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Winsol Engineers IPO: Price, Lot Size, Strengths and Risks

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Investors in India have been showing much interest in SME (Small and Medium Enterprises) IPOs due to their high potential for long-term gains. For these companies, Initial Public Offerings (IPO full form) are one of the most convenient ways of raising funds. It is due to these reasons why many companies in the SME segment are successfully launching their public issues.

Winsol Engineers Limited is one of the several SME IPOs set to launch this May. The company provides EPC (engineering, procurement and construction) services to solar and wind generation companies. Bids for this SME IPO will commence from May 6th to May 9th.

Given below are all the details we know about the upcoming Winsol Engineers Limited IPO

Addditional Read: Upcoming IPOs

IPO Details

IPO Open Date

May 6th 2024 (Monday) 

IPO Close Date

May 9th 2024 (Thursday) 

Listing Date

May 14th 2024 (Tuesday) 

Listed at

NSE Emerge 

Price Band

Rs. 71 to Rs. 75 per share

Face Value 

Rs. 10 per share

Lot Size

1,600 shares

Fresh Issue Size

31,15,200 equity shares (Rs. 23.36 crore approximately) 

Total Issue Size

31,15,200 equity shares (Rs. 23.36 crore approximately)

IPO Type

Book-built IPO

About the Company

The Jamnagar-based Winsol Engineers Private Limited is an EPC service provider that specialises in providing BoP (balance of plant) solutions for companies generating solar and wind power. BoP solutions refer to all components of a power-generating facility other than the core equipment. As such, Winsol Engineers provides design, procurement and installation services for all structures, systems and equipment, including the main power generation equipment. 

The core services of Winsol Engineers include foundation work, cabling, civil and engineering work, right-of-way services and more. In addition to its BoP solutions, the company offers operation and maintenance services for power generation plants. It has a total strength of 200 engineers and technicians for executing projects. 

Most of the company's clients belong to the renewable energy sector and include the likes of Adani Green Energy, KP Energy Limited, Suzlon, Powerica Limited, etc. Winsol Engineers Pvt Ltd has completed more than 490 projects across seven states with a combined capacity of over 2,000 MW. As of the date of its RHP, the company is working on 41+ major projects valued at Rs. 119.53 crore approximately. 

Moreover, Winsol Engineers Limited is ISO-14001-2015, ISO-45001-2018 and ISO-9001-2015 certified for its quality and execution capabilities. 

Additional ReadHow to Invest in an IPO Online

IPO Tentative Timeline

The Winsol Engineers Limited IPO will remain open from May 6th to May 9th. Here are all the important dates:

Anchor Investment Date

May 3rd 2024 (Friday) 

Open Date

May 6th 2024 (Monday) 

Close Date

May 9th 2024 (Thursday) 

Cut-off Time for UPI Mandate Confirmation

5 PM, May 9th 2024 (Thursday)

Basis of Allotment Date

May 10th 2024 (Friday) 

Refund Initiation Date

May 13th 2024 (Monday)

Credit of Shares to Demat Date

May 13th 2024 (Monday)

Listing Date

May 14th 2024 (Tuesday) 

IPO Lot Sizes

Check the table below to know the minimum and maximum lot sizes of Winsol Engineers IPO:

Application Type

No. of Lots

No. of Shares

Amount

Retail (min)

1

1,600

Rs. 1,20,000

Retail (max)

1

1,600

Rs. 1,20,000

HNI (min) 

2

3,200

Rs. 2,40,000

Company Financials

The following table shows the financials of Winsol Engineers Pvt Ltd over the previous three financial years:

Parameters

For the Financial Year Ending (in Rupees Lakhs)

 

March 31, 2023

March 31, 2022

March 31, 2021

Total Assets

2,856.01

2,764.80

1,816.83

Total Liabilities

1,982.13

2,420.87

1,578.28

Total Expenses

5,853.25

5,931.44

2,153.24

Total Revenue

6,544.53

6,080.00

2,224.58

Profit After Tax

518.07

108.46

49.44

EBITDA

784.59

225.89

154.35

EPS (Basic and Diluted) 

6.15

1.29

0.59

Strengths of the Company

Before investing in an IPO, you need to be aware of the strengths and risks involved with the company. Here are the strengths of Winsol Engineers Pvt Ltd:

  • Over the years, the company has demonstrated its ability to complete complex projects within deadlines, which has helped it keep long-term customer relationships. Since 2018, Winsol Engineers Limited has completed 55 projects valued at Rs. 170 crore. 

  • The promoters of Winsol Engineers Limited have over 40 years of experience in the engineering sector. Having a highly motivated and experienced management team along with promoters has helped this company ensure steady growth. 

  • One of the specialities of this company is its ability to deliver end-to-end solutions for renewable energy generation companies. Other than main generating equipment, Winsol Engineers provide all manner of services from design and procurement to installation and commission of plant systems. 

  • The company has constantly carried out employee skilling, improvements in the execution process and modernisation of its plants. This has helped it eliminate bottlenecks in project execution and take effective corrective measures. 

Additional Read: Difference Between NFO and IPO

Risks Involved

The following are some of the main risks involved with investing in Winsol Engineers Limited IPO:

  • The company has several ongoing litigations against itself, its promoters and directors. This includes several income tax and GST proceedings, which could be ruled against the company, resulting in a loss of reputation and revenue. 

  • The business of Winsol Engineers Limited involves certain licenses, permits and approvals which carry various regulations and guidelines. Failure to renew such licenses and approvals could interrupt the company’s activities. 

  • As mentioned before, most of Winsol Engineers Limited’s customers are in the renewable sector. These companies are susceptive to external factors such as the country’s governance policies, financial incentives and adoption of renewable energy. Any unfavourable condition would hurt the company’s business. 

Summary 

Winsol Engineers Limited is set to launch its IPO on May 6th with a price band of Rs. 71 to Rs. 75 to fulfil its working capital and general corporate requirements. The EPC services company, which mainly caters to the growing solar and wind generation sector, presents a lucrative investment opportunity. 

However, before you invest, ensure to go through the Red Herring Prospectus (RHP) which details all the important details of this company. Also, open a demat and trading account with Bajaj Broking for a seamless investing experience. Don't forget to download the Bajaj Broking app.

Disclaimer: Investments in the securities market are subject to market risk, read all related documents carefully before investing.

This content is for educational purposes only. Securities quoted are exemplary and not recommendatory.

For All Disclaimers Click Here: https://bit.ly/3Tcsfuc

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Frequently Asked Questions

Is Winsol Engineers Private Limited a profitable company?

Answer Field

The company reported profits of around Rs. 5.18 crore in FY23 for revenue worth Rs. 65.44 crore. In the previous financial year, it recorded Rs. 1.08 crore in profits and Rs. 60.8 crore in revenue, approximately.

Who is the book-running lead manager and registrar of the Winsol Engineers IPO?

Answer Field

Beeline Capital Advisors Private Limited is the book-running lead manager of this IPO, while KFin Technologies Limited is the registrar.

Who are the promoters behind Winsol Engineers Limited?

Answer Field

Pindariya Kashmira, Amri Pindariya, Kishor Pindariya, Kashish Pindariya and Ramesh Pindariya are the promoters of this company.

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