Enfuse Solutions
Book Building issueSME₹22.44 Cr issue
+19.79%
Listing gain over issue price
Issue size
₹22.44 Cr
1 lot at cut-off
₹1,15,200
Lot size
1,200shares
Open
15 Mar 2024
Close
19 Mar 2024
Allotment
20 Mar 2024
Listing
22 Mar 2024
Listing performance
Issue price
₹96
Listed at
₹115
Listing-day close
₹115.45
Latest price
₹142
Close on 23 Oct 2026
Listing gain
+19.79%
Return since issue
+47.92%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 15 Mar 2024 – 19 Mar 2024
- Listing date
- 22 Mar 2024
- Face value
- ₹10 per share
- Issue price
- ₹96 per share
- Lot size
- 1,200 shares
- Issue type
- Book Building issue
- Total issue size
- ₹22.44 Cr
- Market cap at offer price
- ₹84.94 Cr
- Promoter holding
- 100.00% → 73.58% pre-issue → post-issue
- ISIN
- INE0S3X01014
- Registrar
- Bigshare Services Pvt.Ltd.
- Lead managers
- Hem Securities Ltd.
- Registered office
- A/1503, Bonaventure Building, No.5, Rangnath Kesar Road, Dahisar 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 |
|---|---|---|---|
| Anchor investor · within QIB | 6,63,600 | — | — |
| Market maker | 1,20,000 | — | — |
Application size
Minimum 1,200 shares per lot, in multiples, at ₹96
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,200 | ₹1,15,200 |
| S-HNI (min) | 2 | 2,400 | ₹2,30,400 |
| S-HNI (max) | 8 | 9,600 | ₹9,21,600 |
| B-HNI (min) | 9 | 10,800 | ₹10,36,800 |
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.
Shares allocated
6,63,600
Anchor portion
₹6.37 Cr
at ₹96 per share
Valuation and performance
Valuation at offer price
₹96 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 4.50 | 4.03 |
| P/E (×) | 21.33 | 23.82 |
| Price to book (×) | 7.57 | — |
| Market cap | — | ₹84.94 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 33.25%
- ROCE
- 24.05%
- PAT margin
- 11.51%
- NAV per share
- ₹14.90
- Price to book
- 7.57
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Enfuse Solutions
Enfuse Solutions Limited, incorporated as a private company in February 2017 and converted to public limited status in November 2023, operates across multiple technology domains. The company provides data management and analytics services including master data management and product information management; e-commerce and digital services including platform management, content management, and digital marketing; machine learning and AI capabilities offering tagging, labelling, transcription, and annotation services; and edtech and technology solutions including live proctoring, record and review, and student counselling. The company derives significant revenue from clients in the United States, Netherlands, and other international markets, representing 67.87% of total revenue for the period ending December 31, 2023.
Company Analysis
from RHPEnfuse Solutions Limited provides IT services spanning data management & analytics, e-commerce & digital services, machine learning & AI, and edtech & technology solutions.
Enfuse Solutions Limited, incorporated as a private company in February 2017 and converted to public limited status in November 2023, operates across multiple technology domains. The company provides data management and analytics services including master data management and product information management; e-commerce and digital services including platform management, content management, and digital marketing; machine learning and AI capabilities offering tagging, labelling, transcription, and annotation services; and edtech and technology solutions including live proctoring, record and review, and student counselling. The company derives significant revenue from clients in the United States, Netherlands, and other international markets, representing 67.87% of total revenue for the period ending December 31, 2023.
IT servicesBusiness Process ManagementData Management & AnalyticsE-commerce & Digital ServicesMachine Learning & Artificial IntelligenceEdtech & Technology Solutions
Objects of the Issue
- Repayment of certain Borrowings availed by the Company ₹383.93 lakhs p.22
- To meet Working Capital requirements ₹1050.00 lakhs p.22
- General Corporate Purpose p.22
- Repayment of certain Borrowings availed by the Company ₹383.93 Lakhs p.71
- To meet Working Capital requirements ₹1,050.00 Lakhs p.71
- General Corporate Purpose [●] p.71
Issue Structure
- Total Issue
- up to ₹[●] lakhs
- Fresh Issue
- up to 23,37,600 Equity Shares aggregating up to ₹[●] lakhs
- Offer for Sale
- Nil
- Price Band
- ₹[●] to ₹[●]
- Lot Size
- [●] equity shares
- Face Value
- ₹10
Business Model
Enfuse Solutions provides technology and IT-enabled services to clients primarily located in the United States and Netherlands. Revenue is generated through service delivery contracts with clients for data management, e-commerce platform services, machine learning and AI solutions, and educational technology offerings. The company operates on a project and engagement basis with clients, billing for services on relatively short cycles.
Business Segments
Organize and analyze data, providing tailored insights for informed decision-making such as Master data Management, Product information Management
Develop and optimize digital platforms for seamless online experiences such as E-commerce platform management, content management, Digital marketing
Advanced technologies offering innovative solutions such as tagging/labelling, Transcription, Annotation
Leverage technology to enhance educational experiences and overall technological solutions such as live Proctoring, Record and review, Student Counselling
Provides data management services and machine learning solutions to B2B clients
Offers technology consultancy and professional services including software development, system integration, and niche development services
Executes critical services as System Integrator including ERP software operationalization, data digitization and migration, UAT and system testing, and multi-year support services
Organizes and analyzes data, providing tailored insights for informed decision-making including Master Data Management, Product Information Management, Data Stewardship, Data Quality, Data Governance, and Analytics (Product Analytics, Customer Analytics, Pricing Analytics, Campaign Analytics & Sales Analytics)
Develops and optimizes digital platforms for seamless online experiences including E-commerce platform management, content management, SEO/SEM services, digital marketing, web analytics & reporting, and customer experience & quality assurance
Leverages technology to enhance educational experiences through live proctoring, record & review, auto proctoring, technical support, and student counselling (assisting students in identifying suitable institutions and navigating admission requirements for international universities)
Offers innovative solutions including tagging/labelling, annotation, content moderation, transcription, enrichment & categorization, and AI-based tagging and annotation tool with features for multi-modal support, AI-powered precision, customizable tagging options, and data security compliance
organize and analyze data, providing tailored insights for informed decision-making such as Master data Management, Product information Management etc.
develop and optimize digital platforms for seamless online experiences such as E-commerce platform management, content management, Digital marketing etc.
advanced technologies, offering innovative solutions such as tagging/labelling, Transcription, Annotation etc.
leveraging technology to enhance educational experiences and overall technological solutions such as live Proctoring, Record and review, Student Counselling etc.
SWOT Analysis
Strengths
- • Experienced promoters and qualified employee base(p.78)
- • Diversified revenue from multiple geographies(p.78)
- • Diversified client base and revenue sources(p.78)
- • Wide range of professional and technical services(p.78)
- • Strong EBITDA margins maintained at ~19%(p.81)
- • High Return on Equity of 58.42% in FY23(p.81)
- • Diversified revenue from multiple geographies(p.100)
- • Experienced promoters with 10+ years in IT industry(p.100)
- • Diversified client base across multiple sectors(p.100)
- • Comprehensive service portfolio(p.101)
- • Strong financial performance with healthy margins(p.100)
- • Quality assurance and ISO certification pursuit(p.101)
- • Diverse service portfolio spanning data management, e-commerce, machine learning, and edtech(p.178)
- • Strong client base including blue-chip companies across multiple sectors(p.178)
- • Significant international revenue generation with >60% from exports(p.178)
- • Experienced promoter team with >10 years IT industry background(p.178)
- • Strong profitability with PAT margin of 11.5% and EBITDA margin of 18.96% as of Dec 2023(p.179)
- • Recent strategic win with Rs. 64.53 Cr order from Commissioner for Co-operation & Registrar(p.178)
Weaknesses
- • High customer concentration risk(p.28)
- • No long-term customer commitments(p.28)
- • Leased premises with renewal risk(p.29)
- • High employee cost as % of revenue(p.29)
- • High debt levels with unsecured repayable-on-demand loans(p.36)
- • Personal guarantees on loans by directors(p.36)
- • Regulatory non-compliance with RoC filings(p.30)
- • Inactive subsidiary in Romania under closure(p.31)
- • Heavy dependence on a few key customers(p.78)
- • Significant increase in debt burden - short-term borrowings at Rs. 556.86 lakhs as of Dec 31, 2023(p.47)
- • High trade receivables concentration - Rs. 875.45 lakhs outstanding as of Dec 31, 2023(p.47)
- • Significant working capital requirement increase from Rs. 229.07 lakhs to Rs. 1016.95 lakhs(p.73)
- • Extended debtor turnover days projected to 97-101 days, up from historical 14-15 days(p.73)
- • Concentration of delivery operations in Mumbai(p.99)
- • Significant dependence on US market revenue(p.100)
- • High employee attrition risk in technology sector(p.101)
- • Recent trademark applications objected(p.107)
- • Significant dependence on few customers for material revenue portion(p.184)
- • Material borrowing and debt obligations increasing financial risk(p.179)
- • High debt-to-equity ratio of 0.93 as of December 31, 2023(p.172)
- • Short operating history with establishment in 2019; limited track record(p.178)
- • Employee benefit liabilities increasing with gratuity deficit of Rs. 61.83 lakhs(p.162)
- • Current ratio of 0.97 indicating potential liquidity concerns(p.170)
Opportunities
- • Growing IT & BPM sector in India(p.22)
- • Cloud utilization employment and GDP growth(p.22)
- • Diversified service portfolio across domains(p.22)
- • Expansion of government projects - secured a Rs. 64.53 crore system integrator project for PACS computerization(p.73)
- • Strong growth in India's IT-BPM sector expected to reach US$ 350 billion by 2025(p.92)
- • Acceleration in data centre investments and cloud adoption - India's data centre market expected to reach US$ 9.96 billion by 2028(p.97)
- • Growing demand for data annotation and AI services - data annotation market expected to reach US$ 7 billion by 2030(p.96)
- • India positioned as global digital capability hub accounting for 75% of global digital talent pool(p.93)
- • Robust government spending on digital transformation and capital expenditure - 37.4% increase in capex in FY24(p.91)
- • Expansion of existing client relationships(p.101)
- • Geographic expansion into new markets(p.102)
- • Growth in government digitization projects(p.99)
- • Scaling branding and promotional activities(p.101)
- • Expansion of AI and ML service capabilities(p.99)
- • Growth in data management and analytics services(p.101)
- • Expansion into large government digitization projects as demonstrated by PACS order(p.178)
- • Growing demand for AI and machine learning services in data analytics and tagging(p.178)
- • E-commerce and digital services growing segment with demonstrated revenue growth(p.181)
- • International expansion potential with existing operations in USA, Ireland, Netherlands, Canada(p.178)
- • Startup India certification enabling tax benefits through FY 2026-27(p.191)
Threats
- • Revenue concentration in US and Netherlands(p.27)
- • Foreign exchange fluctuation risk(p.28)
- • Intense competition in IT services(p.29)
- • Rapid technological change risk(p.29)
- • Global financial instability impact(p.41)
- • Geopolitical and macroeconomic headwinds(p.41)
- • Skilled talent attrition in industry(p.29)
- • Global economic slowdown - global GDP growth projected at 3% (2023) and 2.7% (2024)(p.88)
- • Adverse effects of higher interest rates on the Indian economy(p.42)
- • Risk of changes in Indian tax laws and regulatory environment(p.42)
- • Dependency on IT services and government spending volatility(p.43)
- • Natural disasters, pandemics and political instability risk in India(p.43)
- • Foreign exchange regulations and investment restrictions on non-resident shareholding(p.43)
- • Intense competition from organized and unorganized players(p.106)
- • Currency fluctuation impact on export revenues(p.106)
- • Rapid technological change in IT industry(p.106)
- • Regulatory and policy changes(p.106)
- • Data protection and cybersecurity regulatory compliance(p.109)
- • Intense competition and pricing pressure in IT services market(p.179)
- • Dependency on technology changes and risk of failing to keep pace with rapid evolution(p.179)
- • Risk from global economic downturns and market volatility affecting client spending(p.179)
- • Vulnerability to global health epidemics and pandemic impacts on operations(p.179)
- • Regulatory and compliance risks from varying jurisdictions where services are delivered(p.179)
- • Risk of key employee attrition in competitive talent market(p.179)
- • Foreign exchange volatility affecting international revenue conversion(p.170)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Imran Yasin Ansari | Promoter | 25.00% | 18.39% |
| Mohammedk Lalmohammed Shaikh | Promoter | 25.00% | 18.39% |
| Rahul Mahendra Gandhi | Promoter | 25.00% | 18.39% |
| Zaynulabedin Mohmadbhai Mira | Promoter | 25.00% | 18.39% |
| Farheen Imran Ansari | Promoter | 0.00% | 0.00% |
| Imran Yasin Ansari | Promoter & Director | 25.00% | 18.39% |
| Mohammedk Lalmohammed Shaikh | Promoter & Director | 25.00% | 18.39% |
| Rahul Mahendra Gandhi | Promoter & Director | 25.00% | 18.39% |
| Zaynulabedin Mohmadbhai Mira | Promoter & Director | 25.00% | 18.39% |
| Farheen Imran Ansari | Promoter & Director | 0.00% | 0.00% |
| Imran Yasin Ansari | Promoter | 25.00% | — |
| Mohammedk Lalmohammed Shaikh | Promoter | 25.00% | — |
| Rahul Mahendra Gandhi | Promoter | 25.00% | — |
| Zaynulabedin Mohmadbhai Mira | Promoter | 25.00% | — |
| Farheen Imran Ansari | Promoter Group | 0.00% | — |
| Mr. Rahul Mahendra Gandhi | Promoter | 24.99% | — |
| Mr. Zaynulabedin Mohmadbhai Mira | Promoter | 24.99% | — |
| Mr. Imran Yasin Ansari | Promoter | 24.99% | — |
| Mr. Mohammedk Lalmohammed Shaikh | Promoter | 24.99% | — |
| Mrs. Farheen Imran Ansari | Promoter | 0.01% | — |
Leadership
Imran Yasin Ansari · Managing Director
Mohammedk Lalmohammed Shaikh · CFO
Shubhra Maheshwari · Company Secretary & Compliance Officer
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.
Enfuse Solutions IPO FAQs
What is the lot size of Enfuse Solutions IPO?
The minimum lot size of Enfuse Solutions IPO is 1,200 shares. One lot costs ₹1,15,200 at the cut-off price.
When does Enfuse Solutions IPO open and close?
Enfuse Solutions IPO opened for subscription on 15 Mar 2024 and closed on 19 Mar 2024.
What is the listing date of Enfuse Solutions IPO?
Enfuse Solutions IPO listed on 22 Mar 2024.