At a Glance
Marc Loire Fashions, a Delhi-based women’s footwear brand, is strutting onto the BSE SME runway with a ₹21 Cr fixed price IPO. With ₹1.20 lakh as minimum investment and some bold margin claims, the company hopes to charm investors with stilettos and spreadsheets. But is this fashion IPO worth a fitting, or is it just another one-season trend?
👜 1. What Exactly Is Marc Loire?
- Delhi-based fashion brand for women’s footwear
- Incorporated in 2014, company now sells:
- Ethnic sandals
- Thongs (yes, not the awkward kind)
- Concealed heel loafers (sneakerheads, cry quietly)
- Athleisure and wedges
- Follows both:
- D2C model – Online glam via website + marketplaces
- B2B model – Through Reliance Centro and Lulu Malls
👟 Basically, your everyday metro girl’s Amazon wishlist now wants to become your next multi-bagger.
💄 2. IPO Ki Catwalk — Quick Details
| Item | Details |
|---|---|
| 🗓️ IPO Dates | June 30 – July 2, 2025 |
| 💰 Issue Size | ₹21 Cr (entirely fresh) |
| 🎯 Price | ₹100 per share |
| 📦 Lot Size | 1,200 shares = ₹1,20,000 |
| 🏛️ Exchange | BSE SME |
| 👠 Shares Offered | 21 lakh |
| 🧾 Lead Manager | Finshore Management |
| 🧮 Market Cap Post IPO | ₹71 Cr |
| 📦 Promoter Holding | From 99.99% → 70.42% |
And yes, you need ₹1.2 lakh to get a whiff of these wedges.
👗 3. Fashionably Profitable? Let’s Look at the Financials
📊 Key Financial Metrics (₹ Cr)
| FY | Revenue | PAT | EBITDA | Net Worth | Borrowings |
|---|---|---|---|---|---|
| FY23 | 37.44 | 0.66 | 6.30 | 1.97 | – |
| FY24 | 40.40 | 4.08 | 5.34 | 6.05 | 1.48 |
| FY25 | 42.46 | 4.71 | 0.87 | 10.76 | 0.03 |
😵 Hold up: EBITDA collapsed from ₹6.30 Cr → ₹0.87 Cr in FY25.
Yet PAT magically increased? Even CFO Barbie would ask “Kya jadoo hai yeh?”
🧾 4. Ratios That’ll Knock Your Heels Off
| Metric | Value |
|---|---|
| ROE | 43.75% |
| ROCE | 60.56% |
| PAT Margin | 11.08% |
| P/E (Post IPO) | 15.09x |
| P/BV | 4.65x |
| Post IPO EPS | ₹6.63 |
🧠 These margins are tighter than skinny jeans in Mumbai heat. Either they’re ultra-efficient, or this is a temporary boost.
Fun Fact: With just 25 employees, they’ve managed ₹42 Cr revenue. Either:
- They’ve outsourced everything, or
- The 25 employees are all Durga Maa avatars.
💸 5. IPO Funds – Where’s It Going?
| Purpose | Amount (₹ Cr) |
|---|---|
| 15 New Brand Outlets | 5.27 |
| Multi-Purpose Racks (yes, really) | 0.40 |
| Working Capital | 9.35 |
| General Expenses | 3.73 |
🛍️ Basically, new showrooms and retail expansion is the focus. But at this scale, every rupee has to deliver returns. And multi-purpose racks better print money.
🏪 6. Positives 👠
✅ Strong ROE/ROCE numbers — surprisingly good, even if short-lived
✅ Pan-India presence via Centro, Lulu and online D2C
✅ Zero debt post-IPO – rare for a retail startup
✅ Brand recognition in women’s mid-range footwear (Amazon lovers will know)
But…
💔 7. Risks (and Fashion Faux Pas)
⚠️ Margin Drop Mystery: EBITDA collapse with rising profits. Accounting ka K-Drama?
⚠️ Thin Team, Tall Targets: 25 people scaling to 15 more outlets?
⚠️ No Institutional Anchor: No QIB interest = pure retail + HNI sentiment-driven
⚠️ D2C is a Bloodbath: From Falguni to Fashionandyou, the footwear graveyard is crowded
⚠️ High Entry Ticket: ₹1.2 lakh minimum = not for the casual Flipkart trader
🎯 Fair Value Estimate
Let’s break this down:
- PAT FY25: ₹4.71 Cr
- Post IPO Shares: 71 lakh
- EPS: ₹6.63
- Apply sector P/E range: 15–20x (smallcap D2C retail usually trades here)
| Valuation | Price |
|---|---|
| 15x P/E | ₹99.5 |
| 20x P/E | ₹133 |
🎯 EduInvesting FV Range: ₹100 – ₹130 per share
So the IPO price of ₹100 is fair, but offers limited upside unless FY26 brings a massive profit jump.
📢 Final Verdict: Blister or Breakthrough?
Marc Loire is trying to become the next Metro Shoes but with the financials of a Bandra boutique.
It’s:
- Stylish? Yes.
- Comfortable investment? Maybe.
- Runway-ready? Depends on next season’s numbers.
A solid show of confidence from the promoters, good ROEs, and a known retail brand name. But… the valuation already walks a tightrope, and the ₹1.2L entry ticket narrows the runway to only serious heel-heads.
Tags: Marc Loire IPO, SME IPO June 2025, Marc Loire review, women’s fashion IPO, BSE SME listing, footwear D2C brand IPO, IPO analysis India, fixed price IPOs, EduInvesting IPO analysis
✍️ Written by Prashant | 📅 June 23, 2025
