Indifra IPO

Indifra Limited

₹1,30,000 /2000 sharesMinimum Investment

Indifra IPO Listing Details

Listed OnIssue PriceListing PriceListing Gains
NSE₹65.00₹72.00₹7.00 (10.77%)

Indifra IPO Details

Bidding DatesMin. InvestmentLot SizePrice Range
21 Dec ‘23 - 26 Dec ‘23₹1,30,0002,000₹65 - ₹65
Issue SizeIPO Doc
14.04Cr
RHP PDF

About Indifra

Indifra Limited, previously known as Starleads Consultants Private Limited, provides services like infrastructure management contracting, gas pipeline laying, and electrical equipment distribution services. The company was established on May 20, 2009, in Gujarat, India. It underwent several name changes and transformations before becoming Indifra Limited in May 2023. Their notable collaboration started in 2022 with Charotar Gas Sahakari Mandali Limited (CGSML), the world's first cooperative Natural Gas Provider, offering comprehensive gas pipeline management services in the Charotar region of Gujarat. They have also done projects with CGMSL and Adani Gas Limited. Expanding its business horizon, Indifra ventured into the electrical appliances market in FY 2017. They became a distributor for V Guard in Gujarat, offering a range of products including voltage stabilizers, induction cooktops, and water heaters. ;
Parent Organisation
Indifra Limited
Founded
2009
Managing Director
Mr. Abhishek Sandeepkumar Agrawal

Strengths & Risks

  • Operating on an asset-light model, Indifra Ltd. emphasizes a service-centric approach, which allows for greater flexibility in supplier selection and operational efficiency. This model ensures the company remains nimble, enabling quicker responses to market changes, increased efficiency, and timely delivery.
  • Tailor-made specification according to customer requirements.
  • Existing supplier relationships protect the business in terms of supply and pricing of the products and services, the quality of the products and services offered etc.
  • Experienced promoters.
  • Indifra Limited operates from a leased registered office, which poses a risk of instability. Should they need to relocate, it could disrupt operations and potentially increase costs, adversely affecting the business and financial condition.
  • The company’s electrical appliance distribution operates on a high volume-low margin basis. This model necessitates consistently high turnover to sustain profitability, making the business vulnerable to market fluctuations and operational inefficiencies.
  • A significant portion of Indifra’s revenue comes from a limited number of clients. Loss of any major client or a decline in business from these clients could severely impact revenues and operations.
  • The business requires significant working capital, with reliance on additional borrowings. Fluctuations in working capital needs, due to delayed customer payments or business growth, could strain financial resources.
  • The company has experienced negative cash flow from operating activities in recent fiscal years. Persistent negative cash flow could adversely impact business growth and financial stability.
  • Past instances of erroneous statutory filings under the Companies Act, 2013, indicate potential weaknesses in internal controls and compliance, which could lead to financial and legal repercussions.
  • Delays in filing GST returns and depositing statutory dues have led to late fees and interests. Continued practices of this nature could negatively impact cash flows and invite regulatory actions.
  • Ongoing litigation matters could result in adverse outcomes, affecting Indifra’s business, reputation, and financial operations. Legal proceedings also carry the risk of unanticipated liabilities.
  • The business relies on a master distributor agreement with V-guard Industries Limited for electrical appliances distribution. Non-renewal or termination of this agreement could adversely impact operations.
  • A significant revenue portion from gas pipeline management operations comes from a single customer, CGSML. Loss of this customer could critically affect revenues and profitability.
  • Reliance on third-party industry reports for prospectus information, without independent verification, raises concerns about the accuracy and completeness of data presented.
  • Unappraised Business Objectives: The company’s business objectives, including the use of issue proceeds, have not been appraised by any financial institution, adding uncertainty to project cost estimates and operational sustainability.

Financials

*All values are in Rs. Cr
No Graph Data To Display

Application details

Apply asPrice bandApply upto
Regular65 - 65₹2 Lakh
High Networth Individual65 - 65₹2 - 5 Lakh
For Indifra IPO, eligible investors can apply as Regular.
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