Vrundavan Plantation
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 30 Oct 2023 – 01 Nov 2023
- Listing date
- 06 Nov 2023
- Face value
- ₹10 per share
- Issue price
- ₹108 per share
- Lot size
- 1,200 shares
- Issue type
- Fixed Price issue
- Total issue size
- ₹15.29 Cr
- Market cap at offer price
- ₹57.59 Cr
- Promoter holding
- 85.29% → 62.65% pre-issue → post-issue
- ISIN
- INE0Q6901013
- Registrar
- Kfin Technologies Ltd.
- Lead managers
- Interactive Financial Services Ltd.
- Registered office
- 307, Sun Avenue One, Nr.Sun Prima, Ambawadi Na, 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 | 72,000 | — | — |
Application size
Minimum 1,200 shares per lot, in multiples, at ₹108
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,200 | ₹1,29,600 |
| S-HNI (min) | 2 | 2,400 | ₹2,59,200 |
| S-HNI (max) | 7 | 8,400 | ₹9,07,200 |
| B-HNI (min) | 8 | 9,600 | ₹10,36,800 |
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
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 0.52 | — |
| P/E (×) | 207.69 | — |
| Market cap | — | ₹57.59 Cr |
Key performance indicators
- Return on net worth
- 4.19%
- ROCE
- 6.71%
- Debt / equity
- 0.47
- PAT margin
- 0.00%
- NAV per share
- ₹0
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Vrundavan Plantation
Vrundavan Plantation Limited (VPL) is an Ahmedabad-based horticulture enterprise whose promoter, Upendra Tiwari, founded the proprietary firm M/s Vrundavan Nursery & Plantation in 1997 as a plant nursery and progressively expanded into annual maintenance contracts, garden-development contracts for infrastructure companies (including a milestone contract from Reliance Engineering Associates Private Limited in FY 2004-05) and government tenders from FY 2009-10. The company was incorporated as Vrundavan Plantation Private Limited in December 2022, converted into a public limited company on June 5, 2023, and took over the proprietorship as a going concern under a Business Succession Agreement dated April 30, 2023. It operates two lines of business: a nursery segment that grows and sells plants (big trees, shrubs, ground covers, climbers, indoor plants) and trades pots, gardening tools, accessories and garden inputs; and a service segment that executes lawn mowing, brush and jungle clearing, hedge trimming, vertical green-wall and indoor-plant maintenance, and garden/landscape development and maintenance contracts for clients such as the Department of Space (ISRO campuses), Reliance Industries, JSW Foundation and the Sabarmati River Front Development Corporation, for whom it planted more than 1,50,000 trees using the Miyawaki method between 2019 and 2021. The company, which employed 208 permanent staff as of June 30, 2023 and runs a leased nursery farm of about 75,000 sq ft at Village Nidrad near Ahmedabad, earns revenue from product sales and service contracts, reporting revenue from operations of ₹180.68 lakhs and profit after tax of ₹17.33 lakhs for the two months ended May 31, 2023 (its predecessor proprietorship had recorded total income of ₹1,827.82 lakhs in FY 2022-23).
Company Analysis
from RHPVrundavan Plantation Limited is an Ahmedabad-based company that operates a plant nursery business (sale of plants, pots, gardening tools and garden inputs) and provides landscaping, garden development and horticulture maintenance services to corporate and government clients.
Vrundavan Plantation Limited (VPL) is an Ahmedabad-based horticulture enterprise whose promoter, Upendra Tiwari, founded the proprietary firm M/s Vrundavan Nursery & Plantation in 1997 as a plant nursery and progressively expanded into annual maintenance contracts, garden-development contracts for infrastructure companies (including a milestone contract from Reliance Engineering Associates Private Limited in FY 2004-05) and government tenders from FY 2009-10. The company was incorporated as Vrundavan Plantation Private Limited in December 2022, converted into a public limited company on June 5, 2023, and took over the proprietorship as a going concern under a Business Succession Agreement dated April 30, 2023. It operates two lines of business: a nursery segment that grows and sells plants (big trees, shrubs, ground covers, climbers, indoor plants) and trades pots, gardening tools, accessories and garden inputs; and a service segment that executes lawn mowing, brush and jungle clearing, hedge trimming, vertical green-wall and indoor-plant maintenance, and garden/landscape development and maintenance contracts for clients such as the Department of Space (ISRO campuses), Reliance Industries, JSW Foundation and the Sabarmati River Front Development Corporation, for whom it planted more than 1,50,000 trees using the Miyawaki method between 2019 and 2021. The company, which employed 208 permanent staff as of June 30, 2023 and runs a leased nursery farm of about 75,000 sq ft at Village Nidrad near Ahmedabad, earns revenue from product sales and service contracts, reporting revenue from operations of ₹180.68 lakhs and profit after tax of ₹17.33 lakhs for the two months ended May 31, 2023 (its predecessor proprietorship had recorded total income of ₹1,827.82 lakhs in FY 2022-23).
Objects of the Issue
- Repayment of working capital and unsecured loans ₹170.00 lakhs p.55
- Working Capital Requirement ₹950.00 lakhs p.54
- General Corporate Purposes ₹368.00 lakhs p.57
- Meeting Public Issue Expenses ₹41.28 lakhs p.57
Issue Structure
- Total Issue
- 14,16,000 Equity Shares of face value ₹10 each at ₹108 per Equity Share aggregating to ₹1529.28 Lacs
- Fresh Issue
- ₹1529.28 Lakhs (fresh issue of 14,16,000 Equity Shares at ₹108 per Equity Share)
- Lot Size
- 1,200 Equity Shares and in multiples thereof
- Face Value
- ₹10 per Equity Share
Business Model
The Company earns revenue from two streams: (i) sale/trading of nursery products — plants, trees, shrubs, indoor plants, pots, gardening tools and accessories, and garden inputs such as plant foods, organic pesticides, potting mixes and nutrients; and (ii) landscaping and horticulture service contracts — garden/lawn development, annual maintenance and manpower-based horticulture services — obtained largely by bidding for tenders floated by government departments, public authorities and large corporates.
Business Segments
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Upendra Tiwari | Promoter | 83.76% | 61.52% |
| Vishal Tiwari | Promoter Group | 1.53% | 1.13% |
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.