Trident Lifeline SME
SME₹35.34 Cr issue
+3.96%
Listing gain over issue price
Issue size
₹35.34 Cr
1 lot at cut-off
₹1,21,200
Lot size
1,200shares
Open
26 Sep 2022
Close
29 Sep 2022
Allotment
04 Oct 2022
Listing
10 Oct 2022
Listing performance
Issue price
₹101
Listed at
₹105
Listing-day close
₹108.15
Latest price
₹407
Close on 23 Oct 2026
Listing gain
+3.96%
Return since issue
+302.97%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 26 Sep 2022 – 29 Sep 2022
- Listing date
- 10 Oct 2022
- Face value
- ₹10 per share
- Issue price
- ₹101 per share
- Lot size
- 1,200 shares
- Total issue size
- ₹35.34 Cr
- Market cap at offer price
- ₹116 Cr
- Promoter holding
- 100.00% → 69.57% pre-issue → post-issue
- ISIN
- INE0MKA01014
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- Beeline Capital Advisors Pvt.Ltd.
- Registered office
- 2nd Floor, Shop-2004, North Extension, Falsawadi Begumpura, Nodh-4/1650, Sahara Darwaja, 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 | 1,75,200 | — | — |
Application size
Minimum 1,200 shares per lot, in multiples, at ₹101
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,200 | ₹1,21,200 |
| S-HNI (min) | 2 | 2,400 | ₹2,42,400 |
| S-HNI (max) | 8 | 9,600 | ₹9,69,600 |
| B-HNI (min) | 9 | 10,800 | ₹10,90,800 |
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
₹101 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 3.98 | — |
| P/E (×) | 25.38 | — |
| Market cap | — | ₹116 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 47.33%
- NAV per share
- ₹6
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Trident Lifeline SME
Trident Lifeline Limited was incorporated on January 09, 2014, and converted from a Private Limited Company to a Public Limited Company on June 10, 2022. The Company operates in the pharmaceutical business, with a focus on ethical marketing of pharmaceutical formulations and products in both domestic and international markets. It is also engaged in distribution of pharmaceutical products through third-party distribution networks and contract manufacturing under loan license agreements. The Company has a diversified product portfolio comprising 832 products as of May 31, 2022, across various therapeutic categories including Anti-Bacterial, Anti-Diarrheal, Anti-Fungal, Anti-Malarial, Anti-Diabetic, and Non-Steroidal Anti-Inflammatory Drugs (NSAIDs). The Company's promoters and directors have combined experience of more than 19 years in the pharmaceutical and bulk drugs industry. It operates under different brand names across India and African, Latin American, and East Indian countries, with registered products in 8 countries and 565 products under registration in 11 countries as of May 31, 2022.
Company Analysis
from RHPTrident Lifeline Limited is a pharmaceutical company engaged in ethical marketing of formulations and contract manufacturing of pharmaceutical products in domestic and international markets.
Trident Lifeline Limited was incorporated on January 09, 2014, and converted from a Private Limited Company to a Public Limited Company on June 10, 2022. The Company operates in the pharmaceutical business, with a focus on ethical marketing of pharmaceutical formulations and products in both domestic and international markets. It is also engaged in distribution of pharmaceutical products through third-party distribution networks and contract manufacturing under loan license agreements. The Company has a diversified product portfolio comprising 832 products as of May 31, 2022, across various therapeutic categories including Anti-Bacterial, Anti-Diarrheal, Anti-Fungal, Anti-Malarial, Anti-Diabetic, and Non-Steroidal Anti-Inflammatory Drugs (NSAIDs). The Company's promoters and directors have combined experience of more than 19 years in the pharmaceutical and bulk drugs industry. It operates under different brand names across India and African, Latin American, and East Indian countries, with registered products in 8 countries and 565 products under registration in 11 countries as of May 31, 2022.
PharmaceuticalsPharmaceutical formulationsContract manufacturingBulk drugsEthical pharmaceutical marketing
Objects of the Issue
- Working Capital Requirements ₹ 2,050.00 Lakhs p.16
- Product registration in international markets ₹ 513.66 Lakhs p.16
- General Corporate Purpose ₹ 670.53 Lakhs p.16
- To Meet Working Capital Requirements ₹2,050.00 lakhs p.82
- Product registration in the international markets ₹513.66 lakhs p.82
- General Corporate Purpose ₹670.53 lakhs p.82
- Repayment of borrowings
- General corporate purposes
Issue Structure
- Total Issue
- ₹ 3,534.19 Lakhs
- Fresh Issue
- 3,499,200 Equity Shares of ₹ 10/- each at ₹ 101/- per share aggregating to ₹ 3,534.19 Lakhs
- Offer for Sale
- Nil
- Price Band
- ₹ 101/- per Equity Share (Fixed Price Issue)
- Face Value
- ₹ 10/-
Business Model
The Company's core business is divided into two categories: (a) Ethical marketing of pharmaceutical formulation & products in international markets through third-party distribution network and sales force under own brands; and (b) Sourcing and supply of generic pharma formulations and medicines in domestic and international markets through contract manufacturers on a loan license basis or purchase order basis. The Company is ISO 9001:2015 certified and operates with contract manufacturers having FDA/WHO approved facilities.
Business Segments
Marketing of pharmaceutical formulations and products in international markets through third-party distribution networks and sales force under own brands
Getting approved formulations manufactured through contract manufacturers, sourcing and supplying generic pharma formulations and medicines in domestic and international markets
Small case or container, especially a round or cylindrical one
Pharmaceutical oral dosage form (oral solid dosage, or OSD) or solid unit dosage form
A medicine in the form of a thick liquid containing a sugar solution
A coarse dispersion of insoluble solid particles in a liquid medium
A liquid preparation (as an antiseptic solution) for cleansing the mouth and teeth
Semisolid dosage forms containing more than 20% water or volatile components and typically less than 50% hydrocarbons, waxes, or polyols as vehicles
Generic medicine manufactured on contract manufacturing from local market and sale the same to domestic customers, on purchase order basis. The company operates with one contract manufacturer and maintains relationships with regular suppliers having FDA and WHO approved plants to supply pharma formulations including tablets, capsules, dry powder, and syrup under own brands.
Sale of registered products to international distributors as per their requirement. The company operates under different brand names across multiple countries and has presence through registered or under-registration products in Bolivia, Cambodia, Cameroon, Chile, Ghana, Kenya, Myanmar, Nigeria, Peru, Sudan, Tajikistan, Uzbekistan, and Venezuela.
Manufacturing and sale of pharmaceutical capsule formulations
Manufacturing and sale of pharmaceutical tablet formulations
Manufacturing and sale of pharmaceutical syrup formulations
Manufacturing and sale of pharmaceutical suspension formulations
Manufacturing and sale of mouthwash products
Manufacturing and sale of cream formulations
Manufacturing and sale of toothpaste products
Manufacturing and sale of diagnostic kits
Domestic pharmaceutical sales and distribution
International pharmaceutical product sales and distribution
International pharmaceutical product sales and distribution
International pharmaceutical product sales and distribution
International pharmaceutical product sales and distribution
International pharmaceutical product sales and distribution
International pharmaceutical product sales and distribution
SWOT Analysis
Strengths
- • Combined promoter experience in pharmaceutical industry(p.14)
- • Diversified product portfolio with wide geographic presence(p.14)
- • ISO 9001:2015 certification and quality standards compliance(p.14)
- • Significant expansion pipeline in international markets(p.14)
- • Established relationships with FDA/WHO-approved manufacturers(p.14)
- • Diversified product portfolio across multiple dosage forms(p.109)
- • Established international presence in 13 countries with 267 registered products(p.109)
- • Significant revenue growth trajectory(p.112)
- • Strong profitability in recent year with positive PAT(p.112)
- • Presence in high-growth African pharmaceutical markets(p.113)
- • Established contract manufacturing relationships with FDA/WHO approved facilities(p.109)
- • Experienced management team with industry expertise(p.162)
- • Diverse product portfolio across multiple therapeutic areas(p.162)
- • Wide geographic reach with significant international presence(p.162)
- • Scalable business model with contract manufacturing(p.162)
- • Quality management certification and supplier approvals(p.162)
- • Strategic contract manufacturing relationships with FDA/WHO approved facilities(p.162)
- • Diversified product portfolio across pharmaceutical categories(p.224)
- • ISO 9001:2015 certification demonstrating quality management(p.192)
- • Strong return on net worth of 47.07%(p.251)
- • Significant international presence across multiple geographies(p.247)
- • ISO 9001:2015 certification and WHO-GMP approval demonstrating quality standards(p.295)
- • Diversified geographical presence across 8 countries with 267 registered products(p.295)
- • Substantial product pipeline with 565 products under registration in 11 countries(p.295)
- • Robust revenue and profitability growth with PAT increasing 259.48% year-over-year(p.298)
- • Combined promoter experience of over 19 years in pharmaceutical and bulk drugs industries(p.295)
- • Strong operating profit margins with EBITDA of ₹276.14 Lakhs in FY 2022(p.288)
Weaknesses
- • High dependence on few customers for revenue(p.32)
- • High dependence on few suppliers(p.32)
- • Reliance on single contract manufacturer(p.14)
- • Rented premises across all operating locations(p.30)
- • Past net losses and lack of long-term profitability assurance(p.36)
- • Significant working capital requirements(p.32)
- • Unresolved default status affecting reputation(p.29)
- • Pending material approvals and registrations(p.31)
- • Dependence on single contract manufacturer(p.109)
- • High reliance on Ghana market representing 46.67% of FY22 revenue(p.113)
- • Past losses in FY20 and early-stage profitability(p.112)
- • Relatively small scale compared to major pharmaceutical players(p.112)
- • Dependence on single contract manufacturer(p.162)
- • Reliance on third-party distribution network(p.165)
- • Limited brand awareness and market visibility(p.163)
- • Small workforce with limited human resources(p.166)
- • Negative reserves and accumulated losses eroding equity base(p.221)
- • High leverage with total borrowings of ₹230.45 lakhs against equity of ₹477.82 lakhs(p.252)
- • Significant concentration of shareholding with one individual holding 31.41%(p.234)
- • High cost of borrowings with interest rates up to 19%(p.237)
- • Reliance on a few large borrowing facilities; single bank dependence for working capital(p.238)
- • Limited scale of operations with revenue of ₹2,176.79 lakhs(p.247)
- • Management team lacks significant prior pharma industry experience(p.197)
- • Heavy dependence on few customers with top 10 customers contributing 58.26% of FY 2022 sales(p.301)
- • Concentration of supplier relationships with top 10 suppliers contributing 76.38% of purchases(p.301)
- • Reliance on single contract manufacturer for domestic operations(p.296)
- • Negative net worth in FY 2020-21 and FY 2019-20 indicating historical capital structure stress(p.294)
- • Material debt obligations with long-term borrowings of ₹127.19 Lakhs and short-term debt of ₹103.26 Lakhs(p.302)
Opportunities
- • Government support for pharmaceutical sector growth through PLI scheme(p.16)
- • Large export market potential with competitive cost advantages(p.16)
- • Increasing health insurance penetration driving medicine expenditure(p.16)
- • Growing OTC drug availability through pharmacy network expansion(p.16)
- • Double-digit growth expected in formulations segment(p.15)
- • Expansion of product registration pipeline in international markets(p.31)
- • Expansion of product registrations with 565 products under registration in 11 countries(p.109)
- • Growing Indian pharmaceutical market expected to reach $120 billion by 2030(p.104)
- • Working capital enhancement from IPO proceeds to meet growing demand(p.82)
- • Product registration in international markets with dedicated IPO proceeds(p.82)
- • Government policy support through PLI scheme and pharma parks(p.106)
- • Expand product registrations in emerging markets(p.162)
- • Improve global presence through market penetration(p.163)
- • Leverage market relationships and customer satisfaction(p.163)
- • Expand brand visibility and market presence(p.163)
- • Introduce new products across therapeutic segments(p.163)
- • Expand manufacturing capacity and product portfolio(p.192)
- • Strengthen international distribution and export operations(p.247)
- • Leverage existing relationships in African markets for growth(p.247)
- • Pursue joint ventures and strategic collaborations(p.195)
- • Expansion of product registrations across emerging African and Latin American markets(p.296)
- • Growing international pharmaceutical demand with export revenue increasing from ₹198.13 Lakhs to ₹1,652.45 Lakhs over three years(p.284)
- • Diverse product portfolio of 832 products across multiple therapeutic categories and dosage forms(p.295)
- • Established FDA/WHO-approved contract manufacturing relationships enabling scalable production(p.295)
- • Substantial increase in working capital facility from ₹108 Lakhs to ₹286.40 Lakhs enabling operational expansion(p.297)
Threats
- • Intense competition from local, multinational and international competitors(p.33)
- • Price competition from unorganized sector players(p.33)
- • Raw material price fluctuations(p.31)
- • Foreign exchange risk on international operations and product registration(p.32)
- • Regulatory approval dependencies across multiple jurisdictions(p.33)
- • COVID-19 pandemic and future public health emergencies(p.40)
- • Disruption risks from external suppliers and distribution network(p.41)
- • Transportation and logistics disruptions(p.36)
- • Natural calamities and geopolitical instability(p.43)
- • Quotations without validity period for international product registration(p.32)
- • Patent litigation risks(p.35)
- • Global economic slowdown impacting emerging market growth(p.95)
- • Intense competition in pharmaceutical industry(p.109)
- • High commodity prices and supply chain disruptions(p.95)
- • Regulatory risks and pricing controls in key markets(p.106)
- • Currency fluctuation risks from international operations(p.109)
- • Intense competition from organized and unorganized players(p.165)
- • Fluctuation in raw material prices(p.162)
- • Changes in government policies and regulations(p.162)
- • Dependency on raw material supply continuity(p.166)
- • Regulatory changes in pharmaceutical sector affecting pricing and operations(p.202)
- • Foreign exchange volatility impacting export-heavy business model(p.229)
- • Competition in pharmaceutical and herbal products markets(p.192)
- • Dependence on few customers with significant trade receivables concentration(p.246)
- • Supply chain disruptions and input cost inflation(p.249)
- • Political and regulatory risks in multiple African markets(p.247)
- • Intense competition from existing pharmaceutical players in domestic and international markets(p.301)
- • Exposure to foreign exchange fluctuation risks with unhedged FX exposure of ₹1,406.90 Lakhs(p.266)
- • COVID-19 pandemic and potential disruptions in supply chain and operations(p.297)
- • Political instability and adverse international relations affecting export markets(p.297)
- • Regulatory changes and compliance requirements across multiple jurisdictions where products are registered(p.297)
- • Potential supply disruption from contract manufacturers and availability of raw materials(p.297)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Hardik Jigishkumar Desai | Promoter | 31.41% | 21.85% |
| Mayurkumar Mansukhbhai Gajera | Promoter | 10.93% | 7.61% |
| Rupaben C Jariwala | Promoter | 8.39% | 5.84% |
| Rinkal Mayurbhai Gajera | Promoter | 11.56% | 8.04% |
| Tarang Nathabhai Gajera | Promoter | 9.57% | 6.66% |
| Mohak Nathabhai Gajera | Promoter | 5.94% | 4.13% |
| Hardik Jigishkumar Desai | Promoter | 31.41% | 21.85% |
| Rinkal Mayurbhai Gajera | Promoter | 11.56% | 8.04% |
| Mayurkumar Manshukhbhai Gajera | Promoter | 10.93% | 7.61% |
| Tarang Nathabhai Gajera | Promoter | 9.57% | 6.66% |
| Rupaben C Jariwal | Promoter | 8.39% | 5.84% |
| Mohak Nathabhai Gajera | Promoter | 5.94% | 4.13% |
| Anjanaben Jigishkumar Desai | Promoter Group | 16.14% | 11.23% |
| Trident Texofab Private Limited | Promoter Group | 2.84% | 1.98% |
| Amit Bhupendra Halvawala | Promoter Group | 1.70% | 1.19% |
| Niyati R. Thakkar | Promoter Group | 1.51% | 1.05% |
| Hardik Jigishkumar Desai | Promoter | — | — |
| Mayurkumar Mansukhbhai Gajera | Promoter | — | — |
| Rupaben Chetankumar Jariwala | Promoter | — | — |
| Rinkal Mayur Gajera | Promoter | — | — |
| Tarang Nathabhai Gajera | Promoter | — | — |
| Mohak Nathabhai Gajera | Promoter | — | — |
| Hardik Jigishkumar Desai | Promoter | 31.41% | — |
| Mayurkumar Mansukhbhai Gajera | Promoter | 10.93% | — |
| Mrs. Rupaben C Jariwala | Promoter | 8.39% | — |
| Mrs. Rinkal Mayurbhai Gajera | Promoter | 11.56% | — |
| Mr. Tarang Nathabhai Gajera | Promoter | 9.57% | — |
| Mr. Mohak Nathabhai Gajera | Promoter | 5.94% | — |
| Hardik Jigishkumar Desai | Promoter | 31.41% | — |
| Rupaben Chetankumar Jariwala | Promoter | 8.39% | — |
| Mayurkumar Mansukhbhai Gajera | Promoter | 10.93% | — |
| Rinkal Mayur Gajera | Promoter | 11.56% | — |
| Tarang Nathabhai Gajera | Promoter | 9.57% | — |
| Mohak Nathabhai Gajera | Promoter | 5.94% | — |
Leadership
Hardik Jigishkumar Desai · Chairman and Executive Director
Mayurkumar Mansukhbhai Gajera · Chief Financial Officer and Whole Time Director
Shravan Harikrishna Patel · Managing Director
Kunal Amrishbhai Chauhan · Company Secretary and Compliance Officer
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.
Trident Lifeline SME IPO FAQs
What is the lot size of Trident Lifeline SME IPO?
The minimum lot size of Trident Lifeline SME IPO is 1,200 shares. One lot costs ₹1,21,200 at the cut-off price.
When does Trident Lifeline SME IPO open and close?
Trident Lifeline SME IPO opened for subscription on 26 Sep 2022 and closed on 29 Sep 2022.
What is the listing date of Trident Lifeline SME IPO?
Trident Lifeline SME IPO listed on 10 Oct 2022.