March 13, 2023
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ITcons Esolutions IPO Analysis at Chanakyanipothi.com,
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ITcons Esolutions IPO Guidance:
The company is in the business of providing human resource services to both public and private organizations. The business has huge potential. However, in the year prior to IPO, the company has declared somewhat good profits. So difficult to evaluate consistency in profits, only the base of last year performance. IPO size is relatively small, so oversubscription is no issue.
ITcons Esolutions IPO Grey Market updates
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ITcons Esolutions IPO Subscription Status
On 2 March 2023 @ 5.00 pm (Closed)
NII: 808000 Shares, 16.12T
RII: 806000 Shares, 17.35T
Total: 1614000 Shares 16.74T
ITcons Esolutions: Company Details
ITCONS E-Solutions Limited, is in the business of providing human resource services to both public and private organizations mostly in organized sector in diverse roles and responsibilities since 2007, having its Registered office situated at New Delhi and Corporate Office at Noida. Its services primarily include 1) Manpower Supply/Recruitment Services; and 2) Manpower Sourcing/Staffing Services.
Incorporated in 2007, it has grown to 800+ staff team (including contractual employees). It is well-known and reputed clients from the Information Technology, Staffing & Recruitment, Food, FMCG space amongst others, which include MNCs as its clients. Presently its Manpower Supply Services account for a majority of our revenues, and Manpower Souring Services contributes to rest of its revenues. Both the business lines broadly fall within the scope of staffing services and accordingly, audited segment-wise breakup is not required.
For more information about the company, Click www.itconsinc.com
| ITcons Esolutions IPO Details | |
| IPO opens on Tentative | 28 February 2023 |
| IPO closes on | 2 March 2023 |
| Issue Type | Book Built Issue IPO |
| Issue Size | 1700000 Sh /Rs 8.67 Cr |
| * Fresh Issue | 1700000 Sh /Rs 8.67 Cr |
| * Offer for Sale | – Sh /Rs – Cr |
| Face Value per share: | Rs. 10 |
| Price Band | Rs.51 |
| Employee discount | Rs. 0 per share |
| Retail Lot Size | 2000 Shares |
| Listing will at | BSE Sme |
| Shares offered to | ||
| Shares | Rs. (Cr) | |
| QIB (0 %) | – | – |
| NII (50 %) | 808000 | 4.12 |
| RII (50 %) | 806000 | 4.11 |
| Total Shares | 1614000 | 8.23 |
| Retail portion will be oversubscribed by | 403 | |
| Forms | ||
| How much Shares to Apply? | ||
| Min Retail Application | 2000 Sh | Rs. 102000 |
| Max Retail Application | 4000 Sh | Rs. 204000 |
Promoters of the IPO
(I) Mr. GAURAV MITTAL AND (II) Mrs. SWATI JAIN
Objects of the IPO:
The Company proposes to utilize the Net Proceeds from the Issue towards
Funding our working capital requirements
| IPO Tentative timetable | |
| IPO opens on | 28 February 2023 |
| IPO Closes on | 2 March 2023 |
| IPO Allotment on | 8 March 2023 |
| Unblocking of ASBA | 9 March 2023 |
| Credit of Shares | 10 March 2023 |
| Listing on | 13 March 2023 |
| Registered Office of the Company |
| Regus Elegance 2F, Elegance Jasola District Centre, Old Mathura Road, New Delhi, South Delhi – 110025, India |
| IPO Lead Managers |
| FINSHORE MANAGEMENT SERVICES |
| Registrar to the IPO |
| CAMEO CORPORATE SERVICES |
| IPO Financial & Analytical Ratios | ||||
| Year | Total Income | Net Profit | EPS | RoNW |
| Rs.in Cr | Rs.in Cr | Rs. | % | |
| 2019-20 | 8.35 | 0.11 | 0.37 | 10.93 |
| 2020-21 | 8.42 | 0.07 | 0.26 | 7.22 |
| 2021-22 | 18.20 | 1.19 | 4.16 | 53.31 |
| Book Value of the Share on | 31.03.2022 | Rs.7.80 | ||
| Book Value of the Share | after the IPO | Rs.26.43 | ||
| Offer Price | Rs. 51 | |||
| Ratio Analysis | |
| Upper Price/last EPS | 12.26 |
| Upper price/BV Ratio | 6.54 |
| Upper price/BV after IPO | 1.93 |
ITcons Esolutions IPO Peer Comparison:
| As on date of RHP | FV | Total | PE |
| Rs. | Income | Ratio of | |
| Rs. In Cr | |||
| The IPO Company | 10 | – | 12.26 |
| Integreted Personnnel | 10 | – | 7.43 |
| ANI Integreted | 10 | – | 8.85 |
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