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Key retail IPOs of 2023

From a logistics firm to stationery and personal care brands, here are companies from the retail ecosystem that went public in 2023

The year 2023 has been a robust one for initial public offers (IPOs), not only in terms of returns and subscriptions but also in terms of the emergence of IPOs as a distinct asset class, said IIFL Securities on its blog.

Out of the 102 IPOs filed so far in the year, 87 have given positive returns post-listing as per Bombay Stock Exchange (BSE) data.

Here, we list IPOs by retail-related companies that hit the bourses in 2023 in chronological order. They are an interesting mix of logistics firms, jewellery companies, stationery and personal care brands. Have a look…

TVS Supply Chain Solutions Ltd.

Listing Date: 23 Aug 2023

Issue size: Rs 880.00 crore

Subscription Times: 2.85

Issue Price: Rs 197.00

TVS Supply Chain Solutions (TVS SCS), part of TVS Mobility Group, is an Indian multinational company offering integrated supply chain solutions to various industries including retail and FMCG. The Chennai-based logistics player is present in more than 14 countries including the USA, the UK, Spain, Germany, Italy, France, Singapore, Hong Kong, Thailand, China, Australia, New Zealand and Mexico.

It offers a range of solutions under two business segments: Network Solutions and integrated supply chain solutions. Some of its offerings include consultancy, product data management, strategic purchasing, data analytics, inventory management, warehousing, and last-mile delivery, among others.

For the September quarter, the company reported a consolidated loss of Rs22 crore against a profit of Rs38 crore in the year ago period. Revenue from operations reduced from Rs 2,681 crore a year ago to Rs 2,263 crore.

Cello World Ltd.

Listing Date: 6 November 2023

Issue size: Rs 1,900.00 crore

Subscription Times: 41.69

Issue Price: Rs 648.00

Founded in 1958, Cello World Ltd., is a prominent player in the consumerware market in India. Although it has over 50 years of brand legacy, it was incorporated as a private limited company in 2018. It has a presence in consumer houseware and glassware, moulded furniture and allied products and writing instruments and stationery.

The Company has a strong distribution network with over 3,300 distributors and more than 1,26,000 retailers across the country.

For the half year ended 30 September 2023, the company reported a profit after tax (PAT) of Rs 169 crore with its PAT in the second quarter of the financial year (FY) being Rs 86.6 crore as per its BSE filing.

Honasa Consumer Ltd. (Mamaearth)

Listing Date: 7 November 2023

Issue size: Rs 1701.4 crore

Subscription times: 7.6

Issue Price: Rs 324

Founded in 2016, Gurugram-based beauty and personal care company Honasa Consumer Ltd. (HCL) is the youngest Indian unicorn to go public. The digital-first house of brands operating in the beauty and personal care segment (BPC) is best known for its flagship brand Mamaearth. The other brands in the company’s portfolio include The Derma Co, Bblunt, Ayuga, Aqualogica and Dr Sheth.

The company intends to introduce more brands to grab opportunities in the BPC space, its chairman and chief executive officer Varun Alagh told PTI recently.

For the quarter ended September, the company reported an almost two-fold increase in its consolidated profit after tax to Rs 29.43 from Rs 15.19 crore in the year-ago period. Read more about it here.

Sai Silks (Kalamandir)

Listing Date: 27 Sep 2023

Issue size: Rs 1,201.00 crore

Subscription Times: 4.47

Issue Price: Rs 222

Hyderabad, Telangana-based clothing merchants Sai Silks (Kalamandir) Ltd. founded by Chalavadi Naga Kanaka Durga Prasad and Chalavadi Jhansi Rani is in the business of selling sarees and ethnic wear. The group opened its first store of more than 3,000 sq. ft. in 2005 and has 53 stores covering 6 lakh square feet of retail space (as of January 2023) in four states Telangana, Karnataka, Andhra Pradesh, and Tamil Nadu.

The group manages four brands: Kalamandir, Kancheepuram Varamahalakshmi Silks, Mandir, and KLM Fashion Mall.

Net profit of the company increased 33.87% to Rs 23.36 crore in the quarter ended September 2023 as against Rs 17.45 crore during the previous quarter ended September 2022.

Flair Writing Industries Ltd.

Listing Date: 1 December 2023

Issue size: Rs 593 crore

Subscription Times: 4.47

Issue Price: Rs 304

Flair, the Mumbai-based writing instruments and stationery company was established in 1976 by Khubilal Jugraj Rathod. The company has several brands in its bag including Pierre Cardin, Hauser Germany, Zoox and its flagship brand Flair. The company has a production capacity to churn out 2 billion pieces annually and in FY 2023, it sold 1,303.60 million units of pens.

Flair reported a revenue of Rs 7,541.8 million in FY 2023.

DOMS Industries

Listing Date: 20 December

Issue size: Rs 1,200 crore

Subscription Times: 93.40

Issue Price: Rs 1400

DOMS Industries, a stationery and art product company, launched its flagship brand DOMS in 2005. The company competes with the likes of Camlin, Apsara and Flair in the segment and holds a 29% market share in pencils and a 30% market share in the mathematical instrument box categories as per media reports.

In 2012, the company entered into a strategic partnership with F.I.L.A. – Fabbrica Italiana Lapis ed Affini S.p.A (F.I.L.A.), an Italian multinational company engaged in the supply of various art materials and stationery products which give it international access. Today, the company has a presence in 40 countries, 3,770 stock keeping units (SKUs) and employs 7,850 people.

DOMS reported a net profit of Rs 73.91 crore and revenue of Rs 764.22 crore in the quarter ended 30 September 2023. In FY 2023, the company reported a net profit of Rs 102.87 crore.

Credo Brands Marketing Ltd. (Mufti)

Listing Date: 27 December

Issue size: Rs 549.78 crore

Subscription Times: 51.85

Issue Price: Rs 282.35

Menswear brand Mufti was launched by Kamal Khushlani 25 years ago selling only shirts and trousers. Today, the brand offers t-shirts, sweatshirts, jeans, cargos, chinos, jackets, blazers and sweaters, party wear and athleisure.

The products are available through a pan-India multichannel distribution network comprising exclusive brand outlets (EBOs), large format stores (LFSs) and multi-brand outlets (MBOs), as well as online channels including its website and other e-commerce marketplaces. In September 2023, the company had a pan-India presence through 1,807 touchpoints consisting of 404 EBOs, 71 LFSs and 1,332 MBOs in 591 cities.

As of 1 November 2023, it had 137,000 followers on its Instagram page, 3.40 million followers on its Facebook page and 15,200 subscribers on its YouTube channel.

In FY23, Mufti’s revenue touched Rs 498.18 crore and a net profit of Rs 77.51 crore. For the quarter ended June 2023, its net profit was Rs 8.57 crore and revenue was Rs 118.5 crore.

In addition to the above, four jewellery companies too went public this year. For details, read Jewellery IPOs of 2023.

The post Key retail IPOs of 2023 appeared first on India Retailing.



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