Whalesbook
IPO Details aur Paisa Kahan Jayega?
Safety Controls & Devices apna IPO 6th April ko launch karne ja rahi hai, jisme woh ₹48 crore raise karne ka plan kar rahe hain. Share ka price ₹75 se ₹80 ke beech hoga. Paisa kahan jayega? Sabse zyada matlab 65.63% yaani ₹31.5 crore working capital ke liye, jo company ke roz ke kaam kaaj mein help karega. Phir 12.50% yaani ₹6 crore company apna puraana debt chukane mein lagayegi. Aur bache hue ₹10.5 crore general company kaam ke liye use honge.
Order Book Zabardast, Lekin Client Risk?
Company ke paas UP mein ₹139.18 crore ka consolidated order book hai as of IPO filing. Ismein TUSCO se ₹83.5 crore ka ek bada contract hai aur Rail Vikas Nigam se ₹55.65 crore ka. Yeh toh achha hai, future revenue ki guarantee hai. Lekin bhai, ek choti si problem hai - yeh company mostly government projects pe depend karti hai aur inke clients bhi zyada nahi hain. FY23 mein toh 99% revenue top clients se hi aaya tha, jo mostly sarkari hi hain. Yeh thoda risky ho sakta hai agar clients change ho jaaye ya projects mein der ho.
Infra Sector ka Boom aur Valuation
Waise toh India ka infrastructure sector abhi zabardast chal raha hai, kyunki sarkar road, railway, port pe bahut paisa kharch kar rahi hai. Union Budget 2026-27 mein bhi iske liye record allocation hua hai. Is IPO mein ₹80 ke upper band par company ka valuation lagbhag 17.64x P/E ke aas paas hoga. Agar isko dusre companies se compare karein, toh PNC Infratech 6.46x-12.11x par hai, KEC International 20.00x-24.2x par, Action Construction Equipment 21.09x-23.36x par, aur Kalpataru Projects International 18.00x-22.3x par trade ho rahe hain. Toh valuation seems kinda in the middle range.
Investors ko kya chinta hai?
Ab main point par aate hain - investors ko kya chinta hai? Sector acha hai, order book bhi hai, lekin company IPO se aaya hua paisa debt chukane mein use kar rahi hai. Isse lagta hai ki company financial pressure mein ho sakti hai ya apne balance sheet ko mazboot karna chahti hai. Company ka kaamkaaj bhi kaafi working capital intensive hai, matlab cash bahut fast move karna padta hai aur credit facilities bhi zyada use hoti hain. Government projects pe nirbhar hona stable hai, par payment delays ka risk rehta hai. Aur high client concentration toh hai hi, agar koi bada client chala gaya toh seedha impact padega.
Future Plans
Future ki baat karein toh company solar projects aur EV charging stations mein bhi enter karne ka soch rahi hai, jo ki aajkal ke trends ke hisab se achha hai. Sarkari support toh mil hi raha hai infrastructure sector ko. Dekhna yeh hoga ki company apne orders kaise manage karti hai aur kya woh clients ko diversify kar paati hai aur working capital ko efficiently manage kar pati hai.