Anlon Technology Solutions SME
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 29 Dec 2022 – 02 Jan 2023
- Listing date
- 10 Jan 2023
- Face value
- ₹10 per share
- Issue price
- ₹100 per share
- Lot size
- 1,200 shares
- Total issue size
- ₹15 Cr
- Market cap at offer price
- ₹56.05 Cr
- Promoter holding
- 94.55% → 69.25% pre-issue → post-issue
- ISIN
- INE0LR101013
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- GYR Capital Advisors Pvt.Ltd.
- Registered office
- Gala No.12 & 13, Sahakar Industrial Estate, Plot No.164/166, Vasai Road, East, Maharashtra
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 4,26,000 | — | — |
| Market maker | 76,800 | — | — |
Application size
Minimum 1,200 shares per lot, in multiples, at ₹100
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,200 | ₹1,20,000 |
| S-HNI (min) | 2 | 2,400 | ₹2,40,000 |
| S-HNI (max) | 8 | 9,600 | ₹9,60,000 |
| B-HNI (min) | 9 | 10,800 | ₹10,80,000 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 6.06 | — |
| P/E (×) | 16.50 | — |
| Market cap | — | ₹56.05 Cr |
Key performance indicators
- Return on net worth
- 49.71%
- ROCE
- 37.58%
- Debt / equity
- 1.19
- PAT margin
- 12.40%
- EBITDA margin
- 20.52%
- NAV per share
- ₹4,887.60
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Anlon Technology Solutions SME
Anlon Technology Solutions Limited is primarily engaged in providing engineering services for engineering systems built on automotive chassis and allied areas, majorly for airports, high rise buildings and refineries. The company was originally incorporated as 'Anlon Technology Solutions Private Limited' on July 28, 2015, and converted to a public limited company on June 13, 2022. The company also sells spare parts for performing engineering services as an ancillary activity. In FY22, the company entered into contracts for fabrication and installation of airport interior equipment, sourcing, supervising and quality control of manufacturing processes, safe transportation and installation of end products, and supplying conveyor belt systems in airports for air cargo handling companies. The company also provides equipment and services for runway maintenance.
Company Analysis
from RHPAnlon Technology Solutions provides engineering services and equipment for airports, high-rise buildings, and refineries, primarily Airport Rescue and Fire Fighting (ARFF) vehicles and associated maintenance services.
Anlon Technology Solutions Limited is primarily engaged in providing engineering services for engineering systems built on automotive chassis and allied areas, majorly for airports, high rise buildings and refineries. The company was originally incorporated as 'Anlon Technology Solutions Private Limited' on July 28, 2015, and converted to a public limited company on June 13, 2022. The company also sells spare parts for performing engineering services as an ancillary activity. In FY22, the company entered into contracts for fabrication and installation of airport interior equipment, sourcing, supervising and quality control of manufacturing processes, safe transportation and installation of end products, and supplying conveyor belt systems in airports for air cargo handling companies. The company also provides equipment and services for runway maintenance.
Objects of the Issue
- Funding the working capital requirements of the company ₹1025.00 lakhs p.21
- General corporate purposes ₹375.00 lakhs p.21
- Funding the working capital requirements of the company ₹1,025.00 lakhs p.69
- General Corporate Purposes ₹375.00 lakhs p.69
- Not explicitly stated in this document part
Issue Structure
- Total Issue
- ₹1500.00 lakhs (15,00,000 Equity Shares)
- Fresh Issue
- ₹1500.00 lakhs (15,00,000 Equity Shares of face value of ₹10/- each at an issue price of ₹100 per equity share)
- Offer for Sale
- Nil - Entire issue constitutes fresh issue of equity shares
- Price Band
- ₹95.00 to ₹100.00 per equity share
- Lot Size
- 1200 Equity Shares (minimum bid)
- Face Value
- ₹10/- per equity share
Business Model
The company earns revenue primarily through the supply and maintenance of specialized engineering equipment and machinery for airports (Mobile Fire Fighting, Rescue and Evacuation, Runway Maintenance, Airport Terminal and Aircraft servicing), high rise buildings, and refineries. Revenue is generated from selling products/equipment and through after-sales services and spare parts trading.
Business Segments
SWOT Analysis
- • Established long-term partnerships with globally recognized manufacturers (Rosenbauer, Bucher Municipal, etc.) with trust-based relationships(p.28)
- • Specialized expertise and high-standard training of employees in fire-fighting, rescue, and airport services operations(p.26)
- • Diversified geographic presence serving multiple high-value sectors (airports, refineries, high-rise buildings)(p.20)
- • Strong brand identity focused on safety and high engineering standards(p.28)
- • Established business serving aviation and airport infrastructure sectors with diversified revenue streams(p.116)
- • Recent entry into new market segments—Airport interior lighting systems and Disabled Aircraft recovery kits(p.117)
- • Experienced management team with extensive aviation industry background(p.120)
- • Established supplier relationships and industry expertise in specialized markets(p.189)
- • Exclusive service provider status for maintenance and warranty post-sale(p.189)
- • Improved financial metrics and profitability growth(p.195)
- • Strong Return on Equity and improving operational efficiency(p.177)
- • Improved debt position and strengthened balance sheet(p.177)
- • Significant concentration dependency on top 5 suppliers; Rosenbauer representing 74.85% of materials cost in period ended Sep 2022(p.28)
- • High customer concentration; top 5 customers represent 53.75% of revenue as of Sep 2022(p.29)
- • No long-term formal agreements with key suppliers and customers despite relationship dependency(p.28)
- • Negative cash flow from operations in FY22 (₹-33.69 lacs) indicating operational cash generation challenges(p.30)
- • High debt levels (₹557.87 lacs outstanding as of Sep 2022) with unsecured loans of ₹476.10 lacs that may be recalled at any time(p.33)
- • Promoters' personal guarantees on loans create contingent liability if revoked(p.30)
- • Potential conflicts of interest with group company engaged in similar business activities without non-compete agreement(p.30)
- • Failure to renew certain regulatory licenses and approvals; pending applications for renewal(p.29)
- • High dependence on a limited customer base in aviation and airport sectors(p.117)
- • Significant leverage and borrowings relative to equity(p.140)
- • Recent conversion to public company with limited track record as a public entity(p.116)
- • Concentration of shareholding among two promoters representing 94% of equity(p.129)
- • Dependence on management continuity and key personnel retention risk(p.189)
- • Reliance on third-party logistics without in-house transportation capability(p.189)
- • Limited working capital efficiency following expansion phase(p.177)
- • Litigation regarding land possession affecting manufacturing unit expansion(p.200)
- • Regulatory compliance burden requiring multiple permits across jurisdictions(p.189)
- • Global fire truck market expected to grow from USD 5.5 billion (2021) to USD 8.2 billion by 2027 at 6.88% CAGR(p.20)
- • Government emphasis on upgradation of fire trucks and evolving fire safety regulations across sectors driving demand(p.20)
- • Market recovery post-COVID with airports upgrading equipment and procurement of spare parts(p.31)
- • Expansion potential into new product lines (airport interior equipment, conveyor belt systems, runway maintenance)(p.20)
- • Evolution and growing interest in electric trucks and local assembly opportunities(p.20)
- • Growth in domestic aviation and airport infrastructure driven by national policies(p.109)
- • Expansion into new service lines and geographic markets(p.116)
- • Privatization of airport sector creating opportunities for service providers(p.117)
- • Expansion into new geographic areas and market territories(p.190)
- • Growth in aviation infrastructure and airport equipment services demand(p.188)
- • Leveraging COVID-19 disruption period for equipment upgrades and maintenance(p.190)
- • Diversification into new business channels for revenue growth(p.195)
- • Revenue vulnerability to changes in flight operations and aeronautical services demand driven by macroeconomic and geopolitical factors(p.27)
- • COVID-19 pandemic remains unpredictable with risk of new variants causing travel restrictions and airport operational disruptions(p.30)
- • Rapid technological changes requiring significant capital investments to maintain competitiveness(p.28)
- • Exposure to foreign exchange fluctuation risks affecting profitability and cash flows(p.30)
- • Changes in safety and performance codes by airports may require product specification modifications causing service delays(p.32)
- • Regulatory and policy environment changes including GST, taxation, and new compliance requirements(p.40)
- • General economic downturns, natural calamities, and political instability in India adversely affecting business(p.40)
- • Risk of terrorist attacks and civil unrest causing material adverse effects on financial markets and business sentiment(p.41)
- • Regulatory compliance requirements across multiple environmental and safety regimes(p.110)
- • Mandatory BIS certification and quality control orders for steel and related products(p.109)
- • Foreign exchange volatility and currency fluctuation risks(p.160)
- • Cyclicality and dependence on aviation and infrastructure spending(p.116)
- • Potential for competition from existing and new entrants in engineering services(p.133)
- • Geopolitical risks and supply chain disruptions from global suppliers(p.189)
- • Vulnerability to transportation cost inflation and logistics disruptions(p.190)
- • Intensifying competitive pressure from organized and unorganized players(p.197)
- • Price-based competition and margin compression risk(p.190)
- • Regulatory change and license renewal uncertainty affecting operations(p.189)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Unnikrishnan Nair P M | Promoter | 47.21% | 34.58% |
| Beena Unnikrishnan | Promoter | 47.20% | 34.57% |
| Unnikrishnan Nair P M | Promoter | 47.21% | 34.58% |
| Beena Unnikrishnan | Promoter | 47.20% | 34.57% |
| Kingsman Wealth Management Private Limited | Promoter Group | 3.08% | — |
| Jyoti Ketan Vakharia | Shareholder | 1.71% | — |
| Unnikrishnan Nair P M | Promoter | 47.21% | — |
| Beena Unnikrishnan | Promoter | 47.20% | — |
| Unnikrishnan Nair P M | Promoter | — | — |
| Beena Unnikrishnan | Promoter Group | — | — |
Leadership
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.