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 Date | May 31, 2023 to Jun 5, 2023 |
| Face Value | ₹10 per share |
| Price | ₹52 to ₹54 per share |
| Lot Size | 2000 Shares |
| Total Issue Size | 2,278,000 shares (aggregating up to ₹12.30 Cr) |
| Fresh Issue | 2,278,000 shares (aggregating up to ₹[.] Cr) |
| Issue Type | Book Built Issue IPO |
| Listing At | BSE SME |
| Share holding pre issue | 5,250,795 |
| Share holding post issue | 7,158,795 |
Important Dates of Comrade Appliances IPO
Comrade Appliances IPO opens on May 31, 2023, and closes on Jun 5, 2023.
| Event | Tentative Date |
|---|---|
| Opening Date | Wednesday, 31 May 2023 |
| Closing Date | Monday, 5 June 2023 |
| Basis of Allotment | Thursday, 8 June 2023 |
| Initiation of Refunds | Friday, 9 June 2023 |
| Credit of Shares to Demat | Monday, 12 June 2023 |
| Listing Date | Tuesday, 13 June 2023 |
| Cut-off time for UPI mandate confirmation | 5 PM on Jun 5, 2023 |
Comrade Appliances IPO Lot Size
The Comrade Appliances IPO lot size is 2000 shares.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 2000 | ₹108,000 |
| Retail (Max) | 1 | 2000 | ₹108,000 |
| HNI (Min) | 2 | 4,000 | ₹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.