Bright Outdoor Media
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 14 Mar 2023 – 17 Mar 2023
- Listing date
- 24 Mar 2023
- Face value
- ₹10 per share
- Issue price
- ₹146 per share
- Lot size
- 1,000 shares
- Issue type
- Fixed Price issue
- Total issue size
- ₹55.48 Cr
- Market cap at offer price
- ₹203 Cr
- Promoter holding
- 99.99% → 72.72% pre-issue → post-issue
- ISIN
- INE684Z01010
- Registrar
- Bigshare Services Pvt.Ltd.
- Lead managers
- Shreni Shares Ltd.
- Registered office
- 801, 8th Floor, Crescent Tower, Near Morya House, Fame Infinity Mall, Off New Link Road, Andheri (West), 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 |
|---|---|---|---|
| Market maker | 1,94,000 | — | — |
Application size
Minimum 1,000 shares per lot, in multiples, at ₹146
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,000 | ₹1,46,000 |
| S-HNI (min) | 2 | 2,000 | ₹2,92,000 |
| S-HNI (max) | 6 | 6,000 | ₹8,76,000 |
| B-HNI (min) | 7 | 7,000 | ₹10,22,000 |
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.
Valuation and performance
Valuation at offer price
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 2.56 | — |
| P/E (×) | 57.03 | — |
| Market cap | — | ₹203 Cr |
Key performance indicators
- Return on net worth
- 7.04%
- ROCE
- 18.52%
- Debt / equity
- 1.11
- PAT margin
- 5.14%
- EBITDA margin
- 13.76%
- NAV per share
- ₹36.33
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Bright Outdoor Media
Bright Outdoor Media Limited, incorporated in 2005 and converted to a public company in 2022, is engaged in the business of providing outdoor advertising services. The company offers a comprehensive array of Out-of-Home (OOH) media solutions including railway boards, railway panels, transfer stickers, cinema slides, promotional materials, full train advertising, bus panels, full bus painting, mobile sign trucks, kiosks, traffic booths, toll naka displays, gantries, vinyl advertising, and TV advertising. The company also provides multicultural and ethnic outdoor advertising campaigns. It generates the majority of its revenue from Maharashtra (79.62%-84.50% across reporting periods). The company is raising capital through this IPO to repay borrowings, purchase LED hoardings, fund working capital, and for general corporate purposes.
Company Analysis
from RHPBright Outdoor Media Limited provides Out-of-Home (OOH) advertising media services including hoardings, railway boards, cinema slides, bus panels, and mobile advertising solutions.
Bright Outdoor Media Limited, incorporated in 2005 and converted to a public company in 2022, is engaged in the business of providing outdoor advertising services. The company offers a comprehensive array of Out-of-Home (OOH) media solutions including railway boards, railway panels, transfer stickers, cinema slides, promotional materials, full train advertising, bus panels, full bus painting, mobile sign trucks, kiosks, traffic booths, toll naka displays, gantries, vinyl advertising, and TV advertising. The company also provides multicultural and ethnic outdoor advertising campaigns. It generates the majority of its revenue from Maharashtra (79.62%-84.50% across reporting periods). The company is raising capital through this IPO to repay borrowings, purchase LED hoardings, fund working capital, and for general corporate purposes.
Objects of the Issue
- Prepayment/repayment of certain secured borrowings availed by our Company ₹1,241.09 Lakhs p.21
- Purchase of LED Hoardings ₹1,310.18 Lakhs p.21
- Funding working capital requirements ₹1,826.53 Lakhs p.21
- General Corporate Purpose ₹1,109.60 Lakhs p.21
- Prepayment/repayment of certain secured borrowings availed by our Company ₹1241.09 lakhs p.82
- Purchase of LED Hoardings ₹1310.18 lakhs p.85
- Funding working capital requirements ₹1,826.53 lakhs p.94
- General corporate purposes ₹1,109.60 lakhs p.95
Issue Structure
- Total Issue
- 38,00,000 Equity Shares aggregating to ₹5,548.00 Lakhs
- Fresh Issue
- 38,00,000 Equity Shares of ₹10/- each for cash at a price of ₹146/- per Equity Share aggregating to ₹5,548.00 Lakhs
- Offer for Sale
- N.A. (Not Applicable - entire issue constitutes fresh issue of equity shares)
- Price Band
- ₹146/- per Equity Share (Fixed Price)
- Lot Size
- 1,000 Equity Shares and in multiples thereof
- Face Value
- ₹10/- per Equity Share
Business Model
The company operates in the Out-of-Home (OOH) advertising sector, procuring ad spaces/sites on rent, lease, or through tenders to display client advertisements on various outdoor media formats. Revenue is generated by charging clients for advertising space and services on hoardings, transportation media, and other outdoor advertising platforms.
Business Segments
SWOT Analysis
- • Award-winning brand with significant industry recognition(p.121)
- • Own inventory of diverse hoarding types(p.121)
- • Experienced promoter with 43+ years in advertising(p.121)
- • Diversified client base across multiple industries(p.120)
- • Diversified OOH advertising portfolio with multiple media types(p.123)
- • Long operational history and experience in advertising business(p.123)
- • Award-winning brand with industry recognition(p.138)
- • Direct client acquisition model with active senior management involvement(p.126)
- • Experienced promoter with 43+ years in advertising industry(p.145)
- • Strategic joint ventures for business expansion(p.138)
- • Established market presence with recognition in World Book of Records 2022(p.235)
- • Experienced promoter with 43+ years in advertising industry(p.236)
- • Diversified revenue streams across three business segments(p.239)
- • Improved profitability with strong EBITDA margins in recent periods(p.236)
- • Strong cash generation from operations(p.249)
- • Significant tax contingent liabilities and compliance issues(p.24)
- • Multiple pending legal proceedings and litigation exposure(p.31)
- • Corporate record discrepancies and non-compliance with statutory requirements(p.32)
- • Unauthorized business activities not contained in MOA(p.33)
- • High debt levels with restrictive covenants limiting operational flexibility(p.35)
- • Heavy dependence on few major customers for revenue(p.37)
- • Dependence on few suppliers with high concentration(p.37)
- • Reliance on peer-reviewed auditors rather than statutory auditors for restated financials(p.33)
- • High leverage with significant debt burden(p.55)
- • Declining tangible asset base(p.55)
- • High financial costs relative to profits(p.56)
- • Significant dependence on Maharashtra region(p.122)
- • Significant debt burden relative to equity(p.171)
- • Property ownership and title issues(p.129)
- • Small employee base with concentration of responsibilities(p.128)
- • High proportion of inventory as current assets(p.171)
- • Dependency on vendor subletting arrangements(p.125)
- • Significant dependence on top customers for revenue(p.253)
- • High leverage from outstanding financial liabilities(p.227)
- • Concentration of receivables with substantial aged amounts(p.244)
- • Significant contingent tax liabilities pending adjudication(p.217)
- • Declining finance cost absorption capacity(p.245)
- • India's rapidly growing advertising industry(p.21)
- • Out-of-Home advertising expansion and market growth(p.21)
- • Planned capital investment in LED hoardings(p.21)
- • Working capital expansion for business growth(p.21)
- • Expansion into LED hoarding technology(p.122)
- • Geographic expansion beyond Maharashtra(p.122)
- • Growing digital outdoor advertising market(p.118)
- • Expansion of service portfolio and CRM capabilities(p.122)
- • Growing Indian outdoor advertising market(p.119)
- • Growth through CRM and customer relationship management initiatives(p.123)
- • Expansion of digital marketing strategies(p.126)
- • Bus advertising market growth potential(p.124)
- • Railway advertising market opportunity(p.124)
- • Expansion through solar panel advertising infrastructure(p.141)
- • Entry into event management and related services(p.139)
- • Revival and growth potential post-COVID lockdowns(p.248)
- • Diversification into real estate business segment(p.236)
- • Broad client base across multiple industries(p.236)
- • Potential to expand comprehensive communication solutions(p.235)
- • Geographic concentration of revenue in Maharashtra(p.34)
- • Vulnerability to COVID-19 and other communicable disease outbreaks(p.34)
- • Intense competition in outdoor advertising market(p.38)
- • Exposure to economic slowdown and inflation risks(p.47)
- • Dependence on availability of ad space at reasonable prices(p.31)
- • Foreign exchange rate volatility impact(p.45)
- • Regulatory and legal changes affecting business operations(p.48)
- • Competition from digital and online advertising channels(p.119)
- • Fragmented and unorganized outdoor advertising market(p.119)
- • Stringent regulatory environment for outdoor advertising(p.118)
- • Decline in print and traditional media advertising(p.119)
- • Intense competition from organized and unorganized players(p.127)
- • Regulatory compliance burden across multiple advertising codes and regulations(p.132)
- • Telecom regulations restricting commercial communications(p.132)
- • Complex tax and municipal compliance requirements(p.132)
- • Dependency on government tenders and municipal approvals(p.125)
- • Risk of service tax and other tax demands(p.188)
- • Pending indirect tax liabilities of substantial amount(p.256)
- • Multiple TDS demand disputes with tax authorities(p.258)
- • Concentration risk with top suppliers(p.253)
- • Ongoing regulatory/administrative challenges on land use(p.260)
- • Competitive pressures from organized and unorganized players(p.252)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Yogesh Jiwanlal Lakhani | Promoter | 99.96% | 72.72% |
| Jagruti Yogesh Lakhani | Promoter | 0.004% | 72.72% |
| Yogesh Jiwanlal Lakhani | Promoter, Chairman and Managing Director | 99.96% | 72.69% |
| Jagruti Yogesh Lakhani | Promoter and Whole Time Director | 0.004% | 0.003% |
| Yogesh Lakhani (HUF) | Promoter Group | 0.04% | 0.03% |
| Dipakkumar Ramniklal Shah | Promoter Group | Negligible | Negligible |
| Yogesh Jiwanlal Lakhani | Promoter | 99.92% | — |
| Jagruti Yogesh Lakhani | Promoter | — | — |
| Yogesh Jiwanlal Lakhani | Promoter | 99.96% | — |
| Jagruti Yogesh Lakhani | Promoter/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.