Business description – Sirca Paints is in marketing and trading/distributorship of paints and allied products after repackaging the same. The company procures the products from SIRCA SPA ITALY through Import and sells them in India through its distributors. In addition, the company also procures the products (Thinner, Abresives and Buffing Cream) from other suppliers based in India. Except Thinner and Abresives, which are purchased from domestic suppliers, all other purchases are made from outside India and the products which are purchased from domestic suppliers and sold out in India only.
The company has entered into a Manufacturing License Agreement dated 16th February, 2018 with SIRCA SPA Italy for manufacturing the following products that it is currently distributing under the Product Distribution Agreement. Pursuant to this agreement, the company is having an exclusive right to manufacture the following products in India, under the mark “SIRCA” – Paints NC, Paints AC, Thinner, Polyurethane Products.
Promoters of Sirca Paints – Mr Sanjay Agarwal, Mr Apoorv Agarwal & Mr Gurjit Singh Bains
| Sirca Paints IPO details | |
| Subscription Dates | 16 – 22 May 2018 |
| IPO Price band | INR151 -160 per share |
| Fresh issue | 4,870,000 shares (INR73.54 – 77.92 crore) |
| Offer for sale | Nil |
| Total IPO size | 4,870,000 shares (INR73.54 – 77.92 crore) |
| Minimum bid (lot size) | 800 shares |
| Face Value | INR10 per share |
| Retail Allocation | 50% |
| Listing On | NSE Emerge SME platform |
Use of funds
- Site development and purchase of plant and machinery – INR33.20 crore
- Working Capital Requirements
- Issue Expenses
| Sirca Paints’ financial performance (in INR crore) | ||||||
| FY2013 | FY2014 | FY2015 | FY2016 | FY2017 | 9M FY2018 | |
| Total revenue | 34.0 | 54.1 | 69.8 | 72.7 | 84.3 | 64.7 |
| Total expenses | 32.0 | 50.4 | 59.7 | 60.9 | 62.3 | 42.0 |
| Profit after tax | 0.5 | 2.0 | 6.2 | 7.3 | 13.7 | 14.6 |
Sirca Paints’ Contact Details
Sirca Paints India Limited
504, NDM-II, Netaji Subhash Place
Wazirpur, Pitampura
New Delhi – 110 034
Phone: +91 11 4208 3083
Email: [email protected]
Website: www.sircapaints.com
Sirca Paints IPO Subscription Details
| Day | Subscription (no. of times) |
| Day 1 | 0.12 |
| Day 2 | 0.39 |
| Day 3 | 0.59 |
| Day 4 | 1.47 |
| Day 5 | 10.99 |
Sirca Paints Valuation (for FY2017)
Earnings Per Share (EPS): INR11.14
Price/Earnings (P/E) ratio: 13.55 – 14.36
Return on Net Worth (RONW): 40.26%
Net Asset Value (NAV): INR27.67 per share
Registrar of Sirca Paints IPO
Karvy Computershare Private Limited
Karvy Selenium Tower B, Plot 31-32,
Gachibowli, Nanakramguda,
Hyderabad – 500 032, Telangana
Phone: +91 40 6716 2222
Fax: +91 40 2343 1551
Email: [email protected]
Website: www.karvycomputershare.com
Sirca Paints IPO Allotment Status
Sirca Paints IPO allotment status is now available on Karvy Computershare’s website. Click on this link to get allotment status.
Listing performance of Sirca Paints
IPO Opening Date: 16 May 2018
IPO Closing Date: 22 May 2018
Finalisation of Basis of Allotment: 25 May 2018
Initiation of refunds: 28 May 2018
Transfer of shares to demat accounts: 29 May 2018
Listing Date: 30 May 2018
Listing Price on NSE SME: INR162 per share (up 1.25% from IPO price)
Closing Price on NSE SME: INR164.95 per share (up 3.09% from IPO price)
It was not a good listing but the company has good to prove in coming years. The company has good potential and market is good to go.