Mish Designs LTD. IPO - Review, Valuation, Date & Today GMP

Mish Designs Limited - Complete Overview

Founded in 2017, Mish Designs is involved in fabric fabrication into garments in India, operating under the brand names "MISH" and "CURVES BY MISH." 

Additionally, the company exports its products to the UAE under the brand name "ZOEY." Mish Designs offers a wide selection of over 1000 trendy designs to meet the varied preferences of its customers. 

The company's product range in the Women's wear segment includes dresses, gowns, tops, co-ords, t-shirts, trousers, and palazzos.

 

What does the company do?

Mish Designs is engaged in the process of fabrication of fabric into garments.

 

Company Products 

In the Women's wear segment, the company provides a diverse range of products, including dresses, gowns, tops, co-ords, t-shirts, trousers, and palazzos.

 

 

IPO Overview 

The Mish Designs IPO date is set to be open for subscription from October 31 to November 2, 2023. This SME IPO is a Fixed Price Issue IPO.

The Mish Designs IPO price is fixed at Rs. 122 per share, and the total issue size for this upcoming SME IPO amounts to Rs. 9.76 crore.

In terms of allocation, the company has earmarked 50% of the shares for retail investors and the remaining 50% for other investors.

 

Mish Designs IPO timetable (Tentative)

Events	Date
IPO Opening Date	31 October 2023
IPO Closing Date	2 November 2023
IPO Allotment Date	7 November 2023
Refund initiation	8 November 2023
IPO Listing Date	10 November 2023

 

Mish Designs Limited IPO Details 

IPO Opening & Closing Date	31 October to 2 November 2023
Face value	Rs.10 per Share
Issue Price	Rs. 122 per Share
Lot Size	1000 Shares
Price of 1 lot	Rs. 122,000
Issue Size	800,000 Shares (aggregating up to Rs. 9.76 Cr)
Offer for Sale	NA
Fresh issue	800,000 Shares (aggregating up to Rs. 9.76 Cr)
Listing at	BSE SME
Issue Type	Fixed Price Issue IPO
Registrar	Kfin Technologies Limited

 

Mish Designs Limited IPO Lot Details

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

 

 

Mish Designs Limited IPO Reservation

Other Investors Share Portion	50%
Retail Investors Share Portion	50%

 

Company Financial

Amount in Lakhs

Period	FY 23	FY 22	FY 21
Total Assets	711.46	423.10	251.78
Total Revenue	1,111.95	730.70	419.32
PAT	60.76	5.36	0.30
Net worth	218.08	57.33	51.96
Reserve & Surplus	18.08	32.33	26.96
Total Borrowings	300.01	231.36	108.06

 

Revenue Break-up

Particulars	Percentage
Online Model	88.49%
Offline Model	11.51%

 

Total Revenue from Operation (including GST) for the financial year 2022-23 

Name of Customers	Amount in lakhs
Myntra Designs Private Limited	726.21
Nyka Fashions Private Limited	184.39
Reliance Retails Limited	133.41
Amri Fashions	77.52
Avenue Supermarts Limited	30.54
MISH India website	16.17
Theobroma Foods Private Limited	15.44
Aarsha Fashion	13.17
Tata Clicq	13.17
Pebble Street Hospitality Private Limited	2.33
Total	1,206.63

 

Objective of the Issue

The company aims to allocate the net proceeds for the following purposes:

• Supporting working capital needs.
• Financing branding and marketing endeavours.
• Addressing general corporate requirements.

 

Promoters and Management of Mish Designs Limited

Kaushal Goenka and Sajan Bhartia are the promoters of the company.

Pre-issue Promoter Shareholding	95.75%
Post-issue Promoter Shareholding	68.35%

 

Peer Comparison

Below are the listed peers of Mish Designs Limited

Company Name	EPS	P/E	Revenue from Operations (Rs. in Lakhs)
Mish Designs Limited	5.61	-	1,110.24
Aditya Birla Fashion and Retail Limited	(0.38)	-	12,53,436.00
Go Fashion (India) Limited	15.33	88.10	67,719.40
Kewal Kiran Clothing Limited	19.31	34.66	79,967.00

 

IPO's Valuations

In evaluating the IPO valuation, we can utilise the company's provided data. With Mish Designs IPO price set at Rs.122 per share and having an EPS of Rs. 5.61, the PE ratio, based on the issue price, is 21.74.

 

Dividend Policy

According to Mish Designs' IPO DRHP, the company has not distributed any dividends in the past, and the potential for future dividend payments is based on the company's future performance.

 

IPO's Strengths 

• Conducting online business via an eCommerce platform.
• A proficient team of promoters and professionals.
• A business model that can be expanded as needed.
• Efficient and cost-effective production with on-time order fulfilment while upholding quality standards.

 

IPO Weaknesses

• The company needs various approvals and licenses as part of its standard business operations, along with the requirement to adhere to specific rules and regulations.
• A significant portion of the company's revenue comes from well-established E-Commerce platforms.
• The company has reported negative net cash flows in the past, and this trend may continue in the future.
• Elevated logistics and commission charges when selling products through major e-channels could escalate the company's costs, potentially reducing its profit margins.
• The industry is fiercely competitive, both in traditional offline and online avenues.
• The company faces the risk of sales returns, primarily due to the majority of its products being sold through digital platforms.

 

 

IPO GMP Today

The Latest GMP of Mish Designs SME IPO is Rs. 50.

 

Conclusion

The company operates within a competitive industry and has established a robust online presence across various popular platforms. Nevertheless, the sudden surge in the company's revenue and profit may appear to be a superficial enhancement for the IPO. It is advisable for investors to consider all relevant factors before deciding to invest in the offering.

 

 

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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