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Trom Industries Ltd
Trom Industries Ltd was founded by our Promoters Jignesh Patel and Pankaj Pawar, who have an experience of more than 16 years in the solar sector. The Company is a Solar EPC (Engineering, Procurement, and Construction) company specializing in residential solar rooftop, industrial solar power plants, ground-mounted solar power plants, and solar street lights. The Company is engaged in comprehensive development of diverse solar projects. For residential rooftop installations, it designs and implements solar systems tailored to individual homes. In the industrial sector, it scales up operations to design and construct larger solar power plants catering to industrial needs. Ground-mounted solar power plants involve the development of solar arrays on open land. Additionally, Company extends services to include the Supply and Installation of solar street lights for public and commercial areas. The Company portfolio comprise of solar products and AC LED light.
The Company's business encompasses engineering design, procurement of materials, on-site construction, project management, and adherence to regulatory standards across various sectors. Solar applications contribute to the growth of sustainable energy solutions across residential, industrial, public domains and government sector. Also, business operations encompass the extensive trading and distribution of a diverse range of products, including solar panels, inverters, and an array of materials intricately connected to the establishment and functioning of solar power plants.
Furthermore, the Company were also engaged in trading of all types of footwear to a very small scale during the stub period. They are actively engaged in development of green hydrogen projects as a pivotal aspect of future business endeavors. The warehouse is located at Gandhinagar in Gujarat.
The Company is proposing Public Issue of 35,00,000 Fresh Equity Shares.
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Trom Industries Ltd IPO Timeline
Trom Industries Ltd IPO opens on 25-Jul-2024, and closes on 29-Jul-2024. The Trom Industries Ltd IPO bid date is from 25-Jul-2024 to 29-Jul-2024. The Cut-off time for UPI Mandate confirmation is 12 P.M. on the next day of issue closing day.
| Event | Date |
|---|---|
| Trom Industries Ltd IPO Opening Date | 25-Jul-2024 |
| Trom Industries Ltd IPO Closing Date | 29-Jul-2024 |
| Basis of Allotment | 30-Jul-2024 |
| Initiation of Refunds | 30-Jul-2024 |
| Credit of Shares to Demat | 31-Jul-2024 |
| Trom Industries Ltd IPO Listing Date | 01-Aug-2024 |
Trom Industries Ltd IPO Lot Size
Trom Industries Ltd IPO lot size is 1200 shares. A retail-individual investor can apply for up to 1 lots (1200 shares or 138000).
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Minimum | 1 | 1200 | ₹138000 |
| Maximum | 1 | 1200 | ₹138000 |
Trom Industries Ltd IPO Details
| Trom Industries Ltd IPO Date | 25-Jul-2024 to 29-Jul-2024 |
| Trom Industries Ltd IPO Face Value | Shares of ₹10 per share |
| Trom Industries Ltd IPO Price | ₹110 to ₹115 per share |
| Trom Industries Ltd IPO Lot Size | 1200 |
| Issue Size | Shares of ₹10 (aggregating up to ₹31.37 Cr) |
| Fresh Issue | Shares of ₹10 (aggregating up to ₹31.37 Cr) |
| Offer for Sale | - |
| Issue Type | Book Building - SME |
| Listing At | NSE - SME |
| QIB Shares Offered | - |
| Retail Shares Offered | - |
| NII (HNI) Shares Offered | - |
| Company Promoters | Jignesh Patel, Pankaj Pawar. |
Objects of the Issue
The company proposes to utilise the Net Proceeds from the Fresh Issue towards funding the following objects:
- 1 Funding of capital expenditure requirements of the company towards set up of Solar Power Plabt
- 2 Working Capital Requirements
- 3 General Corporate Purposes
Company Financials
Trom Industries Ltd Financial Information (Restated)
| Period Ended | Total Assets | Total Revenue | Profit After Tax |
|---|---|---|---|
| 03-2024 | 29.20 | 54.55 | 5.73 |
| 03-2023 | 21.55 | 24.14 | 0.29 |
| 03-2022 | 18.54 | 30.57 | 0.36 |
| Amount in ₹ Crore | |||
- Wide Range of Products.
- Strong relationship with customers and suppliers.
- Experienced management team with industry expertise.
- Its revenues are highly dependent on the company's operations in geographical region of state of Gujarat. Any adverse development affecting its operations in this region could have an adverse impact on its business, financial condition and results of operations.
- Government may commence assembling the solar water pumps/products and may start providing products at cheaper rates.
- Solar pump consumption will be reducing due to constructions of more dams by Government.
- The company has not entered into any long-term agreements with its suppliers for supply of items and accordingly may face disruptions in supply from its current suppliers.
- The company may continue to derives a material portion of its revenue from the company's top five customers and its financial dependence on the company's top five customer poses a potential risk. A reduction in business from these top five customers or any other major clients could have negative implications for both its revenue and profitability.
- Its Registered Office and warehouse from where the company operates is not owned by it.
- The company is involved in a writ petition, Trom Industries Limited vs. The State of Assam and Ors. Petition no. 1191 of 2022 before the Hon'ble Guwahati High Court.
- The Company is involved in a writ petition, Trom Industries Limited vs. The State of Assam and Ors. Petition no. 1196 of 2022 before the Hon'ble Guwahati High Court.
- The company may not be successful in bidding for and winning bids for solar EPC projects to grow its business.
- Unfavourable solar weather conditions could impact its business, financial condition and results of operations.
- The company faces competition in its business from domestic competitors. Such competition would have an adverse impact on its business and financial performance.
- Its operations may cause injury to people or property and therefore could subject it to significant disruptions in its business, legal and regulatory actions, costs and liabilities which could materially and adversely affect its business, financial condition and results of operations.
- The company has experienced negative cash flows from investing and financing activities in the past.
- Its Contingent Labilities could affect the company's business, results of operations and financial condition.
- The Company has availed unsecured loan which are repayable on demand. Any demand from the lenders for repayment of such unsecured loan may affect its financial condition.
- The company intend to utilise a portion of the Net Proceeds for funding its capital expenditure requirements. The company is yet to place orders for 100% of the Solar Power Plant, as specified in the Objects of the Issue chapter. Any delay in procurement of such solar power system may delay the schedule of implementation and may also lead to increase in cost of these solar power system, further affecting its revenue and profitability.
- Its indebtedness, including various conditions and restrictive covenants imposed on it under the company financing agreements and could adversely affect its ability to grow the company's business or react to changes in its business environment.
- The company requires certain approvals, licenses, registrations and permits for its business and the failure to obtain or renew them in a timely manner may adversely affect its operations.
- The Company does not adhere to some part of their Memorandum of Association.
- Most of its revenue originally came from EPC models, however, recently most of revenue is generated from Trading.
- There may be potential conflicts of interest if the company Promoter or Directors get involved in any business activities that compete with or are in the same line of activity as its business operations.
- The Objects of the Issue for which funds are being raised, are based on its management estimates and any bank or financial institution or any independent agency has not appraised the same. The deployment of funds in the project is entirely at its discretion, based on the parameters as mentioned in the chapter titles "Objects of the Issue".
- The company has working capital requirements and may requires additional financing to meet those requirements, which could have an adverse effect on its business, results of operations, financial condition and cash flows.
- Any variation in the utilisation of the Net Proceeds would be subject to certain compliance requirements, including prior shareholders' approval.
- Several of its key raw materials and components are sourced from a limited group of third-party suppliers giving rise to supplier concentration risks. Any restrictions in supply or defects in quality could cause delays in project construction or implementation and impair its ability to provide the company services to customers at a price that is profitable to it, which could have a material adverse effect on its business, financial condition and results of operations.
- Disruption of logistics and transportation services could impact the ability of its suppliers to deliver raw materials or the company ability to deliver products to its customers and/ or increase its transportation costs, which may adversely affect the company's operations.
- Any non-compliance or delays or non-payment of statutory dues payments may expose it to penalties from the regulators.
- There have been instances in the past where the company has not made certain regulatory filings with the RoC and there were certain instances of discrepancies in relation to certain statutory filings and corporate records of the Company.
- The company is dependent on its management team and key personnel /senior managerial personnel and the loss of any key team member may adversely affect its business performance.
- Its insurance coverage may not be adequate to protect the company against certain operating hazards and this could effect its business.
- The company has in the past entered into related party transactions and may continue to do so in the future, which may potentially involve conflicts of interest.
- The company has not made any dividend payments in the past and its ability to pay dividends in the future will depends upon future earnings, financial condition, cash flows, working capital requirements, capital expenditures and expansion of business.
- The Issue price of its Equity Shares may not be indicative of the market price of the company Equity Shares after the Issue and the market price of itsEquity Shares may decline below the issue price and you may not be able to sell your Equity Shares at or above the Issue Price.
- The average cost of acquisition of Equity Shares by its Promoters is lower than the issue price.
- Its business activities are exposed to fluctuations in the prices of raw materials.
- Its Promoters and members of the company's Promoter Group will continue to retain majority control in the Company after the Issue, which will enable them to influence the outcome of matters submitted to shareholders for approval.
- The company may not be successful in implementing its business strategies.
- The outbreak of COVID-19 or outbreak of any other severe communicable disease could have a potential impact on its business, financial condition and results of operations.
- Lockdown and suspension of commercial operations will affect the growth of its business and cash flows.
- There is no monitoring agency appointed by the Company to monitor the utilization of the Issue proceeds.
- You may be subject to Indian taxes arising out of capital gains on sale of Equity Shares.
- The price of its Equity Shares may be volatile, or an active trading market for its Equity Shares may not develop.
- The company is subject to having higher liability towards non-performance.
- Adding the retail sale & supply of solar products alongside the EPC business model.
- The company cannot assure you that its equity shares will be listed on the SME platform of NSE in a timely manner or at all, which may restrict your ability to dispose of the equity shares.
- Sale of Equity Shares by its Promoters or other significant shareholder(s) may adversely affect the trading price of the Equity Shares.
- After this Issue, the price of the Equity Shares may be subject to change, or an active trading market for the Equity Shares may not develop.
- The Issue price of its Equity Shares may not be indicative of the market price of the company Equity Shares after the Issue and the market price of its Equity Shares may decline below the issue price and you may not be able to sell your Equity Shares at or above the Issue Price.
- Improve Domestic Presence.
- Leveraging its market skills and relationship.
- Optimal Utilization of Resources.
- Customer Satisfaction.
Trom Industries Ltd IPO Promoter Holding
| Pre Issue Share Holding | 98.06% |
| Post Issue Share Holding | 68.97% |
Trom Industries Ltd IPO Subscription Status (Bidding Detail)
The Trom Industries Ltd IPO is subscribed - times on Jul 29, 2024 05:00:00 PM. The public issue subscribed - times in the retail category, - times in the QIB category, and - times in the NII category. Check Day by Day Subscription Details (Live Status)
| Category | QIB | NII | Retail | Employee | Total |
|---|---|---|---|---|---|
| Subscription (times) | - | - | - | - | - |
Trom Industries Ltd IPO Prospectus
Trom Industries Ltd IPO Listing Date
| Listing Date | 01 Aug 24 |
| BSE Script | 92992 |
| NSE Symbol | TROM |
| Listing In | NSE - SME |
| ISIN | INE0SYV01018 |
| IPO Price | ₹115 |
| Face Value | ₹10 |
Trom Industries Ltd IPO Registrar
KFin Techologies Ltd
Phone: +91-40-67162222
Email: bil.ipo@kfintech.com
Website: www.kfintech.com
Trom Industries Ltd IPO Lead Manager(s)
- Expert Global Consultants Pvt Ltd
FAQs on Trom Industries Ltd IPO
Trom Industries Ltd IPO, which opens for subscription from 25-Jul-2024 to 29-Jul-2024 has an issue size of ₹31.37 crore. The issue type is book building issue.
In case of pre-apply, your IPO order will be placed on the Exchange as soon as the official bidding for Trom Industries Ltd IPO begins. You will receive a UPI request within 24 hours after the bidding period opens.
Trom Industries Ltd IPO Opens for subscription from 25-Jul-2024 to 29-Jul-2024.
The lot size of Trom Industries Ltd is 1200 shares. Retail investors can subscribe to minimum 1 lot and maximum 1 lots. The minimum and maximum application value is ₹138000 and ₹138000 respectively.
Allotment date for Trom Industries Ltd is 30-Jul-2024 and refund of application amount (in case allotment is not received) will begin from 30-Jul-2024. If your allotment goes through, then shares will be credited in your Demat account by 31-Jul-2024.
The registrar for Trom Industries Ltd IPO is KFin Techologies Ltd . You can check your IPO allotment status on the registrar's website.
The shares of Trom Industries Ltd are proposed to be listed on Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).
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