NAPS Global India IPO – Key Details and Review

NAPS Global India Limited is set to launch its Initial Public Offering (IPO) on March 4, 2025. The company is a Mumbai-based wholesale importer of textile products, specializing in cotton and man-made fabrics sourced from China and Hong Kong. The IPO will be a fixed-price issue aimed at raising ₹11.88 crores through the issuance of 13.20 lakh fresh shares. The shares will be listed on the BSE SME platform.

IPO Details

• Issue Type: Fixed Price Issue
• Total Issue Size: ₹11.88 Crores
• Fresh Issue: 13.20 Lakh shares
• Price Per Share: ₹90
• Market Capitalization: ₹39.87 Crores
• Lot Size: 1,600 shares
• Minimum Retail Investment: ₹1,44,000 (1 lot)
• Minimum HNI Investment: ₹2,88,000 (2 lots)
• Listing Exchange: BSE SME
• IPO Open Date: March 4, 2025
• IPO Close Date: March 6, 2025
• Allotment Date: March 7, 2025
• Listing Date: March 11, 2025

Lead Managers and Market Makers

The Book Running Lead Manager (BRLM) for the IPO is Aryaman Financial Services Limited. Cameo Corporate Services Limited is the registrar, while Aryaman Capital Markets Limited is the Market Maker for the issue.

Financial Performance

NAPS Global India has seen steady revenue growth over the last few years:

• FY2022 Revenue: ₹1,348.42 lakh
• FY2023 Revenue: ₹2,600.75 lakh
• FY2024 Revenue: ₹4,788.30 lakh
• 9M FY2025 Revenue: ₹5,283.38 lakh (up to Dec 31, 2024)

The company's EBITDA and Profit After Tax (PAT) also show positive growth:

• FY2022 EBITDA: ₹40.2 lakh | PAT: ₹18.26 lakh
• FY2023 EBITDA: ₹54.2 lakh | PAT: ₹27.17 lakh
• FY2024 EBITDA: ₹188.55 lakh | PAT: ₹145.22 lakh
• 9M FY2025 EBITDA: ₹210.60 lakh | PAT: ₹153.43 lakh

This consistent financial performance indicates that the company is scaling operations efficiently, although it remains a small-cap enterprise.

IPO Valuation and Performance Indicators

The company's valuation metrics based on FY24 financials are as follows:

• Pre-Issue EPS: ₹6.96
• Post-Issue EPS: ₹3.28
• Pre-Issue P/E Ratio: 12.93x
• Post-Issue P/E Ratio: 27.45x (higher than the industry average of 15x)
• Return on Capital Employed (ROCE): 47.47%
• Return on Equity (ROE): 59.14%
• Return on Net Worth (RoNW): 38.15%

Grey Market Premium (GMP) Update

As of February 27, 2025, the Grey Market Premium (GMP) for NAPS Global India IPO is ₹0, indicating no unofficial premium trading before the listing. This suggests that the IPO may not see significant listing gains.

IPO Objectives and Fund Utilization

NAPS Global India aims to use the IPO proceeds for the following purposes:

• ₹9.19 Crores for working capital requirements
• ₹1.69 Crores for general corporate purposes

Pros and Cons of NAPS Global India IPO

Pros:

✅ Growing revenue and profits over the years
✅ Strong ROE and ROCE, showing efficient capital utilization
✅ Key player in the textile import industry, catering to garment manufacturers

Cons:

❌ High post-issue P/E ratio (27.45x) compared to the industry (15x)
❌ No GMP premium, indicating weak listing expectations
❌ SME IPOs are generally riskier, with limited liquidity post-listing

How to Check NAPS Global India IPO Allotment Status?

The IPO allotment results will be available on March 7, 2025. Investors can check their allotment status online through the registrar’s website (Cameo Corporate Services Ltd) or via the BSE SME portal.

Steps to Check IPO Allotment Status:

1️⃣ Visit the Cameo Corporate Services IPO allotment page
2️⃣ Select NAPS Global India Limited IPO from the list
3️⃣ Enter your PAN, application number, or DP client ID
4️⃣ Click Submit to view your allotment status

Should You Invest in NAPS Global India IPO?

While NAPS Global India has shown revenue growth, its high valuation, lack of GMP premium, and SME listing risks make it a cautious investment choice. Investors looking for long-term gains may evaluate the fundamentals further before investing.

Review: Avoid for Listing Gains

Considering the valuation, financials, and GMP, this IPO is not recommended for short-term listing gains.

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