Shri Bajrang Power IPO – Review, Allotment, Subscription, GMP & DRHP

Shri Bajrang Power and Ispat Limited is an integrated manufacturer of long steel products in India. The current product portfolio comprises of TMT bars, wire rod, HB wires, sponge iron, pellets, steel billets, ferro alloys, and fly ash bricks. The Goel group is involved in, the manufacturing of steel, generation and sale of hydro-power, generation of captive power, and operating a regional television channel. Shri Bajrang Power IPO comprises of 41,18,000 Equity shares, face value of Rs.10 each.

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


Shri Bajrang Power and Ispat 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 Shri Bajrang Power IPO

Shri Bajrang Power IPOShri Bajrang Power and Ispat Limited is an integrated manufacturer of long steel products in India. The current product portfolio comprises of TMT bars, wire rod, HB wires, sponge iron, pellets, steel billets, ferro alloys, and fly ash bricks. The Goel group is involved in, the manufacturing of steel, generation and sale of hydro-power, generation of captive power, and operating a regional television channel. The issue comprises of up to [●] Equity Shares (of face value of Rs. 10 each), aggregating up to Rs. 5,000 million.

From FY 2016-17 to FY 2017-2018, as per the Restated Financial Statements,

  •  During Financial Year 2017 – 2018, the revenue share from state of Chhattisgarh, Madhya Pradesh and Maharashtra constituted 61.90%, 16.52% and 9.63% respectively of the standalone restated revenues.
  • The net worth of the Company as of March 31, 2018 was Rs. 5,163.32 million and as of March 31, 2017 was Rs. 4,399.59 million on the basis of the Restated Standalone Financial Statements. Further, the net worth of the Company as of March 31, 2018 was Rs. 6,739.17 million and as of March 31, 2017 was Rs. 4,437.10 million on the basis of the Restated Consolidated Financial Statements.
  • During the financial year 2017-18 the Other Income of the company increased to Rs. 142.67 Millions as against Rs. 46.89 Millions for the financial year 2016-17, representing increase by 204.26% due to increase in interest income & insurance claim in FY 2017- 18.
  • Company’s Net Profit after tax for the year 2017-18 is Rs. 368.88 Millions from the year 2016-17 of Rs. 282.19 Millions showing an increase of 30.7 % from last year, showing remarkable performance.

The Promoters of this company are Suresh Goel, Rajendra Goel, Narendra Goel, Anand Goel, Atlanta Securities Private Limited (ASPL) and Banka Finance & Securities Private Limited. (BFSPL). The lead manager to the issue is IDBI Capital Markets & Securities, Limited Equirus Capital Private Limited, SBI Capital Markets Limited and the Registrar to this issue is Link Intime India Private Limited .


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Shri Bajrang Power IPO Date

The opening and the closing date of Shri Bajrang Power and Ispat Limited IPO is not known yet.


Shri Bajrang Power and Ispat IPO Subscription

Day / Date QIB NII RII Total Subscription
Day 1 
Day 2
Day 3
Day 4
Day 5
Shares Offered or Net Issue

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


Shri Bajrang Power and Ispat IPO Allotment Status

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


Shri Bajrang Power IPO Price Band

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


Shri Bajrang Power and Ispat IPO Equity Share Offering

Up to [●] Equity Shares (of face value of Rs. 10 each), aggregating up to Rs. 5,000 million each but Issue Price is yet to be disclosed .


Shri Bajrang Power and Ispat Limited – Company Overview

Shri Bajrang Power and Ispat Limited is an integrated manufacturer of long steel products in India. the current product portfolio comprises of TMT bars, wire rod, HB wires, sponge iron, pellets, steel billets, ferro alloys, and fly ash bricks. The Goel group is involved in, the manufacturing of steel, generation and sale of hydro-power, generation of captive power, and operating a regional television channel.

TMT Bars and HB wires, are sold under the brands “Goel TMT” and “Goel TMT WireX” respectively which, the  Company believes, are well recognized brands in their respective categories. Revenues from sale of TMT Bars and HB Wires has been the pre-dominant revenue stream for the Company and contributes 58.57% of the standalone revenues for Financial Year 2017 – 2018.

Company caters primarily to the infrastructure and construction industry in India especially across the central and western regions of India which is serviced through 6 distributors with a network of 385 dealers.

The Company is promoted by Suresh Goel, Rajendra Goel, Narendra Goel, Anand Goel, Atlanta Securities Private Limited (ASPL) and Banka Finance & Securities Private Limited. (BFSPL) and is the guiding force behind the growth and strategic decisions of the Company.

Competitive Strengths of Shri Bajrang Power and Ispat Limited:

  • Integrated manufacturer of long steel products in India;
  • Diversified product portfolio and well recognized brands ‘Goel TMT’ and ‘Goel TMT WireX’;
  • Efficient operations with focus on product quality and cost optimization;
  • Established relationships with channel partners supported by large distribution network;
  • Strong presence in central and western region.
  • Strategically located manufacturing facilities.
  • Strong track record of robust financial performance.
  • Strong management team backed by experienced Promoters.

Business strategies of Shri Bajrang Power and Ispat Limited:

  • Improve asset utilization and enhance the production capacities.
  • Continued focus on cost optimization.
  • Expand the network and further strengthen the key brands.
  • Focus on sustainable and profitable growth.

Shri Bajrang Power and Ispat 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:

Amount (in INR & Millions)
31-Mar-18 31-Mar-17 31-Mar-16
Total Assets 16,196.57 16,064.10 15,670.67
Total Revenue  18,441.99 15,651.69 14,153.68
Total Expense 17,154.38 15,179.47 14,103.36
Profit After Tax 798.87 311.22 (194.28)

Earnings per Equity Share (in Millions)

31-Mar-18 31-Mar-17 31-Mar-16
Basic & Diluted 60.93 23.71 (14.86)

From the above statements, one could find that the Shri Bajrang Power and Ispat Limited may perform well.


Shri Bajrang Power IPO – Promoters

The Promoter of this company are:

  1. Suresh Goel, Rajendra Goel
  2. Narendra Goel, Anand Goel
  3. Atlanta Securities Private Limited (ASPL)
  4. Banka Finance & Securities Private Limited. (BFSPL)

List of Related Parties (Key Managerial Personnel)

  • Sandeep Goel
  • Parul Verma
  • Srinivasan Manoharan
  • Vikas Goyal
  • Ashok Kumar Harlalka

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.


Shri Bajrang Power IPO Offer Details or Issue Details

Offer Up to [●] Equity Shares (of face value of Rs. 10
each), aggregating up to Rs. 5,000 million
Of which
Employee Reservation Portion Not more than [●] Equity Shares (of face
value of Rs 10 each)
Accordingly,
The Net Offer Not more than [●] Equity Shares (of face value
of Rs. 10 each)
Of which:
QIB Category Not more than [●] Equity Shares
Of which:
 Anchor Investor Portion Up to [●] Equity Shares
Balance available for allocation to QIBs other than Anchor Investors (assuming Anchor Investor Portion is fully subscribed) [●] Equity Shares
Of which:
– Available for allocation to Mutual Funds only (5% of the QIB Category (excluding the Anchor Investor Portion)) Up to [●] Equity Shares
– Balance of QIB Category for all QIBs including Mutual Funds [●] Equity Shares
Non-Institutional Category Not less than [●] Equity Shares
Retail Category Not less than [●] Equity Shares
Equity Shares outstanding prior to the offer 52,284,620 Equity Shares
Equity Shares outstanding after the Offer [●] Equity Shares

Shri Bajrang Power IPO Issue Object

These are the IPO Issue Objects of the company

  • Funding the Working Capital requirements of the Company:
  •  Repayment/ pre-payment of certain unsecured loans availed from banks and financial institutions
    by the company; and
  •  General Corporate Purposes

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Shri Bajrang Power 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:

  • Integrated manufacturer of long steel products in India;
  • Diversified product portfolio and well recognized brands ‘Goel TMT’ and ‘Goel TMT WireX’;
  • Efficient operations with focus on product quality and cost optimization;
  • Established relationships with channel partners supported by large distribution network;
  • Strong presence in central and western region.
  • Strategically located manufacturing facilities.
  • Strong track record of robust financial performance.
  • Strong management team backed by experienced Promoters.

The relevant quantitative factors are:

Basic & Diluted EPS RONW (%) NAV (Rs.)
31-Mar-16 (14.87) 15.42
31-Mar-17 23.71 7.04
31-Mar-18 60.93 (4.77) 395.02
  • Industry P/E Ratio:
Particulars P/E ratio
Average 13.42
Highest 32.09
Lowest 6.03
  • Competitive Peers:

On the standalone basis:-

Particulars Face Value (in Rs.) EPS     (In Rs. Basic) EPS     (In Rs.Diluted) P/E Ratio RONW (%)  NAV (In Rs.)
Shri Bajrang Ispat &
Power Limited
10.00 60.93 60.93 [●] 15.42 395.02
JSW Steel Limited 1.00 19.24 19.14 [●] 16.57 115.45
Jindal Steel & Power
Limited
1.00 (3.95) (3.95) NM NM 234.53
Prakash Industries Limited 10.00 25.58 23.05 6.03 14.12 174.40
Godawari Power & Ispat
Limited
10.00 51.64 51.64 10.21 20.98 246.15
Sarda Energy & Mineral
Limited
10.00 52.27 52.27 8.10 13.73 379.68
Kamadhenu Limited 10.00 6.70 6.69 32.09 10.91 61.37
Tata Sponge Iron Limited 10.00 91.47 91.47 10.56 14.28 640.54

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Shri Bajrang Power and Ispat IPO Lead Managers

Lead Managers
IDBI Capital Markets & Securities Limited

Equirus Capital Private Limited

SBI Capital Markets Limited

Shri Bajrang Power IPO Registrar to offer

Registrar to the Offer
Link Intime India Private Limited
C-101, 1st Floor, 247 Park,
Lal Bhadur Shastri Marg,
Vikhroli (West), Mumbai 400 083
Telephone: +91 022 49186200
Facsimile +91 022 49186195
Email:
Investor grievance e-mail:
Website: www.linkintime.co.in
Contact Person: Ms. Shanti Gopalkrishnan
SEBI Regn. Number: INR000004058

Other Details:

  • Statutory Auditor –  M/s. S S S D & Co Chartered Accountants
  • Peer Review Auditor – M/s. S S S D & Co Chartered Accountants
  • Bankers to the Company –  Bank of Baroda, Bank of India, Bank of Maharashtra, Karnataka Bank, State Bank of India. 

Shri Bajrang Power 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

Shri Bajrang Power IPO Grey Market Premium

The Shri Bajrang Power and Ispat 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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Shri Bajrang Power IPO News

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