March 15, 2023
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Systango Technologies IPO Analysis at Chanakyanipothi.com,
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Systango Technologies IPO Guidance:
The company is engaged in IT solutions development. It has strong, growing & profitable business. The IPO is reasonably priced. The grey market also has fancy for this IPO. One may apply in this IPO and good listing gains are expected.
Systango Technologies IPO Grey Market updates
Prior to listing
GMP: Rs.26, No trades
Subject to: Rs.30000
Systango Technologies IPO Subscription Status
On 6 March 2023 @ 5.00 pm (Closed)
QIB 1836000 Shares, 14.10T
NII: 550800 Shares, 230.36T
RII: 1285200 Shares, 66.55T
Total: 3672000 Shares 64.98T
Systango Technologies: Company Details
The company is engaged in the business of providing software solutions that enables companies to design, implement and manage their own customized digital platforms including Web2, Web3 and mobile applications with strong emphasis on data and analytics. It provides range of software solution services including like: website development, mobile app development (both for iOS and Android applications), web3 development, DeFi (Decentralized finance), data engineering, implementation of blockchain, cloud
computing, digital marketing etc. for companies across sectors such as Financial Services (FinTech), Hospitality, Fantasy Sports, Property Tech etc. Through its software solutions it combines the functionality, flexibility and customer software development for its customers with the Cost effective, speed of implementation and other operational benefits of outsourcing.
Over the years the company has evolved as professional and technical service provider by offering end-to-end technology solutions and support. Its clients range from entrepreneurs and start-up enterprises to established companies, engaged in business of Fantasy Sports, transportation and logistics, Financial Services (FinTech) and various other industries including clients like Sila Inc, Urbansoft Sa(Pty)Ltd, Youtility Ltd, Ulster University, Ireland and others.
The Company’s revenue is primarily generated from exports sales, and it is providing our services along with its subsidiaries to various clients spread across 10 countries. The company is headquartered in Special Economic Zone (SEZs) of Indore that allows it to avail tax benefits as per SEZ norms. Its operations are further facilitated through its wholly owned subsidiary Companies i.e., Isystango Ltd. in UK and Systango LLC in USA.
For more information about the company, Click www.systango.com
| Systango Technologies India IPO Details | |
| IPO opens on Tentative | 2 March 2023 |
| IPO closes on | 6 March 2023 |
| Issue Type | Book Built Issue IPO |
| Issue Size | 3868800 Sh /Rs 34.82 Cr |
| * Fresh Issue | 3868800 Sh /Rs 34.82 Cr |
| * Offer for Sale | – Sh /Rs – Cr |
| Face Value per share: | Rs. 10 |
| Price Band | Rs.85-90 |
| Employee discount | Rs. 0 per share |
| Retail Lot Size | 1600 Shares |
| Listing will at | NSE SME |
| Shares offered to | ||
| Shares | Rs. (Cr) | |
| QIB (50 %) | 1836000 | 16.52 |
| NII (15 %) | 550800 | 4.96 |
| RII (35 %) | 1285200 | 11.57 |
| Total Shares | 3672000 | 33.05 |
| Retail portion will be oversubscribed by | 803 | |
| Forms | ||
| How much Shares to Apply? | ||
| Min Retail Application | 1600 Sh | Rs. 144000 |
| Max Retail Application | 3200 Sh | Rs. 288000 |
Promoters of the IPO
Vinita Rathi and Nilesh Rathi
Objects of the IPO:
The Company proposes to utilize the Net Proceeds from the Issue towards
1. Strategic Investment and Acquisitions
2. Investment in Subsidiaries
3. To Meet Working Capital Requirements
| IPO Tentative timetable | |
| IPO opens on | 2 March 2023 |
| IPO Closes on | 6 March 2023 |
| IPO Allotment on | 10 March 2023 |
| Unblocking of ASBA | 13 March 2023 |
| Credit of Shares | 14 March 2023 |
| Listing on | 15 March 2023 |
| Registered Office of the Company Third Floor (LHS), STP-I Crystal IT Park, Ring Road, Indore 452010, Madhya Pradesh, India |
| IPO Lead Managers |
| HEM SECURITIES LIMITED |
| Registrar to the IPO |
| Bigshare Services Private Limited |
| IPO Financial & Analytical Ratios | ||||
| Year | Total Income | Net Profit | EPS | RoNW |
| Rs.in Cr | Rs.in Cr | Rs. | % | |
| 2019-20 | 14.55 | 2.52 | 2.33 | 52.83 |
| 2020-21 | 23.88 | 5.68 | 5.26 | 54.35 |
| 2021-22 | 33.92 | 6.76 | 6.27 | 39.30 |
| Book Value of the Share on | 31.03.2022 | Rs.15.95 | ||
| Book Value of the Share | after the IPO | Rs.- | ||
| Offer Price | Rs. 90 | |||
| Ratio Analysis | |
| Upper Price/last EPS | 14.35 |
| Upper price/BV Ratio | 5.64 |
| Upper price/BV after IPO | |
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Systango Technologies IPO Peer Comparison:
| As on date of RHP | FV | Total | PE |
| Rs. | Income | Ratio of | |
| Rs. In Cr | |||
| The IPO Company | 10 | 33.92 | ? |
| InfoBeans Technologies | 10 | – | 24.29 |
| Innovana Thinklabs | 10 | – | 32.70 |
| Ksolves India | 10 | – | 34.28 |
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