Innokaiz India
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 28 Apr 2023 – 03 May 2023
- Listing date
- 11 May 2023
- Face value
- ₹10 per share
- Issue price
- ₹78 per share
- Lot size
- 1,600 shares
- Issue type
- Fixed Price issue
- Total issue size
- ₹21.17 Cr
- Market cap at offer price
- ₹79.74 Cr
- Promoter holding
- 98.00% → 71.99% pre-issue → post-issue
- ISIN
- INE0LDI01022
- Registrar
- Bigshare Services Pvt.Ltd.
- Lead managers
- Gretex Corporate Services Ltd.
- Registered office
- Door No.43, Old No.22, Real Enclave, Flat No.1, 4th Floor, Josier Street, Nungambakkam, Tamil Nadu
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 | 7,72,800 | — | — |
| Market maker | 1,36,000 | — | — |
Application size
Minimum 1,600 shares per lot, in multiples, at ₹78
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,600 | ₹1,24,800 |
| S-HNI (min) | 2 | 3,200 | ₹2,49,600 |
| S-HNI (max) | 8 | 12,800 | ₹9,98,400 |
| B-HNI (min) | 9 | 14,400 | ₹11,23,200 |
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 | — | ₹79.74 Cr |
Key performance indicators
- PAT margin
- 2.77%
- NAV per share
- ₹24.54
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Innokaiz India
Innokaiz India Limited was incorporated on January 11, 2013 as Innokaiz India Private Limited in Chennai, Tamil Nadu, and was converted into a public limited company renamed Innokaiz India Limited, with a fresh certificate of incorporation issued on September 27, 2022. The company positions itself as a one-stop corporate services and solutions provider whose spectrum of services spans advertising and marketing — outdoor media (bus shelters, arches, police booths, pole kiosks, hoardings, backdrops, banners, roadshows, mobile vans), signage (backlit/non-lit boards, ACP pylons, acrylic boards, cutouts, standees) and digital marketing (SEO, UI/UX, content marketing, web development) — together with corporate travel arrangements, event management of MICE programmes (meetings, incentive programs, conferences and exhibitions, with a stated track record of almost 2,000 events for banking, insurance and asset management clients), corporate gifting solutions (customised and personalised gifts, logo printing, gift vouchers and an NPCI-approved RuPay prepaid gift card powered by Pine Labs), and a recently added e-commerce vertical centred on e-commerce web development. It earns service revenue from these corporate-service engagements and its e-commerce offerings, reporting restated total income of ₹28,609.09 lakhs and profit after tax of ₹791.63 lakhs for the financial year ended March 31, 2022. The company is promoted by Mr. Balakrishnan Sukumarbalakrishnan, its Managing Director, who held 98.00% of the pre-issue equity capital.
Company Analysis
from DRHPInnokaiz India Limited is a Chennai-based corporate services and solutions provider offering advertising and marketing solutions (including digital marketing), corporate travel arrangements, gifting solutions, event management, and e-commerce services.
Innokaiz India Limited was incorporated on January 11, 2013 as Innokaiz India Private Limited in Chennai, Tamil Nadu, and was converted into a public limited company renamed Innokaiz India Limited, with a fresh certificate of incorporation issued on September 27, 2022. The company positions itself as a one-stop corporate services and solutions provider whose spectrum of services spans advertising and marketing — outdoor media (bus shelters, arches, police booths, pole kiosks, hoardings, backdrops, banners, roadshows, mobile vans), signage (backlit/non-lit boards, ACP pylons, acrylic boards, cutouts, standees) and digital marketing (SEO, UI/UX, content marketing, web development) — together with corporate travel arrangements, event management of MICE programmes (meetings, incentive programs, conferences and exhibitions, with a stated track record of almost 2,000 events for banking, insurance and asset management clients), corporate gifting solutions (customised and personalised gifts, logo printing, gift vouchers and an NPCI-approved RuPay prepaid gift card powered by Pine Labs), and a recently added e-commerce vertical centred on e-commerce web development. It earns service revenue from these corporate-service engagements and its e-commerce offerings, reporting restated total income of ₹28,609.09 lakhs and profit after tax of ₹791.63 lakhs for the financial year ended March 31, 2022. The company is promoted by Mr. Balakrishnan Sukumarbalakrishnan, its Managing Director, who held 98.00% of the pre-issue equity capital.
Objects of the Issue
- To Meet Working Capital Requirements Upto ₹ 1,600.00 Lakhs p.79
- General Corporate Purposes p.81
Issue Structure
- Total Issue
- ₹ [●] Lakhs (Gross Proceeds from the Fresh Issue stated as 'Upto 2,700.00' Lakhs under Objects of the Issue)
- Fresh Issue
- Upto 27,14,400 Equity Shares of face value ₹ 10.00 each for cash at a price of ₹ [●] per Equity Share (including premium of ₹ [●] per Equity Share) aggregating ₹ [●] Lakhs
- Offer for Sale
- Nil
- Face Value
- ₹ 10.00
Business Model
The company earns revenue by providing corporate services to clients — primarily banks, insurance companies and asset management companies — under its stated revenue model in which 'Total Business Revenue' is generated from corporate services (advertising and marketing, event management, and corporate gifting) and from its newer e-commerce vertical; it procures ad spots, spaces or sites on rent/lease from publication houses, radio stations and agencies as required for client campaigns, and supplies gifting products such as gift vouchers and prepaid gift cards, charging clients for these services and solutions.
Business Segments
SWOT Analysis
- • Proven decade-long execution track record on large projects for banks, insurers and AMCs across India(p.111)
- • Experienced promoter and management team(p.111)
- • Long-standing client relationships with high retention and repeat business(p.111)
- • PAN-India presence with end-to-end one-stop corporate services model(p.111)
- • Quality certification and national recognition (ISO 9001:2015 certified; world record for road shows)(p.106)
- • Financial metrics compare favourably with listed peers (EPS ₹10.54, RONW 42.96%, revenue ₹28,592.69 lakh)(p.86)
- • Income Tax search at offices and DG GST Intelligence show-cause notice pending; ₹50 lakh paid towards alleged ITC irregularity, penalty possible(p.29)
- • Revenue concentration in few customers (top 5: 19.52%; top 10: 22.06%)(p.39)
- • No long-term contracts with clients; relationships terminable at short notice(p.30)
- • Geographic concentration of business in Tamil Nadu(p.31)
- • Heavy key-person dependence on the Promoter(p.32)
- • Corporate compliance lapses (AOC-4/MGT-7 for FY2022 not yet filed; delayed AGM held Dec 29, 2022; late CSR utilisation and e-form filings)(p.33)
- • Negative cash flows — investing activities in stub period and past 3 years; financing activities negative in stub period and FY2021; operating cash flow negative ₹(269.43) lakh in stub period(p.37)
- • Scale up via diversification of services and wider geographical outreach(p.112)
- • Grow client base and cross-sell full suite of services to new relationships(p.112)
- • Strategic acquisitions and technology alliances to enter new clients/sectors(p.113)
- • Newly ventured e-commerce vertical rides fast-growing Indian e-commerce market(p.110)
- • Indian advertising industry recovering and projected to grow to ₹93,119 crore by 2023 (14.75% CAGR)(p.110)
- • Expanding corporate gifting solutions market (projected to grow from $119 mn in 2019 to $159 mn by 2025)(p.100)
- • Intense competition from players with greater financial resources, brand recognition and larger customer bases(p.36)
- • Adverse changes in government regulations or their implementation could raise costs/penalties(p.46)
- • Input-cost risk: price volatility and non-availability of ad space/sites from media agencies (no long-term tie-ups)(p.31)
- • Dependence on general economic and market conditions in India and abroad(p.34)
- • Continuing uncertainty from the COVID-19 pandemic on business and operations(p.33)
- • Global financial turmoil/contagion affecting Indian financial markets and the Company(p.47)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Mr. Balakrishnan Sukumarbalakrishnan | Promoter | 98.00% | 71.98% |
Leadership
Auto-extracted from the company's DRHP 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 DRHP before relying on it.