Kore Digital
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 02 Jun 2023 – 07 Jun 2023
- Listing date
- 14 Jun 2023
- Face value
- ₹10 per share
- Issue price
- ₹180 per share
- Lot size
- 800 shares
- Issue type
- Fixed Price issue
- Total issue size
- ₹18 Cr
- Market cap at offer price
- ₹63.36 Cr
- Promoter holding
- 99.70% → 71.38% pre-issue → post-issue
- ISIN
- INE0O4R01018
- Registrar
- Bigshare Services Pvt.Ltd.
- Lead managers
- First Overseas Capital Ltd.
- Registered office
- B 1107-1108, Shelton Sapphire Sector 15, CBD Belapur, 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 | 52,000 | — | — |
Application size
Minimum 800 shares per lot, in multiples, at ₹180
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 800 | ₹1,44,000 |
| S-HNI (min) | 2 | 1,600 | ₹2,88,000 |
| S-HNI (max) | 6 | 4,800 | ₹8,64,000 |
| B-HNI (min) | 7 | 5,600 | ₹10,08,000 |
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 (₹) | 10.08 | — |
| P/E (×) | 17.86 | — |
| Market cap | — | ₹63.36 Cr |
Key performance indicators
- Return on net worth
- 50.18%
- ROCE
- 0.49%
- Debt / equity
- 0.36
- PAT margin
- 12.86%
- NAV per share
- ₹2,521.08
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Kore Digital
Incorporated as Kore Digital Private Limited on February 13, 2009 in Mumbai (converted to a public limited company and renamed Kore Digital Limited pursuant to an EGM on July 08, 2022, with a fresh certificate of incorporation dated July 29, 2022), the company has been licensed by the Department of Telecommunications with an Infrastructure Provider (IP)-I License since 2009, under which it can establish and maintain dark fibres, right of way, duct space and towers to grant on lease, rent or sale to licensed telecom players. Over roughly 14 years it has commissioned more than 600 pole-based cell sites in and around Mumbai, developed its own network of around 700 kms during the last five years, and delivered underground fibre optic backbone routes; its network runs across Mumbai-Navi Mumbai, Thane, Bhiwandi, Kalyan, Panvel and Pune, and all disclosed revenue is generated in Maharashtra. Its customers span Telecom Network Operators (Bharti Airtel, Vodafone Idea, Reliance Jio, Tata Teleservices), Telecom Vendors (Ductrove Innovations, Sterlite Technologies, Usha Martin), Broad Band Service Operators (Dvois SSV, Intech Online) and ISPs (Dvois Communication). Revenue scaled from Rs. 87.61 Lakhs in FY2020 to Rs. 397.82 Lakhs in FY2021 and Rs. 1,694.45 Lakhs in FY2022, with Rs. 611.18 Lakhs for the six months ended September 30, 2022 (PAT of Rs. 217.97 Lakhs in FY2022 and Rs. 152.35 Lakms for the six months ended September 30, 2022), generated by a lean team of 19 employees as of September 30, 2022.
Company Analysis
from DRHPKore Digital Limited is a passive telecommunications infrastructure provider in Maharashtra, India that installs and commissions poles, towers and Optical Fibre Cable (OFC) systems and builds, owns and leases dark-fibre/duct networks and related services to Telecom Network Operators, Telecom Vendors, Broadband Service Operators and ISPs.
Incorporated as Kore Digital Private Limited on February 13, 2009 in Mumbai (converted to a public limited company and renamed Kore Digital Limited pursuant to an EGM on July 08, 2022, with a fresh certificate of incorporation dated July 29, 2022), the company has been licensed by the Department of Telecommunications with an Infrastructure Provider (IP)-I License since 2009, under which it can establish and maintain dark fibres, right of way, duct space and towers to grant on lease, rent or sale to licensed telecom players. Over roughly 14 years it has commissioned more than 600 pole-based cell sites in and around Mumbai, developed its own network of around 700 kms during the last five years, and delivered underground fibre optic backbone routes; its network runs across Mumbai-Navi Mumbai, Thane, Bhiwandi, Kalyan, Panvel and Pune, and all disclosed revenue is generated in Maharashtra. Its customers span Telecom Network Operators (Bharti Airtel, Vodafone Idea, Reliance Jio, Tata Teleservices), Telecom Vendors (Ductrove Innovations, Sterlite Technologies, Usha Martin), Broad Band Service Operators (Dvois SSV, Intech Online) and ISPs (Dvois Communication). Revenue scaled from Rs. 87.61 Lakhs in FY2020 to Rs. 397.82 Lakhs in FY2021 and Rs. 1,694.45 Lakhs in FY2022, with Rs. 611.18 Lakhs for the six months ended September 30, 2022 (PAT of Rs. 217.97 Lakhs in FY2022 and Rs. 152.35 Lakms for the six months ended September 30, 2022), generated by a lean team of 19 employees as of September 30, 2022.
Objects of the Issue
- To meet the Working Capital requirements Rs. 1120.00 Lakhs p.70
- Investment in Strategic Acquisition / Joint Venture Rs. 180.00 Lakhs p.71
- General Corporate Expenses Rs. 450.00 Lakhs p.72
- To meet the expenses of the Issue Rs. 50.00 Lakhs (of which Rs. 5.00 Lakhs already incurred from internal accruals till February 28, 2023) p.72
Issue Structure
- Total Issue
- 10,00,000 Equity Shares of face value Rs. 10/- each for cash at Rs. 180 per Equity Share aggregating Rs. 1800.00 Lakhs (Rs. 18,00,00,000/-)
- Fresh Issue
- Entire issue is a Fresh Issue of 10,00,000 Equity Shares aggregating Rs. 1800.00 Lakhs (out of which 52,000 Equity Shares aggregating Rs. 93.60 Lakhs are reserved for the Market Maker; Net Issue to public of 9,48,000 Equity Shares aggregating Rs. 1706.40 Lakhs)
- Offer for Sale
- None - There is no Offer for Sale as Our Company is making only a Fresh Initial Public Offer/Issue.
- Price Band
- Fixed Price Issue at Rs. 180/- per Equity Share (no price band; price includes share premium of Rs. 170/- per Equity Share; 18.0 times face value)
- Lot Size
- 800 Equity Shares and in multiples of 800 thereafter (minimum application/allotment of 800 shares)
- Face Value
- Rs. 10/- each
Business Model
The company earns revenue primarily through 'IP 1 Leasing Income' - it identifies strategic routes, secures right-of-way permissions and builds fibre/duct/pole-tower infrastructure on its own account under its DoT IP-I licence, then leases the network to telecom operators by duct lease or fibre lease on an IRU (indefeasible right of use)/lease-or-sale basis, retaining ultimate ownership of the network. It also executes vendor/turnkey projects for operators (project management for laying duct and optic fibre cables, construction of basic transmission and telecom utilities, dark fibre leasing, optical fibre network construction) and earns from operations & maintenance (O&M) of fibre networks, preventing/splicing fibre cuts to operator SLAs. Per the disclosed service-wise sales split, effectively the entire reported revenue is classified as IP 1 Leasing Income, all from Maharashtra.
Business Segments
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Mr. Ravindra Navinchandra Doshi | Promoter; Chairman & Managing Director | 50.00% | 35.80% |
| Mrs. Kashmira Ravindra Doshi | Promoter; Executive Director & CFO | 19.70% | 14.10% |
| Mr. Chaitanya Ravindra Doshi | Promoter; Executive Director & CEO | 15.00% | 10.74% |
| Mr. Shashikant A. Sheth | Promoter Group & Relatives | 15.00% | 10.74% |
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.