Jungle Camps India is a prominent eco-tourism and wildlife conservation company offering a unique blend of immersive experiences for those seeking to connect with nature. Their lodges are nestled in pristine wilderness areas, focusing on sustainable wildlife tourism. Through their bespoke wildlife programs designed by safari specialists, they provide a restorative escape, allowing travelers to witness the beauty of Indian wildlife up close.

The Jungle Camps India IPO, a Book Built Issue totaling ₹29.42 Crores, consists entirely of a Fresh Issue of 40.86 Lakh shares. The subscription period for the IPO opens on December 10, 2024, and closes on December 12, 2024. The allotment is expected to be finalized by December 13, 2024, and the shares will be listed on the BSE SME with the tentative listing date set for December 17, 2024.

The share price band for the IPO is set between ₹68 and ₹72 per equity share, with the Market Capitalization of Jungle Camps India at ₹72 per share amounting to ₹111.58 Crores. The lot size of the IPO is 1,600 shares. Retail investors must invest a minimum of ₹1,15,200, while High-Net-Worth Individuals (HNIs) must invest in a minimum of 2 lots (3,200 shares), totaling ₹2,30,400.

KHAMBATTA SECURITIES LIMITED is the book-running lead manager, while SKYLINE FINANCIAL SERVICES PRIVATE LIMITED serves as the registrar for the issue. Investors can check real-time subscription status via the BSE IPO page.

Jungle Camps India IPO Grey Market Premium

As of December 13, 2024, the Grey Market Premium (GMP) for Jungle Camps India IPO is expected to be ₹62, showcasing a potential listing gain of 86.11%. While the Grey Market Premium is indicative of demand and supply, it does not guarantee actual market performance post-listing. However, the strong financials and growth prospects make the IPO attractive to investors looking for listing gains or long-term growth.

Objectives of the Jungle Camps India IPO

The fresh issue proceeds will be utilized towards:

1. ₹700.00 Lakhs for capital expenditure at Sanjay Dubri National Park, Madhya Pradesh.
2. ₹350.00 Lakhs for capital expenditure towards renovation of the Pench Jungle Camp at Pench National Park, Madhya Pradesh.
3. ₹1,150.00 Lakhs for investment in their subsidiary, Madhuvan Hospitality Private Limited, for the development of a Mathura Hotel Project.
4. General Corporate Purposes.

Financial Highlights and Metrics

• The revenues for the fiscal years ending 2024, 2023, and 2022 stood at ₹1,810.61 Lakhs, ₹1,124.55 Lakhs, and ₹781.17 Lakhs, respectively.
• EBITDA for the same periods was ₹668.45 Lakhs, ₹165.71 Lakhs, and ₹189.18 Lakhs.
• Profit After Tax (PAT) for FY24 was ₹359.16 Lakhs, reflecting a healthy growth trajectory.

The company is issuing shares at a pre-issue EPS of ₹7.82 and a post-issue EPS of ₹2.32, with a P/E ratio of 9.21x pre-issue and 31.07x post-issue. Compared to the industry P/E ratio of 121.98x, Jungle Camps India offers a competitive valuation. Their ROCE for FY24 stands at 24.75%, and RoE is at 20.01%, both indicating strong financial health.

IPO Review and Recommendation

Given the financial strength of the company, the promising Grey Market Premium, and their solid presence in the wildlife conservation and tourism industry, we recommend that risky investors apply to the Jungle Camps India IPO either for listing gains or long-term investment.

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