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United Heat Transfer Ltd

United Heat Transfer Ltd IPO

Status: Closed

Overview

IPO date
22 Oct 2024 to 24 Oct 2024
Face value
₹ 10 per share
Price
₹ 56 to ₹59 per share
Issue Size
5,084,000 shares
(aggregating up to ₹ 30 Cr)
Allotment Date
25 Oct 2024
Listing at
NSE
Issue type
Book Building - SME
Sector
Engineering

Objectives of United Heat Transfer Ltd IPO

Initial public issue of 50,84,000 equity shares of face value of Rs. 10/- each of United Heat Transfer Limited ("UHT" or the "Company" or the "Issuer") for cash at a price of Rs. 59/- per equity share including a share premium of Rs. 49/- per equity share (the "Issue Price") aggregating to Rs. 30.00 crores ("The Issue"), of which 2,56,000 equity shares of face value of Rs. 10/- each for cash at a price of Rs. 59/- per equity share including a share premium of Rs. 49/- per equity share aggregating to Rs. 1.51 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 48,28,000 equity shares of face value of Rs. 10/- each at a price of Rs. 59/- per equity share including a share premium of Rs. 49/- per equity share aggregating to Rs. 28.49 crores is herein after referred to as the "Net Issue". The issue and the net issue will constitute 26.75% and 25.41%, respectively, of the post issue paid up equity share capital of the company.

United Heat Transfer Ltd IPO Strategy

  • Investing in Human Resources and Building a Professional Organization.
  • Competitive pricing.
  • Strong Customer Relationships.
  • On Time Delivery.
  • Design & Engineering Optimization.

About United Heat Transfer Ltd

United Heat Transfer Limited was originally incorporated as United Heat Transfers Private Limited, on January 27th, 1995 vide Certificate of Incorporation issued by the Registrar of Companies, Mumbai, Maharashtra. The name of the Company was changed to United Heat Transfer Private Limited dated November 13th, 2009 vide Certificate from name change issued by the Registrar of Companies, Mumbai, Maharashtra. Subsequently, Company got converted into a Public Limited Company and the name of Company was changed from 'United Heat Transfer Private Limited' to 'United Heat Transfer Limited'. and fresh Certificate of Incorporation was issued on June 12th, 2024 by the Registrar of Companies, Mumbai, Maharashtra. The Company is engaged in the manufacture of shell and tube heat exchangers, air cooled heat exchangers, pressure vessels and process flow skids equipment's which are used as critical equipment's for petrol and diesel engines, railway engines, maritime engines, cruse and cargo ships, ferries, pleasure boats, marine diesels, mining trucks, megayachts, heavy engines, fishing boats, heavy trucks, freighters, trawlers, heavy haulages, power gen sets, super tankers, off highway engines etc. since 1995. The Company manufacture heat transfer equipment's as per the TEMA (Tubular Exchanger Manufacturers Association) standards, ASME Section VIII Div. 1, Div. 2, (unfired pressure vessels), API 660, 661, NES standards. Apart from this, it operates two advanced manufacturing facilities situated in Nashik, also known as the Holy City. The corporate office and manufacturing Unit No. I, situated at Ambad MIDC, Nashik houses and Unit No. II is situated at Talegaon Dindori sprawling over the land of 13 acres. The Company is planning to issue upto 60,00,000 Equity Shares through IPO.

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T&C*

Strengths vs Risks of United Heat Transfer Ltd

Know the pros & cons

Strengths

  • arrowWell Experienced Management Team.
  • arrowIntegrated Manufacturing Facilities.
  • arrowVendor Registrations.
  • arrowLong Standing Relation with Customers.
  • arrowStrategic Location of Unit.

Risks

  • arrowThe Company is dependent on few numbers of customers for sales. Loss of any of this large customer may affect its revenues and profitability.
  • arrowThe Company is dependent on few States. Loss of any of this large States may affect its business operations.
  • arrowTwo of its Promoters and Non-Executive Directors i.e. Ms. Durva Yogesh Patil and Mr. Shatanik Vivek Patil has limited experience in the Heat Exchanger Industry in which the Company is operating.
  • arrowThe Company is dependent on few Countries. Loss of any of this large Countries may affect its business operations.
  • arrowThe Company is dependent on a few suppliers for purchase of product. Loss of any of these large suppliers may affect its business operations.
  • arrowThe company has given corporate guarantee in relation to certain debt facilities to its group company which if claimed, may require the company to pay the guaranteed amount.
  • arrowIts business is dependent on the company manufacturing facility. The loss of or shutdown of operations of its manufacturing facility may have a material adverse effect on its business, financial condition and results of operations.
  • arrowThe Company has not entered into any agreements/ contracts for the supply of raw material and other utilities. Risks related to shortfall or non-availability of raw material and other utilities may adversely affect its manufacturing processes and have an adverse impact on the company operations and financial condition.
  • arrowThe company will continue to be controlled by its Promoters after the completion of the Issue.
  • arrowThe Company, Promoters, Directors and Group Companies are involved in certain legal proceedings. Any adverse decision in such proceedings may render it/them liable to liabilities/penalties and may adversely affect its business and results of operations.
  • arrowThere have been some instances of delays in filing of some of the GST Returns under the GST, Act.
  • arrowOne of its Group Company and also Promoter Group Entity is engaged in similar line of business. Any conflict of interest may occur between its group companies or the company promoter group entities and it may adversely affect its business, prospects, results of operations and financial condition.
  • arrowThe company has experienced significant working capital requirements in past and may continue to experience in future also. If the company experience insufficient cash flows from its operations or are unable to borrow to meet the company working capital requirements, it may materially and adversely affect its business, cash flows and results of operations.
  • arrowThere are certain discrepancies/errors which have occurred in some of its corporate secretarial records relating to forms filed with the RoC and other provisions of Companies Act, 2013. Any penalty or action taken by any regulatory authorities in future.
  • arrowIf the Company is unable to protect its intellectual property, or if the Company infringes on the intellectual property rights of others, its business may be adversely affected.
  • arrowCertain relevant copies of education of its director is not traceable. The BRLM has relied on the signed resume to verify and include the details of the education in the Draft Red Herring Prospectus.
  • arrowThe company has offered Equity Shares during the last one year at a price below the Issue Price.
  • arrowIts insurance coverage may not adequately protect the company against certain operating risks and this may have an adverse effect on the results of its business. The company insurance coverage may not adequately protect it against certain operating risks and this may have an adverse effect on the results of its business.
  • arrowThe company is dependent on third party transportation providers for procuring raw material from its suppliers and delivery of finish products and materials to its clients. Any failure on the part of such service providers to meet their obligations could have a material adverse effect on its business, financial condition and results of operation.
  • arrowFailures to manage its appropriate level of inventory could have an adverse effect on the company net sales, profitability, cash flow and liquidity.
  • arrowThe company could be exposed to risks arising from misconduct, fraud and trading errors by its employees and Business Associates.
  • arrowA shortage or non-availability of electricity or water may adversely affect its manufacturing operations and have an adverse effect on the company's business, results of operations and financial condition.
  • arrowIts inability to effectively manage the company growth or to successfully implement its business plan and growth strategy could have an adverse effect on its business, results of operations and financial condition.
  • arrowDependence on debt and outflow of finance cost leads to outflow of cash flows and reduce overall profitability.
  • arrowIts manufacturing activities are dependent upon availability of skilled and unskilled labour.
  • arrowIts success depends on the company ability to attract and retain its key management personnel. If the company is unable to do so, it would adversely affect its business and results of operations.
  • arrowIn addition to regular remuneration, other benefits and expense reimbursement its Promoters, Directors, KMPs and SMPs hold a vested interest in the Company; to the extent of their shareholding and associated dividend entitlements. They also have a stake in transactions involving the Company, whether with themselves individually or with its group companies/entities. The Company in future may enter in related party transactions subject to necessary compliances.
  • arrowStrikes, work stoppages or increased wage demands by its employees or any other kind of disputes with the company employees/workmen in future could adversely affect its business and results of operations.
  • arrowIts business requires it to obtain and renew certain registrations, licenses and permits from government and regulatory authorities and the failure to obtain and renew them in a timely manner may adversely affect its business operations.
  • arrowCompliance with and changes in safety, health and environmental laws and various labour, workplace and related laws and regulations impose additional costs and may increase its compliance costs and a such adversely affect the company results of operations and its financial condition.
  • arrowIf the company is unable to service its debt obligations in a timely manner or to comply with various financial and other covenants and other terms and conditions of its financing agreements, it may adversely affect the company's business, prospects, results of operations and financial condition.
  • arrowIts contingent liabilities as stated in the company Restated Financial Statements could affect its financial condition.
  • arrowChanges in technology may render its current technologies obsolete or requires the company to make substantial investments.
  • arrowThe average cost of acquisition of Equity shares by its Promoters is lower than the Issue price.
  • arrowFraud, theft, employee negligence or similar incidents may adversely affect the results of operations and financial condition.
  • arrowIts ability to pay any dividends will depends upon future earnings, financial condition, cash flows, working capital requirements and capital expenditures.
  • arrowThere is no monitoring agency appointed by the Company to monitor the utilization of the Issue proceeds.
  • arrowAny variation in the utilization of the Net Proceeds as disclosed in this Draft Red Herring Prospectus shall be subject to certain compliance requirements, including prior approval of the shareholders of the Company.
  • arrowAny future issuance of its Equity Shares may dilute prospective investors' shareholding, and sales of its Equity Shares by the company major shareholders may adversely affect the trading price of its Equity Shares.
  • arrowThe 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.
  • arrowThe Objects of the Issue 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 as "Objects of the Issue".
  • arrowIn the event there is any delay in the completion of the Issue, or delay in schedule of implementation, there would be a corresponding delay in the completion of the objects of this Issue which would in turn affect its revenues and results of operations.
  • arrowThe company has not identified any alternate source of raising the funds required for the object of the Issue and the deployment of funds is entirely at its discretion and as per the details mentioned in the section titled "Objects of the Issue".
  • arrowThe requirements of being a public listed company may strain its resources and impose additional requirements.
  • arrowCertain data mentioned in this Draft Red Herring Prospectus has not been independently verified.

United Heat Transfer Ltd Peer Comparison

Understand the company’s industry standing

United Heat Transfer Ltd
The Anup Engineering Ltd
Face Value
10
10
Standalone / Consolidated
Standalone
Standalone
Total Income Rs. Cr.
6.2385
102.4016
EPS-Basis
4.89
52.2
EPS-Diluted
4.89
51.85
NAV Per Share
15.98
531.08
P/E-Basic EPS
12.07
34.89
P/E-Diluted EPS
---
---
RONW(%)
30.62
19.38
Latest NAV Period
---
---
Latest NAV
---
---
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How to check the allotment status of United Heat Transfer Ltd IPO?

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

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The IPO opens on 22 Oct 2024 & closes on 24 Oct 2024.

United Heat Transfer Limited was originally incorporated as United Heat Transfers Private Limited, on January 27th, 1995 vide Certificate of Incorporation issued by the Registrar of Companies, Mumbai, Maharashtra. The name of the Company was changed to United Heat Transfer Private Limited dated November 13th, 2009 vide Certificate from name change issued by the Registrar of Companies, Mumbai, Maharashtra. Subsequently, Company got converted into a Public Limited Company and the name of Company was changed from 'United Heat Transfer Private Limited' to 'United Heat Transfer Limited'. and fresh Certificate of Incorporation was issued on June 12th, 2024 by the Registrar of Companies, Mumbai, Maharashtra. The Company is engaged in the manufacture of shell and tube heat exchangers, air cooled heat exchangers, pressure vessels and process flow skids equipment's which are used as critical equipment's for petrol and diesel engines, railway engines, maritime engines, cruse and cargo ships, ferries, pleasure boats, marine diesels, mining trucks, megayachts, heavy engines, fishing boats, heavy trucks, freighters, trawlers, heavy haulages, power gen sets, super tankers, off highway engines etc. since 1995. The Company manufacture heat transfer equipment's as per the TEMA (Tubular Exchanger Manufacturers Association) standards, ASME Section VIII Div. 1, Div. 2, (unfired pressure vessels), API 660, 661, NES standards. Apart from this, it operates two advanced manufacturing facilities situated in Nashik, also known as the Holy City. The corporate office and manufacturing Unit No. I, situated at Ambad MIDC, Nashik houses and Unit No. II is situated at Talegaon Dindori sprawling over the land of 13 acres. The Company is planning to issue upto 60,00,000 Equity Shares through IPO.

United Heat Transfer Ltd IPO will close on 24 Oct 2024.

  • Well Experienced Management Team.
  • Integrated Manufacturing Facilities.
  • Vendor Registrations.
  • Long Standing Relation with Customers.
  • Strategic Location of Unit.

S.No Promoters Name Pre Issue Shares Pre Issue Percentage Post Issue Shares Post Issue Percentage
1 Yogesh Vishwanath Patil 5429850 39.01 5429850 28.57
2 Vivek Vishwanath Patil 5579700 40.08 5579700 29.36
3 Durva Yogesh Patil 240000 1.72 240000 1.26
4 Shatanik Vivek Patil 150 --- 150 ---

  • The Company is dependent on few numbers of customers for sales. Loss of any of this large customer may affect its revenues and profitability.
  • The Company is dependent on few States. Loss of any of this large States may affect its business operations.
  • Two of its Promoters and Non-Executive Directors i.e. Ms. Durva Yogesh Patil and Mr. Shatanik Vivek Patil has limited experience in the Heat Exchanger Industry in which the Company is operating.
  • The Company is dependent on few Countries. Loss of any of this large Countries may affect its business operations.
  • The Company is dependent on a few suppliers for purchase of product. Loss of any of these large suppliers may affect its business operations.
  • The company has given corporate guarantee in relation to certain debt facilities to its group company which if claimed, may require the company to pay the guaranteed amount.
  • Its business is dependent on the company manufacturing facility. The loss of or shutdown of operations of its manufacturing facility may have a material adverse effect on its business, financial condition and results of operations.
  • The Company has not entered into any agreements/ contracts for the supply of raw material and other utilities. Risks related to shortfall or non-availability of raw material and other utilities may adversely affect its manufacturing processes and have an adverse impact on the company operations and financial condition.
  • The company will continue to be controlled by its Promoters after the completion of the Issue.
  • The Company, Promoters, Directors and Group Companies are involved in certain legal proceedings. Any adverse decision in such proceedings may render it/them liable to liabilities/penalties and may adversely affect its business and results of operations.
  • There have been some instances of delays in filing of some of the GST Returns under the GST, Act.
  • One of its Group Company and also Promoter Group Entity is engaged in similar line of business. Any conflict of interest may occur between its group companies or the company promoter group entities and it may adversely affect its business, prospects, results of operations and financial condition.
  • The company has experienced significant working capital requirements in past and may continue to experience in future also. If the company experience insufficient cash flows from its operations or are unable to borrow to meet the company working capital requirements, it may materially and adversely affect its business, cash flows and results of operations.
  • There are certain discrepancies/errors which have occurred in some of its corporate secretarial records relating to forms filed with the RoC and other provisions of Companies Act, 2013. Any penalty or action taken by any regulatory authorities in future.
  • If the Company is unable to protect its intellectual property, or if the Company infringes on the intellectual property rights of others, its business may be adversely affected.
  • Certain relevant copies of education of its director is not traceable. The BRLM has relied on the signed resume to verify and include the details of the education in the Draft Red Herring Prospectus.
  • The company has offered Equity Shares during the last one year at a price below the Issue Price.
  • Its insurance coverage may not adequately protect the company against certain operating risks and this may have an adverse effect on the results of its business. The company insurance coverage may not adequately protect it against certain operating risks and this may have an adverse effect on the results of its business.
  • The company is dependent on third party transportation providers for procuring raw material from its suppliers and delivery of finish products and materials to its clients. Any failure on the part of such service providers to meet their obligations could have a material adverse effect on its business, financial condition and results of operation.
  • Failures to manage its appropriate level of inventory could have an adverse effect on the company net sales, profitability, cash flow and liquidity.
  • The company could be exposed to risks arising from misconduct, fraud and trading errors by its employees and Business Associates.
  • A shortage or non-availability of electricity or water may adversely affect its manufacturing operations and have an adverse effect on the company's business, results of operations and financial condition.
  • Its inability to effectively manage the company growth or to successfully implement its business plan and growth strategy could have an adverse effect on its business, results of operations and financial condition.
  • Dependence on debt and outflow of finance cost leads to outflow of cash flows and reduce overall profitability.
  • Its manufacturing activities are dependent upon availability of skilled and unskilled labour.
  • Its success depends on the company ability to attract and retain its key management personnel. If the company is unable to do so, it would adversely affect its business and results of operations.
  • In addition to regular remuneration, other benefits and expense reimbursement its Promoters, Directors, KMPs and SMPs hold a vested interest in the Company; to the extent of their shareholding and associated dividend entitlements. They also have a stake in transactions involving the Company, whether with themselves individually or with its group companies/entities. The Company in future may enter in related party transactions subject to necessary compliances.
  • Strikes, work stoppages or increased wage demands by its employees or any other kind of disputes with the company employees/workmen in future could adversely affect its business and results of operations.
  • Its business requires it to obtain and renew certain registrations, licenses and permits from government and regulatory authorities and the failure to obtain and renew them in a timely manner may adversely affect its business operations.
  • Compliance with and changes in safety, health and environmental laws and various labour, workplace and related laws and regulations impose additional costs and may increase its compliance costs and a such adversely affect the company results of operations and its financial condition.
  • If the company is unable to service its debt obligations in a timely manner or to comply with various financial and other covenants and other terms and conditions of its financing agreements, it may adversely affect the company's business, prospects, results of operations and financial condition.
  • Its contingent liabilities as stated in the company Restated Financial Statements could affect its financial condition.
  • Changes in technology may render its current technologies obsolete or requires the company to make substantial investments.
  • The average cost of acquisition of Equity shares by its Promoters is lower than the Issue price.
  • Fraud, theft, employee negligence or similar incidents may adversely affect the results of operations and financial condition.
  • Its ability to pay any dividends will depends upon future earnings, financial condition, cash flows, working capital requirements and capital expenditures.
  • There is no monitoring agency appointed by the Company to monitor the utilization of the Issue proceeds.
  • Any variation in the utilization of the Net Proceeds as disclosed in this Draft Red Herring Prospectus shall be subject to certain compliance requirements, including prior approval of the shareholders of the Company.
  • Any future issuance of its Equity Shares may dilute prospective investors' shareholding, and sales of its Equity Shares by the company major shareholders may adversely affect the trading price of its Equity Shares.
  • 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.
  • The Objects of the Issue 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 as "Objects of the Issue".
  • In the event there is any delay in the completion of the Issue, or delay in schedule of implementation, there would be a corresponding delay in the completion of the objects of this Issue which would in turn affect its revenues and results of operations.
  • The company has not identified any alternate source of raising the funds required for the object of the Issue and the deployment of funds is entirely at its discretion and as per the details mentioned in the section titled "Objects of the Issue".
  • The requirements of being a public listed company may strain its resources and impose additional requirements.
  • Certain data mentioned in this Draft Red Herring Prospectus has not been independently verified.

The Issue type of United Heat Transfer Ltd is Book Building - SME.

The minimum application for shares of United Heat Transfer Ltd is 2000.

The total shares issue of United Heat Transfer Ltd is 5084000.

Initial public issue of 50,84,000 equity shares of face value of Rs. 10/- each of United Heat Transfer Limited ("UHT" or the "Company" or the "Issuer") for cash at a price of Rs. 59/- per equity share including a share premium of Rs. 49/- per equity share (the "Issue Price") aggregating to Rs. 30.00 crores ("The Issue"), of which 2,56,000 equity shares of face value of Rs. 10/- each for cash at a price of Rs. 59/- per equity share including a share premium of Rs. 49/- per equity share aggregating to Rs. 1.51 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 48,28,000 equity shares of face value of Rs. 10/- each at a price of Rs. 59/- per equity share including a share premium of Rs. 49/- per equity share aggregating to Rs. 28.49 crores is herein after referred to as the "Net Issue". The issue and the net issue will constitute 26.75% and 25.41%, respectively, of the post issue paid up equity share capital of the company.