Tamilnadu Coke & Power IPO
Tamilnadu Coke & Power IPO is a proposed SME book-built issue of 64.14 lakh equity shares with a face value of ₹10 each. The issue consists entirely of a Fresh Issue of 64,14,000 equity shares with no Offer for Sale. The price band and lot size are yet to
Tamilnadu Coke & Power IPO Details
Tamilnadu Coke & Power IPO is a proposed SME book-built issue of 64,14,000 equity shares with a face value of ₹10 each. The issue consists entirely of a fresh issue, while 3,21,600 equity shares are reserved for the Market Maker Reservation Portion. The price band and minimum bid lot were not fixed in the Draft Red Herring Prospectus and were to be decided by the company in consultation with the Book Running Lead Manager. The company proposes to use the IPO proceeds for setting up a new ferrosilicon manufacturing unit, acquiring additional land, establishing a solar power plant and meeting other identified corporate requirements. The equity shares are proposed to be listed on the NSE Emerge platform.
Tamilnadu Coke & Power IPO Lot Size
The Tamilnadu Coke & Power IPO lot size has not yet been announced. The Draft Red Herring Prospectus states that the price band and minimum bid lot would be decided by the company in consultation with the Book Running Lead Manager and disclosed before the IPO opens.
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Tamilnadu Coke & Power IPO Reservation
Tamilnadu Coke & Power IPO comprises a total issue size of 64,14,000 equity shares. Of these, 3,21,600 equity shares are reserved for the Market Maker Reservation Portion and the remaining 60,92,400 equity shares constitute the Net Issue. Under the proposed book-building structure, not more than 50% of the issue is available for allocation to Qualified Institutional Buyers, not less than 15% to Non-Institutional Bidders and not less than 35% to Retail Individual Bidders.
Tamilnadu Coke & Power IPO Subscription
Tamilnadu Coke & Power IPO has not yet opened for subscription. Therefore, category-wise and overall subscription figures are not available. Subscription data will be updated after the issue opens and bidding begins.
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About Tamilnadu Coke & Power
Tamilnadu Coke & Power IPO has not yet opened for subscription. Therefore, category-wise and overall subscription figures are not available. Subscription data will be updated after the issue opens and bidding begins.
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Section : About & Review
About the Company
Tamilnadu Coke & Power Limited was originally incorporated as Tamilnadu Coke & Power Private Limited on February 27, 2017. The company was subsequently converted from a private limited company into a public limited company, and its name was changed to Tamilnadu Coke & Power Limited in August 2023. Its registered office is located at Thandalachery Village, Gummidipoondi Taluk, Tiruvallur District, Tamil Nadu.
The company is engaged in the manufacturing of Low Ash Metallurgical (LAM) Coke through the conversion of coking coal. Its business activities also include coal sales, generation of power through waste heat recovery and sale of electricity. The company's LAM Coke product portfolio includes Lumpy Coke, Blast Furnace Coke, Nut Coke and Coke Fines.
Tamilnadu Coke & Power operates a LAM Coke Oven plant at Thandalachery in Tamil Nadu. According to the company, the plant has two batteries comprising 65 ovens with a total installed production capacity of 1,20,000 tonnes per annum. The company also operates a 10 MW waste heat recovery-based power generation plant.
The company has proposed to expand its operations into ferrosilicon manufacturing and solar power generation. The proposed IPO proceeds are intended to support a new 2x5 MVA ferrosilicon manufacturing unit with an annual capacity of 8,000 tonnes, acquisition of additional land and establishment of a 1,581 KWP solar power plant.
Strengths
- Established manufacturing facility for Low Ash Metallurgical Coke with an installed capacity of 1,20,000 TPA.
- Integrated business model covering LAM Coke manufacturing, coal sales and waste-heat-based power generation.
- Existing 10 MW power generation capacity provides an additional revenue stream from electricity.
- Proposed diversification into ferrosilicon manufacturing can expand the company's product portfolio.
- Proposed solar power investment may support energy requirements and improve the company's renewable-energy footprint.
- Operates in industrial segments connected with steel and other manufacturing industries.
Risks to Consider
- The company operates in a cyclical commodity-linked industry where selling prices and margins can fluctuate.
- The business is exposed to changes in the prices and availability of coking coal and other raw materials.
- The proposed expansion projects require substantial capital expenditure and timely implementation.
- Ferrosilicon manufacturing represents a new product segment for the company and carries execution and market-development risks.
- The company is exposed to fluctuations in demand from steel and other industries using metallurgical coke.
- Environmental and regulatory requirements applicable to coke manufacturing and power generation may increase operating costs.
Tamilnadu Coke & Power Financials (₹ Cr)
Tamilnadu Coke & Power reported revenue from operations of ₹51.61 crore in FY2023 compared with ₹46.11 crore in FY2022 and ₹76.97 crore in FY2021. Profit after tax increased to ₹20.84 crore in FY2023 from ₹17.48 crore in FY2022 and ₹7.17 crore in FY2021. For the period ended June 30, 2023, the company reported revenue from operations of ₹11.57 crore and PAT of ₹4.49 crore.
| Period | Revenue | PAT | Total Assets | Net Worth |
|---|---|---|---|---|
| June 30, 2023 | 11.57 | 4.49 | - | - |
| March 31, 2023 | 51.61 | 20.84 | - | - |
| March 31, 2022 | 46.11 | 17.48 | - | - |
| March 31, 2021 | 76.97 | 7.17 | - | - |
KPIs & Valuation
Tamilnadu Coke & Power reported basic/diluted EPS of ₹24.09 for FY2023 based on the restated financial information. The adjusted/diluted EPS for FY2023 was ₹12.05. Since the price band had not been finalized in the DRHP, the Pre-IPO P/E and Post-IPO P/E cannot be calculated from the draft document.
Objects of the Issue
The Tamilnadu Coke & Power IPO comprises a fresh issue of 64,14,000 equity shares. The company proposes to use the proceeds primarily for expansion and diversification, including establishing a ferrosilicon manufacturing unit, acquiring additional land and setting up a solar power plant. The Draft Red Herring Prospectus also provides for other issue-related and corporate requirements. The company proposed to utilise the IPO proceeds for:
- Funding the establishment of a new 2x5 MVA Ferrosilicon Manufacturing Unit with a proposed production capacity of 8,000 TPA.
- Acquisition of additional land adjacent to the existing plant.
- Establishment of a new Solar Power Plant with a proposed capacity of 1,581 KWP.
- Meeting other identified corporate purposes and issue-related expenses.
Promoters, Lead Managers & Registrar
Tamilnadu Coke & Power Limited is promoted by Tamilnadu Global Trading LLP and Mr. Ayaan Ahuja. Beeline Capital Advisors Private Limited is the Book Running Lead Manager to the Issue, while Link Intime India Private Limited is the Registrar to the Issue.
Promoters
Lead Managers (BRLM)
Registrar
| Name | Link Intime India Private Limited |
|---|---|
| Phone | +91 810 811 4949 |
| tamilnaducoke.ipo@linkintime.co.in | |
| Website | http://www.linkintime.co.in |
Tamilnadu Coke & Power IPO Review
Tamilnadu Coke & Power has an established presence in the LAM Coke manufacturing business and operates an integrated facility that combines coke production with waste heat recovery-based power generation. Its existing coke plant has a production capacity of 1,20,000 TPA and its power generation facility has an installed capacity of 10 MW.
The company has reported strong profitability in the financial periods covered by its Draft Red Herring Prospectus. Revenue from operations increased from ₹46.11 crore in FY2022 to ₹51.61 crore in FY2023, while profit after tax increased from ₹17.48 crore to ₹20.84 crore. For the period ended June 30, 2023, revenue from operations was ₹11.57 crore and PAT was ₹4.49 crore.
A key positive factor is the proposed diversification into ferrosilicon manufacturing. The company intends to establish a 2x5 MVA plant with a proposed capacity of 8,000 TPA. It also plans to acquire additional land and establish a 1,581 KWP solar power plant, providing opportunities for business expansion and greater energy diversification.
However, investors should consider the cyclical nature of the coke and steel-related industries, commodity-price volatility and the execution risks associated with the proposed expansion projects. The available document is a DRHP rather than a final RHP, and the price band, minimum bid lot and IPO schedule were not finalized in that document. Therefore, valuation and listing-related conclusions cannot be made until the final issue parameters are announced.
How to Apply
Tamilnadu Coke & Power IPO applications can be made through the ASBA/UPI process once the issue opens. The final price band, lot size and issue dates have not yet been announced, so investors should check the final issue documents and exchange notifications before applying.
Through UPI
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Log in to your stockbroker app/website.
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Go to the IPO section.
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Select Tamilnadu Coke & Power IPO.
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Enter the number of lots you want to apply for.
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Select the bid price once the final price band is announced.
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Enter your valid UPI ID.
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Submit the IPO application.
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Open your UPI app when the mandate request arrives.
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Approve the mandate using your UPI PIN.
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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, proposed issue structure and utilisation of the IPO proceeds. The available Draft Red Herring Prospectus is dated December 24, 2023.
Last updated Oct 6, 2026.