Corrtech International Ltd IPO
Corrtech International, a pipeline laying solutions provider, has filed preliminary papers with SEBI to raise funds through an IPO. Equirus Capital is...
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Last Updated: 10 October 2023 5:56 PM by rahul_raskar
Corrtech International, a pipeline laying solutions provider, has filed preliminary papers with SEBI to raise funds through an IPO.
The IPO comprises fresh issuance of equity shares worth Rs.350 crore and an offer for sale of 40 lakh shares by promoters.
Equirus Capital is the sole book running lead manager to the issue.
Objective of the Issue
The proceeds from the fresh issue will be used for
1. funding redemption of debentures, payment of debt
2. financing the capital expenditure for purchase of new equipment
3. infusion of equity into subsidiary company
4. funding incremental working capital requirements of the company
5. general corporate purposes.
Corrtech International is one of the leading focused providers of pipeline laying solutions including hydrocarbon pipeline laying works in India. It is also engaged in providing EPC (Engineering, Procurement and Construction) solutions towards process facilities for material and feed handling in oil and gas refineries and petrochemical complexes.
It has completed more than 50 Hydrocarbon pipeline laying projects spanning over 3,500 kms in more than 13 states across a variety of topographies and weather conditions including over 229 kms of gas pipeline with 48” diameter and HDD crossing with individual crossing profile length of 2.2 kms
Key customers in Oil & Gas segment include GAIL (India) Limited, Indian Oil Corporation Limited, Oil and Natural Gas Corporation Limited Hindustan Petroleum Corporation Limited, GSPL India Gasnet Limited and Bharat Petroleum Corporation Limited, and other players such as IHB Limited and Indradhanush Gas Grid Limited while Manufacturing Business caters to diverse industry segments including energy, defence and general manufacturing wherein they supply components and services to customers including Ethos Energy GmbH, ET International and one of the leading aerospace and defence companies in India.
| Particulars (in Rs. Crores) | FY21 | FY20 | FY19 |
|---|---|---|---|
| Revenue | 990.9 | 778.2 | 560.7 |
| EBITDA | 95.6 | 97.9 | 74.1 |
| PAT | 28.6 | 34.9 | 24.5 |
| Particulars (in Rs. Crores) | FY21 | FY20 | FY19 |
|---|---|---|---|
| Total Assets | 619.0 | 594.8 | 489.8 |
| Share Capital | 15.7 | 15.7 | 15.7 |
| Total Borrowings | 184.3 | 206.8 | 205.5 |
| Particulars (in Rs. Crores) | FY21 | FY20 | FY19 |
|---|---|---|---|
| Net cash generated from / (used in) operating activities | 60.66 | 84.78 | 51.45 |
| Net cash from / (used in) investing activities | 14.15 | -49.89 | -18.38 |
| Net cash flow from / (used in) financing activities | -63.99 | -29.98 | -43.75 |
| Net increase (decrease) in cash and cash equivalents | 10.82 | 5.51 | -10.68 |
Peer Comparison
| Name of the Company | Total Revenue | Basic EPS | Nav Rs. per share | PE | RoNW% |
|---|---|---|---|---|---|
|
Corrtech International |
996.0 | 6.06 | 38.75 | NA | 20.06% |
| Likhita Infrastructure Limited | 192.9 | 17.05 | 77.77 | 17.69 | 18.90% |
Strenghts
1. Long term relationship with clients and pre-qualification experience helps in securing projects
2. Established track record of completed projects and geographical footprint
3. Large order book
4. Diverse fleet of equipment
Risks
1. Derive majority of the revenue only from its and gas services (“O&G Services”)
2. Some of its current orders may be modified, cancelled, delayed or not fully paid for by its clients
3. Defaulted in payment of certain loans in the past.
4. Actual project costs may vary from the estimated cost assumptions underlying its bid and may be unable to meet such additional expenses and any such increase
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FAQs
Corrtech International IPO details are yet to be announced.
Corrtech International IPO details are yet to be announced.
Corrtech International IPO details are yet to be announced.
The issue consists of fresh issuance of equity shares worth Rs 350 crore and an offer for sale of 40 lakh shares by promoters.
Corrtech International is promoted by Amit Indrasen Mittal, Sandeep Indrasen Mittal and IEC Projects Limited.
Corrtech International IPO details are yet to be announced.
Corrtech International IPO details are yet to be announced.
Equirus Capital is the book running lead managers to the issue.
The proceeds from the fresh issue will be used for
1. funding redemption of debentures, payment of debt
2. financing the capital expenditure for purchase of new equipment
3. infusion of equity into subsidiary company
4. funding incremental working capital requirements of the company
5. general corporate purposes
1. Login to your 5paisa account and select the issue in the current IPO section
2. Enter the number of lots and price at which you wish to apply for
3. Enter your UPI ID and click on submit. With this, your bid will be placed with the exchange
4. You will receive a mandate notification to block funds in your UPI app