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Economic Times
3 days ago
- Business
- Economic Times
Neptune Petrochemicals IPO sails through on Day 1. Check details
The initial public offering of Neptune Petrochemicals, which opened for subscription on Wednesday, was subscribed by 1.06 times at the end of the first day of the bidding process. ADVERTISEMENT The non-institutional investors (NIIs) had made 322 applications for a total of 17.53 lakh shares, while the qualified institutional buyers (QIBs) had applied for 27.76 lakh shares via 4 applications. The issue will remain open until May 30 and the company plans to raise Rs 73.20 crore through a fresh issue of 60 lakh shares. Ahead of the issue opening, there is no GMP in the unlisted market. Beeline Capital Advisors is managing the issue as the book-running lead manager, and MUFG Intime India (Link Intime) is the IPO is being offered in a price band of Rs 115 to Rs 122 per share. The shares will be listed on the NSE SME platform with a tentative listing date set for June investors can apply for a minimum of 1,000 shares, which amounts to Rs 1,22,000 at the upper price band. High-net-worth individuals (HNIs) can apply for a minimum of 2,000 shares with an investment of Rs 2,44,000. ADVERTISEMENT Incorporated in 2021, Neptune Petrochemicals is engaged in manufacturing and trading various grades of bitumen products, including polymer-modified and crumb-rubber-modified bitumen. The company's products are widely used in the construction and road-building sectors. It has three manufacturing units located in Ahmedabad (Gujarat), Panipat (Haryana), and Kamrup (Assam). It also exports products to neighbouring countries such as Nepal and Bhutan. ADVERTISEMENT For the nine months ended December 31, 2024, the company reported revenue of Rs 620 crore and a profit of Rs 19.47 crore. In the previous full year (FY24), Neptune had a profit of Rs 20.82 crore on revenue of Rs 675.97 crore. It has shown strong growth in a short period and maintains a healthy return on equity of 65 company plans to use the IPO proceeds to fund the purchase of office space, install new plant and machinery, meet working capital needs, and for general corporate purposes. ADVERTISEMENT Investors will be watching the subscription trends closely over the next few days, especially as the company is part of a fast-growing infrastructure segment. Its strong financials and niche product focus may attract interest, despite current cautious sentiment in the SME space. (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times) (You can now subscribe to our ETMarkets WhatsApp channel)
Time of India
4 days ago
- Business
- Time of India
Neptune Petrochemicals IPO opens today: Check GMP, price band and other details
The initial public offering of Neptune Petrochemicals will open for subscription today and will remain open until May 30. The company plans to raise Rs 73.20 crore through a fresh issue of 60 lakh shares. Ahead of the issue opening, there is no GMP in the unlisted market. Beeline Capital Advisors is managing the issue as the book-running lead manager, and MUFG Intime India (Link Intime) is the registrar. Neptune Petrochemicals IPO price band The IPO is being offered in a price band of Rs 115 to Rs 122 per share. The shares will be listed on the NSE SME platform with a tentative listing date set for June 4. Retail investors can apply for a minimum of 1,000 shares, which amounts to Rs 1,22,000 at the upper price band. High-net-worth individuals (HNIs) can apply for a minimum of 2,000 shares with an investment of Rs 2,44,000. About Neptune Petrochemicals Incorporated in 2021, Neptune Petrochemicals is engaged in manufacturing and trading various grades of bitumen products, including polymer-modified and crumb-rubber-modified bitumen. The company's products are widely used in the construction and road-building sectors. It has three manufacturing units located in Ahmedabad (Gujarat), Panipat (Haryana), and Kamrup (Assam). It also exports products to neighbouring countries such as Nepal and Bhutan. For the nine months ended December 31, 2024, the company reported revenue of Rs 620 crore and a profit of Rs 19.47 crore. In the previous full year (FY24), Neptune had a profit of Rs 20.82 crore on revenue of Rs 675.97 crore. It has shown strong growth in a short period and maintains a healthy return on equity of 65 percent. The company plans to use the IPO proceeds to fund the purchase of office space, install new plant and machinery, meet working capital needs, and for general corporate purposes. Investors will be watching the subscription trends closely over the next few days, especially as the company is part of a fast-growing infrastructure segment. Its strong financials and niche product focus may attract interest, despite current cautious sentiment in the SME space.
Time of India
21-05-2025
- Business
- Time of India
Borana Weaves IPO Day 2: After strong investor response, GMP soars to 28%. Check subscription
Borana Weaves's IPO, which opened for subscription on Monday, saw strong traction from investors on the first day of bidding, particularly in the retail segment. The issue, which is set to raise Rs 144.89 crore through a 100% fresh equity sale, received 8.5 times subscription overall from investors. The category reserved for retail investors was booked 25 times, followed by non-institutional investors at 12 times, and qualified institutional investors at 1.6 times. With the retail portion already fully booked and strong interest from HNIs and institutional investors expected in the coming days, market participants will be closely watching the subscription figures ahead of the final day. Borana Weaves IPO last GMP is at around Rs 60, which indicates a listing premium of 28% over the issue price. The IPO is priced in the range of Rs 205 to Rs 216 per share, and the minimum lot size for retail investors is 69 shares. At the upper price band, the minimum investment for retail applicants stands at Rs 14,904. The IPO will remain open for bidding until Wednesday, May 22. Beeline Capital Advisors is the sole book-running lead manager, while KFin Technologies is acting as the registrar for the issue. Shares of the company are proposed to be listed on both BSE and NSE, with a tentative listing date of May 27. Live Events Borana Weaves, incorporated in 2020, is a Surat-based textile manufacturer known for its unbleached synthetic grey fabric and polyester textured yarn (PTY yarn). The company caters to a range of industries, including fashion, traditional textiles, home décor, and technical textiles. Its three manufacturing facilities are equipped with advanced machinery, including 700 water jet looms, which contribute to its high production capacity. The company intends to use the IPO proceeds to set up a new grey fabric manufacturing facility in Surat, meet incremental working capital needs, and for general corporate purposes. On the financial front, Borana Weaves reported a strong performance for the nine-month period ending December 2024, with revenues of Rs 215.71 crore and net profit of Rs 29.31 crore. The company's robust growth, along with improving sector sentiment, has driven optimism around the IPO. ( Disclaimer : Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
Economic Times
20-05-2025
- Business
- Economic Times
Borana Weaves IPO subscribed 1.8 times on Day 1; GMP points to 25% listing gain— Should you apply?
The initial public offering (IPO) of Borana Weaves was fully subscribed on Tuesday with an overall subscription of 1.79 times as of 11:05 AM on the first day of bidding, indicating a solid start to the nearly Rs 145 crore public offer. ADVERTISEMENT Retail investors led the momentum with their portion subscribed 7.12 times, while the Non-Institutional Investor (NII) category saw 1.82 times subscription. The issue, which opened on May 20, will close on May 22. Listing is expected on May 27. Grey Market Premium Priced in a band of Rs 205 to Rs 216 per share, the IPO is generating investor buzz with a grey market premium (GMP) of Rs 55 as of early Tuesday, May 20. Based on the upper end of the price band at Rs 216, the IPO's estimated listing price is pegged at Rs 271, implying a potential listing gain of 25.46%. Offer structure and key dates The Rs 144.89 crore IPO is a book-built issue comprising a fresh issuance of 67.08 lakh equity shares. The price band is set at Rs 205 to Rs 216 per share. The minimum bid for retail investors is one lot of 69 shares (Rs 14,904 at the upper band), while small NIIs can bid for at least 14 lots (966 shares) at Rs 2,08,656, and big NIIs for 68 lots (4,692 shares) at Rs 10,13,472. The IPO allocation reserves at least 75% of the shares for Qualified Institutional Buyers (QIBs), up to 15% for NIIs, and not more than 10% for retail investors. The anchor book opened on May 19. Beeline Capital Advisors is the book-running lead manager, while Kfin Technologies serves as registrar. ADVERTISEMENT Share allotment is expected to be finalized on May 23, with credits to demat accounts by May 26. Capital to fund expansion ADVERTISEMENT Proceeds from the IPO will be used primarily to establish a fourth manufacturing unit in Surat, augment working capital, and cover general corporate expenses.'The proceeds from the IPO will support the expansion of our production infrastructure and help us address our working capital needs,' said Mangilal Ambalal Borana, Chairman and Managing Director of Borana Weaves. ADVERTISEMENT Financials and business outlook Founded in 2021 and based in Surat, Borana Weaves manufactures unbleached synthetic grey fabric used across fashion, home décor, and industrial applications. The company operates three manufacturing units equipped with 15 texturizing machines, 6 warping machines, 700 water jet looms, and 10 folding Weaves reported revenue of Rs 199.05 crore, EBITDA of Rs 41.17 crore, and PAT of Rs 23.58 crore for FY24. For the nine months ended December 2024, revenue reached Rs 211.61 crore with EBITDA of Rs 46.03 crore and PAT of Rs 29.30 crore. ADVERTISEMENT The company's customer base is concentrated among wholesalers in Gujarat. With the global man-made fiber market expected to grow at 3.7% in 2025, Borana aims to expand its reach in both domestic and export markets. Analyst view Gaurav Garg of Lemonn Markets Desk said the IPO presents an attractive short-term bet, supported by strong listing gain potential, healthy financials, and solid investor interest in the grey market."Borana Weaves' IPO offers a compelling short-term opportunity, with strong listing gain potential driven by robust growth, healthy margins, and attractive GMP. The company's niche positioning and integrated manufacturing give it an edge, but high regional concentration and raw material volatility remain key risks," said Garg."At a P/E of ~17.5x, valuations seem fair, making it a suitable pick for retail and HNI investors looking to capitalize on debut momentum—while long-term investors may want to monitor execution and expansion before committing," said Garg. Also read | Borana Weaves IPO opens for subscription with healthy GMP. Should you bid? (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times) (You can now subscribe to our ETMarkets WhatsApp channel)
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Business Standard
20-05-2025
- Business
- Business Standard
Borana Weaves IPO opens for subscription: GMP up 25%; should you subscribe?
Borana Weaves IPO: The initial public offering (IPO) of unbleached synthetic grey fabric manufacturer, Borana Weaves, opens for public subscription today, Tuesday, May 20. At the upper end, the company seeks to raise ₹144.89 crore from the public offering. Ahead of the opening of the public offering, Borana Weaves successfully raised ₹65.20 crore from anchor investors in a bidding that concluded on Monday, May 19. As the public offering opens for subscription, here are the key details of the Borana Weaves IPO: Borana Weaves IPO structure Borana Weaves IPO is a book-built issue, which comprises an entirely fresh issue of 6.7 million equity shares. The public offering of Borana Weaves does not have any offer-for-sale (OFS) component. Borana Weaves has reserved not less than 75 per cent of the net offer for qualified institutional buyers, not more than 10 per cent for retail investors, and not more than 15 per cent for non-institutional investors. Borana Weaves IPO price band, lot size The public issue is available at a price band of ₹205–216 per share, and a lot size of 69 shares. Thus, investors can bid for a minimum of 69 shares of Borana Weaves IPO and in multiples thereof. A retail investor would require a minimum of ₹14,904 to bid for one lot of Borana Weaves IPO, and a maximum of 13 lots or 897 shares, amounting to ₹1,93,752. Borana Weaves IPO grey market premium (GMP) The unlisted shares of Borana Weaves were commanding a strong premium in the grey market ahead of the opening of the public issue. Sources tracking unofficial market activities revealed that Borana Weaves shares were seen trading at around ₹271 per share, reflecting a grey market premium (GMP) of ₹55 or 25.46 per cent over the upper end of the issue price. Borana Weaves IPO allotment date, listing date The three-day subscription window to bid for the Borana Weaves IPO is expected to close on Thursday, May 22, 2025. Following the closure of the subscription window, the basis of allotment of Borana Weaves shares is likely to take place on Friday, May 23, 2025. The successful allottees will receive the company's shares into their demat account on Monday, May 26, 2025. Shares of Borana Weaves are scheduled to make their D-Street debut on Tuesday, May 27, 2025, by listing on BSE and NSE. Borana Weaves IPO registrar, lead manager KFIN Technologies serves as the registrar for the Borana Weaves IPO, while Beeline Capital Advisors is the sole book-running lead manager. Borana Weaves IPO objective Borana Weaves, as outlined in its Red Herring Prospectus (RHP), will utilize the net proceeds from the public issue to finance the cost of establishing a new manufacturing unit to expand its production capabilities to produce grey fabric in Surat, Gujarat, India. The company will further use the IPO proceeds for funding incremental working capital requirements and general corporate purposes. Should You Subscribe to the Borana Weaves IPO? Anand Rathi Research Team - Subscribe for long-term Analysts from the Anand Rathi Research Team have recommended that investors subscribe to the Borana Weaves IPO for the long term. "At current valuation, based on annualised FY25, it is seeking a PE of 14.7 times. The FY24 earnings PE stands at 24.4 times, and post-issue market cap comes at ₹575.5 crore, with this the issue is fully priced," wrote the analysts in a research report. The analysts believe that the company's shift to water jet looms could benefit it over the long term with high yields, further capitalizing on its top and bottom lines. Additionally, changing fashion trends, rising brand awareness, and fast-changing styles are boosting demand for India's synthetic textiles, which stand to gain in both domestic and export markets. SMIFS - Subscribe Brokerage firm SMIFS in its report has recommended subscribing to the Borana Weaves IPO, as Borana has the highest Ebitda margin (21 per cent) and ROE and ROCE (65.69 per cent and 36.29 per cent) respectively among peers in FY24. "It is expected to grow more compared to its peers due to its capacity expansion initiatives, expanding customer base, and diversification into high-margin products with its investments in water jet looms, folding machines, and warping machines," said SMIFs in its report. The brokerage believes that Borana is poised to benefit significantly from the strong structural growth in India's synthetic textile industry, with domestic polyester demand projected to grow from 4 million tonnes to 6.7 million tonnes by 2025. Global man-made fibre demand is also expected to expand by 3.7 per cent during the same period. About Borana Weaves Incorporated in 2020, Borana Weaves specializes in manufacturing unbleached synthetic grey fabric, a key input for dyeing, printing, and finishing across industries like fashion, traditional technical textiles, interior design, and home décor. It also produces polyester textured yarn (PTY), derived from polyester oriented yarn (POY), which is used in grey fabric production, ensuring vertical integration within its textile operations. Borana Weaves Financial Snapshot In the financial year 2023–24 (FY24), the profit attributable to the owners of the company rose 44.66 per cent year-on-year (Y-o-Y) to ₹23.58 crore from ₹16 crore reported in FY23. For the nine-month period ended on December 31, 2024, it stood at ₹29.30 crore. The company's revenue jumped 47 per cent Y-o-Y to ₹199.1 crore in FY24 from ₹135.4 crore reported a year ago. For the nine-month period ended on December 31, 2024, the company's revenue stood at ₹211.61 crore. Borana Weaves' total expenditure also rose to ₹171.21 crore in FY24, up 48.1 per cent from ₹115.6 crore reported in FY23. It stood at ₹179.39 crore for the nine-month period ended on December 31, 2024.
