Penver Products Limited IPO – Review, Allotment status, Subscription, GMP & more

Penver Products Limited is one of the diversified seafood company engaged in the business of processing and exporting aquaculture and capture fishery products with about two decades of operating history. They are present across various segments of the seafood value chain viz., farming, feed distribution, processing and overseas distribution. Penver Products Limited IPO consists of * Equity shares of Rs.10 each.

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

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Penver Products Limited IPO Review & Ratings

IPO Ratings & Review
CriteriaRatings
Industry Sentiments7.8/10
Industry Ranking7.7/10
Company Background7.9/10
Company Reputation7.4/10
Competitive Edge7.7/10
Financial Statements7.8/10
Popularity Index7.7/10
Promoters Reputation7.7/10
Retail Appetite7.4/10
Top Brokers Review7.4/10
Overall Ratings7.7/10
Star Ratings★★★★☆

Summary of Penver Products Limited IPO

Penver Products Limited IPOPenver Products Limited Industry sources and publications generally state that the information contained therein has been obtained from sources generally believed to be reliable, but their accuracy, completeness and underlying assumptions are not guaranteed and their reliability cannot be assured. Industry publications are also prepared based on information as of specific dates and may no longer be current or reflect current trends. Industry sources and publications may also base their information on estimates, projections, forecasts and assumptions that may prove to be incorrect. 

They are a diversified seafood company engaged in the business of processing and exporting aquaculture and capture fishery products with about two decades of operating history. They are present across various segments of the seafood value chain viz., farming, feed distribution, processing and overseas distribution. They cater to end consumers at various geographical locations worldwide, through food distribution and retailing channels primarily in the U.S.A, EU and the Far East.

Their diverse product range comprises of farm-cultivated Litopenaeus Vannamei shrimp (L.Vannamei) and varied capture fishery products such as squids, wild shrimps, octopus, cuttlefish and the wide variety of fishes. Their operations are strategically located on the western and eastern coasts of India viz., Kerala, a major capture fishery hub and Andhra Pradesh, a major aquaculture hub, respectively. Their ability to adapt to dynamic situations has enabled us to grow their business by offering a wide array of products to their customers and expand their operational set-up across different geographical locations.

According to the Restated Financial Statements,

Their Company’s total revenue from aquaculture products were Rs 1,306.93 million, Rs 3,167.97 million and Rs 5,004.44 million in Financial Year 2016, Financial Year 2017 and Financial Year 2018 respectively, growing at a CAGR of 95.68% from Financial Year 2016 and Financial Year 2018 and the total revenue from capture fishery products were Rs 624.49 million, Rs603.50 million, Rs 782.44 million in Financial Year 2016, Financial Year 2017 and Financial Year 2018 respectively, growing at a CAGR of 11.93% from Financial Year 2016 and Financial Year 2018.

Through the proposed expansion plan in Gudur, they would be adding 11,520 MTPA of processing capacities of which 3,360 MTPA would be for ready-to-cook products, 6,720 MTPA would be for high-value ready-to-eat products and 1,440 MTPA for breaded products. The new facilities would enable us to improve their share of value-added products as well as enter into the high-end specialized products space. With the new facility, they would be able to produce specialized high-end products such as Nobashi, Sushi Ebi, Tempura, shrimp rings, shrimp skewers, breaded shrimps, etc for USA, EU and Japanese markets. The capital expenditure in Gudur has been planned by taking into consideration the changing market trend, increasing demand and customer preferences for such products.

The Promoter of this IPO are Philips Thomas, Vinod Kumar K P, Madhukrishna Ganta and Abdul Kareem A. The lead manager to the issue is Karvy Investor Services Limited, Emkay Global Financial Services Limited, Equirus Capital Private Limited and the Karvy Computershare Private Limited.


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    Penver Products Limited IPO Date

    The opening and the closing date of IPO of Penver Products Limited is not known yet.


    Penver Products Limited IPO Subscription

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


    Penver Products Limited IPO Allotment Status

    Click here to check the allotment status.


    Penver Products Limited IPO Price Band

    The face value of each share is Rs 10, but the price band of the IPO is not yet disclosed. 


    Penver Products Limited IPO Equity Share Offering

    *Equity Shares of Rs 10/- each but Issue Price is yet to be disclosed so it will be aggregated to Rs (* Issue Price).


    Penver Products Limited – Company Overview

    Unless noted otherwise, the information in this section is obtained or extracted from “AQUACULTURE MARKET Forecast, Trend Analysis and Competition-Global Outlook 2018 to 2025”, prepared and issued by PERSISTENCE Market Research (the“PERSISTENCE Report”/”PMR Report”) on their request, publicly available information, as well as government and industry publications and sources. Neither they nor any other person connected with the Issue have independently verified this information.

    They may have reclassified the data for the purposes of presentation. Industry sources and publications generally state that the information contained therein has been obtained from sources generally believed to be reliable, but that their accuracy, completeness and underlying assumptions are not guaranteed and their reliability cannot be assured. Industry sources and publications are also prepared based on information as of specific dates and may no longer be current or reflect current trends.

    Industry sources and publications may also base their information on estimates, projections, forecasts and assumptions that may prove to be incorrect. Accordingly, investors must rely on their independent examination of, and should not place undue reliance on, or base their investment decision solely on this information.

    Their Company has paid a fee and obtained consent from PERSISTENCE so as to utilize relevant extracts from the PMR Report. The recipient should not construe any of the contents in this report as advice relating to business, financial, legal, taxation or investment matters and are advised to consult their own business, financial, legal, taxation, and other advisors concerning the transaction.

    Competitive Strengths of Penver Products Limited:

    • They offer a diversified portfolio of seafood products processed from their strategically located facilities.
    • Scalability of their business on account of systematic and efficient procurement practices.
    • Experienced Management team and diverse promoter holding.
    • Established Customer Relationships.
    • Focus on high quality control measures and research & development initiatives.
    • Robust Financial Performance.

    Business strategies of Penver Products Limited Limited:

    • They offer a diversified portfolio of seafood products processed from their strategically located facilities.
    • Scalability of their business on account of systematic and efficient procurement practices.
    • Experienced Management team and diverse promoter holding.
    • Established Customer Relationships.
    • Focus on high quality control measures and research & development initiatives.
    • Leveraging their association with U.S.A based distribution Group Company.
    • Robust Financial Performance.

    Penver Products Limited Limited – Financial Statements

    A quick look into the past financial performance of the company to understand its performance of the business and evaluate the growth prospectus:

    Financial Summary:

    Amount (in INR & Million)
    31-Mar-1831-Mar-1731-Mar-1631-Mar-1531-Mar-14
    Total Assets3,299.122,197.931,680.501,099.78852.59
    Total Revenue6,984.274,079.712,055.272,269.992,079.90
    Total Expense6,392.133,945.622,044.752,221.831,992.08
    Profit After Tax456.2594.852.0832.1259.09

    Earnings per Equity Share (in Million)

    31-Dec-1831-Mar-1731-Mar-16
    Basic 9.221.870.02
    Diluted 9.221.870.02

    From the above statements, one could find that the Penver Products Limited Limited may perform well.


    Penver Products Limited IPO – Promoters

    The Promoter of this company are:

    1. Philips Thomas, 
    2. Vinod Kumar K P, 
    3. Madhukrishna Ganta and
    4. Abdul Kareem A.

    List of Related Parties (Key Managerial Personnel)

    • P. Balraj / Krishna Teja
    • Deepak Yadav
    • Sameer Purohit / Gaurav Phadke
    • M.Murali Krishna

    Interest in the promotion of the Company

    Their Promoters are interested in their Company to the extent of their shareholding and the shareholding of their relatives in their Company and Subsidiary and in any dividend distribution and corporate benefits which may be made by their Company and Subsidiaries in the future. Further, none of their Promoters may be deemed to be interested to the extent of any salary and related benefits that are payable to their relatives who are appointed in places of profit in their Company and their Subsidiary.

    None of their Promoters are interested as a member of a firm or company and no sum has been paid or agreed to be paid to any of their Promoters or to any such firm or company in cash or shares or otherwise by any person either to induce him to become, or to qualify him as, a director, or otherwise, for services rendered by such Promoter(s) or by such firm or company in connection with the promotion or formation of their Company.

    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 the approval of the majority shareholders vote.

    Interest in Intellectual Rights of the Company

    Promoters have not shown any interest in acquiring the intellectual rights of the company.


    Penver Products Limited IPO Offer Details or Issue Details 

    OfferUp to * Equity Shares aggregating up to Rs *million
    Of which
    Fresh IssueUp to [•] Equity Shares aggregating up to Rs. 2,420 million
    Offer for SaleUp to 4,108,000 Equity Shares aggregating up to [●] million
     of which
    Offer for sale by each four promoters Up to 1,027,000 Equity Shares aggregating up to [●] million
    Of which:
    – Available for allocation to Mutual Funds only (5% of the QIB Category (excluding the Anchor Investor Portion))Up to * Equity Shares
    Pre and post-Offer Equity Shares
    Equity Shares outstanding as of the date of this Draft Red
    Herring Prospectus
    * Equity Shares
    Equity Shares outstanding prior to the Offer53,403,640 Equity Shares
    Equity Shares outstanding after to the offer* Equity Shares
    Use of Offer ProceedsAs the Offer comprises an Offer for Sale, their Company will not receive any proceeds from the Offer.

    Penver Products Limited IPO Issue Object

    1. To set up a new shrimp processing unit at Voduru Village in Nellore District, Andhra Pradesh;
    2. To set up a new pre-processing centre at Thamminipatnam in Nellore District, Andhra Pradesh;
    3. To set up a new hatchery facility at Rajupalem Village in Prakasham District, Andhra Pradesh;
    4. Towards prepayment or repayment of all or portion of certain borrowings availed by the Company;
    5. To set up a 4 megawatt captive solar facility at Nellore District, Chillakur Mandal, Voduru Village, Voduru Panchayat, Andhra Pradesh; and
    6. General Corporate purposes

    The main objects as set out in the MoA enables the Company (i) to undertake the existing business activities; and (ii) to undertake activities for which they are raising funds through the Fresh Issue


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    Penver Products 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:

    • They offer a diversified portfolio of seafood products processed from their strategically located facilities;
    • Scalability of their business on account of systematic and efficient procurement practices;
    • Experienced and dedicated Management team;
    • Established Customer Relationships;
    • Leveraging their association with U.S.A based distribution group company and
    • Robust Financial Performance.

    The relevant quantitative factors are:

    Basic & Diluted EPSRONW (%)NAV (Rs.)
    31-Mar-189.2228.9128.72
    31-Mar-171.8718.429.79
    31-Mar-160.020.355.70
    • Industry P/E Ratio:
    ParticularsP/E ratio
    Average28.95
    Highest52.61
    Lowest18.35
    • Competitive Peers:

    There are no comparable listed companies in India engaged substantially in the same line of business as their Company, hence the comparison with industry peers is not applicable.


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    Penver Products Limited IPO Lead Managers

    BOOK RUNNING Lead Managers
    Karvy Investor Services Limited

    Emkay Global Financial Services Limited

    Equirus Capital Private Limited

     

    Registrar to the Offer
    Karvy Computershare Private Limited
    Karvy Selenium Tower B, Plot No.31&32,
    Financial District, Nanakramguda, Gachibowli,
    Hyderabad – 500 032, Telangana
    Tel: +91 40 6716 2222; Fax: +91 40 2343 1551
    E-mail: penver.ipo@karvy.com
    Investor Grievance E-mail: einward.ris@karvy.com
    Website: www.karishma.karvy.com
    Contact person: M.Murali Krishna
    SEBI Registration No.: INR000000221

    Other Details:

    • Statutory Auditor – M/s BSJ & Associates, Chartered Accountants
    • Bankers to the Company –  The South Indian Bank Limited.

    Penver Products Limited IPO Review by Top 10 Stock Brokers

    Top Stock Brokers ReviewCompany ReputationCompetitive EdgeFinancial StatementPopularity IndexPromoters Reputation
    Angel Broking7.2/107.3/107.2/107.1/107.1/10
    Sharekhan7.2/107.1/107.7/107.1/107.2/10
    Kotak Securities7.3/107.2/107.3/107.1/107.3/10
    ICICI Direct7.3/107.3/107.7/107.1/107.1/10
    IIFL7.2/107.2/107.8/107.0/107.1/10
    Edelweiss7.2/107.3/107.3/107.3/107.2/10
    Zerodha7.3/107.1/107.2/107.1/107.0/10
    5Paisa7.1/107.1/107.3/107.1/107.1/10
    Karvy7.3/107.3/107.2/107.1/107.1/10
    Motilal Oswal7.1/107.1/107.7/107.3/107.2/10

    The ratings would be updated once the financials and the other details of the IPO are released.


    Penver Products Limited IPO Grey Market Premium

    The Penver Products 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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