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 10 points to read closely and 21 worth checking.

Read closely

  1. Main objects amended during the period of its financial record
  2. Physical capital expenditure rests on quotations with no orders placed
  3. No independent monitoring of proceeds
  4. Profit jumped in the year before the IPO
  5. Accounting result and operating cash flow diverge
  6. Auditor changes
  7. Cash conversion cycle is lengthening
  8. Dependence on one customer
  9. Licences and approvals pending, expired or not renewed
  10. Customer concentration

Conclusion

Of the 10 points to read closely, 1 concerns the promoters, management and their dealings (main objects amended during the period of its financial record), 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: guarantees given for group entities; promoters have limited experience in this business; group companies with no revenue. 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, 193–194, 230, 232 and 244.