Rulka Electricals is launching an IPO with a book-built issue worth Rs 26.40 crores. This includes a fresh issue of 8.42 lakh shares totaling Rs 19.80 crores and an offer for sale of 2.81 lakh shares totaling Rs 6.60 crores. The IPO bidding period opened on May 16, 2024, and will close on May 21, 2024.
The allotment is expected to be finalized on May 22, 2024, with the shares set to list on the NSE SME on May 24, 2024. The IPO price band is set between ₹223 and ₹235 per share. Retail investors need a minimum investment of ₹141,000 for 600 shares, while high net-worth individuals (HNI) must invest at least ₹282,000 for two lots of 1,200 shares.
Beeline Capital Advisors Pvt Ltd is serving as the book-running lead manager, Bigshare Services Pvt Ltd is the registrar, and Sunflower Broking is the market maker for this IPO.
The company intend to utilize the proceeds of the Offer:
Listing will enhance corporate image and visibility of brand name of the Company believing that Company will receive the benefits from listing of Equity Shares on the SME Platform of NSE. It will also provide liquidity for the existing shareholders creating a public trading market for the Equity Shares of the Company.
Rulka Electricals IPO Details |
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IPO Date | May 16, 2024 to May 21, 2024 | ||||||||||
Listing Date | May 24, 2024 | ||||||||||
Face Value | ₹10 per share | ||||||||||
Price | ₹223 to ₹235 per share | ||||||||||
Lot Size | 600 Shares | ||||||||||
Total Issue Size | ₹26.40 Cr | ||||||||||
Fresh Issue | 842,400 shares (aggregating up to ₹19.80 Cr) | ||||||||||
Offer for Sale | 280,800 shares of ₹10 (aggregating up to ₹6.60 Cr) | ||||||||||
Issue Type | Book Built Issue IPO | ||||||||||
Listing At | NSE SME | ||||||||||
Share holding pre issue | 3,416,000 | ||||||||||
Share holding post issue | 4,258,400 |
Rulka Electricals IPO Lot Size |
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Application | Lots | Shares | Amount | ||||||||
Retail (Min) | 1 | 600 | ₹141,000 | ||||||||
Retail (Max) | 1 | 600 | ₹141,000 | ||||||||
HNI (Min) | 2 | 1,200 | ₹282,000 |
Rulka Electricals IPO Timeline (Tentative Schedule) |
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IPO Open Date | Thursday, May 16, 2024 | ||||||||||
IPO Close Date | Tuesday, May 21, 2024 | ||||||||||
Basis of Allotment | Wednesday, May 22, 2024 | ||||||||||
Initiation of Refunds | Thursday, May 23, 2024 | ||||||||||
Credit of Shares to Demat | Thursday, May 23, 2024 | ||||||||||
Listing Date | Friday, May 24, 2024 | ||||||||||
Cut-off time for UPI mandate confirmation | 5 PM on May 21, 2024 |
Rulka Electricals IPO Reservation |
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Investor Category | Shares Offered | Reservation % | |||||||||
Anchor Investor Shares Offered | 319,200 (28.42%) | ||||||||||
Market Maker Shares Offered | 56,400 (5.02%) | N/A | |||||||||
QIB Shares Offered | 213,600 (19.02%) | N/A | |||||||||
NII (HNI) Shares Offered | 160,200 (14.26%) | N/A | |||||||||
Retail Shares Offered | 373,800 (33.28%) | N/A | |||||||||
Total Shares Offered | 1,123,200 (100%) | N/A |
Rulka Electricals IPO Promoter Holding |
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Share Holding Pre Issue | 86.28% | ||||||||||
Share Holding Post Issue | 69.22% |
Rulka Electricals IPO Subscription Status |
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Investor Category | Shares Offered | Shares Bid For | No oF Times Subscribed |
Rulka Electricals Limited is in business of turnkey projects contractor engaged in offering solution for all types of Electrical & Fire Fighting Turnkey Projects. Company offers wide range of services like Electrical Solutions, Electrical Panels, Solar EPC Contracts, Turnkey Electrical Warehousing Projects, Electric Commercial Industrial Services, Maintenance Services, Electrical Contracting and Data & Voice Cabling Installation across the Industrial Sector, Commercial, Retail and Theatre sector.
The company offers electrical contracting services for all types of industrial plants. Apart from this they also provide Annual Maintenance which are customized to meet the specific requirements of systems and operations. Which consists of technicians and engineers, ensuring that systems are consistently maintained to the highest standards.
The company offer professional solutions, encompassing design and electrical services, to cater to the needs of customers. The team comprises highly skilled and dedicated professionals. Company derives its 100% revenue from Turnkey Projects – Turnkey Project includes material and Labor both together with Engineering, Designing and Consultancy Services.
India is the third-largest producer and consumer of electricity worldwide, with an installed power capacity of 416.59 GW as of April 30, 2023. As of April 30, 2023, India’s installed renewable energy capacity (including hydro) stood at 172.54 GW, representing 41.4% of the overall installed power capacity. Solar energy contributed 67.07 GW, followed by 42.86 GW from wind power, 10.24 GW from biomass, 4.94 GW from small hydropower, 0.55 from waste to energy, and 46.85 GW from hydropower.
India's power generation witnessed its highest growth rate in over 30 years in FY23. Power generation in India increased by 8.87% to 1,624.15 billion kilowatt-hours (kWh) in FY23. According to data from the Ministry of Power, India's power consumption stood at 130.57 BU in April, 2023. The peak power demand in the country stood at 226.87 GW in April, 2023.
The coal plants registered a PLF of 73.7% for the first nine-months period in FY23 compared to 68.5% in FY22 for the same period. Thermal power plant load is estimated to improve by 63% in FY24, fuelled by strong demand growth along with subdued capacity addition in the sector.
Risk:
Period Ended | 29th Feb 24 | 31st Mar 23 | 31st Mar 22 | 31st Mar 21 ` |
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Reserve of Surplus | 9.49 | 5.46 | 2.66 | 1.54 |
Total Assets | 40.82 | 28.27 | 19.19 | 9.82 |
Total Borrowings | 11.05 | 5.27 | 2.81 | 2.31 |
Fixed Assets | 2.59 | 2.66 | 2.63 | 1.85 |
Cash | 1.61 | 0.10 | 0.39 | 0.09 |
Net Borrowing | 9.44 | 5.17 | 2.42 | 2.22 |
Revenue | 65.19 | 46.84 | 36.27 | 19.59 |
EBITDA | 8.11 | 4.01 | 2.20 | 1.05 |
PAT | 5.66 | 2.81 | 1.12 | 0.54 |
EPS | 16.67 | 8.50 | 3.40 | 1.63 |
Key Performance Indicator |
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KPI | Values | ||||||||||
EPS Pre IPO (Rs.) | 8.21 | ||||||||||
EPS Post IPO (Rs.) | 14.49 | ||||||||||
P/E Pre IPO | 28.62 | ||||||||||
P/E Post IPO | 16.21 | ||||||||||
ROE | 67.26% | ||||||||||
ROCE | 36.51% | ||||||||||
P/BV | 6.22 | ||||||||||
Debt/Equity | 0.86 | ||||||||||
RoNW | 50.33% |
Rulka Electricals Limited IPO Peer Comparison |
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Company Name | EPS | ROCE | ROE | P/E (x) | P/Bv | Debt/Equity | RoNW (%) | ||||
Rulka Electricals Limited | 8.21 | 36.51% | 67.26% | 28.62 | 6.22 | 0.86 | 50.33% | ||||
HEC Infra Projects Ltd | 5.01 | 7.04% | 2.66% | 19 | 3.13 | 1.18 | 7.04% |
RULKA ELECTRICALS LIMITED
A - 20, Shiva Industrial Estate Co. Ltd., Lake Road, Near Tata Power, Bhandup West, Mumbai City, Mumbai- 400078, Maharashtra, India
E-Mail: info@replservices.com
Tel. No.: +022 41276806, 022 49742572, 91- 9029086744
Website: www.replservices.com
BIGSHARE SERVICES PRIVATE LIMITED
Office No S6-2, 6th Floor, Pinnacle Business Park, Next to Ahura Centre, Mahakali Caves Road, Andheri (East) Mumbai – 400 093, Maharashtra, India
Tel No: 022 – 6263 8200
Email: ipo@bigshareonline.com
Website: www.bigshareonline.com
Rulka Electricals Ltd. (REL) specializes in turnkey electrical and firefighting projects. They offer services like electrical solutions, solar EPC contracts, and data & voice cabling for industrial, commercial, retail, and theater sectors. REL's FY24 post-IPO price translates to a P/E ratio of 16.22, making the issue fully priced. The company has shown steady profit growth with PAT margins improving from 2.74% in FY21 to 8.68% in 11M-FY24, and RoCE margins ranging between 24.66% and 37.82%. Despite no dividends in the past five years, REL has strong growth, blue-chip clients, and higher margins from bundled services. Based on FY24 earnings, long-term investors might find this IPO attractive.
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