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Comrade Appliances IPO is a book built issue of Rs 12.30 crores. The issue is entirely a fresh issue of 22.78 lakh shares.
Comrade Appliances IPO bidding started from May 31, 2023 and ended on June 5, 2023. The allotment for Comrade Appliances IPO was finalized on Thursday, June 8, 2023. The shares got listed on BSE SME on June 13, 2023.
Comrade Appliances IPO price band is set at ₹52 to ₹54 per share. The minimum lot size for an application is 2000 Shares. The minimum amount of investment required by retail investors is ₹108,000. The minimum lot size investment for HNI is 2 lots (4,000 shares) amounting to ₹216,000.
Gretex Corporate Services Limited is the book running lead manager of the Comrade Appliances IPO, while Bigshare Services Pvt Ltd is the registrar for the issue. The market maker for Comrade Appliances IPO is Gretex Share Broking.
Refer to Comrade Appliances IPO DRHP for detailed information.
| IPO Date | May 31, 2023 to June 5, 2023 |
| Listing Date | June 13, 2023 |
| Face Value | ₹10 per share |
| Price Band | ₹52 to ₹54 per share |
| Lot Size | 2000 Shares |
| Total Issue Size | 2,278,000 shares (aggregating up to ₹12.30 Cr) |
| Fresh Issue | 2,278,000 shares (aggregating up to ₹12.30 Cr) |
| Issue Type | Book Built Issue IPO |
| Listing At | BSE SME |
| Share holding pre issue | 5,250,795 |
| Share holding post issue | 7,528,795 |
| Market Maker portion | 114,000 shares Gretex Share Broking |
Comrade Appliances IPO offers 2,278,000 shares. 432,000 (18.96%) to QIB, 326,000 (14.31%) to NII, 758,000 (33.27%) to RII 648,000 (28.45%) to Anchor investors.
| Investor Category | Shares Offered |
|---|---|
| Anchor Investor Shares Offered | 648,000 (28.45%) |
| Market Maker Shares Offered | 114,000 (5.00%) |
| QIB Shares Offered | 432,000 (18.96%) |
| NII (HNI) Shares Offered | 326,000 (14.31%) |
| Retail Shares Offered | 758,000 (33.27%) |
| Total Shares Offered | 2,278,000 (100%) |
Comrade Appliances IPO raises Rs 3.50 crore from anchor investors. Comrade Appliances IPO Anchor bid date is May 30, 2023. Comrade Appliances IPO Anchor Investors list
| Bid Date | May 30, 2023 |
| Shares Offered | 648,000 |
| Anchor Portion Size (In Cr.) | 3.50 |
| Anchor lock-in period end date for 50% shares (30 Days) | July 8, 2023 |
| Anchor lock-in period end date for remaining shares (90 Days) | September 6, 2023 |
Comrade Appliances IPO opens on May 31, 2023, and closes on June 5, 2023.
| IPO Open Date | Wednesday, May 31, 2023 |
| IPO Close Date | Monday, June 5, 2023 |
| Basis of Allotment | Thursday, June 8, 2023 |
| Initiation of Refunds | Friday, June 9, 2023 |
| Credit of Shares to Demat | Monday, June 12, 2023 |
| Listing Date | Tuesday, June 13, 2023 |
| Cut-off time for UPI mandate confirmation | 5 PM on June 5, 2023 |
Investors can bid for a minimum of 2000 shares and in multiples thereof. The below table depicts the minimum and maximum investment by retail investors and HNI in terms of shares and amount.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 2000 | ₹108,000 |
| Retail (Max) | 1 | 2000 | ₹108,000 |
| HNI (Min) | 2 | 4,000 | ₹216,000 |
| Lot Size Calculator | |||
M/s Troupe Technologies Private Limited, Mr. Khursheed Alam and Mr. Mehboob Alam are the company promoters.
| Share Holding Pre Issue | 100.00% |
| Share Holding Post Issue | 69.74% |
Incorporated in 2017, Comrade Appliances Limited is engaged in the process of manufacturing an extensive array of Air Coolers and Electric Geysers. The company manufactures consumer durable goods and assembles various products. They offer end-to-end product solutions to their customers.
Comrade Appliances operate under both, Original Equipment Manufacturer (OEM) and Original Design Manufacturer (ODM) business models.
Under the OEM model, they manufacture and supply products basis designs developed by their customers, later these products are sold under the customer's brand name. Under the ODM model, along with manufacturing, Comrade Appliances Limited also conceptualize and designs the products which are then marketed to the customers' prospective customers under their brands.
Presently, the company's product portfolio of consumer goods consists of:
The company's products are marketed, manufactured, and sold under the brand name "Comrade".
The company has a manufacturing facility located at Palghar admeasuring 66,322 Sq. Ft.
| Period Ended | Total Assets | Total Revenue | Profit After Tax | Net Worth | Reserves and Surplus | Total Borrowing |
|---|---|---|---|---|---|---|
| 31-Mar-20 | 1,678.98 | 2,162.29 | 41.80 | 293.40 | -38.97 | 400.93 |
| 31-Mar-21 | 3,140.65 | 2,603.85 | 20.21 | 241.77 | -90.60 | 1,412.38 |
| 31-Mar-22 | 2,527.31 | 2,973.28 | 38.75 | 502.43 | -14.87 | 1,113.79 |
| 31-Mar-23 | 2,753.18 | 2,699.43 | 163.57 | 689.41 | 164.33 | 1,766.48 |
| Amount in ₹ Lakhs | ||||||
The market capitalization of Comrade Appliances IPO is Rs 40.66 Cr.
| KPI | Values |
|---|---|
| ROE | 0.27% |
| ROCE | 0.16% |
| Debt/Equity | 1.96 |
| RoNW | 23.73% |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | 3.15 | |
| P/E (x) | 17.14 |
The Company intends to utilize the Net Fresh Issue Proceeds for the following Objectives:
[Dilip Davda] The company operates in a highly competitive and fragmented segment with many big players around. The sudden boost in its bottom line for FY23 raises eyebrows and concerns over sustainability going forward. Based on such super earnings, the issue appears aggressively priced. Small equity capital post-IPO indicates a longer gestation period for migration to the mainboard. Its IPO spending to the tune of 22.68% also raises concern. There is no harm in skipping this pricey issue. Read detail review...
The Comrade Appliances IPO is subscribed 77.25 times on June 5, 2023 7:02:00 PM. The public issue subscribed 72.08 times in the retail category, 21.86 times in the QIB category, and 162.67 times in the NII category. Check Day by Day Subscription Details (Live Status)
| Category | Subscription (times) |
|---|---|
| QIB | 21.86 |
| NII | 162.67 |
| Retail | 72.08 |
| Total | 77.25 |
Total Application : 34,440 (90.87 times)
| Listing Date | June 13, 2023 |
| BSE Script Code | 543921 |
| NSE Symbol | |
| ISIN | INE0NXA01015 |
| Final Issue Price | ₹54 per share |
| Price Details |
|---|
| Final Issue Price |
| Open |
| Low |
| High |
| Last Trade |
| BSE SME |
|---|
| ₹54.00 |
| ₹87.00 |
| ₹87.00 |
| ₹91.35 |
| ₹91.35 |
Comrade Appliances Limited
Shop No. 39, Ground Level I,
Dewan Centre, 183-186, S.V. Road, Jogeshwari West,
Mumbai - 400102
Phone: 022-66959545
Email: info@comrade.net.in
Website: http://www.comrade.net.in/
Bigshare Services Pvt Ltd
Phone: +91-22-6263 8200
Email: ipo@bigshareonline.com
Website: https://ipo.bigshareonline.com/ipo_status.html
SME Company Owners
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Check our SME IPO Guide 
Comrade Appliances IPO is a SME IPO of 2,278,000 equity shares of the face value of ₹10 aggregating up to ₹12.30 Crores. The issue is priced at ₹52 to ₹54 per share. The minimum order quantity is 2000 Shares.
The IPO opens on May 31, 2023, and closes on June 5, 2023.
Bigshare Services Pvt Ltd is the registrar for the IPO. The shares are proposed to be listed on BSE SME.
Zerodha customers can apply online in Comrade Appliances IPO using UPI as a payment gateway. Zerodha customers can apply in Comrade Appliances IPO by login into Zerodha Console (back office) and submitting an IPO application form.
Steps to apply in Comrade Appliances IPO through Zerodha
Visit Zerodha IPO Application Process Review for more detail.
The Comrade Appliances IPO opens on May 31, 2023 and closes on June 5, 2023.
Comrade Appliances IPO lot size is 2000 Shares, and the minimum amount required is ₹108,000.
You can apply in Comrade Appliances IPO online using either UPI or ASBA as payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO application is offered by brokers who don't offer banking services. Read more detail about apply IPO online through Zerodha, Upstox, 5Paisa, Nuvama, ICICI Bank, HDFC Bank and SBI Bank.
The finalization of Basis of Allotment for Comrade Appliances IPO will be done on Thursday, June 8, 2023, and the allotted shares will be credited to your demat account by Monday, June 12, 2023. Check the Comrade Appliances IPO allotment status.
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