Birdy's IPO vs Ramdevbaba Solvent IPO

Comparision between Birdy's IPO and Ramdevbaba Solvent IPO.

IPO Details

Birdy's IPO is a SME Book Built Issue IPO proposed to list at NSE SME while Ramdevbaba Solvent IPO is a SME Book Built Issue proposed to list at NSE SME.

	Birdy's IPO	Ramdevbaba Solvent IPO
Logo
Issue Category	SME	SME
Issue Type	IPO	IPO
Process Type	Fixed Price Issue	Book Built Issue
Listing At	NSE SME	NSE SME
Lead Managers	Inventure Merchant Banker Services Pvt Ltd	Choice Capital Advisors Pvt Ltd
Registrar	Bigshare Services Pvt Ltd	Bigshare Services Pvt Ltd
Market Maker	Rikhav Securities Limited	Choice Equity Broking Private Limited
DRHP	DRHP	DRHP
RHP	RHP	RHP
Anchor Investor		Anchor Investor
IPO Allotment URL	IPO Allotment URL	IPO Allotment URL

Issue Size and Price

The total issue size of Birdy's IPO is up to ₹16.47 Cr whereas the issue size of the Ramdevbaba Solvent IPO is up to ₹50.27 Cr. The final issue price of Birdy's IPO is ₹120.00 per share and of Ramdevbaba Solvent IPO is ₹85.00 per share.

	Birdy's IPO	Ramdevbaba Solvent IPO
Face Value	₹10 per share	₹10 per share
Issue Price (Lower)		₹80.00 per share
Issue Price (Upper)		₹85.00 per share
Issue Price (Final)	₹120.00 per share	₹85.00 per share
Discount (Retail)
Discount (Employee)
Market Lot Size	1200 shares	1600 shares
Fresh Issue Size	13,72,800 shares	59,13,600 shares
Fresh Issue Size (Amount)	up to ₹16.47 Cr	up to ₹50.27 Cr
OFS Issue Size
OFS Issue Size (Amount)
Issue Size Total	13,72,800 shares	59,13,600 shares
Issue Size Total (Amount)	up to ₹16.47 Cr	up to ₹50.27 Cr

IPO Timetable

Birdy's IPO opens on Apr 15, 2024, while Ramdevbaba Solvent IPO opens on Apr 15, 2024. The closing date of Birdy's IPO and Ramdevbaba Solvent IPO is Apr 18, 2024, and Apr 18, 2024, respectively.

	Birdy's IPO	Ramdevbaba Solvent IPO
Anchor Bid Date		Apr 12, 2024
Issue Open	Apr 15, 2024	Apr 15, 2024
Issue Close	Apr 18, 2024	Apr 18, 2024
Basis Of Allotment (Tentative)	Apr 19, 2024	Apr 19, 2024
Initiation of Refunds (Tentative)	Apr 22, 2024	Apr 22, 2024
Credit of Share (Tentative)	Apr 22, 2024	Apr 22, 2024
Listing date (Tentative)	Apr 23, 2024	Apr 23, 2024
Anchor Lockin End date 1		May 19, 2024
Anchor Lockin End date 2		Jul 18, 2024

Financials

Birdy's IPO P/E ratio is 23.12, as compared to Ramdevbaba Solvent IPO P/E ratio of 10.6.

Birdy's IPO

Ramdevbaba Solvent IPO

Financial

Grill Splendour Services Limited Financial Information (Restated)

Grill Splendour Services Limited's revenue increased by 32.92% and profit after tax (PAT) rose by 5654.34% between the financial year ending with March 31, 2023 and March 31, 2022.

Period Ended	30 Nov 2023	31 Mar 2023	31 Mar 2022	31 Mar 2021
Assets	2,211.54	764.02	290.59	265.98
Revenue	885.64	1,531.62	1,152.27	825.22
Profit After Tax	61.65	199.10	3.46	-3.63
Net Worth	494.98	200.79	1.69	-1.77
Reserves and Surplus	111.44	199.79	0.69	-2.77
Amount in ₹ Lakhs

Ramdevbaba Solvent Limited Financial Information (Restated)

Ramdevbaba Solvent Limited's revenue increased by 20.35% and profit after tax (PAT) rose by 97.25% between the financial year ending with March 31, 2023 and March 31, 2022.

Period Ended	31 Dec 2023	31 Mar 2023	31 Mar 2022	31 Mar 2021
Assets	20,341.24	19,062.61	13,134.86	10,125.05
Revenue	46,569.81	70,433.41	58,525.46	42,717.32
Profit After Tax	828.90	1,300.15	659.15	617.06
Net Worth	6,857.15	4,783.25	3,483.10	2,823.95
Reserves and Surplus	5,235.97	4,324.52	3,024.37	2,365.22
Total Borrowing	9,998.78	9,922.63	6,485.67	4,474.16
Amount in ₹ Lakhs

Promoter Shareholding (Pre-Issue)

49.75%

81.01%

Promoter Shareholding (Post-Issue)

36.64%

P/E Ratio

23.12

10.6

Market Cap

₹62.50 Cr.

₹188.07 Cr.

ROE

ROCE

10.76%%

Debt/Equity

1.5

1.46

EPS

₹5.19

₹8.02

RoNW

12.46%%

14.24%%

Shares Offered

In the Birdy's IPO retail investors (RII) are offered 6,51,600 shares while in Ramdevbaba Solvent IPO retail investors are offered 6,51,600 shares. Qualified institutional buyers (QIB) are offered 0 shares in Birdy's IPO and 11,20,000 shares in Ramdevbaba Solvent IPO.

	Birdy's IPO	Ramdevbaba Solvent IPO
Anchor Investor Reserveration		16,80,000 shares
Market Maker Reserveration	69,600 shares	3,13,600 shares
QIB	0 shares	11,20,000 shares
NII	6,51,600 shares	8,40,000 shares
RII	6,51,600 shares	19,60,000 shares
Employee	0 shares	0 shares
Others
Total	13,03,200 shares	39,20,000 shares

Bids Received (Subscription)

Birdy's IPO subscribed 8.68x in total, whereas Ramdevbaba Solvent IPO subscribed 126.21x.

	Birdy's IPO	Ramdevbaba Solvent IPO
QIB (times)		65.95x
NII (times)	4.59x	314.46x
Big NII (times)
Small NII (times)
RII (times)	12.78x	79.96x
Employee (times)
Other (times)
Total (times)	8.68x	126.21x

Compare with others

Birdy's IPO	Ramdevbaba Solvent IPO
ABS Marine Services IPO	Faalcon Concepts IPO
Shivam Chemicals IPO	Emmforce Autotech IPO
Varyaa Creations IPO	Birdy's IPO
Faalcon Concepts IPO	Greenhitech Ventures IPO
Emmforce Autotech IPO	Finelistings Technologies IPO
Greenhitech Ventures IPO	Teerth Gopicon IPO
Finelistings Technologies IPO	DCG Cables & Wires IPO
Ramdevbaba Solvent IPO	Creative Graphics Solutions India IPO
Teerth Gopicon IPO	K2 Infragen IPO
DCG Cables & Wires IPO	Aluwind Architectural IPO

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