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
CriteriaRatings
Industry Sentiments 6.3/10
Industry Ranking 6.3/10
Company Background6.1/10
Company Reputation6.4/10
Competitive Edge6.4/10
Financial Statements6.5/10
Popularity Index6.2/10
Promoters Reputation6.3/10
Retail Appetite 6.2/10
Top Brokers Review6.3/10
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 20180.81x
    Day 2  – 2nd July 20181.06x
    Day 3 – 3rd July 20181.82x
    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-1731-Mar-1731-Mar-1631-Mar-15
    Total Assets2317.961514.461345.331202.73
    Total Revenue1818.461779.171769.451557.19
    Total Expense1765.871722.601,736.381508.13
    Profit After Tax38.7148.4925.2646.58

     

    Earnings per Equity Share (in Lakhs)

    31-Mar-1731-Mar-1631-Mar-15
    Basic 1.390.721.33
    Diluted 1.390.721.33

    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 Portion1,12,8000 Equity Shares of Rs 10/- each at an Issue Price.
     Equity Shares outstanding prior to the Issue55,65,331 Equity Shares of Rs 10/- each
     Equity Shares outstanding after the IssueUp 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.

     

    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:

    YearBasic & Diluted EPSRONW (%)
    31-Mar-171.3912.34%
    31-Mar-160.727.33%
    31-Mar-151.3314.59%

    Net Asset Value

    NAV as on Mar 31,201711.23
    NAV as on Dec 31,2017114.8
    • Industry P/E Ratio:
    ParticularsP/E ratio
    Average32.89
    Highest34.55
    Lowest31.22
    • Competitive Peers:
    CompaniesFace
    Value
    EPS(Basic
    and
    Diluted)
    PE
    Ratio
    RON
    W
    (%)
    NAV
    (Rs. per
    share)
    Ganga Forging Limited101.39.12.3411.23
    peer group**
    Pradeep Metals
    Limited
    103.0034.5511.6125.80
    MM Forgings
    Limited
    1035.9731.2213.80260.64

     

    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: ipo@pantomathgroup.com
    Investor Grievance Id:
    ipo@pantomathgroup.com
    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: gangaforging.ipo@linkintime.co.in
    Website: www.linkintime.co.in
    Investor Grievance Id: latteys.ipo@linkintime.co.in
    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 ReviewCompany ReputationCompetitive EdgeFinancial StatementPopularity IndexPromoters Reputation
    Angel Broking6.5/106.6/106.6/106.4/106.4/10
    Sharekhan6.7/106.4/106.6/106.1/106.2/10
    Kotak Securities6.7/106.7/106.7/106.4/106.3/10
    ICICI Direct6.6/106.3/106.7/106.5/106.5/10
    IIFL6.4/106.7/106.8/106.4/106.7/10
    Edelweiss6.7/106.4/106.4/106.3/106.7/10
    Zerodha6.5/106.4/106.7/106.4/106.5/10
    5Paisa6.7/106.4/106.3/106.7/106.5/10
    Karvy6.8/106.3/106.7/106.4/106.0/10
    Motilal Oswal6.6/106.4/106.6/106.6/106.4/10

     


    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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