The initial public offering of the Australian Premium Solar (India) Limited will open for public subscription on January 11, 2024. The company plans to raise Rs 28.08 crore via a fresh issue of 52 lakh shares. There is no offer-for-sale component in the public issue. The face value of the shares is Rs 10 each, set at a price band of Rs 51 to Rs 54 through a book-building process. The company will list on NSE Emerge – small and medium enterprises (SME) segment of the NSE, on January January 18, 2024.
About Company
Australian Premium Solar (India) Limited was founded in 2013. It is also known as APS and mainly manufactures solar panels (both monocrystalline and polycrystalline), grid inverters, and solar water pumps. Monocrystalline solar panels are more efficient and costly than Polycrystalline solar panels. The company provides solar solutions and services for residential, commercial, and agricultural clients. It offers end-to-end solutions from manufacturing to installation of solar panels and pumps.
With 15 years of experience in the solar industry, APS has completed the installation of more than 10,000 solar systems and 2,300+ solar water pumps. Solar products installed by the company function efficiently even under adverse circumstances and uncertain weather patterns. The manufacturing facility of Australian Premium Solar Limited is in Sabarkantha, Gujarat, India with a total of 169 employees as of July 31, 2023. The company aims to develop, produce, and deliver efficient renewable energy solutions.
Mr. Chimanbhai Ranchhodbhai Patel, Mrs. Savitaben Chimanbhai Patel, and Mr. Nikunjkumar Chimanlal Patel are the promoters of the company. The promoters’ shareholding will go down to 73.64% post-issue from the 99.98% pre-issue.
IPO information at a glace
| Offer Dates | Opening – January 11, 2024 |
| Closing – January 15, 2024 | |
| IPO Details | Issue Type – Fresh Issue for Book Build |
| Issue Size – 52,00,000 shares aggregating up to ₹28.08 Crore | |
| Market Maker Reservation – 2,60,000 shares | |
| Net offering – 49,50,000 shares | |
| Face Value – ₹10 per share | |
| Price Range – ₹51 to ₹54 per share | |
| Lot Size – 2000 Share | |
| Lot Amount – ₹1,08,000 | |
| Holding before issue – 1,45,40,000 | |
| Holding after issue – 1,97,40,000 | |
| IPO Operator | Listing at – NSE SME |
| BRML – Beeline Capital Advisors Pvt Ltd | |
| Registrar – Link Intime India Private Ltd | |
| Market maker – Spread X Securities | |
| Reservation & Application | Retailers are offered 35% of net offering and can apply for 1 lot maximum. |
| NIIs allow for 15% and have to bid for minimum 2 lots. | |
| QIB investors are offered 50% of net offering. | |
| Share Allotment & listing | Finalization of allotment basis – January 16, 2024 |
| Credit of Shares to Demat / Refunds / Unblocking of Funds – January 17, 2024 | |
| IPO Listing Date / Share Trading – January 18, 2024 |
Company’s financials
Australian Premium Solar (India) Limited recorded a decline of 3.43% in revenue and a 23.27% rise in profit after tax (PAT) in the financial year ending in 2023 as compared to FY2022.
| Financial Period Ending in | 31 Mar’23 | 31 Mar’22 | 31 Mar’21 |
| Net Worth | 1,446.62 | 1,113.19 | 847.10 |
| Total Assets | 3,918.90 | 3,468.37 | 3,501.67 |
| Revenue from operations | 9455.92 | 9812.13 | 7416.24 |
| EBITDA | 582.76 | 515.45 | 352.60 |
| EBITDA Margin | 6.16% | 5.25% | 4.75% |
| Profit After Tax (PAT) | 333.43 | 270.48 | 180.11 |
| PAT Margin | 3.53% | 2.76% | 2.43% |
| Debt-Equity Ratio | 0.15 | 0.27 | 0.39 |
| Cash flow from operations | 618.64 | 538.60 | 380.41 |
| Reserves & Surplus | 1,444.62 | 1,111.19 | 845.10 |
| Total Borrowing | 222.13 | 299.37 | 328.96 |
| Amount in ₹ Lakhs | |||
IPO Valuation – Key Performance Indicator
| KPI | Values |
| Market Cap | 106.6 Cr. |
| P/E Ratio | 23.58 |
| D/E Ratio | 0.15 |
| Earnings Per Share (EPS) | ₹1.24 |
| Return on equity (ROE) | 26.05% |
| Return on capital employed (RoCE) | 30.62% |
| Return on Net Worth (RoNW) | 23.05% |
Objects of the Issue
The company plans to utilise the net proceeds from the issue towards funding capital expenditure, meeting working capital requirements, general corporate purposes and public issue expenses.
Note: Refer to the official RHP document for more details. Get details of upcoming IPOs here from us.
