Richa Info Systems
Richa Info Systems Limited has announced a public issue of 8,00,000 equity shares of face value of Rs 10 each for cash at a price of Rs 125 per equity share. The lead manager for the issue is Swastika Investment Ltd and the issue advisor is Beeline Merchant Banking Private Ltd. The object of the issue is to meet incremental working capital requirements and for general corporate purposes.
Techno is a brand name of Richa Infosystems Limited working under the government’s initiative to support “Vocal for Local” with a commitment to provide a competitive advantage by making current operations efficient & cost-effective for Government PSU, Educational Institutes & all Organizations across the country. The aim is to make video interactions, education systems, and surveillance more engaging and easily accessible to the mass.
FINANCIAL PERFORMANCE:
On the financial performance front, for the last three fiscals, RISL has posted turnover/net profits of Rs. 15.04 cr. / Rs. 0.20 cr. (FY19), Rs. 17.56 cr. / Rs. 0.33 cr. (FY20) and Rs. 20.11 cr. / Rs. 0.72 cr. (FY21). For the first eight months of FY22 ended on November 30, 2021, it has earned a net profit of Rs. 0.49 cr. on a turnover of Rs. 13.97 cr.
For the last three fiscals, RISL has posted an average EPS of Rs. 4.18 and an average RoNW of 51.16%. The issue is priced at a P/BV of 10.80 based on its NAV of Rs. 11.57 as of March 31, 2021, and at a P/BV of 2.53 based on its post-IPO NAV of Rs. 49.40. The company has not given data of its NAV as of November 30, 2021.
If we annualize FY22 earnings and attribute it to post-IPO fully diluted equity, then the asking price is at a P/E of 41.67. Thus the issue is exorbitantly priced.
| Finalization of Allotment | 16TH February 2022 |
| Initiation of Refunds | 17TH February 2022 |
| The credit of Shares In Demat | 17TH February 2022 |
| Date of Listing | 21ST February 2022 |
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