Acme India Industries
A distinct read of SME-specific danger (liquidity, concentration, forensic flags) — separate from the FinMinutes Score. Higher band = more caution warranted.
- Pre-IPO 1:1 bonus issue in September 2024 expanding promoter shareholding at nil cost.
- High trade receivables locking up Rs. 158.22 crore (74.12% of FY25 revenue).
- High customer concentration dependent on Indian Railways and its affiliates.
- Total corporate debt standing at Rs. 81.17 crore as of FY25.
Educational risk signal grounded in the filing — not a buy/sell call.
First time with SME IPOs? Read the SME IPO guide and the risks before applying.
FinMinutes Deep Business Model & Edge
Acme India Industries Limited is an Indian railway rolling stock solutions provider specializing in the design, manufacture, turnkey furnishing, refurbishment, and maintenance of railway coach interiors and components.
What this company actually does — full breakdown ▾
Incorporated in New Delhi, Acme India Industries Limited operates in the Indian railway rolling stock sector. The company provides turnkey interior furnishing solutions for new railway coaches, refurbishment, conversion, and toilet facility upgradation for Indian Railways and its affiliates. Additionally, it manufactures and supplies railway coach components. The company operates a manufacturing facility and works directly as a supplier/contractor to Indian Railways. For FY25, total income reached Rs. 213.4537 crore (consolidated) with PAT of Rs. 16.4568 crore.
Established supplier relationship with Indian Railways, turnkey execution capability for coach interiors and Vande Bharat/Metro projects, and proprietary manufacturing setup.
The Offer
Follow the Money — Use of Proceeds
- Funding to meet working capital requirements — ₹82.50 cr
- Repayment and/or pre-payment, in full or part, of borrowing availed by our Company — ₹45.00 cr
- Funding Capital Expenditure towards purchase of additional plant & machinery — ₹8.74 cr
- General Corporate Purpose
Valuation at the Offer Price
The filing does not print a single headline multiple, so this one is ours: the upper band divided by the latest restated earnings per share — the same arithmetic the “Basis for the Offer Price” section performs. It is struck on pre-issue earnings; where the issue creates new shares, the post-issue multiple is computed in the workings below. This filing names no comparable listed peer, so there is no peer table and no relative multiple on this page. We would rather say that than assemble a peer set the issuer did not stand behind.
FinMinutes IPO Score — How It's Built
Transparent, deterministic, computed from the filing — not an opinion. Open any component below to see exactly what it measures and what it is worth. Components with no disclosed input are dropped from the weighting entirely rather than held at an invented neutral, because a constant inside a weighted average is not neutral — it quietly drags every score toward the middle. Weighted across 3 live components.
80% of the designed weighting had real data behind it on this issue. Not yet scored here: Filing Integrity, Valuation Vs Peers. A lower coverage figure does not mean a worse company — it means we are standing behind less of the picture, and you should read the findings below rather than the headline number.
How this is measured12%
Whether fresh capital actually enters the business. A predominantly offer-for-sale issue is marked down ONLY when the financials are weak. A profitable, cash-rich company selling down is treated as neutral, not penalised, because it does not need the money.
How this is measured32%
Driven by the models battery run on the filing's own restated numbers: the Piotroski fundamental tests (scored out of those we could actually run), the Altman Z-double-prime solvency zone, and the direction of profit across the disclosed period. It is not a single yes/no on last year's profit.
How this is measured28%
Starts at 100 and loses points for every material finding: 12 for a flagged finding, 4 for a noted one. Two kinds feed it. DERIVED findings are computed from the filed numbers against stated thresholds — operating cash negative while profit is positive, related-party revenue above 15% of total, revenue rising while profit falls, goodwill above 30% of net worth, receivables growing more than 1.3x faster than sales, cash below half of short-term debt. Those are reproducible: the same filing gives the same answer every time, and the rule is printed beside the finding. READ findings come from the forensic sweep of the notes. Contingent liabilities, related-party intensity, customer concentration, litigation, auditor qualifications, statutory dues, promoter funding. Findings that record the ABSENCE of a problem — no litigation pending, an unmodified audit opinion — deduct nothing. This is the component our forensic read drives directly, and it moves most between companies.
3-Year Financial & Growth Trend
| Metric | FY25 | FY24 | FY23 |
|---|---|---|---|
| Revenue (₹ Cr) | 213.4537 | 215.0207 | 137.2767 |
| Net Profit (₹ Cr) | 16.4568 | 19.2073 | 7.5645 |
| PAT Margin | 7.71% | 8.93% | 5.51% |
Market Context
NOT part of the FinMinutes ScoreThe Score above is what the filing says. Everything in this box is what the crowd says. We keep them apart on purpose — every other site blends the two and calls the result a rating. Demand is real information, but it is information about the market, not about the company, and it changes by the hour while the company does not.
Demand and our read of the filing are broadly in the same territory.
Subscription is low early in a book and high at the end, because most bids arrive in the final hours. A number read on day one says more about the clock than the company — which is precisely why it is not in the Score. GMP is unofficial, unregulated, and easily moved. Neither is a recommendation.
Why the numbers moved, in management’s own words
Taken from the Management’s Discussion and Analysis section of the filing. A number tells you what happened; this is the company’s explanation of why, and whether it calls the cause temporary or structural.
| Metric | Move | Management's stated reason | Type |
|---|---|---|---|
| Revenue from Operations (FY25 vs FY24) | — -0.7% | Revenue from operations remained largely stable at Rs. 213.4537 crore in FY25 compared to Rs. 215.0207 crore in FY24 due to execution of ongoing LHB coach interior furnishing contracts. | Structural |
| Profit After Tax (FY25 vs FY24) | ↓ -14.3% | Net profit decreased to Rs. 16.4568 crore in FY25 from Rs. 19.2073 crore in FY24 due to higher raw material and operational overhead costs. | Structural |
Headwinds
- Customer concentration risk with heavy dependency on Indian Railways and zonal railway divisions company persistent
A vast majority of revenue is derived from Indian Railways tenders and work orders, exposing operations to public sector procurement cycles and budget allocations. - Labor workforce deployment and availability for turnkey coach installation projects company persistent
Unavailability or retention issues with skilled labor workforce at factory and railway coach production sites could adversely impact project execution timelines.
Tailwinds
- Indian Railways modernization drive including Vande Bharat and LHB coach upgrades macro
Government focus on upgrading passenger experience through LHB coach interior outfitting and non-LHB coach refurbishment creates expanding addressable market opportunities.
Movements the filing does not explain
- Pre-IPO 1:1 Bonus Issue Capitalizing Reserves FY25 — In September 2024, the company issued 8,157,000 bonus shares in a 1:1 ratio at Rs. 0.00 per share, doubling equity capital prior to the DRHP filing.
A material movement that management does not address is not a finding on its own. It is a question the filing leaves open, and it is recorded here as one.
Issue Timeline
Dates as carried by the exchange feed. Allotment, refund and credit dates move more often than the open and close dates do.
- Refunds initiated2026-10-08
- Pre Application Start2026-09-29
- Bidding Start2026-09-30
- Bidding End2026-10-06
- Allotment Process Start2026-10-07
- Allotment Finalization2026-10-08
- Listing Day2026-10-09
- Mandate End2026-11-17
Applying, and Who Handles the Allotment
Check allotment status on the registrar’s own portal → We link the registrar directly rather than mirroring the form.
Deep Financials
Revenue, EBITDA and profit are what every listing site prints. Below are the full restated statements as disclosed, the ratios we compute from them, and a DuPont decomposition of the return on equity. A prospectus carries three years, not ten — that is the document’s ceiling, and within it we go as deep as it allows.
Income StatementThe profit and loss as filed, then what we derive from it — kept apart.
Statutory order, exactly as restated in the filing. Finance cost and depreciation sit inside Total Expenses under Ind AS, which is why they are listed among the expense lines here rather than below the total. The expense rows sum to the total. Rows the filing does not disclose separately are omitted rather than left blank.
| Income Statement — as filed (₹ Cr) | FY25 | FY24 | FY23 |
|---|---|---|---|
| Revenue from Operations | 213.45 | 215.02 | 137.28 |
| Other Income | 0.00 | 0.00 | 0.00 |
| Total Income | 213.45 | 215.02 | 137.28 |
| Changes in Inventories | -22.91 | 7.13 | -5.66 |
| Depreciation & Amortisation | 0.73 | 0.64 | 0.74 |
| Other Expenses | 30.24 | 25.16 | 10.86 |
| Total Expenses | 188.45 | 189.39 | 129.71 |
| Profit Before Exceptional Items and Tax | 25.00 | 25.63 | 7.56 |
| Profit Before Tax | 25.00 | 25.63 | 7.56 |
| Tax Expense | 8.54 | 6.42 | 0.00 |
| Profit After Tax | 16.46 | 19.21 | 7.56 |
| EPS - Basic | 9.91 | 11.68 | 4.65 |
| EPS - Diluted | 9.91 | 11.68 | 4.65 |
Balance SheetWhat the company owns, owes, and is worth on paper.
| Balance Sheet (₹ Cr) | FY25 | FY24 | FY23 |
|---|---|---|---|
| Share Capital | 16.79 | 8.28 | 8.16 |
| Reserves & Surplus | 38.58 | 27.35 | 7.41 |
| Net Worth | 55.37 | 35.63 | 15.57 |
| Long-term Borrowings | 0.90 | 1.78 | 0.92 |
| Short-term Borrowings | 80.26 | — | — |
| Total Borrowings | 81.17 | — | — |
| Trade Payables | 66.42 | 82.58 | 110.11 |
| Current Liabilities | 74.03 | 104.90 | 129.56 |
| Total Liabilities | 272.45 | 217.60 | 123.17 |
| Inventories | 30.00 | 8.29 | 13.39 |
| Trade Receivables | 158.22 | 153.77 | 77.18 |
| Cash & Equivalents | 29.13 | 9.30 | 8.58 |
| Current Assets | 234.53 | 182.98 | 105.82 |
| Total Assets | 272.45 | 217.60 | 123.17 |
Ratio AnalysisProfitability, leverage, liquidity, efficiency and earnings quality — computed by us.
Every ratio below is computed by us from the line items the company disclosed — not copied from anywhere. The arithmetic is standard; the point is that somebody actually did it. Blank cells mean the filing did not disclose the inputs, and we would rather show a gap than invent a number.
| Ratio | FY25 | FY24 | FY23 |
|---|---|---|---|
| Profitability | |||
| PAT Margin (%) | 7.7 | 8.9 | 5.5 |
| Return on Equity (%) | 29.7 | 53.9 | 48.6 |
| Return on Assets (%) | 6 | 8.8 | 6.1 |
| Leverage | |||
| Debt / Equity (x) | 1.47 | 0.05 | 0.06 |
| Liquidity | |||
| Current Ratio (x) | 3.17 | 1.74 | 0.82 |
| Quick Ratio (x) | 2.76 | 1.67 | 0.71 |
| Efficiency | |||
| Asset Turnover (x) | 0.78 | 0.99 | 1.11 |
| Receivable Days | 271 | 261 | 205 |
| Inventory Days | 51 | 14 | 36 |
| Payable Days | 114 | 140 | 293 |
| Cash Conversion Cycle (days) | 208 | 135 | -52 |
DuPont DecompositionWhy the return on equity is what it is: margin, efficiency, or leverage.
A headline return on equity tells you what. The DuPont decomposition tells you why — whether the return is earned through margin, through asset efficiency, or simply through leverage. Two companies can post an identical ROE for opposite reasons, and only one of them is safe.
| Component | FY25 | FY24 | FY23 |
|---|---|---|---|
| Net Margin (PAT / Revenue) | 7.7% | 8.9% | 5.5% |
| Asset Turnover (Revenue / Assets) | 0.78x | 0.99x | 1.11x |
| Equity Multiplier (Assets / Net Worth) | 4.92x | 6.11x | 7.91x |
| = Return on Equity | 29.7% | 53.9% | 48.6% |
| Tax Burden (PAT / PBT) | 0.66x | 0.75x | 1x |
Computed from the disclosed statements. Where the filing omits an input, the row is left blank rather than estimated.
Quality of EarningsWhat the statements say when you read them against each other.
What the statements say once you read them against each other. These are observations, not verdicts — every one is arithmetic on the numbers the company itself disclosed, and each is stated so you can go and check it in the filing.
- Receivable days rose from 205 in FY23 to 271 in FY25. The company is booking revenue faster than it is collecting it, which ties up cash and raises the question of who is not paying.
- Between FY23 and FY25 revenue grew 55% while profit grew 118%. Profit expanding at several times the rate of revenue is not automatically a concern — operating leverage does exactly this — but it is worth confirming from the filing whether the gap comes from genuine margin expansion or from one-off items.
Forensic ModelsBeneish, Altman and Piotroski — plus our own final-year check.
Beneish M-Score
4 of 8 inputsAn eight-variable model built to detect earnings manipulation, and built to run on exactly two consecutive years — which is what a prospectus gives us. It belongs here more than anywhere: a company about to list has the maximum possible incentive to have dressed up the very years it is about to show you. A score above −1.78 is the threshold at which the model says the accounts merit a closer look. It is a screening signal, not an accusation, and it was calibrated on listed companies elsewhere. Read the eight components, not just the total.
| Component | Value | What it captures |
|---|---|---|
| DSRI Days Sales in Receivables Index (Receivables_t / Sales_t) / (Receivables_t-1 / Sales_t-1) | 1.036 | Above 1 means receivables grew faster than sales. Revenue may be being recognised ahead of collection. |
| GMI Gross Margin Index GrossMargin_t-1 / GrossMargin_t | — | Above 1 means margins deteriorated. A firm with worsening prospects has more incentive to manipulate. |
| AQI Asset Quality Index AQ_t / AQ_t-1, where AQ = 1 - (CurrentAssets + PPE) / TotalAssets | — | Above 1 means a rising share of assets is soft (neither current nor fixed) — capitalised costs can hide here. |
| SGI Sales Growth Index Sales_t / Sales_t-1 | 0.993 | Growth is not manipulation. But high-growth firms face more pressure to keep the streak going. |
| DEPI Depreciation Index DepRate_t-1 / DepRate_t, where DepRate = Dep / (Dep + PPE) | — | Above 1 means assets are being depreciated more slowly — a quiet way to lift reported profit. |
| SGAI SG&A Index (SGA_t / Sales_t) / (SGA_t-1 / Sales_t-1), SGA proxied as employee cost + other expenses | 1.211 | A proxy, because filings rarely break out SG&A cleanly. Read it as a direction, not a precise figure. |
| LVGI Leverage Index Leverage_t / Leverage_t-1, where Leverage = (CurrentLiab + LongTermDebt) / TotalAssets | 0.561 | Above 1 means leverage rose. Debt covenants create pressure to hit numbers. |
| TATA Total Accruals to Total Assets (PAT - CashFromOperations) / TotalAssets | — | The gap between reported profit and cash generated. The single heaviest term in the model — and the one that catches profit that never became cash. |
The filing does not disclose every input the model needs, so we withhold the composite score rather than substitute a guess. The components we could compute are above.
Altman Z″-Score (emerging markets)
withheldA distress-prediction model, and one we cannot run on this filing. The model needs four inputs and this one does not disclose EBIT, which needs profit before tax together with finance cost. We withhold the score rather than substitute a guess, because a distress reading built on an assumed input is worse than no reading at all. The components we could compute are below.
| X1 — Working Capital / Total Assets | 0.589 |
| X2 — Retained Earnings / Total Assets | 0.142 |
| X3 — EBIT / Total Assets | — |
| X4 — Net Worth / Total Liabilities | 0.203 |
Piotroski F-Score (adapted)
3 / 5Nine yes-or-no tests of fundamental strength — except we run eight. One of the original nine asks whether the company issued new shares, which is plainly absurd to ask of a company whose entire purpose at this moment is to issue shares. We drop that test, and we would rather tell you that than quietly fudge it. A further 3 tests are shown as — below: the filing does not disclose what they need, so they are dropped from the denominator rather than counted as a failure.
- ✓Positive return on assets
- —Positive operating cash flow
- ✗Return on assets improving
- —Cash flow exceeds profit (quality of earnings)
- ✓Long-term leverage decreasing
- ✓Current ratio improving
- —Gross margin improving
- ✗Asset turnover improving
Ratios Nobody Prints
- Contingent liabilities / Net worth: 0%
Contingent liabilities of 0.00 cr against a net worth of 55.37 cr — 0% of what the company is worth on paper. These are obligations that sit off the balance sheet but could land on it. What they consist of matters as much as the size: a corporate guarantee to a subsidiary is a different animal from a disputed tax demand, and the filing says which. - Related-party revenue / Total revenue: 0.2%
0.2% of revenue in FY25 came from entities connected to the promoters. Revenue you sell to yourself is not the same as revenue you won in the market. - Cash / Short-term borrowings: 0.36x
Short-term borrowings of 80.26 cr against cash of 29.13 cr. Debt that must be refinanced within a year is only comfortable while lenders stay comfortable.
The Formula NotebookEvery number above, with the working shown. Check us.
Every number we publish, with the working shown. The formula, the same formula with this company’s actual figures put into it, the answer, and what it is for. Check us. That is the point.
PAT ÷ Net Worth16.46 ÷ 55.37What the company earned on the money shareholders have in it. The headline measure of return — and the one the DuPont section takes apart.
Total Borrowings ÷ Net Worth81.17 ÷ 55.37How much the company has borrowed against what it owns. High is not automatically bad — ask whether the borrowing is being serviced comfortably.
(Trade Receivables ÷ Revenue) × 365(158.22 ÷ 213.45) × 365How long the company waits to be paid. Rising receivable days mean revenue is being booked faster than it is collected — which is where a great many accounting problems begin.
Inventory Days + Receivable Days − Payable Days51 + 271 − 114How long cash is tied up in the operating cycle before it comes back. The longer it is, the more working capital the business must fund.
Price × Post-issue Shares₹196.00 × 16,985,000 sharesWhat the whole company is being valued at, if the issue prices at the top of the band.
Market Cap + Total Borrowings − Cash332.91 + 81.17 − 29.13What it would actually cost to buy the whole business: you take on its debt and you get its cash. This is the number a buyer cares about, and it is the reason a P/E on its own can mislead.
Market Cap ÷ PAT332.91 ÷ 16.46The familiar multiple. Useful, but blind to debt — read it alongside EV/EBITDA, never instead of it.
Offer price ÷ weighted average cost of acquisitionAcquired at nil or near-nil considerationEvery offer document must disclose the weighted average cost of acquisition for shares issued or transferred over the preceding one, eighteen and thirty-six months. Here the entry price is nil, which means a bonus issue or a transfer for no consideration. A multiple cannot be computed against zero, and that is the fact worth noticing rather than a number to print. What it means is yours to decide; the arithmetic is the filing’s own.
Workspace
The post-issue share count is stated as “[•]” in this filing until final pricing, so we derive it: profit after tax divided by earnings per share gives the pre-issue count, and the fresh issue divided by the offer price gives the new shares. Everything below rests on that derivation. It is close, not exact.
The numbers are already loaded. Move the offer price and watch every multiple move with it. Set your own growth and margin and see what they imply two years out. These are your assumptions, not our forecast — we have no view on what this company will earn, and the moment we published one we would be doing something we are not registered to do. What we can do is put the arithmetic in front of you and get out of the way.
Price defaults to the top of the band. Margin defaults to what the company actually reported in FY25.
Projections are arithmetic on the inputs you typed. They are not a forecast, not a recommendation, and not a view on whether this offer is worth taking. Educational only.
Institutional Alpha: DRHP Deep Dive
Pre-IPO 1:1 Bonus Issue Doubling Insider Shareholding at Nil Cost
In September 2024, the company issued 8,157,000 bonus shares (1:1 ratio) at Rs. 0.00 per share by capitalizing reserves, expanding pre-issue equity and establishing a promoter average cost of acquisition of Rs. 5.00 per share.
Source: p.22, 77, 102Extended Working Capital Lock-Up in Trade Receivables (294 Days)
Trade receivables stood at Rs. 158.2219 crore in FY25 (representing 74.12% of annual operating revenue and 294 receivable days), driven by inspection approval and realization cycles from Indian Railways authorities.
Source: p.61, 89, 180Disputed Income Tax Assessment Demands Totaling Rs. 10.39 Crore
The company has filed appeals against Income Tax assessment orders disallowing share capital conversions (AY 2022-23 demand of Rs. 7.96 crore) and disallowing alleged bogus purchases (AY 2023-24 demand of Rs. 2.43 crore).
Source: p.28, 278, 280Shareholding, Syndicate & Leadership
Leadership & Skin in the Game
Leadership: Suraj Pandey
Litigation: No material criminal or statutory litigation proceedings disclosed against Promoters or Directors.
Indian Railway Rolling Stock and Passenger Coach Furnishing Metrics
The operating metrics that actually price this business — the ones a generic IPO page skips. Straight from the filing.
| Metric | Value | Detail |
|---|---|---|
| Indian Railways Passenger Network Size | — | Lifeline of national transport network carrying billions of passengers annually |
| LHB Coach Production Outlay | — | Expanding production across Integral Coach Factory (ICF) and Modern Coach Factory (MCF) |
Source: p.107, 110, 125
🔍 Forensic Findings — What the Footnotes Say
Findings from across the filing — the notes, MD&A, related-party disclosures, contingent liabilities, CARO and litigation, alongside the risk section itself. Each carries where it was found, so you can see which were buried and which were disclosed. Findings marked derived are computed from the filed numbers against a stated rule, shown beside them.
On September 26, 2024, the company issued 8,157,000 bonus shares in a 1:1 ratio at Rs. 0.00 per share, expanding promoter equity capital prior to filing the DRHP and establishing a promoter average acquisition cost of Rs. 5.00 per share.
p.77, 102Restated trade receivables stood at Rs. 158.2219 crore in FY25, representing 74.12% of annual operating revenue and locking up significant working capital in customer balances.
p.61, 180No material criminal or statutory litigation proceedings disclosed against Promoters or Directors.
p.22, 77, 161, 180Short-term borrowings of ₹80.26 cr against cash of ₹29.13 cr. Debt that must be refinanced within a year is comfortable only while lenders stay comfortable.
rule: cash < 0.5x short-term debtCompany's Claims vs Reality
We stress-test each claim against the filing's own data.
Trade receivables stood at Rs. 158.22 crore in FY25, validating high working capital intensity required for long-cycle railway coach manufacturing and refurbishment contracts.
p.61, 89Total corporate debt stood at Rs. 81.17 crore as of FY25 (Debt/Equity 1.47x), confirming that debt repayment will directly reduce finance costs.
p.89, 102Live Subscription Status
Allotment Status
Check your allotment on the registrar's portal → Registrar: Bigshare Services
Allotment is decided by the registrar, not by us and not by the exchange. In an oversubscribed retail book, allotment is by lottery, so a large application does not improve your odds beyond one lot. If money stays blocked after the refund date, the mandate expiry (17 Nov 2026) is the date to raise with your bank.
Analyst Q&A: Burning Questions
Facts from the filing. No recommendation — that layer arrives once our Research Analyst registration is live.
How are the fresh issue IPO proceeds allocated across working capital, debt repayment, plant & machinery, and general corporate purposes?
Fresh issue proceeds are allocated as: Rs. 82.5000 crore for funding working capital requirements, Rs. 45.0000 crore for repayment or prepayment of outstanding borrowings, Rs. 8.7398 crore for purchasing additional plant & machinery, and the balance for General Corporate Purposes.
p.89What is the promoters' shareholding pre-issue and their acquisition cost history?
Promoters Suraj Pandey and Sadhvi Pandey hold 97.19% pre-issue equity (16,314,000 shares out of 16,985,000 pre-issue shares). Promoter shareholding was expanded through a 1:1 bonus issue (8,157,000 shares) in September 2024, establishing a promoter average cost of acquisition of Rs. 5.00 per share.
p.22, 77, 102What are the key related-party transactions and group company operations?
Key related-party transactions include revenue from operations with ACVI Joint Venture Private Limited (Rs. 0.5186 crore in FY25) and Acme & Vibgyor JV Private Limited (Rs. 3.8779 crore in FY25). Registered office premises are leased from Promoter Suraj Pandey. Promoters provided personal guarantees for corporate credit facilities.
p.22, 125, 180How did operating cash flow and profits perform over FY23 to FY25?
Restated PAT stood at Rs. 7.5645 crore in FY23, Rs. 19.2073 crore in FY24, and Rs. 16.4568 crore in FY25. Total income expanded to Rs. 213.4537 crore in FY25, though trade receivables absorbed Rs. 158.2219 crore in working capital.
p.22, 61, 180What secretarial, statutory compliance, litigation, and tax findings exist for the company?
The company disclosed no continuing loan defaults or material criminal proceedings. Statutory auditor M/s Khandelwal Jain & Co., Chartered Accountants, served continuously without auditor change. Trade payables stood at Rs. 66.4220 crore as of FY25.
p.61, 180, 200What are the application lot terms, retail ticket requirements, market maker details, and exit constraints for public investors?
The offer is listed on BSE SME with a minimum retail application requirement of 2 lots (minimum application size above Rs. 2.00 lakhs). Trading occurs strictly in standardized market lots, and because lots are indivisible, partial exit or fractional lot trading is impossible. Hem Securities Limited is the Book Running Lead Manager. Standard SME 5% price circuit limits apply.
p.1, 22, 58, 77What Earlier Investors Paid
Early capital takes real risk and is fairly rewarded for it — a large multiple built over many years is normal. What deserves a closer look is a steep step-up in a short window: a round priced cheaply only months before the offer.
| Shareholder | Priced at | When | vs IPO price |
|---|---|---|---|
| Initial Subscribers to MOA | ₹10.00 | 2021-03-31 | 19.6x |
| An early round from roughly 6 years ago, at roughly 19.6x the offer price. A multiple of that size built over that long reflects the risk taken and the time elapsed. That is the normal reward for early capital, not a red flag. | |||
| Promoters & Family Members | ₹10.00 | 2023-03-31 | 19.6x |
| Promoters & Preferential Allottees | ₹10.00 | 2024-03-31 | 19.6x |
| Existing Shareholders (Bonus 1:1) | — | 2024-09-26 | — |
| Private Placement Allottees | ₹165.00 | 2025-03-04 | 1.2x |
| Private Placement Allottees | ₹165.00 | 2025-06-07 | 1.2x |
Prices are as stated in the filing’s allotment history and are not adjusted for later bonus issues or share splits. Where a company has issued bonus shares, the multiples above understate the true return and can even read as losses. Adjusting for that is on our list; until it is done we would rather show the raw disclosure and tell you its limits than publish a confident number that is wrong.
Lock-in Expiry Calendar
Shares held before the IPO cannot be sold immediately; they unlock in tranches. When a tranche unlocks, more shares become eligible to trade. Retail investors are frequently caught unaware by these dates. The schedule below follows from the listing date; quantities are shown only where the filing discloses them.
- 09 Oct 2029promoter3 years3,397,000 shares (20% of total)
- 09 Oct 2027promoter group1 year12,917,000 shares (76.05% of total)
- 09 Oct 2027public1 year671,000 shares (3.95% of total)
An unlock means more shares may be sold — not that they will be, and not that the price will move. We state the dates; what you do with them is your call.
Educational, grounded entirely in the company's filings (DRHP/RHP). Not investment advice. FinMinutes does not provide buy/sell recommendations.
