Bulkcorp International Ltd IPO: Review, Valuation, Date & GMP

Bulkcorp International Limited IPO-Complete Overview

Bulkcorp International Limited IPO an SME IPO is a book-built issue of Rs.20.78 crore by Bulkcorp International Limited which was established in 2009. Intermediate Bulk Container (FIBC) bags are manufactured and distributed by the company.

The firm offers eight different FIBC bag (Jumbo Bag) types and container liners, among other customizable packaging options. The company's production facility in Changodar, Ahmedabad, has obtained Grade A accreditation and complies with the BRC Global Standard for Packing and Packaging Materials.

In addition to BRC accreditation, the firm holds ISO 9001:2015, ISO 14001:2015, and ISO 45001:2018 certifications. The business supplies goods to the mining, food, chemical, construction, agriculture, and pharmaceutical industries. The business has sold its goods to nations including Egypt, Europe, the United States of America, Canada, the United Kingdom, South Africa, the Ivory Coast, South Korea, and Spain. The company employed 195 individuals as of May 31, 2024, including workers.

The company plans to launch its SME IPO on July 30, 2024.

 

 

Bulkcorp International Limited IPO Overview

Bulkcorp International Limited's IPO of Rs.20.78 crore comprises a wholly Fresh Issue of 19.79 lac Shares (amounting to Rs.20.78 crores). This SME IPO will be available to investors on July 30, 2024, and conclude on August 1, 2024. The anticipated listing date for the IPO is Tuesday, August 6, 2024, and will be held on the NSE and SME. The price range of each Share is Rs.100 to Rs.105.

If you want to apply for the IPO, Click Here to Open a Demat Account.

Company Financial

The company's revenue increased by 19.37%, while profit after tax (PAT) increased by 193.6% during the financial years ending March 31, 2024, and March 31, 2023. 

Below is the synopsis of the company's financial data for the financial year ending March 31, 2024.

• The total revenue of the company is Rs.4,650.45 lac.

• The net worth of the company is Rs.934.06 lac.

• The company's EBITDA is Rs.469.14 lac.

• The total assets of the company are Rs.3,236.39 lac.

(Amount in Lac)

Period	31 Mar 2024	31 Mar 2023	31 Mar 2022
Total Assets	3,236.39	1,765.18	2,177.10
Total Revenue	4,650.45	3,895.71	4,919.90
PAT	355.90	121.22	172.56
Net Worth	934.06	478.16	356.95
Reserve & Surplus	380.54	297.16	175.95
Borrowing	634.23	542.28	889.24

Revenue Bifurcation

Below is the revenue breakdown for various activities:

(Amount in Lac)

Net Cash Flow In Multiple Activities	FY 2024	FY 2023	FY 2022
Net Cash Flow Operating Activities	122.58	370.04	-122.01
Net Cash Flow Investing Activities	-253.64	-40.81	-48.74
Net Cash Flow Financing Activities	133.75	-408.00	171.82

 

Sales-wise Revenue From Operations Breakdown For The Last Three Fiscals.

(Amount in Lac)

Sales	FY 2023-24	FY 2022-23	FY 2021-22
International Sales	3,091.56	2,919.28	3,531.36
Domestic Sales	1,426.69	927.79	1,311.05
Total	4,518.25	3,847.07	4,842.41

 

Country-wise Revenue Breakdown For The Last Three Fiscals

(Amount in Lac)

Country	FY 2023-24	FY 2022-23	FY 2021-22
USA	2,253.67	2,070.56	2,990.85
Austria	79.66	425.78	324.01
Egypt	-	44.80	85.36
El Salvador	80.03	108.91	-
Chile	585.91 18.95	0.04	-
Germany	28.11	-	22.41
Ivory Coast	-	64.12	-
Netherlands	53.36	99.69	-
South Africa	-	55.18	43.18
Spain	0.01	41.68	65.43
Others	10.80	8.52	0.10
Total	3,091.56	2,919.28	3,531.36

 

State-wise Revenue Breakdown For The Last Three Fiscals

State	FY 2023-24	FY 2022-23	FY 2021-22
Gujarat	1,401.03	919.68	1,274.66
Others	25.65	8.11	36.39
Total	1,426.69	927.79	1,311.05

 

Product-wise Revenue Bifurcation

Products	FY 2023-24	FY 2022-23	FY 2021-22
FIBC	3,921.64	3,558.86	4,551.78
Fabric	460.16	200.33	232.57
Filler Cord	-	0.87	-
Liner	3.32	1.85	19.09
Narrow Woven	-	5.84	6.1
Yarn	0.37	-	1.28
Scrap	48.14	79.32	31.59
Sale of Service	84.62	-	-
Total	4,518.25	3,847.07	4,842.41

 

The Objective Of The Issue

The company desires to use the Net Proceeds from the Issue to fulfill its following goals:

• Fund its working capital requirements.

• Capital Expenditure.

• Corporate Purposes.

Peers Of Bulkcorp International Limited

Company Name	Face Value (Rs.)	EPS (Rs.)	P/E (x)
Rishi Techtex Ltd.	10	1.82	25.75
Jumbo Bag Ltd.	10	1.42	26.92

Evaluation

The price of this IPO is Rs.100 to Rs.105 for each Share.

Evaluation Of P/E Ratio

Considering the FY ended 31 March 2024, with EPS of Rs.6.47 from the last year, the resulting P/E ratio is 16.22x.

Considering the weighted EPS of Rs.4.01 for the last three years, the P/E ratio is 26.18x.

Comparative Analysis With Listed Peers

The average P/E Ratio of the industry is 26.34x.

Particulars	P/E Ratio (x)
Highest	26.92
Lowest	25.74
Average	26.34

In simple words, the P/E ratio of Bulkcorp International Limited-IPO (16.22x), compared with the industry’s average P/E of 26.34x, has an undervaluation. Hence the price of the Share seems fairly priced for the investors when considered based on the average P/E ratio of the industry.

Bulkcorp International Limited IPO's Strengths

• Extensive Selection of Products

• Internal manufacturing resources

• Solid connections with suppliers and customers

• Skilled management group possessing industry knowledge and a proven performance history.
  
  

Bulkcorp International Limited IPO’s Weaknesses

• The company's activities are restricted to a few areas, including the USA overseas and Gujarat on the Indian subcontinent. Any unfavorable event that affects its activities in this area might harm the company's operations, finances, and overall performance.

• The Company is dependent on a few suppliers for the purchase of products. The loss of any of these large suppliers may affect its business operations.

• Its projects are subject to a range of implementation risks, uncertainties, and hazards related to schedule and cost overruns. These risks have the potential to negatively impact the company, finances, operational outcomes, and future prospects.

• The company's operations are reliant on its manufacturing facilities. The company depends on the continuous operation of its manufacturing plant, and any disruption in such operation might have a serious negative impact on its operations, financial situation, and business performance.

• The company has experienced negative cash flow in various activities and may continue in the future which could affect the company’s performance.

IPO GMP Today

Bulkcorp International Limited IPO’s latest GMP is Rs.90.

 

Bulkcorp International Limited IPO Timetable (Tentative)

The IPO is scheduled from July 30 to August 1, 2024, with allotment on August 2, 2024 refund initiation on August 5, and listing on August 6, 2024.

Events	Date
IPO Opening Date	July 30, 2024
IPO Closing Date	August 1, 2024
IPO Allotment Date	August 2, 2024
Refund Initiation	August 5, 2024
IPO Listing Date	August 6, 2024

 

Bulkcorp International Limited IPO Details 

The IPO with a Face Value of Rs.10 per Share is set to start on July 30, close on August 1, and offer a total issue size of 1,978,800 Shares (aggregating up to Rs.20.78 Cr) comprising a whole fresh issue size of 1,978,800 Shares (totaling up to Rs.20.78 Cr).

IPO Opening & Closing date	July 30, 2024 to August 1, 2024
Face Value	Rs.10 per Share
Issue Size	1,978,800 Shares (totaling up to Rs.20.78 Cr).
Offer For Sale	NA
Fresh Issue	1,978,800 Shares (totaling up to Rs.20.78 Cr).
Listing At	NSE, SME
Issue Type	Book Built Issue IPO
Registrar	Kfin Technologies Limited

Bulkcorp International Limited IPO Lot Details 

The IPO allows retail investors to invest in a minimum and maximum of 1 Lot (1200 Shares) amounting to Rs.126000 and in multiples thereof, while for HNI investors, the minimum Lot is 2 (2400 Shares) amounting to Rs.252000.

Minimum Lot Investment (Retail)	1 Lot
Maximum Lot Investment (Retail)	1 Lot
HNI (Min)	2 Lots

 

Bulkcorp International Limited IPO Reservation

Institutional Portion	50%
Retail Portion	35%
Non-Institutional Portion	15%

 

Promoters And Management Of Bulkcorp International Limited IPO

• Mr. Punit Mahendra Gopalka

• Mr. Anup Mahendra Gopalka 

• Mr. Sanjay Pandurang Sadavarte

Pre-Issue Promoter Shareholding	98.10%
Post-Issue Promoter Shareholding	72.26%

Bulkcorp International Limited IPO Lead Managers

• Swastika Investmart Ltd.
  
  

 

 

Dividend Policy

The company has no formal dividend policy.

Conclusion

The company has experienced negative cash flow in operating, financing, and investing activities throughout the last few fiscal years. To achieve its goals, the company is currently launching an IPO for the general public.

We believe the information offered in this blog helps you learn about the company's financial performance. So this blog will be very useful to you if you are looking for information about the approaching IPO since it will give you reliable information about the company's, insights, financials, and past performance. If this informative blog piques your interest, you may be interested in reading our other related and useful posts on our website.

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.

Disclaimer: This IPO analysis is only for informational purposes and should not be considered as investment advice. Always do your research and consult with a financial advisor.

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