Piotex Industries IPO is a fixed price issue of Rs 14.47 crores. The issue is entirely a fresh issue of 15.4 lakh shares.
Piotex Industries IPO bidding opened for subscription on May 10, 2024 and will close on May 14, 2024. The allotment for the Piotex Industries IPO is expected to be finalized on Wednesday, May 15, 2024. Piotex Industries IPO will list on BSE SME with tentative listing date fixed as Friday, May 17, 2024.
Piotex Industries IPO price is ₹94 per share. The minimum lot size for an application is 1200 Shares. The minimum amount of investment required by retail investors is ₹112,800. The minimum lot size investment for HNI is 2 lots (2,400 shares) amounting to ₹225,600.
Beeline Capital Advisors Pvt Ltd is the book running lead manager of the Piotex Industries IPO, while Cameo Corporate Services Limited is the registrar for the issue. The market maker for Piotex Industries IPO is Spread X Securities.
Refer to Piotex Industries IPO RHP for detailed information.
Piotex Industries IPO Details
| IPO Date | May 10, 2024 to May 14, 2024 |
| Listing Date | [.] |
| Face Value | ₹10 per share |
| Price | ₹94 per share |
| Lot Size | 1200 Shares |
| Total Issue Size | 1,539,600 shares (aggregating up to ₹14.47 Cr) |
| Fresh Issue | 1,539,600 shares (aggregating up to ₹14.47 Cr) |
| Issue Type | Fixed Price Issue IPO |
| Listing At | BSE SME |
| Share holding pre issue | 3,564,000 |
| Share holding post issue | 5,103,600 |
| Market Maker portion | 78,000 shares Spread X Securities |
Piotex Industries IPO Reservation
Piotex Industries IPO offers 1,539,600 shares. 730,800 (47.47%) to NII, 730,800 (47.47%) to RII.
| Investor Category | Shares Offered |
|---|---|
| Anchor Investor Shares Offered | – |
| Market Maker Shares Offered | 78,000 (5.07%) |
| Other Shares Offered | 730,800 (47.47%) |
| Retail Shares Offered | 730,800 (47.47%) |
| Total Shares Offered | 1,539,600 (100%) |
Piotex Industries IPO Timeline (Tentative Schedule)
Piotex Industries IPO opens on May 10, 2024, and closes on May 14, 2024.
| IPO Open Date | Friday, May 10, 2024 |
| IPO Close Date | Tuesday, May 14, 2024 |
| Basis of Allotment | Wednesday, May 15, 2024 |
| Initiation of Refunds | Thursday, May 16, 2024 |
| Credit of Shares to Demat | Thursday, May 16, 2024 |
| Listing Date | Friday, May 17, 2024 |
| Cut-off time for UPI mandate confirmation | 5 PM on May 14, 2024 |
Piotex Industries IPO Lot Size
Investors can bid for a minimum of 1200 shares and in multiples thereof. The below table depicts the minimum and maximum investment by retail investors and HNI in terms of shares and amount.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 1200 | ₹112,800 |
| Retail (Max) | 1 | 1200 | ₹112,800 |
| HNI (Min) | 2 | 2,400 | ₹225,600 |
| Lot Size Calculator | |||
Piotex Industries IPO Promoter Holding
The company’s promoters are Mr. Abhay Shriram Asalkar and Mr. Yogesh Omprakash Nimodiya.
| Share Holding Pre Issue | 100.00% |
| Share Holding Post Issue | 69.83% |
About Piotex Industries Limited
Founded in 2019, Piotex Industries Limited is engaged in contract manufacturing and trading of yarns, fabrics, and cotton bales for various purposes such as apparel and home textiles. The company also manufactures cotton yarn under an outsourcing model (job- work)
The company has two main business areas:
- Trading in cotton bales, synthetic fibers, cotton yarns, and fabrics: The company manufactures and trades in cotton bales and cotton yarn in the textile centers of Maharashtra, namely Malegaon, Ichalkaranji and Bhiwandi. The company also supplies cotton yarn to Burhanpur and Ahmedabad. For its end product, cotton yarn, the company has entered into an exclusive distribution agreement with Babasaheb Deshmukh Industries Private Limited.
- Contract Labor and Fabric Weaving: Under this arrangement, the company supplies the yarn to the contract workers and the weaving mill who carry out the weaving process at a contractually agreed price and return the finished product. The finished product, i.e. the fabric, is then sold to the customers.
As of March 31, 2024, the company has 18 employees on the payroll.
Piotex Industries Limited Financial Information (Restated)
Piotex Industries Limited’s revenue increased by 37.23% and profit after tax (PAT) rose by 4.17% between the financial year ending with March 31, 2024 and March 31, 2023.
| Period Ended | 31 Mar 2024 | 31 Mar 2023 | 31 Mar 2022 |
| Assets | 3,610.59 | 1,757.68 | 1,385.47 |
| Revenue | 11,893.88 | 8,667.21 | 8,046.39 |
| Profit After Tax | 300.80 | 288.75 | 74.29 |
| Net Worth | 897.18 | 440.07 | 151.32 |
| Reserves and Surplus | 582.47 | 425.07 | 136.32 |
| Total Borrowing | 445.94 | 372.30 | 528.58 |
| Amount in ₹ Lakhs | |||
Key Performance Indicator
The market capitalization of Piotex Industries IPO is Rs 47.97 Cr.
KPI as of March 31, 2024.
| KPI | Values |
|---|---|
| ROE | 44.99% |
| ROCE | 33.20% |
| Debt/Equity | 0.5 |
| RoNW | 33.53% |
| P/BV | 3.73 |
| PAT Margin (%) | 2.54 |
Check Piotex Industries IPO Peer Comparison here.
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | 8.44 | 5.89 |
| P/E (x) | 11.14 | 15.95 |
Note:
- The Pre IPO EPS is calculated based on Pre issue shareholding as on date of RHP and the latest FY earnings as of March 31, 2024 that is available in RHP.
- The Post Issue EPS is calculated based on the Post issue shareholding and annualized FY earnings of March 31, 2024 that is available in RHP.
Objects of the Issue (Piotex Industries IPO Objectives)
The Net Proceeds from the Fresh Issue will be utilized towards the following objects:
- Funding the Working Capital Requirement; and
- General Corporate Purpose.
Piotex Industries IPO Review (May apply)
[Dilip Davda] The company is operating in a highly competitive and fragmented segment. It does third party contract manufacturing, which raise major concern. The sudden boost in its bottom lines from FY23 onwards appears to be a window dressing to fetch fancy valuations. This issue can be termed as “High Risk / Low Return” bet. Small post-IPO equity base indicates longer gestation period for migration. Well-informed/cash surplus investors may park moderate funds for the medium term. Read detail review…
Piotex Industries IPO Subscription Status (Bidding Detail)
The Piotex Industries IPO is subscribed 2.67 times on May 13, 2024 3:07:05 PM (Day 2). The public issue subscribed 4.03 times in the retail category, [.] times in the QIB category, and 1.22 times in the NII category. Check Day by Day Subscription Details (Live Status) Reload Subscription
| Category | Subscription (times) | Shares Offered | Shares bid for |
|---|---|---|---|
| NII* | 1.22 | 7,30,800 | 8,92,800 |
| Retail | 4.03 | 7,30,800 | 29,47,200 |
| Total | 2.67 | 14,61,600 | 38,97,600 |
Total Application : 2,813
*Market Maker portion is not included to NII/HNI.
Piotex Industries IPO Prospectus
Piotex Industries Limited Contact Details
Piotex Industries Limited
F/II Block, Plot No. 16/2,
M.I.D.C., Pimpri
Pune – 411018
Phone: +91-9156744401
Email: office@piotex.in
Website: https://piotex.in/
Piotex Industries IPO Registrar
Cameo Corporate Services Limited
Phone: +91-44-28460390
Email: ipo@cameoindia.com
Website: https://ipo.cameoindia.com/