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EPACK Durable IPO
EPACK Durable Limited
₹14,170 /65 sharesMinimum Investment
EPACK Durable IPO Details
| Bidding Dates | Min. Investment | Lot Size | Price Range |
|---|---|---|---|
| 19 Jan ‘24 - 24 Jan ‘24 | ₹14,170 | 65 | ₹218 - ₹230 |
| Issue Size | IPO Doc |
|---|---|
| 640.05Cr | RHP PDF |
Subscription rate
| Qualified Institutional Buyers | 25.50x |
| Non-Institutional Investor | 28.10x |
| Retail Individual Investor | 6.29x |
| Total | 16.37x |
About EPACK Durable
Founded in
BSE,NSE
Managing director
Mr. Ajay DD Singhania
Parent organisation
EPACK Durable Limited
Strengths & Financials of EPACK Durable
Strengths
Risks
As per the total number of units produced, including indoor and outdoor unit in 2023, EPACK Durable ranked as the second-largest manufacturer of RACs through the ODM route in India. EPACK Durable Limited has established relationships with prominent Indian and global customers. Some of the company’s clients include Blue Star Limited, Daikin Airconditioning India Private Limited, and Voltas Limited.
In the six months ended September 30, 2023, and years 2023, 2022, and 2021, the top five customers contributed to Rs. 489.49 crores, Rs. 1,272.02 crores, Rs. 709.99 crores, and Rs. 524.36 crores, respectively, amounting to 79.62%, 82.66%, 76.82%, and 71.22% of revenue from operations.
With advanced vertically integrated manufacturing operations, EPACK Durable Limited is able to achieve backward integration for RACs at a single location in India. Their facilities contribute to their efficient logistics management and control over operational costs.
EPACK Durable Limited's technical expertise in plastic, metallurgy, electronic engineering, and refrigerants, combined with a dedicated R&D team, positions the company to achieve cost efficiencies while maintaining product quality.
The contribution by the top five customers amounted to 79.62%, 82.66%, 76.82%, and 71.22% of the revenue for EPACK Durable Limited in the six months ending September 30, 2023, and the years 2023, 2022, and 2021, respectively. The company faces a risk due to its reliance on a limited customer base, and any loss of these customers may negatively impact its business, financial condition, and results.
The company depends on 3 manufacturing facilities with a subject to certain risks. This concentration of operations may pose risks in case of any slowdown or shutdown in one or more of the facilities.
The company’s financial statements for the fiscal year ending March 31, 2022, were marked by significant accounting non-compliance, as highlighted by their auditors. The misclassification of non-cumulative compulsorily convertible preference shares worth Rs. 160 crores as equity instead of financial liabilities failed to adhere to Ind AS 32, 109, and 113 standards. This error not only skewed the company's financial liability measurement and profit and loss reporting but also led to inaccuracies in earnings per share and tax liabilities, lacking the required fair value disclosures. This issue, addressed in the restated financials of the subsequent fiscal year, casts a shadow over potential future financial reporting accuracy and its implications on the company’s reputation and financial stability.
As of September 30, 2023, EPACK Durable Limited's total outstanding indebtedness is Rs. 369.57 crore. Failing to meet obligations, including financial covenants under its debt financing arrangements, may adversely affect the company's business and results.
The company has contingent liabilities that, if realized, could negatively impact its financial condition.
EPACK Durable Limited has availed an unsecured loan of Rs. 20 crore from Tata Capital Financial Services Limited, repayable on demand. A demand for repayment may adversely affect the company's business, cash flows, financial condition, and results.
The company has sustained negative cash flows from operating activities in the past, and it may experience earnings declines, operating losses, or negative cash flows from operating activities in the future.
EPACK Durable Financials
*All values are in Rs. Cr
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Application Details of EPACK Durable IPO
| Apply as | Price band | Apply Range |
|---|---|---|
| Regular | ₹218 - 230 | Upto ₹2 Lakh |
| High Networth Individual | ₹218 - 230 | ₹2 - 5 Lakh |
For EPACK Durable IPO, eligible investors can apply as Regular.