Aesthetik Engineers Limited provides interior design services and is involved in the design, manufacture, and installation of façade systems.
| IPO opens | August 8, 2024 |
| IPO Closes | August 12 2024 |
| IPO Size (Rs.) | ₹26.47 Cr |
| Breakup | Fresh issue only |
| Face Value: | ₹ 10 |
| IPO Price in Rs : | ₹55 to ₹58 per share |
| Minimum Lot | 2000 Shares |
| Listing At | NSE SME |
| QIB | ~50 % |
| NII Quota | ~15% |
| Retail Quota | ~35% |
| Lead Manager | Narnolia Financial Services Ltd |
| Registrar | Skyline Financial Services |
| Market maker | Nikunj Stock Brokers. |
- The company is engaged in the business of designing, engineering, fabrication and installation of facade systems. Its portfolio includes building facades, Aluminium Doors and Windows, Railing and Staircase and Glassfibre Reinforced Concrete (GRC).
- company’s manufacturing facility is located in Howrah, Kolkata, and is equipped with state-of-the-art machinery and technology.
- Post-IPO Promoter Shareholding: 73.50%
- The promoter of Company are Mr. Avinash Agarwal, Ms. Sreeti Agrawal, Ms. Manisha Sureka and M/s, Avinash Agarwal (HUF).
| Particulars / Rs. Lacs | 2024(12) | 2023(12) |
| Revenue from operation | 6072.0305 | 4000.9764 |
| Profit after Tax | 502.9896 | 112.5871 |
| NAV | 0.1187 | 1.1421 |
| Total borrowings | 0 | 0 |
| – Long Term | 442.85 | 141.25 |
| – Short Term | 407.0709 | 451.2154 |
| Post issue Share Capital | 1722 |
|
| FV | 10.0 |
|
| IPO price | 58.0 |
|
| EPS Fy23 | 0.7 |
|
| PE Fy23 | 88.7 |
|
| EPS Fy24 (annualized) | 2.9 |
|
| PE Fy24 (annualized) | 19.9 |
|
| Market cap in Lacs | 9,988 |
|
| Market cap / Sales | 2.50 |
|
Anchors:
Aesthetik Engineers IPO: Salient Points
- The India facade market size reached $2,855.4 million in 2023. Looking forward, the market is expected to reach $5,431.9 Million by 2032, exhibiting a growth rate (CAGR) of 7.18% during 2024-2032.
- Aluminum doors and windows are preferred for their durability, aesthetics, and energy efficiency. They are increasingly used in residential and commercial buildings.
- Aluminum Windows & Doors Market Size was valued at USD 66,963.6 million in 2023. The Aluminum Windows & Doors Market industry is projected to grow from USD 69,776.1 million in 2024 to USD 1,12,902.3 million by 2032, exhibiting a compound annual growth rate (CAGR) of 6.2% during the forecast period (2024 – 2032).
- It caters to customers who belong to various industries such as Hospitality, Residential, Commercial, and Infrastructure Projects.
- Net Proceeds
| S. N. | Particulars | Amount (In Rs. Lakh) |
| 1. | Capital Expenditures | 800.00 |
| 2. | Working Capital Requirements | 1,500.00 |
| 3. | General Corporate Purposes | [●] |
- Peers
| Aesthetik Engineers | Innovators facade System | |||||
| Particulars/ Rs. Lacs | Mar-24 | Mar-23 | Mar-22 | Mar-24 | Mar-23 | Mar-22 |
| Revenue from Operations | 6072 | 4001 | 2574 | 21511 | 18098 | 8924 |
| Growth in Revenue | 51.76% | 55.44% | – | 18.86% | 102.81% | – |
| EBITDA | 771 | 205 | 115 | 2845 | 1818 | 1052 |
| EBITDA Margin | 12.69% | 5.11% | 4.47% | 13.22% | 10.05% | 11.78% |
| PAT | 503 | 113 | -45 | 1517 | 845 | 163 |
| PAT Margin | 8.28% | 2.81% | -1.75% | 7.05% | 4.67% | 1.83% |
| PE | 19.9 | 26.2 | ||||
| Mcap/sales | 2.50 | 1.86 | ||||
- It caters to customers who belong to various industries such as Hospitality, Residential, Commercial, and Infrastructure Projects. Many reputed clients like Taj hotels, Infosys, Ambuja realty etc.
- Most operatios are in East India with WB accounts for about 80% share.
- I past has grown even as high as 50%. guided for 25-30% growth in coming years.
- Have good order books and visibility or revenues in next year.
- Aesthetik Engineers IPO is coming at a PE ratio of 20x (FY24 Earnings).
- I intend to apply in Aesthetik Engineers IPO subject to availability of funds. Aesthetik Engineers Limited looks well-positioned for growth in the facade systems industry.
- GMP as reported on social media has been Rs. 25(43%)
- The lead manager has a good track record.
- SME IPOs are quite volatile and new retail investors need to exercise considerable caution in my view.
- This post is exploratory and educational purposes only. Please do your own diligence before investing in SME IPOs like this.
- Standard disclaimer: I am not a SEBI registered analyst and above analysis is for educational purpose only. Iam a postgraduate in engineering & Management . I have in the past cleared some exams like NISM-Series-V-A: Mutual Fund Distributors Certification, NISM-Series-X-A: Investment Adviser (Level 1) Certification and NISM-Series-X-B: Investment Adviser (Level 2) Examination. This post is my view on the subject matter and is only academic and exploratory in nature. It is not meant to influence investment decisions of investors. I may have bias/vested interest in covered Stock/Mutual Funds/NCD etc. due to my own investment or leaning. Further my understanding of the areas on which I write may be imperfect or incomplete and data could be wrong due to limited time and resources at my disposal. Do check the data from company’s RHP and exchanges before making any decision. Please do your own due diligence as stock market/MF investments have high degree of inherent risk.