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H.M. Electro Mech Ltd IPO
Status: Closed
Overview
IPO date
24 Jan 2025 to 28 Jan 2025
Face value
₹ 10 per share
Price
₹ 71 to ₹75 per share
Issue Size
3,699,200 shares
(aggregating up to ₹ 27.74 Cr)
(aggregating up to ₹ 27.74 Cr)
Allotment Date
29 Jan 2025
Listing at
NSE
Issue type
Book Building - SME
Sector
Infrastructure Developers & Operators
Objectives of H.M. Electro Mech Ltd IPO
Initial public issue of up to 36,99,200 equity shares of face value of
Rs. 10/- each of H.M. Electro Mech Limited ("HMEML" or the "Company" or the "Issuer") for cash at a price of Rs. 75/- per equity share including a share premium of Rs. 65/- per equity share (the "Issue Price") aggregating to
Rs. 27.74 crores ("The Issue"), of which 1,85,600 equity shares of face value of Rs. 10/- each for cash at a price of Rs. 75/- per equity share including a share premium of Rs. 65- per equity share aggregating to
Rs. 1.39 crores will be reserved for subscription by market maker to the issue (the "Market Maker Reservation Portion"). The issue less the market maker reservation portion i.e. net issue of 35,13,600 equity shares of face value of Rs. 10/- each at a price of Rs. 75/- per equity share including a share premium of Rs. 65/- per equity share aggregating to Rs. 26.35 crores is herein after referred to as the "Net Issue". The issue and the net issue will constitute 27 % and 25.65 %, respectively, of the post issue paid up equity share capital of the company.
The face value of the equity shares is Rs. 10 each. The floor price is 7.5 times of the face value.
H.M. Electro Mech Ltd IPO Strategy
- Continue to enhance our project execution capabilities.
- Leveraging our market skills and relationship.
- Maintaining edge over competitors.
- Expand our geographical footprint.
About H.M. Electro Mech Ltd
H.M. Electro Mech Limited was originally established in 2003 as a partnership firm named as M/s H.M. Engineers' under the Partnership Act, 1932. Later, it converted from partnership firm to a Public Limited Company named as 'H. M. Electro Mech Limited' and a fresh Certificate of Incorporation dated April, 24 2018 was issued by the Registrar of Companies, Central Registration Centre.
Till the Firm was converted into Company, it had been working as Electro Mechanical Contractor for water supply & waste water treatment and pumping machinery installation works in pump house of Government Turnkey Projects.
H.M. Electro Mech Limited, Ahmedabad is an infrastructure company in the field of all type of project work of pumping machineries for water and waste water, electrification project of central. The Company is engaged in the field of turnkey projects of supply, installation, testing and commissioning of pumping machineries along with comprehensive operation and maintenance.
Initially, the core business of the Company was Infra projects related to water supply scheme involving Pumping Machineries and allied accessories for water and waste water. Recently, the Company started EPC field projects which involves laying cross country pipe line and civil work related to water supply projects including construction of water treatment plant (WTP), Civil Work for Pump Houses, Diesel Generating Sets, Panel Room, Instrumentation, PLC-SCADA. For such EPC projects, it is working in collaboration/joint ventures with other companies also for carrying out civil work part of the project. The Company is also engaged in sale of products which includes Pump, Pipes, Transformer, Motor and Other Electronic Accessories.
The Company is ISO 9001:2015 certified and approved Electrical contractor in Class A' and Class AA' with Irrigation division of Government of Gujarat. The Company is an approved electrical contractor with State Government of Rajasthan also under Indira Gandhi Nahar Pariyojana, Bikaner. The Company is authorized by Government of Gujarat Energy and Petrochemicals Department to carry out Electrical Installation Works in the Gujarat State.
The Company is planning an IPO of 3700000 Equity Shares through Fresh Issue.
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T&C*
Strengths vs Risks of H.M. Electro Mech Ltd
Know the pros & cons
Strengths
Comprehensive Solutions.- Strategic Partnerships.
- Prompt Decision-Making.
- Emergency Response Expertise.
- Experienced Promoters and management team.
- Robust Order Book.
- Stability and Continuity.
Risks
- Majority of its Revenue from Operation (RFO) is generated from state of Gujarat and Rajasthan. Any adversedevelopment affecting its operations in this region could have an adverse impact on the company business, financial condition and results of operations.
- The company does not own the place where its registered office is situated. In case of non-renewal of rent agreements/cancellation of the NOCs given so far or dispute in relation to use of the said premise, its business and results of operations can be adversely affected.
- The Company, promoters and directors are involved in certain legal proceedings. Any adverse decision in such proceedings may have a material adverse effect on its business, results of operations and financial condition.
- The Company has reported certain negative cash flows from its operating activity, financing activity and investing activity, details of which are given below. Sustained negative cash flow could impact its growth and business.
- The company On-going Projects (Order Book) may not be representative of its future results and the company actual income may be significantly less than the estimates reflected in its Order Book, which could adversely affect the company results of operations.
- Its business is working capital intensive involving relatively long implementation periods. The company requires substantial financing for its business operations and the failures to obtain additional financing on terms commercially acceptable to it may adversely affect the company ability to grow and its future profitability.
- The company business requires the services of third party manufacturers and suppliers, which entail certain risks.
- Increase in costs or a shortfall in availability of the materials the company purchase could have a material adverse effect on the Company's sales, profitability and results of operations.
- Its projects are typically awarded to the company on satisfaction of prescribed pre-qualification criteria and following a competitive bidding process. Its business and the company financial condition may be adversely affected if new projects are not awarded to it.
- The company has not obtained the registration of its trademarks used in the company businesses and the company inability to obtain or maintain these registrations may adversely affect its competitive business position.
- The nature of its business exposes it to liability claims and contract disputes and the company indemnities may not adequately protect it. Any liability in excess of the company reserves or indemnities could result in additional costs, which would reduce its profits.
- The company business is dependent on the sale of its products and services to certain key customers. The loss of any such customers or a significant reduction in the sales made to such customers, could materially adversely affect its business, results of operations and financial condition.
- The Company has delayed in compliance of certain statutory provisions under Companies Act. Such delayed compliances/ lapses may attract penalties.
- Its insurance coverage may not be adequate to protect the company against certain operating hazards and this may have a material adverse effect on its business.
- The company has incurred indebtedness which exposes it to various risks which may have an adverse effect on the company business and results of operations.
- The company does not have long-term agreements with suppliers for its raw materials and an increase in the cost of, or a shortfall in the availability or quality of such raw materials could have an adverse effect on its business and results of operations.
- The company results of operations and cash flows could be adversely affected, if its unable to collect the company dues and receivables from, or invoice its unbilled services to, or retention money to the company clients.
- An inability to effectively manage project execution may lead to project delays which may affect its business and results of operations.
- The company lenders have charge over its immovable and movable properties in respect of finance availed by it.
- The company customers have a right to cancel the contract by giving a minimal notice on the occurrence of certain events. Any such cancellation may adversely affect its business, financial condition and results of operations.
- The company faces significant competition in its industry, which may reduce the company market share and adversely affect its business, financial condition, results of operations and prospects.
- The company is dependent on a number of key personnel, including its senior management, and the loss of, or the company inability to attract or retain such persons could adversely affect its business, results of operations and financial condition.
- Its pricing structures may not accurately anticipate the cost and complexity of performing the company work and if its unable to manage costs successfully, then certain of the company contracts could be or become unprofitable.
- The company has certain contingent liabilities, which, if materialized, may affect its financial condition and results of operations.
- The Company has availed unsecured loans which are repayable on demand. Any demand from lenders for
repayment of such unsecured loans, may adversely affect its cash flows.
- The company requires certain approvals or licenses in the ordinary course of business and the failures to renew, obtain or retain them in a timely manner, or at all, may adversely affect its operations.
- The company inability to identify and understand evolving industry trends, technological advancements, client preferences and develop new services to meet its client's demands may adversely affect the company business.
- Trade Receivables and Inventories form a substantial part of its current assets and net worth. Failures to manage the same could have an adverse effect on its net sales, profitability, cash flow and liquidity.
- The company business requires deployment of labour and depends on availability of labour. Unavailability of labour may impact its project execution schedules, profitability and the company goodwill adversely.
- The company appoint contract labour for carrying out certain of its operations and the company may be held responsible for paying the wages of such workers, if the independent contractors through whom such workers are hired default on their obligations, and such obligations could have an adverse effect on its results of operations and financial condition.
- Its Promoters and Directors have provided personal guarantees for financing facilities availed by the company and may in the future provide additional guarantees and any failures or default by the Company to repay such facilities in accordance with the terms and conditions of the financing agreements could trigger repayment obligations on them, which may impact their ability to effectively service their obligations as its Promoters and Directors and thereby, adversely impact the company business and operations.
- In addition to normal remuneration, other benefits and reimbursement of expenses some of its Directors (including the company Promoters) and Key Management Personnel are interested in the Company to the extent of their shareholding and dividend entitlement in the Company.
- Its inability to effectively manage the company growth could have an adverse effect on its business, results of operations and financial condition.
- The company has in the past entered into related party transactions and may continue to do so in the future. There can be no assurance that such transactions, individually or in the aggregate, will not have an adverse effect on the Company's financial condition and results of operations.
- The company will continue to be controlled by its Promoters after the completion of the Issue.
- Dependence upon third party transportation services for supply and transportation of its products are subject to various uncertainties and risks, and delays in delivery may result in delay in completion of its services.
- The company indebtedness and the conditions and restrictions imposed by its financing arrangements may limit the company ability to grow its business and adversely impact its business.
- The company ability to pay dividends in the future will depends on its earnings, financial condition, working capital requirements, capital expenditures and restrictive covenants of its financing arrangements.
- The company business is subject to various operating risks at its project sites, the occurrence of which can affect the company results of operations and consequently, financial condition of the Company.
- The company could be adversely affected due to misconduct or errors of its employees that are difficult to detect and any such incidents could adversely affect its financial condition, results of operations and reputation.
- The company is required to furnish bank guarantees as part of its business. The company inability to arrange such guarantees or the invocation of such guarantees may adversely affect its cash flows and financial condition.
- Fraud, theft, employee negligence or similar incidents may adversely affect the results of operations and financial condition.
- The Objects of the Issue for which funds are being raised have not been appraised by any bank or financial institution. Any variation between the estimation and actual expenditure as estimated by the management could result in execution delays or influence its profitability adversely.
- There is no monitoring agency appointed by the Company to monitor the utilization of the Issue proceeds.
- Any future issuance of Equity Shares, or convertible securities or other equity linked securities by it and any sale of Equity Shares by its significant shareholders may dilute your shareholding and adversely affect the trading price of the Equity Shares.
- The company has not identified any alternate source of funding and hence any failures or delay on its part to mobilize the required resources or any shortfall in the Issue proceeds may delay the implementation schedule.
- 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.
- Any Penalty or demand raised by statutory authorities in future will affect its financial position of the Company.
- The company has not independently verified certain data in this Red Herring Prospectus.
- Investors other than retail (including non- institutional investors, QIBs and Corporate Bodies) are not permitted to withdraw or lower their Bids (in terms of quantity of Equity Shares or the Amount) at any stage after submitting an application.
H.M. Electro Mech Ltd Peer Comparison
Understand the company’s industry standing
H.M. Electro Mech Ltd
HEC Infra Projects Ltd
Face Value
10
10
Standalone / Consolidated
Standalone
Consolidated
Total Income Rs. Cr.
117.0345
73.7895
EPS-Basis
---
---
EPS-Diluted
8.19
4.65
NAV Per Share
33.27
34.39
P/E-Basic EPS
---
14.63
P/E-Diluted EPS
---
---
RONW(%)
25.37
13.53
Latest NAV Period
---
---
Latest NAV
---
---
How to check the allotment status of H.M. Electro Mech Ltd IPO?
Follow the steps
Open link to the registrar using this URL (https://evault.kfintech.com/ipostatus/).
Select company from dropdown menu.
Enter details- PAN, Application number or DP client ID
Get your allotment status
Open link to the registrar using this URL (https://evault.kfintech.com/ipostatus/).
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The IPO opens on 24 Jan 2025 & closes on 28 Jan 2025.
H.M. Electro Mech Limited was originally established in 2003 as a partnership firm named as M/s H.M. Engineers' under the Partnership Act, 1932. Later, it converted from partnership firm to a Public Limited Company named as 'H. M. Electro Mech Limited' and a fresh Certificate of Incorporation dated April, 24 2018 was issued by the Registrar of Companies, Central Registration Centre.
Till the Firm was converted into Company, it had been working as Electro Mechanical Contractor for water supply & waste water treatment and pumping machinery installation works in pump house of Government Turnkey Projects.
H.M. Electro Mech Limited, Ahmedabad is an infrastructure company in the field of all type of project work of pumping machineries for water and waste water, electrification project of central. The Company is engaged in the field of turnkey projects of supply, installation, testing and commissioning of pumping machineries along with comprehensive operation and maintenance.
Initially, the core business of the Company was Infra projects related to water supply scheme involving Pumping Machineries and allied accessories for water and waste water. Recently, the Company started EPC field projects which involves laying cross country pipe line and civil work related to water supply projects including construction of water treatment plant (WTP), Civil Work for Pump Houses, Diesel Generating Sets, Panel Room, Instrumentation, PLC-SCADA. For such EPC projects, it is working in collaboration/joint ventures with other companies also for carrying out civil work part of the project. The Company is also engaged in sale of products which includes Pump, Pipes, Transformer, Motor and Other Electronic Accessories.
The Company is ISO 9001:2015 certified and approved Electrical contractor in Class A' and Class AA' with Irrigation division of Government of Gujarat. The Company is an approved electrical contractor with State Government of Rajasthan also under Indira Gandhi Nahar Pariyojana, Bikaner. The Company is authorized by Government of Gujarat Energy and Petrochemicals Department to carry out Electrical Installation Works in the Gujarat State.
The Company is planning an IPO of 3700000 Equity Shares through Fresh Issue.
H.M. Electro Mech Ltd IPO will close on 28 Jan 2025.
- Comprehensive Solutions.
- Strategic Partnerships.
- Prompt Decision-Making.
- Emergency Response Expertise.
- Experienced Promoters and management team.
- Robust Order Book.
- Stability and Continuity.
| S.No | Promoters Name | Pre Issue Shares | Pre Issue Percentage | Post Issue Shares | Post Issue Percentage |
|---|---|---|---|---|---|
| 1 | Dipak Padmakant Pandya | 2432800 | 24.33 | 2432800 | 17.76 |
| 2 | Mahendra Ramabhai Patel | 2432800 | 24.33 | 2432800 | 17.76 |
| 3 | Varsha Mahendra Patel | 2415800 | 24.16 | 2415800 | 17.63 |
| 4 | Mita Dipak Pandya | 2415800 | 24.16 | 2415800 | 17.63 |
| 5 | Harshal Mahendra Patel | 10000 | 0.1 | 10000 | 0.07 |
| 6 | Subhani Swapnil Patel | 20000 | 0.2 | 20000 | 0.15 |
| 7 | Pinal Mahendra Patel | 10000 | 0.1 | 10000 | 0.07 |
| 8 | Twinkal Saagarkumar Paneliya | 10000 | 0.1 | 10000 | 0.07 |
- Majority of its Revenue from Operation (RFO) is generated from state of Gujarat and Rajasthan. Any adversedevelopment affecting its operations in this region could have an adverse impact on the company business, financial condition and results of operations.
- The company does not own the place where its registered office is situated. In case of non-renewal of rent agreements/cancellation of the NOCs given so far or dispute in relation to use of the said premise, its business and results of operations can be adversely affected.
- The Company, promoters and directors are involved in certain legal proceedings. Any adverse decision in such proceedings may have a material adverse effect on its business, results of operations and financial condition.
- The Company has reported certain negative cash flows from its operating activity, financing activity and investing activity, details of which are given below. Sustained negative cash flow could impact its growth and business.
- The company On-going Projects (Order Book) may not be representative of its future results and the company actual income may be significantly less than the estimates reflected in its Order Book, which could adversely affect the company results of operations.
- Its business is working capital intensive involving relatively long implementation periods. The company requires substantial financing for its business operations and the failures to obtain additional financing on terms commercially acceptable to it may adversely affect the company ability to grow and its future profitability.
- The company business requires the services of third party manufacturers and suppliers, which entail certain risks.
- Increase in costs or a shortfall in availability of the materials the company purchase could have a material adverse effect on the Company's sales, profitability and results of operations.
- Its projects are typically awarded to the company on satisfaction of prescribed pre-qualification criteria and following a competitive bidding process. Its business and the company financial condition may be adversely affected if new projects are not awarded to it.
- The company has not obtained the registration of its trademarks used in the company businesses and the company inability to obtain or maintain these registrations may adversely affect its competitive business position.
- The nature of its business exposes it to liability claims and contract disputes and the company indemnities may not adequately protect it. Any liability in excess of the company reserves or indemnities could result in additional costs, which would reduce its profits.
- The company business is dependent on the sale of its products and services to certain key customers. The loss of any such customers or a significant reduction in the sales made to such customers, could materially adversely affect its business, results of operations and financial condition.
- The Company has delayed in compliance of certain statutory provisions under Companies Act. Such delayed compliances/ lapses may attract penalties.
- Its insurance coverage may not be adequate to protect the company against certain operating hazards and this may have a material adverse effect on its business.
- The company has incurred indebtedness which exposes it to various risks which may have an adverse effect on the company business and results of operations.
- The company does not have long-term agreements with suppliers for its raw materials and an increase in the cost of, or a shortfall in the availability or quality of such raw materials could have an adverse effect on its business and results of operations.
- The company results of operations and cash flows could be adversely affected, if its unable to collect the company dues and receivables from, or invoice its unbilled services to, or retention money to the company clients.
- An inability to effectively manage project execution may lead to project delays which may affect its business and results of operations.
- The company lenders have charge over its immovable and movable properties in respect of finance availed by it.
- The company customers have a right to cancel the contract by giving a minimal notice on the occurrence of certain events. Any such cancellation may adversely affect its business, financial condition and results of operations.
- The company faces significant competition in its industry, which may reduce the company market share and adversely affect its business, financial condition, results of operations and prospects.
- The company is dependent on a number of key personnel, including its senior management, and the loss of, or the company inability to attract or retain such persons could adversely affect its business, results of operations and financial condition.
- Its pricing structures may not accurately anticipate the cost and complexity of performing the company work and if its unable to manage costs successfully, then certain of the company contracts could be or become unprofitable.
- The company has certain contingent liabilities, which, if materialized, may affect its financial condition and results of operations.
- The Company has availed unsecured loans which are repayable on demand. Any demand from lenders for repayment of such unsecured loans, may adversely affect its cash flows.
- The company requires certain approvals or licenses in the ordinary course of business and the failures to renew, obtain or retain them in a timely manner, or at all, may adversely affect its operations.
- The company inability to identify and understand evolving industry trends, technological advancements, client preferences and develop new services to meet its client's demands may adversely affect the company business.
- Trade Receivables and Inventories form a substantial part of its current assets and net worth. Failures to manage the same could have an adverse effect on its net sales, profitability, cash flow and liquidity.
- The company business requires deployment of labour and depends on availability of labour. Unavailability of labour may impact its project execution schedules, profitability and the company goodwill adversely.
- The company appoint contract labour for carrying out certain of its operations and the company may be held responsible for paying the wages of such workers, if the independent contractors through whom such workers are hired default on their obligations, and such obligations could have an adverse effect on its results of operations and financial condition.
- Its Promoters and Directors have provided personal guarantees for financing facilities availed by the company and may in the future provide additional guarantees and any failures or default by the Company to repay such facilities in accordance with the terms and conditions of the financing agreements could trigger repayment obligations on them, which may impact their ability to effectively service their obligations as its Promoters and Directors and thereby, adversely impact the company business and operations.
- In addition to normal remuneration, other benefits and reimbursement of expenses some of its Directors (including the company Promoters) and Key Management Personnel are interested in the Company to the extent of their shareholding and dividend entitlement in the Company.
- Its inability to effectively manage the company growth could have an adverse effect on its business, results of operations and financial condition.
- The company has in the past entered into related party transactions and may continue to do so in the future. There can be no assurance that such transactions, individually or in the aggregate, will not have an adverse effect on the Company's financial condition and results of operations.
- The company will continue to be controlled by its Promoters after the completion of the Issue.
- Dependence upon third party transportation services for supply and transportation of its products are subject to various uncertainties and risks, and delays in delivery may result in delay in completion of its services.
- The company indebtedness and the conditions and restrictions imposed by its financing arrangements may limit the company ability to grow its business and adversely impact its business.
- The company ability to pay dividends in the future will depends on its earnings, financial condition, working capital requirements, capital expenditures and restrictive covenants of its financing arrangements.
- The company business is subject to various operating risks at its project sites, the occurrence of which can affect the company results of operations and consequently, financial condition of the Company.
- The company could be adversely affected due to misconduct or errors of its employees that are difficult to detect and any such incidents could adversely affect its financial condition, results of operations and reputation.
- The company is required to furnish bank guarantees as part of its business. The company inability to arrange such guarantees or the invocation of such guarantees may adversely affect its cash flows and financial condition.
- Fraud, theft, employee negligence or similar incidents may adversely affect the results of operations and financial condition.
- The Objects of the Issue for which funds are being raised have not been appraised by any bank or financial institution. Any variation between the estimation and actual expenditure as estimated by the management could result in execution delays or influence its profitability adversely.
- There is no monitoring agency appointed by the Company to monitor the utilization of the Issue proceeds.
- Any future issuance of Equity Shares, or convertible securities or other equity linked securities by it and any sale of Equity Shares by its significant shareholders may dilute your shareholding and adversely affect the trading price of the Equity Shares.
- The company has not identified any alternate source of funding and hence any failures or delay on its part to mobilize the required resources or any shortfall in the Issue proceeds may delay the implementation schedule.
- 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.
- Any Penalty or demand raised by statutory authorities in future will affect its financial position of the Company.
- The company has not independently verified certain data in this Red Herring Prospectus.
- Investors other than retail (including non- institutional investors, QIBs and Corporate Bodies) are not permitted to withdraw or lower their Bids (in terms of quantity of Equity Shares or the Amount) at any stage after submitting an application.
The Issue type of H.M. Electro Mech Ltd is Book Building - SME.
The minimum application for shares of H.M. Electro Mech Ltd is 1600.
The total shares issue of H.M. Electro Mech Ltd is 3699200.
Initial public issue of up to 36,99,200 equity shares of face value of
Rs. 10/- each of H.M. Electro Mech Limited ("HMEML" or the "Company" or the "Issuer") for cash at a price of Rs. 75/- per equity share including a share premium of Rs. 65/- per equity share (the "Issue Price") aggregating to
Rs. 27.74 crores ("The Issue"), of which 1,85,600 equity shares of face value of Rs. 10/- each for cash at a price of Rs. 75/- per equity share including a share premium of Rs. 65- per equity share aggregating to
Rs. 1.39 crores will be reserved for subscription by market maker to the issue (the "Market Maker Reservation Portion"). The issue less the market maker reservation portion i.e. net issue of 35,13,600 equity shares of face value of Rs. 10/- each at a price of Rs. 75/- per equity share including a share premium of Rs. 65/- per equity share aggregating to Rs. 26.35 crores is herein after referred to as the "Net Issue". The issue and the net issue will constitute 27 % and 25.65 %, respectively, of the post issue paid up equity share capital of the company.
The face value of the equity shares is Rs. 10 each. The floor price is 7.5 times of the face value.
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