Shigan Quantum Technologies SME
SME₹22.70 Cr issue
+22.00%
Listing gain over issue price
Issue size
₹22.70 Cr
1 lot at cut-off
₹1,50,000
Lot size
3,000shares
Allotment
08 Mar 2022
Listing
11 Mar 2022
Listing performance
Issue price
₹50
Listed at
₹61
Listing-day close
₹64.05
Latest price
₹57.15
Close on 23 Oct 2026
Listing gain
+22.00%
Return since issue
+14.30%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- Listing date
- 11 Mar 2022
- Face value
- ₹10 per share
- Issue price
- ₹50 per share
- Lot size
- 3,000 shares
- Total issue size
- ₹22.70 Cr
- Market cap at offer price
- ₹86.08 Cr
- Promoter holding
- 100.00% → 73.63% pre-issue → post-issue
- ISIN
- INE03KJ01013
- Registrar
- Kfin Technologies Ltd.
- Lead managers
- Finshore Management Services Ltd.
- Registered office
- Shyam Kunj, 183-A, Sainik Farms, Western Avenue, 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 |
|---|---|---|---|
| Market maker | 2,28,000 | — | — |
Application size
Minimum 3,000 shares per lot, in multiples, at ₹50
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 3,000 | ₹1,50,000 |
| S-HNI (min) | 2 | 6,000 | ₹3,00,000 |
| S-HNI (max) | 6 | 18,000 | ₹9,00,000 |
| B-HNI (min) | 7 | 21,000 | ₹10,50,000 |
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
₹50 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 2.77 | — |
| P/E (×) | 18.05 | — |
| Market cap | — | ₹86.08 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 20.84%
- Debt / equity
- 0.09
- NAV per share
- ₹66.49
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Shigan Quantum Technologies SME
Shigan Quantum Technologies Limited, incorporated in 2008, is engaged in designing, developing and manufacturing alternate fuel systems including CNG, LNG, and Hydrogen Fuel Kit systems for heavy duty vehicles, light duty vehicles, and off-highway applications. The company supplies to OEMs and others. It has gained expertise in CNG and LNG fuel kits within the automotive industry through in-house expertise and technical assistance. Since April 2020, the company has also ventured into manufacturing of Fire Detection & Alarm System and Fire Detection & Suppression System (FDAS & FDSS), with an installed capacity of 36,000 units per annum.
Company Analysis
from RHPShigan Quantum Technologies Limited designs, develops, and manufactures alternate fuel systems (CNG, LNG, Hydrogen) for vehicles and fire detection & suppression systems in the automotive and safety equipment industries.
Shigan Quantum Technologies Limited, incorporated in 2008, is engaged in designing, developing and manufacturing alternate fuel systems including CNG, LNG, and Hydrogen Fuel Kit systems for heavy duty vehicles, light duty vehicles, and off-highway applications. The company supplies to OEMs and others. It has gained expertise in CNG and LNG fuel kits within the automotive industry through in-house expertise and technical assistance. Since April 2020, the company has also ventured into manufacturing of Fire Detection & Alarm System and Fire Detection & Suppression System (FDAS & FDSS), with an installed capacity of 36,000 units per annum.
Automotive ComponentsAlternate Fuel SystemsFire Safety Equipment
Objects of the Issue
- To meet Working Capital Requirements ₹1,681.00 Lakhs p.19
- To finance the purchase of Machinery ₹395.00 Lakhs p.19
- General corporate purposes ₹100.00 Lakhs p.19
- Issue related expenses ₹93.50 Lakhs p.19
- To meet Working Capital requirements Rs. 1,681.00 lakhs p.61
- To finance the purchase of Machinery Rs. 395.00 lakhs p.61
- General Corporate Purpose Rs. 100.00 lakhs p.61
- To meet offer related expenses Rs. 93.50 lakhs p.61
- Not specified in this document section
Issue Structure
- Total Issue
- ₹2,269.50 Lakhs
- Fresh Issue
- ₹2,269.50 Lakhs (45,39,000 Equity Shares of ₹10/- each at ₹50/- per share)
- Offer for Sale
- Nil
- Price Band
- ₹50/- per Equity Share (Fixed Price)
- Lot Size
- 3,000 Equity Shares
- Face Value
- ₹10/- per Equity Share
Business Model
The company manufactures and sells alternate fuel systems and fire detection & suppression systems to original equipment manufacturers (OEMs) and other customers. Revenue is derived from the sale of these manufactured products.
Business Segments
Designs, develops and manufactures CNG, LNG, and Hydrogen Fuel Kit systems for OEMs and others in heavy duty vehicles, light duty vehicles and off-highway applications
Manufacturing of Fire Detection & Alarm System and Fire Detection & Suppression System (FDAS & FDSS)
Design, development, manufacturing and sale of CNG, LNG, and Hydrogen fuel kit systems and components including gaseous injectors, engine control units (ECUs), high-pressure regulators, fuel rails, filling valves, FMFD modules, and CNG tubes and fittings for automotive, industrial, and off-highway applications
Manufacturing of fire detection and alarm systems and fire detection and suppression systems for buses, trucks, locomotives, and mining vehicle applications
Manufacturing of alternate fuel system components for automotive, locomotive and stationary engine applications. Supplies primarily to OEM suppliers in the automobile industry.
Manufacturing of Fire Detection & Alarm Systems and Fire Detection & Suppression Systems for automotive applications. Installed capacity of 36,000 units per annum.
SWOT Analysis
Strengths
- • Established in alternate fuel systems with technical expertise(p.19)
- • Diversification into adjacent high-margin segments(p.19)
- • Positive financial trajectory with growing profitability(p.20)
- • Improving return on net worth over time(p.20)
- • Established track record in alternate fuel systems manufacturing with proven expertise in CNG/LNG fuel kits since 2008(p.75)
- • Experienced management team with 25+ years automotive industry exposure and professional qualifications(p.78)
- • In-house manufacturing capability with clean room facilities and state-of-the-art equipment for gaseous injectors and ECU production(p.76)
- • Strong quality assurance systems with dedicated internal quality control and compliance with international standards (IATF 16949:2016)(p.78)
- • Long-term relationships with OEM customers providing product specifications and tentative demand visibility(p.76)
- • Cordial supplier relationships enabling effective and timely sourcing of raw materials from multiple geographies(p.78)
- • Proprietary filling unit (FMFD Module) with integrated high pressure filter and unique design capabilities(p.79)
- • Approximately 1 million injectors in field operation with durability proven above 500 million cycles(p.77)
Weaknesses
- • Extreme customer concentration dependency(p.24)
- • High dependency on few key raw material suppliers(p.26)
- • Critical reliance on promoters for business operations(p.29)
- • Underutilized manufacturing capacity(p.31)
- • Premises not owned; dependent on promoter arrangement(p.25)
- • Significant litigation exposure at promoter and company level(p.30)
- • Machinery orders not yet placed despite IPO funding(p.27)
- • No product liability insurance(p.30)
- • High dependence on a few major OEM customers for revenue generation(p.76)
- • Manufacturing facility concentration in single location at IMT Manesar, Gurgaon creating operational concentration risk(p.81)
- • New venture in fire detection and suppression systems showing very low capacity utilization at 1.86% (671 units vs 36,000 installed capacity)(p.75)
- • Heavy reliance on imported components with 29% of material purchases being imports, creating foreign exchange exposure(p.76)
- • Significant working capital requirement projected to increase from Rs. 1,957.67 lakhs to Rs. 5,392.03 lakhs by FY 2021-22(p.62)
- • Leased manufacturing facility with short-term lease agreement expiring June 30, 2023(p.81)
Opportunities
- • Growing CNG and LNG adoption in India(p.19)
- • Large and expanding Indian automobile market(p.19)
- • Infrastructure development in CNG distribution(p.19)
- • New product vertical expansion (Fire Detection & Suppression)(p.19)
- • Expansion into manufacturing fire detection and suppression systems with 36,000 unit annual installed capacity providing significant growth runway(p.75)
- • Plan to acquire foreign suppliers' expertise through joint venture or outright purchase to localize Gaseous Fuel Injection Technology systems(p.75)
- • Opportunity to localize Euro-VI CNG kit components in India to reduce system costs and improve competitiveness(p.75)
- • Growing Indian automobile industry expected to reach US$ 300 billion by 2026 with CNG vehicle adoption increasing(p.71)
- • Rising natural gas consumption projected at 4.18% CAGR to 143.08 million tonnes by 2040 supporting alternate fuel systems demand(p.74)
- • Expansion of natural gas grid infrastructure with 17,000 km additional gas pipeline planned and regasification capacity expansion from 42 to 61 MMT per year(p.74)
- • Government policy support through Make in India initiative, Automotive Mission Plan 2026, and voluntary vehicle scrap page policy boosting market demand(p.72)
- • India emerging as global R&D hub for automotive with support infrastructure like NATRAX testing facility and international OEM R&D centre investments(p.72)
Threats
- • Intense competition in automotive components(p.25)
- • Raw material price volatility and supply disruptions(p.27)
- • Seasonal nature of demand(p.31)
- • Stringent labour regulations in India(p.30)
- • Government regulation changes affecting business(p.36)
- • COVID-19 pandemic impact and future waves(p.25)
- • Indian economy and financial market instability(p.37)
- • Dependence on third-party contract labour and logistics(p.24)
- • Highly competitive and fragmented market with competition from large established domestic and international players(p.80)
- • COVID-19 pandemic continuing to impact sales and operations with extent dependent on success of regional inoculations(p.82)
- • No listed companies comparable to ours make valuation benchmarking difficult and peer performance assessment uncertain(p.66)
- • Dependence on long-term technology user agreements and manufacturing licenses from foreign suppliers subject to potential termination(p.75)
- • Automotive sector vulnerability to global economic cycles, trade tensions, and supply chain disruptions(p.70)
- • Commodity price volatility and foreign exchange fluctuations affecting imported raw material costs(p.75)
- • Regulatory changes in emission norms and safety standards requiring continuous product development and certification investments(p.76)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Mr. Shishir Agrawal | Promoter | 1.38% | — |
| Mr. Gagan Agrawal | Promoter | 0.59% | — |
| Shigan Autotronics Private Limited | Promoter Company | 19.34% | — |
| SA Shigan Trust | Promoter | 4.14% | — |
| GA Shigan Trust | Promoter | 4.93% | — |
| Shishir Agrawal | Promoter | 1.38% | 1.02% |
| Gagan Agrawal | Promoter | 0.59% | 0.44% |
| Shigan Autotronics Private Limited (Formerly known as Saptasagar Shipping Private Limited) | Promoter | 19.33% | 14.23% |
| SA Shigan Trust | Promoter | 4.14% | 3.04% |
| GA Shigan Trust | Promoter | 4.93% | 3.63% |
| Giridhari Sales Private Limited | Promoter Group | 38.66% | 28.46% |
| Rudramala Impex Private Limited | Promoter Group | 21.11% | 15.54% |
| Autotronics Worldwide Pte Limited | Promoter Group | 9.86% | 7.26% |
| Santosh Agrawal | Promoter Group | 0.00% | 0.00% |
| Shishir Agrawal | Promoter | 4.14% | — |
| Gagan Agrawal | Promoter | 4.93% | — |
| Shigan Autotronics Private Limited | Promoter | 19.33% | — |
| SA Shigan Trust | Promoter | — | — |
| GA Shigan Trust | Promoter | — | — |
Leadership
Mr. Shishir Agrawal · Managing Director
Mr. Gagan Agrawal · Joint Managing Director
Ms. Gunjan Gupta · Company Secretary & Compliance Officer
Mr. Nathu Singh Tawar · CFO
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.
Shigan Quantum Technologies SME IPO FAQs
What is the lot size of Shigan Quantum Technologies SME IPO?
The minimum lot size of Shigan Quantum Technologies SME IPO is 3,000 shares. One lot costs ₹1,50,000 at the cut-off price.
What is the listing date of Shigan Quantum Technologies SME IPO?
Shigan Quantum Technologies SME IPO listed on 11 Mar 2022.