Coldex Limited IPO – Review, Allotment, Subscription, GMP, DRHP & more

Coldex Limited is India’s largest organized integrated food supply chain and distribution company . Their integrated offerings, surface logistics and warehousing infrastructure, pan-India distribution network, and modern technology systems support their competitive market position . Coldex Limited IPO comprises public Issue of 2,666,408 Equity Shares of Rs.10/- each .

Let’s have a detailed review of the company and analytics of the Coldex Limited IPO release date, IPO offer price, subscription, Coldex Limited IPO allotment, grey market price and other details like the company’s background, its financial positions, its promoters and other related things.


Coldex Limited 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 7.8/10
Competitive Edge 7.8/10
Financial Statements 7.8/10
Popularity Index 8.4/10
Promoters Reputation 7.9/10
Retail Appetite 8.6/10
Top Brokers Review 7.9/10
Overall Ratings 8.1/10
Star Ratings ★★★★☆

Summary of Coldex Limited IPO

Coldex Limited IPOColdex Limited are India’s largest organized integrated food supply chain and distribution company . Their integrated offerings, surface logistics and warehousing infrastructure, pan-India distribution network, and modern technology systems support their competitive market position . They cater to a wide range of industry sectors and business segments including food service market, FMCG, confectionery, dairy, retail, etc . Coldex Limited IPO comprises public Issue of 2,666,408 Equity Shares of Rs.10/- each .

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

  • The EBITDA and restated profit for the period/year have grown at a CAGR of 82.62%  from Fiscal 2017 to Fiscal 2018 and it was Rs. 31.42 million, respectively for the fiscal year 2018.
  • The net asset value per Equity Share was Rs. 1,660.63  and Rs. 1,638.67 as of June 30, 2018 and March 31, 2018,  respectively, as per the Restated Consolidated Financial Statements.
  • The net worth, including non-controlling interests, as of June 30, 2018 and March 31, 2018 was Rs. (0.33) million, and Rs. (0.21) million, respectively, as per the Restated Standalone Financial Statements and Rs. 10,320.73 million Rs. 10,194.08 million, respectively, as per the Restated Consolidated Financial Statements.
  • The sales have grown at a CAGR of 65.83 % from  Rs.1,593.37  million MT in Fiscal 2016 to  Rs. 2,642.41 million MT in Fiscal 2018 and was Rs. 840.70 million MT in the three months ended June 30, 2018.

The Promoters of this company are Gaurav Jain and Santosh Jain . The lead manager to the issue are Pantomath Capital Advisors Private Limited and the Registrar to this issue is Link Intime India Private Limited .


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Coldex Limited IPO Date

The opening and the closing date of Coldex Limited IPO is not known yet.


Coldex Limited IPO Subscription

Day / Date QIB NII RII Total Subscription
Day 1 
Day 2
Day 3
Day 4
Day 5
Shares Offered or Net Issue

The shares subscribed by the public will be updated herein on a daily basis, once the IPO is open for subscription.


Coldex Limited IPO Allotment Status

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


Coldex Limited IPO Price Band

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


Coldex Limited IPO Equity Share Offering

Initial public offer of up to  2,666,408  Equity Shares of Rs. 10 each .


Coldex Limited – Company Overview

Coldex Limited are India’s largest organized integrated food supply chain and distribution company . Their integrated offerings, surface logistics and warehousing infrastructure, pan-India distribution network, and modern technology systems support their competitive market position. They cater to a wide range of industry sectors and business segments including food service market, FMCG, confectionary, dairy, retail, etc. The Company commenced their business in 1999 with the incorporation of their Company in Gwalior, Madhya Pradesh. In 2005, they launched their brand Coldex, to provide temperature-controlled logistics services to various industries. In 2014, they had further expanded into becoming an integrated temperature-controlled food supply chain and distribution Company by acquiring their flagship built-to-suit temperature-controlled warehouse which is leased but dedicated, with a capacity of 3,500 pallets at Kundli (Delhi NCR).

The Company is promoted by Gaurav Jain and Santosh Jain  and are the guiding force behind the growth and strategic decisions of the Company.

Competitive Strengths of Coldex Limited:

  • Pan-India integrated temperature-controlled logistics services
  • “Asset-light” warehousing model
  • Integrated, end-to-end “Mission Critical” supply chain and distribution services
  • Presence across diverse industry verticals with long-standing client relationships
  • Domain expertise and technological advantage
  • Talented and experienced senior management team and marquee investor base

Business strategies of Coldex Limited:

  • Leverage on the growth of the organized logistics industry in India, particularly with the implementation of GST
  • Strengthen further infrastructure and continue to expand their logistics and warehousing network in an asset-light manner
  • Focus on acquiring reputable, credit-worthy clients by providing integrated, end-to-end solutions and continue to provide additional services to existing clients
  • Continue to explore business opportunities in new industry verticals and business segments
  • Continue to focus on enhancements in technology

Coldex 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:

On the basis of Standalone statement:-

Amount (in INR & millions)
31-Jun-18 31-Mar-18 31-Mar-17 31-Mar-16
Total Assets 1,660.63 1,638.67 1,803.43 1,931.86
Total Revenue 840.70 2,642.41 2,297.22 2,297.22
Total Expense 764.72 2,450.56 2,224.64 1,418.60
Profit After Tax 13.09 31.42 (162.13) (92.08)

Earnings per Equity Share (in Millions)

31-Jun-18 31-Mar-18 31-Mar-17 31-Mar-16
Basic & Diluted 1.75 4.20 (21.49) (12.20)

From the above statements, one could find that the Coldex Limited may perform well.


Coldex Limited IPO – Promoters

The Promoters of this company are:

  • Gaurav Jain 
  • Santosh Jain

List of Related Parties (Key Managerial Personnel)

  •  Gaurav Jain
  • Santosh Jain
  • Arun Kumar Jain
  • Pramod Kumar Jain

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.


Coldex Limited IPO Offer Details or Issue Details

Particulars  No. Of Equity Shares
 Equity Shares Offered  Upto 2,666,408 Equity Shares of face value Rs.10/- each aggregating upto Rs. [●] million.
 Of which:
Fresh Issue Upto 1,010,000 Equity Shares of face value Rs.10/- each aggregating upto Rs. [●] million.
Offer for sale Upto 1,656,408 Equity Shares of face value Rs.10/- each aggregating upto Rs. [●] million.
 Reserved for Market Makers  Upto [●] Equity Shares aggregating upto Rs. [●] million.
 Net Issue to the Public  [●] Equity Shares of face value Rs.10/- each.
 Of which:
QIB Portion At least [●] Equity Shares of face value Rs.10/- each.
Of which
Available for allocation to Mutual Funds only (5% of the QIB portion) (Excluding the Anchor Investor Portion) [●] Equity Shares of face value Rs.10/- each.
Balance for all QIBs including Mutual Funds [●] Equity Shares of face value Rs.10/- each.
 Retail Investors Portion  Not more than [●] Equity Shares.
 Non-Retail Investors Portion Not more than [●] Equity Shares of face value Rs.10/- each
 Equity Shares outstanding prior to the Issue 9,000,005 Equity Shares
 Equity Shares outstanding after the Issue [●] Equity Shares

Coldex Limited IPO Issue Object

These are the IPO Issue Objects of the company

  • Investment in IT Infrastructure;
  • Funding the working capital requirements of their subsidiary Coldex Logistics Private Limited;
  • Acquisitions and other strategic initiatives; and
  • General corporate purposes

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Coldex Limited 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:

  • Pan-India integrated temperature controlled logistics services
  • “Asset-light” warehousing model
  • Integrated, end-to-end “Mission Critical” supply chain and distribution services
  • Presence across diverse industry verticals with long-standing client relationships
  • Domain expertise and technological advantage
  • Talented and experienced senior management team and marquee investor base

The relevant quantitative factors are:

Basic & Diluted EPS RONW (%) NAV (Rs.)
31-Mar-16 (11.91) 12.62
31-Mar-17 (18.01) 27.56
31-Mar-18 3.52 5.14 68.46
  • 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
Highest 58.12
Average 32.41
Lowest [●]
  • Competitive Peers:
Sr. No.  Particulars Face Value  (in Rs.) Basic & Diluted EPS (In Rs.) P/E Ratio RONW in %
1 Gati Limited 2 3.13 27.24 4.70
2 Mahindra Logistics Limited 10 9.33 58.12 15.26
3 Snowman Logistics Limited 10 (0.21) NA (0.84)
4 Future Supply Chain Solutions Limited 10 14.77 44.29 13.72

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Coldex Limited IPO Lead Managers

Lead Managers
Pantomath Capital Advisors Private Limited,
406-408, Keshava Premises
Bandra Kurla Complex, Bandra East
Mumbai – 400 051
Tel: +91 22 6194 6700
Fax: +91 22 2659 8690
Email:
Investor Grievance Email:
Website: www.pantomathgroup.com
Contact Person: Mr. Hardik Bhuta
SEBI Registration No: INM000012110

Coldex Limited IPO Registrar to offer

Registrar to the Offer
Link Intime India Private Limited
C-101, 1st Floor, 247 Park, L.B.S Marg,
Vikhroli (West),
Mumbai 400 083, Maharashtra, India.
Tel: +91 22 49186200
Fax: +91 22 49186195
Email:
Investor Grievance E-mail:
Website: www.linkintime.co.in
Contact Person: Shanti Gopalkrishnan
SEBI Registration Number: INR000004058

Other Details:

  • Statutory Auditor –  Walker Chandiok & Co. LLP.
  • Peer Review Auditor –  Walker Chandiok & Co. LLP
  • Bankers to the Company – HDFC Bank Limited ,ICICI Bank Limited

Coldex Limited 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

Coldex Limited IPO Grey Market Premium

The Coldex Limited 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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Coldex Limited IPO News

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