Electro Force India was incorporated on June 14, 2010. The company designs and manufactures electrical components, and metal/plastic contact parts, and supplies these products to industry players via a business-to-business model. Since its inception, it has been a supplier of high-grade precision metal electrical contact parts and components, connectors and assemblies for applications in electronics, lighting, switchgear and allied industries in India.
| Bidding Dates |
|---|
| 19 Dec 2023 - 21 Dec 2023 |
| Subscription |
|---|
| 4.12x Oversubscribed |
| Minimum Investment | Minimum Lot | Maximum Lot | Lot Size | Number of Shares | Issue Price | Post Issue Promoter Holding % | Issue Size | IPO Document |
|---|---|---|---|---|---|---|---|---|
| ₹1,11,600 | 1 | 1 | 1200 | 8.7 M | ₹93 | 62.93 % | ₹806.8 M | RHP DOC |
Electro Force IPO SUBSCRIPTION STATUS
21 Dec '23Electro Force IPO overall subscription rate was 4.12 times the total available shares
Electro Force IPO retail subscription rate was 6.12 times in the retail segment
Electro Force IPO non-institutional investor subscription rate was 2.11 times in the non-institutional investor category
| Day | Retail Individual Investor | HNI (NII) Investors | Qualified Institutional Buyers |
|---|---|---|---|
| Category Reservation | 50% | 50% | - |
21 Dec 2023 (Day 3) | 6.12x | 2.11x | - |
20 Dec 2023 (Day 2) | 3.04x | 0.64x | - |
19 Dec 2023 (Day 1) | 1.39x | 0.32x | - |
Electro Force FINANCIALS
| Period | Net Profit (Rs in millions) | Revenue from Operations (Rs in millions) | Cash Flow from Operations (Rs in millions) | Free Cash Flow (Rs in millions) | Margins |
| H1FY24 | 71.1 | 231.0 | 6.0 | 2.2 | 42.4% |
| FY23 | 80.0 | 302.5 | -2.3 | -6.0 | 37.5% |
| FY22 | 86.4 | 344.0 | 35.9 | 4.6 | 33.2% |
| FY21 | -22.4 | 157.4 | 30.3 | -6.9 | -9.8% |
Electro Force IPO SUBSCRIPTION STATUS DETAILS
Electro Force had 8.7 M shares on offer
Electro Force IPO offer price was ₹93
Electro Force IPO minimum Investment was ₹111600
Electro Force IPO issue size was ₹ 806.8 M
Electro Force had a minimum lot size of 1200 Shares per application
Electro Force NUMBER OF SHARES ON OFFER
Electro Force IPO IMPORTANT DATES
| Issue Open Date | 19 Dec 2023 |
| Issue close Date | 21 Dec 2023 |
| Allotment Date | 22 Dec 2023 |
| Refund Date | 26 Dec 2023 |
| Demat Account Credit Date | 26 Dec 2023 |
| Listing Date | 27 Dec 2023 |
| Listing on Exchange(s) | NSE |
| Electro Force Allotment Status | Exchange |
Electro Force IPO subscription opened on 19 Dec 2023, and closed on 21 Dec 2023
IPO allotment for Electro Force was finalized on Friday, 22 Dec 2023
IPO listing for Electro Force was on NSE on Wednesday, 27 Dec 2023
Electro Force IPO LISTING GAINS
| Issue Price (adjusted) | 93.0 |
| Listing Open Price | 100.0 |
| Listing Close Price | 105.0 |
| Listing Gain% | 7.5% |
| Current Gain% | -77.5% |
Electro Force Peer
| Stock | Stock Price | Market Cap (Rs crore) | PE TTM | PEG TTM | PS TTM | ROE% | ROA% | Annual Revenue (Rs crore) | Annual Revenue Growth % | Annual Net Profit (Rs crore) | Annual Net Profit Growth % | EPS TTM | EPS TTM Growth % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Electro Force (India) Ltd. | 21 | 49 | 77.4 | -1.5 | 2.3 | 0.9 | 0.8 | 21.4 | -59.9 | 0.6 | -50.5 | 0.3 | -50.5 |
| KRN Heat Exchanger and Refrigeration Ltd. | 1274 | 7918.8 | 103.6 | 2.3 | 13.2 | 13.3 | 8.2 | 609.8 | 38.1 | 76.5 | 44.6 | 12.3 | 44.6 |
| Centum Electronics Ltd. | 3839.2 | 5666.3 | -110.2 | 0 | 4.6 | -13.6 | -3.6 | 968.6 | -16.8 | -46.7 | -1999.6 | -34.8 | -2567.5 |
| Cyient DLM Ltd. | 711.2 | 5645.7 | 68.8 | 3.8 | 4.2 | 7.2 | 4.5 | 1297.7 | -16 | 73.3 | 7.6 | 10.3 | 18.1 |
| Marine Electricals (India) Ltd. | 361.2 | 4995.2 | 85.6 | 1.6 | 5.7 | 11.8 | 6.6 | 893.2 | 14.5 | 58.4 | 51.9 | 4.2 | 51.9 |
| Hind Rectifiers Ltd. | 1233 | 4238.1 | 94.2 | 4.4 | 4.2 | 21.6 | 6.8 | 1000.8 | 52.4 | 45 | 21.3 | 13.1 | 21.3 |
Electro Force INFORMATION ON IPO ISSUE
About Electro Force
Electro Force India was incorporated on June 14, 2010. The company designs and manufactures electrical components, and metal/plastic contact parts, and supplies these products to industry players via a business-to-business model. Since its inception, it has been a supplier of high-grade precision metal electrical contact parts and components, connectors and assemblies for applications in electronics, lighting, switchgear and allied industries in India.
Object of the Issue
- Funding additional working capital requirements of the company
- Pursuing inorganic growth
- General corporate purposes
Electro Force - PROMOTERS
| Name |
|---|
| Ayesspea Holdings and Investments Private Limited |
| Pravin Kumar Brijendra Kumar Agarwal |
Electro Force Lead Manager of the Issue
First Overseas Capital Limited
mb@focl.in
Electro Force Registrar to the Issue
Skyline Financial Services Private Limited
ipo@skylinerta.com
Electro Force Strengths
Product quality
The company has been able to retain its customers over the years due to its high-quality services, products and manufacturing capabilities which guarantee customer satisfaction, encourage customer loyalty and repeat business
Variety of products
The company has a versatile product range. It has been able to grow its business with the same customer base by offering new products from time to time
Electro Force Risks
Outstanding legal proceedings
There are certain outstanding legal proceedings involving the company, its promoters and directors. Any failure to defend these proceedings successfully may have an adverse effect on the business
Negative cash flows
The company has had negative cash flows from certain activities in recent fiscals. Sustained negative cash flow could impact its growth and business
IPO FAQs
This IPO consists of an offer for sale of up to Rs 24.9 crore, of 2,674,800 shares. It also consists of a fresh issue of Rs 55.8 crore.
The promoters of the company are Ayesspea Holdings and Investments Private Limited and Pravin Kumar Brijendra Kumar Agarwal.
The category allocation of qualified institutional buyers is 0.0%, the category allocation of non individual investors or high networth individuals is 50.0% and for retail investors it is 50.0%.
The price band of the IPO is Rs 93.0 - 93.0.
The IPO application opens on Dec 19, 2023 and closes on Dec 21, 2023.
The minimum lot size for the IPO is 1200. The maximum lot size for the IPO is 1200.
For all category investors, the minimum application amount for this IPO is Rs. 111,600.0, the maximum value for this IPO is Rs 111,600.0.
This IPO will be allotted on Dec 22, 2023.
The refund will be credited to your account on Dec 26, 2023.
The allotted shares will be credited to your demat on Dec 26, 2023.
Electro Force (India) Ltd.’s shares listed on the stock exchanges on Dec 27, 2023.