Ashapuri Gold Ornament IPO – Listing, Allotment, Subscription, GMP & DRHP
Last Updated Date: Nov 16, 2022Ashapuri 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.
- Issue Price of this IPO is NA . Check the Live Share Price here – Ashapuri Gold Ornament Share Price
- To track the performance of this IPO, click on this link – IPO Performance
Ashapuri Gold Ornament IPO Review & Ratings
| IPO Ratings & Review | |
| Criteria | Ratings |
| Industry Sentiments | 8.5/10 |
| Industry Ranking | 7.8/10 |
| Company Background | 7.9/10 |
| Company Reputation | 7.9/10 |
| Competitive Edge | 7.7/10 |
| Financial Statements | 7.8/10 |
| Popularity Index | 8.4/10 |
| Promoters Reputation | 7.7/10 |
| Retail Appetite | 7.9/10 |
| Top Brokers Review | 7.9/10 |
| Overall Ratings | 8.1/10 |
| Star Ratings | ★★★★☆ |
Summary of Ashapuri Gold Ornament IPO
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. 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 / Date | QIB | NII | RII | Total Subscription |
| 1st Day – Mar 13 | – | 0.58x | 0.05x | 0.31x |
| 2nd Day – Mar 14 | – | 0.74x | 0.07x | 0.40x |
| 3rd Day – Mar 15 | – | |||
| 4th Day – Mar 18 | – | |||
| Shares Offered or Net Issue | – | 2,726,000 | 2,726,000 | 5,452,000 |
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 Finalization | 22-Mar-19 |
| Refunds Initiation | 25-Mar-19 |
| Credit of Shares to Demat Account | 26-Mar-19 |
| Share Listing Date | 27-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).
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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-18 | 31-Mar-18 | 31-Mar-17 | 31-Mar-16 | |
| Total Assets | 1,609.52 | 1,454.00 | 1,557.90 | 1,684.27 |
| Total Revenue | 4,950.81 | 4,692.92 | 3,728.91 | 5,562.73 |
| Total Expense | 4,908.92 | 4,682.22 | 3,724.22 | 5,553.58 |
| Profit After Tax | 31.85 | 7.30 | 3.97 | 6.40 |
Earnings per Equity Share (in lakhs)
| 30-Nov-18 | 31-Mar-18 | 31-Mar-17 | 31-Mar-16 | |
| Basic & Diluted | 31.85 | 7.30 | 4.08 | 10.38 |
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 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 |
| Equity Shares outstanding prior to the Issue | 1,55,43 000 Equity Shares |
| Equity Shares outstanding after the Issue | 2,12,93,000 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-16 | 10.38 | 0.03 | 0.99 | 0.42 | – | |
| 31-Mar-17 | 4.39 | 0.04 | 0.61 | 0.26 | – | |
| 31-Mar-18 | 7.30 | 0.05 | 1.11 |
0.47 | 660.28 | 10.90 |
- Price to Earnings (P/E) ratio in relation to Issue Price of [●] per Equity Share of face value of Rs. 10 each
| Particulars | P/E ratio |
| pre-bonus | |
| a.Based on 2017-18 basic EPS of Rs. 7.30 | 6.99 |
| b. Based on weighted average basic EPS of Rs. 6.84 | 7.45 |
- Competitive Peers:
| Sr. No. | Particulars | Face Value (in Rs.) | Basic EPS (In Rs.) | P/E Ratio | RONW (%) | NAV (In Rs.) |
| 1 | Ashapuri Gold Ornament Limited |
10 | 7.30 | 6.99 | 1.11 | 660.28 |
| 2 | D.P Abhushan Limited | 10 | 4.22 | 10.19 | 19.83 | 18.46 |
| 3 | Moksh Ornaments Limited | 10 | 5.28 | 3.73 | 15.17 | 24.06 |
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: mb@fedsec.in Website: www.fedsec.in Contact Person: Rinkesh Saraiya SEBI Registration Number: INM000010163 Investor Grievance E-mail: mb@fedsec.in |
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: ipo@bigshareonline.com Website: www.bigshareonline.com SEBI Registration No: INR000001385 Contact Person: Babu Raphael Investor Grievance E-mail: investor@bigshareonline.com |
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 Review | Company Reputation | Competitive Edge | Financial Statement | Popularity Index | Promoters Reputation |
| Angel Broking | 7.5/10 | 7.4/10 | 8.5/10 | 8.1/10 | 7.1/10 |
| Sharekhan | 7.2/10 | 7.1/10 | 8.6/10 | 8.1/10 | 7.2/10 |
| Kotak Securities | 7.3/10 | 7.5/10 | 8.4/10 | 8.1/10 | 7.3/10 |
| ICICI Direct | 7.3/10 | 7.3/10 | 8.7/10 | 8.1/10 | 7.1/10 |
| IIFL | 7.5/10 | 7.2/10 | 8.8/10 | 8.0/10 | 7.1/10 |
| Edelweiss | 7.5/10 | 7.4/10 | 8.4/10 | 8.3/10 | 7.2/10 |
| Zerodha | 7.4/10 | 7.1/10 | 8.5/10 | 8.1/10 | 7.0/10 |
| 5Paisa | 7.1/10 | 7.1/10 | 8.4/10 | 8.1/10 | 7.1/10 |
| Karvy | 7.4/10 | 7.3/10 | 8.2/10 | 8.1/10 | 7.1/10 |
| Motilal Oswal | 7.1/10 | 7.1/10 | 8.6/10 | 8.3/10 | 7.2/10 |
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