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Associated Coaters Ltd IPO: Review, Valuation, Date & GMP

  


Associated Coaters Limited IPO  - Complete Overview

Established in 2017, Associated Coaters Limited specializes in pre-treatment and powder coating of aluminum extrusions for the architecture and real estate industries. 

Based in Vivekanandapur, 24 Paraganas (South), Kolkata, the company prides itself on providing timely and efficient deliveries of powder-coated aluminum sections across Kolkata, Orissa, Siliguri, Bihar, and Jharkhand.

With an annual capacity of 1,200 metric tons, including both automatic and manual coating plants, Associated Coaters is emerging as a significant player in the aluminum extrusion coating market in eastern India. 

The company runs two manual powder coating plants and an additional fully automatic powder coating plant, established in July 2017.

Certified with ISO 9001:2015, Associated Coaters Limited adheres to a robust Quality Management System, ensuring high standards in their operations and services.

Associated Coaters Limited IPO Overview

Associated Coaters Limited IPO date is slated to be open for subscription from May 30, 2024, to June 3, 2024. This BSE SME IPO follows a Fixed Price Issue IPO.

Associated Coaters Limited IPO price is fixed at Rs. 121 per share. 

The total issue size of this IPO amounts to Rs.5.11 Cr. The company has allocated 50% shares to retail investors and 50% to other investors.

Company Financial

Compared to the financial year ending March 31, 2023, and March 31, 2022, Associated Coaters Limited has seen growth in total assets, net worth, and total revenue. The profit after tax has increased while the total borrowing decreased.

(Amount in Lakhs)

Period

30 Sep 2023

31 Mar 2023

31 Mar 2022

Total Assets 

370.71

296.12

201.81

Total Revenue

232.96

358.94

139.41

PAT

33.22

54.30

13.67

Net worth

103.57

70.34

16.05

Reserve & Surplus 

100.57

67.34

13.05

Total Borrowings

34.90

9.90

10.10

 

The Objective of the Issue

The Company plans to use the net proceeds from the fresh issue for the following objectives:

a) Funding capital expenditure towards the installation of plant & machinery in our existing premises.

b) Working Capital Requirements.

c) General Corporate Purposes.

Peers of Associated Coaters Limited IPO

According to the Associated Coaters Limited DRHP, the company does not have any listed peers.

 

 

Evaluation

The IPO is priced at Rs.121 per share.

Evaluation of P/E Ratio

  • Considering the FY23 EPS of Rs 5.84 from the last year, the resulting P/E ratio is 20.71x.

  • Taking into account the weighted EPS of Rs 3.41 for the last three years, the P/E ratio amounts to 35.48x.

Comparative Analysis with Listed Peers

The company does not have any listed competitors in its industry.

IPO's Strengths 

  • Demonstrated robust project execution capabilities and proven industry expertise.

  • Cultivating strong customer relationships for sustained business success.

  • Commitment to quality assurance excellence.

  • Guided by seasoned leadership at the helm.

IPO weaknesses 

  • The top five customers contribute the majority of the company's operational revenues.

  • Potential conflicts of interest may exist between the company and other ventures or enterprises promoted by the company's promoter.

  • The company does not have long-term supply agreements with its vendors or suppliers.

  • The company requires numerous approvals, NOCs, licenses, registrations, and permits in the ordinary course of business.

  • Compliance with stringent environmental, health, and safety laws and regulations, or stricter enforcement of these laws, may lead to increased liabilities and capital expenditures.

  • The company competes with both organized and unorganized players within its industry.

IPO GMP Today 

The latest GMP of Associated Coaters Limited is Rs.75.

Associated Coaters Limited IPO timetable (Tentative)

Associated Coaters Limited IPO is scheduled from May 30 to June 3, 2024, with allotment on June 4, refund initiation on June 5, and listing on June 6, 2024.

Events 

Date

IPO Opening Date

May 30, 2024

IPO Closing Date

June 3, 2024

IPO Allotment Date 

June 4, 2024

Refund initiation 

June 5, 2024

IPO Listing Date

June 6, 2024


Associated Coaters Limited IPO Details 

Associated Coaters Limited IPO, with a face value of Rs.10 per share, opens on May 30 and closes on June 3, 2024, offering 422,000 shares at Rs.121 per share, with a lot size of 1000 shares, aiming to raise Rs.5.11 Cr, and will be listed on BSE SME.

IPO opening & closing date 

May 30, 2024 to June 3, 2024

Face value 

Rs.10 per share

Issue Price

Rs.121 per share

Lot Size

1000 Shares

Price of 1 lot

Rs. 121,000

Issue Size

422,000 shares (aggregating up to ₹5.11 Cr)

Fresh issue 

422,000 shares (aggregating up to ₹5.11 Cr)

Listing at

BSE SME

Issue Type 

Fixed Price Issue IPO

Registrar 

Bigshare Services Pvt Ltd 


Associated Coaters Limited IPO Lot Details 

For Associated Coaters Limited IPO, the retail investor minimum and maximum lot investments are both 1 lot (1000 shares) at Rs.121,000 while for HNI investors, the minimum investment is 2 lots (2000 shares) at Rs. 242,000.

Minimum Lot Investment (Retail) 

1 lot

Maximum Lot Investment (Retail) 

1 lot

Minimum Lot Investment (HNI) 

2 lot


Associated Coaters Limited IPO Reservation

Other Investors share Portion

50%

Retail Investors share Portion

50%

Promoters and Management of Associated Coaters Limited

  • Jagjit Singh Dhillon 

  • Navneet Kaur.

Pre-issue Promoter shareholding

99.98%

Post-issue Promoter shareholding

 

 

Associated Coaters Limited IPO Lead Managers

  • Gretex Corporate Services Limited

Dividend Policy

The company has not declared any dividends on equity shares in the last three financial years.

 

 

Conclusion

The company operates in a highly competitive and fragmented sector. While its revenue performance is well, the gestation period for migration is longer. Experienced investors might consider applying for the IPO, whereas others may prefer to avoid it.

 

Finowings IPO Analysis

Hope you enjoyed the Finowings IPO Analysis. We tried our best to give every required detail about the company that you should know before applying to the IPO. 

You must consult your financial advisor before making any financial decisions. 

To Apply for the IPO, Click Here.

 

To Read the Prospectus of the Company Click Here to Download the DRHP.

 

 

 

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Frequently Asked Questions

+

The IPO is scheduled to open for subscription on May 30, 2024.

 

+

The issue price for Associated Coaters Limited IPO is set at Rs.121 per share.

 

+

The total issue size of the IPO is Rs.5.11 Cr, with 50% reserved for retail investors.

 

+

The IPO is set to close on June 3, 2024.

 

+

The IPO's net proceeds will be allocated towards funding capital expenditure for the installation of plant and machinery at the existing premises, meeting working capital requirements, and addressing general corporate purposes.

 



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