Corrtech International IPO – Review, Bid, Size, Allotment, Subscription, GMP & RHP
Last Updated Date: Nov 16, 2022Amongst the various fundraising variables, IPO is one of the favorites where the company doesn’t mind diluting its shareholding.
IPO allows the company to raise funds from the public and, in return, offers ownership in the form of shares.
An initial Public Offering or IPO is a public offer where a company offers its shares to the general public on a large scale for the first time.
Another such company upcoming with an IPO is Corrtech International Limited. The company is engaged in offering pipeline-laying solutions.
The Corrtech International IPO will contain a Fresh Issue and an Offer for Sale. Further, this article will discuss the IPO objectives, dates, subscription and allotment status, IPO GMP, IPO size, and IPO price.
| Face Value | Rs 10 |
| Price Band | Not Disclosed |
| Listing At | BSE, NSE |
| Min. Order Quantity | Not Disclosed |
| Listing Date | Not Disclosed |
| Offer for Sale | Not Disclosed |
| Fresh Issue | Rs.350 crore |
| IPO Size | Not Disclosed |
| Tick Size | 1 |
Corrtech International IPO Overview
Corrtech International IPO comprises a Fresh Issue of Equity Shares aggregating up to Rs. 350 crore and an Offer for Sale of 40,00,000 Equity Shares.
One individual promoter and two promoter group entities will be offloading their stakes in the IPO.
The company has filed the Draft Red Herring Prospectus with the capital market regulator, SEBI, and is now waiting for its approval to proceed toward the launch of IPO.
As per the DRHP, the company is looking toward exploring a pre-IPO placement.
Corrtech International IPO Important Dates
| Events | Date |
| IPO Opening Date | Not Disclosed |
| IPO Closing Date | Not Disclosed |
| Basis of Allotment Finalization | Not Disclosed |
| Refunds Initiation | Not Disclosed |
| Credit of Shares to Demat Account | Not Disclosed |
| Share Listing Date | Not Disclosed |
Corrtech International has filed preliminary papers regarding the upcoming IPO on March 16, 2022. Once the IPO is approved, the Corrtech International IPO Dates will be revealed through the RHP.
As per one of the reports, the IPO might hit the market in August 2022.
The RHP will contain the Anchor Investment opening date, bid opening date, bid closing date, the date for finalizing the basis of allotment, and other essential elements that will help you participate in the IPO.
Corrtech International IPO Price, Size, Share Offerings
| Face Value | Rs.10 |
| Price Band | Not Disclosed |
| Offer for Sale | Not Disclosed |
| Fresh Issue | Rs.350 crore |
| IPO Size | Not Disclosed |
Corrtech International IPO Size will compose a fresh issue and an offer for sale.
The Corrtech International IPO Price will be fixed by the company and the promoter selling shareholder in discourse with the lead managers of the issue, and this is the case, Equirus Capital Private Limited.
The face value of the offered shares is Rs. 10 each.
Corrtech International IPO Grey Market Premium
| Date | GMP (Rs.) | Kostak Rate (Rs.) | Subject to Sauda (Rs.) |
| Not Disclosed | |||
Corrtech International IPO GMP is not updated right now. The company has not declared the IPO opening date. The Grey market generally is active right before the listing of the shares of the issuer company.
Though Grey Market is not illegal, it is an unofficial and unregulated market. The Grey Market drives the listing prices of the shares to a significant extent.
The traders bid and offer shares in this market without a legal agreement.
Corrtech International IPO Subscription Status
| Day / Date | QIB | NII | RII | Total Subscription |
| 1st Day – | ||||
| 2nd Day – | ||||
| 3rd Day – | ||||
| Shares Offered or Net Issue |
An IPO is generally divided into various categories wherein a particular portion is reserved for every category. The Corrtech International IPO Subscription will be reserved for the different categories in the following manner.
50% of the offer will be reserved for the Qualified Institutional Buyers, whereas about 15% of the issue will be set aside for the Non-Institutional Bidders, and the rest, 35% of the offered, will be reserved for allocation to the Retail Individual Buyers.
Corrtech International IPO Allotment Status
The basis of Corrtech International IPO Allotment has not been determined presently. The allotment basis will be finalized after the company receives the applications for subscriptions.
Investors can apply only for the IPO through the ASBA process. The offered shares are proposed to be listed on BSE and NSE.
Corrtech International IPO Live Performance
Check out the Corrtech International IPO Performance just with one click. Corrtech International IPO Price will be updated after the company’s shares are listed.
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Corrtech International – Company Review
The journey of Corrtech International Limited was kicked-off in 1982 as a Private limited company. The company is headquartered in Gujarat.
The company was converted to a public limited company in September 2021, and subsequently, its name was changed from Corrtech International Private Limited to Corrtech International Limited.
Corrtech International proffers pipeline laying solutions and is one of the leading providers in the industry. The company has maintained a reputation for its hard work, efficiency, and quality product delivery over the decades in the industry.
Products or Services
Corrtech International largely operates in the Oil and Gas Services Business and Manufacturing & Trading Business.
The products and services of Corrtech International include Pipeline Construction, Horizontal Direction Drilling, Cathodic Protein Solutions, and Manufacturing.
It is among the leaders in offering pipeline-laying solutions services. It is also a competent player in horizontal directional drilling (HDD) and cathodic protection solutions (CPS).
Corrtech Energy Limited (CEL), the precision components manufacturing arm of the company, offers products and services to the gas turbines and steam turbine operators and extends its services to the aerospace and defence sector.
Promoters and Holding
The Promoters of Corrtech International Limited are:
- Amit Indrasen Mittal
- Sandeep Indrasen Mittal
- Iec Projects Limited
The management of the company consists of the following:
- Amit Indrasen, in the position of Mittal Chairman and Managing Director
- Sandeep Indrasen Mittal, in the position of Wholetime Director
- Pradyuman R Tiwari, in the position of Wholetime Director
- Shaily Jatin Dedhia, in the position of Independent Director
- Vimal Maganbhai Patel, in the position of Independent Director
- Ramesh Chandra Gupta, in the position of Independent Director
- Sanjay Verma, in the position of Independent Director
- Mittal Pankajkumar Shah, in the position of Chief Financial Officer
- Anita Ashokkumar Chellani, in the position of Company Secretary and Compliance Officer
Is Corrtech International good for Investment?
Corrtech International Limited is a nearly three-decade-old company contributing with its Pipeline Construction, Horizontal Directional Drilling, and Cathodic Protection Solutions services.
The entity serves its offering in various sectors and various large-scale entities.
With its pipeline laying solutions, it also provides EPC (Engineering, Procurement, and Construction) solutions in the process of material and feed handling in oil and gas refineries and petrochemical complexes.
Corrtech International IPO is being proposed to redeem the company’s debentures and repay and prepay against the company’s outstanding debts to fund capital expenditures.
The company will be investing towards the Infusion of equity of its subsidiary entity through the proceeds of the IPO.
Corrtech International Financial Statements
| Amount (in INR & Million) | ||||
| 30-Sept-21 | Mar-21 | 31-Mar-20 | 31-Mar-19 | |
| Assets | 6,151.74 | 6,189.92 | 5,947.66 | 4,897.51 |
| Revenue | 4,810.57 | 9,959.71 | 7,847.21 | 5,628.21 |
| Expense | 4,588.44 | 9,562.09 | 7,338.80 | 5,305.84 |
| Profit After Tax | 154.76 | 285.55 | 349.49 | 244.71 |
Corrtech International Limited is a profit-making company and has secured impressive statistics year on year.
The company’s revenues in the past three years have been 5,628.21 million in 2019, 7,847.21 million in 2020, and 9,959.71 million in 2021. It can be observed that the company’s total income has been expanding every year.
The company’s profits clocked in 2019, 2020, and 2021 were – 321.91 million, 508.07 million, and 397.37 million, respectively.
In the six months of the financial year 2021-22, the total earnings of Corrtech International was 4,810.57 million, and its profit for the same period stood at 221.97 million.
| Earnings per Equity Share (in Million) | ||||
| 30-Sept-21 | Mar-21 | 31-Mar-20 | 31-Mar-19 | |
| Diluted | 3.28 | 6.06 | 7.42 | 5.19 |
The EPS of Corrtech International has come down slightly over the years. The company’s EPS was Rs. 7.42 as of 31-Mar-20 and came down to Rs. 6.06 on March 21.
Corrtech International IPO Review
Corrtech International IPO is a Fresh Issue of equity shares of up to Rs. 350 crore and offer for sale for up to 40,00,000 equity shares.
One of the individual promoters and two of the promoter group will be offloading their shares.
The IPO will fund the capital requirements required to purchase new equipment. The company is planning to redeem the debentures with the proceeds of the IPO.
The company will receive the proceeds of the fresh issue only, and promoters will be entitled to the proceeds of the Offer for Sale.
Along with building up the company’s key operations, the IPO will enhance the operational capacity indirectly.
Corrtech International IPO Details
Here are few more details you need to know before investing in Corrtech International IPO –
Corrtech International IPO Issue Object
Corrtech International has proposed diverse objectives for making the IPO offer and some of the objectives are:
- Redemption of debentures;
- Repayment or pre-payment, in full or in part, of certain borrowings availed by our Company;
- Financing the capital expenditure for the purchase of new equipment;
- Infusion of equity into the subsidiary company;
- Funding incremental working capital requirements of our Company; and
- General corporate purposes
Corrtech International IPO – Basis of 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:
- Long term relationship with clients and pre-qualification experience helps us in securing projects
- Established track record of completed projects and geographical footprint
- Large order book
- Diverse fleet of equipment
- Experienced promoters and management with an efficient project execution team
Quantitative factors are:
| Basic EPS | RONW (%) | NAV (Rs.) | |
| 31-Mar-21 | 6.06 | 20.06 | 38.75 |
| 31-Mar-20 | 7.42 | 29.46 | – |
| Mar-19 | 5.19 | 26.67 | – |
Corrtech International IPO Lead Managers
Here are the list of Lead managers –
- Equirus Capital Private Limited
Corrtech International IPO Registrar to offer
Check out the details of registrar here –
Link Intime India Private Limited
Address: C-101, 247 Park, L.B.S. Marg, Vikhroli (West), Mumbai – 400 083, Maharashtra, India
Telephone: +91 22 4918 6200
Email: corrtech.ipo@linkintime.co.in
Investor Grievance ID: corrtech.ipo@linkintime.co.in
Website: www.linkintime.co.in
Contact Person: Shanti Gopalkrishnan
SEBI Registration Number: INR000004058
Corrtech International IPO – Other Details
- Statutory Auditor – Dhirubhai Shah & Co. LLP
- Legal Counsel to the Company – DSK Legal, Advocates & Solicitors.
- Bankers to the Company – UCO Bank Limited, IDBI Bank Limited, Axis Bank Limited, Kotak Mahindra Bank
Corrtech International IPO – Conclusion
The Corrtech International Limited is a progressive profit-making company and has a long-standing in the market. The company has an impressive financial record of profit.
The company’s product and service range is very wide and is catering to various segments.
The company has a strong, dependable management combination. The company’s key persons have vast experience in the industry and its operations.
The entity is reliable, and its growth prospects are limitless over time. Investors can consider investing in the company through its upcoming IPO.
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Corrtech International IPO Review FAQs
Check out the FAQs on Corrtech International IPO –
What is the Issue Size of Corrtech International IPO?
The Company is making an initial public offer of NA equity shares. They vividly portray the aspects of the issue in this article.
You can check the stats on the fresh issue, Offer for sale, and net issue.
What is the Price band of Corrtech International IPO?
The price band for this particular IPO ranges between NA. As far as the face value of the share is of concern, it is Rs.10 per share.
What is the Corrtech International IPO Open Date?
The opening and closing dates for this IPO have been updated. The IPO is set to open on NA, while the closing date is set at NA.
What is the Corrtech International IPO Allotment Date?
They also have the news regarding the respective allotment dates of this IPO.
Basis of Allotment finalization is on NA, refund initiation is on NA, credit of shares is on NA, and share listing date is on NA.
What is the Corrtech International IPO Listing Date?
Shares of this company shall be listed in the exchanges NA. The date, when the listing would be done, is stagnant on NA.
Who is the Registrar of Corrtech International IPO?
One of the reputed registrars is managing the issue of this IPO, i.e. Link Intime India Private Limited. Their website will help you regarding the further information you are on the lookout for.
Who is the Promoter of Corrtech International IPO?
Here are the promoters of this IPO – AMIT INDRASEN MITTAL, SANDEEP INDRASEN MITTAL AND IEC PROJECTS LIMITED. You can refer to the RHP for further information on the promoter. You will find the link to RHP in the article.
What is the GMP of Corrtech International IPO?
They have obtained the GMP of this IPO and it is NA. Further insights of Kostak rate and subject to sauda or SS are as well included in this report.
Is Corrtech International IPO good for Investment?
They have further provided the financial status of the company in this article, from the past few years.
You can refer to the same, and also check the line of operations they are into and then decide to invest in the IPO.
What is the PAT of Corrtech International Company?
They have the information of company financials, and according to that, they have the figures from the last few years to provide.
PAT for the financial year 2021 in Million is 285.55, 2020 is 349.49, 2019 is 244.71. PAT from Dec 2021 is 154.76.
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