Ganga Forging IPO – Review, Allotment Status, Subscription, Price, Date & more

Ganga Forging Limited is manufacturer in forging industry and is engaged in manufacturing of closed die forged products catering to both automotive and non-automotive segment. The Company has issued 23,82,000 Equity shares @ face value of Rs.10 each & issue price of Rs.21 per share. The issue size of this IPO is Rs.5 Cr. Let’s have a detailed review of the company and analytics of the Ganga Forging IPO release date, IPO offer price, subscription, Ganga Forging IPO allotment, grey market price and other details like the company’s background, its financial positions, its promoters and other related things.


Ganga Forging IPO Review & Ratings

Ganga Forging IPO Ratings & Review
Criteria Ratings
Industry Sentiments  6.3/10
Industry Ranking  6.3/10
Company Background 6.1/10
Company Reputation 6.4/10
Competitive Edge 6.4/10
Financial Statements 6.5/10
Popularity Index 6.2/10
Promoters Reputation 6.3/10
Retail Appetite  6.2/10
Top Brokers Review 6.3/10
Overall Ratings  6.3/10
Star Ratings ★★★☆☆

Summary of Ganga Forging  IPO

Ganga Forging IPOGanga Forging Limited is manufacturer in forging industry and is engaged in manufacturing of closed die forged products catering to both automotive and non-automotive segment. Automotive segment include manufacturing of products catering to commercial vehicle, passenger car, three wheeler, two wheeler and tractor. The Issue comprises of a Public Issue of 23,82,000 Equity shares of face value of Rs.10.00 each. From FY 2015-16 to FY 2016-2017, as per the Restated Financial Statements, From fiscal 2016 to 2017, company’s revenue from operations and net profit has increased at a growth rate of 14.2% and 4.1%, respectively.

Export operations contributes approx. 1.43% of the company’s Revenue for the period ended 31st Dec, 2017. For the period ended December 31, 2017, FY 2016-17 and FY 2015-16, its revenue from operations was Rs.1818.46 Lakhs, Rs.1779.17 Lakhs and Rs.1769.45 Lakhs, respectively representing growth of 2.76 % from the FY 2015-16 to FY 2016-17, Dec.

  • During the financial year 2016-17 the Other Income of the company increased to Rs. 6.53 Lakhs as against Rs. 0.71 Lakhs for the financial year 2015-16, representing increase by 814.91% due to increase in interest income & insurance claim in FY 2016- 17.
  • The pre-Issue net worth of the Company was Rs. 725.66 lakhs as at 31st Dec, 2017 and Rs.392.95 lakhs for the year ended March 31, 2017. The book value of Equity Share after Bonus Shares was Rs. 14.81 as at 31st Dec, 2017 and Rs. 11.23 as at March 31, 2017 as per the
    restated financial statements of the Company.

The Promoter of this company is Mr. HIRALAL TILVA AND RAKESH PATEL. The lead manager to the issue is PANTOMATH CAPITAL ADVISORS PRIVATE LIMITED and the Registrar to this issue is LINKINTIME INDIA PRIVATE LIMITED.


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Ganga Forging IPO Date

The opening date of this IPO is 29th June 2018 & closing date is 3rd July 2018.


Ganga Forging IPO Subscription

  Subscription
Day 1 – 29th June 2018 0.81x
Day 2  – 2nd July 2018 1.06x
Day 3 – 3rd July 2018 1.82x
Day 4 
Day 5 

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


Ganga Forging IPO Allotment Status

The Issue is being made through the Fixed Price Process wherein up to 78,000 Equity Shares shall be reserved for Market Maker upto 7,11,000 Equity shares will be allocated on a proportionate basis to Retail Individual Applicants, subject to valid applications being received from Retail Individual Applicants at the Issue Price. The balance of the Net Issue will be available for allocation on proportionate basis to Non Retail Applicants.


Ganga Forging IPO Price Band

The face value of each share is Rs 10, the issue price is Rs.21 per share


Ganga Forging IPO Issue Size

The issue size of this IPO is Rs.500 Lakhs or Rs.5 Cr


Ganga Forging IPO Equity Share Offering

15,00,000 Equity Shares of Rs 10/- each


Ganga Forging Limited – Company Overview

Ganga Forging was originally incorporated as “Ganga Forgoing Private Limited” at Ahmedabad, as a private limited company under the provisions of the Companies Act, 1956 vide Certificate of Incorporation dated December 29, 1988 bearing registration number 04-11694 issued by the Registrar of Companies, Gujarat.

Ganga Forging Limited is manufacturer in forging industry and is engaged in manufacturing of closed die forged products catering to both automotive and non-automotive segment. Automotive segment include manufacturing of products catering to commercial vehicle, passenger car, three wheeler, two wheeler and tractor. Non-automotive segment include electric power transmission, dairy equipment manufacturing, agricultural, gear and gear box, crank shafts, connecting road, heavy engineering industrial, hubs and flanges.

Competitive Strengths of Ganga Forging Limited:

  • Diversified Product portfolio
  • Experienced Management & Promoters
  • Healthy financial condition

Business strategies of Ganga Forging Limited:

  • Improve and increase operational efficiencies.
  • Create a global presence.
  • Conversion to automotive production line.
  • Direct supply to OEM.

Ganga Forging 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)
31-Dec-17 31-Mar-17 31-Mar-16 31-Mar-15
Total Assets 2317.96 1514.46 1345.33 1202.73
Total Revenue 1818.46 1779.17 1769.45 1557.19
Total Expense 1765.87 1722.60 1,736.38 1508.13
Profit After Tax 38.71 48.49 25.26 46.58

 

Earnings per Equity Share (in Lakhs)

31-Mar-17 31-Mar-16 31-Mar-15
Basic  1.39 0.72 1.33
Diluted  1.39 0.72 1.33

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


Ganga Forging IPO – Promoters

The Promoter of this company are:

  1. Hiralal Tilva
  2. Rakesh Patel

List of Related Parties (Key Managerial Personnel)

  • Mrs. Parulben Rakeshbhai Patel
  • Mrs. Sheetal Sanjivkumar Chaniara

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.


Ganga Forging IPO Offer Details or Issue Details

 Particulars  No. Of Equity Shares
 Equity Shares Offered Public Issue of 23,82,000 Equity Shares of face value of Rs. 10 each(yet to be disclosed
 Of which:
 Reserved for Market Makers 1,26,000 Equity Shares of face value of Rs. 10 each at issue price.
 Net Issue to the Public 22,56,000 Equity Shares of Rs 10/- each at an issue price.
 Of which:
 Retail Investors Portion 1,12,8000 Equity Shares of Rs 10/- each at an Issue Price
 Non-Retail Investors Portion 1,12,8000 Equity Shares of Rs 10/- each at an Issue Price.
 Equity Shares outstanding prior to the Issue 55,65,331 Equity Shares of Rs 10/- each
 Equity Shares outstanding after the Issue Up to 79,47,331 Equity Shares of Rs 10/- each

Ganga Forging IPO Issue Object

These are the IPO Issue Objects of the company:

  • To finance setting up of Closed Die Forging manufacturing facility.
  • General Corporate Purposes.

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Ganga Forging 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:

  • Diversified product portfolio
  • Experienced management an promoters
  •  Healthy financial conditions

The relevant quantitative factors are:

Year Basic & Diluted EPS RONW (%)
31-Mar-17 1.39 12.34%
31-Mar-16 0.72 7.33%
31-Mar-15 1.33 14.59%

Net Asset Value

NAV as on Mar 31,2017 11.23
NAV as on Dec 31,20171 14.8
  • Industry P/E Ratio:
Particulars P/E ratio
Average 32.89
Highest 34.55
Lowest 31.22
  • Competitive Peers:
Companies Face
Value
EPS(Basic
and
Diluted)
PE
Ratio
RON
W
(%)
NAV
(Rs. per
share)
Ganga Forging Limited 10 1.39 . 12.34 11.23
peer group**
Pradeep Metals
Limited
10 3.00 34.55 11.61 25.80
MM Forgings
Limited
10 35.97 31.22 13.80 260.64

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Ganga Forging IPO Lead Managers

Lead Managers
PANTOMATH CAPITAL ADVISORS PRIVATE LIMITED
406-408, Keshava Premises, Behind Family
Court, Bandra Kurla Complex, Bandra (East),
Mumbai – 400051, Maharashtra, India Tel: +91-22 61946700
Fax: +91-22 2659 8690
Website:www.pantomathgroup.com
Email: [email protected]
Investor Grievance Id:
[email protected]
Contact Person: Hardik Bhuta/Unmesh Zagade
SEBI Registration No:INM000012110

Ganga Forging IPO Registrar to offer

Registrar to the Offer
LINK INTIME INDIA PRIVATE LIMITED
C-101, 247 Park, L.B.S. Marg, Vikhroli
(West), Mumbai- 400 083, Maharashtra India
Tel: 022-49186200, Fax: 022-49186195
Email: [email protected]
Website: www.linkintime.co.in
Investor Grievance Id: [email protected]
Contact Person: Shanti Gopalkrishnan
SEBI Registration Number: INR000004058

Other Details:

  • Statutory Auditor –Rajani Associates Advocates & Solicitors.
  • Peer Review Auditor –M.N. Manvar& Co., Chartered Accountants
  • Bankers to the Company –  Axis Bank Limited, ICICI Bank Limited`

Ganga Forging IPO Review by Top 10 Stock Brokers

Top Stock Brokers Review Company Reputation Competitive Edge Financial Statement Popularity Index Promoters Reputation
Angel Broking 6.5/10 6.6/10 6.6/10 6.4/10 6.4/10
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ICICI Direct 6.6/10 6.3/10 6.7/10 6.5/10 6.5/10
IIFL 6.4/10 6.7/10 6.8/10 6.4/10 6.7/10
Edelweiss 6.7/10 6.4/10 6.4/10 6.3/10 6.7/10
Zerodha 6.5/10 6.4/10 6.7/10 6.4/10 6.5/10
5Paisa 6.7/10 6.4/10 6.3/10 6.7/10 6.5/10
Karvy 6.8/10 6.3/10 6.7/10 6.4/10 6.0/10
Motilal Oswal 6.6/10 6.4/10 6.6/10 6.6/10 6.4/10

 


Ganga Forging IPO Grey Market Premium

The Ganga Forging IPO Grey Market Premium is Rs X, Kostak Rate is Rs 400 and Subject to Sauda at Rs 4000.


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Ganga ForgingIPO News

News 1 – IPO ISSUE OPENS SOON (Download Prospectus)

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