Carver Roboweld IPO
Carver Roboweld LtdSME
This IPO closed on 30 Oct 2026.
- Open date
- 28 Oct 2026
- Close date
- 30 Oct 2026
- Min. Investment
- ₹2,56,000
- Lot Size
- -
- Fresh Issue
- ₹28.29 Cr
- Price Range
- -
- Face Value
- -
- IPO Document
- DRHP - PDF(opens in a new tab)
Subscription rate
- Qualified Institutional Buyers26.33x
- Non-Institutional Investors30.25x
- Retail-Individual Investors19.17x
- Total24.06x
Schedule
- Completed: IPO open date28 Oct 2026
- Completed: IPO close date30 Oct 2026
- Completed: Allotment date2 Nov 2026
- Completed: Funds unblock or debit2 Nov 2026
- Current step: Tentative listing date4 Nov 2026
About
Promoter shareholding in Carver Roboweld Ltd, before and after the issue.
| Promoter | Pre-issue shares | Pre-issue % | Post-issue shares | Post-issue % |
|---|---|---|---|---|
| Ranjit Chandrabhai Bose | 57,00,078 | 59.58% | 57,00,078 | 43.50% |
| Rajit Chandra Bose | 12,38,841 | 12.95% | 12,38,841 | 9.45% |
| Deval Ranjitbhai Bose | 12,10,311 | 12.65% | 12,10,311 | 9.24% |
| Tulsikumari Chandrabhai Bose | 4,68,108 | 4.89% | 4,68,108 | 3.57% |
| Ganatra Urvi Kartik | 90 | 0.00% | 90 | 0.00% |
| Nayar Ezhava Rashmi Ajit | 90 | 0.00% | 90 | 0.00% |
Financials of Carver Roboweld IPO
| Key Performance Indicators | Mar 2026 |
|---|---|
| Operating Revenue | - |
| Other Income | - |
| Total Income | 32.70 |
| Total Expenses | 25.64 |
| Profit Before Tax | - |
| Total Profit | 5.34 |
Carver Roboweld IPO Strengths & Risks
- Experienced Promoter and management team.
- Strategically located Manufacturing Facility and Service Units.
- Strategic Market Coverage across the domestic markets.
- Focus on consistently meeting customer specifications and quality standards.
- Robot Rental Model enables long-term customer engagement and generating stable, recurring revenue through service agreements.
- Risks Relating to the Business: We derived 86.73%, 80.78%, 84.77% and 73.34% of our revenue from our top ten customers for the period ended June 30, 2026 and for the Fiscals 2026, 2025 and 2024, respectively. The loss of any of these customers or reduction in business from such will have a material adverse effect on our business, financial condition, results of operations and cash flows.
- Risks Relating to the Business: Our business involves the manufacturing of Welding Rods, Gouging Electrodes and Metal Cored Wire which is subject to raw material, process and quality controls, and any adverse occurrence could adversely affect our business, financial condition and results of operations.
- Risks Relating to the Business: Our purchases are substantially concentrated among a limited number of manufacturers and suppliers, with our top ten suppliers accounting for 90.82%, 92.43%, 94.26% and 87.15% of our total purchases for the period ended June 30, 2026 and for the Fiscal 2026, Fiscal 2025 and Fiscal 2024, respectively. Any disruption in our relationships with such manufacturers and suppliers could materially and adversely affect our business, financial condition, results of operations and cash flows.
- Risks Relating to the Business: Our entire revenue from operations is derived from customers operating in the forging industry. Any adverse developments in the forging industry or a reduction in demand from such customers may adversely affect our business, financial condition, cash flows and results of operations.
- Risks Relating to the Business: Our manufacturing facility and Service units are geographically dispersed across specific regions in India, and any disruption to the operations of these facilities or adverse developments affecting such regions could materially and adversely affect our business, financial condition and results of operations.
- Risks Relating to the Business: A substantial portion of our revenue from operations is geographically concentrated in Karnataka, Maharashtra and Tamil Nadu, which collectively contributed 85.08%, 82.33%, 86.20% and 80.33% of our revenue from operations for the Period ended June 30, 2026 and for the Fiscal 2026, Fiscal 2025 and Fiscal 2024, respectively. Any adverse developments affecting these geographies could materially and adversely affect our business, financial condition, results of operations and cash flows.
- Risks Relating to the Business: Our operations are dependent on our manufacturing facility and service units, and any shutdown, slowdown or disruption at these facilities could adversely affect our business, results of operations, financial condition and cash flows.
- Risks Relating to the Business: In case of our inability to obtain, renew or maintain the statutory and regulatory licenses, permits and approvals required to operate our business it may have a material adverse effect on our business.
- Risks Relating to the Business: There are certain discrepancies/errors/delay filings noticed in some of our corporate records relating to forms filed with the Registrar of Companies and other provisions of Companies Act, 2013. Any penalty or action taken by any regulatory authorities in future, for non-compliance with provisions of corporate or any other law could impact the financial position of the Company to that extent.
- Risks Relating to the Business: The restated financial statements have been provided by peer reviewed chartered accountants who is not statutory auditor of our Company.
- Risks Relating to the Business: We have experienced negative cash flows from operating, investing and financing activities in certain periods in the past and may continue to experience negative cash flows in the future, which may adversely affect our liquidity, financial condition, results of operations and ability to implement our business and growth strategies.
- Risks Relating to the Business: Our robot renting services are dependent on the continuous and reliable performance of robot operating software, and any software-related issues could adversely affect our business, financial condition and results of operations.
- Risks Relating to the Business: Our existing manufacturing facility are concentrated in a single region i.e., Rajkot, Gujarat and the inability to operate and grow our business in this particular region may have an adverse effect on our business, financial condition, results of operations, cash flows and future business prospects.
- Risks Relating to the Business: Under-utilization of our manufacturing capacities and an inability to effectively utilize our expanded manufacturing capacities could have an adverse effect on our business, future prospects and future financial performance.
- Risks Relating to the Business: There have been instances of delays in payment of certain statutory dues and filing of statutory returns in the past. Any further delays or non-compliance with applicable laws may expose us to regulatory actions, penalties and reputational risks, which could materially and adversely affect our business, financial condition, results of operations and cash flows.
- Risks Relating to the Business: We have certain outstanding litigation against us, an adverse outcome of which may adversely affect our business, reputation and results of operations.
- Risks Relating to the Business: Any failure on our part to effectively manage our inventory may result in an adverse effect on our business, revenue from manufacturing operations and financial condition.
- Risks Relating to the Business: We have a limited product portfolio, and our dependence on a narrow range of products may restrict our growth and expose us to product-specific risks.
- Risks Relating to the Business: We engage contract workers for carrying out certain functions of our business operations. In the event of nonavailability of such contract workers at reasonable cost, any adverse regulatory orders or any default on payments to them could lead to disruption of the manufacturing facilities and our business operations.
- Risks Relating to the Business: Our success depends upon knowledge and experience of our Directors, Key Managerial Personnel, Senior Management and other key employees as well as our ability to attract and retain personnel with technical expertise. For the period ended June 30, 2026 our Company's attrition rate for permanent employees was Nil. The loss of or our inability to attract or retain such persons could adversely affect our business, results of operations, financial condition and cash flows.
- Risks Relating to the Business: We are subject to counterparty credit risk, and delays or defaults in client payments could materially and adversely affect our business, cash flows and financial condition.
- Risks Relating to the Business: Our wholly owned subsidiary is authorised to undertake businesses that are similar to certain aspects of our business and, as a result of overlapping business activities and common shareholding and management, potential conflicts of interest may arise, which could adversely affect our business, financial condition, results of operations and cash flows
- Risks Relating to the Business: The shortage or non-availability of power may adversely affect our business, result of operations, financial conditions and cash flows.
- Risks Relating to the Business: We are dependent on third party transportation for the delivery of products and any disruption in their operations or a decrease in the quality of their services could affect our reputation and results of operations.
- Risks Relating to the Business: We have not yet placed orders in relation to the funding of Capital Expenditure towards purchase of Welding Robots which is proposed to be financed from the Issue proceeds of the IPO. In the event of any delay in placing the orders, or in the event the vendors are not able to provide the Robots in a timely manner, or at all, may result in time and cost over-runs and our business, prospects and results of operations may be adversely affected.
- Risks Relating to the Business: The Objects of the Issue for which funds are being raised have not been appraised by any bank, financial institution or independent third party, and any variation in the utilisation of the Net Proceeds from the Issue would be subject to applicable legal and regulatory requirements, including obtaining the approval of our Shareholders in certain circumstances.
- Risks Relating to the Business: Our registered office, Manufacturing unit and Service units are not owned by us and are occupied on a lease, leave and licence or rental basis. Any inability to renew such arrangements, or to relocate our operations on commercially acceptable terms, could materially and adversely affect our business, financial condition, results of operations and cash flows.
- Risks Relating to the Business: Our business requires substantial working capital, and any inability to arrange or maintain adequate working capital may adversely affect our business, results of operations, financial condition and cash flows.
- Risks Relating to the Business: We have entered into related party transactions in the past and may continue to do so in the future, which may give rise to actual or potential conflicts of interest and may not be on terms favourable to us or our public shareholders.
- Risks Relating to the Business: Some of our trade names and our Company's logo are not registered as of the date of this Red Herring Prospectus. Consequently, we may be unable to adequately protect our intellectual property rights and may also be exposed to claims alleging infringement of third-party intellectual property rights.
- Risks Relating to the Business: Our insurance coverage may be inadequate to protect us against all potential losses, and any uninsured or underinsured loss, or any inability to obtain or maintain adequate insurance coverage on commercially acceptable terms, could materially and adversely affect our business, financial condition, results of operations and cash flows.
- Risks Relating to the Business: We are exposed to operational risks, including cyber-attacks, fraud and theft, which could adversely affect our business, reputation, results of operations, financial condition and cash flows.
- Risks Relating to the Business: An inability to establish and maintain effective internal controls could lead to an adverse effect on our business, results of operations, cash flows and financial condition.
- Risks Relating to the Business: An inability to comply with repayment and other covenants in the financing agreements or otherwise meet our debt servicing obligations could adversely affect our business, financial condition, cash flows and credit rating.
- Risks Relating to the Business: The company has not obtained credit ratings for its borrowing facilities, and any adverse rating or inability to obtain or maintain a rating in the future could materially and adversely affect the company access to financing and the terms thereof.
- Risks Relating to the Business: The company has significant contingent liabilities, primarily relating to tax matters, which, if they materialize, could materially and adversely affect its business, financial condition, cash flows and results of operations.
- Risks Relating to the Business: As on June 30, 2026, the Company had outstanding dues aggregating to Rs. 746.84 lakhs the company has outstanding dues payable to its creditors, and any failures or delay in payment of such dues may adversely affect the company's reputation, business and financial condition.
- Risks Relating to the Business: The average cost of acquisition of equity shares by the company's promoters may be lower than the price band and could result in a differential in returns between its promoters and public shareholders.
- Risks Relating to the Business: The company's business is significantly dependent on the efficient functioning and security of its information technology systems, and any disruption, failures, or cyber incident may materially adversely affect the company operations and financial performance.
- Risks Relating to the Business: A portion of the Net Proceeds will be utilized for general corporate purposes, the specific deployment of which has not been identified and will be determined by the company's management in its discretion, subject to applicable laws. Any inability to deploy such funds effectively or in a timely manner could adversely affect the company's business, financial condition and results of operations.
- Risks Relating to the Business: The company cannot assure you that its will be able to secure adequate financing in the future on acceptable terms. The company failures to obtain sufficient financing could result in delay or abandonment of its business plans and this may have an adverse effect on the company's growth and operations.
- Risks Relating to the Business: Information relating to the current and historical installed capacity of the plants in the company's Manufacturing Facility included in this Red Herring Prospectus are based on various assumptions and estimates.
- Risks Relating to the Business: The company's growth and expansion strategy may place significant demands on its management and operational resources, and the company's inability to effectively manage such growth could materially adversely affect its business and financial performance.
- Risks Relating to the Business: The company's Promoters may have interests other than reimbursement of expenses incurred and remuneration or benefits, which may result in a conflict of interest.
- Risks Relating to the Business: The company's Promoters along with the members of Promoter Group will continue to retain significant control in the Company after the Issue which will allow them to influence the outcome of matters submitted to shareholders for approval. Such a concentration of ownership may also have the effect of delaying, preventing or deterring a change in control.
- Risks Relating to the Business: Most of the company's Directors does not have prior experience of serving as directors of listed companies, which may affect its ability to comply with the regulatory, governance and disclosure requirements applicable to listed companies and could adversely affect the company's business and operations.
- Risks Relating to the Business: There is no monitoring agency appointed by the Company and deployment of funds are at the discretion of its Management and the company's Board of Directors, though it shall be monitored by the Audit Committee.
- Risks Relating to the Business: Certain non-GAAP financial measures relating to the company operations and financial performance have been included in this Red Herring Prospectus. These non-GAAP financial measures are not measures of operating performance or liquidity defined by AS and may vary from any standard methodology that is applicable across the industry the company operates.
- Risks Relating to the Business: The company's Restated Financial Statements are prepared in accordance with Indian GAAP, which differs in certain material respects from other accounting principles, including IFRS and U.S. GAAP. Further, any future transition to Indian Accounting Standards (Ind AS) may result in its financial condition and results of operations appearing materially different and could adversely affect investors assessment of the Company and the trading price of its Equity Shares.
- Risks Relating to the Business: Any failures, disruption or inadequacy of the company's information technology systems could adversely affect its business, results of operations, financial condition and cash flows.
- Risks Relating to the Business: The requirements associated with being a publicly listed company may place significant demands on its management and financial resources.
- Risks Relating to the Business: The Company may not be able to pay dividends in the future. The company's ability to pay dividends in the future will depends upon its future earnings, financial condition, profit after tax available for distribution, cash flows, working capital requirements and capital expenditure and the terms of the company's financing arrangements.
- Risks Relating to the Business: Industry information included in this Red Herring Prospectus has been derived from industry sources. There can be no assurance that such third-party statistical, financial and other industry information is complete, reliable or accurate.
- Risks Relating to the Business: The company has undertaken a bonus issue of Equity Shares in the past in the ratio of eight Equity Shares for every one Equity Share held, however there can be no assurance that its will undertake the bonus issue of equity shares going forward.
- Risks Relating to the Business: The company has, in the last 12 months, issued Equity Shares at a price that could be lower than the Issue Price.
