Dhariwalcorp IPO

Incorporated in 2020, Dhariwalcorp Limited specialises in trading a diverse array of waxes, industrial chemicals, and petroleum jelly. The company engages in processing, purchasing, selling, importing, and trading various types of wax, including Paraffin Wax, Micro Wax, Slack Wax, Carnauba Wax, Microcrystalline Waxes, Semi-Refined Paraffin Wax, Yellow Beeswax, Hydrocarbon Wax, Montan Wax, Polyethylene Wax, Vegetable Wax, Residue Wax, Palm Wax, BN Micro Wax, Hydrogenated Palm Wax, Micro Slack Wax, PE Wax, and Soya Wax.

Additionally, Dhariwalcorp deals in industrial chemicals such as Rubber Process Oil, Light Liquid Paraffin (LLP), Citric Acid Monohydrate, Refined Glycerin, Bitumen, Stearic Acid, and Petroleum Jelly, including Paraffin Petroleum Jelly and White Petroleum Jelly.

The company serves industries including Plywood and Board, Paper Coating, Crayon Manufacturing, Candle Production, Textiles, Pharmaceuticals, Petroleum Jelly & Cosmetics, Tube & Tire Manufacturing, Match Production, Food Processing, and Adhesive Manufacturing. Dhariwalcorp ensures quality products and timely delivery, playing a crucial role in the supply chain of these sectors.

Operating one processing unit, Dhariwalcorp has warehouses in Jodhpur, Rajasthan; Bhiwandi, Maharashtra; Ahmedabad, Gujarat; and Mundra, Dist. Kachchh, Gujarat. The company operates in 21 states and 3 Union territories in India for domestic sales and exports products to Nepal. As of March 31, 2024, Dhariwalcorp employs seven departmental staff.

Industry Outlook:

1. India's chemical sector is projected to grow from US$220 billion in 2022 to US$1 trillion by 2040, expanding at 9% per annum.
2. Investment in India's chemicals and petrochemicals sector is estimated to reach US$107.38 billion by 2025, driven by strong demand growth in export and end-user industries.

Dhariwalcorp Limited IPO Objectives

The company plans to allocate the net proceeds from the issuance to the following purposes:

1. Funding
2. Funding working capital requirements of the company;
3. General corporate purposes.

Peer Details

The company Dhariwalcorp Limited does not consider any listed company in India or abroad as its peers.

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Contact Details of Dhariwalcorp Limited IPO

• Registered office: 36, Narayan Nagar, Shobhawaton ki dhani, Pal Link Road, Jodhpur – 342001, Rajasthan, India
• Phone: 70141 31630
• E-mail: investor@dhariwalcorporation.com

IPO Financials

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Strengths

1. Diverse product range with 18 types of wax and chemicals.

2. Strategic location with warehouses in 4 key cities.

3. Experienced promoters with over 15 years in the industry.

4. Strong client relationships ensure repeat business and trust.

5. A centralised warehouse enhances efficiency and reduces logistics costs.

6. Operations span 21 states, 3 Union territories, and export to Nepal.

Risks

1. No long-term supplier contracts; 55.44% purchases from top 10 suppliers.

2. Revenue dependency: Top 10 customers contribute 34.81% of revenue (2024).

3. Counterparty credit risk: Trade receivables ₹772.56 lakhs (2024).

4. Product quality issues may lead to cancellations and liability claims.

5. Inventory mismanagement impacts business, financial condition, and operations.

6. Regulatory non-compliance risks: delayed GST filings and potential penalties.