Tapi Fruit Processing SME
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 12 Sep 2022 – 14 Sep 2022
- Listing date
- 22 Sep 2022
- Face value
- ₹10 per share
- Issue price
- ₹48 per share
- Lot size
- 3,000 shares
- Total issue size
- ₹5.21 Cr
- Market cap at offer price
- ₹18.79 Cr
- Promoter holding
- 99.94% → 72.22% pre-issue → post-issue
- ISIN
- INE0M7001010
- Registrar
- Bigshare Services Pvt.Ltd.
- Lead managers
- Fedex Securities Pvt.Ltd.
- Registered office
- Office No.-212 to 214, Sunrise Chambers, Near Ashok Colony, Mini Bazar, Varachha 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 | 60,000 | — | — |
Application size
Minimum 3,000 shares per lot, in multiples, at ₹48
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 3,000 | ₹1,44,000 |
| S-HNI (min) | 2 | 6,000 | ₹2,88,000 |
| S-HNI (max) | 6 | 18,000 | ₹8,64,000 |
| B-HNI (min) | 7 | 21,000 | ₹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
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 6.24 | — |
| P/E (×) | 7.69 | — |
| Market cap | — | ₹18.79 Cr |
Key performance indicators
- Return on net worth
- 36.26%
- Debt / equity
- 12.40
- NAV per share
- ₹17.21
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Tapi Fruit Processing SME
Tapi Fruit Processing Limited's history traces back to 1999 when Mr. Ghanshyambhai Laljibhai Lukhi started the business as a sole proprietorship under the name 'Tapi Food Products', manufacturing tooty fruity candy made from raw papaya. The company was incorporated as a private limited company on July 11, 2018, and subsequently converted to a public limited company on July 15, 2022. The company operates in the FMCG sector, specifically in fruit-based confectionery and nutraceutical products. It manufactures products under its own brands 'Tapi', 'MumMum', and 'Boleto', as well as through private labeling and contract manufacturing arrangements. The company's diversified product portfolio includes candied fruits and fruit jellies primarily targeted at children and youth, alongside other products for all consumer segments. Revenue from operations was ₹1,516.33 Lakhs for FY 2021-22, with cost of raw materials (fruits and vegetables) comprising 65.94% of product sales.
Company Analysis
from RHPTapi Fruit Processing Limited manufactures candied fruits, fruit jellies, and nutraceutical products for the fast-moving consumer goods (FMCG) sector in India.
Tapi Fruit Processing Limited's history traces back to 1999 when Mr. Ghanshyambhai Laljibhai Lukhi started the business as a sole proprietorship under the name 'Tapi Food Products', manufacturing tooty fruity candy made from raw papaya. The company was incorporated as a private limited company on July 11, 2018, and subsequently converted to a public limited company on July 15, 2022. The company operates in the FMCG sector, specifically in fruit-based confectionery and nutraceutical products. It manufactures products under its own brands 'Tapi', 'MumMum', and 'Boleto', as well as through private labeling and contract manufacturing arrangements. The company's diversified product portfolio includes candied fruits and fruit jellies primarily targeted at children and youth, alongside other products for all consumer segments. Revenue from operations was ₹1,516.33 Lakhs for FY 2021-22, with cost of raw materials (fruits and vegetables) comprising 65.94% of product sales.
Objects of the Issue
- Meeting incremental working capital requirements ₹196.60 Lakhs p.19
- Repayment / prepayment of certain borrowings availed by our Company ₹135.00 Lakhs p.19
- General corporate purposes ₹114.68 Lakhs p.19
- Meeting incremental working capital requirements ₹196.60 Lakhs p.73
- Repayment / prepayment of certain borrowings availed by our Company ₹135.00 Lakhs p.73
- General corporate purposes ₹114.68 Lakhs p.73
Issue Structure
- Total Issue
- ₹521.28 Lakhs
- Fresh Issue
- 10,86,000 Equity Shares of face value of ₹10 each at ₹48 per share
- Offer for Sale
- N.A.
- Price Band
- ₹48 per Equity Share (Fixed Price)
- Lot Size
- 3,000 Equity Shares (Application Lot)
- Face Value
- ₹10 per Equity Share
Business Model
The company generates revenue through the manufacture and sale of candied fruit products, fruit jellies, and nutraceutical products. Raw materials (fruits and vegetables) are procured from traders and manufacturers through open market purchases without formal long-term supply contracts. Products are distributed through a network of over 60 super stockists who supply to distributors, retailers, and modern retailers. The top ten super stockists contributed 54.13% of total revenues in FY 2021-22. The company also generates revenue through private labeling and contract manufacturing arrangements with customers.
Business Segments
SWOT Analysis
- • Long-standing brand heritage dating back to 1999 with established market presence(p.2)
- • Diversified product portfolio catering to multiple consumer segments reducing susceptibility to market shifts(p.16)
- • Revenue growth trajectory with increasing profitability over three-year period(p.20)
- • Organized player in Candied Fruit & Fruit Jellies with established distribution network(p.103)
- • Wide spread sales and distribution across 28 states through 60 super-stockists(p.103)
- • State-of-the-art manufacturing facility with quality certifications(p.104)
- • Diversified product portfolio across five categories(p.101)
- • Experienced promoter with 25+ years in the industry(p.105)
- • Strategically located manufacturing facility near raw material sources(p.102)
- • Track record of consistent revenue growth and profitability(p.102)
- • Long operational history and brand recognition in fruit processing(p.137)
- • ISO certification and FSSAI compliance for quality assurance(p.195)
- • Diversified product portfolio across confectionery categories(p.195)
- • In-house R&D capabilities for quality testing(p.195)
- • Strong revenue growth trajectory(p.197)
- • Heavy reliance on top ten super stockists for majority of revenue(p.24)
- • Raw material costs represent significant portion of revenue with exposure to price volatility(p.25)
- • Substantial secured indebtedness limiting financial flexibility(p.28)
- • Unsecured loans from promoters repayable on demand creating cash flow risk(p.35)
- • Absence of long-term supply contracts exposing company to raw material procurement risks(p.25)
- • Dependence on general trade channel for 97.66% of sales(p.104)
- • Promoter shareholding concentration at 99.26% pre-issue(p.65)
- • Significant outstanding borrowings requiring repayment(p.76)
- • No long-term contracts with raw material suppliers(p.120)
- • High customer concentration risk(p.201)
- • High supplier concentration dependency(p.201)
- • Significant reliance on unsecured loans from promoters(p.173)
- • High debt-to-equity ratio pre-IPO(p.190)
- • Thin profit margins despite revenue growth(p.196)
- • Strong FMCG sector growth trajectory with projected expansion(p.16)
- • Expanding rural and semi-urban consumption markets(p.16)
- • Capability to expand distribution network through new super stockist appointments(p.24)
- • Private labeling and contract manufacturing arrangements providing diversification avenue(p.16)
- • Expand distribution network in semi-urban and rural markets(p.106)
- • Expand into nutraceutical segment through subsidiary(p.107)
- • Increase international export presence in developed markets(p.107)
- • Strengthen brands through digital marketing and retail presence(p.108)
- • Growing FMCG sector with rural consumption surge(p.91)
- • Expansion into neutraceuticals and healthcare products segment(p.160)
- • Geographic expansion beyond Gujarat(p.139)
- • Export market development supported by FDA registration(p.211)
- • Capacity utilization and new project development(p.138)
- • Intense competition from larger competitors with superior resources and market penetration(p.26)
- • Potential product contamination risks and regulatory compliance challenges(p.27)
- • Vulnerability to raw material price volatility and inability to pass costs to customers(p.25)
- • Dependency on third-party transportation providers with no formal agreements(p.29)
- • Inflation and inability to increase product prices proportionally(p.38)
- • Infrastructure constraints and disruptions affecting business operations(p.38)
- • COVID-19 pandemic impact on operations and market demand(p.31)
- • Raw material price volatility from commodities market(p.120)
- • Competition from organized regional and national players(p.122)
- • Significant competition from unorganized sector(p.122)
- • Regulatory changes in food safety and standards(p.85)
- • Regulatory compliance requirements across multiple acts(p.134)
- • Complex environmental and waste management regulations(p.134)
- • Packaging and labeling compliance obligations(p.134)
- • Public liability insurance and accident liability exposure(p.135)
- • Foreign exchange and foreign trade regulatory constraints(p.135)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Ghanshyambhai Laljibhai Lukhi | Promoter | 59.16% | — |
| Ashokkumar Laljibhai Lukhi | Promoter | 40.10% | — |
| Ghanshyambhai Laljibhai Lukhi | Promoter | 59.16% | 42.74% |
| Ashokkumar Laljibhai Lukhi | Promoter | 40.10% | 28.97% |
| Shwetaben Ashokkumar Lukhi | Promoter Group | 0.18% | 0.13% |
| Ushaben Ghanshyambhai Lukhi | Promoter Group | 0.18% | 0.13% |
| Yash Ghanshyambhai Lukhi | Promoter Group | 0.18% | 0.13% |
| Laljibhai Shamjibhai Lukhi | Promoter Group | 0.18% | 0.13% |
| Ghanshyambhai Laljibhai Lukhi | Promoter | 66.70% | — |
| Ashokkumar Laljibhai Lukhi | Promoter | 32.30% | — |
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.