Walpar Nutritions Limited

LISTED

SME IPO · IPO Guide

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Issue Price

₹55

Listed On

13 Jul 2021

Listing Price

₹59.95 (+9.00%)

Current Price LIVE

₹59.95 (+9.00%)

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Lot Size Calculator

Application	Lots	Shares	Amount
Retail	2	4,000	₹2,20,000
HNI Min	3	6,000	₹3,30,000

For Walpar Nutritions Limited, financials are almost static, RoNW is 6.53%, P/E is around 206 for FY20 and if we annualise FY21 earnings, then PE is around 66. So issue looks aggressively priced. 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	5,70,000	5,70,000	11,40,000
Day 1 30-06-21	16,000 (0.03)	3,82,000 (0.67)	3,98,000 (0.35)
Day 2 01-07-21	2,94,000 (0.52)	25,54,000 (4.48)	28,48,000 (2.5)
Day 3 02-07-21	3,10,000 (0.54)	47,54,000 (8.34)	50,64,000 (4.44)
Day 5 05-07-21	5,74,000 (1.01)	1,02,28,000 (17.94)	1,08,02,000 (9.48)

Incorporated in 2009, Walpar Nutritions manufactures different types of Nutraceutical, Ayurvedic, Cosmeceuticals, Sexual Wellness, and food supplement products. It has developed 100+ formulations and 1000 brands under different segments i.e. Orthopaedics, Cardiac, Diabetic, Dermatology, Pain Management, Antibiotics, Gynaecology, Neuro, Gastro-Intestinal, and sports nutrition. It further manufactures tablets, capsules, Ointments, creams, lotions, gels and sachet, powders, liquid orals, etc. The company has a manufacturing facility in Gandhinagar with an installed manufacturing capacity of 23 lakhs tablet/month, 12.50 lakhs capsules/month, 1.50 lakhs oral liquids/month, and 2 lakhs sachets/month. On the financial performance front, WNL reported turnover/net profits (loss) of Rs. 6.44 cr./ 0 cr. (FY18), Rs. 12.82 cr./ 0.06 cr. (FY19) and Rs. 16.71 cr. / Rs. 0.12 cr. (FY20). For upto Q3 FY21, company has posted 12.78 Cr total income and 0.27 Cr net profit. So company has shown almost static top-line and increase in bottom-line. For the last three years, company has posted average EPS of Rs. 0.28 and RoNW of 5.45%. The issue is priced at a P/BV of 2.24 based on its NAVs of Rs. 24.52 post issue. As per FY20 earnings, on fully diluted equity post issue, IPO is priced at P/E of around 206 and if we annualise FY21 earnings, then P/E is around 66. So issue looks aggressively priced. As per RHP, comparison between listed peers is shown in above table. On BRLM's front Beeline Broking Pvt. Ltd. has handled 7 IPOs in last three fiscals. From 7 IPOs, 1 is opened below and remaining are opened above issue price. As of now from 7 IPOs, 3 are trading below and remaining are trading above issue price . ( As on 26.06.2021 ) For Walpar Nutritions Limited, financials are almost static, RoNW is 6.53%, P/E is around 206 for FY20 and if we annualise FY21 earnings, then PE is around 66. So issue looks aggressively priced. Performance of BRLM is good. So we give AVOID rating to this SME IPO.

Fresh Issue

1
)To meet Incremental working capital requirement
2
(Rs
3
)To meet public issue expense
4
)General corporate purposes ( Rs
5
Investment in Subsidiary (Rs 1.80 Cr.)
6
General corporate purposes ( Rs 1.50 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
8
Readers must consult a qualified financial advisor prior to making any actual investment decisions, based on information published on this applicatio
9
With entry barriers, SEBI wants only well informed investors to participate is such SME offer
10
With crazy recent listings, SME IPOs have started drawing attention of investors across the boar
11
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
12
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

18 Comments

G
guro baba 21 Jul 2021, 20:25

I think retailers are biggest BAKRA
N
nikunj 12 Jul 2021, 10:31

kitna opn hua
G
gautam janadiya 05 Jul 2021, 18:45

positive ipo news
B
Bm 05 Jul 2021, 12:21

Subscription is good in retail
M
Mr.PATEL 05 Jul 2021, 12:20

So, Avoid it
M
Mr.PATEL 05 Jul 2021, 12:19

There are many negative review for this ipo
B
Bm 05 Jul 2021, 12:19

K ty
M
Mr.PATEL 05 Jul 2021, 12:18

No
B
Bm 05 Jul 2021, 12:18

MR. Patel should you applying this ipo
M
Mr.PATEL 05 Jul 2021, 11:33

No
B
Bm 05 Jul 2021, 11:29

?
B
Bm 02 Jul 2021, 21:11

Mr.Patel kuch pata chala kitna Gmp he is ipo ka
M
Mr.PATEL 29 Jun 2021, 19:38

shoul I apply it for listing gain
M
Mr.PATEL 29 Jun 2021, 19:38

hii
M
Mr.PATEL 28 Jun 2021, 21:59

isaka GMP nahi aata
K
KIRAN G. DOSHI 28 Jun 2021, 21:26

any idea, what is grey market premium of the said company
M
Mr.PATEL 28 Jun 2021, 21:18

@guruji plz tell us and guide about this ipo
M
Mr.PATEL 28 Jun 2021, 21:18

should we apply this for listing gain ?

Period	Total Income	Total Expenses	Profit After Tax (PAT)
Q3 FY21	12.78	12.39	0.27
FY 20	16.71	16.52	0.12
FY19	12.82	12.70	0.06
FY18	6.44	6.41	0

Open Date	Jun 30, 2021
Close Date	Jul 05, 2021
Allotment Date	Jul 09, 2021
Listing Date	Jul 13, 2021
Face Value	₹ 10 Per Equity Share
Issue Price	₹ 55 Per Equity Share
Issue Size	Fresh Issue of Up to 12,00,000 with aggregating up to Rs 6.6/- Cr
Retail Min Lot	1 Lot (2,000 Shares - ₹ 1,10,000)
Lead Manager	Beeline Capital Advisors Private Limited

Company	P/B Ratio	P/E Ratio	RoNW	Total Revenue (Cr)
Walpar Nutritions Limited Current	2.24	206.42	6.53%	16.71
Earum Pharmaceuticals Limited	2.30	25.48	12.59%	55.10
Valencia Nutrition Limited	1.86	(2)	(89.69)%	2.37

Walpar Nutritions Limited

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