Manglam Infra & Engineering
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 24 Jul 2024 – 26 Jul 2024
- Listing date
- 31 Jul 2024
- Face value
- ₹10 per share
- Issue price
- ₹56 per share
- Lot size
- 2,000 shares
- Total issue size
- ₹27.62 Cr
- Market cap at offer price
- ₹98.54 Cr
- Promoter holding
- 100.00% → 71.97% pre-issue → post-issue
- ISIN
- INE0R3101011
- Registrar
- Bigshare Services Pvt.Ltd.
- Lead managers
- Unistone Capital Pvt.Ltd.
- Registered office
- H.NO.46, Nikhil Nestles Jatkhedi, Hoshangabad Road, University, (Bhopal) Huzur, Madhya Pradesh
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 | 13,22,000 | — | — |
| Market maker | 5,22,000 | — | — |
Application size
Minimum 2,000 shares per lot, in multiples, at ₹56
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 2,000 | ₹1,12,000 |
| S-HNI (min) | 2 | 4,000 | ₹2,24,000 |
| S-HNI (max) | 8 | 16,000 | ₹8,96,000 |
| B-HNI (min) | 9 | 18,000 | ₹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.
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 |
|---|---|---|
| EPS (₹) | 5.34 | 3.84 |
| P/E (×) | 10.49 | 14.58 |
| Price to book (×) | 4.15 | — |
| Market cap | — | ₹98.54 Cr |
Key performance indicators
- Return on net worth
- 49.44%
- ROCE
- 44.95%
- Debt / equity
- 0.26
- PAT margin
- 16.81%
- NAV per share
- ₹13.50
- Price to book
- 4.15
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Manglam Infra & Engineering
Manglam Infra & Engineering Limited was originally formed as the partnership firm 'Manglam Associates' pursuant to a partnership deed dated February 17, 2010 between Yogendra Kumar Singh, Ajay Verma, Nisha Singh and Seema Verma, and was converted into a public limited company named 'Manglam Infra & Engineering Limited' on July 20, 2023 under Part I of Chapter XXI of the Companies Act, 2013. Headquartered in Bhopal, Madhya Pradesh, the company provides infrastructure consultancy services — preparation of detailed project reports and feasibility studies, supervision & quality control during construction, and operation & maintenance — primarily to government bodies across highways/roads, bridges, tunnels and building/urban development projects, executing work independently as well as through joint ventures/MoUs/power-of-attorney arrangements with associate partners. It secures engagements through competitive bidding on government tenders and earns consultancy fees under awarded work orders, typically invoicing monthly after an initial 3–5 month low/no-fee mobilization phase, with payments generally received post-completion on around 90–100 day terms. As of December 31, 2023, it had completed 127 projects with 46 ongoing and an order book of approximately ₹8,858.83 lakhs, employed 324 full-time staff (including 220 engineers), and reported FY2023 revenue from operations of ₹3,441.88 lakhs with profit after tax of ₹554.16 lakhs.
Company Analysis
from DRHPManglam Infra & Engineering Limited is a Bhopal-based infrastructure consultancy company providing detailed project report (DPR), supervision & quality control (SQC) and operation & maintenance (O&M) services for government infrastructure projects spanning roads/highways, bridges, tunnels and buildings/urban development.
Manglam Infra & Engineering Limited was originally formed as the partnership firm 'Manglam Associates' pursuant to a partnership deed dated February 17, 2010 between Yogendra Kumar Singh, Ajay Verma, Nisha Singh and Seema Verma, and was converted into a public limited company named 'Manglam Infra & Engineering Limited' on July 20, 2023 under Part I of Chapter XXI of the Companies Act, 2013. Headquartered in Bhopal, Madhya Pradesh, the company provides infrastructure consultancy services — preparation of detailed project reports and feasibility studies, supervision & quality control during construction, and operation & maintenance — primarily to government bodies across highways/roads, bridges, tunnels and building/urban development projects, executing work independently as well as through joint ventures/MoUs/power-of-attorney arrangements with associate partners. It secures engagements through competitive bidding on government tenders and earns consultancy fees under awarded work orders, typically invoicing monthly after an initial 3–5 month low/no-fee mobilization phase, with payments generally received post-completion on around 90–100 day terms. As of December 31, 2023, it had completed 127 projects with 46 ongoing and an order book of approximately ₹8,858.83 lakhs, employed 324 full-time staff (including 220 engineers), and reported FY2023 revenue from operations of ₹3,441.88 lakhs with profit after tax of ₹554.16 lakhs.
Objects of the Issue
- To meet the working capital requirements ₹ 1,935.00 lakhs p.79
- General corporate purposes p.82
Issue Structure
- Total Issue
- Up to ₹ [●] Lakhs
- Fresh Issue
- Up to 55,00,000 Equity Shares aggregating up to ₹ [●] Lakhs
- Offer for Sale
- Nil
- Face Value
- ₹ 10 each
Business Model
Fee-based consultancy income earned from government clients: the company bids for tenders floated by government departments/agencies (e.g., NHAI, MPRRDA, MPPWD, state PWDs), receives work orders/letters of acceptance upon award, and earns fees for DPR preparation, supervision & quality control and O&M services — currently all revenue is derived from government clients, with monthly invoicing after a 3–5 month mobilization period and payments typically made post-completion on ~90–100 day credit terms.
Business Segments
SWOT Analysis
- • Presence across diversified infrastructure project types (roads/highways, bridges, tunnels, buildings/urban development)(p.107)
- • Wide range of consultancy services (DPR, SQC, O&M) with proven track record across Roads/Highways, Bridges, Urban Development, Tunnels(p.107)
- • Qualified employee base of 324 employees including 220 engineers(p.108)
- • Experienced promoter-led management with 33+ years of combined technical experience(p.108)
- • Consistent financial performance - revenue CAGR 25.29% and net profit CAGR 85.06% (FY21-FY23)(p.108)
- • Healthy order book of ₹8,858.83 lakhs as of December 31, 2023(p.108)
- • Complete dependence on government clients for all revenue(p.31)
- • Revenue and earnings dependent on new contract awards whose timing is outside company control(p.32)
- • Geographic concentration of revenue in Madhya Pradesh and a few regions(p.33)
- • High working capital requirement (₹510 lakhs FY24 and ₹1,425 lakhs FY25 proposed from Net Proceeds)(p.34)
- • Outstanding corporate guarantee for promoter group entity Presvels Private Limited's bank facilities, not yet released post-conversion(p.36)
- • Unsecured loans of ₹137.47 lakhs that lenders may recall at any time(p.39)
- • Does not own the trademark/logo under which it operates; registration applications still pending(p.40)
- • Outstanding legal proceedings against Promoters (12 cases) and Directors (6 cases)(p.38)
- • Transition from consultancy-focused model to integrated service provider including project execution(p.108)
- • Strategy to aggressively bid for larger contracts independently as Lead Partner instead of smaller JV-based projects(p.35)
- • Government infrastructure capex push - Budget 2023-24 outlay raised 33% to ₹10 lakh crore(p.99)
- • National Infrastructure Pipeline with US$1.3 trillion of projects at different stages of implementation(p.99)
- • Strategy to attract and retain talented employees through training and retention programs(p.109)
- • Enhancing project execution capabilities including ERP implementation for efficiency and site control(p.109)
- • Competition from organized and unorganized players, domestic and international, pressuring market share and margins(p.38)
- • Exposure to Indian macroeconomic, political and market conditions beyond company control(p.46)
- • Global financial instability causing increased volatility in Indian financial markets(p.46)
- • Adverse revision to India's sovereign credit rating could impair access to and cost of financing(p.47)
- • Natural disasters, pandemics, terrorism and hostilities could disrupt operations, cash flows and markets(p.47)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Seema Verma | Promoter | 32.23% | — |
| Yogendra Kumar Singh | Promoter | 25.77% | — |
| Nisha Singh | Promoter | 25.00% | — |
| Ajay Verma | Promoter | 17.00% | — |
| Munish Verma | Promoter Group | 0.00% | — |
| Sanika Singh | Promoter Group | 0.00% | — |
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.