Iris Clothings Limited IPO – Review, Allotment, Subscription, GMP & DRHP

Last Updated Date: Sep 01, 2023

Let’s have a detailed review of the company and analytics of the Iris Clothings Limited IPO release date, IPO offer price, subscription, Iris Clothings Limited 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 Rs 90. Check the Live Share Price here Iris Clothings Share Price
To track the performance of this IPO, click on this link – IPO Performance

Iris Clothings Limited IPO Review & Ratings

Iris Clothings Limited 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 Iris Clothings Limited IPO

Iris Clothings Limited Company is engaged in the Manufacturing, Designing, Branding and Selling of Kids Wear under the brand name DoReMe© in India. DoReMe© caters to the Kids Wear category mostly juniors including various kinds of apparels and related products for all Infants, Boys and Girls. The Company makes different kinds of products like Tops, T-shirts,Pants, Shorts, Frock, Dresses, and Towels among others catering to Kids Wear category. The Company continuously strives to add new product lines and innovate with Designs to be able to appeal to the changing consumer demands.Iris Clothings Limited IPO comprises of 12,30,400 Equity shares, face value of Rs.10 each.

From FY 2014-15 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 42.19% and 0.40%, respectively.

For the period ended March 31, 2018, FY 2016-17 and FY 2015-16, its revenue from operations was Rs. 52,86,68,268, Rs.46,67,85,895 and Rs. 36,41,38,463, respectively representing growth of 42.19% from the FY 2015-16 to FY 2016-17. For the period ended March 31, 2017, FY 2016-17 and FY 2015-16 our net profit was Rs.4,76,60,197 , Rs. 2,41,80,144 and Rs. 96,95,627 respectively, representing a growth of 99.84 % from the FY 2015-16 to FY 2016-17.

During the financial year 2017-18 the Other Income of our company increased to Rs.23,44,613 Lakhs as against Rs. 21,28,702 Lakhs for the financial year 2016-17, representing increase by 98.55% due to increase in interest income & insurance claim in FY 2017- 18.
Company’s Net Profit after tax for the year 2016-17 is Rs. 3,37,90,401 Lakhs from the year 2015-16 of Rs. 1,59,73,973 Lakhs showing an increase of 687.26% from last year, showing remarkable performance.

The Promoter of this company is MR. SANTOSH LADHA & MRS. GEETA LADHA. The lead manager to the issue is VC CORPORATE ADVISORS PRIVATE LIMITED and the Registrar to this issue is CAMEO CORPORATE SERVICES LIMITED .

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Iris Clothings Limited IPO Date

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

Iris Clothings 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.

Iris Clothings Limited IPO Allotment Status

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

Iris Clothings Limited IPO Price Band

The face value of each share is Rs 10, but the price band or Issue Price is Rs 90 each.

Iris Clothings Limited IPO Equity Share Offering

12,30,400 Equity Shares of Rs 10/- each and Issue Price is Rs 90 each, aggregating to Rs 1,107.36. The Net Issue offered to the Public is 11,68,000 equity shares.

Iris Clothings Limited – Company Overview

Iris Clothings Limited Company is engaged in the Manufacturing, Designing, Branding and Selling of Kids Wear under the brand name DoReMe© in India. DoReMe© caters to the Kids Wear category mostly juniors including various kinds of apparels and related products for all Infants, Boys and Girls. The Company makes different kinds of products like Tops, T-shirts,Pants, Shorts, Frock, Dresses, and Towels among others catering to Kids Wear category. The Company continuously strives to add new product lines and innovate with Designs to be able to appeal to the changing consumer demands.As on date the Company has an active distribution network of 60+ distributors across cities / states with reach to more than 4,000+ retailers.

The Company has always believed in offering high quality products at affordable value and the same has helped the brand to develop a strong pull from the end customers and trade partners .

The Company is promoted by Mr. Santosh Ladha and Mrs. Geeta Ladha and is the guiding force behind the growth and strategic decisions of the Company.

Competitive Strengths of Iris Clothings Limited:

Widespread Distribution Network
Customer Satisfaction
Quality Assurance
Existing relationship with suppliers
Experienced Management

Business strategies of Iris Clothings Limited:

Expanding Clientele Network by Geographic expansion
Reduction of operational costs and achieving efficiency
Focus on cordial relationship
To Increase brand visibility
Enhancing trading and manufacturing capacities

Iris Clothings 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)
	31-Mar-18	31-Mar-17	31-Mar-16	31-Mar-15	31-Mar-14
Total Assets	39,78,58,761	31,82,40,699	26,61,01,538	29,68,46,903	28,93,88,890
Total Revenue	53,10,12,882	46,89,14,597	36,99,20,555	30,09,49,545	24,98,51,893
Total Expense	48,33,52,685	44,47,34,453	36,02,24,928	29,73,95,402	23,99,99,340
Profit After Tax	3,37,90,401	1,59,73,973	64,61,523	24,23,245	68,08,114

Earnings per Equity Share (in Lakhs)

	31-Mar-18	31-Mar-17	31-Mar-16
Basic & Diluted	12.20	5.93	2.40

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

Iris Clothings Limited IPO – Promoters

The Promoter of this company are:

Mr. Santosh Ladha
Mrs. Geeta Ladha

List of Related Parties (Key Managerial Personnel)

Mr. Santosh Ladha
Mrs. Geeta Ladha

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.

Iris Clothings Limited IPO Offer Details or Issue Details

Particulars	No. Of Equity Shares
Equity Shares Offered	12,30,400 Equity Shares of Rs. 10/- each fully paid-up of our Company for cash at a price of Rs. 90/- per Equity Share aggregating upto Rs. 1,107.36/- Lakhsa
Of which:
Reserved for Market Makers	62,400 Equity Shares of Rs. 10/- each fully paid-up of our Company for cash at a price of Rs. 90/- per Equity Share aggregating to Rs. 56.16/- lakhs
Net Issue to the Public	11,68,000 Equity Shares of Rs. 10/- each fully paid-up of our Company for cash at a price of Rs. 90/- per Equity Share aggregating to Rs. 1051.20/- lakhs.a
Of which:
Allocation to Retail Individual Investors for upto Rs. 2.00 lakh	5,84,000 Equity Shares of Rs. 10/- each fully paid-up of the Company for cash at a price of Rs. 90/-per Equity Share aggregating to Rs. 525.60 lakhs.
Allocation to other investors for above Rs. 2.00 lakh	5,84,000 Equity Shares of Rs. 10/- each fully paid-up of the Company for cash at a price of Rs. 90/- per Equity Share aggregating to Rs. 525.60 lakhs.
Equity Shares outstanding prior to the Issue	34,30,779 Equity Shares of Rs. 10/- each
Equity Shares outstanding after the Issue	46,61,179 Equity Shares of Rs. 10/- each

Iris Clothings Limited IPO Issue Object

These are the IPO Issue Objects of the company

To meet the incremental working capital requirements
To meet the Issue Expenses
For general corporate purposes

Iris Clothings 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:

Widespread Distribution Network
Customer Satisfaction
Quality Assurance
Existing relationship with suppliers
Experienced ManagementWidespread Distribution Network
Customer Satisfaction
Quality Assurance
Existing relationship with suppliers
Experienced Management

The relevant quantitative factors are:

	Basic & Diluted EPS	RONW (%)	NAV (Rs.)
31-Mar-18	12.20	33.35%	35.82
31-Mar-17	5.93	24.83	23.34
31-Mar-16	2.40	13.36	17.76

Industry P/E Ratio:

Particulars	P/E ratio
Average	40.7
Highest	263
Lowest	8.1

Competitive Peers:

Particulars	Face Value (in Rs.)	EPS (In Rs.)	P/E Ratio	RONW (%)	NAV (In Rs.)
Ashapura Intimates Fashion Limited	10	24.70	24	18.8	88.3
Indian Terrain Fashions Ltd.	2	6.7	23.7	13.9	53.8
S. P. Apparels Limited	10	16.4	18.2	21.3	164.5
Iris Clothings Limited	10	12.20	7.37	33.35	35.82

Iris Clothings Limited IPO Lead Managers

Lead Managers

VC CORPORATE ADVISORS PRIVATE LIMITED
31, Ganesh Chandra Avenue, 2nd Floor, Suite No. 2C,
Kolkata – 700 013
Tel: – (033) 2225 3940,
Fax: (033) 2225 3941
Email: mail@vccorporate.com
Investor Grievance Email: grievance@vccorporate.com
Website: www.vccorporate.com
Contact Person: Mr. Anup Kumar Sharma
SEBI REGN NO: INM000011096

Iris Clothings Limited IPO Registrar to offer

Registrar to the Offer

CAMEO CORPORATE SERVICES LIMITED
Subramanian Building No. 1,
Club House Road, Chennai- 600002
Tel: (044) 2846 0390/1989
Fax: (044) 2846 0129
E-mail: cameo@cameoindia.com
Website: www.cameoindia.com
Contact Person: Mr. R D. Ramasamy
SEBI REGN No: INR 000003753

Other Details:

Statutory Auditor – AMK & Associates, Chartered Accountants.
Peer Review Auditor – AMK & Associates, Chartered Accountants.
Bankers to the Company – Axis bank Limited, Corporation Bank limited ,State Bank oF India

Iris Clothings Limited 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
Sharekhan	6.7/10	6.4/10	6.6/10	6.1/10	6.2/10
Kotak Securities	6.7/10	6.7/10	6.7/10	6.4/10	6.3/10
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

Iris Clothings Limited IPO Grey Market Premium

The Iris Clothings 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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