Positron Energy Limited IPO, an SME IPO, is a book-built issue of Rs.51.21 crore by Positron Energy Limited. Established in 2008, the company offers technical advice and managerial services to the Indian oil and gas sector. They provide comprehensive gas distribution solutions, including project management, operation and management services, and management consulting. In the Indian market, the company utilizes common carrier pipeline networks to expand its natural gas aggregation business.
The company holds certifications under ISO 45001:2018 and ISO 9001:2015 standards, ensuring the quality of consulting and O&M services offered to the oil and gas industry.
Positron Energy Limited provides services to significant actors in the oil and gas industry, encompassing both public and private enterprises. Their offerings include- Project Management Consultation (PMC)
– CGD (City Gas Distribution) Network Operations Maintenance
– Operations and Maintenance of CNG and Small-scale LNG
– Execution Projects for CGD Infrastructure, etc.
The company plans to launch its SME IPO on August 12, 2024.
Positron Energy Limited IPO Overview
The Rs.51.21 crore Positron Energy IPO consists of a fully fresh issue of 20.48 lac Shares, of which 35% are allotted to retail investors, 50% to institutional investors, and 15% to non-institutional investors.
This SME IPO is available for purchase from August 12 – August 14, 2024. The expected listing date is Tuesday, August 20, 2024, on NSE and SME. The share price ranges from Rs.238 to Rs.250.
Company Financials
The company’s profit after tax (PAT) climbed by 267.02%, while revenue increased by 480.1% over the fiscal years ending March 31, 2023, and March 31, 2022.
Below is the synopsis of the company’s financial data for the period between March 31, 2023, and March 31, 2022.
– Total revenue: Rs.8,061.33 lac
– Net worth: Rs.1,109.82 lac
– EBITDA: Rs.699.46 lac- Total assets: Rs.5,231.85 lac
(Amount in Lac)
| Period | 30 Nov 2023 | 31 Mar 2023 | 31 Mar 2022 |
|——————-|————-|————-|————-|
| Total Assets | 5,231.85 | 2,476.25 | 938.90 |
| Total Revenue | 8,061.33 | 5,202.61 | 896.85 |
| PAT | 533.63 | 212.80 | 57.98 |
| Net Worth | 1,109.82 | 566.87 | 354.45 |
| Total Reserves | 1,075.12 | 532.17 | 319.75 || Borrowing | 762.33 | 741.81 | 368.33 |
Revenue Bifurcation
Net Cash Flow in Multiple Activities (Amount in Lac)
| Activity | 30 Nov 2023 | 31 Mar 2023 | 31 Mar 2022 |
|——————————|————-|————-|————-|
| Operating Activities | 978.98 | 99.09 | -69.17 |
| Investing Activities | 81.11 | -60.09 | -60.22 |
| Financing Activities | -5.66 | 333.77 | 233.76 |
Revenue Breakdown from Sales of Products (Amount in Lac)
| Product | 30 Nov 2023 | 31 Mar 2023 | 31 Mar 2022 |
|—————————–|————-|————-|————-|
| CBM Gas Distribution | 326.07 | 713.03 | 427.70 |
| Natural Gas | 6,977.48 | 3,869.17 | – |
| LNG and Diesel Dual Fuel | – | 42.37 | – |
Service-wise Revenue Breakdown (Amount in Lac)
| Service | 30 Nov 2023 | 31 Mar 2023 | 31 Mar 2022 |
| Management & Technical Consultancy | 696.78 | 515.81 | 369.33 |
| Erection and Commissioning income | – | – | 72.00 |
Geography-wise Revenue (Major Part) Breakdown (Amount in Lac)
| Location | 30 Nov 2023 | 31 Mar 2023 | 31 Mar 2022 |
|—————|————-|————-|————-|
| Gujarat | 3,935.71 | 2,917.44 | 234.48 |
| Karnataka | 1,826.74 | 8.50 | – |
| Uttar Pradesh | 178.55 | 376.43 | 58.96 |
| Haryana | 259.24 | 4.81 | – |
| Andhra Pradesh| 800.44 | – | – |
The objective of the Issue
The company desires to use the Net Proceeds from the Issue to fulfil its following goals:
– Working capital needs
– General Corporate Purposes
Peers of Positron Energy Limited
The company doesn’t have any listed peers in India.
Evaluation
The price of Positron Energy Limited IPO is Rs.238 to Rs.250 for each Share.
Evaluation of P/E Ratio:
– Considering the FY ended March 31, 2023, with an EPS of Rs.3.83 from the last year, the resulting P/E ratio is 65.27x.
– Considering the weighted EPS of Rs.2.33 for the last three years, the P/E ratio is 107.29x.
Comparative Analysis with Listed Peers:
– The average P/E Ratio of the industry is NA.
IPO’s Strengths
– Execution Projects for CGD Infrastructure, etc.
– Tailored Services and Solutions
– Flexibility in Response to Shifting Gas Price Environment
– Accepting Reforms in Government
– A Well-Rounded Portfolio for Potential Growth
– Skilled Team Leaders and Executors
IPO’s Weaknesses
– In previous years, the company’s operating, investing, and financing operations resulted in negative cash flows.
– Reliance on outside sources for natural gas.
– Dependence on other parties for the transportation of natural gas.
– About 80% of the natural gas is supplied by two significant private companies.
IPO GMP Today
Positron Energy Limited IPO’s latest GMP is not available yet.
Positron Energy Limited IPO Timetable (Tentative)
The IPO is scheduled from August 12 to August 14, 2024, with allotment on August 16, refund initiation on August 19, and listing on August 20, 2024.
| IPO Opening Date | August 12, 2024|
| IPO Closing Date | August 14, 2024|
| IPO Allotment Date| August 16, 2024|
| Refund Initiation | August 19, 2024|
| IPO Listing Date | August 20, 2024|
Positron Energy Limited IPO Details
The IPO with a Face Value of Rs.10 per Share is set to start on August 12, 2024, close on August 14, 2024, and offer a total issue size of 2,048,400 Shares (aggregating up to Rs.51.21 Cr) comprising a whole fresh issue size of 2,048,400 Shares (totalling up to Rs.51.21 Cr).
Positron Energy Ltd IPO Opening & Closing Date
– August 12, 2024 to August 14, 2024
Face Value
– Rs.10 per Share
Issue Price
– Rs.238 to Rs.250
Lot Size
– 600 Shares
Issue Size
2,048,400 Shares (totalling up to Rs.51.21 Cr).
Offer for Sale
NA.
Fresh Issue
– 2,048,400 Shares (totalling up to Rs.51.21 Cr).
Listing at**
– NSE, SME
Issue Type
– Book Built Issue IPO
Registrar
– Link Intime India Private Ltd
Positron Energy Ltd IPO Lot Details
The IPO allows retail investors to invest in a minimum and maximum of 1 Lot (600 Shares) amounting to Rs.150000 and in multiples thereof, while for HNI investors, the minimum Lot is 2 (1200 Shares) amounting to Rs.300000.
Minimum Lot Investment (Retail)
– 1 Lot
Maximum Lot Investment (Retail)
– 1 Lot
HNI (Min)
– 2 Lots
Positron Energy Limited IPO Reservation
Institutional Portion
– 50%
Retail Portion
– 35%
Non-Institutional Portion- 15%
Promoters and Management of Positron Energy Limited IPO
– Mr. Rajiv Shankarankutty Menon
– Mr. Manav Bahri