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Delta Autocorp Ltd

Delta Autocorp Ltd IPO

Status: Closed

Overview

IPO date

07 Jan 2025 to 09 Jan 2025

Face value

₹ 1 per share

Price

₹ 123 to ₹130 per share

Issue Size

4,200,000 shares
(aggregating up to ₹ 54.6 Cr)

Allotment Date

10 Jan 2025

Listing at

NSE

Issue type

Book Building - SME

Sector

Automobile

Objectives of Delta Autocorp Ltd IPO

Delta Autocorp Ltd IPO Strategy

About Delta Autocorp Ltd

Delta Autocorp Limited was originally incorporated as 'Delta Autocorp LLP' on May 20, 2016 with Registrar of Companies, Kolkata. Later, 'Delta Autocorp LLP' thereafter converted from a Limited Liability Partnership into a Private Limited with the name of 'Delta Autocorp Private Limited' and received a fresh Certificate of Incorporation from the Registrar of Companies, Central Registration Centre on July 21, 2023. Later, the status converted into Public Limited and the Company name changed to 'Delta Autocorp Limited' and a fresh Certificate of Incorporation dated May 8, 2024 was issued by the Central Processing Centre. The Company began with the establishment of Delta Autocorp LLP in 2016 by visionary promoter, Mr. Ankit Agarwal. Initially concentrating on development of electric 3W prototypes, it marked a significant milestone in 2017 with the launch of first E-Rickshaw, boasting an impressive mileage of over 150 Kms. Furthermore, Research and Development (R&D) Department implemented several enhancements, including refining the aerodynamic structure of E-rickshaws for optimal performance even on hilly terrains. Additionally, it boosted the torque, improved strength & durability by using stronger metallurgy, and improved the gradability to a range of 7 to 10 degrees in E-Rickshaws. These notable advancements contribute significantly to meeting the evolving demands of the market. The year 2018 saw the commencement of prototype development for electric 2W, and in 2019, the Company unveiled their inaugural electric 2W model. Hence, the Company launched well designed full scooters suitable to run on Indian roads with high ground clearance, good footboard space, and a large seat at very reasonable price coming at a very pocket friendly price. Moreover, in the interest of longevity, cost efficiency, and customer safety, the Company is transitioning to Lithium Ferro Phosphate (LFP) batteries from Nickel-Manganese-Cobalt (NMC) batteries. In 2020, New model of electric scooter 'Drixx' launched in 2020. Two facelift models of E- Rickshaw launched in 2021. The new model of electric scooter was launched in 2022. Two high speed scooter launched in 2023. The Company's main business is to manufacture and sell 2W & 3W EVs using cutting edge components procured from reputed Original Equipment Manufacturers (OEMs) who use design & engineering specifications using stateof-the-art manufacturing process. It supply specific components designed and compatible for their vehicles. The Company is planning an IPO aggregating upto 42,00,000 Equity Shares consisting a Fresh Issue of 38,88,000 Equity Shares and 3,12,000 Equity Shares through Offer for Sale.

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Strengths vs Risks of Delta Autocorp Ltd

Know the pros & cons

Strengths

Experienced Promoters and Management Team.
Customer Centric Approach.
In house Research and Development of Products.
Cracking the distribution model.
Tapping into the mass premium segment.
Quality Standard Certifications & Quality Test.
Diversified product range.

Risks

If the company electric vehicles contain defects, does not perform as per industry standards and/or fails to meet the performance levels advertised, its brand and reputation and the company ability to develop, market and sell its electric vehicles could be adversely impacted, and the company may be compelled to undertake product recalls or similar corrective actions and have legal actions taken against the company.
Its success depends on the company ability to successfully develop, introduce, manufacture, market and deliver new electric vehicle models of high quality on schedule and on a large scale, which may expose it to new and increased challenges and risks.
The company is dependent on its dealers for sale of its product. Loss of any or all such dealer may have an adverse impact on its business, results of operations and financial conditions.
The Company is dependent on a few suppliers for purchases of products. The loss of any of these large suppliers may affect its business operations.
Its business is dependent on the company distribution network. An inability to expand or effectively manage its distributor network, or any disruptions in the company distribution network may have an adverse effect on its business, results of operations, financial condition and cash flows.
The company is dependent on third parties for its logistics and transportation needs. Any disruptions in the same may adversely affect the company operations, business, cash flows and financial conditions.
Its Registered Office, Corporate Office and Manufacturing units from where the company operate is not owned by it.
Its may not be able to compete successfully in the highly competitive and fast evolving automotive market.
Its operations could be adversely affected by strikes, work stoppages or increased wage demands by its employees or any other kind of disputes with the company employees.
If there are changes in government regulations and the company is unable to meet the new requirements, it could negatively affect its business and operations.
Fraud, theft, employee negligence or similar incidents may adversely affect its results of operations and financial condition.
The company is susceptible to risks relating to unionization of its employees employed by the company.
The company has experienced negative cash flows from operations in the recent past, and its may have negative cash flows in the future.
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 cashflow.
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 in the past entered into related party transactions and may continue to do so in the future, which may potentially involve conflicts of interest with the equity shareholders.
Its lenders have charge over the company movable and immovable properties in respect of finance availed by it.
The company is required to obtain, renew or maintain statutory and regulatory permits, licenses and approvals to operate its business and the company manufacturing facility, and any delay or inability in obtaining, renewing or maintaining such permits, licenses and approvals could result in an adverse effect on its results of operations.
Its may be unable to sufficiently obtain, maintain, protect, or enforce the company intellectual property and other proprietary rights.
The Company is party to certain litigation and claims. Any adverse decision may make it liable to liabilities/penalties and may adversely affect its reputation, business and financial status.
Any non-compliance or delays in GST Return Filings may expose it to penalties from the regulators.
There have been instances of delays of certain forms which were required to be filed as per the reporting requirements under the Companies Act, 2013 to ROC.
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.
Its Promoters and the Promoter Group will jointly continue to retain majority shareholding in the Company after the offer, which will allow them to determine the outcome of the matters requiring the approval of shareholders.
The average cost of acquisition of Equity Shares by its Promoters could be lower than the offer price.
Its individual Promoters plays key role in the company functioning and its heavily relies on their knowledge and experience in operating its business and therefore, it is critical for the company business that its Promoter and Executive Directors remain associated with it. The company success also depends upon the services of its key managerial personnel and the company ability to attract and retain key managerial personnel and its inability to attract them may affect the company operations.
Its ability to attract, train and retain executives and other qualified employees is critical to its business, results of operations and future growth.
Its Promoters and Executive Directors hold Equity Shares in the Company and are therefore interested in the Company's performance in addition to their remuneration and reimbursement of expenses.
Any variation in the utilization of the Net Proceeds as disclosed in this Red Herring Prospectus shall be subject to certain compliance requirements, including prior approval of the shareholders of the Company.
The Objects of the offer for which funds are being raised are based on its management estimates and the same have not been appraised by any bank or financial institution or any independent agency. The deployment of funds in the project is entirely at its discretion, based on the parameters as mentioned in the chapter titled "Objects of the offer".
There is no monitoring agency appointed by the Company to monitor the utilization of the offer proceeds and deployment of the offer is entirely at the discretion of the issuer.
Its funding requirements and proposed deployment of the Net Proceeds of the Fresh Issue are based on management estimates. The company has not entered into any definitive arrangements to utilize certain portions of the Net Proceeds of the Fresh Issue. The company has relied on the quotations received from third parties for estimation of the cost for its capital expenditure requirements and have not been independently appraised by a bank or a financial institution.
The company has not identified any alternate source of raising the funds required for the object of the offer and the deployment of funds is entirely at its discretion and as per the details mentioned in the section titled "Objects of the offer".
The company will not receive any proceeds from the offer. The Selling Shareholder will receive the entire proceeds from the offer.
The company has issued shares at a price which may be lower than the offer price in preceding one year.
Its ability to pay any dividends will depends upon future earnings, financial condition, cash flows, working capital requirements and capital expenditures.
Industry information included in this Red Herring Prospectus has been derived from industry sources. There can be no assurance that such third-party statistical, financial and other industry information is complete, reliable or accurate.
Certain data mentioned in this Red Herring Prospectus has not been independently verified.

Delta Autocorp Ltd Peer Comparison

Understand the company’s industry standing

Wardwizard Innovations & Mobility Ltd

Delta Autocorp Ltd

Face Value

Standalone / Consolidated

Standalone

Total Income Rs. Cr.

321.6268

45.2753

EPS-Basis

0.52

4.22

EPS-Diluted

---

NAV Per Share

3.88

19.91

P/E-Basic EPS

72.80

---

P/E-Diluted EPS

---

RONW(%)

13.79

21.18

Latest NAV Period

---

Latest NAV

---

How to check the allotment status of Delta Autocorp Ltd IPO?

Follow the steps

Open link to the registrar using this URL (https://evault.kfintech.com/ipostatus/).

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The IPO opens on 07 Jan 2025 & closes on 09 Jan 2025.

Delta Autocorp Ltd IPO will close on 09 Jan 2025.

Experienced Promoters and Management Team.
Customer Centric Approach.
In house Research and Development of Products.
Cracking the distribution model.
Tapping into the mass premium segment.
Quality Standard Certifications & Quality Test.
Diversified product range.

S.No	Promoters Name	Pre Issue Shares	Pre Issue Percentage	Post Issue Shares	Post Issue Percentage
1	Ankit Agarwal	9082124	79.65	8770124	57.36
2	Priyanka Agarwal	1189778	10.44	1189778	7.78
3	Sanwarmallagarwalla	171025	1.5	171025	1.12
4	Bhama Agarwalla	171025	1.5	171025	1.12
5	Parsuram Sanwarmall Agarwalla	171025	1.5	171025	1.12
6	Ankit Agarwal HUF	342051	3	342051	2.23

If the company electric vehicles contain defects, does not perform as per industry standards and/or fails to meet the performance levels advertised, its brand and reputation and the company ability to develop, market and sell its electric vehicles could be adversely impacted, and the company may be compelled to undertake product recalls or similar corrective actions and have legal actions taken against the company.
Its success depends on the company ability to successfully develop, introduce, manufacture, market and deliver new electric vehicle models of high quality on schedule and on a large scale, which may expose it to new and increased challenges and risks.
The company is dependent on its dealers for sale of its product. Loss of any or all such dealer may have an adverse impact on its business, results of operations and financial conditions.
The Company is dependent on a few suppliers for purchases of products. The loss of any of these large suppliers may affect its business operations.
Its business is dependent on the company distribution network. An inability to expand or effectively manage its distributor network, or any disruptions in the company distribution network may have an adverse effect on its business, results of operations, financial condition and cash flows.
The company is dependent on third parties for its logistics and transportation needs. Any disruptions in the same may adversely affect the company operations, business, cash flows and financial conditions.
Its Registered Office, Corporate Office and Manufacturing units from where the company operate is not owned by it.
Its may not be able to compete successfully in the highly competitive and fast evolving automotive market.
Its operations could be adversely affected by strikes, work stoppages or increased wage demands by its employees or any other kind of disputes with the company employees.
If there are changes in government regulations and the company is unable to meet the new requirements, it could negatively affect its business and operations.
Fraud, theft, employee negligence or similar incidents may adversely affect its results of operations and financial condition.
The company is susceptible to risks relating to unionization of its employees employed by the company.
The company has experienced negative cash flows from operations in the recent past, and its may have negative cash flows in the future.
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 cashflow.
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 in the past entered into related party transactions and may continue to do so in the future, which may potentially involve conflicts of interest with the equity shareholders.
Its lenders have charge over the company movable and immovable properties in respect of finance availed by it.
The company is required to obtain, renew or maintain statutory and regulatory permits, licenses and approvals to operate its business and the company manufacturing facility, and any delay or inability in obtaining, renewing or maintaining such permits, licenses and approvals could result in an adverse effect on its results of operations.
Its may be unable to sufficiently obtain, maintain, protect, or enforce the company intellectual property and other proprietary rights.
The Company is party to certain litigation and claims. Any adverse decision may make it liable to liabilities/penalties and may adversely affect its reputation, business and financial status.
Any non-compliance or delays in GST Return Filings may expose it to penalties from the regulators.
There have been instances of delays of certain forms which were required to be filed as per the reporting requirements under the Companies Act, 2013 to ROC.
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.
Its Promoters and the Promoter Group will jointly continue to retain majority shareholding in the Company after the offer, which will allow them to determine the outcome of the matters requiring the approval of shareholders.
The average cost of acquisition of Equity Shares by its Promoters could be lower than the offer price.
Its individual Promoters plays key role in the company functioning and its heavily relies on their knowledge and experience in operating its business and therefore, it is critical for the company business that its Promoter and Executive Directors remain associated with it. The company success also depends upon the services of its key managerial personnel and the company ability to attract and retain key managerial personnel and its inability to attract them may affect the company operations.
Its ability to attract, train and retain executives and other qualified employees is critical to its business, results of operations and future growth.
Its Promoters and Executive Directors hold Equity Shares in the Company and are therefore interested in the Company's performance in addition to their remuneration and reimbursement of expenses.
Any variation in the utilization of the Net Proceeds as disclosed in this Red Herring Prospectus shall be subject to certain compliance requirements, including prior approval of the shareholders of the Company.
The Objects of the offer for which funds are being raised are based on its management estimates and the same have not been appraised by any bank or financial institution or any independent agency. The deployment of funds in the project is entirely at its discretion, based on the parameters as mentioned in the chapter titled "Objects of the offer".
There is no monitoring agency appointed by the Company to monitor the utilization of the offer proceeds and deployment of the offer is entirely at the discretion of the issuer.
Its funding requirements and proposed deployment of the Net Proceeds of the Fresh Issue are based on management estimates. The company has not entered into any definitive arrangements to utilize certain portions of the Net Proceeds of the Fresh Issue. The company has relied on the quotations received from third parties for estimation of the cost for its capital expenditure requirements and have not been independently appraised by a bank or a financial institution.
The company has not identified any alternate source of raising the funds required for the object of the offer and the deployment of funds is entirely at its discretion and as per the details mentioned in the section titled "Objects of the offer".
The company will not receive any proceeds from the offer. The Selling Shareholder will receive the entire proceeds from the offer.
The company has issued shares at a price which may be lower than the offer price in preceding one year.
Its ability to pay any dividends will depends upon future earnings, financial condition, cash flows, working capital requirements and capital expenditures.
Industry information included in this Red Herring Prospectus has been derived from industry sources. There can be no assurance that such third-party statistical, financial and other industry information is complete, reliable or accurate.
Certain data mentioned in this Red Herring Prospectus has not been independently verified.

The Issue type of Delta Autocorp Ltd is Book Building - SME.

The minimum application for shares of Delta Autocorp Ltd is 1000.

The total shares issue of Delta Autocorp Ltd is 4200000.

Initial public offer of up to 42,00,000 equity shares of face value of Rs. 10/- each ("Equity Shares") of Delta Autocorp Limited (the "Company" or "Deltic" or "Issuer") at an offer price of Rs. 130.00 per equity share (including a share premium of Rs. 120.00 per equity share) for cash, aggregating up to Rs. 54.60 crores ("Public Offer") comprising a fresh issue of up to 38,88,000 equity shares aggregating to Rs. 50.54 crores (the "Fresh Issue") and an offer for sale of upto 3,12,000 equity shares by Ankit Agarwal ("The Selling Shareholder") aggregating up to 3,12,000 equity shares by the selling shareholder ("Offer for Sale") aggregating to Rs. 4.05 crores out of which 2,94,000 equity shares of face value of Rs. 10/- each, at an offer price of Rs. 130.00 per equity share for cash, aggregating Rs. 3.82 crores will be reserved for subscription by the market maker to the offer (the "Market Maker Reservation Portion"). The public offer less market maker reservation portion i.e. offer of 39,06,000 equity shares of face value of Rs. 10/- each, at an offer price of Rs. 10/- per equity share for cash, aggregating up to Rs. 50.77 crores is hereinafter referred to as the "Net Offer". The public offer and net offer will constitute 27.47 % and 25.55 % respectively of the post- offer paid-up equity share capital of the company. Issue Price Rs.130 per equity share of face value of Rs.10 each. The Issue Price is 13.0 times of the face value of the equity shares. Bid can be made for a minimum of 1000 equity shares and in multiples of 1000 equity shares thereafter.

Delta Autocorp Ltd IPODELTIC

Objectives of Delta Autocorp Ltd IPO

Delta Autocorp Ltd IPO Strategy

About Delta Autocorp Ltd

Strengths vs Risks of Delta Autocorp Ltd

Strengths

Risks

Delta Autocorp Ltd Peer Comparison

How to check the allotment status of Delta Autocorp Ltd IPO?

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When does Delta Autocorp Ltd IPO open?

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What are the risks of Delta Autocorp Ltd?

What is the issue type of Delta Autocorp Ltd IPO?

What is the minimum application for shares of Delta Autocorp Ltd?

Total shares issue of Delta Autocorp Ltd IPO?

What are the objectives of Delta Autocorp Ltd IPO?

Delta Autocorp Ltd IPO