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Electro Force India IPO is a fixed price issue of Rs 80.68 crores. The issue is a combination of fresh issue of 60 lakh shares aggregating to Rs 55.80 crores and offer for sale of 26.75 lakh shares aggregating to Rs 24.88 crores.
Electro Force India IPO bidding started from December 19, 2023 and ended on December 21, 2023. The allotment for Electro Force India IPO was finalized on Friday, December 22, 2023. The shares got listed on NSE SME on December 27, 2023.
Electro Force India IPO price is ₹93 per share. The minimum lot size for an application is 1200 Shares. The minimum amount of investment required by retail investors is ₹111,600. The minimum lot size investment for HNI is 2 lots (2,400 shares) amounting to ₹223,200.
First Overseas Capital Limited is the book running lead manager of the Electro Force India IPO, while Skyline Financial Services Private Ltd is the registrar for the issue. The market maker for Electro Force India IPO is Arham Shares.
Refer to Electro Force India IPO RHP for detailed information.
| IPO Date | December 19, 2023 to December 21, 2023 |
| Listing Date | December 27, 2023 |
| Face Value | ₹10 per share |
| Price | ₹93 per share |
| Lot Size | 1200 Shares |
| Total Issue Size | 8,674,800 shares (aggregating up to ₹80.68 Cr) |
| Fresh Issue | 6,000,000 shares (aggregating up to ₹55.80 Cr) |
| Offer for Sale | 2,674,800 shares of ₹10 (aggregating up to ₹24.88 Cr) |
| Issue Type | Fixed Price Issue IPO |
| Listing At | NSE SME |
| Share holding pre issue | 17,400,001 |
| Share holding post issue | 23,400,001 |
| Market Maker portion | 435,600 shares Arham Shares |
Electro Force India IPO offers 8,674,800 shares. 4,119,600 (47.49%) to NII, 4,119,600 (47.49%) to RII.
| Investor Category | Shares Offered |
|---|---|
| Anchor Investor Shares Offered | - |
| Market Maker Shares Offered | 435,600 (5.02%) |
| Other Shares Offered | 4,119,600 (47.49%) |
| Retail Shares Offered | 4,119,600 (47.49%) |
| Total Shares Offered | 8,674,800 (100%) |
Electro Force India IPO opens on December 19, 2023, and closes on December 21, 2023.
| IPO Open Date | Tuesday, December 19, 2023 |
| IPO Close Date | Thursday, December 21, 2023 |
| Basis of Allotment | Friday, December 22, 2023 |
| Initiation of Refunds | Tuesday, December 26, 2023 |
| Credit of Shares to Demat | Tuesday, December 26, 2023 |
| Listing Date | Wednesday, December 27, 2023 |
| Cut-off time for UPI mandate confirmation | 5 PM on December 21, 2023 |
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 | ₹111,600 |
| Retail (Max) | 1 | 1200 | ₹111,600 |
| HNI (Min) | 2 | 2,400 | ₹223,200 |
| Lot Size Calculator | |||
Ayesspea Holdings and Investments Private Limited, Garuda Television Private Limited, and Pravin Kumar Brijendra Kumar Agarwal are the promoters of the company.
| Share Holding Pre Issue | 100.00% |
| Share Holding Post Issue | 62.93% |
Incorporated in 2010, Electro Force (India) Limited designs and manufactures electrical components and metal/plastic contact parts for India's electronics, lighting, switchgear, and allied industries.
Electro Force designs and manufactures stamping components and plastic components by metal stamping, injection molding and insert molding for electrical MCBs (Miniature Circuit Breakers), 63A electrical manual transfer switches, electrical MCCBs & RCBs, brushless DC motors for medical devices/aerospace/defense and automation, electrical motor starters, Electrical Control Gears, and electrical switches.
The company also provides quality testing, packaging, assembly, secondary operations and logistics services.
The company has a leased manufacturing facility in Vasai, Maharashtra, with an area of over 10,000 square feet.
Electro Force (India) Limited's revenue decreased by -12.04% and profit after tax (PAT) dropped by -7.48% between the financial year ending with March 31, 2023 and March 31, 2022.
| Period Ended | 30 Sep 2023 | 31 Mar 2023 | 31 Mar 2022 | 31 Mar 2021 |
| Assets | 7,827.00 | 7,231.51 | 4,783.37 | 1,719.96 |
| Revenue | 2,314.19 | 3,028.81 | 3,443.55 | 1,587.13 |
| Profit After Tax | 711.08 | 799.60 | 864.26 | -223.69 |
| Net Worth | 2,546.41 | 1,835.33 | 1,035.73 | 171.47 |
| Reserves and Surplus | 806.41 | 95.33 | 535.73 | -328.53 |
| Total Borrowing | ||||
| Amount in ₹ Lakhs | ||||
The market capitalization of Electro Force India IPO is Rs 217.62 Cr.
| KPI | Values |
|---|---|
| ROE | 43.57% |
| ROCE | 58.23% |
| RoNW | 43.57% |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | 4.6 | |
| P/E (x) | 20.22 | 15.3 |
The company intends to utilize the net proceeds from the issue towards the funding of the following objects:
[Dilip Davda] The company operates in a highly competitive and fragmented segment. It marked fluctuating trends in its top and bottom lines for the reported periods. Based on annualized super earnings of FY24, the issue appears fully priced. The sustainability of such margins going forward is a major concern. There is no harm in skipping this dicey IPO. Read detail review...
The Electro Force India IPO is subscribed 4.28 times on December 21, 2023 7:29:00 PM. The public issue subscribed 6.44 times in the retail category, times in the QIB category, and 2.12 times in the NII category. Check Day by Day Subscription Details (Live Status)
| Category | Subscription (times) |
|---|---|
| Other | 2.12 |
| Retail | 6.44 |
| Total | 4.28 |
Total Application : 22,118 (6.44 times)
| Listing Date | December 27, 2023 |
| BSE Script Code | |
| NSE Symbol | EFORCE |
| ISIN | INE0Q1W01012 |
| Final Issue Price | ₹93 per share |
| Price Details |
|---|
| Final Issue Price |
| Open |
| Low |
| High |
| Last Trade |
| NSE SME |
|---|
| ₹93.00 |
| ₹100.00 |
| ₹95.10 |
| ₹105.00 |
| ₹105.00 |
Electro Force (India) Limited
39/5, Village - Waliv,
Taluka - Vasai East,
Palghar - 401 208
Phone: +91 22 35722456
Email: compliance@electroforceindia.com
Website: https://electroforceindia.com/
Skyline Financial Services Private Ltd
Phone: 02228511022
Email: ipo@skylinerta.com
Website: https://www.skylinerta.com/ipo.php
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Electro Force India IPO is a SME IPO of 8,674,800 equity shares of the face value of ₹10 aggregating up to ₹80.68 Crores. The issue is priced at ₹93 per share. The minimum order quantity is 1200 Shares.
The IPO opens on December 19, 2023, and closes on December 21, 2023.
Skyline Financial Services Private Ltd is the registrar for the IPO. The shares are proposed to be listed on NSE SME.
Zerodha customers can apply online in Electro Force India IPO using UPI as a payment gateway. Zerodha customers can apply in Electro Force India IPO by login into Zerodha Console (back office) and submitting an IPO application form.
Steps to apply in Electro Force India IPO through Zerodha
Visit Zerodha IPO Application Process Review for more detail.
The Electro Force India IPO opens on December 19, 2023 and closes on December 21, 2023.
Electro Force India IPO lot size is 1200 Shares, and the minimum amount required is ₹111,600.
You can apply in Electro Force India 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 Electro Force India IPO will be done on Friday, December 22, 2023, and the allotted shares will be credited to your demat account by Tuesday, December 26, 2023. Check the Electro Force India IPO allotment status.
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