White Organic Retail IPO Review, Allotment, Subscription, GMP & DRHP

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

White Organic Retail Limited (Formerly known as Sapna Infraventure Private Limited) is into trading of Agriculture produce like Cereals, Pulses, Grains, Fruits and Vegetables etc.


White Organic Retail IPO Review & Ratings

IPO Ratings & Review
CriteriaRatings
Industry Sentiments6.5/10
Industry Ranking7.8/10
Company Background7.9/10
Company Reputation7.9/10
Competitive Edge7.7/10
Financial Statements6.8/10
Popularity Index6.4/10
Promoters Reputation7.7/10
Retail Appetite7.9/10
Top Brokers Review6.9/10
Overall Ratings7.4/10
Star Ratings★★★★☆

Summary of White Organic Retail IPO

White Organic Retail IPOWhite Organic Retail Limited (Formerly known as Sapna Infraventure Private Limited) is into trading of Agriculture produce like Cereals, Pulses, Grains, Fruits and Vegetables etc. This company had commenced the operations of Organic Products Distribution and Retailing in October 2016. Initial Public Issue of 24,54,000 Equity Shares of face value of Rs. 10/- each of the Company for cash at a price of Rs. 63/- per Equity Share (Issue Price), including a share premium of Rs. 53/- per equity share aggregating upto Rs. 1546.02 Lakhs.

From FY 2015-16 to FY 2017-2018, as per the Restated Financial Statements:

  • During the FY 2017-18 the revenue from operation of the company increased to Rs. 8,292.76 Lacs as against Rs. 142.62 Lacs in the FY 2016-17, representing an increase of 5714.53% of the revenue from operation. During the FY 2016-17 the revenue from operation of the company increased to Rs. 142.62 Lacs as against Rs. Nil in the FY 2015-16.
  • The net asset value per Equity Share was Rs. 70.64 and Rs. 69.80 as of June 30, 2018 and March 31, 2018, respectively, as per the Restated Standalone Financial Statements and Rs. 77.14 and Rs. 76.19 as of June 30, 2018 and March 31, 2018, respectively, as per the Restated Consolidated Financial Statements.
  • The pre-issue net worth of the Company as per restated consolidated balance sheet for the nine month period ended December 31, 2018 and of March 31, 2018 is Rs. 2,336.66 Lakhs and Rs. 449.48 Lakhs respectively. The book value of Equity Share as per restated balance sheet for the nine month period ended December 31, 2018 and of March 31, 2018 was Rs. 77.89 and Rs. 62.43 respectively.
  • The restated Profit after Tax for FY 2017-18 has increased to Rs. 302.45 Lacs as against Rs. 58.68 Lacs in the FY 2016-17. The increase in profit after tax was 415.40% due to increase in sales volumes thereby absorbing the fixed cost and reducing of corporate tax rate for the FY 2017-18. The restated Profit after Tax for FY 2016-17 has increased to Rs. 58.68 Lacs as against Rs. 23.91 Lacs in the FY 2015-16. The increase in profit after tax was 145.49% due to increase in total income thereby absorbing the fixed cost.

The Promoters of this company are Mr. Darshak Mahesh Rupani, Mr. Prashantt Mahesh Rupani and White Organic Agro Limited (WOAL). The lead manager to the issue is Finshore Management Services Limited and the Registrar to this issue is Link Time India Private Limited.


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    White Organic Retail IPO Date

    The opening and the closing date of White Organic Retail IPO is Apr 26, 2019 – May 2, 2019.


    White Organic Retail IPO Subscription

    Day / DateNIIRIITotal Subscription
    1st Day – Apr 260.74x0.05x0.39x
    2nd Day – Apr 290.74x0.05x0.39x
    3rd Day – Apr 301.69x0.10x0.89x
    4th Day – May 11.69x0.10x0.89x
    5th Day – May 22.02x0.70x1.36x
    Shares Offered or Net Issue1,165,0001,165,0002,330,000

    The shares subscribed by the public will be updated here.


    White Organic Retail IPO Allotment Status

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

    Basis of Allotment Finalization7-May-19
    Refunds Initiation8-May-19
    Credit of Shares to Demat Account9-May-19
    Share Listing Date10-May-19

    White Organic Retail IPO Price Band

    The face value of each share is Rs 10, but the price band of the IPO is Rs 63. 


    White Organic Retail IPO Equity Share Offering

    Initial Public Issue of 24,54,000 Equity Shares of face value of Rs. 10/- each of the Company for cash at a price of Rs. 63/- per Equity Share (Issue Price), including a share premium of Rs. 53/- per equity share aggregating upto Rs. 1546.02 Lakhs.


    White Organic Retail Limited – Company Overview

    White Organic Retail Limited was originally incorporated as “Sapna Infraventure Private Limited” on December 19, 2011 with a view of doing Real Estate Development Business Activity. Later the name of the company was changed to White Organic Retail Private Limited in the year 2016 and to White Organic Retail Limited in the year 2018.

    In the year 2016, the company diversified its business from Real Estate Development Activity to dealings in Organic Product and started Distribution and Retailing of Organic Products. The company is into trading of Agriculture produce like Cereals, Pulses, Grains, Fruits and Vegetables. 

    White Organic Company Products:

    Company is planning for introducing a wide range of products like; Cow Ghee, Jaggery and Moringa, Sweetners, Juices, Beauty Products, Snacks, Syrups, Health Powders, Churans, Mukhwas, Incense Sticks, Soap, Aloe Vera Juices, Aloe Vera Gel etc. The company is also planning to launch the capsule range like Amla, Haldi, Jvara etc and medicinal and nutritional powders like Amla, Ashwagandha, Gokharu, Moringa, Rasayan etc.

    The management has launched the franchisee module for the retail network. In the first phase of expansion the company is looking to setup 40+ retail outlets across Mumbai, Pune, Nasik, Ahmedabad, Surat, Vadodra, Rajkot and different educated, Health conscious and densely populated sectors across India. With the help of these distribution network / franchisee model, the management is very optimistic for the value addition and sales growth of the company. 

    Competitive Strengths of White Organic Retail Limited

    • Established and proven track record;
    • Leveraging the experience of the Promoters;
    • Experienced management team and a motivated and efficient work force;
    • Cordial relations with the customers
    • Quality Assurance & Control

    Business strategies of White Organic Retail Limited:

    • Quality Assurance
    • Improving operational efficiencies
    • Leveraging the Market skills and Relationships
    • Increase Geographical Presence

    White Organic Retail 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:

    On the basis of Standalone statement:-

    Amount (in INR & lakhs)
    31-Dec-1831-Mar-1831-Mar-1731-Mar-16
    Total Assets6022.655017.401447.811276.55
    Total Revenue11635.178399.55255.24106.54
    Total Expense11010.657962.31168.8671.91
    Profit After Tax450.78302.4558.6823.90

    Earnings per Equity Share (in lakhs)

    31-Dec-1831-Mar-1831-Mar-1731-Mar-16
    Basic & Diluted23.6642.018.153.32

    From the above statements, one could find that the White Organic Retail Limited may perform well.


    White Organic Retail IPO – Promoters

    The Promoters of this company are:

    • Mr. Darshak Mahesh Rupani,
    • Mr. Prashantt Mahesh Rupani and
    • White Organic Agro Limited (WOAL).

    List of Related Parties (Key Managerial Personnel)

    • Ms. Charmi Sagar Jobalia – Company Secretary & Compliance Officer
    • Mr. Ronak Vinod Desai – CFO

    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.


    White Organic Retail IPO Offer Details or Issue Details

    Particulars No. Of Equity Shares
     Equity Shares Offered Initial Public Issue of 24,54,000 Equity Shares of face value of Rs. 10/- each of the Company for cash at a price of Rs. 63/- per Equity Share (Issue Price), including a share premium of Rs. 53/- per equity share aggregating upto Rs. 1546.02 Lakhs.
     Of which:
     Reserved for Market Makers Upto 1,24,000 Equity Shares of Rs. 10/- each fully paid-up of the Company for cash at a price of Rs. 63/- per Equity Share aggregating to Rs. 78.12 Lakhs only.

     Net Issue to the Public 

    The Issue (excluding the Market Maker Reservation Portion) of up to 23,30,000 Equity Shares of face value Rs. 10/- each for cash at an Issue price of Rs. 63/-per Equity Share (the “Issue Price”), including a share premium of Rs. 53/- per equity share aggregating up to Rs. 1,467.90 Lakhs Only.
     Of which:
     Retail Investors Portion 11,66,000 Equity Shares of Rs. 10 each fully paid-up of the Company for cash at a price of Rs. 63/- per Equity Share aggregating to Rs. 734.58 Lakhs.
     Non-Retail Investors Portion11,64,000 Equity Shares of Rs. 10 each fully paid-up of the Company for cash at a price of Rs. 63/- per Equity Share aggregating to Rs. 733.32 Lakhs.
     Equity Shares outstanding prior to the Issue30,00,000 Equity Shares
     Equity Shares outstanding after the IssueUpto 54,54,000 Equity Shares of face value of Rs. 10 each

    White Organic Retail 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

    White Organic Retail 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:

    • Established and proven track record;
    • Leveraging the experience of the Promoters;
    • Experienced management team and a motivated and efficient work force;
    • Cordial relations with the customers
    • Quality Assurance & Control

    The relevant quantitative factors are:

    On the basis of standalone statement:-

    Basic & Diluted EPSRONW in %NAV (Rs.)
    31-Mar-163.3210.48
    31-Mar-178.1511.64
    31-Mar-1842.0115.78
    62.43
    • Price to Earning (P/E) Ratio in relation to the Issue Price of Rs. 63/- per equity share of face value of Rs. 10/- each
    ParticularsP/E ratio
    P/E ratio based on the Basic & Diluted EPS for FY 2017-181.50
    P/E ratio based on the Weighted Average EPS for FY 2017-182.60
    P/E ratio based on the Basic & Diluted EPS for period ended December 31, 20182.66
    • Competitive Peers:

    They believe that none of the listed companies in India offer products or services across the various business segments in which they operate. Hence a strict comparison is not possible.


    White Organic Retail IPO Lead Managers

    Lead Managers
    FINSHORE MANAGEMENT SERVICES LIMITED
    Anandlok”, Block-A, 2nd Floor, Room No. 207, 227 A.J.C Bose Road,
    Kolkata-700020, West Bengal
    Telephone: +91 – 33 – 22895101
    Email: ramakrishna@finshoregroup.com
    Website: www.finshoregroup.com
    Investor Grievance Email: info@finshoregroup.com
    Contact Person: Mr. S. Ramakrishna Iyengar
    SEBI Registration No: INM000012185
    CIN No: U74900WB2011PLC169377

    White Organic Retail IPO Registrar to offer

    Registrar to the Offer
    LINK INTIME INDIA PRIVATE LIMITED
    C-101, 1st Floor, 247 Park, L. B. S. Marg, Vikhroli (West),
    Mumbai – 400 083, Maharashtra, India
    Tel No: +91 22 4918 6200; Fax No: +91 22 4918 6195
    Website: www.linkintime.co.in
    Email: worl.ipo@linktime.co.in
    Investor Grievance Email: worl.ipo@linktime.co.in
    Contact Person: Ms. Shanti Gopalkrishnan
    SEBI Registration No: INR000004058
    CIN No: U67190MH1999PTC118368

    Other Details:

    • Statutory Auditor – M/s. Gupta Raj & Co.
    • Peer Review Auditor -M/s. Gupta Raj & Co.
    • Bankers to the Company – ICICI Bank Limited

    White Organic Retail IPO Review by Top 10 Stock Brokers

    Top Stock Brokers ReviewCompany ReputationCompetitive EdgeFinancial StatementPopularity IndexPromoters Reputation
    Angel Broking7.5/107.4/108.5/108.1/107.1/10
    Sharekhan7.2/107.1/108.6/108.1/107.2/10
    Kotak Securities7.3/107.5/108.4/108.1/107.3/10
    ICICI Direct7.3/107.3/108.7/108.1/107.1/10
    IIFL7.5/107.2/108.8/108.0/107.1/10
    Edelweiss7.5/107.4/108.4/108.3/107.2/10
    Zerodha7.4/107.1/108.5/108.1/107.0/10
    5Paisa7.1/107.1/108.4/108.1/107.1/10
    Karvy7.4/107.3/108.2/108.1/107.1/10
    Motilal Oswal7.1/107.1/108.6/108.3/107.2/10

    White Organic Retail IPO Grey Market Premium

    The White Organic Retail 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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      White Organic Retail IPO News

      News 1 – IPO ISSUE OPENS SOON [Download Prospectus]


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