Times Green Energy SME
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 16 Jun 2021 – 22 Jun 2021
- Listing date
- 30 Jun 2021
- Face value
- ₹10 per share
- Issue price
- ₹61 per share
- Lot size
- 2,000 shares
- Total issue size
- ₹4.05 Cr
- Market cap at offer price
- ₹10.15 Cr
- Promoter holding
- 79.20% → 47.60% pre-issue → post-issue
- ISIN
- INE0B6101012
- Registrar
- Bigshare Services Pvt.Ltd.
- Lead managers
- Aryaman Financial Services Ltd.
- Registered office
- Flat No.602, Druva Thara Apartments, Medinova Complex, Somajiguda, Telangana
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 | 40,000 | — | — |
Application size
Minimum 2,000 shares per lot, in multiples, at ₹61
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 2,000 | ₹1,22,000 |
| S-HNI (min) | 2 | 4,000 | ₹2,44,000 |
| S-HNI (max) | 8 | 16,000 | ₹9,76,000 |
| B-HNI (min) | 9 | 18,000 | ₹10,98,000 |
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 |
|---|---|---|
| Market cap | — | ₹10.15 Cr |
About Times Green Energy SME
Times Green Energy (India) Limited is a women entrepreneurial venture incorporated on November 10, 2010, promoted by Mrs. Dinne Lakshmi Jumaal and Mrs. Kanuparthi Vani. The company is deeply involved in the rural ecosystem of certain villages in Telangana, Andhra Pradesh and border areas of Karnataka. It operates three core business activities: distribution of Agro Products, Agrochemicals (bio-pesticides), and Sanitary Napkins. The company has launched a mobile application called Bharatbazaar (Kisaan to Kitchen) for product distribution. It employs an innovative distribution model using rural women as 'Kisaan Sahayaks' for awareness and distribution of natural organic plant protection products, and 'Mahila Sahayaks' for sanitary napkins sales. The company is one of the few in India with an all-women board of directors.
Company Analysis
from RHPTimes Green Energy is a women-led enterprise operating in agro products distribution, bio-pesticides/agrochemicals, and sanitary napkins across rural Telangana, Andhra Pradesh and Karnataka.
Times Green Energy (India) Limited is a women entrepreneurial venture incorporated on November 10, 2010, promoted by Mrs. Dinne Lakshmi Jumaal and Mrs. Kanuparthi Vani. The company is deeply involved in the rural ecosystem of certain villages in Telangana, Andhra Pradesh and border areas of Karnataka. It operates three core business activities: distribution of Agro Products, Agrochemicals (bio-pesticides), and Sanitary Napkins. The company has launched a mobile application called Bharatbazaar (Kisaan to Kitchen) for product distribution. It employs an innovative distribution model using rural women as 'Kisaan Sahayaks' for awareness and distribution of natural organic plant protection products, and 'Mahila Sahayaks' for sanitary napkins sales. The company is one of the few in India with an all-women board of directors.
Objects of the Issue
- Funding Working Capital Requirement ₹54.00 lakhs p.15
- Funding Purchase and Set-up of Registered Office ₹119.00 lakhs p.15
- Funding Purchase of Vehicle and ERP Package ₹53.23 lakhs p.15
- Funding Setting up of Sanitary Napkin SBUs ₹60.00 lakhs p.15
- General Corporate Purposes ₹82.38 lakhs p.15
- Funding Working Capital Requirement ₹54.00 lakhs p.56
- Funding Purchase and Set-up of Registered Office ₹119.00 lakhs p.57
- Funding Purchase of Vehicle and ERP Package ₹53.23 lakhs p.58
- Funding Setting up of Sanitary Napkin SBUs ₹60.00 lakhs p.58
- General Corporate Purpose ₹82.38 lakhs p.59
- General corporate purposes
Issue Structure
- Total Issue
- ₹405.04 lakhs (6,64,000 equity shares)
- Fresh Issue
- 6,64,000 Equity Shares of ₹10 each at ₹61 per share
- Price Band
- ₹61 per share
- Lot Size
- 2,000 equity shares (market lot) and in multiples of 2,000 thereafter
- Face Value
- ₹10 per share
Business Model
The company earns revenue primarily from trading and distribution of agro products and bio-pesticides in rural markets through informal networks of rural women distributors. It also generates revenue from distribution and sale of sanitary napkins through its own brand 'Monthly Times'. Additionally, it is monetizing its rural distribution network through the Bharatbazaar application for broader product categories.
Business Segments
SWOT Analysis
- • Women-led entrepreneurial venture with all-women board of directors(p.15)
- • Established rural distribution network through trusted community relationships(p.19)
- • Diversified business across three core verticals: agro products, agrochemicals, and sanitary napkins(p.15)
- • Recent launch of Bharatbazaar mobile application expanding market reach(p.15)
- • Experienced women-led management with strong rural network(p.78)
- • Established distribution network in rural Southern India villages(p.78)
- • Asset-rich balance sheet with minimal debt(p.79)
- • Products benefit from favorable indirect tax regime(p.79)
- • Unique all-women board and women-centric business positioning(p.77)
- • Experienced management with established relationships in rural communities(p.134)
- • All-women board of directors(p.133)
- • High asset value and low debt burden(p.134)
- • Positive financial trajectory with consistent profitability(p.139)
- • Low indirect tax product space advantage(p.134)
- • Substantially smaller historical financial performance relative to growth plans(p.18)
- • Limited experience and technical capacity in sanitary napkins manufacturing business(p.20)
- • Heavy reliance on senior management and promoter for business operations(p.21)
- • Significant working capital intensity with high debtor-to-networth ratios(p.22)
- • Informal business relationships with no long-term customer contracts(p.19)
- • Unregistered trademarks and intellectual property lacking statutory protection(p.26)
- • Unsecured loans from directors repayable on demand(p.23)
- • No insurance coverage for business assets and operations(p.28)
- • Reported negative cash flows from operating activities in recent periods(p.25)
- • Highly dependent on unorganized informal relationships and small scale(p.83)
- • Minimal infrastructure and reliance on job work for manufacturing(p.82)
- • Very small employee base with limited human resources(p.84)
- • Limited inventory management with no substantial warehouse facilities(p.82)
- • Unregistered intellectual property with no formal IP protection(p.84)
- • High dependence on a few key customers(p.141)
- • Lack of experience in Woman Hygiene & Safety Industry(p.134)
- • Significant capital expenditure not yet written off(p.130)
- • Heavy dependence on promoter expertise(p.134)
- • India's strong agricultural sector with world-class produce capacity(p.15)
- • Growing biopesticides market with strong CAGR projection(p.15)
- • Expanding feminine hygiene market with high sanitary napkin penetration(p.15)
- • Scale up distribution network through trained rural women as distribution partners(p.19)
- • Monetization of rural distribution network for sanitary napkins business through SBU model(p.20)
- • Expansion of online commerce channel through Bharatbazaar application(p.19)
- • Expansion of rural distribution network and geographic reach(p.79)
- • Growth in domestic feminine hygiene market with increasing awareness(p.75)
- • Expanding bio-pesticides market driven by organic farming adoption(p.74)
- • Government initiatives supporting agricultural income and farmer welfare(p.68)
- • E-commerce and digital channels for product distribution expansion(p.78)
- • Digital channel expansion through Bharatbazaar app launched in September 2020(p.133)
- • Growth in woman hygiene products market segment(p.133)
- • Expansion of rural distribution network and reach(p.133)
- • Growing network and multi-product offering strategy(p.133)
- • High seasonality in agro and bio-pesticide business dependent on rainfall patterns(p.20)
- • Adverse weather conditions and climate change impacts on agricultural production(p.22)
- • Highly competitive agriculture industry with larger, better-resourced competitors(p.24)
- • Rising transportation costs and unreliable logistics infrastructure(p.21)
- • Regulatory changes and compliance requirements in agriculture, pesticides, and hygiene sectors(p.19)
- • Government policy changes affecting agriculture subsidies and incentive systems(p.30)
- • COVID-19 pandemic impacts on supply chains, logistics, and business operations(p.27)
- • Political instability and civil unrest affecting business environment(p.32)
- • Intense competition from organized players with larger capital and resources(p.83)
- • Dependence on commodity prices and input cost volatility(p.55)
- • Regulatory risks from pesticide and fertilizer control orders(p.86)
- • COVID-19 impact on rural operations and supply chain(p.78)
- • Low awareness and cultural barriers to sanitary product adoption in rural areas(p.76)
- • Extreme weather and monsoon dependency in agro business(p.135)
- • High seasonality in agrochemicals business due to monsoon dependency(p.134)
- • Intense competition from larger players with greater resources(p.135)
- • Climate change impacts on agricultural operations(p.135)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Mrs. Dinne Lakshmi Jumaal | Promoter | 18.00% | 10.82% |
| Mrs. Kanuparthi Vani | Promoter | 22.20% | 13.34% |
| Mr. Srinivas Prasad Kanuparthi | Promoter Group | 39.00% | 23.44% |
| Mrs. Dinne Lakshmi Jumaal | Promoter | 18.00% | — |
| Mrs. Kanuparthi Vani | Promoter | 22.20% | — |
| Kanuparthi Srinivasa Prasad | Promoter | 39.00% | — |
| Vani Kanuparthi | Promoter | 22.20% | — |
| Jumaal Lakshmi Dinne | Promoter | 18.00% | — |
| Kamala Meena | Promoter | 10.00% | — |
| Manisha Meena | Promoter | 5.00% | — |
| Manjusha Meena | Promoter | 5.00% | — |
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.