The Initial Public Offerings(IPO) for the week are-
Indong Tea Company Limited-
Indong Tea Company Limited was incorporated in the year 1990 and operates a tea garden under government lease and is engaged in tea plantation and manufacturing of CTC at Indong Tea Estate in Jalpaiguri district of West Bengal. It has one tea garden comprising 740.38 hectares out of which 492.09 hectares are under tea plantation. The tea estate comprises of tea plantation, tea factory, withering trough house, Officer’s bungalow, staff quarters, labor quarters, pump house, general stores, and dairy farm.
Tea that is processed in a traditional fashion is called orthodox tea and generally contains only the top two tender leaves and an unopened bud which are plucked by hand and then processed creating a variety of tea. The other way of making tea is the unorthodox method of which the most common type is CTC (crush-tear-curl) which is a much faster style of production created specifically for black tea. These teas may not be plucked by hand.
Indong Tea Company limited produces only CTC (crush/cut, tear curl) tea. In this method of processing black tea, the leaves are passed through a series of cylindrical rollers with hundreds of sharp teeth that crush, tear and curl the tea into small, hard pellets. This replaces the final stage of orthodox tea manufacture in which the leaves are rolled into strips.
The promoters of the company are Mr. Hariram Garg, Mr. Madan Lal Garg, and Asian tea and exports limited. The objects of the issue are to fund the capital expenditure towards extension, uprooting, and infilling of tea plantation at Indong tea estate, funding capital expenditure towards the installation of additional plants and machinery for tea processing, and meet the working capital requirements.
The company had revenues of Rs 16.72 crore with a loss of 1.21 crore (Year ended March 31, 2020), revenues of Rs. 23.13 crores with a profit of Rs. 1.27 crore (Year ended March 31, 2021), and revenue of Rs.19.92 crores with a net profit of Rs.1.31 crore (Year ended March 31, 2022).
Lloyds Luxuries Limited-
Lloyds luxuries limited was incorporated in 2013 and is an organized player of salon services and beauty products in India focused on grooming men. It owns an exclusive franchisee of Truefitt & Hill an international brand offering a wide range of beauty products and salon services for men through luxury barbershops operating in many countries.
The company has 14 barber stores under the brand Truefitt & Hill across 7 cities in India. The company holds the master franchise agreement of Truefitt & Hill up to 2043. It owns exclusive rights to open stores either directly or through sub franchisee arrangements in India, Nepal, Sri Lanka, Bhutan, Vietnam, Myanmar, and Bangladesh. The company has a sub-franchisee of 12 barber shops operating in 11 cities in India through which it earns royalty income. In 2017 the company opened a barber shop in Dhaka, Bangladesh as a sub-franchisee store. It provides sub-franchise with a comprehensive system of business training, stylist education, professional marketing, promotion, and advertising programs.
The company has also obtained an exclusive franchise for Mary Cohr, a French beauty Salon in 2019 for 10 years, which has a presence across the globe. It has exclusive rights to open stores in the brand name of Mary Cohr either directly or through sub-franchisee arrangements in India. The company sells men grooming products through 27 stores, of which 14 are run by it directly and 13 through sub-franchisee. It provides an Omni-channel experience to customers through its websites, various online marketplaces, and social media platforms.
The promoters of the company are Mr. Shree Krishna Mukesh Gupta and Plutus Trade & Commodities LLP. The objects of the issue are financing the expenditure for opening new stores, repaying short-term borrowings, and general corporate purposes. Listing would enhance the brand image of the company.
The company had revenues of Rs 28.01 crore with a loss of 3.23 crore (Year ended March 31, 2020), revenues of Rs. 18.55 crores with a loss of Rs. 3.03 crore (Year ended March 31, 2021), and revenue of Rs. 20.86 crores with a loss of Rs. 9.16 crore (Year ended March 31, 2022).
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Cargosol Logistics Limited-
Cargosol Logistics Limited is a complete 3 PL( third-party logistics) service provider, delivering end-to-end solutions in the logistics and supply chain domain involving multimodal transport operations (MTO), owning and operating container, sea and air freight, transportation, warehousing, custom clearance services and handling of project cargo. It operates a fleet of 12 commercial vehicles self-owned and apart from this; it also hires third-party transport operators in case of high demand. The company provides warehousing facilities to its customers and the warehouses are well connected to several manufacturing and consumption clusters located in Thane, Maharashtra. It also handles NVOCC (Non-Vessel Owning Common Carrier) facility for the sectors like Indian Sub-continent, Middle East, Upper Gulf, South East Asia, and part of Europe through slot arrangements with feeder operators as well as mainline operators.
Over the years the company has increased the ambit of its services covering critical services which are required to execute end-to-end logistic needs. These include Multimodal Transportation, contract logistics and regulatory compliance, warehousing, and related value-added Services. It is also engaged in handling project cargo, which is a specialized activity requiring detailed planning and technical expertise.
Cargosol Logistics Limited is headquartered in Mumbai and has a presence in major locations such as Kalamboli, Pune, New Delhi, Chennai, and a warehouse located at Thane. Its international logistics operations are supported by a network of logistic service partners and vendors with whom it enters into cooperation agency agreements that enable it to service client requirements across India and abroad. The customers of the company operate in various sectors across India, including automotive and heavy engineering, telecom, food and agro, fast-moving consumer goods (“FMCG”), paint, and dairy.
The Promoters of our Company are Mr. Roshan Kishanchand Rohira & Mr. Samuel Janathan Muliyil. The proceeds of the issue would be utilized for the purchase of vehicles for commercial purposes, the purchase of containers for expansion of the Non-Vessel owning common carrier(NVOCC), and to meet the working capital requirements.
The company had revenues of Rs 55.90 crore with a profit of 1.23 crore (Year ended March 31, 2019), revenues of Rs. 64.12 crores with a profit of Rs. 1.25 crore (Year ended March 31, 2020), and revenue of Rs. 103.59 crores with a net profit of Rs.1.96 crore (Year ended March 31, 2021).
Silicon Rental Solutions Limited-
Silicon Rental Solutions Limited is an IT equipment outsourcing company, engaged in providing end-to-end IT equipment on a rental and returnable basis in India. It provides laptops, desktops, printers, servers, and other peripherals like CCTV cameras, projectors, storage devices, etc. on a rental basis mainly to small, medium, and large corporates. Based on the client’s IT requirements, the company offers them tailor-made rental schemes that suit their requirements. This provides flexibility and an advantage to the company to maximize their productivity without compromising their IT budget.
For providing seamless services to its customers and to cater to the customer’s diverse requirements the company carries stocks of the latest models of Laptops, Desktops, Servers, Mac books, and other IT equipment with the choice of equipment from all major brands like HP, Dell, Lenovo, Apple, Asus, Intel, AMD, Gigabyte, Sonicwall, Dlink, Cisco, etc.
The benefits that are derived by the company’s customers include-
- Convenience to choose from a wide choice of IT equipment from different manufacturers.
- The flexibility of operations by distributing the cost of equipment into multiple parts.
- Increasing purchasing power for the customers so that they can acquire more equipment and the latest technology from the market.
- Elimination of obsolescence by providing the latest technology without the fear of equipment becoming obsolete as the company offers timely up-gradation of technology hardware and software equipment.
The promoters of the company are Sanjay Harish Motiani, Kanchan Sanjay Motiani, Anushka Sanjay Motiani, and Nikhil Sanjay Motiani. The objects of the issue are to meet the capital expenditure requirements relating to its equipment, prepayment, or repayment of all or a portion of outstanding borrowings, and general corporate purposes.
The company had revenues of Rs 12.27 crore with a profit of 2.15 crore (Year ended March 31, 2020), revenues of Rs. 13.75 crores with a profit of Rs. 2.70 crores (Year ended March 31, 2021), and revenue of Rs. 24.67 crores with a net profit of Rs. 7.46 crore (Year ended March 31, 2022).
Swastik Pipe Limited-
Swastik Pipe Limited are manufacturers and exporters of Mild Steel/Carbon Steel ERW Black and Galvanized Pipes, Hallow Steel Pipe, API Pipe, Stainless Steel Tubes, Cold Rolled Steel (CR) Strips/ Coils, Swaged Type Tubular Poles, and Solar Structure. The Company uses the raw materials of premium quality obtained from Steel Authority of India Limited, Tata Steel Limited, and high purity zinc sourced from Hindustan Zinc Limited.
The company has highly sophisticated and technically competent plants located at Bahadurgarh, Distt. Jharjjar, Haryana (Unit no.1) and at Kotwan, Kosi Kalan, Distt. Mathura, Uttar Pradesh (Unit No. 2) with an installed capacity, aggregating of 2,01,250 MT. Swastik Pipe has diversified its manufacturing activities towards the production of solar module mounting structures, transmission towers, steel tubular poles, and solar poles special structures for railways, scaffolding, and formwork. The company has a very wide range of steel pipes and tube products. The length of the steel pipes & tubes ranges from 4m to 7m unless otherwise specified by the customers. It manufactures steel pipes and tubes in various shapes and sizes such as square, round, rectangular and elliptical, or any special shape.
The promoters of the issue are- Sandeep Bansal, Geeta Devi Agarwal, Anupama Bansal, and Shaswat Bansal. The objectives of the issue are to meet the working capital requirements and general corporate purposes. Listing would enhance the brand image of the company.
The company had revenues of Rs 727.56 crore with a profit of 4.67 crores (Year ended March 31, 2019), revenues of Rs. 658.07 crores with a loss of Rs. 13.89 crores (Year ended March 31, 2020), and revenue of Rs. 523.84 crores with a net profit of Rs. 1.48 crore (Year ended March 31, 2021).
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Frog Cellsat Limited-
Frog Cellsat Limited is engaged in the manufacture of telecom equipment used by telecom operators, especially in Telecom Towers. It manufactures 2G/3G/4G Multi-band Digital RF Repeaters, Multi-band Frequency Shift Repeater, Multi-band Optical DAS systems, relative software, and accessories. The company also offers In-building coverage planning and design services along with radio access n network (RAN) and backhaul network installation services. The company has two production units; one is located in Noida and the second one is in Dehradun.
The end-to-end RF enhancement solutions of the company are price competitive, field-proven, future-ready, and highly reliable. The design, development, manufacturing, and quality control processes are all ISO 9001:2015 certified. The company provides its products and services across Asia, Europe, Africa, and the Middle East. The production line of the company is equipped with anti-static equipment and all products are subject to rigorous reliability tests.
The promoters of the company are Mr. Konark Trivedi and Star Private Trust. The objects of the issue are to part finance the expansion plans and general corporate purposes.
The company had revenues of Rs 88.50 crore with a profit of 1.39 crore (Year ended March 31, 2020), revenues of Rs. 129.39 crores with a profit of Rs. 14.25 crore (Year ended March 31, 2021), and revenue of Rs. 135.29 crores with a net profit of Rs. 14.33 crore (Year ended March 31, 2022).
Pace E-Commerce Ventures Limited-
Pace E-Commerce Ventures Limited was started in August 2015 as a business that would give the kids/young consumers and sports enthusiasts in India access to International Football Clubs Merchandise and International Sports Brands’ apparel and Sports Goods. It started with the import and distribution of branded international sports apparel and extended to various branded merchandise and accessories. Thereafter the company acquired manufacturing and distribution licenses of some of the popular and biggest brands in the kids’ entertainment industry. This helped in reaching a larger distribution area and a wider population
Thereafter, the company established its own e-commerce portal, www.cotandcandy.com offering a large range of products across different categories. It also started catering to a number of requests for on-demand printing and manufacturing of products for both B2C and B2B customers. Later, the portal expanded product categories to kids sports, kids’ fashion, kids’ furniture, and home textiles. It currently has exclusive manufacturing and distribution rights for world-renowned kids character entertainment brands and products in its portfolio including licenses of internationally reputed kids brands. Besides these, the company has also developed a good collection of home textiles and gifting products under its own private labels. At present, the company operates across all cities in India through online channels and in major cities through the offline distribution of products.
The promoter of the company is Mr. Shaival Dharmendra Gandhi. The objects of the issue are the acquisition of plant and machinery, working capital requirements, and general corporate purpose.
The company had revenues of Rs 1.49 crore with a profit of 0.34 lakhs (Year ended March 31, 2020), revenues of Rs. 1.70 crores with a profit of Rs. 7.18 lakhs (Year ended March 31, 2021), and revenue of Rs. 10.49 crores with a net profit of Rs. 54.12 lakhs (Year ended March 31, 2022).
Vedant Asset Limited-
Vedant Asset Limited is engaged in the business as a Corporate Business correspondent (BC) of Bank of India, Jharkhand Rajya Gramin Bank (JRGB), and Madhya Pradesh Gramin Bank (MPGB) and as a mutual Fund distributor through a partner base of more than 350 Vedant Mitra partners working in various rural and semi-urban locations and handling more than 100 crores of assets under the Mutual fund distribution business. The Vedant Mitra Kendra’s act as Banking – Customer services Point (CSPs) to fulfill all the necessary banking requirements of the people, Adhaar enabled payment system, Direct money transfer (DMT), investment in Mutual Funds – mPOS, PAN related services, insurance services, loan services and recharge services along with Air, rail and Bus ticketing, etc. The company is also looking toward expanding its services in the field of disbursing Government DBT subsidies, Adhaar-linked subsidies, and providing essential services through the network of Vedant Mitra Kendra.
The company under the corporate banking correspondent services provides various banking services in the rural, semi-urban, and urban parts of Jharkhand and Madhya Pradesh. Under the mutual fund distribution business, Vedant asset limited is currently acting as a broker for 22 different fund houses with an AUM of over 100 crores of which ICICI Prudential Mutual Fund, Kotak Mutual Fund, Aditya Birla Sun Life Mutual Fund, SBI Mutual Fund, and Axis Mutual Fund are some prominent names.
The Promoters of the company are Mr. Lallit Tripathi and Mrs. Priyanka Maheshwari. The object of the issue is to finance the expenditure for business expansion, meeting working capital requirements, and general corporate purposes.
The company had revenues of Rs 61.23 lakhs with a profit of 3.40 lakhs (Year ended March 31, 2020), revenues of Rs. 1.13 crores with a profit of Rs. 8.68 lakhs (Year ended March 31, 2021), and revenue of Rs. 1.67 crores with a net profit of Rs. 13.81 lakhs (Year ended March 31, 2022).
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