Comrade Appliances IPO

Comrade Appliances IPO: Comrade Appliances Ltd’s SME initial public offer (IPO) will open for subscription on Wednesday, 31 May, and will close on Monday, 5 June. The company has fixed the price band at ₹52 to ₹54 per equity share for the proposed SME IPO.

The total IPO size is ₹12.30 crore and it solely consists of fresh issues. The shares are planned for listing on BSE SME.

Comrade Appliances IPO Dates

Dates of this IPO are out now and Comrade Appliances IPO will open for subscription on Wednesday, 31 May, and will close on Monday, 5 June. 

“The company operates in a highly competitive and fragmented segment with many big players around. The sudden boost in its bottom line for FY23 raises eyebrows and concerns over sustainability going forward. Based on such super earnings, the issue appears aggressively priced. Small equity capital post-IPO indicates a longer gestation period for migration to the mainboard. Its IPO spending to the tune of 22.68% also raises concern.

Comrade Appliances IPO Details

IPO DateMay 31, 2023 to Jun 5, 2023
Face Value₹10 per share
Price₹52 to ₹54 per share
Lot Size2000 Shares
Total Issue Size2,278,000 shares
(aggregating up to ₹12.30 Cr)
Fresh Issue2,278,000 shares
(aggregating up to ₹[.] Cr)
Issue TypeBook Built Issue IPO
Listing AtBSE SME
Share holding pre issue5,250,795
Share holding post issue7,158,795

Important Dates of Comrade Appliances IPO

Comrade Appliances IPO opens on May 31, 2023, and closes on Jun 5, 2023.

EventTentative Date
Opening DateWednesday, 31 May 2023
Closing DateMonday, 5 June 2023
Basis of AllotmentThursday, 8 June 2023
Initiation of RefundsFriday, 9 June 2023
Credit of Shares to DematMonday, 12 June 2023
Listing DateTuesday, 13 June 2023
Cut-off time for UPI mandate confirmation5 PM on Jun 5, 2023

Comrade Appliances IPO Lot Size

The Comrade Appliances IPO lot size is 2000 shares.

Retail (Min)12000₹108,000
Retail (Max)12000₹108,000
HNI (Min)24,000₹216,000

Objects of the Comrade Appliances IPO

The Company intends to utilize the Net Fresh Issue Proceeds for the following Objectives:

  • Working Capital Requirements
  • General Corporate Purposes

About Comrade Appliances Limited IPO

Incorporated in 2017, Comrade Appliances Limited is engaged in the process of manufacturing an extensive array of Air Coolers and Electric Geysers. The company manufactures consumer durable goods and assembles various products. They offer end-to-end product solutions to their customers.

Comrade Appliances operate under both, Original Equipment Manufacturer (OEM) and Original Design Manufacturer (ODM) business models.

Under the OEM model, they manufacture and supply products basis designs developed by their customers, later these products are sold under the customer’s brand name. Under the ODM model, along with manufacturing, Comrade Appliances Limited also conceptualize and designs the products which are then marketed to the customers’ prospective customers under their brands.

Presently, the company’s product portfolio of consumer goods consists of:

  • Air Coolers
  • Electric Geysers

The company’s products are marketed, manufactured, and sold under the brand name “Comrade”.

The company has a manufacturing facility located at Palghar admeasuring 66,322 Sq. Ft.