Josh Bevertech IPO
Josh Bevertech IPO is a Mainboard book-built issue of up to 27.00 lakh equity shares, comprising entirely of a Fresh Issue. The face value is ₹10 per share. The price band, issue amount, lot size and IPO dates were not disclosed in the Draft Red Herring P
Josh Bevertech IPO Details
Josh Bevertech IPO is a proposed SME IPO of Josh Bevertech Limited. The company filed its Draft Red Herring Prospectus dated November 7, 2023. The issue comprises a Fresh Issue of up to 27,00,000 equity shares of ₹10 each, with no Offer for Sale. The equity shares are proposed to be listed on the Emerge Platform of the National Stock Exchange of India Limited. The price band, minimum bid lot and issue schedule were to be announced subsequently.
Josh Bevertech IPO Lot Size
The Josh Bevertech IPO lot size was not disclosed in the Draft Red Herring Prospectus. The company stated that the price band and minimum bid lot would be decided in consultation with the Book Running Lead Manager and announced before the IPO opens.
| Application | Lots | Shares | Amount (₹) |
|---|---|---|---|
| Retail (Min) | |||
| Retail (Max) | |||
| S-HNI (Min) | |||
| S-HNI (Max) | |||
| B-HNI (Min) |
Josh Bevertech IPO Reservation
Josh Bevertech IPO proposed not more than 50% of the Net Issue for allocation to Qualified Institutional Buyers, not less than 15% to Non-Institutional Investors and not less than 35% to Retail Individual Bidders, subject to the applicable SEBI ICDR Regulations and final issue structure.
Josh Bevertech IPO Subscription
Josh Bevertech IPO had not opened for subscription at the DRHP stage. Category-wise and overall subscription figures are therefore not available.
| Category | Subscription (times) |
|---|---|
| QIB | |
| NII | |
| RII | |
| Total |
About Josh Bevertech
Josh Bevertech Limited is engaged in the manufacturing and sale of beverages, primarily Club Soda, carbonated soft drinks and Mango Juice drinks. The company manufactures products under brands including Josh, Chintu, Storm, Aru and Lemon City. Its product portfolio includes beverages such as Jeera, Soda, Orange and Lemon-based drinks.
The company operates a self-operated manufacturing facility at Umbergaon, Gujarat. Its manufacturing setup enables the company to maintain control over production, quality and costs. The facility is located close to some of its key markets in Western India, supporting its sales and distribution operations.
Josh Bevertech has developed a widespread sales and distribution network covering urban, semi-urban and rural markets. The company works with super stockists, direct distributors and retailers and has built longstanding relationships across its distribution network. Its products are positioned particularly toward price-conscious consumers in semi-urban and rural markets.
The company was originally operated as a partnership firm under the name M/s Sheela Foods. It was subsequently converted into Josh Bevertech Limited, which was incorporated as a public limited company on June 20, 2023. The company is promoted by Malik Mohammed Keshwani and Munira Malik Keshwani.
Strengths
- Long-standing customer relationships and repeat business.
- Understanding of consumer preferences in the Club Soda and carbonated soft drink market.
- Experienced Board and senior management team with beverage-industry experience.
- Self-operated manufacturing facility supporting production and quality control.
- Widespread and integrated sales and distribution network covering urban, semi-urban and rural markets.
- Established brand identity for the flagship Josh brand and other registered brands including Chintu, Storm, Aru and Lemon City.
- Product portfolio covering Club Soda, carbonated soft drinks and Mango Juice drinks.
Risks to Consider
- A significant portion of revenue is derived from a limited number of customers.
- The company's top five customers contributed 37.34% of revenue from operations in FY2023.
- The beverage industry is highly competitive and the company faces competition from established national, regional and local brands.
- Changes in consumer preferences could adversely affect demand for the company's products.
- The company requires substantial working capital to maintain inventory and provide credit to customers.
- The company has substantial capital expenditure requirements and may require additional financing.
- The company does not own its registered office or the land on which its factory is located, creating lease-renewal risk.
- Any contamination or deterioration of beverages could result in product liability, reputational damage and financial losses.
- Failure to maintain or expand manufacturing capacity could restrict future growth.
- The company's growth depends on strengthening its distribution network and increasing market penetration.
Josh Bevertech Financials (₹ Cr)
Josh Bevertech reported strong growth in revenue from operations during the three financial years covered in its DRHP. Revenue from operations increased from ₹7.02 crore in FY2021 to ₹8.50 crore in FY2022 and ₹10.74 crore in FY2023. PAT stood at ₹0.32 crore in FY2021, ₹0.20 crore in FY2022 and ₹1.23 crore in FY2023. For the period ended June 30, 2023, the company reported revenue from operations of ₹0.38 crore and PAT of ₹0.04 crore.
| Period | Revenue | PAT | Total Assets | Net Worth |
|---|---|---|---|---|
| FY2021 | 7.02 | 0.32 | - | 2.38 |
| FY2022 | 0.20 | - | 1.89 | |
| FY2023 | 1.23 | - | 7.25 | |
| June 30, 2023 | 0.04 | - | 7.63 |
KPIs & Valuation
At the DRHP stage, Josh Bevertech reported FY2023 EPS of approximately ₹4.09 and a debt-to-equity ratio of 0.34. The company reported a current ratio of 1.63 for FY2023. Since the IPO price band had not been announced, the IPO P/E could not be calculated.
Objects of the Issue
The Josh Bevertech IPO comprises a Fresh Issue of 27.00 lakh equity shares. The company proposes to utilise approximately ₹450.43 lakh from the Net Proceeds towards funding its working capital requirements and approximately ₹509.17 lakh towards funding its capital expenditure requirements. The balance amount is proposed to be utilised towards general corporate purposes, subject to the applicable limit. The final allocation and amount may be subject to the terms of the final offer document. The company proposed to utilise the IPO proceeds for:
- Funding the working capital requirements of the company.
- Funding the capital expenditure requirements of the company.
- General corporate purposes.
Promoters, Lead Managers & Registrar
Josh Bevertech Limited is promoted by Malik Mohammed Keshwani and Munira Malik Keshwani. Swaraj Shares and Securities Private Limited is the Book Running Lead Manager to the Issue and Skyline Financial Services Private Limited is the Registrar to the Issue.
Promoters
Lead Managers (BRLM)
Registrar
| Name | Skyline Financial Services Private Limited |
|---|---|
| Phone | +91 11 40450193-197 |
| ipo@skylinerta.com | |
| Website | www.skylinerta.com |
Josh Bevertech IPO Review
Josh Bevertech has an established presence in the Club Soda and carbonated soft drink segment, with its product portfolio including Jeera, Soda, Orange and Lemon beverages under brands such as Josh, Chintu, Storm and Aru. The company operates its own manufacturing facility and has developed a distribution network covering urban, semi-urban and rural markets. Its ability to manufacture products in-house provides greater control over production, quality and operating costs.
The company reported strong revenue growth, with revenue from operations increasing from ₹701.83 lakh in FY2021 to ₹850.35 lakh in FY2022 and ₹1,073.80 lakh in FY2023. PAT increased from ₹31.66 lakh in FY2021 to ₹20.22 lakh in FY2022 and ₹122.64 lakh in FY2023. Net worth also increased to ₹725.32 lakh in FY2023 from ₹188.72 lakh in FY2022.
A major focus of the IPO is strengthening the company's working capital and expanding its production capabilities. The company proposed ₹450.43 lakh towards working capital and ₹509.17 lakh towards capital expenditure. The planned capital expenditure includes machinery and equipment for beverage production and related manufacturing infrastructure.
However, investors should consider customer concentration, intense competition in the beverage market, dependence on consumer preferences, working-capital requirements and the company's reliance on leased premises. Since the IPO price band was not disclosed in the DRHP, the valuation and IPO P/E cannot be assessed at this stage.
How to Apply
Josh Bevertech IPO applications can be made through ASBA and UPI mechanisms once the IPO opens for subscription. The price band, minimum bid lot and issue dates were not disclosed in the Draft Red Herring Prospectus and will be announced before the issue opens.
Through UPI
- Log in to your stockbroker app/website.
- Go to the IPO section.
- Select Josh Bevertech IPO.
- Enter the number of lots you want to apply for.
- Select the bid price. Retail investors can generally choose Cut-off when available.
- Enter your valid UPI ID.
- Submit the IPO application.
- Open your UPI app when the mandate request arrives.
- Approve the mandate using your UPI PIN.
- The application amount will be blocked in your bank account. If shares are allotted, the required amount will be debited; otherwise, the blocked amount will be released.
Prospectus & Documents
Investors can refer to the company's Draft Red Herring Prospectus for detailed information about the business, financial performance, risk factors, IPO structure, objects of the issue and other offer-related information. The Draft Red Herring Prospectus is dated November 7, 2023. The final RHP and Prospectus were not available in the DRHP.
Last updated Oct 6, 2026.