Electro Force IPO: Electro Force India Limited IPO Details

The Electro Force India IPO has generated significant interest among investors and financial enthusiasts alike. This fixed price issue, with a total size of Rs 80.68 crores, comprises a fresh issue of 60 lakh shares amounting to Rs 55.80 crores and an offer for sale of 26.75 lakh shares aggregating to Rs 24.88 crores. In this blog, we will delve into the details of Electro Force Limited’s IPO, including its key information, objectives, financial performance, and more.

Also See: Electro Force India IPO GMP

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Electro Force India IPO Details

Let’s begin by summarizing the essential details of the Electro Force India IPO:

IPO NameElectro Force India IPO
IPO DateDecember 19, 2023, to December 21, 2023
Basis of AllotmentDecember 22, 2023
Listing DateDecember 27, 2023
Face Value₹10 per share
Price₹93 per share
Lot Size1200 Shares
Total Issue Size8,674,800 shares (aggregating up to ₹80.68 Cr)
Fresh Issue6,000,000 shares (aggregating up to ₹55.80 Cr)
Offer for Sale2,674,800 shares (aggregating up to ₹24.88 Cr)
Issue TypeFixed Price Issue IPO
Listing AtNSE SME
Shareholding Pre-Issue17,400,001
Shareholding Post-Issue23,400,001
Market Maker Portion435,600 shares

Also See: Upcoming IPO in India

Electro Force India IPO Reservation

Investor CategoryShares Offered
Retail Shares Offered50% of the net offer
Other Shares Offered50% of the net offer

Electro Force India IPO Lot Size

Investors can bid for a minimum of 1200 shares and in multiples thereof. The table below illustrates the minimum and maximum investment options for retail investors and High Net Worth Individuals (HNIs):

ApplicationLotsSharesAmount
Retail (Min)11200₹111,600
Retail (Max)11200₹111,600
HNI (Min)22400₹223,200

Also Read: Announced IPOs: Upcoming Big IPOs in India 2024

Electro Force India IPO Promoter Holding

Ayesspea Holdings and Investments Private Limited, Garuda Television Private Limited, and Pravin Kumar Brijendra Kumar Agarwal are the promoters of Electro Force (India) Limited. The shareholding of the promoters is set to decrease from 100.00% to 62.93% post the IPO.

Electro Force India IPO Objectives

The net proceeds from the IPO will be allocated for various purposes, including:

  1. Funding additional working capital requirements of the company.
  2. Pursuing inorganic growth opportunities.
  3. General corporate purposes.

Also Read: Medi Assist Healthcare Services and Appejay Surrendra Park Hotels Receive SEBI Nod for IPOs

Financial Performance

Electro Force (India) Limited’s financial performance over recent years is worth noting. Between the financial years ending on March 31, 2023, and March 31, 2022, the company experienced a revenue decrease of -12.04% and a profit after tax (PAT) drop of -7.48%. Understanding the reasons behind these changes and the company’s plans for growth is crucial for potential investors.

Period Ended30 Sep 202331 Mar 202331 Mar 202231 Mar 2021
Assets7,827.007,231.514,783.371,719.96
Revenue2,314.193,028.813,443.551,587.13
Profit After Tax711.08799.60864.26-223.69
Net Worth2,546.411,835.331,035.73171.47
Reserves and Surplus806.4195.33535.73-328.53
Total Borrowing
Amount in ₹ Lakhs

Also Read: When Can a Company Go for IPO in India

About Electro Force India Limited

Founded in 2010, Electro Force (India) Limited specializes in designing and manufacturing electrical components and metal/plastic contact parts for India’s electronics, lighting, switchgear, and allied industries. The company’s product range includes stamping components and plastic components manufactured through processes like metal stamping, injection molding, and insert molding.

Electro Force IPO

Electro Force’s products find applications in various industries, including electrical MCBs (Miniature Circuit Breakers), 63A electrical manual transfer switches, electrical MCCBs & RCBs, brushless DC motors for medical devices/aerospace/defense and automation, electrical motor starters, electrical control gears, and electrical switches. Additionally, the company provides quality testing, packaging, assembly, secondary operations, and logistics services.

The company operates from a leased manufacturing facility in Vasai, Maharashtra, covering an area of over 10,000 square feet.

Registrar and Lead Manager

The registrar for the Electro Force India IPO is Skyline Financial Services Private Ltd, which can be reached at 02228511022 or via email at [email protected]. For more information, you can visit their website: Skyline Financial Services Private Ltd.

The lead manager for this IPO is First Overseas Capital Limited.

Electro Force India IPO Timeline

Here’s a tentative schedule of the IPO:

  • IPO Open Date: Tuesday, December 19, 2023
  • IPO Close Date: Thursday, December 21, 2023
  • Basis of Allotment: Friday, December 22, 2023
  • Initiation of Refunds: Tuesday, December 26, 2023
  • Credit of Shares to Demat: Tuesday, December 26, 2023
  • Listing Date: Wednesday, December 27, 2023
  • Cut-off time for UPI mandate confirmation: 5 PM on December 21, 2023

Conclusion

The Electro Force India IPO presents an opportunity for investors to participate in a company specializing in electrical components and metal/plastic contact parts. Understanding the company’s financial performance, objectives, and industry position is essential for making an informed investment decision. As with any investment, it’s recommended to conduct thorough due diligence and seek advice from financial experts if needed before participating in the IPO.

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