Tirupati Forge IPO

Tirupati Forge IPOBusiness description from prospectus – Incorporated in 2012, Tirupati Forge Limited is an ISO 9001:2008 certified Company engaged in manufacturing of closed die forged products like auto component, bearings, gears, etc and forged flanges of mild steel, carbon steel, stainless steel, etc. based out at Hadamtala Industrial Estate, Rajkot, Gujarat.

The company started operations in 2012 and initially catered to the requirements of international market mainly to United States of America but gradually, it has started exporting products to Italy, Morocco, etc and domestic market.

Out of total revenue from operations, more than 88.04% was from exports in the financial year 2014-15. For the financial year 2015-16 and 2016-17, revenue from exports is 63.06% and 28.47% respectively while revenue from domestic sales is 36.94% and 71.53% respectively.

Promoters of Tirupati Forge – Hitesh Thummar, Ajay Sardhara and Bhargavi Thummar

Tirupati Forge IPO details

Subscription Dates 29 September – 4 October 2017
IPO Price band INR29 per share
Fresh issue 1,800,000 shares (INR5.22 crore)
Offer for sale Nil
Total IPO size 1,800,000 shares (INR5.22 crore)
Minimum bid (lot size) 6,000 shares
Face Value  INR10 per share
Retail Allocation 50%
Listing On NSE Emerge SME platform

Tirupati Forge’s financial performance (in INR lakh)

FY2014 FY2015 FY2016 FY2017
Total revenue 703.5 3,037.0 1,827.6 1,636.8
Total expenses 704.4 2,941.6 1,802.8 1,563.3
Profit after tax -0.6 70.4 17.0 50.5

Tirupati Forge Limited
Plot 1-5, Survey 92/1, Near Shan Cement
Hadamtala Industrial Area
Kotda Sangani Hadamtala, Rajkot 360311

Phone: +91 02827 270512/13
Email: [email protected]
Website: www.tirupatiforge.com


Subscription (no. of times)

Day 1 0.77
Day 2 1.37
Day 3 6.48


Earnings Per Share (EPS): INR2.01

Price/Earnings (P/E) ratio: 14.43

Return on Net Worth (RONW): 18.65%

Net Asset Value (NAV): INR10.78 per share

Link Intime India Private Limited
C-101, 247 Park, L.B.S. Marg,
Vikhroli (West), Mumbai – 400 083
Maharashtra, India

Phone: +91 22 4918 6200
Fax: +91 22 4918 6195
Email: [email protected]
Website: www.linkintime.co.in

Tirupati Forge IPO allotment status is now available on Link Intime’s website. Click on this link to get allotment status.

IPO Opening Date: 29 September 2017

IPO Closing Date: 4 October 2017

Listing Date: 12 October 2017

Listing Price on NSE SME: INR34.8 per share (up 20% from IPO price)

Closing Price on NSE SME: INR34.1 per share (up 17.6% from IPO price)



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