Incorporated in 2010, Retina Paints Limited is engaged in the manufacturing of Decorative Paints like Distempers, Wall Care Products, Primers, Emulsions, etc. After the manufacturing, these products are sold to different Distributors.
Their water-based paints are used for residential as well as commercial buildings. Recently, the company introduced tinting machines to enhance efficiency. The tinting machine comprises a plurality of colorant reservoirs containing a colorant, one or more cleaning fluid supply conduits, and one or more dispenser heads for dispensing colorant into a paint container.
Retina Paints Limited operates on B2B Business Model, where they sell their products to dealers and distributors and thereafter, these dealers sell the products to the end customers.
The company aspires to enlarge its presence and reach all regions of the country and possibly across the country.
Retina Paints IPO Details
| IPO Date | Apr 19, 2023 to Apr 24, 2023 |
| Listing Date | [.] |
| Face Value | ₹10 per share |
| Price | ₹30 per share |
| Lot Size | 4000 Shares |
| Total Issue Size | 3,700,000 shares (aggregating up to ₹11.10 Cr) |
| Fresh Issue | 3,700,000 shares (aggregating up to ₹11.10 Cr) |
| Issue Type | Fixed Price Issue IPO |
| Listing At | BSE SME |
Retina Paints IPO Reservation
| Other Shares Offered | 0 (0.00%) |
| Other Shares Offered | 1,850,000 (50.00%) |
| Retail Shares Offered | 1,850,000 (50.00%) |
| Market Maker portion | 188,000 shares |
| Total Shares Offered | 3,700,000 |
Retina Paints IPO Tentative Timetable
Retina Paints IPO opens on Apr 19, 2023, and closes on Apr 24, 2023.
| Event | Tentative Date |
|---|---|
| Opening Date | Apr 19, 2023 |
| Closing Date | Apr 24, 2023 |
| Basis of Allotment | Apr 27, 2023 |
| Initiation of Refunds | Apr 28, 2023 |
| Credit of Shares to Demat | May 2, 2023 |
| Listing Date | May 3, 2023 |
| UPI Mandate Confirmation Cut-Off Time | 5.00 PM on the issue closing day |
Retina Paints IPO Lot Size
The Retina Paints IPO lot size is 4000 shares.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 4000 | ₹120,000 |
| Retail (Max) | 1 | 4000 | ₹120,000 |
| HNI (Min) | 2 | 8,000 | ₹240,000 |
Retina Paints IPO Promoter Holding
Mr. Rakesh Dommati and Ms. Rajitha Koyyada are the promoters of the company.
| Pre Issue Share Holding | 80.70% |
| Post Issue Share Holding | 59.28% |
Company Financials(In Lakh)
| Period Ended | Total Assets | Total Revenue | Profit After Tax | Net Worth | Reserves and Surplus | Total Borrowing |
|---|---|---|---|---|---|---|
| 31-Mar-20 | 670.34 | 681.44 | 4.67 | 90.86 | 18.86 | 319.10 |
| 31-Mar-21 | 986.71 | 685.99 | 4.55 | 95.41 | 23.41 | 614.11 |
| 31-Mar-22 | 1,162.77 | 647.24 | 11.33 | 219.74 | 34.74 | 588.01 |
| 30-Nov-22 | 2,074.77 | 533.88 | 39.99 | 1,240.73 | 728.73 | 433.44 |
Objects of the Issue
The Company intends to utilize the Net Fresh Issue Proceeds for the following Objects:
- Working Capital Requirements
- General Corporate Purposes.
Retina Paints IPO Review (Avoid)
[Dilip Davda] The company operates in a highly competitive and fragmented segment with many big players around. The sudden boost in its bottom line for 8M FY23 raises eyebrows and concern over sustainability going forward. Even based on such super earnings, the issue appears aggressively priced while based on its track records so far, the issue appears exorbitantly priced. It has current equity of Rs. 10+ cr. that will rise to around Rs. 14 cr. post IPO, the top line is around Rs. 6+ cr. and wants Rs. 11 cr. from IPO proceeds, isn’t it a big surprise? There is no harm in skipping this pricey issue.
Retina Paints IPO Subscription Status (Bidding Detail)
The Retina Paints IPO is subscribed 2.31 times on Apr 21, 2023 7:02:00 PM. The public issue subscribed 2.22 times in the retail category, times in the QIB category, and 2.34 times in the NII category.
| Category | Subscription (times) |
|---|---|
| Other | 2.34 |
| Retail | 2.22 |
| Total | 2.31 |
Total Application : 1,266 (2.73 times)
Company Contact Information
Retina Paints Limited
Block No 2, Floors 2 & 3, Survey No. 184 & 185,
Opp Ganesh Kaman, Phase V, IDA, Cherlapally,
Hyderabad – 500051, Rangareddi
Phone: 7330641515
Email: info@retinapaints.com
Website: http://www.retinapaints.com/
Retina Paints IPO Registrar
Bigshare Services Pvt Ltd
Phone: +91-22-6263 8200
Email: ipo@bigshareonline.com
Website: https://www.bigshareonline.com/