Janus SME
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 27 Jan 2020 – 30 Jan 2020
- Listing date
- 06 Feb 2020
- Face value
- ₹10 per share
- Issue price
- ₹50 per share
- Lot size
- 3,000 shares
- Total issue size
- ₹8 Cr
- Market cap at offer price
- ₹28.70 Cr
- Promoter holding
- 90.23% → 65.09% pre-issue → post-issue
- ISIN
- INE04OV01018
- Registrar
- Bigshare Services Pvt.Ltd.
- Lead managers
- First Overseas Capital Ltd.
- Registered office
- D-203, Crystal Plaza,, Opp. Infinity Mall, New Link Road,, Andheri (West), Mumbai 400053,, 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 | 81,000 | — | — |
Application size
Minimum 3,000 shares per lot, in multiples, at ₹50
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 3,000 | ₹1,50,000 |
| S-HNI (min) | 2 | 6,000 | ₹3,00,000 |
| S-HNI (max) | 6 | 18,000 | ₹9,00,000 |
| B-HNI (min) | 7 | 21,000 | ₹10,50,000 |
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 |
|---|---|---|
| Market cap | — | ₹28.70 Cr |
About Janus SME
Janus Corporation Limited was originally incorporated as Passion Marketing Private Limited on November 30, 1998 under the Companies Act, 1956 in Maharashtra; it was renamed Janus Corporation Private Limited in May 2013 and converted into a public limited company (Janus Corporation Limited) in June 2013. Its current promoters — Lemon Management Consultancy Private Limited and Sachin B. Puri — acquired the company in May 2013. Headquartered in Andheri (West), Mumbai, the company runs four primary business lines: civil construction (construction, land and site development, land filling, fencing walls, and construction & erection of hoardings); trading/supply of construction materials such as cement, iron & steel, sand, soil and aluminium; construction and project consultancy (site management, construction supervision, safety management, safety audits and safety documentation); and outdoor (OOH) advertising media services on hoardings and billboards. It follows an asset-light model — it keeps no inventory and buys material/media from vendors against client orders. In FY2018 it recorded revenue from operations of ₹2,514.89 lakhs (supply of materials ₹1,622.24 lakhs, consulting/advisory services ₹735.15 lakhs, media ₹124.50 lakhs, constructions ₹33.00 lakhs) and a profit after tax of ₹22.05 lakhs. Through this fixed-price IPO on the SME Platform of BSE, it is raising ₹799.50 lakhs primarily to augment working capital.
Company Analysis
from DRHPJanus Corporation Limited is a Mumbai-based diversified company operating across civil construction, trading and supply of construction materials, construction project consultancy, and outdoor (OOH) advertising media services.
Janus Corporation Limited was originally incorporated as Passion Marketing Private Limited on November 30, 1998 under the Companies Act, 1956 in Maharashtra; it was renamed Janus Corporation Private Limited in May 2013 and converted into a public limited company (Janus Corporation Limited) in June 2013. Its current promoters — Lemon Management Consultancy Private Limited and Sachin B. Puri — acquired the company in May 2013. Headquartered in Andheri (West), Mumbai, the company runs four primary business lines: civil construction (construction, land and site development, land filling, fencing walls, and construction & erection of hoardings); trading/supply of construction materials such as cement, iron & steel, sand, soil and aluminium; construction and project consultancy (site management, construction supervision, safety management, safety audits and safety documentation); and outdoor (OOH) advertising media services on hoardings and billboards. It follows an asset-light model — it keeps no inventory and buys material/media from vendors against client orders. In FY2018 it recorded revenue from operations of ₹2,514.89 lakhs (supply of materials ₹1,622.24 lakhs, consulting/advisory services ₹735.15 lakhs, media ₹124.50 lakhs, constructions ₹33.00 lakhs) and a profit after tax of ₹22.05 lakhs. Through this fixed-price IPO on the SME Platform of BSE, it is raising ₹799.50 lakhs primarily to augment working capital.
Objects of the Issue
- Augmenting additional working capital requirements ₹579.25 lakhs p.59
- General Corporate Purposes ₹145.25 lakhs p.59
Issue Structure
- Total Issue
- ₹799.50 lakhs (15,99,000 Equity Shares of face value ₹10.00 each at ₹50.00 per Equity Share, including a Market Maker Reservation Portion of 81,000 Equity Shares aggregating ₹40.50 lakhs; Net Issue to public of 15,18,000 Equity Shares aggregating ₹759.00 lakhs)
- Fresh Issue
- ₹799.50 lakhs — the entire issue is a fresh issue of 15,99,000 Equity Shares by the Company
- Price Band
- Fixed Price Issue at ₹50.00 per Equity Share (including a share premium of ₹40.00 per Equity Share); Issue Price is 5 times the face value
- Lot Size
- 3,000 Equity Shares (minimum application and trading/market lot, with allotment in multiples of 3,000 Equity Shares)
- Face Value
- ₹10.00 per Equity Share
Business Model
The company earns revenue from four streams: (1) trading/supply of construction materials — acting as an intermediary that procures cement, iron & steel, sand, soil, aluminium, flex and other hoarding-related materials from manufacturers/vendors and supplies them to corporate and other clients against orders, without holding inventory ('We do not keep inventory of any material on our own'); (2) consulting/advisory fees for construction and project-related services (site management, supervision, safety management/audits/documentation); (3) outdoor advertising income from OOH media services on hoardings and billboards, buying media from vendors rather than owning it; and (4) civil construction contract income. Per the restated revenue statement (Annexure II.14), FY2018 revenue from operations of ₹2,514.89 lakhs comprised supply of material ₹1,622.24 lakhs (~64.5%), consulting/advisory services ₹735.15 lakhs (~29.2%), media ₹124.50 lakhs (~5.0%) and constructions ₹33.00 lakhs (~1.3%).
Business Segments
SWOT Analysis
- • Diversified business model across Construction, Media, Consulting and Trading enables cross-selling(p.73)
- • Post-Issue net worth strengthens capacity to bid for higher-value projects(p.73)
- • Asset-light, zero-inventory procurement model keeps capital requirements low(p.73)
- • Adherence to client-prescribed quality standards(p.74)
- • Promoter/Managing Director brings 12+ years of construction and consulting experience(p.85)
- • High customer concentration — top 5 clients contributed ~66.70% of FY2018 sales(p.19)
- • Dependence on few suppliers — top 5 suppliers contributed ~61.10% of FY2018 purchases(p.20)
- • Geographic concentration of business in Mumbai & Thane(p.18)
- • Dependence on Promoter, Managing Director and key managerial personnel(p.18)
- • Contingent tax liabilities of ₹46.94 lakhs not provided for; bank account and fixed deposits attached for AY 2015-16(p.17)
- • No long-term contracts with clients; orders can be cancelled/reduced/delayed(p.17)
- • History of negative cash flows (operating cash flow negative in FY2016 and FY2017)(p.22)
- • Trademark and logo not registered — lacks statutory protection(p.23)
- • Strategy: expand client base and geographical presence beyond Mumbai/Thane(p.74)
- • Strategy: capture high-growth opportunities in India's infrastructure sector(p.74)
- • Strategy: focus on increasing volume of sales and project-based supplies(p.74)
- • Indian real estate sector expected to reach US$1 trillion by 2030 and contribute 13% of GDP by 2025(p.68)
- • Cement industry expected to reach 550-600 MTPA by 2025 on housing/commercial/industrial demand(p.70)
- • Digital advertising market expected to grow at 33.5% CAGR to cross Rs 25,500 crore by 2020(p.71)
- • Intense competition from manufacturers/traders, some with greater financial resources and brand recognition(p.20)
- • Volatile prices of traded commodities (cement, iron, steel, aluminum) driven by factors beyond company control(p.19)
- • Monsoon season restricts construction and construction-material trading activity each Q2(p.19)
- • Competitive bidding/pre-qualification process in infrastructure may block contract wins(p.19)
- • Downturn in the Indian macroeconomic environment could hurt business and cash flows(p.23)
- • Changing laws, rules, regulations and tax-law uncertainties in operating jurisdictions(p.24)
- • Failure to obtain/renew registrations, licenses and permits could lead to suspension/cancellation of registration(p.17)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Lemon Management Consultancy Private Limited | Promoter (Corporate) | 81.13% | 58.52% |
| Sachin B. Puri | Promoter (Individual) | 9.11% | 6.57% |
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.