Walpar Nutritions SME
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 30 Jun 2021 – 05 Jul 2021
- Listing date
- 13 Jul 2021
- Face value
- ₹10 per share
- Issue price
- ₹55 per share
- Lot size
- 2,000 shares
- Total issue size
- ₹6.60 Cr
- Market cap at offer price
- ₹24.98 Cr
- Promoter holding
- 96.53% → 71.02% pre-issue → post-issue
- ISIN
- INE0G2G01015
- Registrar
- Skyline Financial Services Pvt.Ltd.
- Lead managers
- Beeline Broking Ltd.
- Registered office
- 2nd Floor, L5:377 PLOT:5, Opp.Sabarmati, Village: Khatraj, Taluka kalol, 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 2,000 shares per lot, in multiples, at ₹55
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 2,000 | ₹1,10,000 |
| S-HNI (min) | 2 | 4,000 | ₹2,20,000 |
| S-HNI (max) | 9 | 18,000 | ₹9,90,000 |
| B-HNI (min) | 10 | 20,000 | ₹11,00,000 |
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 | — | ₹24.98 Cr |
About Walpar Nutritions SME
Walpar Nutritions Limited is a manufacturing company that develops, manufactures, and commercializes herbo-nutraceutical products including sales, marketing, quality assurance, distribution, compliance and regulatory aspects. The company manufactures more than 100 formulations and 1000 brands for third-party manufacturing on a job work basis as well as its own branded products. It holds product approvals under FSSAI and AYUSH licenses for manufacturing tablets, capsules, oral liquids, ointments and analysis services. The company maintains WHO, HACCP, HALAL, Kosher and ISO 9001:2015 certifications. Its manufacturing facility is located in Santej, Gandhinagar, with installed capacity of approximately 30 lakh tablets per month, 12.50 lakh capsules per month, 1.50 lakh oral liquids per month, and 2 lakh sachets per month. The company also trades in raw materials used in nutraceutical manufacturing and has co-founded a subsidiary, M/s Walpar Wellness Private Limited, in which it holds 60% equity stake to meet export requirements.
Company Analysis
from RHPWalpar Nutritions Limited manufactures a wide range of herbo-nutraceutical products including tablets, capsules, oral liquids, and sachets spanning the nutraceutical, Ayurvedic, cosmeceutical, sexual wellness, and food supplement industries.
Walpar Nutritions Limited is a manufacturing company that develops, manufactures, and commercializes herbo-nutraceutical products including sales, marketing, quality assurance, distribution, compliance and regulatory aspects. The company manufactures more than 100 formulations and 1000 brands for third-party manufacturing on a job work basis as well as its own branded products. It holds product approvals under FSSAI and AYUSH licenses for manufacturing tablets, capsules, oral liquids, ointments and analysis services. The company maintains WHO, HACCP, HALAL, Kosher and ISO 9001:2015 certifications. Its manufacturing facility is located in Santej, Gandhinagar, with installed capacity of approximately 30 lakh tablets per month, 12.50 lakh capsules per month, 1.50 lakh oral liquids per month, and 2 lakh sachets per month. The company also trades in raw materials used in nutraceutical manufacturing and has co-founded a subsidiary, M/s Walpar Wellness Private Limited, in which it holds 60% equity stake to meet export requirements.
Objects of the Issue
- Investment in Subsidiary ₹180.00 Lakhs p.70
- To Meet Incremental Working Capital Requirements ₹290.00 Lakhs p.70
- General Corporate Purpose ₹150.00 Lakhs p.70
- Public Issue Expenses ₹40.00 Lakhs p.75
- General corporate purposes
Issue Structure
- Total Issue
- ₹660.00 Lakhs (Gross Issue Proceeds)
- Fresh Issue
- 1,200,000 Equity Shares at an Issue Price of ₹55 per Equity Share
- Price Band
- ₹55/- per Equity Share (Fixed Price Issue)
- Face Value
- ₹10/- per Equity Share
Business Model
The company operates through three primary channels: (1) Third party manufacturing of nutraceutical products on job work basis where raw material is procured by Walpar for customers; (2) Marketing of products manufactured under its own brand sold through wholesaler distributors and sales distribution channels; and (3) Trading of raw materials used in manufacturing nutraceutical products, which are also used in the company's own product manufacturing.
Business Segments
SWOT Analysis
- • Established manufacturing capabilities with WHO, HACCP, HALAL, Kosher and ISO 9001:2015 certifications(p.13)
- • Diversified product portfolio including tablets, capsules, oral liquids, ointments and other dosage forms(p.13)
- • Significant installed manufacturing capacity with expansion plans via subsidiary(p.13)
- • Active participation in both own-brand manufacturing and third-party manufacturing for multiple therapeutic segments(p.13)
- • Patent applications filed for proprietary products(p.13)
- • Installed manufacturing capacity across multiple dosage forms(p.90)
- • Experienced management team with healthcare industry knowledge(p.103)
- • Diverse product portfolio across multiple segments(p.103)
- • Strong quality certifications and international standards compliance(p.103)
- • Strong formulation development and manufacturing capabilities(p.104)
- • Diversified product portfolio across multiple therapeutic segments(p.136)
- • Multiple regulatory certifications and quality standards(p.136)
- • Significant manufacturing capacity expansion(p.136)
- • Patent filings for proprietary formulations(p.136)
- • Industry recognition and awards(p.137)
- • Diverse manufacturing capabilities across multiple dosage forms and formats(p.199)
- • Extensive regulatory certifications and quality standards compliance(p.199)
- • Broad portfolio of formulations and brands developed for third-party manufacturing(p.200)
- • Revenue growth trajectory with 30.34% year-on-year increase(p.203)
- • Intellectual property protection through patent applications(p.199)
- • Dependence on leased premises without ownership; lease renewal risk(p.23)
- • High concentration of revenues in few customers; significant customer dependency(p.25)
- • High concentration of purchases from few suppliers(p.26)
- • Low net profit margins compared to industry standards(p.26)
- • Significant working capital requirements; history of negative cash flows from operations(p.26)
- • Unsecured loans from directors and promoters that can be recalled at any time(p.27)
- • Outstanding income tax litigations against company and directors(p.25)
- • Recently formed subsidiary company with execution risk on export capacity expansion(p.25)
- • High working capital intensity(p.73)
- • High capital expenditure requirements(p.104)
- • Rented manufacturing facilities without long-term security(p.118)
- • High leverage with debt-to-equity ratio of 1.82 pre-IPO(p.192)
- • Dependence on related party financing(p.179)
- • Limited operating profitability with declining margins(p.170)
- • Concentration of operations in single geographic location(p.137)
- • Significant dependence on top ten customers for substantial revenue concentration(p.206)
- • High concentration of supplier dependence for raw materials(p.206)
- • High employee benefit expenses relative to revenue(p.202)
- • Outstanding income tax demands against erstwhile partnership firm(p.208)
- • Significant finance costs relative to scale of operations(p.204)
- • Growing pharmaceutical exports and global market expansion potential(p.13)
- • Strong growth trajectory of Indian nutraceuticals and AYUSH sector(p.13)
- • Subsidiary company positioned for export market with new manufacturing facility(p.13)
- • Expansion into new markets through existing relationships and brand recognition(p.13)
- • Government support and policy initiatives for pharmaceutical sector(p.14)
- • Growing nutraceutical market driven by health consciousness(p.104)
- • Product portfolio expansion into emerging categories(p.104)
- • Geographic market expansion and penetration(p.105)
- • Global footprint expansion through manufacturing and franchising(p.105)
- • E-commerce distribution channel growth(p.105)
- • Export expansion to multiple countries(p.136)
- • Growth in nutraceuticals and wellness segments(p.136)
- • Third-party manufacturing capabilities(p.136)
- • Subsidiary company for export-focused manufacturing(p.138)
- • Online B2C platform for pharmaceutical raw materials(p.136)
- • Expansion into international markets through export filings(p.199)
- • Launch and market adoption of immune-boosting products during pandemic(p.199)
- • Capacity expansion and new facility development through subsidiary(p.200)
- • Development of customized nutrition products under MI Supplement division(p.199)
- • Growing nutraceutical market demand and industry recognition(p.199)
- • Intense competition from local, multinational, and international competitors(p.27)
- • Exposure to raw material price volatility and supply disruptions(p.24)
- • Risk of counterfeiting and piracy affecting brand reputation and market share(p.27)
- • Changes in regulatory framework and licensing requirements(p.24)
- • Foreign exchange rate fluctuations affecting export revenues(p.33)
- • Regulatory risks related to bar coding and export compliance(p.24)
- • COVID-19 pandemic and supply chain disruptions(p.35)
- • Restrictions on non-renewal of licenses from government and regulatory authorities(p.24)
- • Fluctuations in raw material prices(p.104)
- • Changes in government policies and regulations(p.104)
- • Changing consumer demand and preferences(p.104)
- • Intense competition from multiple market players(p.117)
- • Low entry barriers attracting new competitors(p.117)
- • Regulatory compliance burden in pharmaceutical manufacturing(p.133)
- • Exposure to multiple regulatory jurisdictions for operations(p.135)
- • Dependence on working capital financing(p.182)
- • Potential income tax disputes(p.192)
- • Macroeconomic uncertainties including COVID-19 pandemic impact(p.201)
- • Competition from existing and new market players(p.201)
- • Disruption risks in raw material and labour supply(p.201)
- • Potential technology obsolescence in manufacturing operations(p.201)
- • Exposure to inflation and operating cost volatility(p.205)
- • Interest rate and borrowing cost risks(p.205)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Mr. Kalpesh Pravinchandra Ladhawala | Promoter | 23.34% | 17.18% |
| Mr. Tanmaykumar Ashwinbhai Shah | Promoter | 19.75% | 14.53% |
| Mrs. Sejal Kalpesh Ladhawala | Promoter | 19.03% | 14.01% |
| Mrs. Nidhi Yogesh Shah | Promoter Group | 8.80% | 6.47% |
| Mr. Krunal J Patel | Promoter Group | 5.06% | 3.72% |
| Mr. Divyanshu Raval | Promoter Group | 4.04% | 2.97% |
| Mr. Abhishek Patel | Promoter Group | 4.04% | 2.97% |
| Mr. Jignesh Modi | Promoter Group | 4.04% | 2.97% |
| Mr. Kalpesh Pravinchandra Ladhawala | Promoter | — | — |
| Mr. Tanmaykumar Ashwinbhai Shah | Promoter | — | — |
| Mrs. Sejal Kalpesh Ladhawala | Promoter | — | — |
| Kalpesh Pravinchandra Ladhawala | Promoter | — | — |
| Sejal Kalpesh Ladhawala | Promoter | — | — |
| Tanmaykumar Ashwinbhai Shah | Promoter | — | — |
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.