Naman In-Store (India) Ltd IPO: Review, Valuation, Date & GMP

Naman In-Store (India) Limited IPO  - Complete Overview

Founded in 2010, Naman In-Store (India) Limited stands out as a prominent display and retail furniture & fixture company, offering a wide range of solutions to various industries and retail stores. 

The expertise of the company lies in manufacturing modular furniture for offices, beauty stores, low-housing kitchens, educational institutions, and supermarket shelving solutions.

Specializing in the design and execution of turnkey projects, it bring together all necessary resources under one roof to meet the requirements of any fit-out project. 

The manufacturing capabilities of the company cover in-store customized furniture and fixtures in wood, metal, and plastic, including kiosks, full shops, Countertop Units (CTU), Countertop Display Units (CDU), Point of Sales Merchandising (POSM), among others in B2B model.

As of September 30, 2023, the company has served approximately 32 retail customers and their franchises, along with 4 industrial customers. 

Its manufacturing facilities, spanning an area of approximately 1,41,687 Sq. Ft., is located in Vasai, Maharashtra. Additionally, it maintain 2 warehouses in Kaman, Maharashtra, and 1 in Bengaluru.

The dedicated team comprises 491 employees as of September 30, 2023.

Naman In-Store (India) Limited IPO Overview

Naman In-Store (India) Limited IPO date is slated to be open for subscription from March 22, 2024, to March 27, 2024. This NSE SME IPO follows a Book Built Issue IPO.

Naman In-Store (India) Limited IPO price is set in the range of Rs.84 to Rs.89 per share. 

The total issue size of this IPO amounts to Rs.25.35 Cr. The company has allocated 35% to retail investors, 50% to institutional and 15% to non-instituional investors.

 

 

Company Financial

Compared to previous year, Naman In-Store (India) Limited has seen growth in total assets, net worth, and total revenue. The profit after tax and the total borrowing has also increased.

(Amount in Lakhs)

Period	30 Sep 2023	31 Mar 2023	31 Mar 2022
Total Assets		5,598.94	3,074.09
Total Revenue	7,929.71	14,993.50	5,108.94
PAT	618.89	381.71	21.25
Net worth	1,203.48	584.59	202.88
Reserve & Surplus		488.94	53.48
Total Borrowings	3,166.06	2,944.09	1,883.91

 

 

 

Verticals wise Product Revenue

(Amount in Lakhs)

Category	September 30, 2023	FY 23	FY 22
Retail	6148.53	12149.27	4084.86
Industrial	1,631.62	2,536.82	670.18
Others	141.63	298.48	344.36
Total	7921.78	14,984.57	5099.4

 

The Objective of the Issue

The company intends to utilize the proceeds of the Issue for the following purposes:

1. Funding capital expenditure to acquire land on a leasehold basis at Butibori, MIDC, with the objective of relocating the existing manufacturing facilities of the company.

2. Construction of a factory building at the newly acquired location.

3. General corporate purposes.

Peers of Naman In-Store (India) Limited IPO

According to the DRHP of Naman In-Store, there are no listed companies in India that are engaged in a business similar to that of Naman In-Store.

Evaluation

The IPO is priced within the range of Rs.84 to Rs.89 per share.

Evaluation of P/E Ratio

• Considering the FY23 EPS of Rs 4.96 from the last year, the resulting P/E ratio is 17.95x.

• Taking into account the weighted EPS of Rs 2.64 for the last three years, the P/E ratio amounts to 33.71x.

Comparative Analysis with Listed Peers

• There is no listed peers of the company.
  
  

 

 

IPO's Strengths 

• Proficient Leadership and Driven Team

• Competent and Committed Workforce

• Adherence to Quality Standards

• Comprehensive Manufacturing Facilities

• Strong and Enduring Client Relationships
  
  

IPO weaknesses 

• A notable portion of the revenues originates from select geographical regions. Any adverse developments impacting these regions could negatively affect its business.

• The company encounters competition from domestic players in its industry.

• One of the directors of the company is involved in specific litigation and claims.

• The company has experienced negative cash flow in recent fiscal periods.

• Certain approvals, licenses, registrations, and permits are necessary for the company's operations. Failure to obtain or renew them promptly may have adverse effects on the business.

IPO GMP Today 

The latest GMP of Naman In-Store (India) Limited is Rs.70.

Naman In-Store (India) Limited IPO timetable (Tentative)

Naman In-Store (India) Limited IPO is scheduled from March 22 to March 27, 2024, with allotment on March 28, refund initiation on April 1, and listing on April 2, 2024.

Events	Date
IPO Opening Date	March 22, 2024
IPO Closing Date	March 27, 2024
IPO Allotment Date	March 28, 2024
Refund initiation	April 1, 2024
IPO Listing Date	April 2, 2024

 

 

 

Naman In-Store (India) Limited IPO Details 

Naman In-Store (India) Limited IPO, with a face value of Rs.10 per share, opens on March 22 and closes on March 27, 2024, offering 2,848,000 shares at Rs.84 to Rs.89 per share, with a lot size of 1600 shares, aiming to raise Rs.25.35 Cr, and will be listed on NSE SME.

IPO opening & closing date	March 22, 2024 to March 27, 2024
Face value	₹10 per share
Issue Price	₹84 to ₹89 per share
Lot Size	1600 Shares
Price of 1 lot	₹142,400
Issue Size	2,848,000 shares (aggregating up to ₹25.35 Cr)
Fresh issue	2,848,000 shares (aggregating up to ₹25.35 Cr)
Listing at	NSE SME
Issue Type	Book Built Issue IPO
Registrar	Bigshare Services Pvt Ltd

Naman In-Store (India) Limited IPO Lot Details 

For Naman In-Store (India) Limited IPO, the retail investor minimum and maximum lot investments are both 1 lot (1600 shares) at Rs.142,400 while for HNI investors, the minimum investment is 2 lots (3200 shares) at Rs.284,800.

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

 

 

 

Naman In-Store (India) Limited IPO Reservation

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

Promoters and Management of Naman In-Store (India) Limited

• Mr. Raju Paleja

• Ms. Bhavika Paleja

• Mr. Jay Shah

• Mr. Mehul Naik 

• Mr. Abdul Shahid Shaikh.

Pre-issue Promoter shareholding	100.00%
Post-issue Promoter shareholding

 

Naman In-Store (India) Limited IPO Lead Managers

• GYR Capital Advisors Private Limited
  
  

Dividend Policy

The company has a track record of not distributing any dividends in the past. The possibility of future dividend payments hinges on the financial performance of the company.

 

 

Conclusion

Naman In-Store (India) Limited offers an exciting opportunity to investors to invest in its upcoming IPO. The company is showing strong growth in its financials. Seasoned investors may apply for the IPO after evaluating all the factors for optimal results.

 

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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