FOCE India Ltd

About the Company:

FOCE India Ltd is mainly engaged in the business of supply, distribution and retailing of various types of wrist watches such as Analog, Digital, Chronograph, Designer etc. which are either custom built or general in nature.

Company distributes and do retailing of wrist watches made under Brand Name “FOCE” (the brand is owned by one of our Promoter, Mr. Manoj Sitaram Agarwal) across India which constitutes around 0.71% of the total revenue.

Company is also involved in the business of corporate gifting (such as Time Piece, Wall Clocks, Belts, Ties, Wallets, Pens, Goggles etc.) ornamental packaging boxes for watches, selling of watches and other products under royalty brands which constitutes around 4.41% of the total revenue.



Procurement of Watches:

Presently, company is procuring the entire requirement of watches and other products from group concern namely M/s Foce Industries, a partnership firm, which is engaged in the business of manufacturing /assembling of wrist watches at Guwahati, Assam.



Wholly owned subsidiary:

On April 06, 2021, company has incorporated a wholly owned subsidiary company namely FO Industries Private Limited in Mumbai with an object to carry on the business of manufacturing/ assembling of watches and other products and the facilities is being located at Bhiwandi, Near Mumbai.

This subsidiary was incorporated to increase supply of finished products and minimize the dependency on group concern. This subsidiary is likely to commence its business in the month of December, 2021.




Pan India presence through network of strategically located retail watch stores.

Company opened the first retail watch store in January, 2001 in Mumbai.

Company has become one of the front runners in the mid-range segment with distribution of the products through distribution channel and thus through 128 retail stores across the country with an imposing list clientele in corporate segment.

Company focuses on retailing of watch brands through strategically located stores at metros, Tier I and Tier II cities. Company’s e-commerce platform allows us to cater to a large section of consumers and ensure effective penetration of the luxury watch brands.



Becoming a pan India player through e-commerce platforms.

Company has a network of 128 stores/ Showrooms in India. Company focusus on retailing of luxury watch brands through strategically located stores at metros, Tier I and Tier II Cities.

To improve the shopping experience, company has also commenced digital platform through e-commerce portal ‘’.



Becoming Self Sufficient for Meeting Company’s Demands/ Requirements.

Company is entering into a Backward Integration and towards this, and have incorporated a wholly owned subsidiary, FO Industries Private Limited on April 06, 2021 in Mumbai with an object to manufacture/ assemble wrist watches and other products.

The facility is being located at Bhiwandi, Near Mumbai which is likely to commence its business in the month of December 2021. Company will be procuring entire requirements/ demands from this subsidiary thereafter.



Locations of Retail Outlets in India.

Company do not own any retail outlets but the products are sold through Distribution Channel and in turn sold through stores/ showrooms located in various States of India.



Revenue from Own Brands and Other Brands: 



Management Team:

  1. Mr. Manoj Sitaram Agarwal (Designation: Managing Director)
  2. Mr. Utkarsh Agarwal (Designation: Executive Director)





Objectives of the Issue:

Offer for Sale: (Rs. 8.77 cr)

  • The Selling Shareholders will be entitled to their respective portions of the proceeds of the Offer for Sale.Company will not receive any proceeds from the Offer for Sale.


Fresh Issue: (Rs.20.25 cr)

  • To meet Working Capital Requirement.
  • General Corporate Purpose.
  • Meeting the Issue Expense.



Fund Utilisation:

Particulars Amount (Rs. Crores)
To meet Working Capital Requirement 15.5
General Corporate Expenses 4.0
Net Proceeds 19.5 cr



Financials of the Company:

(in Crores) FY 19 FY 20 FY 21 30th June 2021
Revenue 62.08 54.44 76.89 36.16
Net Profit 1.58 1.60 1.98 1.52



Valuation of Peer Group Companies:

Company Name Face Value EPS PE Ratio RoNW NAV
Foce India Ltd 10 4.98 45.18 18.66% 26.70
Timex Group India Ltd 1 0.25 54.00 32.65% 18.40
KDDL Limited 10 6.86 97.96 4.35% 19.35



IPO Details:

Details Info
Issue Opens on 13th December 2021
Issue Closes on:. 17th December 2021
Issue Price Rs.225
Face Value Rs.10
Minimum Lot 600 shares
Minimum Investment Rs.1,35,000
Issue Constitutes 26.36%
Issue Size Rs.29.02 cr
Market Cap Rs.110 cr
Listing at NSE SME
Equity Shares Offered (Fresh) 9,00,000
Equity Shares Offered (OFS) 3,90,000
Equity Shares Offered (Fresh + OFS) 12,90,000
Equity Shares Prior to the Issue 39,92,925
Equity Shares after the issue 48,92,925

Also Read : List of Upcoming IPO’s in India.



IPO Valuation Parameters:

Earnings Per Share (EPS) Price To Earnings ratio (PE) Return on Net Worth (RoNW) Net Asset Value (NAV)
4.98 45.18 18.66% 26.70



Company Contact Info:
4 Kingston Shastri Nagar,
Lokhandwala Complex,
Andheri West,
Mumbai-400 053, Maharashtra
Tel. No. 022 26349544


IPO Registrar Info:
Unit no. 9, Shiv Shakti Ind. Estate, J.R.
Boricha Marg, Opp. Kasturba, Hospital
Lane, Lower Parel (E),
Mumbai – 400 011.
Tel.No: +91 22-2301 6761/ 8261
E-mail :



Lead Manager to the Issue:
404/1, The Summit Business Bay,
Sant Janabai Road (Service Lane), Off W. E. Highway,
Vile Parle (East), Mumbai-400 057
Tel. No.: +91 22 2612 3207/08
E-Mail ID:
Website :