|Issue Date||31/03 - 09/04|
|Issue Size||₹3.24 Cr|
|Market Lot||600 Shares|
|Shares on Offer||175,200|
|Subject to Sauda||N/A|
|Listing Date||21 Apr 2020|
Nirmitee Robotics India Ltd. is the world’s leading HVAC Air Duct Cleaning company. No matter how small or how complex your HVAC Air Duct is, we are equipped and experienced to handle all kinds HVAC Air Duct Cleaning. We service Offices, Hotels, Convention Centers, Hospitals, Train and Bus Coaches, Aircraft and specialize in Buildings that house Sensitive Equipment, like Data Centers and Operation Theaters. We use our patented Air Duct Inspection Robots to survey your HVAC Air Ducts, and then use a variety of our patented HVAC Duct Cleaning Robots to Scrub, Scrape, Vacuum, Clean and Sterilize your HVAC Air Ducts. With offices in India, Hong Kong, and Dubai, we serve customers around the world.
Nirmitee Robotics India Limited is a pioneer HVAC Air Duct Cleaning Company based in Nagpur, India, with offices around the world. The company specializes in Ozone treatment and Sterilization of HVAC Air Ducts. The company is proud to have developed its own patented, air duct inspection and air duct cleaning robots. Nirmitee Robotics India Ltd was established in 2016 by a group of young, dedicated and motivated professionals.
A committed management team anchors the organization effectively to its goal of providing high quality solutions to its clients. Equipped with technical expertise, excellent domain knowledge and extensive cross-functional experience, they nurture interactive relationships with the client community.
Incorporated in 2016, Nirmitee Robotics India Ltd makes robots using robotic technology to offer ozone sterilization and HVAC duct cleaning services. It has customized robots that are controlled by machines to scrub, polish, scrap, remove dust, bacteria, and debris and to sanitize the duct for more months.
The company has patented duct cleaning robots to do cleaning, inspection, and post-cleaning operations. These robots have an advanced controller mechanism along with a high-resolution camera.
Nirmitee Robotics serves a wide range of industries such as convention centers, trains, hospitals, offices, and builds house sensitive equipment such as data centers. It is an ISO certified company to implement a quality management system and work across different regions.
Mr. Jay Prakash Motghare, Mr. Kartik Eknath Shende and Mr. Rajesh Narendra Admane are the promoters of the company.
To meet its plans for the redemption of preference shares (Rs. 1.75 cr.), Security Deposit towards the acquisition of registered office, R & D Facility, assembling unit (Rs. 1.00 cr.) and general corpus fund (Rs. 0.08 cr.) needs, NRIL is coming out with a maiden IPO of 175200 equity shares of Rs. 10 each at a fixed price of Rs. 185 per share to mobilize Rs. 3.24 cr. The issue opens for subscription on 31.03.20 and will close on 09.04.20. Minimum application is to be made for 600 shares and in multiples thereon, thereafter. Post allotment, shares will be listed on BSE SME Startup platform. Issue constitutes 29.19% of the post-issue capital of the company. NRIL is spending Rs. 0.41 cr. for this IPO process.
The issue is solely lead managed by Aryaman Financial Services Ltd. and Bigshare Services Pvt. Ltd. is the registrar to the issue. Aryaman Capital Markets Ltd. is acting as a market maker for this IPO.
Having issued entire equity at par, NRIL has also issued bonus shares in the ratio of 14 shares for every 1 share held in February 2020. The average cost of acquisition of shares by the promoters is Rs. 5.06 per share. Post issue, company's current paid-up equity capital of Rs. 0.43 cr. will stand enhanced to Rs. 0.60 cr. With this IPO company is looking for a market cap of Rs. 11.10 cr.
On the financial performance front, for the last three fiscals, NRIL has posted turnover/net profits of Rs. 0.06 cr. / Rs. 0.01 cr. (FY17), Rs. 0.70 cr. / Rs. 0.02 cr. (FY18) and Rs. 2.04 cr. / Rs. 0.21 cr. (FY19). For the first six months of FY20, it has earned a net profit of Rs. 0.03 cr. on a turnover of Rs. 1.00 cr. Superb performance in pre-IPO year raises concern. With such small operations, NRIL coming out with IPO in March 2020 with FY20 financial performance for the 1st half (i.e. six months period ended on 30.09.19) also raises concern.
For the last three fiscals, NRIL has posted an average EPS of Rs. 4.70 and an average RoNW of 13.63%. The issue is priced at a P/BV of 1.05 based on its NAV of Rs. 175.61 as on 30.09.19 and at a P/BV of 3 based on post issue NAV of Rs. 61.72.
If we annualize latest earnings and attribute it on fully diluted post issue equity then asking price is at a P/E of around 185, thus IPO appears exorbitantly priced.
Financial performance so far has been lacklustre. Company is planning to redeem preference shares of promoters and arrange security deposits for the premises from the new investors' money with exorbitantly priced IPO. Post issue paid-up equity indicates long gestation for mainboard migration. LM has an average track record. Simply stay away from this high priced offer.
|Total Assets (In ₹ Millions)||238.65||105.99||12.37|
|Total Revenue (In ₹ Millions)||203.59||70.22||5.91|
|Profit After Tax (PAT) (In ₹ Millions)||20.73||2.16||0.53|
|Date & Time||QIB||NII||RII||Total|
|Day 1 - 31 Mar 2020||0.12||0.00||0.06|
|Day 2 - 01 Apr 2020||0.12||0.01||0.06|
|Day 3 - 02 Apr 2020||0.12||0.01||0.06|
|Day 4 - 03 Apr 2020||0.46||0.15||0.31|
|Day 4 - 06 Apr 2020||0.46||0.15||0.31|
|Day 4 - 07 Apr 2020||1.06||0.20||0.63|
|Day 4 - 08 Apr 2020||1.41||0.41||0.91|
|Day 4 - 09 Apr 2020||1.67||0.63||1.15|
Please click the link below to check the IPO allotment status.IPO Allotment Status
Nirmitee Robotics India Ltd IPO will open on 31/03 and close on 09/04.
Nirmitee Robotics India Ltd IPO will list on 21 Apr 2020.
The offer price of Nirmitee Robotics India Ltd IPO is ₹185.
The lot size of Nirmitee Robotics India Ltd IPO is 600.
The Grey Market Premium (GMP) price of Nirmitee Robotics India Ltd IPO is Not Available at the moment.
The Kostak price of Nirmitee Robotics India Ltd IPO is Not Available at the moment.
The Subject to Sauda price for Nirmitee Robotics India Ltd IPO is Not Available at the moment.
Please Leave Your Message