Sirca Paints IPO – Review, Allotment Status, Subscription, Price, Date & more

Sirca Paints, a marketing and trader/distributor company dealing in paints and wood fillers is coming up with an IPO to raise funds in the calendar year. The Company is offering  48,70,000 equity shares in all for subscription. The Company is in the process of setting up a manufacturing unit as well. Currently, the company is awaiting approval from the regulatory bodies and is expected to release Sirca Paints IPO by August 2018 at least. Let us read in details about the other aspects of the SME IPO like the Sirca Paints IPO price, Sirca Paints IPO objective, founders of company, company financial performance, etc.


Sirca Paints IPO Review & Ratings

Sirca Paints IPO Ratings & Review
CriteriaRatings
Industry Sentiments6.4/10
Industry Ranking6.5/10
Company Background6.2/10
Company Reputation6.4/10
Competitive Edge6.5/10
Financial Statements6.2/10
Popularity Index6.4/10
Promoters Reputation6.4/10
Retail Appetite6.8/10
Top Brokers Review6.4/10
Overall Ratings6.4/10
Star Ratings★★★☆☆

Summary of Sirca Paints IPO

Sirca Paints IPOCompany was originally incorporated at New Delhi in 2006. Foundation of Our Company was laid down by Mr. Sanjay Agarwal, Mr. Apoorv Agarwal and Mr. Gurjit Singh Bains in the year 2006 with a vision to have a distinct global presence in Paint Industry by providing high quality coatings and technical assistance. After establishment,
Company started import of Polyurethane Polish (PU) products from Italy and wall paints & Abrasives from Korea
and selling them in India as a first step of Journey. Company is in marketing and trading/distributor of paints and allied products after repackaging the same. The Company has plans to set up manufacturing business in India and is expected to execute the same very soon.

Sirca Paints is planning to raise funds by going public. The number of shares being offered is 48,70,000. Out of this, the company will be reserving certain shares for the market makers and the balance will be available for the public to subscribe.

The book running lead manager for this IPO is Navigant Corporate Advisors and registrar to the offer is Karvy Computershare.


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Sirca Paints IPO Date

The IPO release date of Sirca Paints is May 16 2018 & the issue closes on 22nd may 2018.

Sirca Paints IPO Subscription

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

The details of subscription made by the public will be updated herein on a daily basis once the IPO is released for subscription.

Sirca Paints IPO Allotment Status

The details of shares allotted by the company will be updated here once the company completed allotment process.

Sirca Paints IPO Price Band

the price band of sirca paints ipo is Rs.151 to Rs.160

Sirca Paints IPO Issue Size

The size is Rs.77.92 crore.

Sirca Paints IPO Equity Share Offerings

The company is offering  48,70,000 equity shares with face value of Rs. 10 each. This is the total number of shares under the IPO. A part of this will be reserved exclusively for the market makers. The same is yet to be determined by the company. Thus, the public will be able to subscribe to the balance of the shares.


Sirca Paints India Limited – Company Overview

The Foundation of the Company was laid down by Mr. Sanjay Agarwal, Mr. Apoorv Agarwal and Mr. Gurjit Singh
Bains in the year 2006 with a vision to have a distinct global presence in Paint Industry by providing high quality
coatings and technical assistance which leads to as healthy customer relationship. After establishment, the Company started import of Polyurethane Polish (PU) products from Italy and wall paints & Abrasives from Korea and selling them in India as a first step of Journey. The Company is the first Company to launch wood filler in India and opened its wholly owned branches in Mumbai and Chennai. The Company is in marketing and trading/distributor of paints and allied products after repackaging the same. The Company use to procure the products majorly from SIRCA SPA ITALY through Import and selling them in India through its Distributors. In additional, the Company also procure the products (Thinner, Abresives and Buffing Cream) from other suppliers based in India. Except Thinner and Abresives which are purchased from domestic suppliers, all other 100% Purchases are made from Outside India and the products which are purchased from domestic suppliers and sold out in India Only.

Key Members of Sicra Paints India Limited:

  • Sanjay Agarwal, Managing Director
  • Apoorve Agarwal, Joint Managing Director
  • Gurjit Singh Bains, Non executive Non independent Director
  • Sanjay Kapoor, Independent & Non executive Director

Competitive Strengths of Sirca Paints India Limited:

  • Experienced Promoters and a well trained employee base
  • Strong financial position
  • Established brand and image
  • Agreements with renowned brands

Business strategy of Sirca Paints India Limited:

  • Continue to grow overall market share by leveraging presence in existing business verticals
  •  Expansion plan and diversification (setting up a manufacturing plant)
  • Expanding client base
  • Leveraging market skills and relationships
  • Pursue strategic acquisitions

Sirca Paints – Financial Statements

To understand the performance of the company, it is important to review and analyse the key financial figures and indicators of the company. For this purpose, we have collated such details and presented below:

Assets of the Company

Assets (in INR & Lakhs)
 Mar’17Mar’16Mar’15Mar’14Mar’13
Non-Current Asset 996494430448414
Current Asset5,1364,0132,9122,4621,759
Total Asset6,1324,5073,4322,9102,173

Revenue & PAT of the Company

Revenue & Profits (in INR & Lakhs)
 Mar’17Mar’16Mar’15Mar’14Mar’13
Total Revenue8,2517,0556,5255552 3,432
Profit after Tax (PAT)1,37072861919750

Earnings per Equity Share

Earning per Equity Share (in INR)
 Mar’17Mar’16Mar’15Mar’14Mar’13
Basic 11.145.92 5.02NANA
Diluted11.145.925.02 NANA

Company has shown a tremendous growth in its total revenue, the Total revenue has increased more than doubled in last 5 (five) years. The total revenue in the Financial Year 2012-13 was Rs. 3402.29 Lacs which is now Rs. 8434.17 Lacs in the Financial Year 2016-17 and has shown an Increment of 147.89 %. The Profit after tax also shown as steep rise in last 5 (Five) years from Rs. 50.40 lacs in the Financial year 2012-13 to Rs. 1370.34 Lacs in the Financial Year 2016-17 an Increment of 2618.93 %. Also, the total revenue for the Six months ended on 30th September, 2017 is Rs. 4252.39 lacs with a profit after tax of Rs. 964.18 Lacs showing a growing trend of our Business operations over the previous years.


Accuracy Shipping Promoters

Accuracy Shipping was promoted by the following personnel:

  • Sanjay Agarwal
  • Apoorv Agarwal
  • Gurjit Singh Bains

Promoter Interest in the company

The Promoters may be deemed to be interested in the promotion of the company to the extent of the Equity Shares
held by themselves as well as their relative and also to the extent of any dividend payable to them and other  distributions in respect of the aforesaid Equity Shares. Further, the Promoters may also be interested to the extent of Equity Shares held by or that may be subscribed by and allotted to companies and firms in which either of them are interested as a director, member or partner. In addition, Promoters, being Director may be deemed to be interested to the extent of fees, if any, payable for attending meetings of the Board or a committee thereof as well as to the extent of remuneration and reimbursement of expenses, if any, payable.

Promoter Interest in the property of the company

Promoters do not have any interest in any property acquired / taken on license basis by our Company within the period of two years from the date of filing of latest prospectus i.e. March 2018.


Sirca Paints IPO Offer Details or Issue Details

ParticularsNo. of Equity Shares
Equity Shares offeredUpto 48,70,000 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. [●] lacs
Of Which:
Market Maker Reservation PortionUpto [●] Equity Shares of face value of Rs. 10 each fully paid of the Company for cash at price of Rs. [●] /- per quity Share aggregating Rs. [●] lacs.
Net Issue to the Public*[●] 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. [●] lacs.
Of which:
QIB Portion[●] Equity shares shall be available for allocation
Of which:
Anchor Investor Portion[●] Equity Shares of Face Value of Rs. 10/- each
Balance available for allocation to QIBs other than Anchor Investors (assuming Anchor Investor Portion is fully subscribed)[●] Equity Shares of Face Value of Rs. 10/- each
Available for allocation to Mutual Funds only (5% of the QIB portion excluding Anchor Investor Portion)[●] Equity Shares of Face Value of Rs. 10/- each
Balance of all QIBs including Mutual Funds[●] Equity Shares of Face Value of Rs. 10/- each
Retail PortionNot less than [●] 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. [●] lacs will be available for allocation to investors up to Rs.2.00 Lacs.
Non-Institutional PortionUpto [●] 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. [●] lacs will be available for allocation to investors above Rs.2.00 Lacs
Pre and Post Issue Equity Shares
Equity Shares outstanding prior to the Issue1,34,00,000 Equity Shares of Face Value of Rs. 10/- each
Equity Shares outstanding after the Issue[●] Equity Shares of Face Value of Rs. 10/- each

Sirca Paints IPO Issue Object

Sirca Paints is raising funds via this IPO with the following objectives:

  • To finance the expenditure of Site/Plant Development and Purchase of Plant and Machinery
  • To part finance incremental working capital requirements of the Company
  • To meet General corporate purposes
  • To meet the expenses of the Issue

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Sirca Paints IPO – Basis of the Offer Price

The Issue Price will be determined by the Company in consultation with the BRLM on the basis of an assessment of market demand for the Equity Shares through the Book Building Process and on the basis of the below discussed qualitative and quantitative factors.
Qualitative factors influencing the offer price:
  • Experienced Promoters and a well trained employee base
  • Strong financial position
  • Established brand and image
  • Agreements with renowned brands

Quantitative factors influencing the offer price:

  • Earning per share – The weighted average EPS for the latest 3 years is Rs. 8.38 and for FY 16-17 the EPS is Rs. 11.14
  • Price/earning ratio – PE ratio is one of the key indicators used for analysing the performance of a company. Also, the same can be derived once the price of the share is decided.
  • Return on Net Worth – The RoNW for FY 16-17 is 40.26% and the weighted average RoNW is 39.89%.
  • Net Asset Value – NAV per Equity Share – The net asset value per equity share as on 31 March 2017 is Rs. 27.67
  • Comparison of Accounting ratios with Industry peers – The peer group includes Kansai Nerolac Paints Ltd, Asian Paints Ltd etc.

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Sirca Paints IPO Lead Managers

Lead Managers
Navigant Corporate Advisors Limited

Sirca Paints IPO Registrar to offer

Registrar of the Offer
 Karvy Computershare Private Limited

Sirca Paints IPO Review by Top 10 Stock Brokers

Top Stock Brokers ReviewCompany Repu-tationCompe-titive EdgeFinan-cial State-mentPopu-larity IndexPromo-ters Repu-tation
Angel Broking6.3/106.4/106.5/106.6/106.3/10
Sharekhan6.4/106.3/106.2/106.5/106.3/10
Kotak Securities6.5/106.3/106.5/106.3/106.4/10
ICICI Direct6.2/106.3/106.4/106.5/106.5/10
IIFL6.6/106.4/106.5/106.4/106.2/10
Edelweiss6.3/106.5/106.3/106.5/106.3/10
Zerodha6.4/106.3/106.2/106.3/106.4/10
5Paisa6.3/106.5/106.3/106.2/106.2/10
Karvy6.4/106.3/106.4/106.4/106.1/10
Motilal Oswal6.2/106.4/106.5/106.5/106.3/10

 Sirca Paints IPO Grey Market Premium

The grey market for Sirca Paints IPO will open a fortnight before the IPO releases. Thus, the traders will  be dealing in the stock even before the same is listed. The grey market performance gives a sense of how the IPO will be reacted upon. The grey market will be dealt on the kostak rates i.e. the grey market premium.


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