G.V. Electricals IPO

About this issue

G.V. Electricals listed at +21.5% against its issue price of ₹130. The book is 169.26 times subscribed overall. The grey market premium is +₹25 (+19.2%), which is an informal figure and not a quoted price. Our call is Must Apply, on 100% of our checks.

Segment

SME

Price

₹130

Lot size

1,000 shares

One lot costs

₹1,30,000

Issue size

₹39 Cr

Grey market premium

+₹25 (+19.2%)

Subscribed

169.26x

Listed at

+21.5%

Our call

Must Apply

What we checked

• Profitable in the latest yearPAT ₹10.47 Cr
• Profit grew year on yearPAT +125%
• Revenue grew year on yearRevenue +19%
• Borrowing under half of net worthDebt/net worth 0.49
• Return on net worth above 15%RoNW 31.1%
• Post-issue P/E under 40P/E 14.0
• Price to book under 6P/B 3.2
• Majority is fresh capital92% fresh issue
• Promoters keep at least half68.0% held post-issue
• Anchor investors participatedAnchor book placed
• Institutions subscribed over 10×QIB 91.5× subscribed
• Overall book more than 10× covered169.3× overall
• Institutions wanted it more than retailQIB 91.5× vs retail 168.7×
• Lead manager above segment medianSeren Capital Pvt.Ltd.: 9 past issues, +26% avg vs +8% segment median

1 further check could not be judged, because the issue did not disclose enough. They count neither for nor against.