Innokaiz India Limited

LISTED

SME IPO · IPO Guide

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Issue Price

₹76 – ₹78

Listed On

11 May 2023

Listing Price

₹148.20 (+90.00%)

Current Price LIVE

₹148.20 (+90.00%)

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Lot Size Calculator

Application	Lots	Shares	Amount
Retail (Min)	1	1,600	₹1,24,800
Retail (Max)	2	3,200	₹2,49,600
S-HNI (Min)	3	4,800	₹3,74,400
S-HNI (Max)	8	12,800	₹9,98,400
B-HNI (Min)	9	14,400	₹11,23,200

As per financials, Innokaiz India Limited has shown good results, RoNW is 42.96% and P/E is respectively 10.07 and 7.62 as per FY22 and annualised FY23 earnings, which looks very fairly priced. But higher issue related expenses raises some doubts. Company is in business of providing corporate services and solutions, which is very competitive and fragmented. Performance of BRLM is average post listing. So we are giving NEUTRAL rating to this IPO.

As on Date	QIB	NII	RII	Total
Shares Offered / Reserved	5,15,200	5,23,200	9,02,400	18,04,800
Day 1 28-04-23	-	16,000 (0.04)	2,49,600 (0.28)	2,65,600 (0.15)
Day 2 02-05-23	5,68,000 (1.10)	23,76,000 (4.54)	41,82,400 (4.63)	71,26,400 (3.67)
Day 3 03-05-23	1,23,29,600 (23.93)	11,76,81,600 (224.93)	4,16,04,800 (46.10)	17,16,16,000 (88.43)

Indong Tea Company Limited incorporated in the year 1990, owns and operates a Tea Garden under Government lease and is engaged in Tea Plantation & Manufacturing of CTC Tea at Indong Tea Estate situated at Jalpaiguri District of West Bengal. The Indong Tea Estate is spread over an area of 740.38 Hectares which comprises of Tea Plantation, Tea Factory, Withering Trough House, Officer's Bunglows, Staff Quarters, Labour Quarters, Pump House, General Stores, Dairy Farm etc. Company has employed approximately 1346 employees at various levels of the Organization including temporary labour. As per financial performance, Innokaiz India Limited has posted total income/net profits of Rs 138.72 Cr / Rs 3.61 Cr (FY20), Rs 185.06 Cr / Rs 5.09 Cr (FY21), Rs 286.09 Cr / Rs 7.91 Cr (FY22) and Rs 148.83 Cr / Rs 6.10 Cr (upto 7M FY23). So company has shown good growth in top-line & bottom-line. Company has posted an average EPS of Rs 8.33 and average RoNW of 48.75% for last three fiscals. Issue is priced at a P/B of 2.39 as per NAV of Rs 32.66 as on 31.08.2022. As per FY22 earnings on fully diluted equity post issue, asking price is at P/E of around 10.07 and as per annualised FY23 earnings P/E is 7.62. As per RHP, comparison between listed peers is shown in above table. On BRLM's front, Gretex Corporate Services Limited associated with this SME IPO and handled 15 SME IPOs in last 3 years. From last 10 SME IPOs, 9 opened above issue price or at par and remaining below issue price on the listing day. As of now from last 10 IPOs, 4 are trading below and remaining are trading above issue price or at par. ( As on 26.04.2023 ) As per financials, Innokaiz India Limited has shown good results, RoNW is 42.96% and P/E is respectively 10.07 and 7.62 as per FY22 and annualised FY23 earnings, which looks very fairly priced. But higher issue related expenses raises some doubts. Company is in business of providing corporate services and solutions, which is very competitive and fragmented. Performance of BRLM is average post listing. So we are giving NEUTRAL rating to this IPO.

Fresh Issue

1
Working Capital Requirements ( Rs 14/- Cr )General Corporate Purposes Issue related expenses ( Rs 2.89/- Cr )
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Working Capital Requirements ( Rs 14/- Cr )
3
General Corporate Purposes
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Issue related expenses ( Rs 2.89/- 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
6
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
8
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.

Period	Total Income	Total Expenses	Profit After Tax (PAT)
7M FY23	148.83	140.44	6.10
FY22	286.09	275.27	7.91
FY21	185.06	178.06	5.09
FY20	138.72	133.76	3.61

Open Date	Apr 28, 2023
Close Date	May 03, 2023
Allotment Date	May 09, 2023
Listing Date	May 11, 2023
Face Value	₹ 10 Per Equity Share
Issue Price	₹ 76 to ₹ 78 Per Equity Share
Issue Size	Fresh Issue of Up to 27,13,600 with aggregating up to Rs 21.17/- Cr
Retail Min Lot	1 Lot (1,600 Shares - ₹ 1,24,800)
Lead Manager	Gretex Corporate Services Limited

Company	P/B Ratio	P/E Ratio	RoNW	Total Revenue (Cr)
Innokaiz India Limited Current	3.18	10.07	42.96%	286
DAPS Advertising Limited	1.17	13.3	14.0%	18
Brandbucket Media & Technology Limited	0.61	38.2	4.12%	16

Innokaiz India Limited

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