CFF Fluid Control Limited IPO (CFF Fluid Control IPO) Detail

May 30, 2023 - Jun 2, 2023

Incorporated in 2012, CFF Fluid Control Limited is primarily engaged in the business of manufacturing and servicing of shipboard machinery. They manufacture critical component systems and test facilities for submarines and surface ships for The Indian Navy.

The entity also designs, manufacture, and service Mechanical equipment and systems for industries like Nuclear and Clean Energy.

The Company's promoters and group companies have been in the defense manufacturing space for more than 20 years.

CFF Fluid Control was incorporated with the purpose of having a dedicated new entity focused on meeting the growing requirements of the Indian Navy, Mazagaon Dockyard, and Shipbuilders Limited (MDL). This was to undertake the manufacturing and supplying of mechanical equipment for the "Scorpene" Submarine Program of India.

The company's facilities are situated at Khopoli. The facility is spread over 6,000 sq. mtrs. and has all the relevant state-of-the-art machinery and testing facilities. At the facility, the company design, manufacture, and service.

Servicing includes fluid control systems, distributor and air panels Weapons and Control Systems, Steering gear, Propulsion Systems, High-Pressure Air Systems, Hydraulics Systems, Breathing and Diving Air Systems, and Integrated Platform Management Systems for submarines and surface ships for the Indian Navy and its OEMs.

The facility is Indian Navy, MDL & Naval Group (France) approved and has ISO 9001:2015 certification for quality management systems.

CFF Fluid Control IPO Details

IPO Date May 30, 2023 to Jun 2, 2023
Listing Date [.]
Face Value ₹10 per share
Price ₹165 per share
Lot Size 800 Shares
Total Issue Size5,200,000 shares
(aggregating up to ₹85.80 Cr)
Fresh Issue5,200,000 shares
(aggregating up to ₹85.80 Cr)
Issue Type Fixed Price Issue IPO
Listing At BSE SME
Share holding pre issue14,274,100
Share holding post issue19,474,100
Market Maker portion260,800 shares (Aryaman Capital Markets)

CFF Fluid Control IPO Reservation

Other Shares Offered2,600,000 (52.64%)
Retail Shares Offered2,339,200 (47.36%)
Total Shares Offered4,939,200


  1. Market Maker portion of 260,800 equity shares is added to NII Reservation.
  2. Total Shares offered: QIB+NII+RII.

CFF Fluid Control IPO Timetable (Tentative)

CFF Fluid Control IPO opens on May 30, 2023, and closes on Jun 2, 2023.

Event Tentative Date
Opening Date Tuesday, 30 May 2023
Closing Date Friday, 2 June 2023
Basis of Allotment Wednesday, 7 June 2023
Initiation of Refunds Thursday, 8 June 2023
Credit of Shares to Demat Friday, 9 June 2023
Listing Date Monday, 12 June 2023
Cut-off time for UPI mandate confirmation 5 PM on Jun 2, 2023

CFF Fluid Control IPO Lot Size

The CFF Fluid Control IPO lot size is 800 shares.

Application Lots Shares Amount
Retail (Min) 1 800 ₹132,000
Retail (Max) 1 800 ₹132,000
HNI (Min) 2 1,600 ₹264,000
Lot Size Calculator

CFF Fluid Control IPO Promoter Holding

Sunil Menon and Gautam Makkar are the promoters of the company.

Pre Issue Share Holding 99.99%
Post Issue Share Holding 73.30%

Company Financials

CFF Fluid Control Limited Financial Information (Restated)
Period EndedTotal AssetsTotal RevenueProfit After TaxNet WorthReserves and SurplusTotal Borrowing
Amount in ₹ Lakhs

Key Performance Indicator

KPI Values
P/E (x)30.22
Market Cap (₹ Cr.)321.32
EPS (Rs)5.46
RoNW (%)52.56

Objects of the Issue

The Company proposes to utilize the Net Proceeds from Issue towards funding the following objects:

  1. Funding Working capital requirements
  2. Repayment of Loans
  3. Purchase of machinery and equipment
  4. Acquire Technology of " Towed Wire Antenna (TWA)"
  5. General Corporate Purpose

CFF Fluid Control IPO Review (Avoid)

[Dilip Davda]  The company is catering to the Defence sector and has posted an average financial performance so far. Its peers’ comparison appears to be an eyewash. Based on its annualized FY23 earnings, the issue is aggressively priced. It also mulls encasing the current fancy for the Defence segment and has priced its IPO greedily. There is no harm in skipping this pricey bet. Read detail review...

CFF Fluid Control IPO Subscription Status (Bidding Detail)

The CFF Fluid Control IPO is subscribed 0.96 times on May 31, 2023 7:02:00 PM. The public issue subscribed 0.25 times in the retail category, times in the QIB category, and 1.59 times in the NII category. Check Day by Day Subscription Details (Live Status)

CategorySubscription (times)

Total Application : 706 (0.24 times)

CFF Fluid Control IPO Prospectus

CFF Fluid Control IPO Rating

Rating:Rated 3.8 stars
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Company Contact Information

CFF Fluid Control Limited
Plot No 01, Survey No 96,
Kumbhivli Madap Khopoli,
Khalapur, Raigarh-410203
Phone: +91-2246086806
Email: compliance@cffdefensys.com
Website: http://www.cffdefensys.com/

CFF Fluid Control IPO Registrar

Cameo Corporate Services Limited

Phone: +91-44-28460390
Email: priya@cameoindia.com
Website: https://ipo.cameoindia.com/

CFF Fluid Control IPO Analysis

CFF Fluid Control IPO Recommendation Summary

Review By Subscribe Neutral Avoid
Brokers 0 0 1
Members 1 0 0

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CFF Fluid Control IPO FAQs

CFF Fluid Control IPO is a SME IPO of 5,200,000 equity shares of the face value of ₹10 aggregating up to ₹85.80 Crores. The issue is priced at ₹165 per share. The minimum order quantity is 800 Shares.

The IPO opens on May 30, 2023, and closes on Jun 2, 2023.

Cameo Corporate Services Limited is the registrar for the IPO. The shares are proposed to be listed on BSE SME.

Zerodha customers can apply online in CFF Fluid Control IPO using UPI as a payment gateway. Zerodha customers can apply in CFF Fluid Control IPO by login into Zerodha Console (back office) and submitting an IPO application form.

Steps to apply in CFF Fluid Control IPO through Zerodha

  1. Visit the Zerodha website and login to Console.
  2. Go to Portfolio and click the IPOs link.
  3. Go to the 'CFF Fluid Control IPO' row and click the 'Bid' button.
  4. Enter your UPI ID, Quantity, and Price.
  5. ‘Submit’ IPO application form.
  6. Visit the UPI App (net banking or BHIM) to approve the mandate.

Visit Zerodha IPO Application Process Review for more detail.

The CFF Fluid Control IPO opens on May 30, 2023 and closes on Jun 2, 2023.

CFF Fluid Control IPO lot size is 800 Shares and the minimum order quantity is .

You can apply in CFF Fluid Control 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 CFF Fluid Control IPO will be done on Wednesday, 7 June 2023, and the allotted shares will be credited to your demat account by Friday, 9 June 2023. Check the CFF Fluid Control IPO allotment status.

The CFF Fluid Control IPO listing date is not yet announced. The tentative date of CFF Fluid Control IPO listing is Monday, 12 June 2023.
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