chIPOrgarh IPO Review

Neutral

Valuation is expensive. 150-175 range would've been good bet.

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Avoid

Falling revenue. 2020 revenue was 98 cr and 2023 is 63 cr.

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Apply

Profit-making and debt-free company.

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Avoid

Incorporated in 1994 but profit after tax is only in few crores. Apply for listing gains (if any).

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Avoid

Large part of proceeds to be utilised for capex. Plans to commence RTA business.
Apply for listing gain (if any).

May Apply

Gujarat-based manufacturer and supplier of components used in power distribution and transmission sector.
Impressive profits after tax. Though it doesn't have formal dividend policy.

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Became public limited in Sept '23.
Purchases eat more than 80% of revenue. Paltry profits.
Small issue obviously would sail through on the back of GMP.

Apply

Cash rich company.
Depreciation on ROU assets eat up their profits.
Heavily invested in Capex and should reward investors in the long term.

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Avoid

Falling revenue. 2019 was 8934.6 cr but 2023 is 7105.7 cr.
More than 50% of revenue goes to Govt.
Company unlikely to give dividend on paltry profits.
No guarantee that company will remain debt-free post IPO.

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