Aluwind Architectural Ltd IPO: Review, Valuation, Date & GMP

Aluwind Architectural Limited IPO  - Complete Overview

Aluwind Architectural Limited, established in 2003, is a leading manufacturer and installer of aluminium products in India. 

Their extensive range includes windows, doors, curtain walls, cladding, and glazing systems, all tailored to the specific requirements of architects, consultants, builders, institutions, and corporations.

The company operates from a state-of-the-art 45,000-square-foot facility located in Pune, Maharashtra, showcasing its commitment to technological advancement in manufacturing processes.

With a focus on a niche product segment, Aluwind Architectural Limited has established a strong presence in various cities across India, including Mumbai, Pune, Bangalore, and Hyderabad, among others. Their wide network enables them to effectively distribute their products and services throughout the country, catering to a diverse clientele.

Notably, the company boasts a solid client base that includes prominent real estate developers such as L&T and Birla. This strategic partnership helps them to secure a variety of projects through competitive bidding processes.

As of September 30, 2023, Aluwind Architectural Limited employs a team of 178 permanent employees.

Aluwind Architectural Limited IPO Overview

Aluwind Architectural Limited IPO date is slated to be open for subscription from March 28, 2024, to April 4, 2024. This NSE SME IPO follows a Fixed Price Issue IPO.

Aluwind Architectural Limited IPO price is fixed at Rs.45 per share. 

The total issue size of this IPO amounts to Rs.29.70 Cr. The company has allocated shares 50% to retail investors and 50% to other investors.

 

 

Company Financial

Compared to the financial year ending March 31, 2023, and March 31, 2022, Aluwind Architectural Limited has seen growth in total assets, net worth, and total revenue. The profit after tax and total borrowing have also increased.

Amount in Lakhs

Period	30 Sep 2023	31 Mar 2023	31 Mar 2022
Total Assets	4,907.14	4,086.53	3,232.74
Total Revenue	4,142.97	4,900.62	2,925.13
PAT	372.83	270.05	78.80
Net worth	2,069.53	1,702.56	1,429.87
Reserve & Surplus	1,816.09	1,449.13	1,417.80
Total Borrowings	993.98	707.52	638.92

List of top 10 customers as a percentage of total revenue from operations of ₹ 2,128.35 Lakhs for the financial year ending on March 31, 2021

Particulars	Amount (in Lakhs)
City Corporation Pvt Ltd	349.81
Larsen & Toubro Limited	265.84
Honeywell Automation India Limited	223.71
Hamlet Construction Pvt.Ltd	158.00
ABB India Ltd.	131.00
L&T Parel Project Private Limited	91.94
Shapoorji Pallonji & Co.	88.40
Bhate & Raje Construction Co. Pvt. Ltd.	76.01
L & T Parel Project LLP	75.26
Ratilal Bhagwandas Construction Company	73.74
Total	1,533.71

List of top 10 customers as a percentage of total revenue from operations of ₹ 2,898.65 Lakhs for the financial year ending on March 31, 2022

Particulars	Amount (in Lakhs)
Bhate & Raje Contstructions	640.43
L&T Parel Project Private Limited	429.09
City Corporation Pvt Ltd	279.58
Larsen & Toubro Limited	265.88
Retail Work	189.93
Ratilal Bhagwandas Construction Company	186.45
Marian Projects Pvt. Ltd.	140.71
Birla Estates Private Limited	117.46
Hamlet Construction Pvt.Ltd	102.57
ABB India Ltd.	86.92
Total	2,439.01

List of top 10 customers as a percentage of total revenue from operations of ₹ 4,886.72 Lakhs for the financial year ending on March 31, 2023

Particulars	Amount (in Lakhs)
L&T Seawood Limited	664.32
Birla Estates Private Limited	456.21
Retail work	333.52
Keystone Realtors Pvt. Ltd.	321.43
Runwal Developers Pvt. Ltd.	320.09
Supreme Heights LLP	304.12
Bhate & Raje Contstructions	262.19
L&T Parel Project Private Limited	220.83
Ratilal Bhagwandas Construction Company	211.69
City Reality and Development	185.26
Total	3,279.66

 

 

The Objective of the Issue

The objectives of the issue are:

• Funding working capital requirement.

• Cover general corporate expenses.

Peers of Aluwind Architectural Limited IPO

Name of the Company	Face Value (Rs)	EPS (Rs)	P/E Ratio
Aluwind Architectural Limited	10	14.71	22.02*
Innovators Façade Systems Ltd	10	2.68	34.2

*Not annualised

Evaluation

The IPO is priced at Rs.45 per share.

Evaluation of P/E Ratio

• Considering the FY23 EPS of Rs 1.48 from the last year, the resulting P/E ratio is 30.41x.

• Taking into account the weighted EPS of Rs 0.95 for the last three years, the P/E ratio amounts to 47.36x.

Comparative Analysis with Listed Peers

• The industry's average P/E is 34.2x.

As a result, the IPO price range, with a P/E ratio ranging from 30.41x to 47.36x, seems fully priced to the industry average of 34.2x.

 

 

 

IPO's Strengths 

• Seasoned Leadership Supported by a Talented Professional Staff

• Strong Financial Performance: Sustaining Profitability Amidst COVID-19 Difficulties

• Cultivating enduring Client Partnerships and Connections within the Builder's Community

• Expanding Boundaries: Unrivaled Expertise in Aluminum Solutions

• Precision Craftsmanship and Excellence in Aluminum for Creating Spaces
  
  

IPO weaknesses 

• The company's business nature exposes it to potential liability claims and contract disputes, with existing indemnities potentially insufficient for protection.

• Negative cash flows have been observed from operating, investing, and financing activities in recent years.

• The company's financial performance may be impacted by seasonal and other fluctuations inherent in its industry.

• Currently, the manufacturing facility is not fully automated, potentially affecting operational efficiency.

• Various approvals, NOCs (No Objection Certificates), licenses, registrations, and permits are necessary for the company's regular business operations.

• Operating within fragmented industry segments, the company faces competition from other players, posing potential challenges to its business operations.

IPO GMP Today 

The Latest GMP of Aluwind Architectural Limited is Rs.5.

Aluwind Architectural Limited IPO timetable (Tentative)

Aluwind Architectural Limited IPO is scheduled from March 28 to April 4, 2024, with allotment on April 5, refund initiation on April 8, and listing on April 9, 2024.

Events	Date
IPO Opening Date	March 28, 2024
IPO Closing Date	April 4, 2024
IPO Allotment Date	April 5, 2024
Refund initiation	April 8, 2024
IPO Listing Date	April 9, 2024

 

 

Aluwind Architectural Limited IPO Details 

Aluwind Architectural Limited IPO, with a face value of Rs.10 per share, opens on March 28 and closes on April 4, 2024, offering 6,600,000 shares at Rs.45 per share, with a lot size of 3000 shares, aiming to raise Rs.29.70 Cr, and will be listed on NSE SME.

IPO opening & closing date	March 28, 2024 to April 4, 2024
Face value	₹10 per share
Issue Price	₹45 per share
Lot Size	3000 Shares
Price of 1 lot	₹135,000
Issue Size	6,600,000 shares (aggregating up to ₹29.70 Cr)
Fresh issue	6,600,000 shares (aggregating up to ₹29.70 Cr)
Listing at	NSE SME
Issue Type	Fixed Price Issue IPO
Registrar	Corpwis Advisors Private Limited

Aluwind Architectural Limited IPO Lot Details 

For Aluwind Architectural Limited IPO, the retail investor minimum and maximum lot investments are both 1 lot (3000 shares) at Rs.135,000 while for HNI investors, the minimum investment is 2 lots (6000 shares) at Rs.270,000.

Minimum Lot Investment (Retail)	1 lot
Maximum Lot Investment (Retail)	1 lot
Minimum Lot Investment (HNI)	2 lot

Aluwind Architectural Limited IPO Reservation

Other Investors share Portion	50%
Retail Investors share Portion	50 %

 

Promoters and Management of Aluwind Architectural Limited

• Mr. Murli Manohar Ramshankar Kabra

• Mr. Rajesh Kabra

• Mr. Jagmohan Ramshankar Kabra 

• Jagmohan Kabra HUF

Pre-issue Promoter shareholding	98.22%
Post-issue Promoter shareholding	72.13%

 

Aluwind Architectural Limited IPO Lead Managers

• Corpwis Advisors Private Limited
  
  

Dividend Policy

The Company has not declared any dividends on the Equity Shares during the last three financial years. The future payment of the dividend depends on the financial performance of the company.

 

 

Conclusion

The company is presenting an opportunity for investors to participate in its upcoming IPO. With a robust clientele and solid financial performance, it offers an attractive investment prospect. However, it's important for investors to recognize that the company operates within a competitive and fragmented market. Therefore, it is advisable for investors to thoroughly assess all factors before committing their funds to the issue.

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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