A PROJECT ON.

Study of IPO’S RECENTLY LISTED ON STOCK MARKET.

BY NAGARWALA SOHAIL
ROLL NO = 213.
UNDER THE GUIDANCE OF
PROF.AQUEEL BAJAJWALA.

SUBMITTED TO

SAVITRIBAI PHULE PUNE UNIVERSITY.

IN PARTIAL FULLFILLMENT OF THE REQUIREMENT FOR THE AWARD OF OF THE
DEGREE OF BACHELORS OF BUSINESS ADMINISTRATION FOR THE ACADEMIC
YEAR 2022-2023.
THROUGH- ABEDAR INAMDAR SENIOR COLLEGE OF ARTS, SCIENCE, AND
COMMERCE,CAMP , PUNE-411001.
DECLARATION
WE HEREBY DECLARE THAT REPORT TITLED “STUDY OF IPO’S RECENTLY LISTED
ON STOCK MARKET” HAS BEEN PREPARED BY US DURING THE YEAR 2022-2023
UNDER THE GUIDANCE OF
PROF .AQUEEL BAJAJWALA.
ABEDA INAMDAR SENIOR COLLEGE OF ARTS, SCIENCE & COMMERCE. PUNE
We would declare that this project is conducted in the partial requirements of the “Bachelors Of
Business Administration” Degree of the Pune University and has not been previously submitted
for the award of any degree to any institution or Universities.

We have not copied any previous report or any other , we further declare that all facts and figures
furnished in this report are outcome of my own research and finding.

We would also like to mention that this project is only for education purpose.

DATE:12/12/22. PLACE: PUNE.

ACKNOWLEDGEMENT

It gave us an immense pleasure to extend my gratitude to those who have been instrumental in the
successful completion of my project

We thank God almighty, for giving me all the needed strength, wisdom and grace.
We would like to thank the Pune University for the opportunity provided to me to
do this project and learn about the “ STUDY OF IPO’S RECENTLY LISTED ON STOCK
MARKET”.
We wish to avail myself this opportunity to express my sense of gratitude to
Dr. Shaila bootwala. Principal of ABEDAR INAMDAR SENIOR COLLEGE,PUNE and
Prof. Ameena Sabooni, Department of Commerce and Management who has
been a constant source of support and encouragement during the past two years
of my course in our college.

WE are obliged for the help and support. We have received from Prof. AQUEEL.
my guide, who made sure We was provided with all the information about the
formats required to complete this project according to the standard set by the
university. We are really thankful to my parents and my colleagues too for their
deep support

Place : Pune
INDEX.
SR.NO INDEX

1.) INTRODUCTION OF COMPANY

2.) STUDY OF IPOS OF THE COMPANIES.

3.) CONCLUSIONS
INTRODUCTION OF COMPANIES…

1.) INOX GREEN ENERGY.

Inox Green Energy Services Limited was originally incorporated as a Public

Company Limited by Shares under the name `Inox Wind Infrastructure Services
Limited' at Vadodara Gujarat dated May 11 2012 issued by the Registrar of
Companies Gujarat at Dadra and Nagar Haveli.

The Company commenced operations dated June 14 2012 and name of the
Company was changed to `Inox Green Energy Services Limited' pursuant to a
Special Resolution passed in Extra Ordinary General Meeting held on October 21
2021 pursuant to which a fresh Certificate of Incorporation was issued by the RoC
on October 27 2021.
The Company is one of the major wind power operation and maintenance (O&M)
service providers within India which incorporated in 2012.

It is engaged in providing long-term O&M services for wind projects specifically

the provision of O&M services for wind turbine generators (WTGs) and the common
infrastructure facilities such as pooling stations and transmission lines which support
power evacuation from such WTGs.

It has stable annual income owing to long-term O&M contracts.

The Company is a subsidiary of Inox Wind Limited which is a part of the Inox GFL
Group of Companies.

In 2013 the Company acquired 100% shareholding of Marut-Shakti Energy India

Limited (MSEIL).

In 2015 it acquired 100% shareholding of Satviki Energy Private Limited (SEPL)

and Sarayu Wind Power (Tallimadugula) Private Limited (SWPTPL).

In 2016 it acquired 100% shareholding of Vinirrmaa Energy Generation Private

Limited (VEGPL) Sarayu Wind Power (Kondapuram) Private Limited (SWPKPL)
and RBRK Investments Limited (RBRK).

In 2020 it divested 100% shareholding in Sri Pavan Energy Private Limited pursuant
to a Shareholders' Agreement signed with KPR Infra & Projects Limited.In 2021 it
divested 100% shareholding in Resco Global Wind Services Private Limited
pursuant to a share purchase agreement with Inox Wind Limited.

It divested 100% shareholding in Marut-Shakti Energy India Limited Satviki

Energy Private Limited Sarayu Wind Power (Tallimadugula) Private Limited
Vinirrmaa Energy Generation Private Limited Sarayu Wind Power (Kondapuram)
Private Limited and RBRK Investments Limited pursuant to respective share
purchase agreements with Resco Global Wind Services Private Limited.

It divested the business undertaking erection and commissioning services of wind

turbine generators (EPC) business of the Company on slump sale basis pursuant to
a Business Transfer Agreement with Resco Global Wind Services Private Limited.

In 2022 the Company divested 100% shareholding in Wind Two Renergy Private
Limited to Torrent Power Limited. It divested 100% shareholding each in Wind One
Renergy Limited Wind Three Renergy Limited and Wind Five Re-energy Limited
to Adani Green Energy Limited.

The Company came out with a Public Issue during November 2022 by raising Rs.
740 crores through Fresh Issue amounting to Rs. 370 crores and Offer for Sale
amounting to Rs. 370 crores.

Inox Green Energy services Limited provides exclusive O&M services for all WTGs
sold by IWL through the entry of long-term O&M contracts between the WTG
purchaser and ourselves for terms which typically range between five to 20 years.

The company is engaged in the business of providing long-term O&M services for
wind farm projects, specifically the provision of O&M services for wind turbine
generators ("WTGs").

As of March 31, 2022, the company has a team of 393 employees including
managers with extensive experience in the O&M of WTGs and the wind industry
generally.
The company has a presence in Gujarat, Rajasthan, Maharashtra, Madhya Pradesh,
Karnataka, Andhra Pradesh, Kerela and Tamil Nadu.

The company's total revenue (from the continuing operations i.e. the O&M business)
was Rs 1,721.66 million, Rs 1,722.48 million and Rs 1,653.15 million for Fiscals
2022, 2021 and 2020, respectively.

Inox Green Energy Services Limited is a Subsidiary Company of Inox Wind

Limited, which was incorporated in 2012, Inox Green Energy IPO was started
on 11th November 2022 and it is going to be available till 15th November 2022.

As per our analysis, this Initial public offering falls in the average category, to get
more information stay tuned till the end.

INOX GREEN ENERGY SERVICES Limited (INOX Green) is a major wind

power operation and maintenance (“O&M”) service provider within India.

INOX Green is engaged in the business of providing long-term O&M services for
wind farm projects, specifically the provision of O&M services for wind turbine
generators (“WTGs”) and the common infrastructure facilities on the wind farm.

Incorporated in 2012, Inox Green Energy Services Limited is one of the major wind
power operation and maintenance ("O&M") service providers within India.

The company is a subsidiary of Inox Wind Limited ("IWL"), a company which is listed on
the National Stock Exchange of India Limited and BSE Limited, and part of the Inox GFL
group of companies.
Inox Green Energy services Limited provides exclusive O&M services for all WTGs sold
by IWL through the entry of long-term O&M contracts between the WTG purchaser and
ourselves for terms which typically range between five to 20 years.

The company is engaged in the business of providing long-term O&M services for wind
farm projects, specifically the provision of O&M services for wind turbine generators
("WTGs").

As of March 31, 2022, the company has a team of 393 employees including managers
with extensive experience in the O&M of WTGs and the wind industry generally.

The company has a presence in Gujarat, Rajasthan, Maharashtra, Madhya Pradesh,

Karnataka, Andhra Pradesh, Kerela and Tamil Nadu.

The company's total revenue (from the continuing operations i.e. the O&M business)
was Rs 1,721.66 million, Rs 1,722.48 million and Rs 1,653.15 million for Fiscals 2022, 2021
and 2020, respectively.

The Company came out with a Public Issue during November 2022 by raising Rs.
740 crores through Fresh Issue amounting to Rs. 370 crores and Offer for Sale
amounting to Rs. 370 crores.

Strengths:

 Strong and diverse existing portfolio base.

  Established track record, favourable national policy support and visibility for
future growth.

 Reliable cash flow supported by long-term O&M contracts with high credit
quality counterparties.

 Supported and promoted by our parent company, IWL.

 Established supply chain in place.

 Strong and experienced management team.

Inox Green Energy IPO Subscription Status (Bidding Detail)

The Inox Green Energy IPO is subscribed 1.55 times on Nov 15, 2022 7:00:00 PM.
The public issue subscribed 4.70 times in the retail category, 1.05 times in the QIB
category, and 0.47 times in the NII category.
Inox Green Energy IPO Tentative Timetable.

Inox Green Energy IPO opens on Nov 11, 2022, and closes on Nov 15, 2022

. The Inox Green Energy IPO bid date is from Nov 11, 2022 10.00 A.M. to Nov 15,
2022 5.00 P.M.

The Cut-off time for UPI Mandate confirmation is 5 PM on the issue closing day.

Event Tentative date

Opening date Nov 11, 2022

Closing date Nov 15, 2022

Basis of allotment. Nov 18, 2022

Initiation of refunds. Nov 21, 2022

Credit of shares to demat Nov 22, 2022

Listing date Nov 23, 2022

Inox Green Energy IPO Details.

IPO date

Nov 11, 2022 to Nov 15, 2022.

LISTING DATE.

Wednesday, November 23, 2022.

FACE VALUE. ₹10 per share

PRICE. ₹61 to ₹65 per share
LOT SIZE. 230 Shares.
ISSUE SIZE. 113,846,154 shares of ₹10
(aggregating up to ₹740.00 Cr)

FRESH ISSUE. 56,923,077 shares of ₹10

(aggregating up to ₹370.00 Cr)
OFFER FOR SALE 56,923,077 shares of ₹10
(aggregating up to ₹370.00 Cr)

ISSUE TYPE Book Built Issue IPO

LISTING AT
QIB SHARES OFFERED
NII (HNI) SHARES OFFERED
RETAIL SHARES OFFERED
BSE, NSE
Not less than 75% of the Offer
Not more than 15% of the Offer
Not more than 10% of the Offer

COMPANY PROMOTERS Inox Wind Limited is the company

promoter.
Inox Green Energy IPO Lot Size

The Inox Green Energy IPO lot size is 230 shares. A retail-individual investor can
apply for up to 13 lots (2990 shares or ₹194,350).

APPLICATION LOTS SHARES AMOUNT

Retail (Min) 1 230 RS.14,950

Retail (Max) 13 2,990 RS. 194,350
S-HNI (Min) 14 3,220 RS.209,300
B-HNI (Min) 67 15,410 RS.1 ,001,650

Inox Green Energy IPO Promoter Holding

Pre Issue Share Holding 93.84%

Post Issue Share Holding 56.04%

IGESL enjoys good parentage. It is poised for bright prospects ahead with major
spending on renewable energies under “Atmanirbhar Bharat” initiatives.

Well, based on its current financials, the issue is priced at a negative P/E. But
keeping in mind the future prospects and rising demand for wind energy, well-
informed investors may consider parking funds for medium to long-term rewards

The subscription for the initial public offering (IPO) of Inox Green Energy Services, a subsidiary
of Inox Wind closes today.
The three-day offer issues opened on Friday, November 11.
Till the second day, the IPO had received 85 per cent of subscriptions.

Ahead of going into the IPO, the company raised Rs 333 crore from anchor investment for the
allocation of 5.12 crore shares at Rs 65 a piece.

The anchor investors of Inox Green Energy Services include Morgan Stanley Asia (Singapore)
Pte, HDFC Mutual Fund (MF), ICICI Prudential MF, Aditya Birla Sun Life MF, Nomura
Singapore Ltd, Citigroup Global Markets Mauritius Private Limited, and others.

The company has fixed a price band of Rs 61 o 65 per share for the Rs 740 crore IPO.

This comprises of fresh issue of 56,923,077 shares and an offer for sale of 56,923,077 shares,
both aggregating up to Rs 370 crore each.

Of this, at least 75 per cent is reserved for qualified institutional investors, up to 15 per cent for
high-net-worth individuals, and 10 per cent for retail investors.

The proceeds from the fresh issue will be used for paying the debts and general purposes of the
company.

Retail investors can bid for the Inox Green Energy IPO with a minimum lot size of 230 shares
and its multiple thereafter.

The IPO is word Rs 14,950 at its upper price band and retail bidders bid for 13 lots or 2,990
shares at maximum.

With a presence in states like Rajasthan Maharashtra, Gujarat, Karnataka, Madhya Pradesh
Kerala, Tamil Nadu and Andhra Pradesh, Inox Green offers long-term Operation and
Maintenance (O&M) services for wind farm projects including wind turbine generators and
common infrastructure facilities on wind farms.

First Listing Date: 11/23/2022

Inox Green Energy Services Limited Financial Information (Restated)

Period Total Total Profit After Net Total

Ended Assets Revenue Tax Worth Borrowing
31-Mar-20 2339.86 172.16 1.68 96.54 1084.92
31-Mar-21 2692.8 186.29 -27.73 42.96 1411.02
31-Mar-22 2120.65 190.23 -4.95 806.63 904.17
30-Jun-22 2127.74 63.16 -11.58 795 909.92

Category Subscription (times)

QIB 1.05

NII 0.47

bNII (bids above ₹10L) 0.39

sNII (bids below ₹10L) 0.64

Retail 4.70

Total 1.55
SUBSCRIPTION

18% 12% QIB

5% NII
5%
BNII
7%
SNII
RETAIL
OTHERS
53%
2 .) DHARMAJ CROP GUARD LIMITED.

Dharmaj Crop Guard Ltd (DCGL) is the brainchild of highly experienced

professionals with an objective of providing innovative products to farmers to
maximize their farm output..

The company was founded in 2015 and the success story of the company find it roots

with the beginning of production in 2016.

We are an agrochemical company engaged in the business of manufacturing,

distributing, and marketing of a wide range of agro chemical formulations such as
insecticides, fungicides, herbicides, plant growth regulator, micro fertilizers and
antibiotic to the B2C and B2B customers.
 We also engage in the marketing and distribution of agrochemical products under
brands in-licensed by us, owned by us and through generic brands, to Indian farmers
through our distribution network.

We provide crop protection solutions to the farmer to assist them to maximize

productivity and profitability.

We export our products to more than 20 countries in Latin America, East African
Countries, Middle East and Far East Asia. We sell our agrochemical products in
granules, powder and liquid forms our customers.

Additionally, we manufacture and sell general insect and pest control chemicals for
Public Health and Animal Health protection.

With an aim to offer a wide product portfolio across the agri-value chain, we
continue to expand our product portfolio by introducing new products.

We manufacture and sell various formulations of insecticides, fungicide and

herbicides, plant growth regulators, micro fertilizers and antibiotics.

As on the date of this Draft Red Herring Prospectus, we have obtained 392
registrations for agrochemical formulations from the CIB&RC, out of which 201
agrochemical formulations are for sale in India as well as for export and 191
agrochemical formulations are exclusively for exports.
Additionally, we have also applied for registrations of 6 agrochemicals formulations
from the CIB&RC, which are pending at various stages.

Among our Promoters, Rameshbhai Ravajibhai Talavia who is our Managing

Director, has over 28 years of experience in the agrochemical industry.

Jamankumar Hansarajbhai Talavia, our Whole time Director, has over 22 years of
experience in the agriculture industry.

Jagdishbhai Ravjibhai Savaliya, our Whole time Director, has over 21 years of
experience in the agriculture industry.

Vishal Domadia who is our Chief Financial Officer has over 12 years of experience
in the agriculture industry.

Our management team is backed by a core technical team that has vast experience
in manufacturing and also has the required technical know-how to manufacture the
products which our Company is catering to.

Incorporated in 2015, Dharmaj Crop Guard Limited is an agrochemical company.

The company is engaged in the business of manufacturing, distributing, and
marketing a wide range of agrochemical formulations such as insecticides,
fungicides, herbicides, plant growth regulators, micro fertilizers and antibiotics to
the B2C and B2B customers.

The company also provides crop protection solutions to the farmer to assist them to
maximize productivity and profitability.

Dharmaj Crop Guard Limited export products to more than 20 countries in Latin America, East
African Countries, the Middle East and Far East Asia.

As of November 30, 2021, Dharmaj Crop Guard Limited had more than 196 institutional
products that they sold to more than 600 customers based in India and the international
markets.

As of November 30, 2021, the company exported its products to more than 60
customers across 20 countries.

The company's manufacturing facility is located in Ahmedabad, Gujarat, India. Dharmaj

Crop Guard Limited also has a research and development ("R&D") centre at the
manufacturing facility.

The company's branded products are sold in 12 states through a network comprising
over 3,700 dealers having access to 8 stock depots in India, as of November 30, 2021.

The revenue from operations for Fiscals 2019, 2020 and 2021 and seven months period
ended on October 31, 2021, was Rs 1,393.56 million, Rs 1,982.22 million, Rs 3,024.10
million and Rs 2,272.62 million, respectively.
Objects of the Issue
The net proceeds of the Fresh Issue are proposed to be utilised in the following manner:

1. Funding capital expenditure towards setting up of a manufacturing facility at Saykha,

Bharuch, Gujarat.

2. Funding incremental working capital requirements of the Company.

3. Repayment and/or pre-payment, in full and/or part, of certain borrowings of the

Company.

4. General corporate purposes.

Dharmaj Crop Guard IPO Tentative Timetable.

Dharmaj Crop Guard IPO opens on Nov 28, 2022, and closes on Nov 30, 2022.

The Dharmaj Crop Guard IPO bid date is from Nov 28, 2022 10.00 A.M. to Nov
30, 2022 5.00 P.M.
The Cut-off time for UPI Mandate confirmation is 5 PM on the issue closing day.

EVENT TENTATIVE DATE

OPENING DATE NOV 28, 2022
CLOSING DATE NOV 30, 2022
BASIS OF ALLOTMENT DEC 5, 2022
Initiation of Refunds DEC 6, 2022
Credit of Shares to Demat DEC 6, 2022
LISTING DATE DEC 8, 2022

Dharmaj Crop Guard IPO Details

IPO Date Nov 28, 2022 to Nov 30, 2022

Listing date Thursday, December 8, 2022
Face Value ₹10 per share
Price ₹216 to ₹237 per share
Lot Size 60 shares
Issue Size 10,596,924 shares of ₹10
(aggregating up to ₹251.15 Cr)
Fresh Issue
9,113,924 shares of ₹10
(aggregating up to ₹216.00 Cr)
Offer for Sale 1,483,000 shares of ₹10
(aggregating up to ₹35.15 Cr)
Issue Type Book Built Issue IPO
Listing At Bse , Nse
QIB Shares Offered Not more than 50% of the Net Offer
NII (HNI) Shares Offered Not less than 15% of the Offer
Retail Shares Offered Not less than 35% of the Net Offer
Company Promoters Rameshbhai Ravajibhai Talavia,
Jamankumar Hansarajbhai Talavia,
Jagdishbhai Ravjibhai Savaliya and
Vishal Domadia are the company
promoters.
Dharmaj Crop Guard IPO Review

DCGL is in the agrochemical segment and has created a niche place with its B2C
and B2B model.

It has posted steady growth in its top and bottom lines and is poised for bright
prospects with more products launch up its sleeves.

Currently, this segment is also witnessing fancy in the market. Investors may
consider investment for the medium to long-term rewards.

Dharmaj Crop Guard IPO Lot Size

The Dharmaj Crop Guard IPO lot size is 60 shares. A retail-individual investor
can apply for up to 14 lots (840 shares or ₹199,080).
 Application LOTS SHARES AMOUNT
Retail (Min) 1 60 RS.14,220
Retail (Max) 14 840 RS.199,080
S-HNI (Min) 15 900 RS.231,300
B-HNI (Min 71 4,260 RS,1,009,620

Dharmaj Crop Guard IPO Promoter Holding

Pre Issue Share Holding 100%

Post Issue Share Holding 73.03%

Dharmaj Crop Guard IPO Subscription Status (Bidding Detail)

The Dharmaj Crop Guard IPO is subscribed 35.49 times on Nov 30, 2022 7:00:00
PM.

The public issue subscribed 21.53 times in the retail category, 48.21 times in the
QIB category, and 52.29 times in the NII category.

CATEGORY SUBCRIPTION(TIMES)
QIB 48.21
NII 52.29
BNII 52.97
(bids above ₹10L)

SNII 50.93
(bids below ₹10L)

RETAIL 21.53
EMPLOYEE 7.48
TOTAL 35.49
 SUBSCRIPTION

13% QIB
18%
3% NII

8% BNII
SNII
19%
RETAIL
19%
EMPLOYEES

20% OTHERS

Dharmaj Crop Guard IPO Listing Date

Listing Date Thursday, December 8, 2022

BSE Script Code 543687
NSE Symbol DHARMAJ
Listing In B Group of Securities
ISIN INE00OQ01016
IPO Price ₹237 per share
Face Value ₹10 per share

Listing Day Trading Information

. BSE NSE
IPO Price ₹237.00 ₹237.00
Open ₹266.00 ₹266.05
Low ₹264.10 ₹264.30
High ₹278.90 ₹279.00
Last Trade ₹266.40 ₹266.30
Dharmaj Crop Guard Limited Financial Information

Period Total Total Profit After Net Total

Ended Assets Revenue Tax Worth Borrowing
31-Mar-19 47.66 139.95 5.02 10.46 20.35
31-Mar-20 92.58 199.16 10.76 35.22 20.18
31-Mar-21 128.87 303.56 20.96 56.14 26.92
31-Mar-22 219.54 396.29 28.69 82.82 36.93
31-Jul-22 305.76 221.17 18.36 101.17 51.56
3) KEYSTONE REALTORS LTD

Keystone Realtors Limited was incorporated as `Keystone Realtors Private

Limited' in Mumbai under Companies' Act 1956 dated November 6 1995.

Name of the Company subsequently changed to `Keystone Realtors Limited'

upon conversion into a Public Company pursuant to a Shareholders'
Resolution dated April 28 2022 and a fresh Certificate of Change of Name
was issued on May 6 2022 by RoC.

The Company is one of the prominent real estate developers present in the
micro markets.

As of June 30 2022 it had 32 completed projects 12 ongoing projects and 21

forthcoming projects across the Mumbai Metropolitan Region (MMR)
including a comprehensive range of projects under the affordable categories
falling under the 'Rustomjee' brand.

The Company has a diversified suite of projects across a wide range of price
points and a presence in several micro markets.

It has experience in developing lifestyle projects high value standalone

buildings gated communities and fully integrated townships re-developments
and stalled projects which includes Rustomjee Elements a large gated
community in Upper Juhu Mumbai; Rustomjee Paramount a signature
complex in Khar Mumbai; Rustomjee Seasons a 3.82 acres gated community
in Bandra Annexe Mumbai; Rustomjee Crown a 5.75 acres land parcel for
high-end development at Prabhadevi South Mumbai consisting of three high-
rise towers.
These projects include features for entertainment for the family such as an
approximately 150000 sq. ft.

Clubhouse at Virar Global City project a 6.22 acres podium at Thane project
a 11.72 acres amusement park at Virar Global City project Leon's World
which is an interactive play space for children and adults at Rustomjee
Urbania project.

It consider gated communities as the future of living and strive to create

nurturing spaces to deliver convenience community and comfort to our
customers.

It place emphasis on understanding the demographic which cater to their

needs traditions and lifestyles.

As part of business model the Company fo]cused on entering into joint

development agreements redevelopment agreements withlandowners or
developers or societies and slum rehabilitation projects which requires lower
upfront capital investment compared to direct acquisition of land parcels.

With thorough experience it has been able to institutionalize the development

process which includes managing the relationships with all stakeholders in the
project.

The Company has developed in-house competencies for every stage of the
property development life cycle commencing from business development
which involves identification of land parcels and the conceptualization of the
development to execution comprising planning designing and overseeing the
construction activities marketing and sales.
In addition to in-house competencies the Company also leverage the expertise
of external specialists to match wide range of operations such as architects
interior designers landscaping experts engineers and building services
consultants for development and management of projects.

For instance it use 3-dimensional building information modelling (BIM)

software for model-based construction which visualizes projects in pre-
construction and allows for better coordination among in-house teams
contractors and external consultants for greater productivity and cost
efficiency.

It use solar panels in projects to generate electricity for common areas to

reduce reliance on non-renewable sources of energy.In 1996 the Company
launched its first residential project.

In 1998 it launched `Regency' Project in Dahisar. In 2000 it launched

`Adarsh/Rivera' Project in Malad.

In 2001 it launched premium project `9 JVPD' on 10th Road at Juhu. In 2004

the Company acquired abandoned projects namely Project `Raag' `Meg' and
`Malhaar'.

In 2006 it launched township tower `Urbania' in Thane. In 2007 it launched

the Slum Redevelopment Project `Elita' in Andheri (West).

It also launched `Global City' township project in Virar. In 2009 the Company
invested shares in Mausmi SA Investments LLC.
 In 2010 it launched `Oriana' redevelopment project in Bandra (East). In 2011
it launched `Elements' luxury gated community project in Juhu Andheri.

In 2013 it launched `Seasons' redevelopment project in Bandra (East). In

2014 it launched a gated community project `Paramount' in Khar.

In 2018 the Company signed development management agreement for their

project `Crown' in Prabhadevi.

In 2021 it acquired land located at Bandra (Bandstand).

The Company came out with a Public Issue during November 2022 by raising
Rs. 635 crore through Fresh Issue amounting to Rs. 560 crore and Offer for
Sale amounting to Rs. 75 crore.

Incorporated in 1995, Keystone Realtors Limited is one of the prominent real

estate developer.

The company is engaged primarily in the business of real estate construction,

development and other related activities in India.

As of June 30, 2022, the company had 32 Completed Projects, 12 Ongoing

Projects and 21 Forthcoming Projects across the Mumbai Metropolitan Region
("MMR") that includes a comprehensive range of projects under the affordable,
mid and mass, aspirational, premium and super premium categories, all under
the Rustomjee brand.
June 30, 2022, Keystone Realtors have developed 20.22 million square feet of
high-value and affordable residential buildings, premium gated estates, townships,
corporate parks, retail spaces, schools, iconic landmarks and various other real
estate projects.

As part of the business model, the company is entering into joint development
agreements, redevelopment agreements with landowners or developers or societies,
and slum rehabilitation projects, which requires lower upfront capital investment
compared to direct acquisition of land parcel.

The company have adopted an integrated real estate development model for
every stage of the property development life cycle, commencing from business
development, which involves the identification of land parcels and the
conceptualization of the development, to execution, comprising planning,
designing and overseeing the construction activities, marketing and sales.

As of June 30, 2022, The company have developed over 280 buildings and homes
for over 14,000 families.

Keystone Realtors IPO Day 1:

Mumbai-based realty firm Keystone Realtors will hit the capital market on Monday to raise Rs
635 crore through its Initial Public Offer (IPO).

The Mumbai-based company now intends to raise Rs. 635 crores, according to the Red Herring
Prospectus (RHP).

The IPO’s size has decreased from its initial amount of Rs 850 crore.

The Rustomjee Group company’s IPO consists of a fresh issuance for 560 crores.
The range of the offer’s price has been set at Rs 514 to Rs 541 per share.

Keystone Realtors IPO: Price band

Keystone Realtors has fixed their band in the range of Rs 514-541 apiece.

Axis Capital and Credit Suisse Securities (India) are the book running lead managers to the
issue, whereas Link Intime India has been appointed as the registrar to the issue.

Keystone Realtors IPO: Anchor Investors

Through the anchor book, Keystone Realtors on November 11 garnered a total of Rs 190.5 crore.

The realty developer said it has decided the allocation of 35.21 lakh equity shares to anchor
investors at Rs 541 per share.

Keystone Realtors IPO Tentative Timetable

Keystone Realtors IPO opens on Nov 14, 2022, and closes on Nov 16, 2022.

The Keystone Realtors IPO bid date is from Nov 14, 2022 10.00 A.M. to Nov 16,
2022 5.00 P.M.
The Cut-off time for UPI Mandate confirmation is 5 PM on the issue closing day

Event Tentative Date

Opening Date Nov 14, 2022
Closing Date Nov 16, 2022
Basis of Allotment Nov 21, 2022
Initiation of Refunds Nov 22, 2022
Credit of Shares to
Nov 23, 2022
Demat
Listing Date Nov 24, 2022

Keystone Realtors IPO Lot Size

The Keystone Realtors IPO lot size is 27 shares. A retail-individual investor can
apply for up to 13 lots (351 shares or ₹189,891).

Application Lots Shares Amount

Retail (Min) 1 27 ₹14,607
Retail (Max) 13 351 ₹189,891
S-HNI (Min) 14 378 ₹204,498
B-HNI (Min) 69 1,863 ₹1,007,883
Keystone Realtors IPO Details

IPO Date Nov 14, 2022 to Nov 16, 2022

Listing Date Thursday, November 24, 2022
Face Value ₹10 per share
Price ₹514 to ₹541 per share
Lot Size 27 Shares
11,737,523 shares of ₹10
Issue Size
(aggregating up to ₹635.00 Cr)
10,351,201 shares of ₹10
Fresh Issue
(aggregating up to ₹560.00 Cr)
1,386,322 shares of ₹10
Offer for Sale
(aggregating up to ₹75.00 Cr)
Issue Type Book Built Issue IPO
Listing At BSE, NSE
QIB Shares
Not more than 50% of the Offer
Offered
NII (HNI)
Not less than 15% of the Offer
Shares Offered
Retail Shares
Not less than 35% of the Offer
Offered
Company Boman Rustom Irani, Percy Sorabji Chowdhry, and Chandresh
Promoters Dinesh Mehta are the company promoters.

Keystone Realtors IPO Promoter Holding

Pre Issue Share Holding 96.71%

Post Issue Share Holding 87.92%
Keystone Realtors IPO Subscription Status (Bidding Detail)

The Keystone Realtors IPO is subscribed 2.01 times on Nov 16, 2022 7:00:00 PM.

The public issue subscribed 0.53 times in the retail category, 3.84 times in the QIB
category, and 3.031 times in the NII category.

Category Subscription (times)

QIB 3.84
NII 3.03
bNII (bids above
3.78
₹10L)
sNII (bids below
1.53
₹10L)
Retail 0.53
Total 2.01

Keystone Realtors IPO: Category Allocation

The company has decided to allocate 50 per cent shares to the qualified institutional bidders
(QIBs), whereas 15 per cent shares will be allocated to non-institutional buyers (NIIs).
The remaining 35 per cent shares will be allocated to retail bidders.

Retail investors can make a bid for a minimum of 27 equity shares and then its multiples thereof.

SUBSCRIPTION.

16% QIB
31% NII
4%
BNII
12% SNII
RETAIL
12% OTHERS
25%

Keystone Realtors Limited Financial Information

Period Ended Total Assets Total Revenue Profit After Tax Total Borrowing
31-Mar-19 4153.07 2142.65 137.74 1372.4
31-Mar-20 4415.31 1268.6 14.49 1220.26
31-Mar-21 3654.1 1177.27 231.82 2513.9
30-Jun-21 3676.24 91.4 -0.97 1145.56
31-Mar-22 3876.84 1302.97 135.83 1557.96
30-Jun-22 3910.15 176 4.22 1468.83
Keystone Realtors IPO: Issue Objectives

The net proceeds from the issue will be utilized towards repayment or prepayment of certain
borrowings availed by the company and/or its subsidiaries, funding acquisition of future real
estate projects and general corporate purposes.

Keystone Realtors IPO: Financials

In FY22, the company had reported a revenue of Rs 1,269.3 crore against Rs 848.7 crore in
FY21.

Profit in the last financial year stood at Rs 135.8 crore. In the June 2022 quarter, it reported a
profit of Rs 4.22 crore with a revenue at Rs 168.5 crore.
4 ) KAYNES TECHNLOGY INDIA LTD

Kaynes Technology India Limited was incorporated on March 28 2008 at

Mysore Karnataka as a Private Limited Company under theCompanies Act
1956 with the name `Kaynes Technology India Private Limited'.

Subsequently name of the Company was changed to `Kaynes Technology

India Limited' upon conversion to a Public Limited on March 24 2022 and
fresh Certificate of Incorporation was issued by RoC consequent upon change
of name on March 31 2022.

The Company is an end-to-end and IoT solutions enabled integrated

electronics manufacturing player having capabilities across the entire
spectrum of Electronics System Design and Manufacturing (ESDM) Services.

The Company is engaged in Design and Manufacturing of advanced

electronic modules and solutions catering to a wide range of industries.

Its business is classified based on services the Company operate.

It undertake Build To Print or Build to Specificationsof complex box builds

sub-systems and products across various industry verticals.

It undertake turnkey electronics manufacturing services of PCBAs cable

harness magnetics and plastics ranging from prototyping to product
realization including mass manufacturing.
 Apart from these it offer ODM services in smart metering technology smart
street lighting brush less DC (BLDC) technology inverter technology gallium
nitride based charging technology and providing IoT solutions for making
smart consumerappliances or devices IoT connected.

The Company's services include PCB cladding or electrical schematics to

embedded design and submitting proof of concept to prototyping.

It offer connected product engineering and solutions which has a portfolio of

hardware software accelerators and proprietary sensors along with cloud
platform based service and solution offerings in asset tracking remote device
management and smart product development.

Their digital engineering offerings leverage latest technologies including IoT

big data machine learning cloud and media to improve customers' efficiency.

Apart from these it provide end-to-end IoT cloud-enablement solutions

analytics platform and vertical IoT solutions.In 1988 the Company was
established as a Manufacturing Enterprise.

In 1995 it obtained ISO 9001:2000 certification for Printed Circuit Board

assemblies and Electronic Manufacturing Services.

In 2000 it set up a 100% hardware Export Oriented Unit (EOU) under the
Electronic Hardware Technology Park Scheme of Government of India for
manufacture of populated Printed Circuit Boards.In 2001 it commenced
exporting operations.

In 2004 it set up a new unit in Himachal Pradesh for resale of Printed Circuit
Board assemblies.
In 2006 it established manufacturing facility (micro enterprise) in
Uttarakhand.

It signed a Memorandum of Understanding (MoU) with NS-SBU Bharat

Electronics Limited Bengaluru for contract manufacturing of PCB assemblies
modules and sub-units.

In 2008 a new Subsidiary Kaynes Technology Europe GmbH a Limited

Liability Corporation (LLC) at Hunenberg Switzerland was established.

The Company tookover Kaynes Technology a Proprietorship firm of Ramesh

Kunhikannan.

In 2009 it established a new unit in Chennai for undertaking services related

to solenoids electromagnetic relays transformers inducters and electro-
mechanical parts.

In 2010 it established a unit at Bengaluru Karnataka.In 2012 it established a

manufacturing unit at Mysore Karnataka.

In 2013 the Company commenced their exporting of products to Malaysia and

Australia.

In 2016 the Company established a manufacturing unit in Manesar Gurugram

and Haryana.

It formed a Joint Venture collaboration with Qualcomm Technologies

Incorporation for design and manufacturing of software tools and hardware
tools for various devices.
 In 2021 the Company started exporting of sensor electric assembly to Phoenix
Arizona.

It expanded the growth in aerospace defence power electronics and

expansion into consumer electronics.

The Company came out with a Public Issue during November 2022 through
fresh issue and offer for sale.

Incorporated in 2008, Kaynes Technology is a leading end-to-end and IoT

solutions-enabled integrated electronics manufacturing company.

The company provides conceptual design, process engineering, integrated

manufacturing and life-cycle support for major players in the automotive,

industrial, aerospace and defence, outer-space, nuclear, medical ,railways,

Internet of Things ("IoT"), Information Technology ("IT") and other segments.

The company is among the first companies in India to offer design-led electronics
manufacturing to original equipment manufacturers ("OEMs").

The company's operations are classified under the following business verticals:

OEM - Turnkey Solutions - Box Build ("OEM - Box Build").

OEM - Turnkey Solutions - Printed Circuit Board Assemblies ("PCBAs") ("OEM -

Turnkey Solutions").
 ODM: The company offers ODM services in smart metering technology, smart
street lighting, and brushless DC ("BLDC") technology.

Product Engineering and IoT Solutions: The company offer conceptual design and
product engineering services in industrial and consumer segments.

Kaynes Technology operates eight manufacturing facilities across India in the

states of Karnataka, Haryana, Himachal Pradesh, Tamil Nadu, and Uttarakhand.

As of June 30, 2022, the company's research and development team comprised 19
employees, including engineers, designers and other workers.

In nine months ended June 30, 2022, The company served 229 customers in 21
countries globally and multiple industry verticals such as automotive, aerospace
and defence, industrial, railways, medical and IT / ITES.

The company works with over 871 vendors and sources materials from various
regions including North America, Europe, and Singapore as well as locally within
India, As of June 30, 2022

Keystone Realtors Limited's operating revenues range is Over INR 500 cr for
the financial year ending on 31 March, 2021.

It's EBITDA has increased by 2,648.21 % over the previous year.

At the same time, it's book networth has increased by 7.11 %.

The company has 6 directors and 2 reported key management personnel.

The longest serving director currently on board is Percy Chowdhry who was
appointed on 03 January, 1999. Percy Chowdhry has been on the board for more
than 23 years.

The most recently appointed directors are Rahul Gautam Divan and Seema Pyari
Mohan Mohapatra, who were appointed on 11 May, 2022.

Percy Chowdhry has the largest number of other directorships with a seat at a total
of 29 companies. In total, the company is connected to 65 other companies through
its directors.

Kaynes Technology IPO Tentative Timetable

Kaynes Technology IPO opens on Nov 10, 2022, and closes on Nov 14, 2022.

The Kaynes Technology IPO bid date is from Nov 10, 2022 10.00 A.M. to Nov 14,
2022 5.00 P.M.

The Cut-off time for UPI Mandate confirmation is 5 PM on the issue closing day.

Event Tentative Date

Opening Date Nov 10, 2022
Closing Date Nov 14, 2022
Basis of Allotment Nov 17, 2022
Initiation of Refunds Nov 18, 2022
Credit of Shares to
Nov 21, 2022
Demat
Listing Date Nov 22, 2022
Kaynes Technology IPO Lot Size

The Kaynes Technology IPO lot size is 25 shares.

A retail-individual investor can apply for up to 13 lots (325 shares or ₹190,775).

Application Lots Shares Amount

Retail (Min) 1 25 ₹14,675

Retail (Max) 13 325 ₹190,775

S-HNI (Min) 14 350 ₹205,450

B-HNI (Min) 69 1,725 ₹1,012,575

Kaynes Technology IPO Details

IPO Date Nov 10, 2022 to Nov 14, 2022

Listing Date Tuesday, November 22, 2022
Face Value ₹10 per share
Price ₹559 to ₹587 per share
Lot Size 25 Shares
[.] shares of ₹10
Issue Size
(aggregating up to ₹857.82 Cr)
[.] shares of ₹10
Fresh Issue
(aggregating up to ₹530.00 Cr)
5,584,664 shares of ₹10
Offer for Sale
(aggregating up to ₹327.82 Cr)
Issue Type Book Built Issue IPO
Listing At BSE, NSE
QIB Shares Offered Not more than 50% of the Net Offer
NII (HNI) Shares
Not less than 15% of the Net Offer
Offered
Retail Shares
Not less than 35% of the Net Offer
Offered
Company Ramesh Kunhikannan, Savitha Ramesh and RK Family Trust
Promoters are the company promoters.
Kaynes Technology IPO Review

KTIL has created a niche place in the segment and has good orders on hand.

Based on its current financials though the issue appears fully priced, considering
future prospects, well-informed investors may consider parking funds with medium
to long-term perspectives.

Category Subscription (times)

QIB 98.47

NII 21.21

bNII (bids above ₹10L) 23.07

sNII (bids below ₹10L) 17.47

Retail 4.10

Employee 11.92

Total 34.16
 SUBSCRIPTION

QIB
16%
NII
6% BNII
2% 47% SNII
8%
RETAIL

11% EMPLOYEE
10% OTHERS

Kaynes Technology IPO Promoter Holding

Pre Issue Share Holding 79.78%

Post Issue Share Holding 67.39%
Listing Day Trading Information

. BSE NSE
IPO Price ₹587.00 ₹587.00
Open ₹775.00 ₹778.00
Low ₹675.00 ₹675.10
High ₹787.00 ₹786.00
Last Trade ₹690.10 ₹689.95

Kaynes Technology India Ltd Financial Information

Period Total Total Profit After Net Total

Ended Assets Revenue Tax Worth Borrowing
31-Mar-20 378.12 370.17 9.36 95.76 143.83
31-Mar-21 419.37 424.66 9.73 136.51 139.47
31-Mar-22 622.42 710.35 41.68 201.82 169.55
30-Jun-22 763.26 199.98 10.05 212 186.38
 Kaynes Technology GMP Today:

Kaynes Technology, a leading end-to-end and IoT (Internet of Things) solutions-enabled

integrated electronics manufacturing company, opened for initial public offering (IPO)
subscription between November 10 and 14.

The IPO has received 34.16 times subscription with 35.76 crore bids against 1.04 crore
shares on offer, revealed NSE data. The price band for the issue is Rs 559 to Rs 587.

After the finalisation of allotment last week, the company’s shares listing is expected to
make its debut on stock markets on Tuesday, November 22.

The company is planning to raise Rs 857 crore from the IPO, which comprises a fresh issue of Rs
530 crore and an Offer For Sale (OFS) worth Rs 327 crore.

Ramesh Kunhikannan, the promoter, and Freny Firoze Irani, an existing shareholder, each sold
20.84 lakh and 35 lakh equity shares as part of the OFS.

The latest issue’s proceeds will be utilised to pay off debt, support capital expenditures for the
company’s manufacturing sites in Mysore and Manesar, and meet working capital needs.

In addition, the business intends to invest in Kaynes Electronics Manufacturing Pvt Ltd to build a
new plant in Chamarajanagar, Karnataka.

Kaynes Technology, founded in 2008 offers conceptual design, process engineering,

manufacturing services, and life-cycle support to major organisations in the defence, automotive,
aerospace and nuclear, medical, railways, and several other segments.
The company operates eight manufacturing facilities in Haryana, Himachal Pradesh, Karnataka,
Uttarakhand, and Tamil Nadu.
CONCLUSIONS.

1) The Inox Green Energy IPO lot size is 230 shares. A retail-individual investor can
apply for up to 13 lots (2990 shares or ₹194,350).

2) Kaynes Technology IPO opens on Nov 10, 2022, and closes on Nov 14, 2022. The
Kaynes Technology IPO bid date is from Nov 10, 2022 10.00 A.M. to Nov 14, 2022
5.00 P.M.

The Cut-off time for UPI Mandate confirmation is 5 PM on the issue closing day.

3) The Keystone Realtors IPO lot size is 27 shares. A retail-individual

investor can apply for up to 13 lots (351 shares or ₹189,891).

4) Dharmaj Crop Guard Ltd (DCGL) is the brainchild of highly experienced professionals
with an objective of providing innovative products to farmers to maximize their farm
output..
5) Kaynes Technology, founded in 2008 offers conceptual design, process engineering,
manufacturing services, and life-cycle support to major organisations in the defence,
automotive,
REFRENCES..

1) https://www.chittorgarh.com/ipo/kaynes-technology-ipo/1321/

2) https://www.chittorgarh.com/ipo/keystone-realtors-ipo/1336/

3) https://www.chittorgarh.com/ipo/inox-green-energy-ipo/1335/

4) https://www.5paisa.com/ipo/recently-listed-
ipo#:~:text=The%20term%20recently%20listed%20IPO%20is%20
used%20for,shares%20have%20been%20allotted%20to%20the%2
0successful%20investor