Aztec Fluid IPO Review - Issue Date, Price, GMP, Allotment, Lot Size, and Details

Aztec Fluids & Machinery is set to launch its initial public offering (IPO) with a book built issue valued at Rs 24.12 crores, comprising entirely of fresh shares totaling 36 lakh. The IPO bidding commenced on May 10, 2024, and will conclude on May 14, 2024. Allotment is anticipated to be finalized by Wednesday, May 15, 2024, with listing on the BSE SME expected on Friday, May 17, 2024.

The price band for the IPO is fixed at ₹63 to ₹67 per share, with a minimum lot size of 2000 shares, requiring a minimum investment of ₹134,000 for retail investors and ₹268,000 for HNIs (High Net-worth Individuals), equivalent to 2 lots of 4,000 shares each.

Hem Securities Limited serves as the book running lead manager, while Bigshare Services Pvt Ltd acts as the registrar. Hem Finlease will act as the market maker for the Aztec Fluids & Machinery IPO.

The Issue includes a fresh Issue of up to 36,00,000 Equity Shares of the Company at an Issue Price of ₹ 67 per Equity Share.

  1. Funding of the proposed acquisition of equity shares of Jet Inks Private Limited
  2. Repayment of a portion of certain borrowing availed by the Company.
  3. General Corporate Purpose

To support the inorganic growth, the Company intend to acquire the 100% equity shares of Jet Inks Private Limited (“Jet Inks”). Jet Inks is engaged in the business of manufacturing inks and also deals in printers, consumables and spares and has its registered office in Chennai. The Company seek to create long-term value for stakeholders through Acquisition by leveraging on existing manufacturing capacity and presence in Southern region of India.

Aztec Fluid IPO Details

IPO Date May 10, 2024 to May 14, 2024
Listing Date May 17, 2024
Face Value ₹10 per share
Price ₹63 to ₹67 per share
Lot Size 2000 Shares
Total Issue Size ₹24.12 Cr
Fresh Issue 3,600,000 shares (aggregating up to ₹24.12 Cr)
Offer for Sale Nil
Issue Type Book Built Issue IPO
Listing At BSE SME
Share holding pre issue 10,000,000
Share holding post issue 13,600,000

Aztec Fluid IPO Lot Size

Application Lots Shares Amount
Retail (Min) 1 2000 ₹134,000
Retail (Max) 1 2000 ₹134,000
HNI (Min) 2 4,000 ₹268,000

Aztec Fluid IPO Timeline (Tentative Schedule)

IPO Open Date Friday, May 10, 2024
IPO Close Date Tuesday, May 14, 2024
Basis of Allotment Wednesday, May 15, 2024
Initiation of Refunds Thursday, May 16, 2024
Credit of Shares to Demat Thursday, May 16, 2024
Listing Date Friday, May 17, 2024
Cut-off time for UPI mandate confirmation 5 PM on May 14, 2024

Aztec Fluid IPO Reservation

Investor Category Shares Offered Reservation %
Anchor Investor Shares Offered 1,022,000 (28.39%) N/A
Market Maker Shares Offered 182,000 (5.06%) N/A
QIB Shares Offered 684,000 (19.00%) N/A
NII (HNI) Shares Offered 514,000 (14.28%) N/A
Retail Shares Offered 1,198,000 (33.28%) N/A
Total Shares Offered 3,600,000 (100%) N/A

Aztec Fluid IPO Promoter Holding

Share Holding Pre Issue 100%
Share Holding Post Issue 73.52%

About Aztec Fluid Limited

Aztec Fluids & Machinery provides coding and marking solutions to a diverse range of industries such as personal care, food & beverages, pharmaceuticals, construction materials, cables, wires & pipes, metals, automotive & electronics, agrochemicals, chemicals & petrochemicals etc.

Product portfolio includes

  1. Printers such as continuous inkjet printers (CIJ), Thermal Transfer Over printers (TTO), Drop on demand printers (DOD), NIJ printers (i.e. piezoelectric printers) and laser printers
  2. Printer inks
  3. Printer consumable items i.e. makeup and cleaning solvents.

These products allow customers to print vital variable information like batch number, date, price, logo, brand, size, barcodes, promotional codes, meter marks, special marks etc. on the products such as steel tubes, aluminum panels, G.I. sheets, laminates, glass, PVC, plywood, woven sac, corrugated boxes, plastics and packing materials.

Since 2015, Company is an exclusive distributor of Lead Tech (Zhuhai) Electronic Co. Ltd., China for CIJ Printers, TTO Printers and a range of associated equipment and accessories for various countries such as India, Sri Lanka, Nepal, Bhutan, Bangladesh, Kenya and Nigeria. The other type of printers such as DOD and NIJ are imported by company from other foreign suppliers.

The company procures inks from Fluidtech Corp, a partnership firm of Promoters, Mr. Pulin Vaidhya and Mrs. Amisha Vaidhya with which they have a manufacturing and supply agreement. Fluidtech specializes in manufacturing a diverse colours of inks, and UV, which are used in the printers. Company also have a manufacturing setup at Vatva, Ahmedabad where they manufacture printer consumable items i.e. makeup and cleaning solvents as well as inks as per requirement basis.

The company generates major domestic sales through Gujarat, Rajasthan and Tamil Nadu. In FY23, the largest share accounting for 37.04% originated from Gujarat, followed by Rajasthan - 9.86%.

Some of the customers include Astral Limited, ADF Foods Limited, Eris Lifesciences Limited, Rossari Biotech Limited, Surya Roshni Ltd, Vectus Industries Ltd., ERIS Therapeutics Limited, Resinova Chemie Limited, Prince Pipe & Fittings Limited, Oswal Cables Pvt Ltd, Digicode, Codjet India and Makson Pharmaceuticals.

India’s Capital Goods manufacturing industry serves a strong base for sectors such as Engineering, Construction, Infrastructure and Consumer goods, amongst others accounting for 27% of the total factories in the industrial sector and represents 63% of the overall foreign collaborations.

Market valuation of the capital goods industry was US$ 43.2 billion in FY22. The electrical equipment market share in India is expected to increase by US$ 33.74 billion from 2021 to 2025, and the market's growth momentum will accelerate at a CAGR of 9%.

Investment in engineering R&D sector is expected to reach US$ 63 billion by 2025. The Index of Industrial Production (IIP), in absolute terms, increased to 146.5 in January 2023 from 145.3 in December 2022.

India’s chemical industry is extremely diversified covering more than 80,000 commercial products. It can be classified into bulk chemicals, specialty chemicals, agrochemicals, petrochemicals, polymers, and fertilisers.

India is the 6th largest producer of chemicals in the world and 3rd in Asia, contributing 7% to India’s GDP. India's chemical sector, which is currently estimated to be worth US$ 220 billion in 2022 and is anticipated to grow to US$ 300 billion by 2025 and US$ 1 trillion by 2040.  

Risk Associated to the business:

  • Termination of the distributorship agreement with Lead Tech: Exclusive distributorship agreement with Lead Tech is valid till December 06, 2026 and can be renewed, at the discretion of both the parties. Further, the agreement can be discontinued by either of the party by giving a minimum notice period of 2 years.
  • The company do not own the existing manufacturing facility, repair & testing centre and regional offices from where they carry out their business activities.
  • Top 10 customers accounts approximately 65% of the revenue from operations.
  • The company may fail to realize targeted synergies or other anticipated benefits from the acquisition of Jet Inks.
  • The company generates a significant portion of revenue from key product i.e. printers which contributed to 31.21% of total revenue in Fiscal 2023.
  • The company operate in a highly competitive industry and increased competition may lead to a reduction in revenues, reduced profit margins or a loss of market share.
  • Business is currently dependent on the performance of pipes & fittings industry. Any downturn in the pipes and fitting industry can adversely impact.
  • The company is exposed to foreign currency fluctuation risks, particularly in relation to import of printers & other items and export of products, which may adversely affect.
  • Concentrated markets like Gujarat, Rajasthan.

Aztec Fluid Limited Financial Information (Restated Consolidated)

Amount in (Rs. Crore)

Period Ended 31st Dec 23 31st Mar 23 31st Mar 22 31st Mar 21
Reserve of Surplus 9.86 13.36 12.38 9.58
Total Assets 42.87 30.90 27.08 21.13
Total Borrowings 5.66 5.62 5.52 5.14
Fixed Assets 6.49 4.01 2.70 2.08
Cash 0.84 3.05 0.58 0.44
Net Borrowing 4.82 2.58 4.94 4.71
Revenue 50.93 54.26 45.72 33.90
EBITDA 5.77 4.66 4.06 3.51
PAT 4.51 3.27 3.11 2.46
EPS 4.51 3.27 3.11 2.46

Key Performance Indicator

KPI Values
EPS Pre IPO (Rs.) 3.27
EPS Post IPO (Rs.) 4.42
P/E Pre IPO 20.47
P/E Post IPO 15.16
ROE 25.6%
ROCE 25.38%
P/BV 3.37
Debt/Equity 0.28
RoNW 22.69%

Aztec Fluid Limited IPO Peer Comparison

Company Name EPS ROCE ROE P/E (x) P/Bv Debt/Equity RoNW (%)
Aztec Fluid Limited 3.27 25.38% 25.6% 20.47 3.37 0.28 22.69%
Control Print Ltd 34.3 23.6% 17.3% 26.7 4.36 0.02 23.6%
Aztec Fluid Limited Contact Details

Aztec Fluids & Machinery Limited

Part H Plinth,4th Floor, Takshashila Square, Near Krishnabag Four Rd, Maninagar, Ahmedabad, Gujarat - 380028


Tel No: +91-7048333211


Aztec Fluid IPO Registrar and Lead Manager(s)


S6-2, 6th Floor, Pinnacle Business Park, Next to Ahura Centre, Mahakali Caves Road, Andheri (East) Mumbai – 400093 MH, India.

Tel No.: +91 22 6263 8200



Aztec Fluid IPO Review

Aztec Fluids & Machinery Ltd. (AFML) offers coding and marking solutions for various industries. They provide printers, inks, and consumable items for printing important information like batch numbers and barcodes on different materials. Their average EPS over the last three years is Rs. 3.08, with an RoNW of 23.32%. The issue price is 3.37 times the book value, based on a NAV of Rs. 19.86 as of December 31, 2023.

Their profit margins have been around 7-9% for the last few years. While the company has shown steady growth, the IPO price seems high considering their earnings. The industry is competitive, so investing cautiously for medium-term gains might be wise.

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