Tamilnadu Coke & Power IPO is a proposed Mainboard? public issue by Tamilnadu Coke & Power Limited. The company filed its Draft Red Herring Prospectus (DRHP) dated 24 December 2023 for a 100% book-built issue of 64,14,000 equity shares of face value ₹10 each. The entire issue comprises a fresh issue, with no Offer for Sale component. The equity shares are proposed to be listed on the NSE Emerge platform.
The company has not disclosed the final price band, issue price, IPO opening date, closing date or minimum bid lot in the available DRHP. These details are required to be announced before the IPO opens. The proposed issue includes a market maker reservation portion of 3,21,600 equity shares, while the net issue comprises 60,92,400 equity shares.
Tamilnadu Coke & Power Limited is engaged in the manufacturing of Low Ash Metallurgical (LAM) Coke, sale of coal, generation of power through waste heat recovery and sale of electricity. The company operates a coke oven plant at Thandalacherry, Tamil Nadu, with an installed capacity of 1,20,000 tonnes per annum and a 10 MW waste heat recovery power plant.
Table of Contents
Tamilnadu Coke & Power IPO Details
| IPO Details | Information |
|---|---|
| IPO Name | Tamilnadu Coke & Power IPO |
| Company Name | Tamilnadu Coke & Power Limited |
| IPO Type | Book Built Issue |
| IPO Category | SME IPO |
| Face Value | ₹10 Per Equity Share |
| Price Band | Yet to be Updated |
| Issue Size | 64,14,000 Equity Shares |
| Fresh Issue | 64,14,000 Equity Shares |
| Offer for Sale | Nil |
| Issue Method | Book Building |
| Listing Exchange | NSE Emerge |
| Lot Size | Yet to be Updated |
| IPO Open Date | Yet to be Updated |
| IPO Close Date | Yet to be Updated |
| Basis of Allotment | Yet to be Updated |
| Refund Initiation | Yet to be Updated |
| Shares Credited to Demat Account | Yet to be Updated |
| Listing Date | Yet to be Updated |
| Registrar | Link Intime India Private Limited |
| Book Running Lead Manager | Beeline Capital Advisors Private Limited |
The DRHP states that the issue comprises 64,14,000 fresh equity shares and no Offer for Sale. It also proposes a market maker reservation of 3,21,600 shares and a net issue of 60,92,400 shares. The final issue price and price band were not available in the DRHP.
Tamilnadu Coke & Power IPO Dates
| IPO Event | Date |
|---|---|
| Anchor Investor Bidding | Yet to be Updated |
| IPO Opening Date | Yet to be Updated |
| IPO Closing Date | Yet to be Updated |
| Basis of Allotment | Yet to be Updated |
| Refund Initiation | Yet to be Updated |
| Shares Credited to Demat Account | Yet to be Updated |
| Listing Date | Yet to be Updated |
The available DRHP leaves the bid/issue opening and closing dates blank. The final IPO timetable should therefore be updated only after the company and stock exchange publish the applicable issue announcement.
Tamilnadu Coke & Power IPO Reservation
| Investor Category | Reservation |
|---|---|
| Qualified Institutional Buyers (QIB) | Not More Than 50% of Net Issue |
| Non-Institutional Investors (NII) | Not Less Than 15% of Net Issue |
| Retail Individual Investors (RII) | Not Less Than 35% of Net Issue |
| Market Maker Reservation | 3,21,600 Equity Shares |
The DRHP states that not more than 50% of the net issue shall be available for allocation to QIBs, not less than 15% to Non-Institutional Bidders and not less than 35% to Retail Individual Bidders, subject to valid bids. The market maker reservation portion comprises 3,21,600 equity shares.
Tamilnadu Coke & Power IPO Lot Size
| Application | Shares | Amount |
|---|---|---|
| Retail Minimum | Yet to be Updated | Yet to be Updated |
| Retail Maximum | Yet to be Updated | Yet to be Updated |
| S-HNI Minimum | Yet to be Updated | Yet to be Updated |
The minimum bid lot was not specified in the available DRHP and is required to be announced with the price band before the IPO opens. Therefore, the application amount cannot be calculated reliably at this stage.
About Tamilnadu Coke & Power Limited
Tamilnadu Coke & Power Limited was originally incorporated as Tamilnadu Coke & Power Private Limited on 27 February 2017. It was subsequently converted into a public limited company and its name was changed to Tamilnadu Coke & Power Limited, with a fresh certificate of incorporation issued on 25 August 2023. The company has its registered office at Thandalacherry Village, Gummidipoondi Taluk, Thiruvallur, Tamil Nadu.
The company is primarily engaged in the production of Low Ash Metallurgical Coke through the conversion of coking coal. It also sells coal, generates electricity through waste heat recovery and sells electricity. Its LAM Coke portfolio includes Lumpy Coke, Blast Furnace Coke, Nut Coke and Coke Fines.
The company owns a LAM Coke oven plant at Gummidipoondi with two batteries comprising 65 ovens and an installed capacity of 1,20,000 TPA. It also operates a 10 MW waste heat recovery-based power plant. The company states that its location provides access to major steel-producing markets and nearby ports including Ennore and Krishnapattnam.
Business Operations
Tamilnadu Coke & Power Limited operates an integrated business model involving metallurgical coke manufacturing, power generation and related activities.
- LAM Coke Manufacturing – The company manufactures Low Ash Metallurgical Coke by processing coking coal at its coke oven facility.
- Lumpy Coke – Lumpy Coke is part of the company’s LAM Coke product portfolio and is supplied to industrial customers.
- Blast Furnace Coke – The company supplies coke used in industrial and metallurgical applications.
- Nut Coke – Nut Coke forms part of the company’s range of metallurgical coke products.
- Coke Fines – The company also produces Coke Fines as part of its LAM Coke operations.
- Coal Sales – The company is also engaged in the sale of coal.
- Waste Heat Recovery Power Generation – Heat generated during coke production is utilised through its waste heat recovery power plant.
- Electricity Sales – The company sells electricity generated from its power generation operations through different arrangements including the Indian Energy Exchange, third-party and group captive modes.
- Ferrosilicon Expansion – The company proposed using IPO proceeds to establish a new 2×5 MVA ferrosilicon manufacturing facility with a planned capacity of 8,000 TPA.
- Solar Power – The company also proposed establishing a solar power plant with a capacity of 1,581 KWP to increase its power-generation capabilities.
The company’s official website confirms its 1,20,000 TPA LAM Coke oven plant and 10 MW waste heat recovery power plant.
Industry Overview
The metallurgical coke industry is closely linked with the steel sector because coke is used in blast furnaces and other metallurgical processes. Demand for metallurgical coke can therefore be influenced by steel production, infrastructure development, industrial activity and capacity expansion across the metals sector.
India’s continued focus on infrastructure development, manufacturing and industrial capacity can support long-term demand for steel and related raw materials. Companies operating close to major steel-producing markets and ports may benefit from transportation and logistics advantages.
The power generation component of the company’s business provides an additional revenue stream through utilisation of waste heat generated during coke production. The transition towards renewable energy and increasing interest in energy efficiency may also create opportunities for companies investing in solar and waste heat recovery systems.
However, the industry is affected by fluctuations in coal prices, steel demand, energy costs, environmental regulations, foreign trade policies and global commodity cycles. Investors should consider these factors while evaluating the company’s future growth prospects.
Business Strategy
Tamilnadu Coke & Power Limited intends to strengthen its existing LAM Coke and power-generation businesses while expanding into additional product and energy segments. The company proposed using IPO proceeds to establish a ferrosilicon manufacturing unit, acquire additional land and set up a solar power plant.
The proposed ferrosilicon facility is planned with a capacity of 2×5 MVA and an expected production capacity of 8,000 TPA. The company intends to establish the facility across approximately 5.43 acres within its existing plant premises. Ferrosilicon is primarily used in the production of stainless steel and carbon steel.
The company also proposed a 1,581 KWP solar power plant. The planned investments are intended to diversify the company’s operations, improve power-generation capabilities and provide access to additional industrial product segments.
Tamilnadu Coke & Power IPO Financial Information
A company’s financial performance provides valuable insights into its revenue growth, profitability, operating efficiency and financial stability. Reviewing financial statements over multiple years helps investors understand how the company has performed and how effectively it has utilised its assets and capital.
Tamilnadu Coke & Power Financial Summary
| Particulars | 30-Jun-2023 | FY2023 | FY2022 |
|---|---|---|---|
| Revenue from Operations | ₹11.57 Crore | ₹51.61 Crore | ₹46.11 Crore |
| Total Income | ₹12.05 Crore | ₹53.41 Crore | ₹46.82 Crore |
| Profit Before Tax (PBT) | ₹6.00 Crore | ₹27.96 Crore | ₹24.29 Crore |
| Profit After Tax (PAT) | ₹4.49 Crore | ₹20.84 Crore | ₹17.48 Crore |
| Net Worth | ₹62.38 Crore | ₹57.89 Crore | ₹37.05 Crore |
| Total Assets | ₹94.33 Crore | ₹89.84 Crore | ₹73.36 Crore |
| Total Borrowings | ₹0.90 Crore | ₹0.38 Crore | ₹0.49 Crore |
The restated financial information in the DRHP shows revenue from operations of ₹51.61 crore in FY2023 compared with ₹46.11 crore in FY2022. Profit after tax increased to ₹20.84 crore in FY2023 from ₹17.48 crore in FY2022. For the period ended 30 June 2023, the company reported revenue from operations of ₹11.57 crore and PAT of ₹4.49 crore.
The company’s restated net worth increased from ₹37.05 crore in FY2022 to ₹57.89 crore in FY2023 and ₹62.38 crore as of 30 June 2023. Total assets stood at ₹94.33 crore as of 30 June 2023.
Tamilnadu Coke & Power IPO Key Performance Indicators (KPIs)
Key Performance Indicators help investors assess profitability, capital utilisation, financial strength and earnings performance. These ratios provide additional insights when evaluated alongside the company’s revenue, profit, net worth and business strategy.
| KPI | Value |
|---|---|
| Earnings Per Share (EPS) | ₹24.09 |
| Adjusted EPS | ₹12.05 |
| Net Asset Value (NAV) Per Share | ₹66.60 |
| Return on Net Worth (RONW) | 35.99% |
| Debt-to-Equity Ratio | 0.02 |
| Current Ratio | 20.26 |
| Price to Earnings (P/E) | Yet to be Updated |
The DRHP reports basic/diluted EPS of ₹24.09 and adjusted/diluted EPS of ₹12.05 for FY2023. Restated net worth stood at ₹57.89 crore as of 31 March 2023 against share capital of ₹8.65 crore. The company had comparatively low borrowings in relation to its net worth at the time of the DRHP financials.
The P/E ratio cannot be calculated reliably until the company announces the final IPO price. Therefore, the P/E value should be updated after the price band and issue price are officially disclosed.
Objects of the Tamilnadu Coke & Power IPO
The company intends to utilise the net proceeds from the fresh issue for the following purposes:
- Setting up a new Ferrosilicon manufacturing plant – approximately ₹39.60 crore.
- Acquisition of additional land adjacent to the existing plant – approximately ₹5.00 crore.
- Setting up a new solar power plant with a planned capacity of 1,581 KWP – approximately ₹8.63 crore.
- General corporate purposes – as specified in the final issue document.
The proposed ferrosilicon plant is planned as a 2×5 MVA facility with a production capacity of approximately 8,000 TPA. The company intends to use approximately 5.43 acres within the existing plant premises for the facility.
Tamilnadu Coke & Power IPO Listing Performance
The listing performance reflects how the company’s shares perform on the stock exchange after the IPO. Since the proposed IPO has not received final issue dates and pricing in the available DRHP, the actual listing price and listing gain are not available.
| Particular | Value |
|---|---|
| Listing Exchange | NSE Emerge |
| Listing Date | Yet to be Updated |
| Issue Price | Yet to be Updated |
| Listing Price | To be updated |
| Listing Gain | To be updated |
| Listing Gain (%) | To be updated |
The DRHP proposes listing the equity shares on the EMERGE Platform of the National Stock Exchange of India Limited, with NSE as the designated stock exchange.
Tamilnadu Coke & Power IPO Subscription Status
The subscription figures indicate the level of investor participation received during the IPO bidding period. Strong subscription can reflect investor interest, although subscription numbers should be considered together with valuation, financial performance, industry conditions and long-term business prospects.
Tamilnadu Coke & Power IPO Subscription
| Investor Category | Subscription |
|---|---|
| Qualified Institutional Buyers (QIB) | To be updated |
| Non-Institutional Investors (NII) | To be updated |
| Retail Individual Investors (RII) | To be updated |
| Employee Category | To be updated |
| Total Subscription | To be updated |
The subscription figures are not available because the final IPO bidding period has not been announced. The subscription table should be updated once the issue opens and category-wise bidding data becomes available.
Tamilnadu Coke & Power IPO Review
Tamilnadu Coke & Power Limited operates an integrated LAM Coke manufacturing and power-generation business. The company has an installed coke production capacity of 1,20,000 TPA and a 10 MW waste heat recovery-based power plant, providing exposure to both metallurgical coke and electricity generation.
The company has reported growth in revenue and profitability between FY2022 and FY2023. Revenue from operations increased from ₹46.11 crore to ₹51.61 crore, while PAT increased from ₹17.48 crore to ₹20.84 crore. The company’s net worth also increased substantially during the same period.
A key part of the proposed IPO strategy is diversification. The company intends to enter ferrosilicon manufacturing and expand its renewable energy capacity through a solar power plant. The planned ferrosilicon facility could provide exposure to another industrial product used in steel manufacturing.
The company’s strategic location is another factor. Its plant is located in Thandalacherry, Tamil Nadu, with access to Ennore and Krishnapattnam ports and proximity to steel-producing customers. The company’s website states that the plant is approximately 50 km from Ennore Port and 120 km from Krishnapattnam Port.
However, investors should consider risks related to raw material prices, the cyclical nature of the steel industry, environmental regulations, project execution, customer concentration and the company’s dependence on industrial demand. The success of the proposed ferrosilicon and solar projects will also depend on timely execution and effective capital deployment.
Overall, Tamilnadu Coke & Power operates in industrial sectors with established demand drivers and has reported profitable operations. Investors should carefully evaluate the final IPO valuation, price band, latest financial information, project execution plans and risk factors before making an investment decision.
Tamilnadu Coke & Power IPO Strengths
- Established LAM Coke manufacturing facility with an installed capacity of 1,20,000 TPA.
- Integrated waste heat recovery power plant with 10 MW installed capacity.
- Revenue and PAT growth reported between FY2022 and FY2023.
- Strategic plant location close to major steel-producing markets and ports.
- Diversification plans through proposed ferrosilicon manufacturing.
- Renewable energy expansion through the proposed 1,581 KWP solar power plant.
Tamilnadu Coke & Power IPO Risk Factors
- The business is exposed to fluctuations in coal and raw material prices, which may affect margins.
- Demand is linked to the steel and metallurgical industries, which are cyclical in nature.
- The proposed expansion projects require effective execution and timely deployment of IPO proceeds.
- Environmental regulations may affect coke manufacturing and related industrial operations.
- Customer and industry concentration may impact revenue if demand from major customers declines.
- The final IPO valuation is not yet available, making it difficult to assess the issue’s valuation at present.
Tamilnadu Coke & Power IPO Promoters
Tamilnadu Coke & Power Limited is promoted by Tamilnadu Global Trading LLP and Mr. Ayaan Ahuja. The DRHP identifies these entities as the promoters of the company.
The company acquired land, buildings, a coke manufacturing unit and a waste heat recovery power plant from Basudha Udyog Private Limited during FY2017-18. The acquired coke manufacturing facility had an installed processing capacity of 1,20,000 TPA and the power plant had an installed capacity of 10 MW.
Tamilnadu Coke & Power IPO Promoters Details
| Promoter | Designation |
|---|---|
| Tamilnadu Global Trading LLP | Promoter |
| Ayaan Ahuja | Promoter, Chairman & Managing Director |
Ayaan Ahuja has been associated with the company since 2018 and was redesignated as Chairman and Managing Director with effect from 3 September 2023 for a period of five years.
Tamilnadu Coke & Power IPO Management Team
The company is managed by a team responsible for manufacturing operations, power generation, finance, compliance, corporate governance and business expansion.
| Name | Designation |
|---|---|
| Ayaan Ahuja | Chairman & Managing Director |
| R Johnson | Whole Time Director |
| Samir Kumar Bahri | Chief Financial Officer |
| Geethalakshmi B V | Company Secretary & Compliance Officer |
| Anil Singh | Independent Director |
The company’s official website currently identifies Ayaan Ahuja as Chairman & Managing Director, Johnson R as Whole Time Director and Anil Singh as an Independent & Non-Executive Director. The DRHP identifies Samir Kumar Bahri as CFO and Geethalakshmi B V as Company Secretary and Compliance Officer.
Tamilnadu Coke & Power IPO Registrar Details
The registrar is responsible for processing IPO applications, finalising the basis of allotment, crediting equity shares to successful applicants, initiating refunds and handling investor-related services.
| Particular | Details |
|---|---|
| Registrar Name | Link Intime India Private Limited |
| Website | https://www.linkintime.co.in |
| IPO Allotment Status | To be updated |
| Email ID | [email protected] |
| Contact Number | +91 8108114949 |
Link Intime India Private Limited is identified as the Registrar to the Issue in the DRHP.
Tamilnadu Coke & Power IPO Lead Manager Details
The Book Running Lead Manager is responsible for managing the IPO process, coordinating regulatory compliance and assisting the company throughout the public issue.
| Particular | Details |
|---|---|
| Lead Manager | Beeline Capital Advisors Private Limited |
| Contact Person | Nikhil Shah |
| Email ID | [email protected] |
| Contact Number | 079 4918 5784 |
Beeline Capital Advisors Private Limited is identified as the Book Running Lead Manager to the proposed issue.
Tamilnadu Coke & Power Limited Contact Details
| Particular | Details |
|---|---|
| Company Name | Tamilnadu Coke & Power Limited |
| Registered Office | 80, Thandalacherry Village, Gummidipoondi, Thiruvallur, Tamil Nadu – 601201 |
| Website | https://www.tncokepower.com |
| Email ID | [email protected] |
| Contact Number | +91 89258 45311 |
The company’s official website confirms its registered office in Thandalacherry Village, Gummidipoondi, Thiruvallur District, Tamil Nadu.
How to Check Tamilnadu Coke & Power IPO Allotment Status
Investors can check the IPO allotment status after the basis of allotment is finalised through the registrar’s website or the applicable NSE IPO platform.
Through Link Intime India Private Limited
- Visit the official Link Intime IPO allotment portal.
- Select Tamilnadu Coke & Power IPO from the IPO list.
- Choose PAN Number, Application Number or DP/Client ID.
- Enter the required details.
- Click Submit to view the allotment status.
Through NSE
- Visit the official NSE IPO section.
- Select the applicable IPO allotment option.
- Enter the required PAN Number or application details.
- Complete the verification process if required.
- Click Search to view the allotment result.
Tamilnadu Coke & Power IPO Conclusion
Tamilnadu Coke & Power IPO provides investors with an opportunity to participate in a company engaged in Low Ash Metallurgical Coke manufacturing and waste heat recovery-based power generation. The company has an installed coke production capacity of 1,20,000 TPA and a 10 MW power plant.
The company has reported growth in revenue and profitability between FY2022 and FY2023, while its net worth also increased. Its strategic location near steel-producing markets and ports provides logistical advantages for its coke manufacturing operations.
The proposed IPO proceeds are intended to support business expansion through a new ferrosilicon manufacturing facility, additional land acquisition and a solar power plant. These projects could diversify the company’s operations and provide additional growth opportunities.
However, investors should consider commodity-price volatility, dependence on steel-sector demand, environmental regulations, project execution risks and the absence of final IPO pricing and dates at present.
A detailed assessment of the final price band, valuation, latest financial performance, proposed expansion, industry outlook and risk factors can help investors determine whether the Tamilnadu Coke & Power IPO is suitable for their investment objectives.
Tamilnadu Coke & Power IPO FAQs
What is Tamilnadu Coke & Power IPO?
Tamilnadu Coke & Power IPO is the proposed SME public issue of Tamilnadu Coke & Power Limited. The DRHP proposes a fresh issue of 64,14,000 equity shares of face value ₹10 each.
What is the price of Tamilnadu Coke & Power IPO?
The price band and final issue price have not been announced in the available DRHP. The company is expected to disclose the price band before the IPO opens.
What is the issue size of Tamilnadu Coke & Power IPO?
The proposed issue comprises 64,14,000 fresh equity shares. The total monetary issue size will depend on the final issue price announced by the company.
When will the Tamilnadu Coke & Power IPO open?
The IPO opening date has not been announced in the available DRHP. The final bidding schedule is yet to be updated.
When will the Tamilnadu Coke & Power IPO close?
The IPO closing date has not been announced. The final issue timetable will be disclosed before the IPO opens.
On which stock exchange will Tamilnadu Coke & Power shares be listed?
The DRHP proposes listing the company’s equity shares on the NSE Emerge platform of the National Stock Exchange of India Limited.
Who is the registrar for the Tamilnadu Coke & Power IPO?
Link Intime India Private Limited is the registrar to the proposed Tamilnadu Coke & Power IPO.
What is the face value of Tamilnadu Coke & Power IPO shares?
The face value of each equity share is ₹10.
What does Tamilnadu Coke & Power Limited do?
Tamilnadu Coke & Power Limited manufactures Low Ash Metallurgical Coke, sells coal, generates electricity through waste heat recovery and sells electricity. The company also plans to expand into ferrosilicon manufacturing and solar power generation.
What are the objects of the Tamilnadu Coke & Power IPO?
The proposed IPO proceeds are intended for setting up a new ferrosilicon manufacturing plant, acquiring additional land, establishing a 1,581 KWP solar power plant and meeting general corporate purposes.
