IPO Update: Maruti Interior Products IPO to Open Next Week; Check Out The Details
SANDEEP KUMAR | Jan 31, 2022 |
IPO Update: Maruti Interior Products IPO to Open Next Week; Check Out The Details
In this week, IPO of Maruti Interior Products Pvt. Ltd. Company is lined up to open for subscription in the primary market. In the year 2000, Maruti Interior Products Private Limited began producing Modular Kitchen Accessories & Storage Solutions. They were in the business of manufacturing M.S. Wire-based products for the first two years. However, as time went on and market demands grew, they expanded into other areas as well.
Maruti Interior Products Limited manufactures, sells, and exports modular kitchen storage systems, as well as aluminium long wardrobe handles and profile handles. For various customer categories, the company provides a wide range of product offerings. Everyday Kitchen focuses on a low-cost selection of products, whereas Spitze by Everyday focuses on high-end items. Apart from its own branded items, the company also manufactures for major brands such as Godrej, Hafele India, Kaff Appliances, Walmart, Homelane, Livespace, Spacewood, and others.
It features an in-house design team that is in charge of product development and quality control. MIPL designs and tests all of its products in-house to ensure that they meet the highest quality standards. Its plant covers around 1,00,000 square feet. Wire Straightening, Wire Cutting, Wire Bending, Wire Welding, 3D wire bending, 2D wire bending, and automatic multi head wire mesh welders are among the automatic machinery available. The company has an autonomous laser cutting machine and a CNC Sheet Metal Bender for sheet metal parts.
The company designs all of its goods in-house, and the company has a marketing and distribution network that spans India. MPIL sells directly to clients online through e-commerce platforms such as Amazon and Flipkart. The company has also developed Do It Yourself (DIY) items with direct customers in mind.
All over India, the company has over 300 dealers and 25 distributors. It has distributors in Uganda as well. The company is also in the midst of forming a partnership with an Austrian company for an oven wire shelf.
The IPO opens on Feb 3, 2022, and closes on Feb 8, 2022.
Mr. Paresh P. Lunagaria and Mr. Purushotam R. Lunagaria are the company promoters.
Bigshare Services Pvt Ltd is the registrar for the IPO.
The company aims to utilize the funds for following purpose:
Retail investors are entitled to get 50% of the shares while the other 50% shares are reserved for individual applicants other than retail investors and corporate bodies or institutions.
The company’s financial performance during the last three fiscal years has been Rs. 11.85 crore / Rs. 0.98 crore (FY19), Rs. 18.19 crore / Rs. 2.29 crore (FY20), and Rs. 15.23 crore / Rs. 1.55 crore (FY21) (FY21). It made a net profit of Rs. 1.65 crore in the first half of FY22, which concluded on September 30, 2021, on a turnover of Rs. 11.48 crore. Higher margins were ascribed to a more diverse and premium range product launch in the first half, according to management, and these trends will continue.
The company has had an average EPS of Rs. 3.05 and a RoNW of 19.12 percent over the last three fiscal years. Depending on its NAV of Rs. 21.19 as of September 30, 2021, the issue is valued at a P/BV of 2.60, and at a P/BV of 1.82, based on its post-IPO NAV of Rs. 30.15.
If we annualize FY22 earnings and allocate them to a fully diluted post-IPO equity basis, the asking price is roughly 12.59 P/E, indicating that it is a fully priced bet. With the new product launch, it has bright prospects going forward. Based on FY22 earnings, the issue is fully priced.
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