PR Ecoenergy IPO – Review, Allotment, Subscription, GMP & DRHP
Last Updated Date: Nov 17, 2022PR Ecoenergy Limited is doing business into generation and sale of energy through agricultural waste known as Biomass. The company started the business of Generation and sale of Thermal energy in the form of Steam and heat by operation and maintenance of boilers and thermic fluid heaters along with fuel supply. PR Ecoenergy IPO comprises of 39,00,000 Equity shares, face value of Rs.10 each.
Let’s have a detailed review of the company and analytics of the PR Ecoenergy IPO release date, IPO offer price, subscription, PR Ecoenergy IPO allotment, grey market price and other details like the company’s background, its financial positions, its promoters and other related things.
PR Ecoenergy IPO Review & Ratings
| IPO Ratings & Review | |
| Criteria | Ratings |
| Industry Sentiments | 8.5/10 |
| Industry Ranking | 7.8/10 |
| Company Background | 7.9/10 |
| Company Reputation | 7.9/10 |
| Competitive Edge | 7.7/10 |
| Financial Statements | 7.8/10 |
| Popularity Index | 8.4/10 |
| Promoters Reputation | 7.7/10 |
| Retail Appetite | 7.9/10 |
| Top Brokers Review | 7.9/10 |
| Overall Ratings | 8.1/10 |
| Star Ratings | ★★★★☆ |
Summary of PR Ecoenergy Limited IPO
PR Ecoenergy Limited started the business of Generation and sale of Thermal energy in the form of Steam and heat by operation and maintenance of boilers and thermic fluid heaters along with fuel supply. The Issue comprises of a Public Issue of 39,00,000 Equity shares of face value of Rs.10.00 each fully paid up.
From FY 2015-6 to FY 2017-2018, as per the Restated Financial Statements,
- For the year ended March 31, 2018, the Company’s Total Revenue and Restated Profit after Tax were Rs. 3852.27 Lacs and Rs 401.74 Lacs, respectively. For the year ended March 31, 2017, the Company’s Total Revenue and Restated Profit after Tax were Rs.3979.34 Lacs and Rs. 200.48 Lacs, respectively. For the year ended March 31, 2016, the Company’s Total Revenue and Restated Profit after Tax was Rs. 4636.16 Lacs and Rs. 139.14 Lacs respectively.
- The other income was Rs. 212.54 Lakhs in F.Y 2018 showing increase of 186.64 % as compared to Rs. 74.15 Lakhs in F.Y 2017 mainly on account of profit on sale of investments and fixed assets. Again, the other income was Rs. 74.15 Lakhs in F.Y 2017 showing increase of 96.84 % as compared to Rs. 37.67 Lakhs in F.Y 2016 mainly on account of profit on sale of investments.
The Promoter of this company is Pawan Kumar R Agrawal and Rajni P Agrawal. The lead manager to the issue is Tipsons Consultancy Services Private Limited and the Registrar to this issue is Alankit Assignments Limited.
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PR Ecoenergy IPO Date
The opening and the closing date of PR Ecoenergy Limited IPO is not known yet.
PR Ecoenergy IPO Subscription
| Day / Date | QIB | NII | RII | Total 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.
PR Ecoenergy IPO Allotment Status
Here, you can find the Allotment Status of this IPO.
PR Ecoenergy IPO Price Band
The face value of each share is Rs 10, but the price band of the IPO is not yet disclosed.
PR Ecoenergy IPO Equity Share Offering
39,00,000 Equity Shares of Rs 10/- each but Issue Price is yet to be disclosed .
PR Ecoenergy Limited – Company Overview
PR Ecoenergy Limited was originally incorporated on March 03, 2003 with the name PR Tradelink Private limited under the provisions of the Companies Act, 1956 with the Registrar of Companies, Gujarat, Dadra and Nagar Haveli. Further, their Company was converted in to a Public Limited Company and consequently the name was changed to “PR Ecoenergy Limited” on 23rd August 2018.
PR Ecoenergy Limited is doing business into generation and sale of energy through agricultural waste known as Biomass. The company started the business of Generation and sale of Thermal energy in the form of Steam and heat by operation and maintenance of boilers and thermic fluid heaters along with fuel supply. The company also took up the business of sale of steam by operating already installed boilers owned by clients at its premises. Besides this the company is also engaged in providing consultancy services in the field of Exploring and Sourcing Electrical Power from various sources both Renewable and Non-renewable resources. The Company is also into the business of briquette production by utilizing bagasse of sugar mills as its raw material at client’s premises. These briquettes are then used as fuel in steam boilers and thermic fluid heaters.
They are concentrating on developing a Central Energy Supply Station at premises taken on lease at plot 29, GIDC Panoli, to generate and supply Steam and Electrical power to manufacturing Industries in nearby vicinity in GIDC Panoli located in District Bharuch, Gujarat.
The Company is promoted by Pawan Kumar R Agrawal and Rajni P Agrawal and is the guiding force behind the growth and strategic decisions of the Company.
Competitive Strengths of PR Ecoenergy Limited:
- Experienced Management and Promoters.
- Central Energy Supply station
- Long term (1-5 years) energy purchase agreements with clients.
- Environment Friendly
Business strategies of PR Ecoenergy Limited:
- Plug, Procure and Produce.
- Improve profitability by enhancing efficiency.
- Expand their Current Business Relationships.
- Expansion by introducing more product line.
PR Ecoenergy 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:
On the basis of Standalone Statement:-
| Amount (in INR & Lakhs) | |||||
| 31-Mar-18 | 31-Mar-17 | 31-Mar-16 | 31-Mar-15 | 31-Mar-14 | |
| Total Assets | 3825.78 | 2352.06 | 2144.36 | 2103.81 | 2137.12 |
| Total Revenue | 3852.26 | 3979.33 | 4636.16 | 5470.01 | 4683.91 |
| Total Expense | 3351.82 | 3728.90 | 4460.21 | 5273.68 | 4596.22 |
| Profit After Tax | 401.73 | 200.48 | 139.14 | 144.29 | (13.48) |
Earnings per Equity Share (in Lakhs)
| 31-Mar-18 | 31-Mar-17 | 31-Mar-16 | 31-Mar-15 | 31-Mar-14 | |
| Basic & Diluted | 12.60 | 6.29 | 4.36 | 4.52 | (0.42) |
From the above statements, one could find that the PR Ecoenergy Limited may perform well.
PR Ecoenergy IPO – Promoters
The Promoter of this company are:
- Pawan Kumar R Agrawal
- Rajni P Agrawal
List of Related Parties (Key Managerial Personnel)
- Mr. Prerak Agrawal, Chief Executive Officer
- Nikunj Shah, Company Secretary and Compliance officer
- Rakesh Adaniya, Chief Financial Officer
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.
PR Ecoenergy IPO Offer Details or Issue Details
| Particulars | No. Of Equity Shares |
| Equity Shares Offered | 39,00,000 Equity Shares of face value of Rs. 10/- each fully paid of the Company for cash at price of Rs. [●] per Equity Share aggregating Rs. [●] lakhs. |
| Of which: | |
| Reserved for Market Makers | Issue Consisting of Issue Reserved for Market Maker [●] Equity Shares of face value of Rs. 10/- each fully paid of the Company for cash at price of Rs. [●] per Equity Share aggregating Rs. [●] lakhs. |
| Net Issue to the Public | [●] Equity Shares of face value of Rs. 10/- each fully paid of the Company for cash at a price of Rs. [●] /- per share aggregating Rs. [●] Lakhs |
| Of which: | |
| Retail Investors Portion | [●] Equity Shares of face value of Rs. 10/- each fully paid of the Company at a cash price of Rs. [●]/- per Equity share aggregating Rs. [●] Lakhs will be available for allocation to Investors up to Rs. 2.00 Lakhs |
| Non-Retail Investors Portion | [●] Equity Shares of face value of Rs. 10/- each fully paid of the Company for cash at price of [●]/- per Equity Share aggregating Rs. [●] lakhs will be available for allocation to investors above Rs. 2.00 Lakhs |
| Equity Shares outstanding prior to the Issue | 95,67,000 Equity Shares of face value of Rs.10 each |
| Equity Shares outstanding after the Issue | 1,34,67,000 Equity Shares of face value of Rs.10 each |
PR Ecoenergy IPO Issue Object
These are the IPO Issue Objects of the company
- Funding the Working Capital requirements of the Company;
- To finance setting up a Unit for “Central Energy Supply Station” Project;
- To carry out New Construction Work of R M Sheds & Site Development;
- General Corporate Purposes
PR Ecoenergy 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:
- Cost savings for clients leading to a Win Win Situation.
- Experienced Management Team.
- Having good rapport locally useful to the business.
- Easily availability of clients requiring services in a well established Panoli Industrial Estate.
- Efficient systems for efficient monitoring to maintain low overheads.
- Established and proven technologies with experience of more than 9 years.
The relevant quantitative factors are:
| Basic & Diluted EPS | RONW (%) | NAV (Rs.) | |
| 31-Mar-16 | 1.45 | 16.43 | – |
| 31-Mar-17 | 2.10 | 19.15 | – |
| 31-Mar-18 | 4.20 | 27.73 | 45.43 |
- Industry P/E Ratio:
They believe that there are no comparable listed Companies of their size in India, which are solely engaged in the business of generation and sale of thermal energy through agriculture waste etc.
- Competitive Peers:
They believe that there are no comparable listed Companies of their size in India, which are solely engaged in the business of generation and sale of thermal energy through agriculture waste etc.
PR Ecoenergy IPO Lead Managers
| Lead Managers |
| Tipsons Consultancy Services Private Limited 401, Sheraton House, Opp: Ketav Petrol Pump, Polytechnic Road, Ambawadi Ahmedabad Gujarat 380015 India Tel No. +91-079-66828064 Fax No. +91-079-66828001 Website: www.tipsons.com E-mail ID:prelipo@tipsons.com Contact person: Mr. Avinash Kothari SEBI Registration No: INM000011849 |
PR Ecoenergy IPO Registrar to offer
| Registrar to the Offer |
| Alankit Assignments Limited Alankit Assignments Limited, 205-208, Anarkali Complex, Jhandewalan Extn, New Delhi-11055 Tel No.: +91 011–4254 1234; 2354 1234(B), Fax No.: +91 011–4154 3474 Email id: ipo@alankit.com / preco_igr@alankit.com Website: www.alankit.com Contact Person: Mr. Sachin Gupta / Mr. S Arunraj SEBI Registration No. INR000002532 |
Other Details:
- Statutory Auditor – M/s. J. V. Vasani & Co, Chartered Accountants
- Peer Review Auditor – M/s. P.D. Goinka Chartered Accountants
- Bankers to the Company – State bank of India, HDFC Bank, Kotak Mahindra Bank
PR Ecoenergy IPO Review by Top 10 Stock Brokers
| Top Stock Brokers Review | Company Reputation | Competitive Edge | Financial Statement | Popularity Index | Promoters Reputation |
| Angel Broking | 7.5/10 | 7.4/10 | 8.5/10 | 8.1/10 | 7.1/10 |
| Sharekhan | 7.2/10 | 7.1/10 | 8.6/10 | 8.1/10 | 7.2/10 |
| Kotak Securities | 7.3/10 | 7.5/10 | 8.4/10 | 8.1/10 | 7.3/10 |
| ICICI Direct | 7.3/10 | 7.3/10 | 8.7/10 | 8.1/10 | 7.1/10 |
| IIFL | 7.5/10 | 7.2/10 | 8.8/10 | 8.0/10 | 7.1/10 |
| Edelweiss | 7.5/10 | 7.4/10 | 8.4/10 | 8.3/10 | 7.2/10 |
| Zerodha | 7.4/10 | 7.1/10 | 8.5/10 | 8.1/10 | 7.0/10 |
| 5Paisa | 7.1/10 | 7.1/10 | 8.4/10 | 8.1/10 | 7.1/10 |
| Karvy | 7.4/10 | 7.3/10 | 8.2/10 | 8.1/10 | 7.1/10 |
| Motilal Oswal | 7.1/10 | 7.1/10 | 8.6/10 | 8.3/10 | 7.2/10 |
PR Ecoenergy IPO Grey Market Premium
The PR Ecoenergy 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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