Latest news with #Ahmedabad-headquartered
Time of India
06-05-2025
- Business
- Time of India
Iware Supplychain shares to list today. GMP suggests muted listing ahead
Iware Supplychain Services will make its stock market debut today on the BSE SME platform . Ahead of its listing, the company was commanding a modest grey market premium (GMP) of Rs 2 per share, indicating muted but positive listing expectations. The IPO, which aimed to raise Rs 27 crore through a fresh issue of 28.56 lakh shares, was subscribed just 3 times. The tepid interest in the IPO was in line with modest responses most of the SME issues received this year. Company overview Incorporated in 2011, Ahmedabad-headquartered Iware Supplychain is an integrated logistics player offering warehousing, third-party logistics (3PL), transportation, rake handling, and auxiliary manufacturing services. It manages over 8 lakh square feet of warehousing space across Gujarat, West Bengal, Uttar Pradesh, Rajasthan, Punjab, Haryana, and Delhi. The company also owns a fleet of 47 vehicles and operates business auxiliary services such as sub-assembly for OEMs at its Karsanpura facility in Gujarat. With a client list spanning FMCG, edible oil, and home appliances, Iware positions itself as a one-stop supply chain partner for pan-India operations. Financials For the year ended March 2025, Iware posted revenues of Rs 85.82 crore and a profit after tax of Rs 6.02 crore, reflecting a steady growth trajectory. The company reported a PAT margin of 7%, with a low debt-to-equity ratio of 0.38x. However, nearly 36% of its operational revenue was spent on lorry hire charges, highlighting a cost-intensive business model. Its geographic concentration -- with over 67% of revenues coming from Gujarat -- could pose risks in the event of regional slowdowns. Moreover, with 41% of total expenses tied to lorry hire, any spike in fuel or freight costs may hurt margins. While the warehousing and logistics sector continues to attract investor interest due to policy support and sectoral tailwinds, Iware's reliance on regional contracts, rising operational costs, and modest subscription figures suggest the stock may see a flat to modest premium on debut.
Mint
01-05-2025
- Business
- Mint
Corona Remedies files draft papers with Sebi for ₹800 crore IPO; Details here
Pharmaceutical company Corona Remedies has submitted preliminary documents to the Securities and Exchange Board of India (Sebi) to seek approval for launching an initial public offering (IPO) worth ₹ 800 crore. The IPO will be entirely an offer for sale (OFS), meaning that no new shares will be issued. Instead, promoters and existing investors will sell their stakes, as detailed in the draft red herring prospectus (DRHP). As per the DRHP, the promoter group headed by Dr. Kirtikumar Laxmidas Mehta, along with current investor ChrysCapital's affiliates—Sepia Investments, Anchor Partners, and Sage Investment Trust—will offload shares in the proposed offering. ChrysCapital currently owns a 27.5% stake in Corona. The IPO is being managed by JM Financial, IIFL Capital Services, and Kotak Mahindra Capital Company as the lead book-running managers. Ahmedabad-headquartered Corona Remedies engages in the development, manufacturing, and marketing of pharmaceutical products across various therapeutic segments, including women's health, cardiovascular and diabetes care, pain management, and urology. A CRISIL report ranked the company as the second fastest-growing among the top 30 firms in the Indian Pharmaceutical Market (IPM) based on domestic sales from MAT December 2021 to MAT December 2024. As of December 31, 2024, the company's portfolio comprised 67 brands, and it reported revenues of ₹ 1,014.5 crore for FY24. As of December 31, 2024, its broad product portfolio includes 67 brands that serve various therapeutic fields, including women's healthcare, cardio-diabetes, pain management, urology, and more. The company's promoters are Dr. Kirtikumar Laxmidas Mehta, Niravkumar Kirtikumar Mehta, and Ankur Kirtikumar Mehta.
Mint
01-05-2025
- Business
- Mint
Corona Remedies files draft papers with Sebi for ₹800 crore IPO; Details here
Pharmaceutical company Corona Remedies has submitted preliminary documents to the Securities and Exchange Board of India (Sebi) to seek approval for launching an initial public offering (IPO) worth ₹ 800 crore. The IPO will be entirely an offer for sale (OFS), meaning that no new shares will be issued. Instead, promoters and existing investors will sell their stakes, as detailed in the draft red herring prospectus (DRHP). As per the DRHP, the promoter group headed by Dr. Kirtikumar Laxmidas Mehta, along with current investor ChrysCapital's affiliates—Sepia Investments, Anchor Partners, and Sage Investment Trust—will offload shares in the proposed offering. ChrysCapital currently owns a 27.5% stake in Corona. The IPO is being managed by JM Financial, IIFL Capital Services, and Kotak Mahindra Capital Company as the lead book-running managers. Ahmedabad-headquartered Corona Remedies engages in the development, manufacturing, and marketing of pharmaceutical products across various therapeutic segments, including women's health, cardiovascular and diabetes care, pain management, and urology. A CRISIL report ranked the company as the second fastest-growing among the top 30 firms in the Indian Pharmaceutical Market (IPM) based on domestic sales from MAT December 2021 to MAT December 2024. As of December 31, 2024, the company's portfolio comprised 67 brands, and it reported revenues of ₹ 1,014.5 crore for FY24. As of December 31, 2024, its broad product portfolio includes 67 brands that serve various therapeutic fields, including women's healthcare, cardio-diabetes, pain management, urology, and more. The company's promoters are Dr. Kirtikumar Laxmidas Mehta, Niravkumar Kirtikumar Mehta, and Ankur Kirtikumar Mehta. Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions. First Published: 1 May 2025, 09:42 AM IST
Mint
24-04-2025
- Business
- Mint
Gensol's West Asia operations look to separate from parent, mitigate fallout from India scrutiny
Amidst mounting scrutiny over alleged financial irregularities in India, embattled solar power EPC (engineering, procurement, and construction) company Gensol Engineering Ltd's West Asia operation is exploring a potential separation from the parent company. Two people aware of the development said that the Dubai-headquartered middle-east arm, which holds significant solar project contracts worth AED 175 million ( ₹ 406.75 crore), is considering the move to mitigate the fallout from its India troubles. 'There is a plan being discussed to delink Gensol's West Asia operations from the parent company to sequester it from the India fallout,"one of the two people cited above said, requesting anonymity. 'The plan also includes returning AED 25 million to the parent company." The AED 25 million ( ₹ 58.10crore) had been initially transferred by the Ahmedabad-headquartered company to establish its MENA (middle east and north Africa) presence, which includes subsidiaries such as Green Energy Trading LLC-FZ-UAE and Gensol Renewables DW LLC-UAE. Experts believe such a separation is feasible under certain conditions. 'Any plan of hiving off an arm of a company in such instances can be taken up as long as the company is not admitted to insolvency resolution," said Manoj Kumar, partner and head of M&A and investment banking at Corporate Professionals. 'In case of insolvency, any related-party transaction over the past two years would be scrutinized and any non-related party transaction over the past one year period would be thoroughly scrutinized." Also read | Gensol promoters lose over half of their ownership Kumar added that in case Sebi or the enforcement directorate, which have power to seize assets, decide to seize them, then such a transaction of separation would be difficult to go through. But till the time there is no embargo on the assets, a transaction of separation or hive off can be taken up." Meanwhile, Mint reported earlier that PFC is looking at multiple options to recover its dues, including filing an insolvency petition at the National Company Law Tribunal. PFC on Tuesday said it has filed a complaint with the Economic Offences Wing of the Delhi Police over alleged submission of falsified documents by Gensol. Queries emailed to the spokesperson of Gensol Engineering Ltd on Tuesday remained unanswered till press time. The development comes in the backdrop of the Indian government evaluating all green energy project contracts awarded to Gensol to ensure their timely completion and, if required, rebidding of the EPC contracts won from state-run firms. The government's move followed an interim order by India's market regulator Sebi (Securities and Exchange Board of India) barring Gensol's promoters– Anmol Singh Jaggi and Puneet Singh Jaggi–from trading in the securities market, and from holding any key managerial post in Gensol or any other listed company. Additionally, Gensol's planned 1:10 stock split has been halted, and a forensic audit has been ordered. Sebi in its investigation had found that the founders of the cleantech company had siphoned off loans availed from state-run lenders Power Finance Corporation and Indian Renewable Energy Development Agency (Ireda) for non-related and personal expenses. It also found the company forged documents to show that it was regular in servicing its debt towards the lenders. Read this | Gensol won many PSU contracts. Here's what happens to them Further, Sebi's interim order highlighted the broader implications of the financial irregularities, stating, 'While the fund diversion primarily occurred in the context of electric vehicle (EV) purchases intended for leasing to a related party, the risk it creates is neither isolated nor contained. The company has a substantial order book, comprising critical infrastructure contracts awarded by government and public sector entities in the renewable EPC space. These contracts are not just capital intensive–they also require strict financial discipline, timely execution, and reputational credibility to retain project flow and institutional trust." Established in 2012, Gensol Engineering Ltd has been operating in the solar power EPC services space, along with electric mobility solutions. According to its annual report for FY24, it has a team of more than 500 professionals across solar (Gensol Solar EPC -- India & Middle East -- and Scorpius Trackers), EV (electric vehicle) leasing and EV manufacturing. In the annual report, the company said it has expanded its footprint internationally with EPC projects in the UAE and other regions. 'We secured a 23.2MWp (megawatt-peak) solar project in the UAE, showcasing our competitive positioning and leveraging strategic partnerships in high-potential markets," the company said. And read | How did Gensol's lenders miss a ₹ 262-crore gap for more than a year? Gensol's net profit for the nine months ended December 2024 was ₹ 78.31 crore, compared to ₹ 51.40 crore in the year ago period, according to its Q3 FY25 financial results filed with the exchanges. Its total revenue was ₹ 1,053.02 crore, 42% higher than ₹ 740.98 crore in the year ago period. As of December 2024, the company had an unexecuted orderbook of about ₹ 7,000 crore, showed its investor presentation for Q3 FY25.
