Comrade Appliances Limited IPO (Comrade Appliances IPO) Detail

May 31, 2023 - Jun 5, 2023

Incorporated in 2017, Comrade Appliances Limited is engaged in the process of manufacturing an extensive array of Air Coolers and Electric Geysers. The company manufactures consumer durable goods and assembles various products. They offer end-to-end product solutions to their customers.

Comrade Appliances operate under both, Original Equipment Manufacturer (OEM) and Original Design Manufacturer (ODM) business models.

Under the OEM model, they manufacture and supply products basis designs developed by their customers, later these products are sold under the customer's brand name. Under the ODM model, along with manufacturing, Comrade Appliances Limited also conceptualize and designs the products which are then marketed to the customers' prospective customers under their brands.

Presently, the company's product portfolio of consumer goods consists of:

  • Air Coolers
  • Electric Geysers

The company's products are marketed, manufactured, and sold under the brand name "Comrade".

The company has a manufacturing facility located at Palghar admeasuring 66,322 Sq. Ft.

Comrade Appliances IPO Details

IPO Date May 31, 2023 to Jun 5, 2023
Listing Date [.]
Face Value ₹10 per share
Price ₹52 to ₹54 per share
Lot Size 2000 Shares
Total Issue Size2,278,000 shares
(aggregating up to ₹12.30 Cr)
Fresh Issue2,278,000 shares
(aggregating up to ₹[.] Cr)
Issue Type Book Built Issue IPO
Listing At BSE SME
Share holding pre issue5,250,795
Share holding post issue7,528,795
Market Maker portion114,000 shares (Gretex Share Broking)

Comrade Appliances IPO Reservation

QIB Shares Offered432,000 (26.50%)
NII (HNI) Shares Offered440,000 (26.99%)
Retail Shares Offered758,000 (46.50%)
Total Shares Offered1,630,000


  1. Market Maker portion of 114,000 equity shares is added to NII Reservation.
  2. Total Shares offered: QIB+NII+RII.

Comrade Appliances IPO Timetable (Tentative)

Comrade Appliances IPO opens on May 31, 2023, and closes on Jun 5, 2023.

Event Tentative Date
Opening Date Wednesday, 31 May 2023
Closing Date Monday, 5 June 2023
Basis of Allotment Thursday, 8 June 2023
Initiation of Refunds Friday, 9 June 2023
Credit of Shares to Demat Monday, 12 June 2023
Listing Date Tuesday, 13 June 2023
Cut-off time for UPI mandate confirmation 5 PM on Jun 5, 2023

Comrade Appliances IPO Lot Size

The Comrade Appliances IPO lot size is 2000 shares.

Application Lots Shares Amount
Retail (Min) 1 2000 ₹108,000
Retail (Max) 1 2000 ₹108,000
HNI (Min) 2 4,000 ₹216,000
Lot Size Calculator

Comrade Appliances IPO Promoter Holding

M/s Troupe Technologies Private Limited, Mr. Khursheed Alam and Mr. Mehboob Alam are the company promoters.

Pre Issue Share Holding 100.00%
Post Issue Share Holding 69.74%

Company Financials

Comrade Appliances 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)17.14
Market Cap (₹ Cr.)40.66
EPS (Rs)3.15
RoNW (%)23.73

Objects of the Issue

The Company intends to utilize the Net Fresh Issue Proceeds for the following Objectives:

  1. Working Capital Requirements
  2. General Corporate Purposes

Comrade Appliances IPO Review (Avoid)

[Dilip Davda]  The company operates in a highly competitive and fragmented segment with many big players around. The sudden boost in its bottom line for FY23 raises eyebrows and concerns over sustainability going forward. Based on such super earnings, the issue appears aggressively priced. Small equity capital post-IPO indicates a longer gestation period for migration to the mainboard. Its IPO spending to the tune of 22.68% also raises concern. There is no harm in skipping this pricey issue. Read detail review...

Comrade Appliances IPO Subscription Status (Bidding Detail)

The Comrade Appliances IPO is subscribed 0.51 times on May 31, 2023 7:02:00 PM. The public issue subscribed 0.90 times in the retail category, 0.00 times in the QIB category, and 0.34 times in the NII category. Check Day by Day Subscription Details (Live Status)

CategorySubscription (times)

Total Application : 351 (0.93 times)

Comrade Appliances IPO Prospectus

Comrade Appliances IPO Rating

Rating:Rated 2.3 stars
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Company Contact Information

Comrade Appliances Limited
Shop No. 39, Ground Level I,
Dewan Centre, 183-186, S.V. Road, Jogeshwari West,
Mumbai - 400102
Phone: 022-66959545
Email: info@comrade.net.in
Website: http://www.comrade.net.in/

Comrade Appliances IPO Registrar

Bigshare Services Pvt Ltd

Phone: +91-22-6263 8200
Email: ipo@bigshareonline.com
Website: https://www.bigshareonline.com/

Comrade Appliances IPO Analysis

Comrade Appliances IPO Recommendation Summary

Review By Subscribe Neutral Avoid
Brokers 0 0 1
Members 0 0 3

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Comrade Appliances IPO FAQs

Comrade Appliances IPO is a SME IPO of 2,278,000 equity shares of the face value of ₹10 aggregating up to ₹12.30 Crores. The issue is priced at ₹52 to ₹54 per share. The minimum order quantity is 2000 Shares.

The IPO opens on May 31, 2023, and closes on Jun 5, 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 Comrade Appliances IPO using UPI as a payment gateway. Zerodha customers can apply in Comrade Appliances IPO by login into Zerodha Console (back office) and submitting an IPO application form.

Steps to apply in Comrade Appliances 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 'Comrade Appliances 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 Comrade Appliances IPO opens on May 31, 2023 and closes on Jun 5, 2023.

Comrade Appliances IPO lot size is 2000 Shares and the minimum order quantity is .

You can apply in Comrade Appliances 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 Comrade Appliances IPO will be done on Thursday, 8 June 2023, and the allotted shares will be credited to your demat account by Monday, 12 June 2023. Check the Comrade Appliances IPO allotment status.

The Comrade Appliances IPO listing date is not yet announced. The tentative date of Comrade Appliances IPO listing is Tuesday, 13 June 2023.
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