Shreeshay Engineers IPO – Review, Allotment Status, Subscription, Price, Date & more

SHREESHAY ENGINEERS LIMITED is a real estate construction and engineering focused solutions company. In this article, lets have a detailed analysis of Shreeshay Engineers IPO, company’s objective, Offering, company’s goodwill, financials, allotment status, Shreeshay Engineers IPO grey market pricing, subscription status and management information.


Shreeshay Engineers IPO Review & Ratings

Shreeshay Engineers IPO Ratings & Review
CriteriaRatings
Industry Sentiments 6.1/10
Industry Ranking 6.3/10
Company Background6.5/10
Company Reputation6.2/10
Competitive Edge6.3/10
Financial Statements6.4/10
Popularity Index6.5/10
Promoters Reputation6.5/10
Retail Appetite 6.7/10
Top Brokers Review6.0/10
Overall Ratings 6.3/10
Star Ratings★★★☆☆

Summary of Shreeshay Engineers IPO

 

Shreeshay Engineers IPOCompany is part of the DKP Group which has large presence in the real estate market in and around Mumbai and  is into EPC service, i.e. it provide supply of materials, designing and contracting capabilities as well as construction project management services. Company has planned to go for public issue of 36,00,000 shares with face value of Rs. 10 and issue price of Rs. 15. Aggregating to Rs. 540 Lakh for funding their working capital requirement. The lead manager to the issue is ARYAMAN FINANCIAL SERVICES LIMITED and the Registrar to this issue is BIGSHARE SERVICES PRIVATE LIMITED.

The Promoters of the company are:

  1. Mr. Bhogin D Patel (Individual Promoter)
  2. Mr. Kishore D Patel (Individual Promoter)

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Shreeshay Engineers IPO Date

The opening and the closing date is not known yet.

Shreeshay Engineers IPO Subscription

 Subscription
Day 1X
Day 2 X
Day 3X
Day 4 X
Day 5 X

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

Shreeshay Engineers IPO Allotment Status

The details of allotment of shares made by the company to the public will be updated herein once the company is through with the allotment process.

Shreeshay Engineers IPO Price Band

The company has decided Issue price to be Rs. 15 & the face value of each share is Rs 10

Shreeshay Engineers IPO Issue Size

The Issue Size is below Rs 10000 Lakhs and the exact price of the share is not known through the number of equity shares is known.

Shreeshay Engineers IPO Equity Share Offerings

36,00,000 Equity Shares of Rs 10/- each.



Shreeshay Engineers Limited – Company Overview

SHREESHAY ENGINEERS LIMITED is part of the DKP Group which is a real estate & infrastructure focused Mumbai based 3rd generation business group operating since over 8 decades. It is currently promoted by Mr. Bhogin D Patel and Mr. Kishore D Patel. The group has a strong presence in real estate development. The group has been involved in real estate and construction activities since over 3 decades and has developed number of plots and buildings in and around the state of Maharashtra and Gujarat.

Company has developed around 90,000 sq. ft. of built up real estate vide project(s) named “Kailas Jyoti I” and “Kailas Jyoti II” at Ghatkopar, Mumbai.

Company is primarily based on “EPC” stands for “Engineering”, “Procurement” and “Construction”. It provide supply of materials, designing and contracting capabilities as well as construction project management services.

Competitive Strengths of Shreeshay Engineers Limited:

  • Experienced promoters and Management Expertise
  • Quality projects and committed operations
  • Independent Execution capabilities
  • Networking strength

Business strategies of Shreeshay Engineers Limited:

  • Leveraging Market Skills
  • Long Term Relationship with Clients
  • Achieving Operational Efficiencies
  • Expand Distribution Network & Customer Base
  • Brand Building
  • Expand the Business in new location

Shreeshay Engineers Ltd – Financial Statements

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

Assets of the Company

Assets (in INR & Lakhs)

 31-Oct-1731-Mar-1731-Mar-1631-Mar-1531-Mar-1431-Mar-13
Non-Current68.1945.429.069.569.7516.96
Current Assets1,417.6195.04119.3115.29114.65120.45
Total Assets1,485.80140.46128.36124.85124.4137.41

Revenue & PAT of the Company

   Revenue and Profit (in lakhs)

 31-Oct-1731-Mar-1731-Mar-1631-Mar-1531-Mar-1431-Mar-13
Revenue 28.9622.179.910.1910.789.79
PAT15.3515.584.434.44-4.54-3.83

Earnings per Equity Share (in Lakh)

 31-Oct-1731-Mar-1731-Mar-1631-Mar-15
Basic 0.721.790.510.51
Diluted 0.721.790.510.51

From the above statements, one could find that the Shreeshay Engineers Ltd has performed well in the past few years.


Shreeshay Engineers IPO – Promoters

The Promoters of this company are:

Mr. Kishore D Patel – Managing Director

Mr. Bhogin D Patel – Non-Executive Non-Independent

Mrs. Nisha B Patel – Non-Executive Non-Independent

Mr. Jayantilal J Gala – Independent Director

Mr. Harish V Adhia Independent Director

 

The interest of Promoters in the Promotion of the company

All of the Directors may be deemed to be interested to the extent of fees payable to them for attending meetings of the Board or a committee thereof as well as to the extent of other remuneration and reimbursement of expenses payable to them under the Articles of Association and to the extent of remuneration paid to them for services rendered as an officer or employee of the Company.

The interest of Promoter in the Property of the company

The Directors have no interest in any property acquired or proposed to be acquired by the Company in the preceding two years from the date of this Draft Prospectus nor do they have any interest in any transaction.

The interest of Promoter in the Intellectual Rights of the company

Promoter has not shown any interest in acquiring the intellectual rights of the company.


Shreeshay Engineers IPO Offer Details or Issue Details

 Particulars No. Of Equity Shares
  Equity Shares Offered36,00,000 Equity Shares of A, Rs 10 each for cash at a price of A, Rs 15 per share aggregating A 540.00 lakhs.
 Of which:
 Reserved for Market Makers1,92,000 Equity Shares of Rs. 10 each for cash at a price of Rs. 15 per share aggregating Rs. 28.80 lakhs
 Net Issue to the Public34,08,000 Equity Shares of Rs. 10 each for cash at a price of Rs. 15 per share aggregating Rs. 511.20 lakhs
 Of which:
 Retail Investors Portion17,04,000 Equity Shares of Rs. 10 each at a price of Rs. 15 per Equity Share
 Non-Retail Investors Portion17,04,000 Equity Shares of Rs. 10 each at a price of Rs. 15 per Equity Share
 Equity Shares outstanding prior to the Issue96,03,396 Equity Shares
 Equity Shares outstanding after the Issue1,32,03,396 Equity Shares

 


Shreeshay Engineers IPO Issue Object

These are the IPO Issue Objects of the company

  • Capital Expenditure in relation to expansion of manufacturing facility at Mahabubnagar, Dist., Telangana
  • Repayment of unsecured loans
  • To generate fund for the financial working capital of the company
  • To manage the expenses of the issue

These are the main reasons why the IPO is being floated by the company.


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Shreeshay Engineers 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. The face value of each share is Rs 10 and the issue price of the IPO is Rs 15.

Qualitative factors are:

Some of the qualitative factors, which form the basis for computing the price are:

1) Educated and experienced Project Management Team

2) Well Experienced Promoters

3) Group Synergies

4) Debt free well capitalized Balance sheet

The relevant quantitative factors are:

  • Basic and Diluted Earnings per Share (EPS) for the nine months ended December 31, 2017 was 5.22.

Price to Earnings (P/E) ratio

ParticularPE at Issue Price
P/E ratio based on Basic and Diluted EPS as at March 31, 20178.38
P/E ratio based weighted average EPS13.04
INDUSTRY PE
Highest –Shristi Infrastructure Development Corporation Limited216.30
Lowest – C & C Constructions Limited2.60
Average61.60

 

  •  Return on Net Worth
PeriodReturn on net worthWeight
Year ended March 31, 201711.90%3
Year ended March 31, 20163.84%2
Year ended March 31, 20154.00%1
Weighted Average7.90%
As On 31 Oct 20171.07%

 

  • Minimum Return on Net Worth (RoNW) after Issue needed to maintain the Pre-Issue Basic & diluted EPS for the FY 2017-18 (based on Restated Financials) at the Issue Price of 15 is 11.81 %.
  • Net Asset Value per Equity Share
ParticularsNAV
As on March 31, 201727.00
As on 31-Nov-2017(Not Annualized)14.93
NAV after the Issue15.12
Issue Price15.00

 

  • Comparison of Accounting Ratios with Peer Group Companies
Sr. No.ParticularsFace Value  (in Rs.)EPS (In Rs.)P/E RatioRONW (%)NAV (In Rs.)
1Capacit’e Infraprojects Limited1017.2223.1523.1574.36
2JMC Projects (India) Limited1017.6820.738.58205.39
3Simplex Infrastructures Limited224.3120.197.32309.32
4SHREESHAY ENGINEERS LIMITED101.798.3811.927

 


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E2E Networks IPODr. Lalchandani Labs IPOKims Hospitals IPOMegastar Foods IPO

Shreeshay Engineers IPO Lead Managers

Lead Managers
Aryaman Financial Services Limited.

Shreeshay Engineers IPO Registrar to offer

Registrar to the Offer
Bigshare Services Private Limited

Shreeshay Engineers IPO Review by Top 10 Stock Brokers

Top Stock Brokers ReviewCompany ReputationCompetitive EdgeFinancial StatementPopularity IndexPromters Reputation
Angel Broking6.4/106.6/106.0/106.4/106.0/10
Sharekhan6.2/106.1/106.6/106.1/106.2/10
Kotak Securities6.3/106.2/106.3/106.4/106.3/10
ICICI Direct6.3/106.3/106.7/106.1/106.1/10
IIFL6.2/106.2/106.8/106.0/106.1/10
Edelweiss6.2/106.3/106.3/106.3/106.2/10
Zerodha6.3/106.4/106.3/106.3/106.0/10
5Paisa6.1/106.4/106.3/106.1/106.1/10
Karvy6.3/106.3/106.2/106.1/106.0/10
Motilal Oswal6.3/106.4/106.3/106.5/106.4/10

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


Shreeshay Engineers IPO Grey Market Premium

The Shreeshay Engineers IPO Grey Market Premium is yet to be announced. It will be updated as soon as the premium rates are announced.


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