Enser Communications
Listing performance
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
- ₹70 per share
- Lot size
- 2,000 shares
- Issue type
- Fixed Price issue
- Total issue size
- ₹16.17 Cr
- Market cap at offer price
- ₹61.01 Cr
- Promoter holding
- 90.13% → 66.25% pre-issue → post-issue
- ISIN
- INE0R9I01013
- Registrar
- Skyline Financial Services Pvt.Ltd.
- Lead managers
- Fast Track Finsec Pvt.Ltd.
- Registered office
- 5 th Floor, 501-506, Arihant Aura Turbhe, Sanpada Thane, 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 | 1,18,000 | — | — |
Application size
Minimum 2,000 shares per lot, in multiples, at ₹70
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 2,000 | ₹1,40,000 |
| S-HNI (min) | 2 | 4,000 | ₹2,80,000 |
| S-HNI (max) | 7 | 14,000 | ₹9,80,000 |
| B-HNI (min) | 8 | 16,000 | ₹11,20,000 |
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 (₹) | 2.50 | 4.91 |
| P/E (×) | 28.00 | 14.26 |
| Price to book (×) | 6.46 | — |
| Market cap | — | ₹61.01 Cr |
Key performance indicators
- Return on net worth
- 32.76%
- ROCE
- 34.61%
- PAT margin
- 213.98%
- NAV per share
- ₹10.84
- Price to book
- 6.46
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Enser Communications
Enser Communications Limited was founded by Mr. Harihara Subramanian Iyer and Mr. Rajnish Omprakash Sarna with the objective of conducting activities in the communications field including call centers, outsourcing, database management, web services, information systems, software and hardware selling and maintenance, and knowledge-based projects. The company operates a BPM technology-enabled platform that integrates with voice, chat, email, IVRS and other social media engagements for customer acquisition and customer service strategies, specializing in Client Interaction Management. Enser's comprehensive service offerings span across Business Analytics, Customer Relationship Management (CRM), Interactive Voice Response Systems (IVRS), and Customer Interaction Management solutions. The company started with a small facility in Navi Mumbai and expanded to a 600-seater facility in Gurugram. In 2015, Enser secured a contract with a payments gateway company to manage banking tie-up relationships and customer service.
Company Analysis
from RHPEnser Communications Limited provides Business Process Management and Customer Interaction Management services, specializing in voice, chat, email, IVRS and social media engagements for customer acquisition and service.
Enser Communications Limited was founded by Mr. Harihara Subramanian Iyer and Mr. Rajnish Omprakash Sarna with the objective of conducting activities in the communications field including call centers, outsourcing, database management, web services, information systems, software and hardware selling and maintenance, and knowledge-based projects. The company operates a BPM technology-enabled platform that integrates with voice, chat, email, IVRS and other social media engagements for customer acquisition and customer service strategies, specializing in Client Interaction Management. Enser's comprehensive service offerings span across Business Analytics, Customer Relationship Management (CRM), Interactive Voice Response Systems (IVRS), and Customer Interaction Management solutions. The company started with a small facility in Navi Mumbai and expanded to a 600-seater facility in Gurugram. In 2015, Enser secured a contract with a payments gateway company to manage banking tie-up relationships and customer service.
Objects of the Issue
- Setting up of new service unit ₹725.00 Lakhs p.20
- To meet Working Capital Requirements ₹437.00 Lakhs p.20
- General corporate purposes ₹385.00 Lakhs p.20
- Issue related expenses ₹70.00 Lakhs p.20
- Setting up of new service unit ₹725.00 Lakh p.87
- Working Capital Requirement ₹437.00 Lakh p.90
- General Corporate Purposes ₹385.00 Lakh p.93
- Issue Related Expenses ₹70.00 Lakh p.93
Issue Structure
- Total Issue
- ₹1617.00 Lakhs
- Fresh Issue
- 23,10,000 Equity Shares of face value Rs. 10/- each at a price of Rs. 70/- each aggregating to Rs. 1617.00 Lakhs
- Offer for Sale
- Not Applicable
- Price Band
- Rs. 70/- per Equity Share (Fixed Price)
- Face Value
- Rs. 10/- per Equity Share
Business Model
Enser earns revenue primarily from providing Business Process Management and Customer Interaction Management Services. The company offers services across Business Analytics, Customer Relationship Management (CRM), Interactive Voice Response Systems (IVRS), and Customer Interaction Management solutions to clients, facilitating rich consumer engagement and understanding through end-to-end consumer interaction solutions that are flexible and customized to deliver on business objectives.
Business Segments
SWOT Analysis
- • Established BPM technology platform with integrated omnichannel capabilities(p.19)
- • Profitable operations with positive earnings trajectory(p.21)
- • Strong net worth growth(p.21)
- • Growing revenue base in high-growth BPM sector(p.20)
- • Experienced management with deep industry expertise(p.128)
- • Blue-chip and innovative client base(p.130)
- • Customized IT infrastructure and state-of-the-art MIS(p.144)
- • Diverse service portfolio(p.144)
- • Stable middle management with 5-10 years tenure(p.145)
- • Scalable and flexible operations(p.145)
- • NASSCOM certification and ISO certifications(p.128)
- • Established presence in multiple service lines with diversified revenue streams(p.167)
- • Strong management team with extensive IT/ITES sector experience(p.167)
- • Multi-language capability across regional markets(p.167)
- • Government empanelment recognizing capability(p.170)
- • Positive profit trajectory with growing bottom line(p.218)
- • Extreme customer concentration risk(p.32)
- • Single dominant customer dependence(p.33)
- • Negative operating cash flows in prior years(p.30)
- • History of losses in FY2021(p.31)
- • First generation entrepreneurs with limited management experience(p.29)
- • No formal long-term customer contracts(p.31)
- • No long-term supplier agreements(p.28)
- • Logo trademark not registered(p.37)
- • Historical statutory compliance failures(p.42)
- • GST return filing delays(p.40)
- • Overreliance on top management for decision-making(p.145)
- • Business dependency on the top management team(p.145)
- • Significant customer concentration risk in revenue generation(p.154)
- • High debt burden relative to equity base(p.216)
- • Limited scale with modest equity base(p.216)
- • Recent organizational restructuring with key management changes(p.193)
- • Heavy reliance on leased premises with no owned infrastructure(p.152)
- • Expansion into new service delivery centers(p.20)
- • Strong industry growth trajectory in BPM sector(p.20)
- • Large employment base and talent availability in India(p.20)
- • Working capital optimization(p.20)
- • Increasing market opportunity for CRM and IVRS solutions(p.19)
- • Industry diversification potential(p.146)
- • Technological advancement integration(p.146)
- • Process optimization for efficiency gains(p.146)
- • Expansion into higher-margin business areas(p.143)
- • Geographic expansion into new markets(p.142)
- • Growing BPM industry demand(p.122)
- • Expansion into emerging IT-enabled service verticals(p.167)
- • Growth in higher-margin IT infrastructure management services(p.154)
- • Expansion of customer services segment beyond current 4.21% contribution(p.154)
- • Geographic expansion with established footprint in key metros(p.170)
- • Leveraging CSR and government relationships for new business(p.170)
- • Intense competition in BPM services from larger global and local players(p.36)
- • Downward pricing pressure in competitive markets(p.33)
- • Rising employee compensation eroding competitive advantage(p.51)
- • Cybersecurity and data breach risks(p.36)
- • Dependence on third-party infrastructure providers(p.34)
- • Foreign exchange volatility exposure(p.46)
- • Macroeconomic and geopolitical risks affecting India(p.49)
- • COVID-19 and contagious disease risks(p.46)
- • Regulatory and tax policy changes(p.50)
- • Natural disasters and calamities(p.48)
- • Intense competition from organized and unorganized players(p.147)
- • Technological disruptions rendering services obsolete(p.146)
- • Competitors with larger capital base and broader resources(p.147)
- • Intense competition in BPO/ITES sector(p.165)
- • Regulatory exposure from data protection laws(p.156)
- • Client concentration creates revenue volatility risk(p.167)
- • Exposure to foreign exchange fluctuations(p.223)
- • Compliance burden from multiple labor and employment laws(p.158)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Mr. Harihara Subramanian Iyer | Promoter | 33.81% | 24.85% |
| Mr. Rajnish Omprakash Sarna | Promoter | 56.29% | 41.37% |
| Mrs. Gayatri Rajnish Sarna | Promoter | 0.01% | 0.01% |
| Mrs. Sindhu Saseedharan Nair | Promoter | 0.01% | 0.01% |
| Mr. Harihara Subramanian Iyer | Promoter | 33.81% | 24.85% |
| Mr. Rajnish Omprakash Sarna | Promoter | 56.29% | 41.37% |
| Mrs. Gayatri Rajnish Sarna | Promoter Group | 0.01% | 0.01% |
| Mrs. Sindhu Saseedharan Nair | Promoter Group | 0.01% | 0.01% |
| Mr. Yash Rajnish Sarna | Promoter Group | 0.01% | 0.01% |
| Rajnish Omprakash Sarna | Individual Promoter | 56.29% | — |
| Harihara Subramanian Iyer | Individual Promoter | 33.81% | — |
| Gayatri Rajnish Sarna | Individual Promoter | 0.01% | — |
| Sindhu Saseedharan Nair | Individual Promoter | 0.01% | — |
| Rajnish Omprakash Sarna | Promoter | — | — |
| Harihara Subramanian Iyer | Promoter | — | — |
| Gayatri Sarna | Promoter | — | — |
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.