Sirca Paints IPO – Review, Allotment Status, Subscription, Price, Date & more
Last Updated Date: Nov 19, 2022Sirca 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 | |
| Criteria | Ratings |
| Industry Sentiments | 6.4/10 |
| Industry Ranking | 6.5/10 |
| Company Background | 6.2/10 |
| Company Reputation | 6.4/10 |
| Competitive Edge | 6.5/10 |
| Financial Statements | 6.2/10 |
| Popularity Index | 6.4/10 |
| Promoters Reputation | 6.4/10 |
| Retail Appetite | 6.8/10 |
| Top Brokers Review | 6.4/10 |
| Overall Ratings | 6.4/10 |
| Star Ratings | ★★★☆☆ |
Summary of Sirca Paints IPO
Company 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 3 | X |
| 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’17 | Mar’16 | Mar’15 | Mar’14 | Mar’13 | |
| Non-Current Asset | 996 | 494 | 430 | 448 | 414 |
| Current Asset | 5,136 | 4,013 | 2,912 | 2,462 | 1,759 |
| Total Asset | 6,132 | 4,507 | 3,432 | 2,910 | 2,173 |
Revenue & PAT of the Company
| Revenue & Profits (in INR & Lakhs) | |||||
| Mar’17 | Mar’16 | Mar’15 | Mar’14 | Mar’13 | |
| Total Revenue | 8,251 | 7,055 | 6,525 | 5552 | 3,432 |
| Profit after Tax (PAT) | 1,370 | 728 | 619 | 197 | 50 |
Earnings per Equity Share
| Earning per Equity Share (in INR) | |||||
| Mar’17 | Mar’16 | Mar’15 | Mar’14 | Mar’13 | |
| Basic | 11.14 | 5.92 | 5.02 | NA | NA |
| Diluted | 11.14 | 5.92 | 5.02 | NA | NA |
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
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
| Particulars | No. of Equity Shares |
| Equity Shares offered | Upto 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 Portion | Upto [●] 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 Portion | Not 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 Portion | Upto [●] 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 Issue | 1,34,00,000 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
List of Upcoming IPOs in 2018
| HDFC AMC IPO | Nekkanti Seafoods IPO | Devi Seafoods IPO | Sandhya Marines IPO |
| John Energy IPO | TCNS Clothing IPO | SembCorp Energy IPO | Credit Access Grameen IPO |
Sirca Paints IPO – Basis of 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 Review | Company Repu-tation | Compe-titive Edge | Finan-cial State-ment | Popu-larity Index | Promo-ters Repu-tation |
| Angel Broking | 6.3/10 | 6.4/10 | 6.5/10 | 6.6/10 | 6.3/10 |
| Sharekhan | 6.4/10 | 6.3/10 | 6.2/10 | 6.5/10 | 6.3/10 |
| Kotak Securities | 6.5/10 | 6.3/10 | 6.5/10 | 6.3/10 | 6.4/10 |
| ICICI Direct | 6.2/10 | 6.3/10 | 6.4/10 | 6.5/10 | 6.5/10 |
| IIFL | 6.6/10 | 6.4/10 | 6.5/10 | 6.4/10 | 6.2/10 |
| Edelweiss | 6.3/10 | 6.5/10 | 6.3/10 | 6.5/10 | 6.3/10 |
| Zerodha | 6.4/10 | 6.3/10 | 6.2/10 | 6.3/10 | 6.4/10 |
| 5Paisa | 6.3/10 | 6.5/10 | 6.3/10 | 6.2/10 | 6.2/10 |
| Karvy | 6.4/10 | 6.3/10 | 6.4/10 | 6.4/10 | 6.1/10 |
| Motilal Oswal | 6.2/10 | 6.4/10 | 6.5/10 | 6.5/10 | 6.3/10 |
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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