports agricultural commodities including peanuts, sesame seeds, spices, and grains to food manufacturers and international markets.
Sheetal Universal Limited was incorporated on August 20, 2015, and is engaged in sourcing, processing, and supply of agricultural commodities such as peanuts, sesame seeds, spices, and grains for manufacturers of peanut butter, biscuits, cakes, chocolate, and food products. The company operates a manufacturing and processing facility in Jamnagar, Gujarat, spread over approximately 14,668 square meters. It has been recognized as a Category One Star Export House (later upgraded to Two Star Export House in May 2023) by the Ministry of Commerce and Industry due to its export performance. The company maintains ISO 22000:2018 certification and has established a customer base across countries including Russian Federation, Indonesia, Malaysia, Vietnam, UAE, Iran, Algeria, Israel, Turkey, and Egypt. The promoters have more than 8 years of experience in agro-processing industries and leverage direct relationships with sourcing agents and traders across Indian states to procure quality seeds from producers and farmers.
Objects of the Issue
- Capital Expenditure ₹ 584.00 Lakhs p.20
- Working Capital Requirement ₹ 1,200.00 Lakhs p.20
- General Corporate Purpose ₹ 363.00 Lakhs p.20
- Funding capital expenditure ₹584.00 Lakhs p.83
- Working Capital Requirement ₹1,200.00 Lakhs p.83
- General Corporate Purpose ₹363.00 Lakhs p.83
- To meet Public Issue Expenses ₹233.00 Lakhs p.83
- Funding for setting up manufacturing facility for making defatted protein powder and extract cold press oil p.140
- Augmenting capital base for adequate working capital p.140
Issue Structure
- Total Issue
- ₹ 2,380.00 Lakhs (3,400,000 Equity Shares)
- Fresh Issue
- ₹ 2,380.00 Lakhs (3,400,000 Equity Shares of ₹ 10/- each at ₹ 70 per share)
- Offer for Sale
- Nil (entire issue constitutes fresh issue)
- Price Band
- Fixed Issue Price of ₹ 70 per Equity Share
- Lot Size
- 2,000 Equity Shares and multiples thereof (Bid Lot)
- Face Value
- ₹ 10/- per Equity Share
Business Model
The company earns revenue by sourcing agricultural commodities directly from farmers and traders at competitive prices, processing them using mechanized facilities including cleaning, destoning, color sorting, and grading machinery, and then exporting or supplying to domestic and international customers. Revenue is generated from processing and exporting peanuts, sesame seeds, spices, and grains, with additional revenue from operations including other business income.
Business Segments
SWOT Analysis
- • Strong operational track record and export house recognition(p.17)
- • Advanced processing facility with international certifications(p.17)
- • Established multi-country export base(p.17)
- • Strong promoter experience in agro-processing(p.17)
- • Diversified product processing capabilities(p.17)
- • Category One Star Export House recognition by Ministry of Commerce and Industry(p.131)
- • ISO 22000:2018 certification for food processing(p.131)
- • Direct sourcing relationships with farmers and traders(p.131)
- • Established customer base across multiple international markets(p.131)
- • Experienced promoter with 8+ years in agro-processing(p.131)
- • EU certification for peanut export(p.131)
- • Geographic location near major agricultural hub and ports(p.138)
- • Strong quality control and certifications(p.139)
- • Experienced promoters with deep industry relationships(p.161)
- • Long-standing relationships with diversified customer base(p.139)
- • Timely delivery track record(p.139)
- • Scalable and customer-centric business model(p.140)
- • Category One Star Export House recognition(p.161)
- • Heavy concentration on few top customers(p.30)
- • Dependence on limited supplier base(p.30)
- • Significant indebtedness and repayment obligations(p.36)
- • Unsecured loans repayable on demand(p.37)
- • Negative cash flows from operations(p.34)
- • Low capacity utilization rates(p.35)
- • Pending audit certification renewals(p.29)
- • Heavy dependence on top customers for revenue(p.100)
- • Low capacity utilization for peanut processing plant(p.100)
- • Negative operating cash flows(p.99)
- • High working capital requirements relative to revenue(p.99)
- • Limited plant capacity and low utilization as of August 2023(p.100)
- • Negative operating cash flows(p.133)
- • Significant increase in working capital needs(p.133)
- • Substantial debt burden(p.149)
- • Limited independent director experience in agro-commodity sector(p.166)
- • Very low employee base and organizational depth(p.146)
- • Significant decline in capacity utilization(p.144)
- • Expanding market for processed and healthier food products(p.19)
- • Rising demand for Indian agri-products in international markets(p.19)
- • Growing value-addition opportunities in processing(p.17)
- • Government support for agricultural value chains(p.19)
- • Entry of international food corporations expanding opportunities(p.19)
- • Expansion into protein powder and cold-pressed oil segments(p.131)
- • Growing global demand for processed food products(p.129)
- • Rising demand for plant-based protein products(p.85)
- • Government support for food processing sector(p.130)
- • Rapid growth in Indian food processing market(p.116)
- • India positioned as major exporter of processed agricultural products(p.116)
- • Forward integration into value-added protein products(p.140)
- • Access to larger working capital for business expansion(p.140)
- • Increasing brand visibility and market reach(p.141)
- • Cost efficiency and operational improvements(p.140)
- • Expansion of geographic markets(p.161)
- • Commodity price and supply volatility(p.27)
- • Adverse weather impacts on raw material availability(p.27)
- • Foreign exchange fluctuations affecting export business(p.28)
- • Intense competition from domestic and global competitors(p.33)
- • Regulatory policy changes affecting operations(p.39)
- • Tax policy changes and GST implications(p.41)
- • Natural disasters and pandemics(p.40)
- • Exposure to foreign exchange fluctuation risk(p.87)
- • Global economic slowdown and weak external demand(p.108)
- • Volatile global commodity prices affecting costs(p.110)
- • Rising protectionist trade measures globally(p.111)
- • Dependency on agricultural commodity prices and weather(p.88)
- • Intense competition in food processing sector(p.85)
- • Intense export market competition(p.146)
- • Dependence on external supply of raw materials(p.145)
- • Price volatility of agricultural commodities(p.145)
- • Regulatory compliance requirements in food safety(p.152)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Mr. Hiren Vallabhbhai Patel | Promoter | 70.66% | 49.69% |
| Mrs. Kajal Hiren Patel | Promoter | 14.50% | 10.20% |
| Mr. Hiren Vallabhbhai Patel | Promoter | 70.66% | 49.69% |
| Mrs. Kajal Hiren Patel | Promoter | 14.50% | 10.20% |
| Mr. Vallabhbhai Khimjibhai Vasoya | Promoter Group | 3.05% | 2.14% |
| Mrs. Urmila Vallabhbhai Vasoya | Promoter Group | 2.35% | 1.65% |
| Mrs. Shitalben Nishant Ramani | Promoter Group | 4.44% | 3.12% |
| Mr. Hiren Vallabhbhai Patel | Promoter/Managing Director | — | — |
| Mrs. Kajal Hiren Patel | Promoter/Whole Time Director | — | — |
| Hiren Vallabhbhai Patel | Promoter | 70.66% | — |
| Kajal Hiren Patel | Promoter | 14.50% | — |
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.