The delaPlex IPO has seen overwhelming demand, reaching 171.26 times oversubscription on its third day. Retail investors showed strong interest, with their quota overbooked 150.35 times, while non-institutional investors subscribed 331.65 times their allocation. The quota for Qualified Institutional Buyers (QIBs) was filled 87.41 times.
As of 15:46 IST, the company has attracted bids for 27,31,19,400 shares, significantly overshooting the 15,94,800 shares available.
The delaPlex IPO was subscribed to 3.13 times on its opening day, escalating to 29.93 times by the second day.
DelaPlex Ltd IPO – Fundamental Analysis
DelaPlex Ltd’s IPO shows consistent revenue growth, controlled expenses, and rising profits. Despite a slight decline in RoNW, it remains healthy at 33.65%. Enhanced NAV per Equity Share and improved Diluted EPS indicate consistent earnings growth, while a solid current ratio ensures short-term liquidity.
Revenue Growth:
The company exhibits consistent revenue growth, from ₹3,622.38 lakhs in 2021 to ₹5,400.46 lakhs in 2023, indicating a healthy expansion trajectory.
Expense Management:
Expenses have also increased but are proportionate to revenue growth, signifying efficient cost control and sustainable profitability.
Profitability:
DelaPlex’s profitability steadily improved from ₹404.00 lakhs in 2021 to ₹790.72 lakhs in 2023, reflecting sound operational performance.
Return on Net Worth (RoNW):
Although RoNW declined from 42.64% to 33.65%, it remains healthy, demonstrating the company’s ability to generate returns on equity.
Net Asset Value (NAV) and Equity:
NAV per Equity Share surged from ₹12.96 to ₹32.15, indicating enhanced intrinsic value per share and strong equity growth.
Earnings per Share (EPS):
Diluted EPS rose from ₹5.53 to ₹10.82, demonstrating consistent earnings growth.
Current Ratio:
The current ratio consistently remains above 20, showcasing robust short-term liquidity.
DelaPlex IPO Financial Information
| Particular | As at 31 March 2021 | As at 31 March 2022 | As at 31 March 2023 |
| Revenue(₹in lakhs) | 3,622.38 | 4,974.37 | 5,400.46 |
| Equity(₹ in lakhs) | 947.45 | 1,559.32 | 2,350.05 |
| Expenses (₹in lakhs) | 3,118.16 | 4,232.26 | 4,460.88 |
| Profit and Loss After Tax (₹ in lakhs) | 404.00 | 611.87 | 790.72 |
| RoNW (%) | 42.64% | 39.24% | 33.65% |
| Diluted EPS only (₹) | 5.53 | 8.37 | 10.82 |
| NAV per Equity Share (₹) | 12.96 | 21.33 | 32.15 |
| Total Assets (in lakhs) | 1,100.77 | 1,790.90 | 2,638.33 |
| Total Liabilities (in lakhs) | 288.29 | 231.57 | 153.31 |
| Current Ratio | 34.51 | 22.15 | 23.49 |
DelaPlex Ltd IPO Risks And Challenges
DelaPlex’s IPO risk includes revenue concentration from a few key customers, including DelaPlex INC and Xperity LLC. The top five customers constituted 99.37% of revenue. Dependency on the U.S. market poses risks, and innovation failure may impact business adversely.
- A substantial portion of the revenue significantly depends on a few key customers. The key customers also include the holding company, i.e., delaPlex INC, and one of the group companies, Xperity LLC. For instance, the top five customers accounted for 99.37% for September 30, 2023.
- The revenues from operations depend highly on customers in the United States. Worsening economic conditions or factors that negatively affect the economic conditions of the United States could materially adversely affect the business, financial condition, and results of operations.
- If the company fails to innovate in response to changing customer needs, adopt and develop new technologies, or adapt to evolving industry standards, our business, financial condition, and results of operations could be adversely affected.
