Dollex Agrotech Limited

LISTED

SME IPO · IPO Guide

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Issue Price

₹35

Listed On

28 Dec 2022

Listing Price

₹30 (-14.29%)

Current Price LIVE

₹30 (-14.29%)

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Lot Size Calculator

Application	Lots	Shares	Amount
Retail	2	8,000	₹2,80,000
HNI Min	3	12,000	₹4,20,000

As per financials, DAL has shown average results, RoNW is 12.34% and P/E is respectively 26.73 and 14.44 as per FY22 and annualised FY23 earnings, which looks fully priced. Company is in Sugar business which is highly competitive and under Government control. Also there are lot of listed players available in market with better valuations. So we are giving AVOID rating to this IPO.

As on Date	Combined (QIB + NII)	RII	Total
Shares Offered / Reserved	33,08,000	33,08,000	66,16,000
Day 1 15-12-22	25,68,000 (0.78)	5,04,000 (0.15)	30,72,000 (0.46)
Day 2 16-12-22	27,16,000 (0.82)	12,48,000 (0.38)	39,64,000(0.6)
Day 3 19-12-22	34,88,000 (1.05)	34,88,000 (1.05)	69,76,000 (1.05)
Day 4 20-12-22	48,32,000 (1.46)	75,44,000 (2.28)	1,23,76,000 (1.87)

Company	P/B Ratio	P/E Ratio	RoNW	Total Revenue (Cr)
Dollex Agrotech Limited Current	1.93	26.73	12.34%	80
Shree Renuka Sugars Limited	(13.25)	-	-	6,431
Bajaj Hindusthan Sugar Limited	0.96	-	(11.8)%	5,576
Rana Sugars Limited	0.77	6.90	23%	1,400
Vishwaraj Sugar Industries Limited	1.20	6.22	23.7%	467
Parvati Sweetners and Power Limited	1.23	-	1.84%	71

Dollex Agrotech Limited is founded in year 2013 and engaged into the business of manufacturing & trading of sugar with captive power cogeneration capabilities. The company's product portfolio includes Jaggery powder, Sugar, Molasses, Bagasse, Press mud, and Pharma-grade Sugar. The company also produce and sells its by-products such as mollases, pressed and bagasse. The bagasse is used to generate power. Further, the company is engaged in power generation up to the captive power of 3 MW. Company started its operations of Sugar manufacturing, from sugarcane along with co-generation capabilities in Indore, Madhya Pradesh. The plant is situated at Village Erai, TehsilBadoni Khurd, Dist. Datia, Madhya Pradesh- 475686 have crushing capacity of 2500 TCD. In FY22, they manufactured 1,625.91 TCD with an installed capacity of 2500 MT. In FY20, FY21 & FY22, company's capacity utilization was 45%, 64% & 75% respectively. The company have been allotted an area of 7600 sq. ft by the government to take the sugarcane produce from the farmers. Company had a total of 48 employees on the payroll. As per financial performance, DAL has posted total income/net profits of Rs 25.90 Cr / Rs 0.58 Cr (FY20), Rs 77.48 Cr / Rs 1.67 Cr (FY21), Rs 79.63 Cr / Rs 3.27 Cr (FY22) and Rs 8.41 Cr / Rs 1.51 Cr (Q1 FY23). So company has shown average results, but growth in net profit. Company has posted an average EPS of Rs 1.19 and average RoNW of 9.41% for last three fiscals. Issue is priced at a P/B of 1.93 as per NAV of Rs 18.18 as on post issue. As per FY22 earnings on fully diluted equity post issue, asking price is at P/E of around 26.73 and as per annualised FY23 earnings P/E is 14.44. Comparison between listed peers is shown in above table. On BRLM's front, Expert Global Consultants Private Limited is associate with this IPO, and have not handled any IPO in last 3 years. As per financials, DAL has shown average results, RoNW is 12.34% and P/E is respectively 26.73 and 14.44 as per FY22 and annualised FY23 earnings, which looks fully priced. Company is in Sugar business which is highly competitive and under Government control. Also there are lot of listed players available in market with better valuations. So we are giving AVOID rating to this IPO.

Offer for Sale

1
Offer for Sale (a) To achieve benefits of listing the equity Shares on the stock exchanges.(b) Sell upto 4,91,200 equity shares of the selling shareholders of the company. Fresh Issue(a) Working Capital Requirement. ( Rs 11.30/- Cr )(b) General Corporate Purposes. ( Rs 3.99/- Cr ) (c) Issue Expenses. ( Rs 2.08/-)

Fresh Issue

1
Fresh Issue(a) Working Capital Requirement. ( Rs 11.30/- Cr )(b) General Corporate Purposes. ( Rs 3.99/- Cr )
2
All matter published here is purely for educational and information purposes only and under no circumstances should be used for making investment decision
3
Readers must consult a qualified financial advisor prior to making any actual investment decisions, based on information published on this applicatio
4
With entry barriers, SEBI wants only well informed investors to participate is such SME offer
5
With crazy recent listings, SME IPOs have started drawing attention of investors across the boar
6
However, as SME issues have entry barriers and continued low preference from broking community, any reader taking decisions based on any information published here does so entirely at own ris
7
Above information is based on information available as on date coupled with market perception

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Disclaimer

No financial information whatsoever published herein, should be construed as an offer to buy or sell securities, or as information to make investment decisions, or as an official confirmation of any transaction. All matter published herein is purely for educational and informational purposes only and under no circumstances should be used for making investment decisions. Readers must consult a qualified financial advisor prior to making any actual investment decisions.

💬 Community Discussion

4 Comments

N
nikunj 26 Dec 2022, 18:31

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N
nikunj 26 Dec 2022, 18:31

https://t.me/NIK372021
A
alfazmodhiya 19 Dec 2022, 23:31

gmp
A
alfazmodhiya 15 Dec 2022, 07:15

gmp

Period	Total Income	Total Expenses	Profit After Tax (PAT)
Q1 FY23	8.41	6.27	1.51
FY22	79.63	75.38	3.27
FY21	77.48	75.08	1.67
FY20	25.90	24.58	0.58

Open Date	Dec 15, 2022
Close Date	Dec 20, 2022
Allotment Date	Dec 26, 2022
Listing Date	Dec 28, 2022
Face Value	₹ 10 Per Equity Share
Issue Price	₹ 35 Per Equity Share
Issue Size	Total Equity Shares of 69,68,000 with aggregating up to Rs 24.39/- Cr Fresh Issue of Up to 49,68,000 with aggregating up to Rs 17.39/- Cr Offer for sale Up to 20,00,000 with aggregating up to Rs 7/- Cr
Retail Min Lot	1 Lot (4,000 Shares - ₹ 1,40,000)
Lead Manager	Expert Global Consultants Private Limited

Dollex Agrotech Limited

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