Nirmitee Robotics IPO Review, Dates, Allotment, Size, Bid Details, GMP & DRHP

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


Nirmitee Robotics IPO Review & Ratings

IPO Ratings & Review
CriteriaRatings
Industry Sentiments7.4/10
Industry Ranking7.1/10
Company Background8.2/10
Company Reputation7.7/10
Competitive Edge7.2/10
Financial Statements8.0/10
Popularity Index7.6/10
Promoters Reputation8.0/10
Retail Appetite7.5/10
Top Brokers Review8.1/10
Overall Ratings7.5/10
Star Ratings★★★★☆

Summary of Nirmitee Robotics IPO

Nirmitee Robotics India IPOTheir Company is a tech based company making robots using robotic technology, and they are engaged in providing HVAC Duct Cleaning and Ozone sterilization services with these robots.

The Company makes custom-made robots– operated by machines that clean the inside of HVAC Air Ducts – by scrubbing, polishing, sucking, scraping and removal of the accumulated contaminants like dust, debris, bacteria, mold and even dead pests and rodents and provides the Ozone treatment to the ducts from the inside and thus sanitizes it for many more months to come.

This Company has its own fleet of patented, duct cleaning robots, which are employed in its service to do the inspection, cleaning and post-cleaning operations. All these robots are fitted with an advanced controller mechanism and a high resolution camera.

From FY 2016-17 to FY 2018-2019, as per the Restated Financial Statements

  • Their revenue from operations in the last 3 fiscals starting from F.Y. 16-17 to F.Y. 18-19 was Rs.5.88 lakhs, Rs.70.10 lakhs and Rs.203.11 lakhs respectively.
  • Their Net Profit after tax for the above mentioned periods i.e. in the last 3 years was Rs.0.53 lakhs in F.Y. 2016-17, Rs.2.16 lakhs in F.Y. 2017-18 and Rs.20.83 lakhs in F.Y. 2018-19.
  • For the six months period ended September 30, 2019, their revenue was Rs.99.38 lakhs and the Net Profit after tax was M2.63 lakhs.
  • Their revenue from operations has grown at a CAGR of 487.73 % from Rs.5.88 lakhs in 2017 to Rs.203.11 lakhs in 2019. Further their Operating profits (EBIDTA) has grown at CAGR of 528.05 % from Rs.0.81 lakhs in 2017 to Rs.31.95 lakhs in 2019.

The Promoters of this company are Mr. Jay Prakash Motghare, Mr. Kartik Eknath Shende and Mr. Rajesh Narendra Admane. The lead manager to the issue is ARYAMAN FINANCIAL SERVICES LIMITED. The Registrar to this issue is BIGSHARE SERVICES PRIVATE LIMITED.



Nirmitee Robotics IPO Dates / Launch Date

The opening and the closing date of Nirmitee Robotics India IPO is Mar 31, 2020 – Apr 9, 2020.


Nirmitee Robotics IPO Subscription 

Day / DateNIIRIITotal Subscription
1st Day – Mar 310.12x0.00x0.06x
2nd Day – Apr 10.12x0.01x0.06x
3rd Day – 
4th Day – 
Shares Offered or Net Issue82,80082,800165,600

The shares subscribed by the public will be updated here.


Nirmitee Robotics IPO Allotment Status

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

Allotment of Equity Shares pursuant to the Fresh Issue and transfer of the Offered Shares of the Promoter Selling Shareholders pursuant to the Offer for Sale to the successful Bidders. However, the Allotment status is not yet disclosed.

Nirmitee Robotics IPO Listing Date

Find the dates below on basis of allotment, refund, listing and more:

Basis of Allotment Finalization16-Apr-20
Refunds Initiation17-Apr-20
Credit of Shares to Demat Account20-Apr-20
Share Listing Date21-Apr-20

Nirmitee Robotics IPO Price Band / Cash Price

The face value of each share is Rs.10, and the cash price of the IPO is Rs. 185.


Nirmitee Robotics IPO Size

This Initial Public Issue of 1,75,200 Eq Shares of Rs.10 each for cash at a price of Rs.185  per equity share aggregating to Rs. 324 Lakhs.


Nirmitee Robotics IPO Share Offering

Net Offer: The Net Offer of up to 1,65,600 Equity Shares of Rs.10 each at price of Rs.185 per Equity Shares aggregating to Rs.306 lakhs


Nirmitee Robotics India Limited – Company Overview

Over time HVAC Air Ducts accumulate the some contaminants and if left unclean, these contaminants clog the air ducts and circulate air borne diseases throughout the facility. With a professional management team and a culture of innovation, learning, quality and deep service orientation; they provide professional cleaning services to provide fresh clean air, so that the people can live a healthier life.

Their purpose-built, duct cleaning robots can clean the most difficult to reach corners in any air duct, and give super clean and healthy air, which is not possible by any other physical cleaning process. Bad Indoor Air Quality (IAQ) affects the health of the employees and other visitors and majority of one’s time is spent breathing indoor air.

Their Company is equipped and experienced to handle all kinds of HVAC Air Duct Cleaning, no matter whatever the complexity is. They serve a broad range of industries e.g.- they offer service to offices, convention centers, hospitals, train and they specialize in Buildings that house Sensitive Equipment like Data Centers.

They are certified by ISO 9001:2015. This certification allows them to implement Quality Management System and operating successfully in various regions. They are also certified by NADCA as a regular member for conducting air duct cleaning business in accordance with the mandatory code of ethics.

Nirmitee Robotics India Client Base

Their Company is engaged in providing HVAC Duct cleaning services to the customers ranging to various industries. They provide services to a large number of customers from the Government organizations like Railways in various states, Indian Oil Corporation Limited, MCGM etc.

They also provide service to various industries housing Data centre, convention centre etc. Further, their top 10 customers may vary from one reporting period to another based on the requirements of the customer/ regulatory requirements.

Nirmitee Robotics India – Plant and Machinery

Their company operates in service based industry i.e. providing robotic duct cleaning services with specialised robots/ machines manufactured by them. They do not own any major machinery; however they own certain basic machineries like welding machine, Heat gun, Solder iron, crimping tools etc. to manufacture the robots, while the mechanical work for assembling of the robots is outsourced on job work basis.

They also own certain equipment which is used in their day to day operations and for providing the services to their clients. Such equipment includes cleaning kits, drill kit, jet sprays, ladders, manual flippers, scrubbing machines, sweeper machines, vacuum cleaners, grinder etc.

Nirmitee Robotics India – Business Process

Duct cleaning process followed by their Company is divided into seven steps, which is described as below:

  • Inspection and mapping of the site
  • Inspection of the duct using the Inspection Robot and taking the Pre SPM (Suspended Particulate Matter)
  • Creation of Access Doors/ Window as per the map provided by client/ Diffuser unloading.
  • Sterilization by Ozone
  • Selection of the Robots and Cleaning of the duct by means of brushing, scrubbing, suctioning etc
  • Diffuser Cleaning and Affixing / Pasting the Cut-out Patch of duct
  • Dust Sampling and Disposal

After receiving a work order for a particular site, they take workman compensation policy for the team members, who will be sent on site for the said work.

After completion of the work as mentioned above, they hand over the site to the customer and provide the following documents/ supporting for record:

  1. Work completion certificate
  2. Report of work
  3. Pre & Post Suspended Particulate Matter (SPM) Record
  4. Recorded data of the work while cleaning.

Nirmitee Robotics India Patented Robots

Their Company has its own fleet of patented, duct cleaning robots/ machines, which are employed in its service to do the inspection, cleaning and post-cleaning operations.

These duct cleaning robots have been developed by their R&D team for a specific purpose like inspection survey, cleaning, brushing, scrubbing, dust sucking/ suctioning, scratching etc. for clean duct. All these robots are fitted with an advanced controller mechanism and a high resolution camera.

These duct cleaning robots can reach areas that a human can never reach, and their camera robots can show the hidden contaminants in the HVAC Air Duct which would never have been visible by human visual inspection.

Their purpose-built, duct cleaning robots can clean the most difficult to reach corners in the air duct, and provide clean and healthy air, not possible by any other cleaning process. Bad Indoor Air Quality (IAQ) affects the employees, visitors and guests health, and should never be ignored.

Nirmitee Robotics India Limited: Business strategies

  • Growing awareness among public and increasing their reach
  • Further Investing in technology/ Research and development
  • Operation Excellence
  • Continue to focus on providing quality service

Nirmitee Robotics India Ltd – Financial Statements

On the basis of Standalone statement:

Amount (in INR & Lakhs)
30-Sep-1931-Mar-19Mar-1831-Mar-17
Total Assets225.22238.65105.9912.37
Total Revenue99.84203.5970.225.91
Total Expense96.45177.6765.145.17
Profit After Tax2.6320.732.160.53

Earnings per Equity Share (in Lakhs)

Amount (in INR & Lakhs)
30-Sep-19Mar-1931-Mar-1831-Mar-17
Basic 0.655.150.640.20

Nirmitee Robotics IPO – Promoters

The Promoters of this company are:

  • Mr. Jay Prakash Motghare
  • Mr. Kartik Eknath Shende
  • Mr. Rajesh Narendra Admane

List of Related Parties (Key Managerial Personnel)

  • Mr. Apurv Hirde, Company Secretary and Compliance Officer
  • Mr. Atul Dhawad, Chief Financial Officer

Interest in promotion of the Company

Their Company is currently promoted by the promoters in order to carry on its present business. Their Promoters are interested in their Company to the extent of her shareholding in their Company and the dividend declared, if any, by their Company.

Interests of Promoter in property of their Company

Their Promoters have confirmed that they do not have any interest in any property acquired by their Company within three years preceding the date of this Draft Prospectus or proposed to be acquired by their Company.


Nirmitee Robotics IPO Offer Details or Issue Details

Particulars No. Of Equity Shares
 Equity Shares OfferedUp to 1,75,200 *Equity Shares, aggregating up to Rs.324.12 lakhs
 Of which:
Issue Reserved for the Market MakerUp to 9,600 Equity Shares, aggregating up to Rs.177 lakhs
Up to 1,65,600 *Equity Shares, aggregating up to Rs.306 lakhs
Of which:
Net Issue to the PublicUpto 82,800 Equity Shares aggregating up to Rs.2.00 lakhs
Upto 82,800 *Equity Shares aggregating up to Rs.2.00 lakhs
 Equity Shares outstanding prior to the Issue[●] *Equity Shares
 Equity Shares outstanding after the Issue[●] Equity Shares

Nirmitee Robotics India IPO Issue Object

The Objects of the Net Issue is to raise funds for:

(a) Redemption of Preference Shares

(b) Acquisition of Registered Office, R & D facility & assembling unit on a long term sustainable basis

(c) General Corporate Purpose

Further, their Company expects that the listing of the Equity Shares will enhance their visibility and their brand image among their existing and potential customers.

Nirmitee Robotics India Limited: Competitive Strength

  • Qualified Management Team
  • Technology
  • Positive Environmental and social Impact
  • Strong Customer service

Nirmitee Robotics India IPO – Basis of the Offer Price

The Offer Price has been determined by their Company and the Selling Shareholder in consultation with the Lead Managers on the basis of the key business strengths.

Qualitative factors are:

  • Qualified Management Team
  • Tech Based Company i.e. no dependence on third party for technology
  • Environment and social impact
  • Established relationship with clients leading to recurring business

Nirmitee Robotics India IPO – Quantitative Factors

Basic EPSRONW in %NAV (Rs.)
31-Mar-170.2034.53%
31-Mar-180.647.94%
*31-Mar-195.1510.45%175.67
  • Price to Earnings (P/E) ratio in relation to Price band of Rs.[●] of Rs.10 per each
ParticularsP/E ratio
Highest
Average
Lowest

Nirmitee Robotics India Limited: Competitive Peers

They believe that there is no other listed company which is specifically comparable to them w.r.t. to their business model, size and financials.


Nirmitee Robotics IPO Lead Managers

Lead Managers
ARYAMAN FINANCIAL SERVICES LIMITED
60, Khatau Building, Ground Floor, Alkesh Dinesh Modi Marg
Fort, Mumbai – 400 001
Tel No.: +91 22 6216 6999
Email: ipo@afsl.co.in
Website: www.afsl.co.in
Investor Grievance Email: feedback@afsl.co.in
Contact Person: Shweta Kothari / Hiral Motani
SEBI Registration No. INM000011344

Nirmitee Robotics IPO Registrar to Offer

Registrar to the Offer
BIGSHARE SERVICES PRIVATE LIMITED
1st Floor, Bharat Tin Works Building, Opp. Vasant Oasis
Makwana Road, Marol, Andheri East, Mumbai – 400 059
Tel. No.: +91 22 6263 8200
Email: ipo@bigshareonline.com
Website: www.bigshareonline.com
Investor Grievance Email: investor@bigshareonline.com
Contact Person: Mr. Babu Raphael
SEBI Registration No.: INR000001385

Nirmitee Robotics IPO – Other Details

  • Statutory Auditor – M/s Amit Gharlute & Co.
  • Legal Counsel to the Company –M/s. KANGA & CO. (ADVOCATE & SOLICITORS)
  • Bankers to the Company – [●]

Nirmitee Robotics IPO Review by Top 10 Stock Brokers

Top Stock Brokers ReviewCompany ReputationCompetitive EdgeFinancial StatementPopularity IndexPromoters Reputation
Angel Broking7.5/107.4/108.5/108.1/107.1/10
Sharekhan7.2/107.1/108.6/108.1/107.2/10
Kotak Securities7.3/107.5/108.4/108.1/107.3/10
ICICI Direct7.3/107.3/108.7/108.1/107.1/10
IIFL7.5/107.2/108.8/108.0/107.1/10
Edelweiss7.5/107.4/108.4/108.3/107.2/10
Zerodha7.4/107.1/108.5/108.1/107.0/10
5Paisa7.1/107.1/108.4/108.1/107.1/10
Karvy7.4/107.3/108.2/108.1/107.1/10
Motilal Oswal7.1/107.1/108.6/108.3/107.2/10

Nirmitee Robotics IPO Grey Market Premium

The Nirmitee Robotics India 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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Nirmitee Robotics India IPO News

News 1Nirmitee Robotics India IPO  [Download DRHP Prospectus]

News 1Nirmitee Robotics India IPO  [RHP Prospectus]


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