About Ganesh Infraworld Limited

Ganesh Infraworld Limited, formerly known as Ganesh International, has emerged as a leading name in Eastern India’s EPC servicing sector. Specializing in civil, electrical, road, rail, and water infrastructure, the company offers innovative, round-the-clock solutions to complex engineering projects.

Under the leadership of Vibhoar Agrawal (Chairman & MD), the company has achieved remarkable growth in its 8-year journey.

IPO Details

• Type: Book Built Issue
• Issue Size: ₹98.57 Crores (Fresh Issue: 118.76 Lakh Shares)
• Price Band: ₹78 to ₹83 per equity share
• Lot Size: 1,600 shares
• Market Capitalization (at ₹83): ₹354.58 Crores
• Subscription Period: November 29 to December 03, 2024
• Listing Date (Tentative): December 06, 2024 (NSE SME platform)
• Lead Manager: Vivro Financial Services Private Limited
• Registrar: Link Intime India Private Limited
• Market Maker: Rikhav Securities Limited

Financial Performance

Key Observations:

• Steady growth in revenue and profitability.
• Improved EBITDA margins, indicating operational efficiency.

Objectives of the IPO

The funds from the fresh issue will be utilized for:

1. Working Capital Requirements: ₹70 Crores.
2. General Corporate Purposes: Balance proceeds.

Valuation

• EPS (Pre-Issue): ₹7.11
• EPS (Post-Issue): ₹3.64
• P/E Ratio: Pre-Issue: 11.67x | Post-Issue: 22.81x (Industry P/E: 21x)
• ROCE (FY24): 61.58%
• ROE (FY24): 59.38%

The IPO is fairly priced with a slightly higher post-issue P/E ratio compared to industry standards.

Grey Market Premium (GMP)

As of December 03, 2024, the GMP is ₹25, indicating potential listing gains of approximately 30%. While GMP provides a general sentiment, it should not be the sole factor influencing investment decisions.

Subscription Status

As of 5:00 PM on December 03, 2024:

• Overall Subscription: 319.11x
  • Retail: 289.15x
  • HNI: 410.45x
  • QIB: 122.34x

The overwhelming subscription reflects strong investor interest, particularly among non-institutional investors.

Anchor Investor Allocation

Ganesh Infraworld raised ₹26.58 Crores from anchor investors by allocating 32,03,200 equity shares at ₹83 per share. This demonstrates confidence from institutional participants.

How to Check Allotment Status

1. Registrar Website:

   • Visit Link Intime India’s allotment page.
   • Select "Ganesh Infraworld IPO" from the dropdown menu.
   • Enter your application number, PAN, or DP Client ID.
   • Submit to view your allotment status.

2. NSE Website:

   • Access the IPO allotment section on the NSE website.
   • Provide required details to check your status.

The allotment date is December 04, 2024.

Investment Recommendation

The Ganesh Infraworld IPO shows significant potential for listing gains and long-term growth due to:

1. Robust revenue growth and profitability trends.
2. High subscription levels, reflecting investor confidence.
3. Fair valuation compared to industry standards.

Recommendation: Risk-tolerant investors may consider applying for this IPO to capitalize on potential listing gains and long-term sectoral opportunities.

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