Agarwal Toughened Glass India Limited is a prominent player in the glass manufacturing industry, specializing in the production of Toughened Glass, Laminate Safety Glass, IG Unit Glass, Heat Soaked Glass, Heat Strengthened Glass, Low E Glass, High Performance Glass, Tinted Glass, and Reflective Glass. The company provides innovative and high-quality products that complement modern architectural designs, meeting the growing demand for toughened and safety glass products across industries.

The Agarwal Toughened Glass India IPO is a fresh issue of 57.99 lakh shares, amounting to ₹62.63 Crores. The IPO subscription period is from November 28, 2024, to December 2, 2024, with the allotment date expected to be December 3, 2024. The shares will be listed on the NSE SME platform on or about December 5, 2024. The price band for the IPO is ₹105 to ₹108 per share, with a market capitalization of ₹190.88 Crores at the upper price band.

Agarwal Toughened Glass India IPO Key Details:

• The lot size for the IPO is 1,200 shares, and retail investors are required to invest a minimum of ₹1,29,600. For High-Net-Worth Individuals (HNIs), the minimum investment is 2 lots (2,400 shares), amounting to ₹2,59,200.
• Cumulative Capital Private Limited is the book-running lead manager, while KFIN Technologies Limited serves as the registrar. Nikunj Stock Brokers is the market maker for the IPO.

Agarwal Toughened Glass India IPO Subscription and Allotment: As of November 29, 2024, the live subscription status for the IPO indicates that it has been subscribed 0.98 times on the second day of the subscription period. Investors can track the real-time subscription status on the NSE platform. The allotment of shares is expected to be finalized by December 3, 2024, and investors can check their status on the registrar's website by entering their application number, PAN, or DP client ID.

The Upcoming IPOs in this week and coming weeks are Property Share REIT, Nisus Finance, Emerald Tyre Manufacturers, Rosmerta Digital and Avanse Financial.

The Current active IPO is Ganesh Infraworld, Suraksha Diagnostic, Agarwal Toughened.

Objectives of Agarwal Toughened Glass India IPO: The proceeds from the fresh issue will be used for:

1. ₹966.81 Lakhs for the purchase of machinery for the company’s existing manufacturing unit.
2. ₹600 Lakhs for the repayment of certain borrowings.
3. ₹2,500 Lakhs to meet incremental working capital requirements.
4. General corporate expenses.

Financial Overview and Metrics: The company has shown consistent revenue growth, with revenues from operations for the six months ending September 30, 2024, at ₹2,349.73 Lakhs, compared to ₹4,060.32 Lakhs for the same period in FY2023. The EBITDA for the same period was ₹697.50 Lakhs, reflecting a decline from ₹1,371.01 Lakhs in FY2023. The Profit After Tax (PAT) for the six months ended September 30, 2024, stood at ₹453.92 Lakhs, a decrease from ₹868.52 Lakhs in FY2023.

For the IPO, the company has a pre-issue EPS of ₹7.31 and a post-issue EPS of ₹4.91. The pre-issue P/E ratio is 14.77x, while the post-issue P/E ratio is 21.99x. The industry P/E ratio is 110.70x, which suggests that the IPO is reasonably priced when compared to its industry peers.

Recommendation for Investors: The Grey Market Premium (GMP) of the IPO is currently ₹0, indicating no immediate listing gains. Given the company’s financial performance and valuation, the IPO appears fairly priced. However, considering the fluctuating performance and moderate growth prospects, we recommend avoiding the Agarwal Toughened Glass India IPO for listing gains or long-term investment purposes. Investors should weigh the risks of investing in the IPO against its potential returns.

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