Tarsons-Products-Limited-IPO-Elite-Wealth
IPO-Note Tarsons Products Limited
Rs 635 – Rs 662 per Equity share Recommendation: SUBSCRIBE

Company Profile: –

Tarsons Products Ltd. is an Indian company engaged in the designing, development, manufacturing and marketing of diverse range of quality labware products including benchtop equipment, used in across research organizations, academia institutes, pharmaceutical companies, Contract Research Organizations , Diagnostic companies and hospital manufactures a range of quality labware products that helps advance scientific discovery. The company had a diversified product portfolio with over 1,700 SKUs across 300 products. Its product portfolio is classified into three key categories. Some of its end customers include customers such as Indian Institute of Chemical Technology, National Centre, Dr Reddy’s Laboratories, Metropolis Healthcare, Dr Lal Path Labs, TPL distributes products to these end customers on a Pan-India basis through authorized distributors. The company has long-standing relationships with end customers as well as distributors. The company currently operates through five manufacturing facilities located in West Bengal. These facilities are vertically integrated and equipped with automated support systems that help the company in maintaining quality, increasing productivity, and reducing costs.

Tarsons Products Ltd IPO – Details

                                                                                      Issue Details
Objects of the issue  ·Repayment/ Prepayment of borrowing of the company;

·Funding a part of capital expenditure for new manufacturing facility, and

·General corporate Purpose. 

Issue Size Total issue Size -Rs. 1023.84 Cr.

Offer for Sale – Rs. 150 Cr.

Fresh Issue –Rs. 873.84 Cr.

Face value Rs.2.00 Per Equity Share
Issue Price Rs. 635 – Rs. 662
Bid Lot 22 shares
Listing at  BSE, NSE
Issue Opens: 15th Nov, 2021 – 17th Nov, 2021
QIB 50% of Net Issue Offer
Retail 35% of Net Issue Offer
NIB 15% of Net Issue Offer

Tarsons Product Ltd IPO

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Tarsons Product Ltd IPO

Application Form

Tarsons Products Ltd IPO Financial Performance:

Financial-Performance-Tarson-ipo

Tarsons Products Ltd IPO Shareholding Pattern:

Shareholding Pattern Pre- Issue Post Issue
Promoters & Promoter Group 50.75% 42.03%
Public  49.25% 57.97%
Source: RHP, EWL Research

Tarsons Products Ltd IPO Strengths:

  • Strong Distribution network of over 140 Authorised Distributor and worldwide presence in 40 countries.

  • Leading supplier of life sciences products and have good product offering

  • Well-equipped and automated manufacturing facilities with Strong sales and distribution network

Tarsons Products Ltd IPO Key Highlights:

  • Revenue from operations has grown at a CAGR of 12.62% from FY19-21

  • EBITDA Margin improved from 42.03% in FY19 to 46.45% in FY21

  • PAT has grown at a CAGR of 33% from FY 19-21, in FY 21 Company Profit has improved from 38.99 cr in FY 19 to 68.87 cr.

  • ROCE of the company improved from 31.61% in FY 19 to 34.54%.

  • Exports to 40 countries through 45 authorized distributors which make up 25-30% of their total revenue.

  • On consolidated basis company reported cash flow of ₹ 68cr in FY 21.

Tarsons Products IPO Risk Factors:

  • Delay or interruption in imports (which make up 75% of raw materials)

  • Geographical & Political risks of having plants only in West Bengal.

  • High Competition & Fragmented Industry, Maintenance of quality is must.

Outlook:

Tarsons Products has more than three decades of experience in the science labware and plastic labware industry. They are leader in production and supply of laboratory plastic ware for use within molecular biology, cell culture, genomics, proteomics and immunology in India. The product vast product range, with sound knowledge and expertise in plastic moulding, they also provide customized products as per the laboratory needs. Tarsons supply their products to healthcare, pharmaceutical, biotech, food and environment sectors globally. The business model is supported by stable and recurring revenues, significant operating leverage that can come from expansion Plan Company generate healthy cash flow. At the higher price band of Rs 197, the offer is made at P/E multiple of 51.15x of FY21 EPS, considering the uniqueness of business and  the growth ahead for the company, we recommend SUBSCRIBE rating to the IPO.

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