Viaz Tyres SME
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 16 Feb 2023 – 21 Feb 2023
- Listing date
- 01 Mar 2023
- Face value
- ₹10 per share
- Issue price
- ₹62 per share
- Lot size
- 2,000 shares
- Total issue size
- ₹20 Cr
- Market cap at offer price
- ₹75.96 Cr
- Promoter holding
- 99.20% → 73.07% pre-issue → post-issue
- ISIN
- INE0MO401019
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- Beeline Capital Advisors Pvt.Ltd.
- Registered office
- 915/916, Maple Trade, Near Surdhara Circle, SAL Hospital Road, Thaltej, 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 | 1,62,000 | — | — |
Application size
Minimum 2,000 shares per lot, in multiples, at ₹62
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 2,000 | ₹1,24,000 |
| S-HNI (min) | 2 | 4,000 | ₹2,48,000 |
| S-HNI (max) | 8 | 16,000 | ₹9,92,000 |
| B-HNI (min) | 9 | 18,000 | ₹11,16,000 |
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 (₹) | 1.72 | — |
| P/E (×) | 36.05 | — |
| Market cap | — | ₹75.96 Cr |
Key performance indicators
- Return on net worth
- 22.94%
- ROCE
- 19.98%
- Debt / equity
- 3.12
- PAT margin
- 5.03%
- NAV per share
- ₹7.51
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Viaz Tyres SME
Viaz Tyres Limited (originally incorporated as Viaz Tubes Private Limited on August 29, 2018 in Gujarat; renamed Viaz Tyres Private Limited in May 2022 and converted to a public limited company in June 2022) is engaged in manufacturing of rubber tubes for bicycles, two- and three-wheelers, passenger vehicles and heavy-load industrial vehicles at a plant in Nandasan near Ahmedabad with an installed capacity of 7,00,000 tubes per month. It also deals in ancillary products such as Off The Road (OTR) tyre tubes, Animal Driven Vehicle (ADV) tubes, engine oil and grease on white-labelling bases, has recently begun selling bicycle tyres made on a job-work basis, and in FY 2022-23 ventured into trading of Maxxis-branded tyres under an exclusive distributorship for Turkey. Products are sold under the VIAZ brand through 15 domestic distributors across 19 Indian states and 7 international distributors across the USA, Turkey, Romania, UAE and Colombia. Originally formed by Keval Manuprasad Bhatt and Vaibhav Girish Kanakia in 2018, control passed to the current Patel-family promoters in 2019 and 2021; the company also undertook agro-commodity trading during the COVID-hit FY2020-FY2021 before returning fully to rubber tube manufacturing and tyre trading. Revenue from operations was Rs. 2,919.61 Lakhs in FY2022 (PAT Rs. 146.91 Lakhs) and Rs. 2,354.62 Lakhs for the half year ended September 30, 2022 (PAT Rs. 152.72 Lakhs). The IPO is an entirely fresh issue of 32,26,000 equity shares (26.33% of post-issue capital) on the NSE EMERGE platform, with proceeds earmarked mainly for repayment/prepayment of loans (Rs. 950 Lakhs) and working capital (Rs. 500 Lakhs), besides general corporate purposes and issue expenses.
Company Analysis
from DRHPViaz Tyres Limited manufactures and sells butyl rubber inner tubes for bicycles, two- and three-wheelers, passenger cars and heavy-load industrial vehicles, along with ancillary products (OTR/ADV tubes, engine oil, grease) and job-work bicycle tyres, and also trades tyres as the exclusive distributor of Maxxis Rubbers Private Limited for Turkey.
Viaz Tyres Limited (originally incorporated as Viaz Tubes Private Limited on August 29, 2018 in Gujarat; renamed Viaz Tyres Private Limited in May 2022 and converted to a public limited company in June 2022) is engaged in manufacturing of rubber tubes for bicycles, two- and three-wheelers, passenger vehicles and heavy-load industrial vehicles at a plant in Nandasan near Ahmedabad with an installed capacity of 7,00,000 tubes per month. It also deals in ancillary products such as Off The Road (OTR) tyre tubes, Animal Driven Vehicle (ADV) tubes, engine oil and grease on white-labelling bases, has recently begun selling bicycle tyres made on a job-work basis, and in FY 2022-23 ventured into trading of Maxxis-branded tyres under an exclusive distributorship for Turkey. Products are sold under the VIAZ brand through 15 domestic distributors across 19 Indian states and 7 international distributors across the USA, Turkey, Romania, UAE and Colombia. Originally formed by Keval Manuprasad Bhatt and Vaibhav Girish Kanakia in 2018, control passed to the current Patel-family promoters in 2019 and 2021; the company also undertook agro-commodity trading during the COVID-hit FY2020-FY2021 before returning fully to rubber tube manufacturing and tyre trading. Revenue from operations was Rs. 2,919.61 Lakhs in FY2022 (PAT Rs. 146.91 Lakhs) and Rs. 2,354.62 Lakhs for the half year ended September 30, 2022 (PAT Rs. 152.72 Lakhs). The IPO is an entirely fresh issue of 32,26,000 equity shares (26.33% of post-issue capital) on the NSE EMERGE platform, with proceeds earmarked mainly for repayment/prepayment of loans (Rs. 950 Lakhs) and working capital (Rs. 500 Lakhs), besides general corporate purposes and issue expenses.
Objects of the Issue
- Repayment or Prepayment or part repayment of Loan (secured borrowings from State Bank of India) Rs. 950.00 Lakhs p.68
- To Meet Working Capital Requirements Rs. 500.00 Lakhs p.71
- General Corporate Purpose p.73
- To meet Public Issue Expenses p.74
Issue Structure
- Total Issue
- Public issue of 32,26,000 Equity Shares of face value of Rs. 10/- each for cash at a price of Rs. [●] per equity share aggregating to Rs. [●] Lakhs (constituting 26.33% of the post-issue paid-up capital; Net Issue to public of 30,64,000 Equity Shares after 1,62,000-share Market Maker Reservation, constituting 25.01%)
- Fresh Issue
- Entire issue of 32,26,000 Equity Shares aggregating to Rs. [●] Lakhs is a fresh issue
- Offer for Sale
- Nil
- Face Value
- Rs. 10/- each
Business Model
The company derives revenue from two business verticals: (1) sale of rubber tubes manufactured at its Nandasan plant (butyl tubes for bicycles, two-/three-wheelers, passenger cars and heavy commercial vehicles) plus white-labelled ancillary products (engine oil, grease, OTR/ADV tubes) and job-work bicycle tyres, sold through 15 domestic distributors across 19 states and 7 international distributors in 5 countries; and (2) trading of tyres under exclusive distributorship of Maxxis Rubbers Private Limited for Turkey, sold through a dealer network.
Business Segments
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Janakkumar Mahendrabhai Patel | Promoter; Chairman & Managing Director | 29.87% | 22.01% |
| Rajeshkumar Prabhudasbhai Patel | Promoter; Whole Time Director & CFO | 14.68% | 10.82% |
| Parichaykumar Maganbhai Patel | Promoter | 10.18% | 7.50% |
| Himaben Janakkumar Patel | Promoter; Non-Executive Director | 10.35% | 7.62% |
| Nirmaben Rajeshkumar Patel | Promoter | 0.34% | 0.25% |
| Kenaben Parichaykumar Patel | Promoter | 9.28% | 6.84% |
| Keval Manuprasad Bhatt | Promoter Group | 4.47% | 3.30% |
| Nikita Utsavbhai Kanakia | Promoter Group | 10.74% | 7.91% |
| Natvarbhai Chandubhai Patel | Promoter Group | 9.28% | 6.84% |
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.