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Ashapuri Gold Ornament IPO – Listing, Allotment, Subscription, GMP & DRHP

Ashapuri Gold Ornament is engaged in the business of wholesale trading of Jewellery. The Jewelries are manufactured on Job work basis at Ahmedabad and Rajkot. Let’s have a detailed review of the company and analytics of the Ashapuri Gold Ornament IPO release date, IPO offer price, subscription, Ashapuri Gold Ornament IPO allotment, grey market price and other details like the company’s background, its financial positions, its promoters and other related things.


Ashapuri Gold Ornament IPO Review & Ratings

IPO Ratings & Review
CriteriaRatings
Industry Sentiments8.5/10
Industry Ranking7.8/10
Company Background7.9/10
Company Reputation7.9/10
Competitive Edge7.7/10
Financial Statements7.8/10
Popularity Index8.4/10
Promoters Reputation7.7/10
Retail Appetite7.9/10
Top Brokers Review7.9/10
Overall Ratings8.1/10
Star Ratings★★★★☆

Summary of Ashapuri Gold Ornament IPO

Ashapuri Gold Ornament IPOAshapuri Gold Ornament is engaged in the business of wholesale trading of Jewellery. The Jewelries are manufactured on Job work basis at Ahmedabad and Rajkot. The design of their products is done either in house or by third parties on their behalf and get the Jewelleries manufactured on job work basis. Initial public offering of 57,50,000 Equity Shares of face value Rs. 10 each fully paid up for at an Issue Price of Rs. 51 each aggregating to Rs. 2932.50 Lakhs).

From FY 2015-16 to FY 2017-2018, as per the Restated Financial Statements,

  • The revenue from operations for the period ended November 30, 2018 was Rs. 4,950.81 Lakhs which was about 99.99% of the total revenue and which includes revenue from manufacturing on job work and trading activity of gold ornaments. The company is in business of manufacturing on job work and trading activity of gold ornaments. The total income from operations for the FY 2017-18 was Rs. 4,692.92 Lakhs as compared to Rs. 3,728.91 Lakhs during the FY 2016-17 showing increase of 25.85%. The increase is due to increase in scale of business. s. The total income from operations for the FY 2016-17 was Rs. 3728.91 Lakhs as compared to Rs. 5562.73 Lakhs during the FY 2015-16 showing Decrease of 32.97 %. The increase is due to decrease in scale of business.
  • The  EBITDA was Rs. 78.20 Lakhs for the period ended November 30, 2018 which was about 1.58% of the total revenue.
  • The net asset value per Equity Share was Rs. 692.13 and Rs. 660.28 as of November 30, 2018 and March 31, 2018, respectively, as per the Restated Standalone Financial Statements.
  • PAT/(Loss) for the period ended November 30, 2018 is Rs. 31.85 Lakhs. Profit After Tax increased from Rs. 3.97 for the FY 2016-17 to Rs. 7.30 Lakhs in FY 2017-18. The PAT was 0.16% of total revenue. PAT decreased from Rs. 6.40 for the FY 2015-16 to Rs. 3.97 Lakhs in FY 2016-17. The PAT was 0.11% of the total revenue.

The Promoters of this company are Mr. Saremal Soni, Mr. Dinesh Soni, Mr. Jitendra Soni. The lead manager to the issue is Fedex Securities Private Limited and the Registrar to this issue is Bigshare Services Private Limited.



Ashapuri Gold Ornament IPO Date

The opening and the closing date of Ashapuri Gold Ornament IPO is Mar 13, 2019 – Mar 18, 2019.


Ashapuri Gold Ornament IPO Subscription

Day / DateQIBNIIRIITotal Subscription
1st Day – Mar 130.58x0.05x0.31x
2nd Day – Mar 140.74x0.07x0.40x
3rd Day – Mar 15
4th Day – Mar 18
Shares Offered or Net Issue2,726,0002,726,0005,452,000

The shares subscribed by the public will be updated here.


Ashapuri Gold Ornament IPO Allotment Status

Here, you can find the Allotment Status of this IPO.

Basis of Allotment Finalization22-Mar-19
Refunds Initiation25-Mar-19
Credit of Shares to Demat Account26-Mar-19
Share Listing Date27-Mar-19

Ashapuri Gold Ornament IPO Price Band

The face value of each share is Rs 10, but the price band of the IPO is not yet disclosed. 


Ashapuri Gold Ornament IPO Equity Share Offering

Initial public offering of 57,50,000 Equity Shares of face value Rs. 10 each fully paid up for at an Issue Price of Rs. 51 each aggregating to Rs. 2932.50 Lakhs).


Ashapuri Gold Ornament Limited – Company Overview

Ashapuri Gold Ornament Limited was originally incorporated as ‘ “Ashapuri Gold Ornament Private Limited’’ as a private limited company under the provisions of Companies Act, 1956 vide Certificate of Incorporation dated June 17, 2008. Subsequently, this Company was converted in to a public limited Company pursuant to a special resolution passed by their shareholders at the EGM held on January 09, 2019 and consequently the name of the Company was changed to “Ashapuri Gold Ornament Limited”.

Ashapuri Gold Ornament is engaged in the business of wholesale trading of Jewellery. The Jewelries are manufactured on Job work basis at Ahmedabad and Rajkot. We are well known and trusted wholesaler of gold jewellery supplier, having showroom of 2945 sq. feet on prime location of C.G. Road, Ahmedabad, the newly developed main market for buying Gold and Diamond Jewellery. The design of their products is done either in house or by third parties on the behalf and get the Jewelleries manufactured on job work basis.

Since the system of hallmarking is legally introduced, Company deals only in jewellery certified by Hallmark. They deal in antique Jewellery too and also in the Trading of Gold Jewellery.

Competitive Strengths of Ashapuri Gold Ornament Limited:

  • Vast experience of over Two decades with sound market knowledge.
  • Prime Location of their Showroom.
  • Strong distribution network.
  • Design, Innovation and Product range.
  • Long term relations with clients.

Business strategies of Ashapuri Gold Ornament Limited:

  • Entering in to Long Term Supply agreement with the Branded Company.
  • Commence the Manufacturing Activities.
  • Development of Readymade Garment Business.

Ashapuri Gold Ornament Limited – Financial Statements

A quick look into the past financial performance of the company to understand its performance of business and evaluate the growth prospectus:

Financial Summary:

Amount (in INR & lakhs)
30-Nov-1831-Mar-1831-Mar-1731-Mar-16
Total Assets1,609.521,454.001,557.901,684.27
Total Revenue4,950.814,692.923,728.915,562.73
Total Expense4,908.924,682.223,724.225,553.58
Profit After Tax31.857.303.976.40

Earnings per Equity Share (in lakhs)

30-Nov-1831-Mar-1831-Mar-1731-Mar-16
Basic & Diluted31.857.304.0810.38

From the above statements, one could find that the Ashapuri Gold Ornament Limited may perform well.


Ashapuri Gold Ornament IPO – Promoters

The Promoters of this company are:

  • Mr. Saremal Soni,
  • Mr. Dinesh Soni,
  • Mr. Jitendra Soni

List of Related Parties (Key Managerial Personnel)

  • Mr. Prince Saraf, Chief Compliance Officer
  • Mr. Aagam Doshi, CFO

Interest in promotion of the Company

Company is currently promoted by the Promoters in order to carry on its present business. Promoters are interested in the Company to the extent of their shareholding and directorship of the Individual Promoter in the Company and the dividend declared, if any, by the Company. The Promoters are interested in the transactions entered into the Company and the Promoter Group.

Property Interest

The promoters along with the promoter group will continue to hold collectively some percentage of the equity share capital of the company. As a result of the same, they will be able to exercise significant influence over the control of the outcome of the matter that requires approval of the majority shareholders vote.

Interest in Intellectual Rights of the Company

Promoters has not shown any interest in acquiring the intellectual rights of the company.


Ashapuri Gold Ornament IPO Offer Details or Issue Details

Particulars No. Of Equity Shares
 Equity Shares Offered 57,50,000 Equity Shares of face value Rs. 10 each fully paid up for at an Issue Price of Rs. 51 each aggregating to Rs. 2932.50 Lakhs
 Of which:
 Reserved for Market Makers 2,98,000 Equity Shares of face value of Rs. 10 each fully paid up at an Issue Price of Rs. 51 each aggregating to Rs. 151.98 Lakhs
 Net Issue to the Public 54,52,000 Equity Shares of face value of Rs. 10 each fully paid up at an Issue Price of Rs. 51 each aggregating to Rs. 2780.52 Lakhs
 Of which:
 Retail Investors Portion 27,26,000 Equity Shares of face value of Rs. 10 each fully paid up at an Issue Price of Rs. 51 each aggregating to Rs. 1390.26 Lakhs
 Non-Retail Investors Portion27,26,000 Equity Shares of face value of Rs. 10 each fully paid up at an Issue Price of Rs. 51 each aggregating to Rs. 1390.26 Lakhs
 Equity Shares outstanding prior to the Issue1,55,43 000 Equity Shares
 Equity Shares outstanding after the Issue2,12,93,000 Equity Shares of face value of Rs. 10 each

Ashapuri Gold Ornament IPO Issue Object

These are the IPO Issue Objects of the company

  • Funding the Working Capital requirements of the Company:
  •  Repayment/ pre-payment of certain unsecured loans availed from banks and financial institutions by the company; and
  •  General Corporate Purposes

Ashapuri Gold Ornament IPO – Basis of the Offer Price

The issue price is determined by the company in consultation with the Lead manager on the basis of the following qualitative and quantitative factors.

Qualitative factors are:

  • Vast experience of over Two decades with sound market knowledge.
  • Prime Location of their Showroom.
  • Strong distribution network.
  • Design, Innovation and Product range.
  • Long term relations with clients.

The relevant quantitative factors are:

On the basis of standalone statement:-

Basic EPS (pre bonus)Basic EPS (post bonus)
RONW% (pre bonus)RONW% ( post bonus)NAV (pre bonus)NAV (post bonus)
31-Mar-1610.380.030.990.42 
31-Mar-174.390.040.610.26 
31-Mar-187.300.051.11
0.47660.2810.90
  • Price to Earnings (P/E) ratio in relation to Issue Price of [●] per Equity Share of face value of Rs. 10 each
ParticularsP/E ratio
pre-bonus 
a.Based on 2017-18 basic EPS of Rs. 7.306.99
b. Based on weighted average basic EPS of Rs. 6.847.45
  • Competitive Peers:
Sr. No. ParticularsFace Value  (in Rs.)Basic EPS (In Rs.)P/E RatioRONW (%) NAV (In Rs.)
1Ashapuri Gold Ornament
Limited
107.306.991.11660.28
2D.P Abhushan Limited104.2210.1919.8318.46
3Moksh Ornaments Limited105.283.7315.1724.06

Ashapuri Gold Ornament IPO Lead Managers

Lead Managers
FEDEX SECURITIES PRIVATE LIMITED*
305, Enterprise Centre, Nehru Road, Vile Parle (East),
Mumbai- 400099, Maharashtra, India
Tel No.: +91 81049 85249
Fax No.: 022 2618 6966
E-mail:
Website: www.fedsec.in
Contact Person: Rinkesh Saraiya
SEBI Registration Number: INM000010163
Investor Grievance E-mail:

Ashapuri Gold Ornament IPO Registrar to offer

Registrar to the Offer
BIGSHARE SERVICES PRIVATE LIMITED
1st Floor, Bharat Tin Works Building, Opp. Vasant Oasis,
Makwana Road, Marol, Andheri (East), Mumbai-400059
Tel No.: 022 62638200
Fax No: 022 62638299
Email Id:
Website: www.bigshareonline.com
SEBI Registration No: INR000001385
Contact Person: Babu Raphael
Investor Grievance E-mail:

Other Details:

  • Statutory Auditor – M/s. Bhagat & Co., Chartered Accountants
  • Peer Review Auditor -M/s. Bhagat & Co., Chartered Accountants
  • Bankers to the Company – IDBI Bank Limited

Ashapuri Gold Ornament IPO Review by Top 10 Stock Brokers

Top Stock Brokers ReviewCompany ReputationCompetitive EdgeFinancial StatementPopularity IndexPromoters Reputation
Angel Broking7.5/107.4/108.5/108.1/107.1/10
Sharekhan7.2/107.1/108.6/108.1/107.2/10
Kotak Securities7.3/107.5/108.4/108.1/107.3/10
ICICI Direct7.3/107.3/108.7/108.1/107.1/10
IIFL7.5/107.2/108.8/108.0/107.1/10
Edelweiss7.5/107.4/108.4/108.3/107.2/10
Zerodha7.4/107.1/108.5/108.1/107.0/10
5Paisa7.1/107.1/108.4/108.1/107.1/10
Karvy7.4/107.3/108.2/108.1/107.1/10
Motilal Oswal7.1/107.1/108.6/108.3/107.2/10

Ashapuri Gold Ornament IPO Grey Market Premium

The Ashapuri Gold Ornament IPO Grey Market Premium price is Rs X, the Kostak rate is Rs X and the Subject to Sauda is X. 


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Ashapuri Gold Ornament IPO News

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