Pratham EPC IPO

Pratham EPC Projects Limited

₹1,13,600 /1600 sharesMinimum Investment

Pratham EPC IPO Listing DetailsListed OnIssue PriceListing PriceListing Gains
NSE₹75.00₹113.30₹38.30 (51.07%)
Pratham EPC IPO DetailsBidding DatesMin. InvestmentLot SizePrice Range
11 Mar ‘24 - 13 Mar ‘24₹1,13,6001,600₹71 - ₹75
Issue SizeIPO Doc
36.00CrRHP PDF
About Pratham EPCPratham EPC Projects Limited is an integrated engineering, procurement, construction and commissioning company. It derives revenues from two business verticals - 1. Gas & Oil Pipeline Projects 2. Water Pipeline Projects.
It offers end-to-end infrastructure services to Oil & Gas distribution companies in India, covering mainline welding, tie-in, coating, hydro testing, and pipeline commissioning. As part of cross-country and city gas distribution, the company focuses on laying pipeline networks along with the construction of associated facilities. It also undertakes offshore projects for water distribution, focusing on project bidding and management.
The company holds ISO certifications from International Standards Registrations, including ISO 10002:2018 for customer satisfaction, ISO 14001:2015 for environmental management, ISO 18001:2007 for Occupational Health and Safety, and ISO 9001:2015 for quality management.;
Parent Organisation
Pratham EPC Projects Limited
Founded
2014
Managing Director
Mr. Pratikkumar Maganlal Vekariya
Strengths & Risks
The company has completed over 12 projects, totalling around Rs. 131.84 cr. As of Feb’24, it has 8 ongoing projects, including 7 confirmed projects worth approximately Rs. 296.66 cr and a finalized project with a purchase order valued at approximately Rs. 406.67 cr.
As per the company, its execution capabilities include in-house design, engineering, procurement, construction, and quality assurance. 
The company reported revenue from operations of Rs. 30.58 cr, Rs. 50.47 cr, and Rs. 50.20 cr in FY 2021, 2022, and 2023 respectively. For the same time periods, the company reported Profit after tax of Rs. 1.13 cr, Rs. 4.41 cr and Rs. 7.64 cr. 
The company is currently involved in tax proceedings and legal actions by a statutory authority, along with a recovery case filed by its director. Adverse decisions in these matters may lead to penalties, monetary compensation, and potential adverse effects on the company's business and operational results.
There are outstanding legal proceedings involving the company. Any adverse decision in such proceedings may have a material adverse effect on the business, results of operations and financial condition.
The company relies on a limited number of suppliers for product purchases, and the potential loss of any major supplier could impact business operations. Its top ten suppliers contribute 75.15%, 64.34%, 50.76% and 63.20% of the total purchase for the financial year/period ended on September 30, 2023, March 31, 2023, 2022 and 2021, respectively based on the consolidated restated financial statement. 
The company heavily relies on a limited number of customers for sales, and the potential loss of any significant customer may impact revenues and profitability. The top ten customers contribute 100% of total sales for the financial years/periods ending on September 30, 2023, March 31, 2023, 2022, and 2021.
The company has had negative cash flows from operations in the recent past, and the possibility of continued negative cash flows remains in the future. For the Financial year ended March 31, 2023, the company had a negative cash flow from operating activities of Rs. 7.61 cr and for the period ended September 30, 2023, it had negative cash flow from operating activities of Rs. 3.92 cr. 
As of September 30, 2023, the company had total indebtedness in the form of short-term and long-term borrowings of Rs. 9.52 cr on a standalone basis. Failure to meet debt obligations promptly or comply with financial covenants and terms of financing agreements could have adverse effects on the company's business, prospects, results of operations, and financial condition.
The company reported contingent liabilities of Rs. 16.43 cr as of September 30, 2023, as per the Restated Standalone and Consolidated Financial Statements. The materialization, either fully or partially, of these contingent liabilities could impact the financial condition of the company.
The company has taken unsecured loans amounting to Rs. 4.42 cr as of September 30, 2023, which may be callable by lenders at any time. If lenders demand repayment, the company would need to secure alternative financing sources, potentially posing challenges in obtaining commercially reasonable terms or any financing at all.
Financials
*All values are in Rs. Cr
No Graph Data To Display
Application detailsApply asPrice bandApply upto
Regular₹71 - 75₹2 Lakh
High Networth Individual₹71 - 75₹2 - 5 Lakh
For Pratham EPC IPO, eligible investors can apply as Regular.

Listed On	Issue Price	Listing Price	Listing Gains
NSE	₹75.00	₹113.30	₹38.30 (51.07%)

Bidding Dates	Min. Investment	Lot Size	Price Range
11 Mar ‘24 - 13 Mar ‘24	₹1,13,600	1,600	₹71 - ₹75

Issue Size	IPO Doc
36.00Cr	RHP PDF

Apply as	Price band	Apply upto
Regular	₹71 - 75	₹2 Lakh
High Networth Individual	₹71 - 75	₹2 - 5 Lakh

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