About the Company:
Prevest Denpro Ltd develops, manufactures and markets a comprehensive portfolio of dental materials for diagnosing, treating and preventing dental conditions as well as improving the aesthetics of the human smile.
Company’s product portfolio covers a wide spectrum of materials for endodontics, prosthodontics, orthodontics, periodontics, restorative dentistry, aesthetic dentistry and laboratory consumables.
Company’s products are certified with ISO 13485:2016 and EU CE mark, which makes us eligible to market our products in European Union and many other countries which have adopted EU medical devices directives.
Company’s products are sold in over 75 countries in the regions of Europe, Asia, South America, Middle East and Africa.
Company’s Background:
Company was founded in the year 1999 by the Promoters, Mr. Atul Modi and Mrs. Namrata Modi, who cumulatively possess over 42 years of experience in dental industry.
As on date, company has collaboration with five reputed dental universities and institutions of India for exchange of technical knowledge and conducting training & research on dental materials.
Also, company has entered into licence agreement with Sree Chitra Tirunal Institute for Medical Sciences & Technology, Trivandrum for obtaining the know-how and rights to enable us to manufacture bioactive bone cement based on calcium sulfate and calcium phospho-silicate composite (HA-BG) Granules.
Company also has an advisory board of dental professionals which provides an overall industry and business guidance to the Board of Directors.
Company’s Manufacturing Facilities:
Company’s manufacturing facility is located at Kartholi, Samba (Jammu & Kashmir), comprising of over 27,000 sq. ft. area and has an installed capacity of 200 MT p.a. for manufacturing of dental materials.
Company’s Capacity Utilization:
*The actual production in the F.Y. 2020-21 has been lower due to Covid-19.
Company’s Diversification & Expansion Plans:
Company is currently expanding the existing manufacturing unit by setting up another manufacturing facility in over 16,000 sq. ft. area adjacent to company’s existing unit.
The new manufacturing of products will include hygiene products (sanitizers and disinfectants), oral hygiene products (mouth washes and mouth rinses), oral care products(medicated ointments, gels and creams for dental treatment) and biomaterials (i.e. bone augmentation materials).
The proposed facility will be well-equipped with latest machineries and will be commissioned in Fiscal 2022.
Company’s Exports:
Company’s products are sold in over 75 countries in the regions of Europe, Asia, South America, Middle East and Africa.
In F.Y. 2020-21, company generated total sales of Rs.27.43 crores, of which approximately 60.24% sales were from markets outside India.
Awards received by the company in the past:
Sushruta Award for ‘Make in India’ Best Dental Manufacturer by Indian Dental Association (IDA) (2016).
Certificate for ‘Best Enterprise’ in the field of manufacture of dental materials, India by the Socrates Committee, Oxford, UK (2016).
“Northern Region Export Excellence Award” – Gold Trophy for outstanding export performance in the category of top exporter J&K – SME by FIEO (2017)
Competitors in the Business:
Prevest Denpro Ltd faces competition from international companies which includes Danaher Corporation, Dentsply Sirona, Voco, Institut Straumann AG, Osstem Implant Co. Ltd., Zimmer Biomet, Medicept UK Ltd., Mani Inc. KAVO G C, Ivoclar-Vivadent, Nobel Biocare, 3M, G C Dental and Shofu Dental.
Further, some of the Indian companies as competitors include 3M India Ltd., Prime Dental Products Private Ltd, OriKam Healthcare India Private Ltd, Dental Avenue (I) Private Ltd, Vishal Dentocare Pvt. Ltd and D Tech Orthodontics Pvt Ltd.
Management Team:
- Mr. Atul Modi (Designation: Chairman & Managing Director)
- Mrs. Namrata Modi (Designation: Whole Time Director& CFO)
Objectives of the Issue:
Fresh Issue: (Rs. 26.61 cr)
- Purchase of machineries, equipments and utilities for manufacturing of proposed additional line of products, R&D unit and existing manufacturing operations.
- General Corporate Purpose.
- To meet issue expenses.
Positives for the Company:
Comprehensive product portfolio.
- In the last two decades of operations, company has been successful in establishing a comprehensive portfolio of over 100 dental products covering endodontics, orthodontics, composites, impression materials, finishing & polishing materials, temporary materials, lab materials, adhesives, cement & liners and tooth whitening.
- Company’s product offerings address a majority of the dentists’ clinical needs for consumable dental materials and also enables company to be a preferred vendor for many dental practitioners, dental laboratories and dealers.
- Further, company’s products are certified with EU mark, which makes Prevest Denpro Ltd eligible to market the products in European Union.
Wide sales and distribution network.
- Company sells the products through a network of 53 dealers spread over 16 states and 2 Union Territories in India and through 91 overseas agents spread over 75 countries.
- Further, company has started selling certain products to direct consumers on digital market platforms such as Amazon and our own web-platform i.e. prevestdirect.com.
- Company has recently purchased an office in Gurugram, Haryana which will be used for marketing the products to the customers in the North Indian region.
Plans to enter and expand into new business segments through introduction of new products.
- Company seeks to capitalize on the growth opportunities in the hygiene, oral care, oral hygiene and bio-materials segment based on company’s well positioned operations, network of dealers & agents and being led by an experienced management team.
- Company is currently expanding the existing manufacturing unit by setting up another manufacturing facility in over 16,000 sq. ft. area adjacent to the existing unit for manufacturing new line of products that will include hygiene products (sanitizers and disinfectants), oral hygiene products (mouth washes and mouth rinses), oral care products(medicated ointments, gels and creams for dental treatment) and bio-materials.
- The proposed facility will be well equipped with latest machineries and is proposed to be commissioned by the end of F.Y. 2021-22.
Augmenting growth in domestic and global markets.
- Presently, company’s revenue from domestic and export business is almost 40% and 60% respectively and Going forward, company’s primary focus would be to continue the growth in exports.
- Company’s products are not being currently exported to USA and Canada. Company believes that there lies a huge business opportunity for dental products in the markets of USA and Canada.
- In this direction, Company has already obtained clearance under Section 510(k) of Federal Food, Drug, and Cosmetic Act from USFDA and have also applied for ISO 13485(MDSAP Certification).
- Company strongly believes that the demand for dental products will grow in India and overseas, owing to the aging of population globally and increasing awareness of the importance of oral health maintenance and increasing consumer focus on cosmetic dentistry.
Financials of the Company:
| (in Crores) | FY 19 | FY 20 | FY 21 |
|---|---|---|---|
| Revenue | 19.77 | 24.55 | 29.51 |
| Net Profit | 2.99 | 5.00 | 7.43 |
Valuation of Peer Group Companies:
| Company Name | Face Value | EPS | PE Ratio | RoNW | NAV |
|---|---|---|---|---|---|
| Prevest Denpro Ltd | 10 | 8.42 | 9.97 | 32.71% | 25.74 |
| 3M India Ltd | 10 | 144.14 | 173.67 | 8.5% | 1695.80 |
IPO Details:
| Details | Info |
|---|---|
| Issue Opens on | 15th September 2021 |
| Issue Closes on:. | 17th September 2021 |
| Issue Price | Rs.82 – 84 |
| Face Value | Rs.10 |
| Minimum Lot | 1600 |
| Minimum Investment | Rs.1,34,400 |
| Issue Constitutes | 26.39% |
| Issue Size | Rs.26.61 cr |
| Market Cap | Rs.100 cr |
| Listing at | BSE SME |
| Equity Shares Offered (Fresh) | 31,68,000 |
| Equity Shares Prior to the Issue | 88,35,000 |
| Equity Shares after the Issue | 1,20,03,000 |
Also Read : List of Upcoming IPO’s in India.
Important Dates:
| Finalization of Basis of Allotment | on or Before 22nd September 2021 |
| Initiation of Refunds | on or Before 23rd September 2021 |
| Credit of Equity Shares: | on or Before 24th September 2021 |
| Listing Date: | on or Before 27th September 2021 |
IPO Valuation Parameters:
| Earnings Per Share (EPS) | Price To Earnings ratio (PE) | Return on Net Worth (RoNW) | Net Asset Value (NAV) |
|---|---|---|---|
| 8.42 | 9.97 | 32.71% | 25.74 |
| Check IPO Allotment Status: |
|---|
Bigshare: http://www.bigshareonline.com/IPO/AllotmentBSE IPO Website: https://www.bseindia.com/IPO/Allotment |
| Company Contact Info: |
|---|
| Prevest Denpro Limited EPIPKartholi, Bari Brahmana, Samba, 181133, Jammu &Kashmir, India Tel. No.:1923-222774 E-Mail: info@prevestdenpro.com Website: www.prevestdenpro.com |
| IPO Registrar Info: |
|---|
| BIGSHARE SERVICES PRIVATE LIMITED 1st Floor, Bharat Tin Works Building, Opp. Vasant Oasis, Makwana Road, Marol, Andheri East, Mumbai – 400059, Maharashtra, India Tel No.:+91-022-62638200 Email:ipo@bigshareonline.com Website: www.bigshareonline.com |
| Lead Manager to the Issue: |
|---|
| HEM SECURITIES LIMITED 904,A Wing, Naman Midtown, Senapati Bapat Marg, Elphinstone Road, Lower Parel, Mumbai 400013, Maharashtra, India Tel. No.: +91- 022- 49060000 Email: ib@hemsecurities.com Website: www.hemsecurities.com |
