Taurian MPS IPO Opens September 8: Key Details, Anchor Allocation, and Risks from RHP

Mumbai, September 5, 2025: The ₹42 crore IPO for crushing and screening sector company, Taurian MPS Limited, is all set to launch from September 8 to September 10 2025. The listing of the issue is scheduled for September 15. The company will use the IPO proceeds in different areas, including capital assets, working capital requirements, and other general corporate purposes (discussed in detail later). The book building issue is priced at a band of ₹162–₹171 per share, with a lot size of 800 shares (₹1,36,800 at the upper band).

Taurian MPS, incorporated in 2010 and based in Mumbai, manufactures crushing, screening, and washing plants along with spare parts. It operates a 64,773 sq ft facility in Roorkee, Uttarakhand, and caters to industries such as minerals, metals, construction, food processing, and waste management. The company has a presence across 15+ states in  India and exports to markets in the Gulf, Caribbean, and the USA.

IPO Details: Taurian MPS Plans ₹42 Crore Fundraise, Priced ₹162–₹171

As underlined before, the IPO will raise ~₹42 crore for the company. The company will issue 24.87 lakh equity shares, with a price band of ₹162–₹171 per share. Investors can bid in lots of 800 shares, requiring ₹1.37 lakh at the upper band. The issue opens on September 8 and closes on September 10, 2025, with allotment finalization on September 11 and listing on NSE Emerge scheduled for September 15. Of the total issue, 2.99 lakh shares are reserved for market makers, while the net offer comprises 21.88 lakh shares.

Anchor Investors Subscribed ₹11.2 Crore, Arniesta Gets 26.74%

The company has completed the anchor allocation on September 4, 2025 (total allocation of 655200 shares @ ₹171 per share). The company has aggregated ₹11.2 crore from the allocation. However, no shares were allotted to any mutual funds. The largest allocation went to Arniesta Global Opportunities Fund PCC–Anesta Global Fund 1 with 1,75,200 shares (26.74% of anchor book). Other key participants included SAINT Capital Fund, Next Orbit Growth Fund III, and SB Opportunities Fund II, each receiving 1,17,600 shares (17.95% each).

Issue Objective and Funds Utilisation: ₹6 Cr for Machinery, ₹22 Cr for Working Capital

The company will use ₹6 crore (approx.) in the purchase of new machinery and equipment. Around 1.95 crore is allocated for Research and Development. Around 22 crore is earmarked for working capital requirements, and the remaining amount shall be used for other general corporate purposes.

Financial Highlights (Restated): Revenue Climbs to ₹7,352.92 Lakh, PAT at ₹949.73 Lakh

The company’s financials show robust revenue growth, rising from ₹1,082.57 lakh in FY23 to ₹7,352.92 lakh in FY25. EBITDA improved to ₹1,508.36 lakh in FY25, though the margin slightly dipped to 20.51% from 21.65% in FY24. PAT declined to ₹949.73 lakh in FY25 from ₹1,131.92 lakh in FY24, bringing the PAT margin down to 12.92% compared to 30.11% a year earlier. Net worth strengthened significantly, increasing from ₹797.57 lakh in FY23 to ₹3,429.66 lakh in FY25, indicating strong balance sheet growth.

Key Risks from RHP

A number of risks were underlined in the prospectus as the top 10 customers contributed close to 79% of the total revenue, resulting in heavy concentration. The crushing and screening plans accounted for 90.37% of the total revenues, indicating a potential vulnerability to demand fluctuations. The company also has high receivables, and the inventory holding period is more than 203 days. The company has litigations (tax and others) for more than 3.61 crore. The company only has a single manufacturing unit in Uttarakhand, which can result in geographical concentration. There have been numerous delays in filings and compliance as per the due diligence reported in the RHP.

Taurian MPS’ upcoming IPO offers clarity on fund utilisation, with key allocations for machinery, working capital, and R&D. Financials indicate strong revenue growth despite a dip in PAT margin. Investors should note customer concentration, high receivables, and single-unit operations in Uttarakhand as highlighted in the RHP, providing a comprehensive overview of the company’s operations and strategic focus.

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