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Chintan Parikh Profile picture
@ChintanParikh10
Sep 11, 2022 • 8 tweets • 7 min read • Read on X
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#sabar #SMEIPO

Biz
-Mfg of all kinds of Flexible packaging materials used for packing Food, Dairy, cosmetics, pharma, Chemical & agriculture products etc
- multi-color pouches, stand-up pouches, zip-lock pouches, vacuum pouch, paper bag, e-commerce bag, etc.
- 92 emp

1/n
Biz
- 3 prod, Multilayer films, Printed laminates, & flexible packaging prod (pouches & bags).
-Customers Meghmani Org, Sabar Dairy, Baba Ramdev Salt Refinery, Sheetal Ice cream, Arbuda Ind, Pushp Henna, Moli Heena , Kashmirilal & Sons, Bhagwati Food , Prince Gruh Udyog etc.

2/n
Biz
- Mfg plant is owned, close 2 RJ
- getting biz interest from southern india & Nepal
- Plans 2 start pharma packaging
Capacity Utilization @ 55%

Issue
- 407 lots, 100% fresh issue
- 78% of IPO proceeds for wcap
- Promoter Pre Issue holding 53.25% & Post issue 39%

3/n
Peers
-Uflex, Paper Products ltd, Flexituff Intl., Radha Madhav Corp, & Uma Converters Ltd
-Feels similar to Clara

- Several public shareholder in the company pre-IPO

4/n
Good
- Rev increased in 21 & flatish in 2022
- Cap. utilization around 56% so room for growth with current capex
- PE is low at around 8.6 based on weighted Avg EPS

Bad
- OPM in single digit
- Pre Issue holding is 53.25% which dilutes to 39% post issue
- Borrowings at 25 cr

5/n
Bad
- Related party tx is high bet. grp companies esp Sales and Purchases
- 37 lakhs tax has been deferred in Mar 22
- very high trade recievables

6/n
Bad
- IPO proceeds are drop in a bucket for Wcap so not sure whats the real purpose behind the IPO
- Had negative OCF in 20 and 21

Subx - shaping up good. GMP heard so Subx will pick up on last day. i will decide on last day looking at HNI subx
#sabar
I am applying

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More from @ChintanParikh10

Chintan Parikh Profile picture
Jun 23
#SME #GPECO
Disc: Holding PreIPO

Biz
Started in 2010

Segments:
1. Distribution of Solar inverters and Solar panels)
- On-grid Solar inv
- Hybrid Solar Inv
2. Solar EPC
3. Solar Plant O&M
4. Distribution of Sungrow Inv & Satvik & LONGi Panels

Own brand called Invergy

1/n

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Own brand called Invergy
hybrid solar inverters & lithium ferro phosphate (LFP) batteries
As of now, the Invergy batteries are mfg by subco
Reduction in supplier concentration from 62% to 50% to 42% in last 3 years

one of the supplier to #oriana

2/n
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Future Growth Potential:
EPC biz & O&M increased from 2022 to 2023
Hybrid Solar starts with 1.88 cr Rev from 2023
Demand of solar hybrid inverter is massive
Bid for Govt. Tenders: The capacity of the tender for each location is 2.52MW & Approx 8 loc. with total of 20MW

3/n

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Read 9 tweets
Chintan Parikh Profile picture
Jun 10
for Pre-IPO,
if your PF is below 2 Cr, i will not advise it. this is more riskier due to many factors which is not under your control.
start with mainboard companies, migrate to SME once you get some handle on risk and pf grows.

what can go wrong -
1. Delay in IPO
........
1/n
2. Valuation stays same for longer period
3. Promoter dilutes more and more
4. Company doesnt meet its projected numbers
5. U cant trade or exit as no buyers
6. no price transparency
7. U pay higher tax if u sell unlisted shares
8. U pay higher price / commission to brokers

2/n
those who followed me from beginning have seen my journey. I didnt start with Pre-IPOs. I started with mainboard, with single lots in SME & slowly grown

i have seen all of these above issues and cite examples if i want to for each point.

so please dont rush behind Pre-IPOs

3/n
Read 7 tweets
Chintan Parikh Profile picture
Dec 31, 2023
Someone asked me what he should do option 1) keep the funds for IPO applications 2) repay the home loan.
I told him to go for OD Home loan account. I am using SBI Max Gain Home Loan which allows me to withdraw the money for IPO as and when i need it and ........

1/2
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I pay interest on amount i take out. when i dont need it, i keep my surplus cash there and i dont pay interest on that much amount.
for e.g. u have taken 10 lakh home loan and u have 5 lakhs in savings. put that in OD Home loan and u will pay interest on remainig 5 L only

2/3 Image
This is one time hassle to convert and u can ask your existing home loan bank if they have this facility. this way it can help you in emergency cash
Read 4 tweets
Chintan Parikh Profile picture
Dec 1, 2023
@RBJAIN_ Allotment in hni category in sme's is proportionate basis so more the number of lots you are applying better the chances of allotment. In sme, minimum allotment is 1 lot. if you have applied lesser no. of lots than final HNI category subscription then your allotment ....
1/n
@RBJAIN_ ... is based on lottery depending on how many other applicants are there for same lot size.

Lottery happens for each lot size separately in hni category where lot size is lesser than total hni subscription. Allotment probability is:
....
2/n
@RBJAIN_ (round off of (applied lots/HNI subs)*no of applicants.) / no of applicants*. And round off happens to next number above 0.49-0.55 approx.

Lets understand with below example taking hni subscription of 252X for this ipo and your lot size of 56 lots:

3/n
Read 8 tweets
Chintan Parikh Profile picture
Sep 10, 2023
#SME #Shritech
Biz
History:
Started in in 2011 as Partnership firm with biz of ind. trading in Polymers, Chem, Packaging Materials & other allied prod. Followed by a mfg on a job-work basis. After demerger, biz of contract mfg was transferred to Aurum Fabritech pvt Ltd Image
Activity:
mfg Polypropylene (PP) Non-Woven Fabric in a variety of sizes & densities upto 4.5 m size & 15 GSM to 800 GSM.
Customer Base:
used for ecological apps, in fields & ind. where disposable or single-use products are necessary
2/n

Image
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Usage in organic farming, hospitals, health care, nursing homes, home furnishing, vehicle upholstery, seat fabrication, Mattress & furniture covering, ecological packaging, ind. & consumer goods.
client base comes from GJ, TN & WB & USA, Taiwan, Canada, Denmark, & China
3/n
Read 14 tweets
Chintan Parikh Profile picture
Jun 26, 2023
#Magson #SME
Biz
- retail & distribution business of gourmet, frozen food, and specialty foods under Magson & My Chocolate World brands
- jain brothers, the company deals in Nonveg products as well
- Products are Frozen food Vegetarian & Non-vegetarian, Premium Cheese and..
1/n

Dairy products, Exotic Vegetables and fruits, Ambient Products, Imported/ luxury Chocolates, Imported packed products etc
- 26 retail stores/outlets of 16 are operated by the company, 7 by franchises and 3 under 2 jv
- Available on e‐commerce and online shopping

2/n
also mobile app (2% sales)
- The total retail space of 30,000 sq. ft+ . with 3000 SKU
- warehouse of 14,000 sq. ft +
- procures 75% directly from MFg
- own brand - Rf Gourmet ( based on promoter's name) with premium products such as French Fries, Fiery Fries, ...
3/n
Read 7 tweets

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