Greenchef Appliances Ltd IPO Timeline

Greenchef Appliances Ltd IPO opens on 23-Jun-2023, and closes on 27-Jun-2023. The Greenchef Appliances Ltd IPO bid date is from 23-Jun-2023 to 27-Jun-2023. The Cut-off time for UPI Mandate confirmation is 12 P.M. on the next day of issue closing day.

Event Date
Greenchef Appliances Ltd IPO Opening Date 23-Jun-2023
Greenchef Appliances Ltd IPO Closing Date 27-Jun-2023
Basis of Allotment 03-Jul-2023
Initiation of Refunds 04-Jul-2023
Credit of Shares to Demat 05-Jul-2023
Greenchef Appliances Ltd IPO Listing Date 06-Jul-2023

Greenchef Appliances Ltd IPO Lot Size

Greenchef Appliances Ltd IPO lot size is 1600 shares. A retail-individual investor can apply for up to 1 lots (1600 shares or 139200).

Application Lots Shares Amount
Minimum 1 1600 ₹139200
Maximum 1 1600 ₹139200

Greenchef Appliances Ltd IPO Details

Greenchef Appliances Ltd IPO Date 23-Jun-2023 to 27-Jun-2023
Greenchef Appliances Ltd IPO Face Value Shares of ₹10 per share
Greenchef Appliances Ltd IPO Price ₹82 to ₹87 per share
Greenchef Appliances Ltd IPO Lot Size 1600
Issue Size Shares of ₹10 (aggregating up to ₹53.62 Cr)
Fresh Issue Shares of ₹10 (aggregating up to ₹50.54 Cr)
Offer for Sale -
Issue Type Book Building - SME
Listing At NSE - SME
QIB Shares Offered -
Retail Shares Offered -
NII (HNI) Shares Offered -
Company Promoters Sukhlal Jain, Praveen Kumar Sukhlal Jain, Vikas Kumar Sukhlal Jain.

Objects of the Issue

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

  • 1 Funding capital expenditure towards installation of additional plant and machinery
  • 2 Funding capital expenditure towards construction of factory building
  • 3 Funding working capital requirement
  • 4 General corporate purposes

Company Financials

Greenchef Appliances Ltd Financial Information (Restated)

Period Ended Total Assets Total Revenue Profit After Tax
03-2024 289.77 331.59 4.83
03-2023 194.31 330.52 10.48
03-2022 175.83 336.92 0.51
Amount in ₹ Crore
  • A one stop shop for kitchen solutions with a diverse range of products across consumer preferences.
  • Emerging player in some of the key verticals.
  • Widespread, well connected distribution network with a presence across multiple retail channels and online e-commerce platforms and a dedicated after-sales network.
  • Strong manufacturing capability with efficient backward integration.
  • Consistent focus on quality.
  • Experienced Promoter and management team.
  • The company operate in highly competitive markets, and the scale and resources of some of its competitors may allow them to compete more effectively than its can, which could result in a loss of its market share and a decrease in the company net revenues and profitability.
  • The company future success depends on its ability to promote its brand and protect the company reputation. The company failure to establish and promote its brand and any damage to its reputation will hinder the company growth.
  • If the company fail to successfully develop and commercialize new products, services and technologies that are well received by consumers in a timely manner, its operating results may be materially and adversely affected.
  • The company is highly dependent on certain key customers for a substantial portion of its revenues. Loss of relationship with any of these customers may have a material adverse effect on its profitability and results of operations.
  • The company is susceptible to supply shortages and interruptions, long lead times, and price fluctuations for raw materials and components, any of which could disrupt its supply chain and have a material adverse impact on its results of operations.
  • The company is significantly dependent on the sale of its two product verticals viz: Gas Stoves and Pressure Cookers. An inability to anticipate or adapt to evolving upgradation of these products or inability to ensure product quality or reduction in the demand of these products may adversely impact its revenue from operations and growth prospects.
  • The markets in which its compete are characterized by consumers and their rapidly changing preferences, advancement in technology and therefore as a result the Company may be affected by any disruptions in the industry.
  • The company business may be adversely impacted by product defects and liability issues which may adversely affect its business, reputation and results of operations.
  • The company is heavily reliant on its relationships with certain online marketplaces and offline distributors. Disruptions to such relationships, changes in their business practices, their failure to meet payment schedules and provide timely and accurate information, or conflicts among its channels of distribution could adversely affect the company business, cash flows and results of operations.
  • The company may not be able to optimally utilise its backward integration to enhance and support the company business which may affect its operations, reputation and profitability.
  • Expansion into new geographic regions and markets may subject it to various challenges.
  • As the company continue to grow, its may not be able to effectively manage the company growth and the increased complexity of its business, which could negatively impact the company brand and financial performance.
  • The company operating results may fluctuate from period to period which may affect its business and financial condition.
  • The company has experienced negative cash flows from operations in the recent past, and its may have negative cash flows in the future.
  • Pricing pressure from its competitors may affect its ability to maintain or increase the company product prices and, in turn, its revenue from product sales, gross margin and profitability, which may materially and adversely affect its business, cash flows, financial condition and results of operations.
  • The company business is dependent on its manufacturing facilities and its subject to certain risks in the company manufacturing process. Obsolescence, destruction, theft, breakdowns of its major plants or machineries or failures to repair or maintain the same may affect its business, cash flows, financial condition and results of operations.
  • The Company has not adequately complied with some provisions of Companies Act, 1956/2013. There are certain Discrepancies /errors noticed in some of its corporate records relating to forms filed with the Registrar of Companies and other provisions of Companies Act, 1956/2013. Any penalty or action taken by any regulatory authorities in future, for non-compliance with provisions of corporate and other law could impact the reputation and financial position of the Company to that extent.
  • The company had not prepared Consolidated Financial Statements in the past with its then Subsidiary Companies, Greenchef Manufacturers and Distributors Private Limited and Modulus Springs Private Limited.
  • The company may not be able to adequately protect or continue to use its intellectual property.
  • The emergence of modern trade channels in the form of supermarkets and online retailers may adversely affect its pricing ability, and result in temporary loss of retail shelf space and disrupt sales of kitchen appliances, which may have an adverse effect on its results of operations and financial condition.
  • The Company and Directors are involved in certain legal proceedings and potential litigations. Any adverse decision in such proceedings may render it/them liable to liabilities /penalties/ prosecutions and may adversely affect its business and results of operations.
  • The company business is operating under various laws which require its to obtain approvals from the concerned statutory/regulatory authorities in the ordinary course of business and its inability to obtain, maintain or renew requisite statutory and regulatory permits and approvals for its business operations could materially and adversely affect its business, prospects, results of operations and financial condition.
  • The company plan relating to construction of new manufacturing facility and installation of additional plant and machinery is subject to the risk of unanticipated delays in implementation and cost overruns.
  • The company operating results could be materially harmed if its are unable to accurately forecast consumer demand for its products or manage the company inventory.
  • The company insurance coverage may not be adequate to protect it against certain operating hazards and this may have a material adverse effect on its business.
  • The company has in the past entered into related party transactions and may continue to do so in the future.
  • The company operateits business from rented premises.
  • The Objects of the Issue for which funds are being raised, are based on its management estimates and the same have not been appraised by any bank or financial institution or any independent agency. The deployment of funds in the project is entirely at its discretion, based on the parameters as mentioned in the chapter titles "Objects of the Issue".
  • If the company fail to identify and effectively respond to changing consumer preferences and spending patterns in a timely manner, the demand for its products could decrease, causing the company business, results of operations, financial condition and cash flows to be adversely affected.
  • The company Promoter Group Entity, M/s Siddhartha Enterprises was engaged in similar line of business primarily in manufacturing and importing of components for kitchen appliances. Any conflict of interest in future may occur between the business of M/s Siddhartha Enterprises and it which may adversely affect its business, prospects, results of operations and financial condition.
  • The company contingent liabilities as stated in its Restated Financial Statements could affect its financial condition.
  • The company depend on third party service providers for logistics and some portion of aftersales services.
  • The company has significant working capital requirements. If its experience insufficient cash flows from the company operations or are unable to borrow to meet its working capital requirements, it may materially and adversely affect its business, cash flows and results of operations.
  • Trade receivables form a major part of its current assets. Failure to manage the company trade receivables could have an adverse effect on its net sales, profitability, cash flow and liquidity.
  • The activities carried out at its manufacturing facilities can cause injury to people or property in certain circumstances.
  • If the company is unable to service its debt obligations in a timely manner or to comply with various financial and other covenants and other terms and conditions of its financing agreements, it may adversely affect the company business, prospects, results of operations and financial condition.
  • The company Promoter Group Entity has incurred losses in past, any operating losses in the future could adversely affect the results of operations and financial conditions of its group.
  • The company may be subject to labour unrest, operating risks, slowdowns, increased wage costs, and shut-downs.
  • The company appoint contract labour for carrying out certain of its operations and the company may be held responsible for paying the wages of such workers, if the independent contractors through whom such workers are hired default on theirvvobligations, and such obligations could have an adverse effect on its results of operations and financial condition.
  • Changes in technology may render the company current technologies obsolete or require it to make substantial investments.
  • The Company has taken unsecured loans that may be recalled by the lenders at any time.
  • Excessive dependence on Canara Bank Limited in respect of Loan facilities obtained by the Company.
  • Under-utilization of its manufacturing capacities could have an adverse effect on the company business, future prospects and future financial performance.
  • The company is dependent on its Promoters, the company senior management and other key personnel, and the loss of, or its inability to attract or retain, such persons could affect the company business, results of operations, financial condition and cash flows.
  • The company has not entered into any definitive arrangements to utilize certain portions of the Net Proceeds of the Issue. Its funding requirements and deployment of the Net Proceeds of the Issue are based on management estimates and quotations from vendors and have not been independently appraised.
  • The average cost of acquisition of Equity Shares by its Promoters, could be lower than the issue price.
  • The company could be harmed by employee misconduct or errors that are difficult to detect and any such incidences could adversely affect its financial condition, results of operations and reputation.
  • Fraud, theft, employee negligence or similar incidents may adversely affect its results of operations and financial condition.
  • Information relating to its installed capacities and the historical capacity utilization of its manufacturing facilities included in this Red Herring Prospectus is based on various assumptions and estimates and future production and capacity utilization may vary.
  • The company ability to pay any dividends will depend upon future earnings, financial condition, cash flows, working capital requirements and capital expenditures.
  • The company Promoter and the Promoter Group will jointly continue to retain majority shareholding in the Company after the offer, which will allow them to determine the outcome of the matters requiring the approval of shareholders.
  • Any future issuance of its Equity Shares may dilute prospective investors' shareholding, and sales of the company Equity Shares by its major shareholders may adversely affect the trading price of its Equity Shares.
  • The Offer price of its Equity Shares may not be indicative of the market price of the company Equity Shares after the Offer and the market price of the company Equity Shares may decline below the Offer Price and you may not be able to sell your Equity Shares at or above the Offer Price.
  • Investors other than retail (including non-institutional investors, QIBs and Corporate Bodies) are not permitted to withdraw or lower their Bids (in terms of quantity of Equity Shares or the Amount) at any stage after submitting an Application.
  • The company Promoters and Directors have provided personal guarantees for financing facilities availed by the Company and may in the future provide additional guarantees and any failure or default by the Company to repay such facilities in accordance with the terms and conditions of the financing agreements could trigger repayment obligations on them, which may impact their ability to effectively service their obligations as its Promoters and Directors and thereby, adversely impact its business and operations.
  • Non-compliance with increasingly stringent safety, health, environmental and labour laws and other applicable regulations, may adversely affect its business, results of operations, cash flows and financial condition.
  • Industry information included in this Red Herring Prospectus has been derived from an industry report issued by CARE Advisory Research & Training Ltd dated March 22, 2023 ("CareEdge Report"). There can be no assurance that such third-party statistical, financial and other industry information is complete, reliable or accurate.
  • Certain data mentioned in this Red Herring Prospectus has not been independently verified.
  • Increase our geographical reach and expansion of addressable market.
  • Capitalize on increasing indigenization, commercialization and policy initiatives in the industry.
  • Scale up branding, promotional and digital activities.
  • Continue to strengthen our existing product portfolio and diversify into products with attractive growth and profitability prospects.
  • Invest in new manufacturing facility and increase backward integration in the plant.
  • Continue to strive for cost efficiency.

Greenchef Appliances Ltd IPO Promoter Holding

Pre Issue Share Holding 78.06%
Post Issue Share Holding 57.39%

Greenchef Appliances Ltd IPO Subscription Status (Bidding Detail)

The Greenchef Appliances Ltd IPO is subscribed 42.6693 times on Jun 27, 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) - - - - 42.6693

Greenchef Appliances Ltd IPO Prospectus

Greenchef Appliances Ltd IPO Listing Date

Listing Date 06 Jul 23
BSE Script 78848
NSE Symbol GREENCHEF
Listing In NSE - SME
ISIN INE0O7P01015
IPO Price ₹87
Face Value ₹10

Greenchef Appliances Ltd IPO Registrar

Link Intime India Pvt Ltd

Phone: +91 810 811 4949
Email: greenchef.ipo@linkintime.co.in
Website: www.linkintime.co.in

Greenchef Appliances Ltd IPO Lead Manager(s)

  1. Hem Securities Ltd

FAQs on Greenchef Appliances Ltd IPO

Greenchef Appliances Ltd IPO, which opens for subscription from 23-Jun-2023 to 27-Jun-2023 has an issue size of ₹53.62 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 Greenchef Appliances Ltd IPO begins. You will receive a UPI request within 24 hours after the bidding period opens.

Greenchef Appliances Ltd IPO Opens for subscription from 23-Jun-2023 to 27-Jun-2023.

The lot size of Greenchef Appliances Ltd is 1600 shares. Retail investors can subscribe to minimum 1 lot and maximum 1 lots. The minimum and maximum application value is ₹139200 and ₹139200 respectively.

Allotment date for Greenchef Appliances Ltd is 03-Jul-2023 and refund of application amount (in case allotment is not received) will begin from 04-Jul-2023. If your allotment goes through, then shares will be credited in your Demat account by 05-Jul-2023.

The registrar for Greenchef Appliances Ltd IPO is Link Intime India Pvt Ltd. You can check your IPO allotment status on the registrar's website.

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

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