Gretex Corporate Services Ltd

LISTED

SME IPO · IPO Guide

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Issue Price

₹170

Listed On

09 Aug 2021

Listing Price

₹172 (+1.18%)

Current Price LIVE

₹172 (+1.18%)

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Lot Size Calculator

Application	Lots	Shares	Amount
Retail	2	1,600	₹2,72,000
HNI Min	3	2,400	₹4,08,000

For Gretex Corporate Services Limited, financials are zigzag, RoNW is 9.80%, P/E is around 27 for FY21. So issue looks aggressively priced and also financial services related business is very highly competitive. Performance of BRLM is good. So we give AVOID rating to this SME IPO.

As on Date	Combined (QIB + NII)	RII	Total
Shares Offered / Reserved	1,43,200	1,43,200	2,86,400
Day 1 27-07-21	1,19,200 (0.83)	5,94,400 (4.15)	7,13,600 (2.49)
Day 2 28-07-21	1,84,000 (1.28)	9,84,800 (6.88)	11,68,800 (4.08)
Day 2 29-07-21	2,12,800 (1.49)	12,71,200 (8.88)	14,84,000 (5.18)
Day 3 30-07-21	3,39,200 (2.37)	17,43,200 (12.17)	20,82,400 (7.27)

Incorporated in 2008, Gretex Corporate Services Limited was engaged in the business of providing project finance services to companies through banks and financial institutions. Gretex corporate is a Company in India, offering diversified financial and consultancy services in the areas of Capital Markets, Corporate Finance, Corporate Restructuring, Debt Syndication, Compliance Advisory. Since past six years the company have been carrying out the business of management of fund-raising activities, investment advisory, underwriting of issues, manager, consultant or adviser to any issue including corporate advisory services and as consultant or advisor to the issuer. Company has 2 associates company named Sankhu Merchandise Private Limited and Gretex Share Broking Private Limited. On the financial performance front, Gretex reported turnover/net profits (loss) of Rs. 3.15 cr./ (0.25) cr. (FY19), Rs. 1.45 cr./ (1.15) cr. (FY20) and Rs. 3.24 cr. / Rs. 0.71 cr. (FY21). So company has shown zig-zag results. For the last three years, company has posted average EPS of Rs. (3.80) and RoNW of (8.60)%. The issue is priced at a P/BV of 1.87 based on its NAVs of Rs. 90.72 post issue. As per FY21 earnings and on post issue equity, IPO is valued at P/E of around 27, which looks over valued as performance in FY21 is exceptional and it will be difficult to show similar margins in future also. Comparison between listed peers is shown in above table. On BRLM's front Aryaman Financial Services Limited Pvt. Ltd. has handled 13 IPOs in last three fiscals. From last 10 IPOs, 1 is opened below and remaining are opened above issue price. As of now from 10 IPOs, 2 is trading below and remaining are trading above issue price . ( As on 27.07.21 ) For Gretex Corporate Services Limited, financials are zigzag, RoNW is 9.80%, P/E is around 27 for FY21. So issue looks aggressively priced and also financial services related business is very highly competitive. Performance of BRLM is good. So we give AVOID rating to this SME IPO.

Fresh Issue

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)Working capital requirements (Rs
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)General corporate purposes ( R
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69/- C
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Payment of security deposit for renting of office space (Rs 3/- Cr.)
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Working capital requirements (Rs 0.50/- Cr.)
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All matter published here is purely for educational and information purposes only and under no circumstances should be used for making investment decision
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Readers must consult a qualified financial advisor prior to making any actual investment decisions, based on information published on this applicatio
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With entry barriers, SEBI wants only well informed investors to participate is such SME offer
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With crazy recent listings, SME IPOs have started drawing attention of investors across the boar
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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
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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

2 Comments

P
Paras 30 Jul 2021, 12:58

paisa lga de kya
D
dev 27 Jul 2021, 17:56

is it good to apply

Period	Total Income	Total Expenses	Profit After Tax (PAT)
FY21	3.24	2.49	0.61
FY20	1.45	2.59	(1.60)
FY19	3.15	2.85	(0.25)

Open Date	Jul 27, 2021
Close Date	Jul 30, 2021
Allotment Date	Aug 05, 2021
Listing Date	Aug 09, 2021
Face Value	₹ 10 Per Equity Share
Issue Price	₹ 170 Per Equity Share
Issue Size	Total Equity Shares of 3,01,600 with aggregating up to Rs 5.13/- Cr Fresh Issue of Up to 2,37,600 with aggregating up to Rs 4.04/- Cr Offer for sale Up to 64,000 with aggregating up to Rs 1.09/- Cr
Retail Min Lot	1 Lot (800 Shares - ₹ 1,36,000)
Lead Manager	Aryaman Financial Services Limited

Company	P/B Ratio	P/E Ratio	RoNW	Total Revenue (Cr)
Gretex Corporate Services Limited Current	1.87	27.08	9.80%	3.24
Navigant Corporate Advisors Limited	0.54	13.77	6.71%	2.74
Galactico Corporate Services Limited	3.82	23.50	3.59%	1.62

Gretex Corporate Services Ltd

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