Infollion Research Services
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 29 May 2023 – 31 May 2023
- Listing date
- 08 Jun 2023
- Face value
- ₹10 per share
- Issue price
- ₹82 per share
- Lot size
- 1,600 shares
- Issue type
- Book Building issue
- Total issue size
- ₹21.45 Cr
- Market cap at offer price
- ₹79.47 Cr
- Promoter holding
- 67.09% → 51.69% pre-issue → post-issue
- ISIN
- INE0NNZ01013
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- Holani Consultants Pvt.Ltd.
- Registered office
- 80/28, Malviya Nagar, New Delhi
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 | 7,24,800 | — | — |
| Market maker | 1,32,800 | — | — |
Application size
Minimum 1,600 shares per lot, in multiples, at ₹82
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,600 | ₹1,31,200 |
| S-HNI (min) | 2 | 3,200 | ₹2,62,400 |
| S-HNI (max) | 7 | 11,200 | ₹9,18,400 |
| B-HNI (min) | 8 | 12,800 | ₹10,49,600 |
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 |
|---|---|---|
| Market cap | — | ₹79.47 Cr |
Key performance indicators
- PAT margin
- 15.93%
- NAV per share
- ₹21.44
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Infollion Research Services
Infollion Research Services Limited operates as a marketplace in the B2B Human Cloud segment, enabling on-demand contingent hiring and work arrangements. The company connects gig workers (knowledge providers) and employers (knowledge seekers) through a digital platform. It serves the premium segment of the gig economy, enabling contingent hiring, temporary workforce management, contract-based employment arrangements, and high-level independent consultations. The company was originally incorporated as a private limited company on September 09, 2009, and converted to a public limited company on October 12, 2022. It operates in India and proposes to expand into the United States and Western Europe. The company generates revenue from expert network engagements and consulting services delivered through its platform.
Company Analysis
from RHPInfollion Research Services Limited is a tech-oriented B2B Human Cloud marketplace facilitating on-demand contingent hiring and work arrangements connecting senior management talent, subject matter experts, and seasoned professionals with employers globally.
Infollion Research Services Limited operates as a marketplace in the B2B Human Cloud segment, enabling on-demand contingent hiring and work arrangements. The company connects gig workers (knowledge providers) and employers (knowledge seekers) through a digital platform. It serves the premium segment of the gig economy, enabling contingent hiring, temporary workforce management, contract-based employment arrangements, and high-level independent consultations. The company was originally incorporated as a private limited company on September 09, 2009, and converted to a public limited company on October 12, 2022. It operates in India and proposes to expand into the United States and Western Europe. The company generates revenue from expert network engagements and consulting services delivered through its platform.
Objects of the Issue
- Expansion of current service line in US and Western Europe regions ₹600.00 Lakhs p.27
- Pex-Panel- Adding new categories of freelancers ₹408.00 Lakhs p.27
- Technology Development ₹370.00 Lakhs p.27
- General corporate purposes p.27
- Expansion of current service line in US and Western Europe regions ₹600.00 Lakhs p.97
- Pex-Panel- Adding new categories of freelancers ₹408.00 Lakhs p.97
- Technology Development ₹370.00 Lakhs p.97
- General Corporate Purposes [●] p.97
- General corporate purposes p.237
Issue Structure
- Total Issue
- Up to 26,16,000 Equity Shares aggregating up to ₹ [●] Lakhs
- Fresh Issue
- Up to 22,24,000 Equity Shares aggregating up to ₹ [●] Lakhs
- Offer for Sale
- Up to 3,92,000 Equity Shares aggregating up to ₹ [●] Lakhs
- Price Band
- ₹ [●] per Equity Share (Floor Price) to ₹ [●] per Equity Share (Cap Price)
- Lot Size
- [●] Equity Shares
- Face Value
- ₹ 10/- per Equity Share
Business Model
The company operates a two-sided marketplace connecting expert network members (independent contractors) with clients seeking specialized expertise. Revenue is generated through hourly engagements where network members are paid a fixed hourly rate, prorated for minutes spent on interactions, with the company earning a spread between what it charges clients and what it pays network members.
Business Segments
SWOT Analysis
- • Tech-oriented B2B Human Cloud marketplace with global reach(p.26)
- • Large established expert network with diverse geographic and functional coverage(p.39)
- • Strong revenue growth trajectory(p.27)
- • Profitable operations with growing margins(p.27)
- • Zero debt capital structure(p.27)
- • Premium segment positioning in gig economy(p.26)
- • Accomplished and experienced leadership team(p.107)
- • Long-standing, established business relationships with clients(p.107)
- • Access to comprehensive pool of vetted premium domain experts(p.107)
- • Strong in-house research and delivery capabilities(p.107)
- • Diversified service offerings beyond core expertise matching(p.107)
- • Strong and improving financial performance with high profitability(p.112)
- • Significant improvement in working capital management(p.112)
- • Experienced leadership with deep expertise in gig economy and contingent hiring(p.133)
- • Large and comprehensive expert network across geographies and industries(p.131)
- • Strong long-term relationships with repeat clients generating majority of revenue(p.134)
- • Proprietary research capabilities and technology infrastructure for talent matching(p.131)
- • Strong revenue and profit growth trajectory(p.132)
- • Positioned in high-growth B2B Human Cloud segment with premium positioning(p.131)
- • Strong revenue growth trajectory(p.216)
- • Profitable business model with improving margins(p.221)
- • High return on equity demonstrating capital efficiency(p.203)
- • Strong cash generation and liquidity position(p.224)
- • No debt burden providing financial flexibility(p.225)
- • Experienced promoter with domain expertise(p.207)
- • Heavy dependence on a small number of clients(p.45)
- • High expert network costs consuming majority of revenue(p.36)
- • High employee benefit expenses relative to operations(p.42)
- • Unregistered trademark creating intellectual property vulnerability(p.46)
- • High receivables concentration relative to assets(p.49)
- • Properties not owned; dependence on leasehold arrangements(p.50)
- • Cloud infrastructure dependent on third-party subscription(p.44)
- • Limited insurance coverage against certain risks(p.49)
- • No alternate arrangements for capital requirements if IPO falls short(p.56)
- • Dependence on specific licenses and approvals for business operations(p.56)
- • Lack of appointed monitoring agency for fund deployment oversight(p.57)
- • Promoter maintaining majority control after IPO(p.58)
- • Limited dividend history; uncertain future dividend payments(p.58)
- • Heavy dependence on top clients creating revenue concentration risk(p.134)
- • Expert fees form largest expense head with sensitivity to cost increases(p.131)
- • Limited international presence relative to business potential(p.136)
- • Small company size with limited financial resources compared to global competitors(p.125)
- • Highly concentrated customer base creating dependency risk(p.219)
- • Significant dependence on expert quality and availability(p.228)
- • Limited asset base and capital intensity of operations(p.225)
- • Outstanding tax demands indicating compliance issues(p.226)
- • Geographic expansion into US and Western Europe markets(p.40)
- • Expansion of expert network categories and freelancer base(p.41)
- • Technology infrastructure development to enable growth(p.27)
- • Emerging Human Cloud segment growth in B2B market(p.26)
- • Premium market positioning with established client base(p.38)
- • Expansion into US and Western European markets(p.97)
- • Growth through addition of new expert categories and freelancers(p.97)
- • Technology development to enhance platform capabilities and scalability(p.97)
- • Significant global human cloud market expansion potential(p.122)
- • Growth in B2B human cloud segment globally(p.122)
- • Enhancing corporate image and brand through public listing(p.96)
- • Expansion in underexploited Asian markets, particularly leveraging growing gig economy(p.124)
- • India's rapidly expanding gig economy with projections of 90 million workers by long term(p.128)
- • Growing demand for specialized expertise and knowledge services across sectors(p.123)
- • Expansion into new client segments including consulting and corporates(p.124)
- • Development of SaaS and self-service technology platforms for clients(p.136)
- • Growing high-skill gig work segment expected to dominate by 2030(p.129)
- • Market adoption and customer expansion potential(p.208)
- • Service innovation and portfolio expansion(p.209)
- • Vertical expansion within existing customer base(p.209)
- • Pricing power and margin expansion opportunity(p.209)
- • Growth in B2B human cloud and contingent hiring segment(p.207)
- • Intense competition from established global players in new markets(p.41)
- • Regulatory risk of reclassification of independent contractors as employees(p.39)
- • Risk of insider trading and UPSI disclosure by network members(p.38)
- • Risk of trade secret and confidential information disclosure(p.38)
- • Employer policies restricting employee participation on platforms(p.36)
- • Cybersecurity and data breach risks(p.56)
- • Economic downturn reducing demand for staffing services(p.50)
- • Client contract termination without cause or penalty(p.48)
- • Risk of quality and accuracy issues in expert profiles(p.36)
- • Potential regulatory scrutiny on insider trading and UPSI handling(p.38)
- • Regulatory changes and compliance uncertainties in IT and data protection(p.56)
- • Evolving regulatory environment and policy changes in India(p.61)
- • Changes in government regulations and their implementation(p.61)
- • Uncertainty around GST implementation and compliance(p.62)
- • Political instability and changes in economic liberalization policies(p.62)
- • Financial instability in Indian financial markets and global contagion effects(p.63)
- • Volatility in Indian securities markets affecting share price and liquidity(p.63)
- • Natural or man-made disasters and geopolitical risks(p.64)
- • Restrictions on foreign investor participation in India(p.64)
- • Infrastructure constraints in India impacting business operations(p.64)
- • Competition from large multinational staffing companies with significant resources(p.143)
- • Lack of comprehensive legal framework for gig workers in India(p.128)
- • Risk of automation reducing demand for certain categories of gig workers(p.129)
- • Regulatory uncertainty and evolving labor laws affecting business model(p.148)
- • Potential decline in client demand during economic downturns and recessions(p.124)
- • Foreign exchange volatility affecting international operations and revenues(p.184)
- • Intense and growing competitive pressure(p.210)
- • Regulatory and compliance risks(p.209)
- • Economic cyclicality and macroeconomic sensitivity(p.210)
- • Inflation impacting cost structure(p.226)
- • Human capital recruitment and retention challenges(p.209)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Gaurav Munjal | Promoter | 67.08% | — |
| Aayara Shaheer | Promoter Group | 0.01% | — |
| Gaurav Munjal | Promoter | 67.08% | [●] |
| Aayara Shaheer | Promoter Group | 0.01% | [●] |
| Gaurav Munjal | Promoter | 67.08% | — |
| Gaurav Munjal | 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.