Winsol Engineers IPO is a book built issue of Rs 23.36 crores. The issue is entirely a fresh issue of 31.15 lakh shares.
Winsol Engineers IPO opens for subscription on May 6, 2024 and closes on May 9, 2024. The allotment for the Winsol Engineers IPO is expected to be finalized on Friday, May 10, 2024. Winsol Engineers IPO will list on NSE SME with tentative listing date fixed as Tuesday, May 14, 2024.
Winsol Engineers IPO price band is set at ₹71 to ₹75 per share. The minimum lot size for an application is 1600 Shares. The minimum amount of investment required by retail investors is ₹120,000. The minimum lot size investment for HNI is 2 lots (3,200 shares) amounting to ₹240,000.
Winsol Engineers IPO Details
| IPO Date | May 6, 2024 to May , 2024 |
| Listing Date | [.] |
| Face Value | ₹10 par share |
| Price Band | ₹71 to ₹75 per share |
| Lot Size | 1600 Shares |
| Total Issue Size | 3,115,200 Shares (aggregating up to ₹23.36 Cr) |
| Fresh Issue | 3,115,200 Shares (aggregating up to ₹23.36 Cr) |
| issue Type | Book Built Issue IPO |
| Listing At | NSE,SME |
| Share holding pre issue | 8,420,000 |
| Share holding post issue | 11,535,200 |
| Market Maker portion | 158,400 Shares Spread X Securities |
Winsol Engineers IPO Anchor Investors Details
Winsol Engineers IPO raises Rs 6.62 crore from anchor investors. Winsol Engineers IPO Anchor bid date is May 3, 2024. Winsol Engineers IPO Anchor Investors list
| Bid Date | May 3, 2024 |
| Shares Offered | 83,200 |
| Anchor Portion Size (in Cr) | 6.62 |
| Ancho lock-in period end date for 50% shares (30 Days) | June 9, 2024 |
| Anchor lock-in period end date for remaining shares ( 90 ) | August8, 2024 |
Winsol Engineers IPO Reservation
| Investor Category | Shares offered |
| QIB Shares offered | Not more than 50 % of the Net issue |
| Retail Shares Offered | Not less then 35 % of the Net issue |
| NII (HNI) Shares Offered | Not less then 15 % of the Net issue |
Winsol Engineers IPO Timeline (Tentative Schedule)
Winsol Engineers IPO opens on May 6, 2024, and closes on May 9, 2024.
| IPO Open Date | Monday ,May 6, 2024 |
| IPO Close Date | Thursday ,May 9,2024 |
| Basis of Allotment | Friday, May 10, 2024 |
| Initiation of Refunds | Monday, May 13,2024 |
| Credit of shares to Demat | Monday, May 13,2024 |
| Listing Date | Tuesday , May 14, 2024 |
| Cut-off time for UPI mandate confirmation | 5 PM on May 9, 2024 |
Winsol Engineers IPO Lot Size
Investors can bid for a minimum of 1600 shares and in multiples thereof. The below table depicts the minimum and maximum investment by retail investors and HNI in terms of shares and amount.
| Application | Lots | Shares | Amount |
| Retail (Min) | 1 | 1600 | ₹120,000 |
| Retail ( Max ) | 1 | 1600 | ₹120,000 |
| HNI (Min) | 1 | 3200 | ₹240,000 |
Winsol Engineers IPO Promoter Holding
The Promoters of the company namely Mr. Ramesh Jivabhai Pindariya, Mrs. Amri Ramesh Pindariya, Ms. Pindariya Kashmira, Ms. Kashish Ramesh Pindariya And Mr. Kishor Jivabhai Pindariya.
| Share holding pre Issue | 100,00% |
| Share holding post issue | 72,99% |
About Winsol Engineers Limited
Incorporated in December 2015,Winsol Engineers Limited is a company that provides integrated engineering, procurement, construction, and commissioning services for Balance of Plant (BoP) Solutions for both solar and wind power generation firms.
The company’s core services for BoP Solutions include foundation work, substation civil and electrical work, and right-of-way services.
The company is ISO-9001-2015, ISO-14001-2015, and ISO-45001-2018 certified, demonstrating its execution capabilities in quality.
The company has more than 200 engineers and technicians on their team for project execution.
As of April 2024, they have more than 41 major ongoing projects with a total value of approximately ₹11,953.31 lakhs. As of March 31, 2024, invoices totalling more than ₹2,115.54 lakhs have been booked, leaving an unexecuted or unbilled order book of ₹9,837.75 lakhs.
As of December 31, 2023, the workforce consists of over 270 employees, including more than 200 engineers and technicians.
Winsol Engineers Limited Financial Information (Restated)
Winsol Engineers Limited’s revenue increased by 7.64% and profit after tax (PAT) rose by 377.66% between the financial year ending with March 31, 2023 and March 31, 2022.
| Period Ended | 31 Des 2023 | 31 Mar 2023 | 31 Mar 2022 | 31 Mar 2021 |
| Assets | 3,565,34 | 2,856.01 | 2,764.80 | 1,816.83 |
| REVENUE | 5,202.28 | 6,544.53 | 6,080.00 | 2,224.58 |
| Profit After TAX | 677.26 | 518.07 | 108.46 | 49.44 |
| Net worth | 1,527.15 | 873.89 | 343.93 | 238.55 |
| Reserves and Surplus | 685.15 | 871.89 | 314.93 | 236.55 |
| Total Borrowing | 846.76 | 928.90 | 928.90 | 814.49 |
Key Performance Indicator
The market capitalization of Winsol Engineers IPO is Rs 86.51 Cr.
KPI as of December 31, 2023.
| KPI | Values |
| ROE | 22.33% |
| ROCE | 11.71% |
| Debt/Equity | 0.55 |
| RONW | 44.35% |
| P/BV | 4.13 |
| PAT Margin (%) | 13.04 |
| Pre IPO | Post IPO | |
| EPS (RS) | 6.15 | 7.83 |
| P/E (X) | 12.19 | 9.58 |
Note:-
- The Pre IPO EPS is calculated based on Pre issue shareholding as on date of RHP and the latest FY earnings as of March 31, 2023 that is available in RHP.
- The Post Issue EPS is calculated based on the Post issue shareholding and annualized FY earnings of December 31, 2023 that is available in RHP.
Objects of the Issue (Winsol Engineers IPO Objectives)
The Issue Proceeds from the Fresh Issue will be utilized towards the following objects:
- Working Capital Requirements
- General Corporate Purposes
Winsol Engineers IPO Review (Apply)
The company is in Wind and Solar power generation installations/maintenance and material supply business that has been growing for the past few years and is set for bright prospects under Government of India’s renewable power generation plans and spending. This company marked growth in its top and bottom lines for the reported periods. Based on annualized FY24 earnings, the issue appears reasonably priced. Investors may invest in this lucrative offer for the medium to long term rewards.
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