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

Last Updated Date: Nov 19, 2022

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.

Issue Price of this IPO is Rs 15. Check the Live Share Price here Shreeshay Engineers Share Price
To track the performance of this IPO, click on this link – IPO Performance

Shreeshay Engineers IPO Review & Ratings

Shreeshay Engineers IPO Ratings & Review
Criteria	Ratings
Industry Sentiments	6.1/10
Industry Ranking	6.3/10
Company Background	6.5/10
Company Reputation	6.2/10
Competitive Edge	6.3/10
Financial Statements	6.4/10
Popularity Index	6.5/10
Promoters Reputation	6.5/10
Retail Appetite	6.7/10
Top Brokers Review	6.0/10
Overall Ratings	6.3/10
Star Ratings	★★★☆☆

Summary of Shreeshay Engineers IPO

Shreeshay Engineers IPO Company 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:

Mr. Bhogin D Patel (Individual Promoter)
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 1	X
Day 2	X
Day 3	X
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.

List of Upcoming IPOs

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-17	31-Mar-17	31-Mar-16	31-Mar-15	31-Mar-14	31-Mar-13
Non-Current	68.19	45.42	9.06	9.56	9.75	16.96
Current Assets	1,417.61	95.04	119.3	115.29	114.65	120.45
Total Assets	1,485.80	140.46	128.36	124.85	124.4	137.41

Revenue & PAT of the Company

Revenue and Profit (in lakhs)

	31-Oct-17	31-Mar-17	31-Mar-16	31-Mar-15	31-Mar-14	31-Mar-13
Revenue	28.96	22.17	9.9	10.19	10.78	9.79
PAT	15.35	15.58	4.43	4.44	-4.54	-3.83

Earnings per Equity Share (in Lakh)

	31-Oct-17	31-Mar-17	31-Mar-16	31-Mar-15
Basic	0.72	1.79	0.51	0.51
Diluted	0.72	1.79	0.51	0.51

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 Offered	36,00,000 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 Makers	1,92,000 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 Public	34,08,000 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 Portion	17,04,000 Equity Shares of Rs. 10 each at a price of Rs. 15 per Equity Share
Non-Retail Investors Portion	17,04,000 Equity Shares of Rs. 10 each at a price of Rs. 15 per Equity Share
Equity Shares outstanding prior to the Issue	96,03,396 Equity Shares
Equity Shares outstanding after the Issue	1,32,03,396 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.

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

Particular	PE at Issue Price
P/E ratio based on Basic and Diluted EPS as at March 31, 2017	8.38
P/E ratio based weighted average EPS	13.04
INDUSTRY PE
Highest –Shristi Infrastructure Development Corporation Limited	216.30
Lowest – C & C Constructions Limited	2.60
Average	61.60

Return on Net Worth

Period	Return on net worth	Weight
Year ended March 31, 2017	11.90%	3
Year ended March 31, 2016	3.84%	2
Year ended March 31, 2015	4.00%	1
Weighted Average	7.90%
As On 31 Oct 2017	1.07%

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

Particulars	NAV
As on March 31, 2017	27.00
As on 31-Nov-2017(Not Annualized)	14.93
NAV after the Issue	15.12
Issue Price	15.00

Comparison of Accounting Ratios with Peer Group Companies

Sr. No.	Particulars	Face Value (in Rs.)	EPS (In Rs.)	P/E Ratio	RONW (%)	NAV (In Rs.)
1	Capacit’e Infraprojects Limited	10	17.22	23.15	23.15	74.36
2	JMC Projects (India) Limited	10	17.68	20.73	8.58	205.39
3	Simplex Infrastructures Limited	2	24.31	20.19	7.32	309.32
4	SHREESHAY ENGINEERS LIMITED	10	1.79	8.38	11.9	27

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 Review	Company Reputation	Competitive Edge	Financial Statement	Popularity Index	Promters Reputation
Angel Broking	6.4/10	6.6/10	6.0/10	6.4/10	6.0/10
Sharekhan	6.2/10	6.1/10	6.6/10	6.1/10	6.2/10
Kotak Securities	6.3/10	6.2/10	6.3/10	6.4/10	6.3/10
ICICI Direct	6.3/10	6.3/10	6.7/10	6.1/10	6.1/10
IIFL	6.2/10	6.2/10	6.8/10	6.0/10	6.1/10
Edelweiss	6.2/10	6.3/10	6.3/10	6.3/10	6.2/10
Zerodha	6.3/10	6.4/10	6.3/10	6.3/10	6.0/10
5Paisa	6.1/10	6.4/10	6.3/10	6.1/10	6.1/10
Karvy	6.3/10	6.3/10	6.2/10	6.1/10	6.0/10
Motilal Oswal	6.3/10	6.4/10	6.3/10	6.5/10	6.4/10