Comrade Appliances IPO GMP, Price, Dates & Allotment Details 2023
Introduction
The Comrade Appliances IPO will open on May 31 and close on June 5, 2023. As per the DRHP filed with SEBI, the company intends to raise approximately ₹ 12.30 crores through this public offering, consisting of 22.78 lakhs shares with a face value of ₹ 10 each, which will be issued at a price of ₹ 52 to ₹ 54 per share.
Comrade Appliances Limited (“the Company”)
Comrade Appliances Limited is engaged in the process of manufacturing an extensive array of air coolers and electric geysers. They manufacture consumer durable goods, assemble a wide array of products, and provide end-to-end product solutions.
The company operates under both original equipment manufacturer (“OEM”) and original design manufacturer (“ODM”) business models. Under the OEM model, they manufacture and supply products based on their customers’ designs, who further distribute these products under their own brands. Under the ODM model, in addition to manufacturing, they conceptualise and design the products, which are then marketed to their customers’ prospective customers under their brands.
Its current product portfolio of consumer goods includes
- Air Coolers;
- Electric Geysers
Noteworthy Highlight
The company took over the business of M/s Troupe Technologies Private Limited (TTPL) on a slump sale basis in the year 2021. Troupe Technologies Private Limited was engaged in the business of plastic injection moulding. The takeover was done via a business takeover agreement.
Company strength
- Strategic Location of the Manufacturing Unit
- Constant focus on developing new and innovative products
- R&D and product design capabilities lead to the generation of ODM businesses.
- Strong relationships with a diverse top-tier customer base
- Quality Assurance
- A strong professional and execution team allows the company to develop a strong business.
- Existing supplier relationship
- Progressive Employer
Objects of the Issue,
The company proposes utilising the Fresh Issue’s net proceeds towards funding the following objects:
- Working Capital Requirements
- General Corporate Purposes
Financial Highlights (Restated)
| Particulars | Period ended on 31st Aug. 2022 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|
| Net Worth | 603 | 502 | 242 | 293 |
| Total Assets | 2,272 | 2,527 | 3,141 | 1,679 |
| Reserve & Surplus | 86 | (15) | (91) | (39) |
| Total Borrowings | 1,081 | 1,114 | 1,412 | 401 |
| Total Revenue | 1,559 | 2,973 | 2,604 | 2,162 |
| Profit After Tax | 100 | 39 | 20 | 42 |
IPO details
As per the DRHP filed with SEBI, 22.78 lakh shares will be offered as a fresh issue in the BSE SME segment. The face value of the shares is ₹ 10. The market maker would receive 114,000 shares of the offering. While Gretex Corporate Services Pvt Ltd will be the lead manager for the IPO, Bigshare Services Pvt Ltd will be the registrar. It will be a book-built issue, so there will be a price band rather than a price point, and the actual issue price will be discovered by building the book.
| Issue Type | Book Built Issue IPO |
| IPO Price | ₹ 52 to ₹ 54 per share |
| Face Value | ₹ 10 per share |
| Market Lot | 2,000 shares |
| Issue Size | 2,278,000 shares (aggregating up to ₹ 12.30 crores) |
| Fresh Issue | 2,278,000 shares (aggregating up to ₹ [.] crores) |
| QIB Shares Offered | Not more than 50% of the Net Issue |
| NII (HNI) Shares Offered | Not less than 15% of the Net Issue |
| Retail Shares Offered | Not less than 35% of the Net Issue |
| Market Maker | Gretex Share Broking |
| Market maker portion | 114,000 shares |
| Listing At | BSE SME |
| Company Promoters | M/s Troupe Technologies Private Limited, Mr. Khursheed Alam and Mr. Mehboob Alam |
GMP: Comrade Appliances IPO
GMP, or grey market premium, is available on this page. The IPO GMP is updated on a day-to-day basis during the running period of the IPO, due to which the GMP rates fluctuate and stabilise after some time. GMP rates are not 100% guaranteed. Please click here for GMP details.
Tentative Dates: Comrade Appliances IPO
The issue opens for subscription on May 31, 2023, and closes for subscription on June 5, 2023 (both days inclusive). The basis of allotment will be finalised on June 8, 2023, and the refunds will be initiated on June 9, 2023. In addition, the demat credits are expected to happen on June 12, 2023, and the stock will be listed on the BSE SME on June 13, 2023. The UPI mandate confirmation cut-off time is 5:00 PM on the issue closing day.
| Opening Date | May 31, 2023, |
| Closing Date | June 5, 2023 |
| Basis of Allotment | June 8, 2023 |
| Initiation of Refunds | June 9, 2023 |
| A credit of shares to Demat A/c | June 12, 2023 |
| Listing Date | June 13, 2023 |
Lot Size: Comrade Appliances IPO
The lot size of the Comrade Appliances IPO is 2,000 shares. A retail-individual investor can apply for up to 1 lot, i.e. 2,000 shares of ₹ 108,000.
| Applications | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Minimum) | 1 | 2,000 | ₹ 108,000 |
| Retail (Maximum) | 1 | 2,000 | ₹ 108,000 |
| HNI (Minimum) | 2 | 4,000 | ₹ 216,000 |
Promoters Holdings
| Pre-issue Shares Holdings | 100.00% |
| Post-issue Shares Holdings | 73.35% |
Miscellaneous Information
| Download Prospectus (PDF) | IPO DRHP |
| Company Contact Information | Comrade Appliances Limited Shop No. 39, Ground Level I,Dewan Centre, 183-186, S.V. Road, Jogeshwari West,Mumbai – 400102 Phone: 022-66959545 Email: info@comrade.net.in Website: http://www.comrade.net.in/ |
| IPO Registrar | Bigshare Services Pvt Ltd Phone: +91-22-6263 8200 Email: ipo@bigshareonline.com Website: https://www.bigshareonline.com/ |
| IPO Lead Manager(s) | Gretex Corporate Services Pvt Ltd |
FAQ’s
What is Proventus Agrocom’s IPO price?
The Comrade Appliances IPO price is ₹ 52 to ₹ 54 per share
What minimum lot size can retail investors subscribe to?
The minimum investment size is one lot for retail investors. One lot of the Comrade Appliances IPO contains 2,000 shares of ₹ 108,000.
When will the Comrade Appliances IPO allotment be available?
The finalisation of the basis of allotment for the Comrade Appliances IPO will be done on June 8, 2023, and the allotted shares will be credited to your demat account by June 12, 2023. Check the Comrade Appliances IPO allotment status.
When will Comrade Appliances IPO list on exchanges?
The Comrade Appliances IPO shares listing date is June 13, 2023.
How many Comrade Appliances IPO Offer shares are reserved for HNIs and retail investors?
The investors’ portion for QIB is 50% of the Net Issue, NII (HNI) is 15% of the net issue, and Retail is 35%.
