Greenchef Appliances IPO will open for subscription from 23 June 2023. the company aims for an issue size of ₹53.62 Cr through this IPO.
Company Overview
| Full name | Greenchef Appliances Limited |
| Sector | Consumer Durables |
| Industry | Consumer durables-Domestic Appliances |
| Company Website | https://www.greenchef.in/ |
About Company
Incorporated in 2010, Greenchef Appliances is engaged in the business of manufacturing and marketing a wide range of kitchen appliances under the brand name Greenchef. Its kitchen appliances include a wide range of solutions comprising Gas Stoves, Pressure Cookers, Mixer Grinders, Wet Grinders, Electric Rice Cooker, Induction Cooktops, Non-stick Cookwares like Tawa, Fry Pans, Kadai, Biriyani Pot, Tadka Pan, Paniyarakkal, Appamchetty, etc, Kettles, Hose Pipes, Gas Cylinder Trolley and Spin Mop.
The company is also engaged in the marketing of appliances like Chimneys, Stainless Steel Utensils, Blenders, Vegetable Chopper, Silicon Gaskets, Water Bottles, Fans, Iron, etc. The company sells its products through offline and online platforms such as Flipkart India Private Limited, Jiomart, Bigbasket, and Amazon Seller Services Private Limited. It also provides after-sales services in relation to the products. These services include repairs and maintenance of sold goods and installation Services. As of 31 December 2022, the company service team comprised 130 service technicians across 13 states. Further, it has also appointed 107 authorized service providers across 15 states.
Greenchef Appliances have three manufacturing facilities located in Bengaluru, Karnataka, and one manufacturing facility located at Parwanoo, Himachal Pradesh. The Parwanoo facility is focused on manufacturing Gas Stoves and hose pipes for which the company has also entered into a marketing agreement with oil companies like Hindustan Petroleum Corporation Limited, Indian Oil Corporation Limited, and Bharat Petroleum Corporation Limited.
As of 31 December 2022, its manufacturing facilities are well connected with five strategically located Carrying and Forwarding (C&F) agents in the state of Rajasthan Maharashtra, Uttar Pradesh, Gujarat, and Bihar. Additionally, the company has around 450 distributors in 22 states and 3 union territories of India.
The Objective of the Issue
- Funding Capital Expenditure towards the installation of additional plant and machinery, and the construction of the factory building,
- Funding of working capital requirement, and
- General Corporate Purpose.
Greenchef Appliances IPO Timetable
| IPO Opening date | 23 June 2023 |
| IPO Closing | 27 June 2023 |
| Basis of Allotment | 03 July 2023 |
| Initiation Refund | 04 July 2023 |
| Credit to Demat Account | 05 July 2023 |
| Listing Date | 06 July 2023 |
Greenchef Appliances IPO details
| Issue type | Book Built Issue IPO |
| IPO issue size | ₹53.62 Cr – 6,163,200 shares |
| Fresh Issue | ₹53.62 Cr – 6,163,200 shares |
| Offer for sale | Nil |
| Face value | ₹10 per share |
| Price Band | ₹82 to ₹87 per share |
| Lot size | 1600 Shares |
| Retail Allocation | 35% |
| Listing Exchange | NSE SME |
IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 1600 | ₹139,200 |
| Retail (Max) | 1 | 1600 | ₹139,200 |
| HNI (Min) | 2 | 3,200 | ₹278,400 |
Reservation Details
| QIB Shares Offered | 50% |
| NII (HNI) Shares Offered | 15% |
| Retail Shares Offered | 35% |
Financial Performance
| FY 2020 | FY 2021 | FY 2022 | 9M FY 2023** | |
| Revenue | 237.55 | 238.99 | 335.78 | 254.83 |
| Expenses | 236.75 | 235.54 | 335.88 | 242.90 |
| Net income | 1.17 | 2.57 | 0.82 | 10.22 |
Valuations & Margins
| FY 2020 | FY 2021 | FY 2022 | |
| EPS | 0.65 | 1.47 | 0.45 |
| PE ratio | – | – | 182.22 – 193.33 |
| RONW (%) | 2.30 | 4.93 | 1.48 |
| NAV | 28.37 | 29.77 | 30.22 |
| ROCE (%) | 5.78 | 6.76 | 4.04 |
| EBITDA (%) | 2.97 | 3.59 | 2.17 |
| Debt/Equity | 0.81 | 1.02 | 1.29 |
Company Promoters
- Mr. Sukhlal Jain
- Mr. Praveen Kumar Sukhlal Jain
- Mr. Vikas Kumar Sukhlal Jain
- Mr. Hitesh Kumar Jain
- Mr. Vikas Kumar Sukhlal Jain HUF
Promoter Holding
| Pre Issue Share Holding | 100% |
| Post Issue Share Holding | 73.52% |
Lead Manager(s)
HEM SECURITIES LIMITED
904, A Wing, Naman Midtown,
Senapati Bapat Marg, Elphinstone Road,
Lower Parel, Mumbai-400013, Maharashtra
Phone: +91- 022- 49060000
Email: ib@hemsecurities.com
Website: www.hemsecurities.com
IPO Registrar
LINK INTIME INDIA PRIVATE LIMITED
C-101, 1st Floor, 247 Park,
Lal Bahadur Shastri Marg, Vikhroli (West),
Mumbai, Maharashtra, India – 400 083
Phone: +91-8108114949
Email: greenchef.ipo@linkintime.co.in
Website: www.linkintime.co.in
Contact Details
GREENCHEF APPLIANCES LIMITED
No. 477 E, IV Phase, Peenya Industrial Area,
Bangalore – 560 058, Kanrataka, India
Phone: +91-80-29564495
E-mail: info@greenchef.in
Website: www.greenchef.in
Allotment Status
Greenchef Appliances IPO allotment status will be available on Link Intime’s website. Click on Link Intime IPO weblink to get allotment status.
Final thoughts
Greenchef Appliances IPO is going to hit Dalal Street soon. applying for an IPO is purely a personal choice. study well about the company and do subscribe if you are feeling good about the company. I hope this post will give you enough details to make a fundamental study of the company. learn well and make wise decisions.
Happy Investing
