Texaco Synthetics IPO – Review, Allotment, Subscription, GMP & DRHP

Texaco Synthetics Limited engaged in the business of Textile Manufacturing, Trading and Exports. The Company is engaged in the manufacture and export of grey fabrics and finished fabrics for suiting and shirting. Texaco Synthetics IPO comprises of 41,50,000 Equity shares, face value of Rs.10 each.

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


Texaco Synthetics 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 Texaco Synthetics IPO

Texaco Synthetics IPOTexaco Synthetics Limited engaged in the business of Textile Manufacturing, Trading and Exports. The Company is engaged in the manufacture and export of grey fabrics and finished fabrics for suiting and shirting. The Issue comprises of upto 41,50,000 equity shares of face value of Rs. 10/- each fully paid up of the Company for cash at price of Rs. [●]/- per equity share aggregating Rs.[●] lakhs

From FY 2013-14 to FY 2016-2017, as per the Restated Financial Statements,

  • The revenues have increased from INR 3,495.33 lakhs in F.Y. 2014–15, INR 5,267.26 lakhs in F.Y. 2015–16, INR 4,701.08 lakhs in F.Y. 2016–17 and to INR 5,400.92 lakhs in F.Y. 2017–18, reflecting a CAGR of 15.61%.
  • During the financial year 2017-18 the Other Income of the company increased to Rs. 23.77 Lakhs as against Rs. 5.75 Lakhs for the financial year 2015-16, representing increase by 313.39 % due to increase in interest income & insurance claim in FY 2017- 18.
  • Net Profit after tax for the above – mentioned periods are INR 48.73 lakhs, INR 38.14 lakhs, INR 68.50 lakhs and INR 145.33 lakhs, respectively, showing a growth at a CAGR of 43.94%..

The Promoter of this company is Mr. Pradeepkumar Shreekrishna Agrawal And Mrs. Rukmani Pradeepkumar Agarwal. The lead manager to the issue is Holani Consultants Private Limited and the Registrar to this issue is Link Intime India Private Limited.


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Texaco Synthetics IPO Date

The opening and the closing date of Texaco Synthetics Limited IPO is not known yet.


Texaco Synthetics 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.


Texaco Synthetics IPO Allotment Status

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


Texaco Synthetics IPO Price Band

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


Texaco Synthetics IPO Equity Share Offering

Upto 41,50,000 equity shares of face value of Rs. 10/- each fully paid up of the Company for cash at price of Rs. [●]/- per equity share aggregating Rs.[●] lakhs


Texaco Synthetics Limited – Company Overview

Texaco Synthetics Limited was originally incorporated on December 9th, 1988 as a Private Limited Company under the name and style of Texaco Synthetics Private Limited. Subsequently, the company was converted into the Public Limited Company on May 23rd, 2018 vide special resolution passed by the shareholders at the EGM held on May 5th, 2018 and the name of the company was converted to Texaco Synthetics Limited.

Texaco Synthetics Limited engaged in the business of Textile Manufacturing, Trading and Exports. The Company is engaged in the manufacture and export of grey fabrics and finished fabrics for suiting and shirting. They have obtained a certificate of Importer Exporter Code (IEC) from Ministry of Commerce and Industry, Government of India vide IEC number 0899010555. Further, they have obtained a registration as a Manufacturer Exporter with The Synthetic and Rayon textiles export promotion council.

Production facilities include latest and upgraded technology plant and machinery for the manufacture of fabric. Currently, they have deployed Airjet, Rapier and Projectile Looms in the production facilities which are globally used in the textile manufacturing industry. They manufacture diverse varieties of fabrics ranging from Cotton, Cotton – Polyster, Cotton – Modal, Cotton – Tensil, Polyester Viscose and Terry Rayon Suitings.

The Company is promoted by Mr. Pradeepkumar Shreekrishna Agrawal And Mrs. Rukmani Pradeepkumar Agarwal and is the guiding force behind the growth and strategic decisions of the Company.

Competitive Strengths of Texaco Synthetics Limited:

  • Highly experienced management and operational team with industry expertise.
  • Focus on quality and constant innovation.
  • Wide variety of the products.
  • Existing relationship with the clients and suppliers.
  • Cost Leadership and time bound execution of the orders.
  • Well established manufacturing facilities with latest technology

Business strategies of Texaco Synthetics Limited:

  • Brand image.
  • Invest in infrastructure and technology.
  • Enhancing existing products base and product quality.
  • Leveraging their Marketing skills and Relationship
  • Improving functional efficiency
  • Enhance customer base by entering new geographies.

Texaco Synthetics 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 & Lakhs)
31-Mar-18 31-Mar-17 31-Mar-16 31-Mar-15 31-Mar-14
Total Assets 3965.66 3,337.21 3,368.45 2,853.70 2,012.79
Total Revenue 5,400.92 4,701.08 5,267.26 3,495.33 3,128.16
Total Expense 5176.19 4,615.62 5,201.01 3,436.95 3,102.12
Profit After Tax 145.33 68.5 38.14 48.73 (4.59)

Earnings per Equity Share (in Lakhs)

31-Mar-18 31-Mar-17 31-Mar-16
Basic & Diluted 1.5 0.71 0.39

From the above statements, one could find that the Texaco Synthetics Limited may perform well.


Texaco Synthetics IPO – Promoters

The Promoters of this company are:

  • Mr. Pradeepkumar Shreekrishna Agrawal
  • Mrs. Rukmani Pradeepkumar Agarwal

List of Related Parties (Key Managerial Personnel)

  • Chinmay Pradeepkumar Agrawal
  • Alpeshkumar Jayantilal Shah
  • Kuldipkumar Ganeshshankar Dubey
  • Apoorva Agarwal
  • Pradeepkumar Shreekrishna Agrawal

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.


Texaco Synthetics IPO Offer Details or Issue Details

 Particulars  No. Of Equity Shares
 Equity Shares Offered Upto 41,50,000 equity shares of face value of Rs.
10/- each fully paid up of the Company for cash at price of Rs. [●]/- per equity share aggregating Rs.[●] lakhs
 Of which:
 Reserved for Market Makers Upto 2,10,000 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. [●] lakhs.
 Net Issue to the Public Upto 39,40,000 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. [●] lakhs.
 Of which:
 Retail Investors Portion 19,70,000 Equity Shares of face value of Rs. 10/- each fully paid of the Company at a cash price of Rs. [●]/- per Equity share aggregating Rs. [●] Lakhs will be available for allocation to Investors up to Rs. 2.00 Lakhs
 Non-Retail Investors Portion 19,70,000 Equity Shares of face value of Rs. 10/- each fully paid of the Company for cash at price of [●]/- per Equity Share aggregating Rs. [●] lakhs will be available for allocation to investors above Rs. 2.00 Lakhs
 Equity Shares outstanding prior to the Issue 96,64,200 Equity Shares of face value of Rs.10 each
 Equity Shares outstanding after the Issue 1,38,14,200 Equity Shares of face value of Rs.10 each

Texaco Synthetics 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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Texaco Synthetics 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:

  • Highly experienced management and operational team with industry expertise.
  • Focus on quality and constant innovation.
  • Wide variety of the products.
  • Existing relationship with the clients and suppliers.
  • Cost Leadership and time bound execution of the orders.
  • Well established manufacturing facilities with latest technology

The relevant quantitative factors are:

Basic & Diluted EPS RONW (%) NAV (Rs.)
31-Mar-16 0.39 4.76
31-Mar-17 0.71 7.88
31-Mar-18 1.50 14.32 21.00
  • Industry P/E Ratio:
Particulars P/E ratio
Highest 69.52
Lowest 6.58
Average 38.05
  • Competitive Peers:
Sr. No.  Particulars Face Value  (in Rs.) EPS (In Rs.) P/E Ratio RONW (%)  NAV (In Rs.)
1 Texaco
Synthetics
Limited
10 1.5 14.32 21.00
2 Arrow
Textiles Ltd
10 0.84 36.31 4.54 18.58
3 Khator
Fibre &
Fabrics Ltd
10 1.51 11.72 4.43 34.98

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Texaco Synthetics IPO Lead Managers

Lead Managers
HOLANI CONSULTANTS PRIVATE LIMITED
401-405 & 416-418, 4th Floor, Soni Paris Point, Jai
Singh Highway, Bani Park, Jaipur-302016
Tel.: +91 0141-2203996
Fax: +91 0141-2201259
Website: www.holaniconsultants.co.in
Email:
Investor Grievance Id:

Contact Person: Mr.Bharat Mantri
SEBI Registration No.: INM000012467

Texaco Synthetics IPO Registrar to offer

Registrar to the Offer
LINK INTIME INDIA PRIVATE LIMITED
C-101, 1st Floor, 247 Park, Lal Bahadur Shastri
Marg, Vikhroli (West) Mumbai City Maharashtra 400083 India
Tel: +91 022-49186200
Fax: +91 022-49186195
Website: www.linkintime.co.in
Email:
Investor Grievance id:

Contact Person: Mr. Shanti Gopalkrishnan
SEBI Registration No: INR000004058

Other Details:

  • Statutory Auditor – M/s. Gattani & Associates., Chartered Accountants.
  • Peer Review Auditor – M/s. S.N Shah & Associates
  • Bankers to the Company – State Bank Of India

Texaco Synthetics 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

Texaco Synthetics IPO Grey Market Premium

The Texaco Synthetics 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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Texaco Synthetics IPO News

News 1 – IPO ISSUE OPENS SOON (Download Prospectus)


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