Manoj Ceramic Limited, the owner of ‘MCPL’ brand, has opened its Initial Public Offering (IPO) today for the public subscription. The issue will remain open between December 27 to 29, 2023 as the company aims for a listing on BSE SME on 3rd January 2024. The IPO is entirely a fresh issue of 23.34 lakh shares of a face value of ₹10 per share at a fixed price of ₹62 apiece. The total issue size aggregates to ₹14.47 crore. Its one of the 7 SME IPOs opening this week.
About Company
The MCPL was incorporated as “Manoj and Company Trading Private Limited” on December 12, 2006. Since 1991, the company has traded in ceramic tiles and tile adhesives under the brand name “MCPL”. The portfolio of the company includes ceramic tiles of various shapes, colours, & sizes and tile adhesives.
The company operates through various channels such as retail showrooms, dealer networks, B2B wholesale, and export. MCL’s registered office is in Mumbai, Maharashtra, and dealerships are mainly in Karnataka, Maharashtra, Goa, and Tamil Nadu. As well as the company has a subsidiary company named MCPL Ceramic Limited in London, UK. There are 115 employees on the payroll as of now.
The promoters of the company are- Mr. Manoj Dharamshi Rakhasiya, Mrs. Anjana Manoj Rakhasiya, Mr. Dhruv Manoj Rakhasiya, Mr.Akash Manoj Rakhasiya, Mrs. Manasvi Dhruv Rakhasiya, and Manoj D Rakhasiya HUF (acting through its Karta Mr. Manoj Dharamshi Rakhasiya).
IPO details at a glance
The book-running lead manager of the Manoj Ceramic Limited IPO is Swaraj Shares and Securities Private Limited, and Purva Sharegistry India Pvt Ltd is the registrar. Shreni Shares is the market maker for the IPO.
| IPO Application Date | December 27 to 29, 2023 |
| Listing Date | January 03, 2024 |
| Listing On | BSE SME |
| Issue Type | Fixed Price IPO |
| Face Value | ₹10 per share |
| Price Range | ₹62 per share fixed |
| Lot Size | 2000 Shares |
| Total number of issues | 23,34,000 shares aggregating up to ₹14.47 Crore |
| Fresh Issue | 23,34,000 shares aggregating up to ₹14.47 Crore |
| Holdings before issue | 60,00,000 Shares |
| Holdings after issue | 83,34,000 Shares |
| Market Maker Reservation | 1,18,000 Shares (5.06%) |
| Net Public Issues | 82,16,000 Shares (excluding market maker reservation) |
| Retail Investor Quota | 47.7% of net offering |
| Others quota including NIIs | 47.7% of net offering |
The retail investors can bid only for 1 lot i.e., 2,000 shares whereas HNIs can bid for up to 2 lots. The investment per lot totals ₹1,24,000.
Important dates
The dates are mentioned as per the tentative scheduled given in the Manoj Ceramic IPO RHP document .
| IPO opening date | December 27, 2023 (Wednesday) |
| IPO closing date | December 29, 2023 (Friday) |
| UPI mandate confirmation cut-off time | 5 PM of December 29, 2023 (Friday) |
| Finalization of allotment basis | January 01, 2024 (Monday) |
| Allotment initiation to Demat / Refunds / Unblocking of Funds | January 02, 2024 (Tuesday) |
| IPO Listing Date | January 03, 2024 (Wednesday) |
Company’s financials
Manoj Ceramic Limited has recorded a 66.54% growth in revenue and 283.52% rise in profit after tax (PAT) in the financial year ending in 2023 as compared to 2022.
| Financial Period | 30 Sep’23 | 31 Mar’23 | 31 Mar’22 | 31 Mar’21 |
| Net Worth | 1,610.05 | 1,310.05 | 947.62 | 853.11 |
| Total Assets | 8,491.23 | 7,787.64 | 5,866.52 | 6,074.55 |
| Revenue from operations | 4,315.13 | 7,351.08 | 4,314.23 | 3,556.64 |
| EBITDA | 701.03 | 814.11 | 382.08 | 382.44 |
| EBITDA Margin | 16.03% | 10.86% | 8.49% | 10.25% |
| Profit After Tax (PAT) | 301.75 | 362.43 | 94.50 | 8.24 |
| PAT Margin | 6.99% | 4.93% | 2.19% | 0.23% |
| Cash flow from operations | 760.15 | 1,041.97 | 591.59 | 587.34 |
| Debt-Equity (D/E) Ratio | 3.64 | 3.86 | 3.69 | 4.60 |
| Reserves & Surplus | 760.05 | 910.05 | 547.62 | 453.11 |
| Total Borrowing | 5,862.72 | 5,054.97 | 3,495.83 | 3,926.16 |
| Amount in ₹ Lakhs | ||||
IPO Valuation – Key Performance Indicator
| KPI | Values |
| Market Cap | 51.67 Cr |
| P/E | 0.26 |
| Debt-Equity | 3.86 |
| EPS | ₹241.62 |
| RoNW | 27.67% |
Note: Refer to the official RHP document filed with SEBI for more details.
