Khadim India ltd


About the Company:

Company is one of the leading footwear brands in India, with a two-pronged focus on retail and distribution of footwear.

Company was incorporated in 1981, and through the next several years, Company was involved in wholesaling and distribution of branded basic utility footwear and then forayed into the retail business in 1993.

Company is the second largest footwear retailer in India in terms of number of exclusive retail stores operating under the ‘Khadim’s’ brand with the largest presence in East India and South India.

Company is also operates one of the largest footwear retail franchisee network in India.

Company’s business objective is ‘Fashion for Everyone’, and Company has established an identity as an ‘affordable fashion’ brand.

As at June 30, 2017 company operated 853 ‘Khadim’s’ branded exclusive retail stores across 23 states and one union territory in India.

Out of 853 stores,around 168 stores are company owned and operated outlets (“COO”), and 685 are franchisee operated stores.

Further,Company had a network of 377 distributors in the three month period ended June 30, 2017 in their distribution business vertical.

Company operates through two distinct business verticals, “Retail” & “Distribution”, each with its predominantly own customer base, sale channels and product range.

Retail business operates through their exclusive retail stores catering to middle and upper middle income consumers in metros.

In the Retail business, Company presently promotes nine home-grown sub-brands of ‘Khadim’s’, which are ‘Pro’, ‘Lazard’, ‘Softouch’, ‘Cleo’, ‘British Walker’, ‘Turk’, ‘Sharon’, ‘Bonito’ and ‘Adrianna’.

Distribution business operates through a wide network of distributors catering to lower and middle income consumers in metros and Tier I – Tier III cities.

Management Team:

  1. Mr.Siddhartha Roy Burman (Designation: Chairman and Managing Director)
  2. Mr.Vinayak Vishwanath Kamath (Designation: Nominee Director)
  3. Ms.Namrata A. Chotrani (Designation: Nominee Director)


Objectives of the Issue:

Offer For Sale (OFS): (Around Rs.493 crores)

  • Company will not receive any proceeds from the Offer for Sale.The proceeds from OFS will go to the selling shareholders.

Fresh Issue: (Around Rs.50 crores)

  • Prepayment or scheduled repayment of all or a portion of term loans and working capital facilities availed by the Company.
  • General corporate purposes.


Fund Utilization:

Particulars Amount (Rs. in Crores)

Prepayment or scheduled repayment of all or a portion of term loans and working capital facilities availed by the Company.

General Corporate Expenses 9.00
Net Proceeds 49.00


Financials of the Company:

(in Crores) FY 13 FY 14 FY 15 FY 16 FY 17 30th June 17
Revenue  425.7  483.05  465.7  538.8  625.54 179.76
Net Profit  8.91  12.14  (-18.65)  25.24  30.75  7.1


Valuation of Peer Group Companies:

Company Name Face Value EPS PE Ratio RoNW(%) NAV
Khadim India Ltd 10 17.78 42.18 16.61 107.04
Bata India Limited 5 12.37 59.78 12 103.04
Relaxo Footwears Limited 10 10.24 50.62 20.33 50.34
Liberty Shoes Limited 100 3.75 68 3.94 95.20


IPO Details:

Details Info
Issue Opens on 2nd November 2017
Issue Closes on:. 6th November 2017
Issue Price Rs.745 – 750
Face Value Rs.10
Minimum Lot 20
Minimum Investment Rs.15,000
Retail Allocation 35%
Issue Constitutes 40.30%
Issue Size Rs.543 cr
Market Cap Rs.1347.39 cr
Listing at NSE & BSE
Equity Shares Offered (OFS) 65,74,093
Equity Shares Offered (Fresh) 6,66,670
Equity Shares Offered (OFS + Fresh) 72,40,763
Equity Shares Prior 1,72,98,531
Equity Shares after the issue 1,79,65,201


Important Dates:

Finalization of Basis of Alottment on or Before 10th November2017
Initiation of Refunds on or Before 13th November2017
Credit of Equity Shares: on or Before 13th November2017
Listing Date: on or Before 14th November2017


Subscription Details: (Will be Updated)

(Subscription-Category-Wise (no. of times) Till time : 05:30 PM) Shares Offered Day-1 Day-2 Day-3
QIB  14,50,389  0.00  0.092 2.45
NII  10,86,785  0.0018  0.0032  0.18
Retail  25,35,832  0.276  0.794 2.12
Employee  ———–  ——  —–  —–
TOTAL  50,73,006  0.1388  0.431 1.80


Grey Market Premium :

Date IPO Price Band Grey Market premium Kostak Rates
13/11/17 Khadim India  745 – 750  28 – 30  240 – 280

Note: (GMP)Grey Market Premium is just an indicative price prevailing in the market ,However it keeps on changing on daily basis based on various conditions in the market.(So don’t apply by just looking at GMP)


IPO Valuation Parameters:

Earnings Per Share (EPS) Price To Earnings ratio (PE) Return on Net Worth (RoNW) Net Asset Value (NAV)
17.78 42.18 16.61% 107.04


Markets Guruji Opinion:

IPO View Apply For: Expected listing Gain:
Subscribe Long Term 5 – 10%


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Company Contact Info:
Kankaria Estate, 5th Floor
6, Little Russell Street
Kolkata 700 071
Tel: +91 33 40090501
Fax: +91 33 40090500


IPO Registrar Info:
Link Intime India Private Limited
C-101, 1st Floor, 247 Park
L B S Marg
Vikhroli West
Mumbai 400 083
Tel: +91 22 4918 6200
Fax: +91 22 4918 6195
Investor grievance e-mail: