Dhariwalcorp Limited IPO Details
| Detail | Description |
|---|---|
| IPO Date | August 1, 2024 to August 5, 2024 |
| Listing Date | - |
| Face Value | ₹ 10 per share |
| Price Band | ₹ 102 to ₹ 106 per share |
| Lot Size | 1,200 Shares |
| Total Issue Size | 23,72,400 shares (aggregating up to ₹ 25.15 Cr) |
| Fresh Issue | 23,72,400 shares (aggregating up to ₹ 25.15 Cr) |
| Issue Type | Book Built Issue IPO |
| Listing At | NSE SME |
| Shareholding pre issue | 65,79,000 |
| Shareholding post issue | 89,51,400 |
| Market Maker portion | 1,23,600 shares Shreni Shares |
About Dhariwalcorp Limited IPO
The company specializes in trading industrial chemicals and waxes, including Rubber Process Oil, Citric Acid, Bitumen, and Petroleum Jelly. We serve diverse industries such as textiles, pharmaceuticals, and food processing, with a strong presence across 21 Indian states and 3 Union territories. We have also begun exporting to Nepal. Our operations include a processing unit and multiple warehouses in Rajasthan, Maharashtra, Gujarat, and Kachchh. We source products both domestically and internationally from countries like China, Egypt, and the UAE.
Committed to quality and safety, we continuously enhance our products and services to meet industry standards and customer needs. The Dhariwalcorp IPO is a book-built issue valued at ₹25.15 crores, consisting entirely of a fresh issue of 2,372,000 shares. The IPO will be open for subscription from August 1, 2024, to August 5, 2024. Allotments are expected to be finalised on August 6, 2024, with the shares scheduled to be listed on the NSE SME on August 8, 2024. The price band for the IPO is set between ₹102 and ₹106 per share. Retail investors must apply for a minimum of 1,200 shares, requiring an investment of ₹127,200. For High Net-Worth Individuals (HNIs), the minimum investment is for 2 lots (2,400 shares), totalling ₹254,400. Shreni Shares Limited is the book-running lead manager for the IPO, Bigshare Services Pvt Ltd is the registrar, and Shreni Shares is the market maker.
>Dhariwalcorp Limited IPO Reservation
| Investor Category | Shares Offered |
|---|---|
| QIB Shares Offered | Not more than 50% of the Net Issue |
| Retail Shares Offered | Not less than 35% of the Net Issue |
| NII (HNI) Shares Offered | Not less than 15% of the Net Issue |
Company & Financials
The company, active across 21 Indian states and exporting to Nepal, specializes in waxes, industrial chemicals, and petroleum jelly. It has a processing unit and four warehouses, emphasizing efficient logistics and safety. Led by experienced promoters, it leverages its optimized supply chain for a competitive market edge. Handling cargo and forwarding freight
- Market Presence: The company operates across 21 states and 3 Union territories in India and has begun exporting to Nepal.
- Revenue: For the fiscal years 2024, 2023, and 2022, domestic sales generated ₹226.30 Lakhs, ₹191.93 Lakhs, and ₹158.13 Lakhs respectively, contributing 98.91%, 98.97%, and 99.72% of total revenue.
- Facilities: The company has one processing unit and four warehouses located in Jodhpur, Bhiwandi, Ahmedabad, and Mundra. Outsourcing is used for warehouses in Bhiwandi, Ahmedabad, and Mundra.
- Safety & Logistics: Facilities are equipped with necessary equipment and follow strict safety norms. The company emphasizes efficient logistics and supply chain management.
- Procurement: Products are sourced both domestically and internationally from countries like China, Egypt, Singapore, UAE, UK, and Hong Kong.
- Product Range: Specializes in waxes, industrial chemicals, and petroleum jelly for various applications, including Plywood, Paper Coating, Candle Production, and more.
- Management: Promoted by Mr Manish Dhariwal and Ms Shakshi Dhariwal, who have 15+ and 10+ years of experience in the industry respectively.
- Competitive Edge: Focus on quality, sustainability, and efficient supply chain management provides a competitive advantage in the wax and chemicals market.
Objectives of Dhariwalcorp Limited IPO
The company plans to use the net proceeds from the issue for the following purposes:
- Financing the construction of a new warehouse
- Supporting the company's working capital needs
- Covering general corporate expenses
Dhariwalcorp Limited IPO Review
The company is launching its first book-built IPO, offering 2,372,400 equity shares with a face value of ₹10 each, aiming to raise ₹25.15 crore at the upper price limit. The price band is set between ₹102 and ₹106 per share. The subscription period runs from August 1, 2024, to August 5, 2024, with a minimum application of 1,200 shares and additional lots in multiples of 1,200. Shares will be listed on the NSE SME Emerge platform post allotment. The issue represents 26.50% of the company’s post-IPO paid-up capital. The proceeds will be allocated as follows: ₹8.00 crore for working capital, ₹8.10 crore for warehouse construction, and the remaining amount for general corporate purposes. Previously, the company issued equity shares at par and later at ₹655 per share in December 2023, followed by a 50:1 bonus issue in March 2024. The average acquisition cost for promoters is ₹3.04 and ₹12.84 per share. After the IPO, the company’s paid-up equity capital will increase from ₹6.58 crore to ₹8.95 crore. At the upper end of the IPO price range, the company is targeting a market capitalization of ₹94.89 crore.
Dhariwalcorp Limited IPO Financial Information
Latest Revenue
23,111.35
₹ Crore
Profit After Tax
450.63
₹ Crore
Net Worth
875.00
₹ Crore
Total Borrowing
878.76
₹ Crore
| Period Ended | Assets | Revenue From Operations | Profit After Tax | Net Worth | Total Borrowing | ||||
|---|---|---|---|---|---|---|---|---|---|
| 31 Mar 2024 | 2,131.30 | 23,111.35 | 450.63 | 875.00 | 878.76 | ||||
| 31 Mar 2023 | 1,961.06 | 19,519.43 | 59.84 | 251.42 | 618.13 | ||||
| 31 Mar 2022 | 1,351.04 | 15,920.11 | 142.41 | 191.58 | 571.43 | ||||
| Amount in ₹ Crore | |||||||||
Dhariwalcorp Limited Key Performance Indicator
| KPI | Values |
|---|---|
| ROE | 51.50% |
| ROCE | 59.80% |
| Debt/Equity | 1 |
| RoNW | 51.50% |
| P/BV | 7.95 |
| PAT Margin (%) | 1.97 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | 6.85 | 5.03 |
| P/E (x) | 15.48 | 21.06 |
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Competitive Strengths
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Dhariwalcorp Limited IPO Timeline
| IPO Open Date | Thursday, August 1, 2024 |
| IPO Close Date | Monday, August 5, 2024 |
| Basis of Allotment | Tuesday, August 6, 2024 |
| Initiation of Refunds | Wednesday, August 7, 2024 |
| Credit of Shares to Demat | Wednesday, August 7, 2024 |
| Listing Date | Thursday, August 8, 2024 |
| Cut-off time for UPI mandate confirmation | 5 PM on August 5, 2024 |
IPO Lot Size
| Investors | No.of lots | Shares Offered | Max Bid Amount |
|---|---|---|---|
| Retail (Min) | 1 | 1200 | ₹127,200 |
| Retail (Max) | 1 | 1200 | ₹127,200 |
| HNI (Min) | 2 | 2400 | ₹254,400 |