Enser Communications is preparing for its initial public offering (IPO), seeking to raise Rs 16.17 crores through the issuance of 23.1 lakh new shares. The IPO subscription window commenced on March 15, 2024, and is slated to conclude on March 19, 2024. Allotment results are expected by March 20, 2024, with Enser Communications scheduled to debut on the NSE SME on March 22, 2024.
Priced at ₹70 per share, the Enser Communications IPO mandates a minimum application of 2000 shares. Retail investors are required to invest a minimum of ₹140,000, while High Net Worth Individuals (HNIs) must commit at least ₹280,000. Retail investors are limited to a maximum application of 2 lots.
The Book Running Lead Manager of the IPO are Fast Track Finsec Pvt Ltd, with Skyline Financial Services Private Ltd managing the registration process. B.N. Rathi Securities has been designated as the market maker for the Enser Communications IPO, contributing to the smooth facilitation of the offering.
Objectives of the IPO : -
The company is planning to raise funds comprising of a Fresh Issue of up to ~ 2310000 Equity Shares, aggregating up to ₹ 16.17 crore by Company. All the proceeds of ₹ 16.17 crore from the IPO will be utilised by the company in the following objects.
The objects of the Issue are as under:
Enser Communications IPO Details |
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IPO Date | March 15, 2024 to March 19, 2024 | ||||||||||
Listing Date | March 22, 2024 | ||||||||||
Face Value | ₹10 per share | ||||||||||
Price | ₹70 per share | ||||||||||
Lot Size | 2000 Shares | ||||||||||
Total Issue Size | ₹16.17 Cr | ||||||||||
Fresh Issue | 2,310,000 shares (aggregating up to ₹16.17 Cr) | ||||||||||
Offer for Sale | - | ||||||||||
Issue Type | Book Built Issue IPO | ||||||||||
Listing At | NSE SME | ||||||||||
Share holding pre issue | 6,406,059 | ||||||||||
Share holding post issue | 8,716,059 |
Enser Communications IPO Lot Size |
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Application | Lots | Shares | Amount | ||||||||
Retail (Min) | 1 | 2000 | ₹140,000 | ||||||||
Retail (Max) | 1 | 2000 | ₹140,000 | ||||||||
HNI (Min) | 2 | 4,000 | ₹280,000 |
Enser Communications IPO Timeline (Tentative Schedule) |
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IPO Open Date | Friday, March 15, 2024 | ||||||||||
IPO Close Date | Tuesday, March 19, 2024 | ||||||||||
Basis of Allotment | Wednesday, March 20, 2024 | ||||||||||
Initiation of Refunds | Thursday, March 21, 2024 | ||||||||||
Credit of Shares to Demat | Thursday, March 21, 2024 | ||||||||||
Listing Date | Friday, March 22, 2024 | ||||||||||
Cut-off time for UPI mandate confirmation | 5 PM on March 19, 2024 |
Enser Communications IPO Reservation |
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Investor Category | Shares Offered | Reservation % | |||||||||
Anchor Investor Shares Offered | - | - | |||||||||
Market Maker Shares Offered | 118,000 (5.11%) | - | |||||||||
Other Shares Offered | 1,096,000 (47.45%) | - | |||||||||
Retail Shares Offered | 1,096,000 (47.45%) | - | |||||||||
Total Shares Offered | 2,310,000 (100%) | - |
Enser Communications IPO Promoter Holding |
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Share Holding Pre Issue | 90.13% | ||||||||||
Share Holding Post Issue | 66.25% |
Enser Communications IPO Subscription Status |
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Investor Category | Shares Offered | Shares Bid For | No oF Times Subscribed |
Enser Communications, Established in May 2008, is in the business of the “Business Process Management Platform”. Enser’s BPM technology enabled platform that integrates with voice, chat, email, IVRS, and other social media engagements for customer acquisition as well as customer service strategies.
Enser fosters mutual growth ensuring comprehensive services across Business Analytics, Customer Relationship Management (CRM), Interactive Voice Response Systems (IVRS), and Customer Interaction Management solutions managing Customer Life cycle for their clients.
Company was incorporated with the main objects to carry on activities in the communications field with regards to call centers, outsourcing, database management, web services, information systems, software and hardware selling and maintenance & knowledge based projects in the communications field; and to carry on the activities in the field of trading, exporting, importing, processing, buying, selling, marketing of various types communication equipment’s or instruments or products and much more.
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The Indian BPM market has witnessed remarkable growth in recent years, becoming one of the world's largest outsourcing destinations. According to NASSCOM, the Indian BPM (Business Process Management) sector's revenue is estimated to reach USD 47.4 billion in FY 2023, showcasing a significant expansion.
Industry has been a major contributor to employment generation in the country. It provides livelihood opportunities to millions of skilled professionals, with a workforce that exceeds four million+ employees.
Industry's penetration into various verticals, including finance, healthcare, IT, and e-commerce, has been steadily increasing. According to an estimate, Indian BPM industry is projected to grow at a CAGR of over 7.5% between 2021 and 2025.
Customer expectations and technology advances are revolutionizing the global business environment.
Risk factors associated with the company :-
The company requires a number of approvals, NOCs, licenses, registrations and permits in the ordinary course of business.
Business is subject to volatility and high risk due to change in technology and vulnerable to failures of information technology systems, may contribute to fluctuations in operations and financial condition.
A significant amount of revenue comes from service of Business Process Management and Customer Interaction Management Services.
Approximately 50-60% of revenue comes from Acko General Insurance Limited. And the top 5 customers contribute approximately 80% of revenue.
Period Ended | 30th Sep 2023 | 31st Mar 2023 | 31st Mar 2022 | 31st Mar 2021 |
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Reserve of Surplus | 6.5217 | 3.9378 | 2.3371 | 1.5578 |
Total Assets | 17.9926 | 13.8392 | 8.7042 | 6.6241 |
Total Borrowings | 7.0909 | 6.3188 | 3.0937 | 2.7692 |
Fixed Assets | 2.112 | 2.113 | 1.4552 | 0.9425 |
Cash | 5.1346 | 3.6002 | 3.9517 | 3.0705 |
Net Borrowing | 1.9563 | 2.7186 | -0.858 | -0.3013 |
Revenue | 18.0851 | 25.4082 | 16.6014 | 9.239 |
EBITDA | 3.4937 | 3.0781 | 2.1441 | 0.6647 |
PAT | 2.1398 | 1.6006 | 0.7792 | -0.1174 |
EPS | - | 2.6 | 1.3 | -0.2 |
Key Performance Indicator |
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KPI | Values | ||||||||||
EPS Pre IPO (Rs.) | 2.5 | ||||||||||
EPS Post IPO (Rs.) | 4.91 | ||||||||||
P/E Pre IPO | 28.02 | ||||||||||
P/E Post IPO | 14.26 | ||||||||||
ROE | 40.54% | ||||||||||
ROCE | 40.54% | ||||||||||
P/BV | 6.46 | ||||||||||
Debt/Equity | - | ||||||||||
RoNW | 40.54% |
Enser Communications Limited IPO Peer Comparison |
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Company Name | EPS | ROCE | ROE | P/E (x) | P/Bv | Debt/Equity | RoNW (%) | ||||
One Point One Solutions Ltd | 0.91 | 16.9% | 17.3% | 54.3 | 12.6 | 0.74 | 16.9% | ||||
Hinduja Global Solutions | 14 | 2.29% | 3% | 55.3 | 0.50 | 0.23 | 2.29% | ||||
eClerx Services Ltd | 105 | 36.5% | 29.3% | 23.6 | 6.18 | 0.11 | 36.5% | ||||
Enser Communications Limited | 2.5 | 40.54% | 40.54% | 28.02 | 6.46 | - | 40.54% |
Enser Communications Limited
5 th Floor, 501-506,
Arihant Aura Turbhe,
Navi Mumbai, Sanpada Thane - 400703
Phone: 0124-4258077
Email: solutions@enser.co.in
Website: http://www.enser.co.in/
SKYLINE FINANCIAL SERVICES PVT. LTD.
D-153 A, 1st Floor, Okhla Industrial Area, Phase - I, New Delhi-110020
Tel No: +91-11-40450193-97
Email: ipo@skylinerta.com
Website: www.skylinerta.com
This IPO review highlights key aspects for potential investors. Operating in a competitive tech environment, the company showcases adaptability and innovation. Notably, it has achieved remarkable growth, with EPS doubling and revenue rising substantially. Despite weathering losses during the FY21 COVID-19 crisis, it bounced back with profitable FY22 and FY23 performances. Financially, it appears robust, boasting a strong ROCE and minimal borrowing, indicating efficient operations. However, the IPO's issue price of ₹70 per share suggests it may be fully priced, potentially limiting immediate gains. Moreover, liquidity concerns surrounding NSE SME listings warrant attention. While cash-surplus investors with high risk tolerance may consider long-term investment, others may find the margin of safety insufficient. Overall, this IPO presents an opportunity for those seeking exposure to a promising but competitive tech sector, provided they assess the risks and align with their investment goals.
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