The Modi Group is an established Mumbai based group having its presence in the construction industry for more than a decade. Modi's Navnirman Limited is a real estate company, incorporated in 2015. Since its inception, the company has been focused on the mid-market and affordable housing categories as its target segment within the residential housing market. Modi's Navnirman business model focuses on designing and developing products to address consumer needs across price points.
| Bidding Dates |
|---|
| 23 Jun 2022 - 28 Jun 2022 |
| Subscription |
|---|
| 1.99x Oversubscribed |
| Minimum Investment | Minimum Lot | Maximum Lot | Lot Size | Number of Shares | Issue Price | Post Issue Promoter Holding % | Issue Size | IPO Document |
|---|---|---|---|---|---|---|---|---|
| ₹1,44,000 | 1 | 1 | 800 | 1.3 M | ₹180 | 70.21 % | ₹226.8 M | RHP DOC |
Modis Navnirman IPO SUBSCRIPTION STATUS
28 Jun '22Modis Navnirman IPO overall subscription rate was 1.99 times the total available shares
Modis Navnirman IPO retail subscription rate was 1.22 times in the retail segment
Modis Navnirman IPO non-institutional investor subscription rate was 2.76 times in the non-institutional investor category
| Day | Retail Individual Investor | HNI (NII) Investors | Qualified Institutional Buyers |
|---|---|---|---|
| Category Reservation | 50% | 50% | - |
28 Jun 2022 (Day 4) | 1.22x | 2.76x | - |
27 Jun 2022 (Day 3) | 0.41x | 2.09x | - |
24 Jun 2022 (Day 2) | 0.19x | 1.77x | - |
23 Jun 2022 (Day 1) | 0.09x | 1x | - |
Modis Navnirman 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) |
| FY22 | 13.27 | 112.48 | -170.09 | -170.12 |
| FY21 | 3.78 | 132.17 | -1.72 | -1.76 |
| FY20 | 13.97 | 219.40 | 82.85 | 82.85 |
Modis Navnirman IPO SUBSCRIPTION STATUS DETAILS
Modis Navnirman had 1.3 M shares on offer
Modis Navnirman IPO offer price was ₹180
Modis Navnirman IPO minimum Investment was ₹144000
Modis Navnirman IPO issue size was ₹ 226.8 M
Modis Navnirman had a minimum lot size of 800 Shares per application
Modis Navnirman NUMBER OF SHARES ON OFFER
Modis Navnirman IPO IMPORTANT DATES
| Issue Open Date | 23 Jun 2022 |
| Issue close Date | 28 Jun 2022 |
| Allotment Date | 01 Jul 2022 |
| Refund Date | 04 Jul 2022 |
| Demat Account Credit Date | 05 Jul 2022 |
| Listing Date | 06 Jul 2022 |
| Listing on Exchange(s) | BSE |
| Modis Navnirman Allotment Status | Exchange |
Modis Navnirman IPO subscription opened on 23 Jun 2022, and closed on 28 Jun 2022
IPO allotment for Modis Navnirman was finalized on Friday, 01 Jul 2022
IPO listing for Modis Navnirman was on BSE on Wednesday, 06 Jul 2022
Modis Navnirman IPO LISTING GAINS
| Issue Price (adjusted) | 45.0 |
| Listing Open Price | 189.0 |
| Listing Close Price | 188.9 |
| Listing Gain% | 5.0% |
| Current Gain% | 772.0% |
Modis Navnirman 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 % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Modis Navnirman Ltd. | 392.4 | 166 | 24.8 | -1.4 | 3.8 | 18.6 | 9.6 | 192.7 | 149.1 | 29.2 | 256.2 | 15.8 | -18.3 |
| DLF Ltd. | 642 | 158915 | 35.7 | -41.3 | 23.5 | 9.7 | 5.9 | 9816 | 9.1 | 4414.7 | 1.1 | 18 | -0.9 |
| Lodha Developers Ltd. | 1218.7 | 121763.9 | 29.5 | 0.8 | 6.7 | 14.7 | 5.8 | 17119.5 | 20.8 | 3428.2 | 24 | 41.3 | 39.2 |
| Prestige Estates Projects Ltd. | 1584.8 | 68262.1 | 59.9 | 0.5 | 5.2 | 7.3 | 1.6 | 13195.5 | 70.6 | 1195.5 | 155.7 | 26.4 | 115.9 |
| Phoenix Mills Ltd. | 1895.5 | 67795.2 | 53 | 1.8 | 14.9 | 11.1 | 5.4 | 4593.6 | 15.9 | 1223.8 | 24.3 | 35.8 | 29 |
| Oberoi Realty Ltd. | 1775 | 64539.4 | 24.5 | 0.9 | 10.2 | 14 | 9.9 | 6304.3 | 15.2 | 2507.4 | 12.7 | 72.3 | 27.5 |
Modis Navnirman INFORMATION ON IPO ISSUE
About Modis Navnirman
The Modi Group is an established Mumbai based group having its presence in the construction industry for more than a decade. Modi's Navnirman Limited is a real estate company, incorporated in 2015. Since its inception, the company has been focused on the mid-market and affordable housing categories as its target segment within the residential housing market. Modi's Navnirman business model focuses on designing and developing products to address consumer needs across price points.
Object of the Issue
- Investment in subsidiary company - SMNPL for repayment of its outstanding unsecured loans.
- General Corporate Purpose.
Modis Navnirman - PROMOTERS
| Name |
|---|
| Dineshkumar Modi |
| Rashmi Modi |
| Mahek Modi |
Modis Navnirman Lead Manager To The Issue
Aryaman Financial Services
ipo@afsl.co.in
Modis Navnirman Registrar to the Issue
Bigshare Services Private Limited
ipo@bigshareonline.comWebsite
Modis Navnirman Strengths
Experienced Management Team
The management team is experienced in the industry in which the company operates. It is responsible for helping shore up the company's operations and improve its financial performance.
Established brand and reputation
All of the completed, ongoing and upcoming projects are located in Mumbai. Most of the project names begin with the word “Rashmi” (such as “Rashmi Sadhna”, “Rashmi Sheela” “Rashmi Terrace”, etc) which helps differentiate it from other developers in Mumbai.
Proven execution capabilities
The organization is a knowledge-based one and it researches all projects prior to making any decisions to acquire, develop or sell any property.
Strong project pipeline providing cash flow visibility
The company believes that it has a strong project pipeline, which provides cash flow visibility. There are currently 5 ongoing and 5 upcoming projects.
Modis Navnirman Risks
Ongoing legal Proceedings
The company, its directors, its promoters, and its subsidiary are parties to certain legal proceedings.
Negative cash flows
There have been negative net cash flows in the past and may continue to do so in the future
Availed unsecured loan
The company and its subsidiary has availed Rs 1,887.4 lakh as unsecured loan which is repayable on demand
Reliance on third party service
The company relies on independent third party service providers and contractors to execute various parts of the projects
IPO FAQs
Modi's Navnirman Ltd. IPO listing opened at Rs 189.00 while the issue price was Rs 180.00 giving 5.00% returns. After adjusting for subsequent bonus and splits, the stock trades at Rs 45.00 giving 772.00% gains since its IPO listing.
The promoters of the company are Dineshkumar Modi, Rashmi Modi and Mahek Modi.
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 180.0 - 180.0.
The IPO application opens on Jun 23, 2022 and closes on Jun 28, 2022.
The minimum lot size for the IPO is 800. The maximum lot size for the IPO is 800.
For all category investors, the minimum application amount for this IPO is Rs. 144,000.0, the maximum value for this IPO is Rs 144,000.0.
This IPO will be allotted on Jul 01, 2022.
The refund will be credited to your account on Jul 04, 2022.
The allotted shares will be credited to your demat on Jul 05, 2022.
Modi's Navnirman Ltd.’s shares listed on the stock exchanges on Jul 06, 2022.