Shiv Texchem
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 08 Oct 2024 – 10 Oct 2024
- Listing date
- 15 Oct 2024
- Face value
- ₹1 per share
- Issue price
- ₹166 per share
- Lot size
- 800 shares
- Issue type
- Book Building issue
- Listing at
- BSE
- Total issue size
- ₹101 Cr
- Market cap at offer price
- ₹385 Cr
- Promoter holding
- 100.00% → 73.65% pre-issue → post-issue
- ISIN
- INE0YRO01015
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- Vivro Financial Services Pvt.Ltd.
- Registered office
- Kamla Space, Unit no.216, 2nd Floor Khira Nagar TPS III, S.V.Road, Santacruz (West), 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 | 17,39,200 | — | — |
| Market maker | 3,05,600 | — | — |
Application size
Minimum 800 shares per lot, in multiples, at ₹166
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 800 | ₹1,32,800 |
| S-HNI (min) | 2 | 1,600 | ₹2,65,600 |
| S-HNI (max) | 7 | 5,600 | ₹9,29,600 |
| B-HNI (min) | 8 | 6,400 | ₹10,62,400 |
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 (₹) | 165.42 | 17.36 |
| P/E (×) | 1.00 | 9.56 |
| Price to book (×) | 1.40 | — |
| Market cap | — | ₹385 Cr |
Key performance indicators
- Return on net worth
- 19.08%
- ROCE
- 26.99%
- Debt / equity
- 1.54
- PAT margin
- 1.96%
- NAV per share
- ₹112.99
- Price to book
- 1.40
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Shiv Texchem
Shiv Texchem Limited (formerly Shiv Texchem Private Limited) was incorporated in Mumbai on March 31, 2005 and converted into a public limited company in July 2024. It is primarily engaged in importing and distributing hydrocarbon-based chemicals across product families such as Acetyls, Alcohol, Aromatics & Blended Stock, Inorganics and Allied, Phenolic & Ketones, Isocyanates, Intermediate and Basic Chemicals, Monomers and Glycol, which feed end-use industries including paints and coatings, printing inks, agrochemicals, specialty polymers, pharmaceuticals and industrial chemicals. Acting as a preferred sourcing partner, it aggregates orders from over 650 Indian customers (including Apcotex Industries Limited, Hemani Industries Limited and Gujarat Fluorochemicals Limited), negotiates price, specifications, quantity and delivery schedules with 60+ global producers and suppliers across China, Taiwan, South Korea, Kuwait, Qatar, USA, Netherlands, Belgium and Italy, and manages the supply chain including storage and handling arrangements at Kandla, Mundra, JNPT, Mumbai and Hazira ports. It runs a high-volume, low-margin trading model, earning almost entirely from reselling imported chemicals (purchase of stock-in-trade was ₹1,47,873.18 lakhs against revenue from operations of ₹1,53,490.41 lakhs in Fiscal 2024). Its portfolio expanded from 21 products in Fiscal 2022 to 39 in Fiscal 2024; restated total income grew from ₹86,547.46 lakhs (FY2022) to ₹1,53,668.79 lakhs (FY2024), with EBITDA of ₹5,991.56 lakhs and PAT of ₹3,011.30 lakhs in FY2024. Headquartered in Santacruz, Mumbai, with branch offices in Mumbai, Delhi, Gandhidham and Ankleshwar, it had 50 permanent employees as of March 31, 2024.
Company Analysis
from DRHPShiv Texchem Limited imports and distributes hydrocarbon-based chemicals (acetyls, alcohols, aromatics, monomers, glycols, ketones, isocyanates and allied products) that serve as critical raw materials for India's paints and coatings, printing inks, agrochemicals, specialty polymers, pharmaceuticals and industrial chemicals sectors.
Shiv Texchem Limited (formerly Shiv Texchem Private Limited) was incorporated in Mumbai on March 31, 2005 and converted into a public limited company in July 2024. It is primarily engaged in importing and distributing hydrocarbon-based chemicals across product families such as Acetyls, Alcohol, Aromatics & Blended Stock, Inorganics and Allied, Phenolic & Ketones, Isocyanates, Intermediate and Basic Chemicals, Monomers and Glycol, which feed end-use industries including paints and coatings, printing inks, agrochemicals, specialty polymers, pharmaceuticals and industrial chemicals. Acting as a preferred sourcing partner, it aggregates orders from over 650 Indian customers (including Apcotex Industries Limited, Hemani Industries Limited and Gujarat Fluorochemicals Limited), negotiates price, specifications, quantity and delivery schedules with 60+ global producers and suppliers across China, Taiwan, South Korea, Kuwait, Qatar, USA, Netherlands, Belgium and Italy, and manages the supply chain including storage and handling arrangements at Kandla, Mundra, JNPT, Mumbai and Hazira ports. It runs a high-volume, low-margin trading model, earning almost entirely from reselling imported chemicals (purchase of stock-in-trade was ₹1,47,873.18 lakhs against revenue from operations of ₹1,53,490.41 lakhs in Fiscal 2024). Its portfolio expanded from 21 products in Fiscal 2022 to 39 in Fiscal 2024; restated total income grew from ₹86,547.46 lakhs (FY2022) to ₹1,53,668.79 lakhs (FY2024), with EBITDA of ₹5,991.56 lakhs and PAT of ₹3,011.30 lakhs in FY2024. Headquartered in Santacruz, Mumbai, with branch offices in Mumbai, Delhi, Gandhidham and Ankleshwar, it had 50 permanent employees as of March 31, 2024.
Objects of the Issue
- Utilization towards long-term working capital requirements of our Company ₹7,500.00 lakhs p.80
- General Corporate Purposes p.81
Issue Structure
- Total Issue
- Up to 61,05,600 Equity Shares aggregating to ₹[●] lakhs
- Fresh Issue
- Up to 61,05,600 Equity Shares of face value of ₹10/- each
- Offer for Sale
- Not applicable as the entire issue constitutes fresh issue of equity shares
- Face Value
- ₹10/- each
Business Model
Earns revenue by buying hydrocarbon-based chemicals from global manufacturers and suppliers against aggregated customer purchase orders and reselling them to Indian industrial customers at a trading margin — a high-volume, low-margin import-and-distribution model covering pricing negotiation, procurement, port-based storage/handling and logistics. Nearly all income is from sale of traded chemicals (revenue from operations was 99.88% of total income in Fiscal 2024), with a small contribution from other income such as interest.
Business Segments
SWOT Analysis
- • Differentiated, integrated commercial and supply-chain solutions beyond plain trading(p.113)
- • Well-diversified product portfolio and extensive supplier/customer network (~39 products, 60+ suppliers, 650+ customers)(p.113)
- • Long-standing customer relationships driving repeat orders and purchasing-power economies(p.113)
- • Experienced, qualified promoter-management team with deep industry expertise(p.114)
- • Storage and handling infrastructure arrangements across key ports(p.114)
- • Consistent financial performance with strong growth in revenue and profitability(p.114)
- • Revenue concentration in a select group of products (top 5 products = 48.26% of Fiscal 2024 revenue)(p.30)
- • No long-term customer agreements; reliance on purchase orders creates attrition/fluctuation risk(p.31)
- • Working-capital intensive business with large inventories/receivables and substantial financing needs(p.32)
- • High total borrowings (₹29,665.25 lakhs) including ₹3,990.71 lakhs unsecured related-party loans recallable at any time(p.40)
- • Pending litigations against the Company, Promoters and Directors (incl. $1,637,950 civil claim against the Company)(p.32)
- • High volume, low margin business model exposing margins to volume/pricing pressure(p.37)
- • History of negative operating cash flows (Fiscal 2023 operating cash outflow of ₹16,249.62 lakhs)(p.42)
- • India petrochemical consumption projected to nearly double to ~82 MTPA by FY2030(p.109)
- • Per-capita petrochemical consumption far below global average implies large growth headroom(p.96)
- • End-use tailwind: paint industry turnover expected to reach INR 1,341 Bn by FY2030(p.99)
- • End-use tailwind: agrochemical industry expected to grow to INR 1,680 Bn by FY2030(p.103)
- • Domestic production gaps mean imports will remain central to meeting intermediate chemical demand(p.110)
- • Strategy to deepen wallet share with existing customers via long-term marketing arrangements(p.115)
- • Strategy to expand product portfolio and diversify into additional application segments(p.116)
- • Highly competitive chemicals trading segment with risk of market-share loss to better-resourced rivals(p.42)
- • Product pricing exposed to uncontrollable crude oil, shipping, trade and geopolitical factors(p.43)
- • Foreign currency exposure only partially (or not) hedged on imported chemicals(p.34)
- • Rising interest rates increase cost of servicing bank borrowings(p.44)
- • Demand tied to chemical-sector cycles; downturns would hit financial performance(p.44)
- • Import substitution policies could curtail the import-led business model(p.34)
- • Upward input-price fluctuations or shortages of traded chemicals could compress profitability(p.43)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Vikas Pavankumar | Promoter | 0.05% | — |
| Hemanshu S. Chokhani | Promoter | 0.05% | — |
| Pavankumar Sanwaria Realty Private Limited | Promoter | 37.45% | — |
| Hemanshu Syntex Private Limited | Promoter | 16.36% | — |
| Karan Wilkhoo | Promoter Group | 25.00% | — |
| Manjudevi Shyamsundar Chokhani | Promoter Group | 9.37% | — |
| Shyamsundar Chokhani | Promoter Group | 7.03% | — |
| Shyamsundar Chokhani HUF | Promoter Group | 4.69% | — |
Leadership
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.