Rexpro Enterprises Limited, based in Vashi, Maharashtra, is a diversified product manufacturer, offering products such as racks, cabinets, trolleys, sound barriers, and double doors for metro stations. The company caters to a wide client base, including well-known brands such as Shoppers Stop Limited, Hindustan Unilever, Lenskart, and Godrej & Boyce Mfg. Co. Limited. Their in-house manufacturing capabilities set them apart, particularly in producing sound barriers for infrastructure projects.

IPO Details
The Rexpro Enterprises IPO is a Fixed Price Issue worth ₹53.65 Crores. The issue consists of a fresh issue of 32.50 Lakh shares worth ₹47.13 Crores and an Offer for Sale of 4.50 Lakh shares totaling ₹6.53 Crores. The subscription period for the IPO is from January 22 to January 24, 2025. Shares are expected to list on the NSE SME on January 29, 2025. The price band is set at ₹145 per share, giving the company a market capitalisation of ₹162.49 Crores. The lot size is 1,000 shares, requiring a minimum investment of ₹1,45,000 for retail investors.

Grey Market Premium (GMP) & Subscription Status
As of January 22, 2025, the IPO has been subscribed 0.48x on its first day. The Grey Market Premium (GMP) stands at ₹21, indicating a potential listing gain of 14.48%. This suggests moderate investor interest and could result in gains at the time of listing.

Financial Overview
The company has posted steady revenue growth, with revenues from operations amounting to ₹4,956.47 Lakh for the period ending on September 30, 2024. The EBITDA for FY24 is ₹627.96 Lakh, indicating improved profitability. The profit after tax (PAT) for FY24 is ₹408.27 Lakh, reflecting the company’s consistent performance in recent years.

Investment Insights
Rexpro Enterprises is led by Chairman & Managing Director Premal Niranjan Shah, who brings over 15 years of industry experience. With a pre-issue P/E ratio of 25.48x and post-issue P/E ratio of 31.35x, the company’s valuation appears competitive, particularly given the industry average of 40x. Strong return ratios such as an ROCE of 62.21% and ROE of 56.24% further strengthen the case for investment.

Recommendation
Given the expected listing gains of 14.48%, the IPO offers an attractive opportunity for investors looking for moderate-risk investments. While the subscription status indicates slower uptake so far, the company’s financial performance and industry position suggest solid growth potential.

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