IPO Overview
Aureate Tradde Limited was incorporated in 2018 and operates in the industrial and technological material distribution business. The company deals in three key verticals: polymers and petrochemicals, lithium-ion and sodium-ion battery cells, and electric vehicle (EV) chargers. The company follows an inventory-led model — products are imported from international manufacturers, stored in rented warehouses, and distributed across India to a broad B2B customer base that includes plastic product manufacturers, EV component makers, and companies involved in e-mobility infrastructure. The company also holds exclusive distribution rights across India for sodium-ion cells manufactured by Jianghu Highstar Battery Manufacturing Co., Ltd.
Aureate Tradde IPO is a BSE SME fixed price issue aggregating to ₹27.29 crore, consisting entirely of a fresh issue of 38.98 lakh equity shares. The IPO opens for subscription on 29 May 2026 and closes on 02 June 2026. The shares are proposed to be listed on the BSE SME platform with a tentative listing date of 05 June 2026. The issue price is fixed at ₹70 per share.
IPO Detailed Information
Issue Details
| Parameter | Details |
| IPO Type | Fixed Price – SME |
| Listing Exchange | BSE SME |
| IPO Open Date | 29 May 2026 |
| IPO Close Date | 02 June 2026 |
| Allotment Date | 03 June 2026 (Expected) |
| Refund Initiation | 04 June 2026 |
| Credit to Demat | 04 June 2026 |
| Listing Date | 05 June 2026 (Tentative) |
| Issue Price | ₹70 per share (Fixed Price) |
| Face Value | ₹10 per share |
| Lot Size | 2,000 shares |
| Minimum Investment (Retail) | ₹1,40,000 |
| Issue Size | ₹27.29 crore |
| Fresh Issue | 38,98,000 shares (₹27.29 crore) |
| Offer For Sale (OFS) | Nil |
Note: The entire IPO is a fresh issue — no offer-for-sale component. All proceeds will go directly to the company.
Issue Break-up
| Category | Allocation |
| Non-Institutional Investors (NII/HNI) | ~50% |
| Retail Individual Investors (RII) | ~50% |
| Market Maker | Reserved Portion |
Note: Fixed price SME IPOs do not have a QIB category. Allocation is split between NII and Retail investors.
OFS / Selling Shareholders
There is no Offer For Sale (OFS) in this IPO. The IPO is a fresh issue of shares in its entirety, implying that the proceeds will be received by the company and not the existing shareholders.
Objects of the Issue (Fund Utilization)
The company proposes to utilize the net IPO proceeds as follows: ₹10 crore for funding working capital requirements to support business expansion, ₹9.93 crore for repayment or pre-payment of certain outstanding borrowings, and ₹4.09 crore for meeting general corporate purposes and operational expenses.
- Working capital requirements — ₹10.00 crore
- Repayment / pre-payment of borrowings — ₹9.93 crore
- General corporate purposes — ₹4.09 crore
Lead Managers & Registrar
- Book Running Lead Manager: Corporate Makers Capital Ltd.
- Registrar to the Issue: MUFG Intime India Pvt. Ltd.
Promoters & Management
The promoters of Aureate Tradde are Mr. Kalash Kevin Shah and Mr. Punit Devendrabhai Shah.
The promoters are described as experienced and visionary with strong industry expertise, having built the company from its legacy polymer distribution roots into a diversified industrial and technology materials distribution business.
Registered Office: 404, 4th Floor, Regent Chambers, Jamnlal Bajaj Marg, Nariman Point, Mumbai — 400021
Company Details
Aureate Tradde Limited was originally incorporated as a Private Limited Company under the name ‘MM9 Polytrade Private Limited’ on August 03, 2018. The company was subsequently renamed to ‘Aureate Tradde Private Limited’ in July 2023, and was converted into a Public Limited Company in April 2025.
The company operates an inventory-led model using rented warehouses in Maharashtra, Gujarat, and Delhi to serve manufacturers, EV ecosystem participants, and mobility infrastructure customers.
Sectors Served:
- Plastic product manufacturers (PVC pipes, PVC flex)
- EV component makers and battery integrators
- E-mobility and EV charging infrastructure companies
- General industrial and B2B buyers
Key Business Verticals:
- Polymers & Petrochemicals — Supply of PVC and related materials
- Lithium-ion & Sodium-ion Battery Cells — Import and distribution for EV applications
- Electric Vehicle Chargers — B2B and B2C distribution across India
Key Capabilities:
- The company is the sole and exclusive distributor of sodium-ion cells across India for Jianghu Highstar Battery Manufacturing Co., Ltd., an international manufacturer engaged in research, development, production, and sales of secondary chemical power products.
- Strategic warehouse and depot locations across Maharashtra, Gujarat, and Delhi supporting efficient pan-India distribution.
Employees: As of 30 November 2025, the company has 9 employees.
Financial Snapshot
| Period | Revenue (₹ Cr) | PAT (₹ Cr) | EPS (₹) |
| FY25 | ₹176.62 | ₹2.57 | ₹4.47 |
Key Financial Metrics
- Revenue for FY25 stood at ₹176.62 crore with PAT of ₹2.57 crore and EPS of ₹4.47 — reflecting a lean margin structure typical of a trading and distribution business.
- The company has shown improvement in profitability and margins during FY2026, aided by its expansion into higher-margin battery cell and EV charger segments.
- Issue Price: ₹70 (Fixed Price) | P/E based on FY25 EPS: ~15.7x
- Post-IPO goal: Debt reduction and working capital strengthening
Company Strengths
- Exclusive pan-India distribution rights for sodium-ion cells from Jianghu Highstar Battery Manufacturing Co., Ltd. — a unique and differentiated competitive positioning in an emerging battery technology segment.
- Diversified product portfolio across three high-growth verticals — polymers, battery cells, and EV chargers — reducing dependence on any single segment
- Strategic warehouse network across Maharashtra, Gujarat, and Delhi enabling ready-stock distribution model and faster delivery to B2B customers.
- Exposure to long-term sectoral tailwinds — EV adoption, energy storage growth, and industrial polymer demand.
- Entire IPO is fresh issue — zero promoter exit; all proceeds directed towards debt repayment and business growth
- Relatively low issue size of ₹27.29 crore — makes it accessible and reduces post-listing supply pressure
Key Risks & Challenges
- Very thin margins: PAT of only ₹2.57 crore on revenue of ₹176.62 crore in FY25 — PAT margin of barely ~1.5%, which is typical of trading companies but leaves very little room for error
- Very small team: Only 9 employees as of November 2025 — raises questions about operational scalability as the company grows into new product verticals.
- Import dependence: Business relies heavily on imported battery cells and EV chargers — any currency fluctuation, import duty changes, or supply chain disruption can impact margins
- Exclusive distribution risk: Sole distributor status for sodium-ion cells is a double-edged sword — valuable today, but loss of this agreement would significantly impact business
- Young company with limited track record: Incorporated in 2018 and renamed twice — limited long-term financial history available for investor evaluation
- SME IPO liquidity risk: Fixed price SME IPOs on BSE SME typically have low secondary market liquidity post listing
Disclaimer:
This document is for informational purposes only and should not be considered as investment advice. Investors should read the Red Herring Prospectus (RHP) carefully and consult a financial advisor before investing in any IPO. Market investments are subject to risk.
