Incorporated in 2018, ResGen Limited is engaged in the process of manufacturing Pyrolysis Oil (a substitute for furnace oil) from all kinds of waste plastics. The company’s headquarter is situated in Mumbai. The company was envisioned to make environment-saving projects commercially viable and highly scalable.
The products of the company revolve around PYROLYSIS OIL.
The heavy usage of Plastic in various and diverse segments is creating hazardous issues for the environment and ResGen Limited with its sustainable solution strives at addressing these problems.
ResGen was founded on the idea of using plastic waste and converting it into a substitute for fuel. The company has come up with an ingenious, eco-friendly solution, which uses each by-product to increase efficiency. This not only offers alternate use of plastic waste but add an additional solution for fuel.
ResGen call this innovation: PlasEco. During the manufacturing of PlasEco, they are able to repurpose the by-products generated, such as Carbon, which substitutes for coal; and Gas, which substitutes for LPG.
Company Financials
| Period Ended | Total Assets | Total Revenue | Profit After Tax | Net Worth | Reserves and Surplus | Total Borrowing |
|---|---|---|---|---|---|---|
| 31-Mar-20 | 161.78 | -15.15 | 136.13 | -18.37 | 24.05 | |
| 31-Mar-21 | 1,110.01 | 2.00 | 0.63 | 136.76 | -17.74 | 961.33 |
| 31-Mar-22 | 1,371.31 | 480.81 | 73.50 | 367.46 | 147.46 | 932.92 |
| 05-Dec-22 | 3,917.97 | 1,265.34 | 246.44 | 1,510.30 | 1,091.10 | 1,486.06 |
| Amount in ₹ Lakhs |
Objects of the Issue
The Company intends to utilize the Net Fresh Issue Proceeds for the following Objects:
- Working Capital Requirements
- Purchase of the land where our Manufacturing facility is currently situated
- General Corporate Purposes.
ResGen IPO Details
| IPO Date | Feb 28, 2023 to Mar 2, 2023 |
| Listing Date | [.] |
| Face Value | ₹10 per share |
| Price | ₹45 to ₹47 per share |
| Lot Size | 3000 Shares |
| Issue Size | 6,000,000 shares of ₹10 (aggregating up to ₹28.20 Cr) |
| Fresh Issue | 6,000,000 shares of ₹10 (aggregating up to ₹[.] Cr) |
| Market Maker portion | 300,000 shares |
| Issue Type | Book Built Issue IPO |
| Listing At | BSE SME |
| Market Cap (₹ Cr.) | 98.58 |
| QIB Shares Offered | Not more than 50% of the Net Issue |
| NII (HNI) Shares Offered | Not less than 15% of the Net Issue |
| Retail Shares Offered | Not less than 35% of the Net Issue |
| Market Maker | GRETEX SHARE BROKING PVT. LTD. |
| Company Promoters | Mr. Karan Atul Bora and Mr. Kunal Atul Bora are the promoters of the company. |
ResGen IPO Tentative Timetable
ResGen IPO opens on Feb 28, 2023, and closes on Mar 2, 2023. The ResGen IPO bid date is from Feb 28, 2023 10.00 A.M. to Mar 2, 2023 5.00 P.M. The Cut-off time for UPI Mandate confirmation is 5 PM on the issue closing day.
| Event | Tentative Date |
|---|---|
| Opening Date | Feb 28, 2023 |
| Closing Date | Mar 2, 2023 |
| Basis of Allotment | Mar 8, 2023 |
| Initiation of Refunds | Mar 9, 2023 |
| Credit of Shares to Demat | Mar 10, 2023 |
| Listing Date | Mar 13, 2023 |
ResGen IPO Lot Size
The ResGen IPO lot size is 3000 shares. A retail-individual investor can apply for up to 1 lots (3000 shares or ₹141,000).
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 3000 | ₹141,000 |
| Retail (Max) | 1 | 3000 | ₹141,000 |
| HNI (Min) | 2 | 6,000 | ₹282,000 |
ResGen IPO Promoter Holding
| Pre Issue Share Holding | 94.15% |
| Post Issue Share Holding | 67.22% |
ResGen IPO Review
The company started its commercial production from 2021-22 only and results for the sub-period of FY23 raise eyebrows. The sustainability of margins reported is a major concern and it is operating in a high-risk segment that also has the impact of government policies. The segment is highly competitive with many private local players around. The large equity base in the context of its current working too poses concern. Considering its aggressive pricing and the likely challenges for future prospects, well-informed/cash surplus investors may consider investing for the long-term, while others may skip. Read detail review…
ResGen IPO Prospectus
Company Contact Information
ResGen Limited
919, Floor 9th, Plot-221, Maker Chamber.
V. Jamnalal Bajaj Marg, Nariman Point,
Mumbai- 400021
Phone: 022-22810181
Email: info@resgen.in
Website: http://www.resgen.in/
ResGen IPO Registrar
Bigshare Services Pvt Ltd
Phone: +91-22-6263 8200
Email: ipo@bigshareonline.com
Website: http://www.bigshareonline.com