Suyog Gurbaxani Funicular Ropeways Ltd

About the Company:

Suyog Gurbaxani Funicular Ropeways Ltd an infrastructure development and constructions company engaged in building & operating the Funicular Ropeways Systems.

Company is currently involved in an Infrastructural Development project through a Build, Operate and Transfer mode (“BOT”) wherein, we have completed the construction of a Funicular Ropeway System project (also known as Incline Ropeways) at Saptashrungi Gad Temple situated at Vani, Nashik, Maharashtra.

Saptashrungi Gad Temple is a popular destination for devotees where people come from all over India for taking the blessings of Goddess and this temple experiences a large number of visitors throughout the years and also experiences some of the peak seasons at the time of Navratri festivals which happens two times in a year.

The project is spread over in an area of 10 acres, which houses the funicular ropeway system, a shopping mall, a parking facility and a hotel facility.


Saptashrungi Project Build, Operate and Transfer mode (“BOT”):

The construction, operations and management of the Saptashrungi project was allocated to the company for the period of twenty years and seven months which later on extended for a total period of three year one month and twenty seven days.

The possession of this project is available with the Company till 2034, after completion of the above said period, the possession of the premises will be handed over to the Government of Maharashtra.


Company’s Saptashrungi Project:

Saptashrungi Project primarily has a Funicular Ropeway System consisting of 2 Air Conditioner funicular vehicles / coaches which can carry 60 passengers/ devotees at a time.

The Shopping complex, forming a part of our project, provides the facility of more than 50 shops providing various buying avenues to the visitors including food shops.

The parking facility built in the vicinity of the funicular ropeway, has a capacity of more than 150 vehicles including four wheelers and two wheelers.

Lastly, company has also constructed a hotel which houses 28 guest rooms & dormitories, a multi cuisine restaurant and a coffee shop.



Services provided under the Saptashrungi Project: 



Management Team:

  1. Mr. Rajkumar Gurbaxani (Designation: Whole Time Director)
  2. Mr. Omprakash Gurbaxani (Designation: Non Executive Director)




Objectives of the Issue:

Offer for Sale: (Rs. 22.7 cr)

  • Company will not receive any proceeds of the Offer for Sale by the Selling Shareholders.


Fresh Issue: (Rs. 6.75 cr)

  • Repayment of loans.
  • Funding expenditure for General Corporate Purposes.




Peer Group Comparison:

We believe that there is no other listed company which is specifically comparable to Suyog Gurbaxani Funicular Ropeways Ltd w.r.t business model, size and financials. Hence peer group comparison is not possible.



Financials of the Company:

(in Crores) FY 19 FY 20 FY 21
Revenue 7.90 13.19 4.47
Net Profit (-3.48) (-1.88) (-7.93)



Fund Utilization:

Particulars Amount
Repayment of loans 5.00
General Corporate Expenses 1.36
Net Proceeds 6.36 cr




IPO Details:

Details Info
Issue Opens on 1st November 2021
Issue Closes on:. 8th November 2021
Issue Price Rs.45
Face Value Rs.10
Minimum Lot 3000 Shares
Minimum Investment Rs.1,35,000
Issue Constitutes 26.37%
Issue Size Rs.29.49 cr
Market Cap Rs.111.8 cr
Listing at BSE SME
Equity Shares Offered (Fresh) 15,00,000
Equity Shares Offered (OFS) 50,55,000
Equity Shares Offered (Fresh + OFS) 65,55,000
Equity Shares Prior to the issue 2,33,62,222
Equity Shares after the issue 2,48,62,222

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



Important Dates:

Finalization of Basis of Allotment on or Before 11th November 2021
Initiation of Refunds on or Before 12th November 2021
Credit of Equity Shares: on or Before 15th November 2021
Listing Date: on or Before 16th November 2021



IPO Valuation Parameters:

Earnings Per Share (EPS) Price To Earnings ratio (PE) Return on Net Worth (RoNW) Net Asset Value (NAV)
(-3.91) N.A (-113.58%) 3.44



Check IPO Allotment Status:

KfinTech Website: http://kfintech/IPO/Allotment_Status

BSE IPO Website:



Company Contact Info:
Suyog Gurbaxani Funicular Ropeways Ltd
18, Suyog Industrial Estate, 1st Floor,
LBS Marg, Vikhroli West, Mumbai – 400 083
Tel No.: +91 – 22 – 2579 5516/ 2577 8029


IPO Registrar Info:
Karvy Selenium, Tower-B, Plot No. 31 & 32,
Gachibowli, Financial District,
Nanakramguda, Serilingampally, Hyderabad – 500 032.
Tel No.: +91 – 40 – 6716 2222


Lead Manager to the Issue:
60, Khatau Building, Ground Floor,
Alkesh Dinesh Modi Marg,
Fort, Mumbai – 400 001
Tel No.: +91 – 22 – 6216 6999