Electro Force (India) Ltd IPO Timeline

Electro Force (India) Ltd IPO opens on 19-Dec-2023, and closes on 21-Dec-2023. The Electro Force (India) Ltd IPO bid date is from 19-Dec-2023 to 21-Dec-2023. The Cut-off time for UPI Mandate confirmation is 12 P.M. on the next day of issue closing day.

Event Date
Electro Force (India) Ltd IPO Opening Date 19-Dec-2023
Electro Force (India) Ltd IPO Closing Date 21-Dec-2023
Basis of Allotment 22-Dec-2023
Initiation of Refunds 26-Dec-2023
Credit of Shares to Demat 26-Dec-2023
Electro Force (India) Ltd IPO Listing Date 27-Dec-2023

Electro Force (India) Ltd IPO Lot Size

Electro Force (India) Ltd IPO lot size is 1200 shares. A retail-individual investor can apply for up to 1 lots (1200 shares or 111600).

Application Lots Shares Amount
Minimum 1 1200 ₹111600
Maximum 1 1200 ₹111600

Electro Force (India) Ltd IPO Details

Electro Force (India) Ltd IPO Date 19-Dec-2023 to 21-Dec-2023
Electro Force (India) Ltd IPO Face Value Shares of ₹10 per share
Electro Force (India) Ltd IPO Price ₹93 per share
Electro Force (India) Ltd IPO Lot Size 1200
Issue Size Shares of ₹10 (aggregating up to ₹80.68 Cr)
Fresh Issue Shares of ₹10 (aggregating up to ₹55.8 Cr)
Offer for Sale Shares of ₹10 (aggregating up to ₹24.88 Cr)
Issue Type Fixed Price - SME
Listing At NSE - SME
QIB Shares Offered -
Retail Shares Offered -
NII (HNI) Shares Offered -
Company Promoters Ayesspea Holdings & Investment, Pravin Kumar Brijendra Kumar A, Garuda Television Pvt Ltd.

Objects of the Issue

The company proposes to utilise the Net Proceeds from the Fresh Issue towards funding the following objects:

  • 1 Funding additional working capital requirements of the company
  • 2 Pursuing inorganic growth
  • 3 General corporate purposes

Company Financials

Electro Force (India) Ltd Financial Information (Restated)

Period Ended Total Assets Total Revenue Profit After Tax
03-2024 85.65 36.58 5.75
03-2023 72.32 30.29 7.72
03-2022 47.83 34.44 8.64
Amount in ₹ Crore
  • Experienced Management team.
  • High standard of product quality and customer service.
  • In-house R&D, tool room and continuous new product development.
  • Offering a variety of products to meet the needs of different customers.
  • There are certain outstanding legal proceedings involving the Company, Promoters and Directors. Any failure to defend these proceedings successfully may have an adverse effect on its financial conditions, business, reputation and result of ongoing operations.
  • The company depends on the expertise of its management, KMPs and skilled employees; the company results of operations may be adversely affected by the departure of its management, KMPs and experienced employees.
  • The company is into the business of selling products on B2B basis to few customers. If its customers choose not to source their requirements from it, there may be a material adverse effect on its business and operations.
  • The Company does not own premises where the registered office of the company and manufacturing unit is situated.
  • The markets in which its customers compete are characterized by consumers and their rapidly changing preferences, advancement in technology and other related factors including lower manufacturing costs and therefore as a result the Company may be affected by any disruptions in the industry.
  • The company's business is working capital intensive and its inability to borrow funds to meet the company working capital requirements may materially and adversely affect its business and operations.
  • Any variation in the utilization of the Net Proceeds as disclosed in this Draft Prospectus shall be subject to certain compliance requirements, including prior Shareholders' approval.
  • Reliance has been placed on declarations and an affidavit furnished by Whole time Director Saideep Shantaram Bagale, Non-Executive Director Santosh Palaria and Chief Financial Officer Chandrashekhar Meher, for details of their profile included in this Draft Prospectus.
  • The company's business operations may be disrupted by an interruption in power supply which may impact its business operations.
  • The company has not yet applied for the registration of its logo. If the company fail to obtain registration its brand building efforts may be hampered which might lead to adverse effect on its business.
  • The details of some of immediate relatives of its Promoter, certain promoter group companies and certain Group Companies which are disclosed in this Draft Prospectus are on the basis of data available in the public domain.
  • There may be potential conflicts of interest if its Promoters, Promoter Group or Directors are involved in same business activities that compete with or are in the same line of activity as its business operations.
  • The company operating results may fluctuate from period to period which may affect its business and financial condition.
  • The company may not be able to optimally utilise its integrated service model to enhance and support the company business which may affect its operations, reputation and profitability.
  • The company does not have any patent with respect to its manufacturing processes as on date.
  • The company's ability to offer value added services to its customers on long-term basis depends to an extent on the company research and development capabilities; its failure to derive the desired benefits from the company product research and development efforts may hurt its competitiveness and profitability.
  • The company overall margins may fluctuate as a result of the product mix manufactured by it.
  • The company may be subject to financial and reputational risks due to product quality and liability claims and legal proceedings if the quality of its products does not meet the company customers' expectations.
  • The company may be unsuccessful in implementing innovation or technological advancement to its existing capabilities, which could adversely affect its business, results of operations and cash flows.
  • Any failure to adapt to industry trends and evolving technologies to meet its customers' demands may materially adversely affect the company business and results of operations.
  • Information relating to production capacity and utilization included in this Draft Prospectus may vary in future.
  • The company depends on its Management, KMPs and skilled employees and if the company is unable to recruit and retain qualified and skilled personnel, its business and the company ability to operate or grow its business may be adversely affected.
  • A decline in the financial condition and results of operations of its customers could have a material adverse effect on the company business, results of operations and cash flows.
  • The company has not made any alternate arrangements for meeting its capital requirements for the Objects of the Offer. Further its have not identified any alternate source of financing the 'Objects of the Offer'.
  • The company requires certain approvals and licenses in the ordinary course of business and are required to comply with certain rules and regulations to operate its business, and the failure to obtain, retain and renew such approvals and licenses or comply with such rules and regulations, and the failure to obtain or retain them in a timely manner or at all may adversely affect its operations.
  • The Company does not have any registered IPR, however its might unintentionally infringe upon the intellectual property rights of others, any misappropriation of which could harm its competitive position.
  • Any shutdown of its manufacturing facilities may have an adverse effect on its business, results of operations and financial condition.
  • Upon completion of the Issue, the company Promoters / Promoter Group may continue to retain significant control, which will allow them to influence the outcome of matters submitted to the shareholders for approval.
  • The Company will not receive any proceeds from the Offer for Sale by the Selling Shareholder.
  • The Company has not entered into any long-term agreements with its customers for purchasing the company products. Its subject to uncertainties in demand and there is no assurance that its customers will continue to purchase the company products. This could impact the business and financial performance of the Company.
  • As the securities of its Group Company i.e Artemis Electricals and Projects Limited are listed on Stock Exchanges in India, the Company is subject to certain obligations and reporting requirements under the SEBI Listing Regulations. Any non-compliances/delay in complying with such obligations and reporting requirements may render it liable to prosecution and/or penalties.
  • The company is operating in a labour intensive industry, hence its may face labour disruptions and other planned and unplanned outages that could interfere or temporarily disrupt its operations.
  • Employee misconduct, errors or fraud could expose it to business risks or losses that could adversely affect its business prospects, results of operations and financial condition.
  • The company cannot assure payment of dividends on the Equity Shares in the future.
  • The fund requirement and deployment mentioned in the Objects of this Issue have not been appraised by any bank or financial institution.
  • The requirements of being a public listed company may strain our resources and impose additional requirements.
  • There is no monitoring agency appointed by the Company and the deployment of funds are at the discretion of its Management and the company Board of Directors, though it shall be monitored by the Audit Committee.
  • The company may be unable to grow its business in additional geographic regions or international markets, which may adversely affect its business prospects and results of operations.
  • The Company had negative cash flows from certain activity in recent fiscals. Sustained negative cash flow could impact its growth and business.
  • The company have in past entered into related party transactions and its may continue to do so in the future.
  • The company insurance coverage may not be adequate.
  • The Company has allotted Equity Shares during the preceding one year from the date of the Draft Prospectus which are lower than the Issue Price.
  • The company has not commissioned an industry report for the disclosures made in the chapter titled "Industry Overview" and made disclosures on the basis of the data available on the internet.
  • Delay in raising funds from the IPO could adversely impact the implementation schedule.
  • Operational Effectiveness.
  • Quality Control.
  • Invest in infrastructure and technology.
  • Diversification into new Industries.
  • Entry into new geographies.

Electro Force (India) Ltd IPO Promoter Holding

Pre Issue Share Holding 99.98%
Post Issue Share Holding 62.91%

Electro Force (India) Ltd IPO Subscription Status (Bidding Detail)

The Electro Force (India) Ltd IPO is subscribed 4.1161 times on Dec 21, 2023 05:00:00 PM. The public issue subscribed - times in the retail category, - times in the QIB category, and - times in the NII category. Check Day by Day Subscription Details (Live Status)

Category QIB NII Retail Employee Total
Subscription (times) - - - - 4.1161

Electro Force (India) Ltd IPO Prospectus

Electro Force (India) Ltd IPO Listing Date

Listing Date 27 Dec 23
BSE Script 91922
NSE Symbol EFORCE
Listing In NSE - SME
ISIN INE0Q1W01012
IPO Price ₹93
Face Value ₹10

Electro Force (India) Ltd IPO Registrar

Skyline Financial Services Pvt

Phone: +91-11-40450193/97
Email: ipo@skylinerta.com
Website: www.skylinerta.com

Electro Force (India) Ltd IPO Lead Manager(s)

  1. First Overseas Capital Ltd

FAQs on Electro Force (India) Ltd IPO

Electro Force (India) Ltd IPO, which opens for subscription from 19-Dec-2023 to 21-Dec-2023 has an issue size of ₹80.68 crore. The issue type is book building issue.

In case of pre-apply, your IPO order will be placed on the Exchange as soon as the official bidding for Electro Force (India) Ltd IPO begins. You will receive a UPI request within 24 hours after the bidding period opens.

Electro Force (India) Ltd IPO Opens for subscription from 19-Dec-2023 to 21-Dec-2023.

The lot size of Electro Force (India) Ltd is 1200 shares. Retail investors can subscribe to minimum 1 lot and maximum 1 lots. The minimum and maximum application value is ₹111600 and ₹111600 respectively.

Allotment date for Electro Force (India) Ltd is 22-Dec-2023 and refund of application amount (in case allotment is not received) will begin from 26-Dec-2023. If your allotment goes through, then shares will be credited in your Demat account by 26-Dec-2023.

The registrar for Electro Force (India) Ltd IPO is Skyline Financial Services Pvt. You can check your IPO allotment status on the registrar's website.

The shares of Electro Force (India) Ltd are proposed to be listed on Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).

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