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AMIC Forging IPO is a book built issue of Rs 34.80 crores. The issue is entirely a fresh issue of 27.62 lakh shares.
AMIC Forging IPO bidding started from November 29, 2023 and ended on December 1, 2023. The allotment for AMIC Forging IPO was finalized on Monday, December 4, 2023. The shares got listed on BSE SME on December 6, 2023.
AMIC Forging IPO price band is set at ₹121 to ₹126 per share. The minimum lot size for an application is 1000 Shares. The minimum amount of investment required by retail investors is ₹126,000. The minimum lot size investment for HNI is 2 lots (2,000 shares) amounting to ₹252,000.
Gretex Corporate Services Limited is the book running lead manager of the AMIC Forging IPO, while Bigshare Services Pvt Ltd is the registrar for the issue. The market maker for AMIC Forging IPO is Gretex Share Broking.
Refer to AMIC Forging IPO RHP for detailed information.
| IPO Date | November 29, 2023 to December 1, 2023 |
| Listing Date | December 6, 2023 |
| Face Value | ₹10 per share |
| Price Band | ₹121 to ₹126 per share |
| Lot Size | 1000 Shares |
| Total Issue Size | 2,762,000 shares (aggregating up to ₹34.80 Cr) |
| Fresh Issue | 2,762,000 shares (aggregating up to ₹34.80 Cr) |
| Issue Type | Book Built Issue IPO |
| Listing At | BSE SME |
| Share holding pre issue | 7,726,410 |
| Share holding post issue | 10,488,410 |
| Market Maker portion | 139,000 shares Gretex Share Broking |
AMIC Forging IPO offers 2,762,000 shares. 524,000 (18.97%) to QIB, 394,000 (14.27%) to NII, 919,000 (33.27%) to RII and 786,000 (28.46%) to Anchor investors.
| Investor Category | Shares Offered |
|---|---|
| Anchor Investor Shares Offered | 786,000 (28.46%) |
| Market Maker Shares Offered | 139,000 (5.03%) |
| QIB Shares Offered | 524,000 (18.97%) |
| NII (HNI) Shares Offered | 394,000 (14.27%) |
| Retail Shares Offered | 919,000 (33.27%) |
| Total Shares Offered | 2,762,000 (100%) |
AMIC Forging IPO raises Rs 9.90 crore from anchor investors. AMIC Forging IPO Anchor bid date is November 28, 2023. AMIC Forging IPO Anchor Investors list
| Bid Date | November 28, 2023 |
| Shares Offered | 786,000 |
| Anchor Portion Size (In Cr.) | 9.90 |
| Anchor lock-in period end date for 50% shares (30 Days) | January 3, 2024 |
| Anchor lock-in period end date for remaining shares (90 Days) | March 3, 2024 |
AMIC Forging IPO opens on November 29, 2023, and closes on December 1, 2023.
| IPO Open Date | Wednesday, November 29, 2023 |
| IPO Close Date | Friday, December 1, 2023 |
| Basis of Allotment | Monday, December 4, 2023 |
| Initiation of Refunds | Tuesday, December 5, 2023 |
| Credit of Shares to Demat | Tuesday, December 5, 2023 |
| Listing Date | Wednesday, December 6, 2023 |
| Cut-off time for UPI mandate confirmation | 5 PM on December 1, 2023 |
Investors can bid for a minimum of 1000 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 | 1000 | ₹126,000 |
| Retail (Max) | 1 | 1000 | ₹126,000 |
| HNI (Min) | 2 | 2,000 | ₹252,000 |
| Lot Size Calculator | |||
The promoters of the company being Mr. Girdhari Lal Chamaria, Mr. Anshul Chamaria, Ms. Manju Chamaria, and Ms. Rashmi Chamaria.
| Share Holding Pre Issue | 78.38% |
| Share Holding Post Issue | 57.74% |
Founded in 2007, AMIC Forging Limited, previously known as Kali Mata Forging Private Limited, manufactures forged components catering to various industries.
AMIC Forging's product portfolio includes main shafts for wind energy, drum tube sheets, casting molds, forged shells, tube sheets, channel covers, trunnions for nuclear power plants, forged necks, wheels, and nozzles for oil and gas.
The company's customers include companies from heavy engineering, the steel industry, the oil and gas industry, the petrochemical industry, the chemical industry, refineries, thermal power plants, nuclear power plants, hydropower plants, the cement industry, the sugar industry, and other related industries.
All products are made of carbon steel, alloy steel, stainless steel, nickel, and tool alloys.
As of June 30, 2023, the company had 80 Employees consisting of 56 permanent employees and 24 temporary laborers.
The company's manufacturing units are equipped with a forging unit with an electro-hydraulic hammer with a capacity of 6 M/ton and a pneumatic hammer with a capacity of 1 M/ton.
AMIC Forging Limited's revenue increased by 63.65% and profit after tax (PAT) rose by 1031.78% between the financial year ending with March 31, 2023 and March 31, 2022.
| Period Ended | 30 Jun 2023 | 31 Mar 2023 | 31 Mar 2022 | 31 Mar 2021 |
| Assets | 6,367.84 | 6,107.99 | 3,163.87 | 1,622.07 |
| Revenue | 2,979.32 | 11,683.01 | 7,138.82 | 2,643.37 |
| Profit After Tax | 359.94 | 980.01 | 86.59 | 56.27 |
| Net Worth | 2,338.43 | 1,983.75 | 767.28 | 680.69 |
| Reserves and Surplus | 2,252.58 | 1,897.90 | 696.21 | 609.62 |
| Total Borrowing | 287.37 | 385.17 | 1,071.32 | 436.50 |
| Amount in ₹ Lakhs | ||||
The market capitalization of AMIC Forging IPO is Rs 132.15 Cr.
| KPI | Values |
|---|---|
| ROE | 71.25% |
| ROCE | 55.78% |
| Debt/Equity | 0.26 |
| RoNW | 49.40% |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | 12.83 | |
| P/E (x) | 1.01 | 9.18 |
The company intends to utilize the net proceeds from the issue towards the funding of the following objects:
[Dilip Davda] The company is operating in a highly competitive segment with many big players around. The sudden boost in its profit margins from FY23 raises eyebrows and concern over sustainability. Based on its supper annualized FY24 earnings, the issue appears fully priced. Well-informed investors may park funds for the medium to long-term rewards. Read detail review...
The AMIC Forging IPO is subscribed 289.05 times on December 1, 2023 7:02:00 PM. The public issue subscribed 273.01 times in the retail category, 91.43 times in the QIB category, and 589.27 times in the NII category. Check Day by Day Subscription Details (Live Status)
| Category | Subscription (times) |
|---|---|
| QIB | 91.43 |
| NII | 589.27 |
| Retail | 273.01 |
| Total | 289.05 |
Total Application : 310,073 (337.40 times)
| Listing Date | December 6, 2023 |
| BSE Script Code | 544037 |
| NSE Symbol | |
| ISIN | INE0P9J01013 |
| Final Issue Price | ₹126 per share |
| Price Details |
|---|
| Final Issue Price |
| Open |
| Low |
| High |
| Last Trade |
| BSE SME |
|---|
| ₹126.00 |
| ₹239.40 |
| ₹239.40 |
| ₹251.35 |
| ₹251.35 |
AMIC Forging Limited
3A, Garstin Place,
2nd Floor,
Kolkata – 700001
Phone: 033 - 40668190
Email: amic@amicforgings.com
Website: https://www.amicforgings.com/index.html
Bigshare Services Pvt Ltd
Phone: +91-22-6263 8200
Email: ipo@bigshareonline.com
Website: https://ipo.bigshareonline.com/ipo_status.html
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Check our SME IPO Guide 
AMIC Forging IPO is a SME IPO of 2,762,000 equity shares of the face value of ₹10 aggregating up to ₹34.80 Crores. The issue is priced at ₹121 to ₹126 per share. The minimum order quantity is 1000 Shares.
The IPO opens on November 29, 2023, and closes on December 1, 2023.
Bigshare Services Pvt Ltd is the registrar for the IPO. The shares are proposed to be listed on BSE SME.
Zerodha customers can apply online in AMIC Forging IPO using UPI as a payment gateway. Zerodha customers can apply in AMIC Forging IPO by login into Zerodha Console (back office) and submitting an IPO application form.
Steps to apply in AMIC Forging IPO through Zerodha
Visit Zerodha IPO Application Process Review for more detail.
The AMIC Forging IPO opens on November 29, 2023 and closes on December 1, 2023.
AMIC Forging IPO lot size is 1000 Shares, and the minimum amount required is ₹126,000.
You can apply in AMIC Forging IPO online using either UPI or ASBA as payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO application is offered by brokers who don't offer banking services. Read more detail about apply IPO online through Zerodha, Upstox, 5Paisa, Nuvama, ICICI Bank, HDFC Bank and SBI Bank.
The finalization of Basis of Allotment for AMIC Forging IPO will be done on Monday, December 4, 2023, and the allotted shares will be credited to your demat account by Tuesday, December 5, 2023. Check the AMIC Forging IPO allotment status.
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📌📌 ➡️ ➡️
▪️Incorporated in 2007, AMIC Forging Limited✅ is engaged in manufacturing of forged Components. It manufactures precision machined components as per customer specifications and International Standards.
➡️📍INDUSTRIES they serve:- Nuclear Power , Hydro Power , Ship Building , Cement Industry , Heavy Engineering, Steel Industry, Oil & Gas , Petrochemicals , Chemicals , Refineries , Thermal Power , Sugar and other related industries🔥🔥.
▪️The company manufactures precision machined components such as Rounds, Shafts, Blanks, and complete finished engineering, spare parts e.g. Gear coupling, Hub, Round, Flange, and other all kinds of engineering spares as per customer specifications and International Standards like AISI, BS, IS, DIN, etc.✅
(These products are mainly manufactured in carbon steel, alloy steel, stainless steel, Nickel and Tools Alloys).
▪️The company has its well established design center with latest 3D software✅ and highly trained technicians. It has earned its name in a short span of time because of committed delivery and premium quality product. (📍AMIC has strong position in the domestic market🔥)
▪️Their product diversity helps their company to maintain an edge over competition, since their company can provide customized and specialized solutions to its customers.✅
▪️AMIC is planning to expand via backward integration with starting the manufacturing of Steel Melting & Ingot Casting this backward integration would increase our product base and also increase our output due to easily availability of raw material.💫💫( 22.35Cr out of IPO funds will be used for this)
▪️AMIC Forging's manufacturing facilities have a forging unit with a 6 M/ton capacity Electro Hydraulic Hammer along with a 1 M/ton capacity Pneumatic Hammer, each hammer runs with the support of a Manipulator with 3 Overhead Cranes, Jib Cranes, 3 oil-fired furnace (Temperature controlled) with all necessary accessories.✅
▪️The company has a Heat Treatment Plant which has an oil bogie hearth automatically controlled furnace with a four-point recording arrangement & temperature graph indicator/recorder with water and oil quenching arrangement. Apart from the above the company also has a machine shop which contains many machines required for the manufacturing process.✅
➢2021-Awarded as Technology Friendly Firm Award by Confederation of West Bengal Trade Associations.
➢2022-Among Top-3 Open-Die Forging Manufacturers in India in Terms of Capacity with Fully Integrated Infrastructure in Tata Growth Shop- Vendor Conclave.
📌📌
▪️IPO price: Rs.126
▪️IPO size: 34.8CR (Excluding anchor, size is: 24.9Cr)
▪️CMP:Rs.305.4
▪️Market cap: 320 CR
▪️P/E: 22✅
▪️EPS:Rs.14 (annualized)
▪️52 Wk High:305.4
▪️52 Wk Low:240
▪️ROE: 71.25%
▪️ROCE: 55.78%
▪️RoNW: 49.4%
▪️Debt/Equity:0.26
▪️Assets:63.67Cr
▪️Total Borrowing:2.87Cr (Reserves and Surplus:22.52Cr)
▪️Share Holding Pre Issue:78.38%
▪️Share Holding Post Issue:57.74%
📌FINANCIALS:
▪️FY24Q1 Rev: 29.79Cr🔥
▪️FY24Q1 PAT: 3.6 Cr🔥
▪️FY23 revenue is 116.8CR as compared to 71.38 CR(FY22), 64%✅ growth yoy.
▪️FY23 PAT is 9.8 CR as compared to 0.86 CR(FY22), 1040%✅ growth yoy.
▪️342%🔥 growth in revenue in last 2 years.
▪️1641%🔥 growth in PAT in last 2 years.
( PAT margins of 2.13% (FY21), 1.22% (FY22), 8.46% (FY23), 12.17% (Q1-FY24)✅)
📌IPO funds:
From the net proceeds of the IPO funds, it will utilize Rs. 22.35 cr. for capex on new manufacturing unit, Rs. 7.50 cr. for working capital, and the rest for general corporate purposes.
📌PEERS:
As per the offer document, the company has shown Maiden Forgings, Ramkrishna Forgings as their listed peers. They are trading at a P/E of 19.36 and 48.96✅ (as of November 24, 2023). However, it is not comparable on an apple-to-apple basis.
📌SECTOR GROWTH:
▪️The global metal forging market size was valued at $83.4 billion in 2022, and is projected to reach $168 billion by 2032, growing at a CAGR of 7.2% from 2023 to 2032.✅
▪️The India metal forging market size was valued at USD 3.86 billion in 2021. The market is projected to grow from USD 4.32 billion in 2022 to USD 8.80 billion by 2029, showing a CAG of 10.69% during the forecast period.✅
▪️The automotive industry makes extensive use of forged metal components, such as engine components, transmission components, suspension components, and body sheet. Thus, growth in automotive industry is anticipated to drive metal forging market growth, and is also expected to improve the metal forging market outlook.(• Also Development in non-automotive sector like railway, defense etc, is good opportunity for AMIC💫)
▪️One of the initiatives by the Government of India's Ministry for Heavy Industries & Public Enterprises is SAMARTH Udyog Bharat 4.0, or SAMARTH Advanced Manufacturing and Rapid Transformation Hubs.
▪️The market for metal forgings is also driven by a rise in energy sectors such as oil & gas refineries, and thermal power plants.
📌STRENGTH:
➢Large & Diverse Product Portfolio.
➢Advanced Manufacturing Process.✅
➢Scalable Business Model.✅
➢Experienced Promoters and Management Team.
➢Strong Sales, Marketing ,Distribution Capabilities and Well Developed Distribution Network.💫
📌FUTURE PLAN:
▪️Focus on Advanced Products.💫
▪️Strategic Acquisition and Alliance Opportunities.✅
▪️Focus on Increase in Volume of Sales.
▪️Continue to strive for cost efficiency.
▪️Focus on consistently meeting quality standards.
📌Disclosure: Not a buy/sell recommendation. only for study and education purpose. Please consult your financial advisor before investing. Please stop investing blindly. I have bought few lots at Rs.305.4 at UC.🙏🙏