Review DRHPs Every page of the prospectus, read and cited

Apsis Aerocom Limited

Prospectus dated March 16, 2026

Summary

Apsis Aerocom Limited is proposing to raise ₹35.77 crore through a fresh issue of shares. The price is ₹110 per share.

About 76% of the fresh issue proceeds go to funding Capital Expenditure towards purchase of Machinery, and about 11% to general corporate purposes.

The review found 9 points to read closely and 22 worth checking.

Read closely

  1. Capital expenditure rests on quotations with no orders placed
  2. No independent monitoring of proceeds
  3. Profit jumped in the year before the IPO
  4. High accruals
  5. Auditor changes
  6. Cash conversion cycle is lengthening
  7. Dependence on one customer
  8. Licences and approvals pending or expired
  9. Customer concentration

Conclusion

Of the 9 points to read closely, 2 concern how the IPO money will be spent, 4 concern the financial statements and 3 concern the business, the valuation or the quality of disclosure. These could not be scored automatically and need reading: trading with related parties; land or assets bought from related parties; loans to related parties. These wait for the price and the final share count: shares issued shortly before the IPO at a deep discount to the issue price; issue price is a large multiple of promoters' cost. The pages to read are 42, 83, 87, 105, 116, 166, 230, 232 and 244.