Pelatro
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 16 Sep 2024 – 19 Sep 2024
- Listing date
- 24 Sep 2024
- Face value
- ₹10 per share
- Issue price
- ₹200 per share
- Lot size
- 600 shares
- Issue type
- Book Building issue
- Total issue size
- ₹55.98 Cr
- Market cap at offer price
- ₹208 Cr
- Promoter holding
- 73.31% → 53.59% pre-issue → post-issue
- ISIN
- INE0VG601013
- Registrar
- Bigshare Services Pvt.Ltd.
- Lead managers
- Cumulative Capital Pvt.Ltd.
- Registered office
- No.403, 7th A Main, 1st Block HRBR Layout, Bangalore Urban, Karnataka
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 | 7,81,800 | — | — |
| Market maker | 1,40,400 | — | — |
Application size
Minimum 600 shares per lot, in multiples, at ₹200
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 600 | ₹1,20,000 |
| S-HNI (min) | 2 | 1,200 | ₹2,40,000 |
| S-HNI (max) | 8 | 4,800 | ₹9,60,000 |
| B-HNI (min) | 9 | 5,400 | ₹10,80,000 |
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 (₹) | −2.57 | −1.88 |
| Price to book (×) | 11.64 | — |
| Market cap | — | ₹208 Cr |
No price-to-earnings multiple is shown: the company reported a loss, and an earnings multiple struck on negative earnings would read as a cheap valuation while meaning the opposite.
Key performance indicators
- Return on net worth
- −15.48%
- ROCE
- 3.85%
- Debt / equity
- 1.55
- PAT margin
- −3.56%
- NAV per share
- ₹17.18
- Price to book
- 11.64
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Pelatro
Pelatro Limited, incorporated on March 21, 2013 originally as Kivar Infotech Private Limited and subsequently renamed to Pelatro Solutions Private Limited and then Pelatro Limited, is a technology company that has developed mViva, a comprehensive Customer Engagement Platform. The platform empowers enterprises to understand customer behavior and enhance engagement with end users by collecting and processing data across nearly a billion consumers in 30 countries. The platform offers integrated vertical solutions including Campaign Management, Loyalty Management, Lead Management, and Data Monetization Solutions. The company generates revenue through subscription-based licensing of its products, offering services for platform management including business consulting and IT operations, implementation and support services, and customization services through change requests.
Company Analysis
from RHPPelatro Limited is a global technology company that provides a comprehensive Customer Engagement Platform called mViva to telecommunications and BFSI sector enterprises for managing customer interactions across multiple channels.
Pelatro Limited, incorporated on March 21, 2013 originally as Kivar Infotech Private Limited and subsequently renamed to Pelatro Solutions Private Limited and then Pelatro Limited, is a technology company that has developed mViva, a comprehensive Customer Engagement Platform. The platform empowers enterprises to understand customer behavior and enhance engagement with end users by collecting and processing data across nearly a billion consumers in 30 countries. The platform offers integrated vertical solutions including Campaign Management, Loyalty Management, Lead Management, and Data Monetization Solutions. The company generates revenue through subscription-based licensing of its products, offering services for platform management including business consulting and IT operations, implementation and support services, and customization services through change requests.
Objects of the Issue
- Funding capital expenditure requirement of our company ₹1,011.56 lakhs p.22
- Investment in our subsidiary ₹1,000.00 lakhs p.22
- Funding working capital needs of our company ₹1,500.00 lakhs p.22
- General corporate purposes [●] p.22
- Funding capital expenditure requirement of our company towards Purchase & Installation of IT equipment, computer hardware, server and other ancillary equipment ₹1,011.56 lakhs p.90
- Investment in our subsidiary ₹1,000.00 lakhs p.91
- Funding working capital needs of our company ₹1,500.00 lakhs p.94
- General corporate purposes [●] p.95
- Setting up a new office for centralizing operations p.141
- Geographic expansion and business expansion ₹1,000 Lacs p.141
- Not explicitly stated in this part of the document
Issue Structure
- Total Issue
- Upto 27,99,000 Equity Shares aggregating Up to ₹ [●] lakhs
- Fresh Issue
- Upto 27,99,000 Equity Shares aggregating Up to ₹ [●] lakhs
- Offer for Sale
- Not Applicable - This is a Fresh Issue of Equity Shares
- Price Band
- Floor Price ₹ [●] and Cap Price ₹ [●]
- Lot Size
- [●] Equity Shares and in multiples of [●] Equity Shares thereafter
- Face Value
- ₹10/- per Equity Share
Business Model
Pelatro derives revenue from: (i) licensing of its products to customers on a recurring subscription fee basis; (ii) offering services for managing the platform including business consulting, business operations and IT operations; (iii) implementation and support through monitoring data, processing, communications and providing L1 and L2 technical support; and (iv) customization of services through change requests to add specific features and capabilities.
Business Segments
SWOT Analysis
- • Global customer engagement platform with widespread international reach(p.21)
- • Processing scale across 30 countries serving ~1 billion consumers(p.21)
- • Deep domain expertise and patented technology in core offerings(p.30)
- • Growing market opportunity in BFSI and telecom sectors(p.21)
- • Extensive experience in developing SaaS products for telecommunications(p.92)
- • Established customer base with large, referenceable clients(p.92)
- • Proprietary intellectual property owned through subsidiary(p.93)
- • Global operational footprint across Asia and Africa(p.91)
- • In-house technology development and testing capabilities with proprietary infrastructure(p.139)
- • Deep domain expertise in telecom and banking sectors(p.139)
- • Comprehensive end-to-end platform covering multiple solutions(p.139)
- • Highly referenceable global customer base across 30 countries(p.140)
- • Patented proprietary technology providing competitive differentiation(p.140)
- • Profitable, asset-light, automated and scalable business model(p.140)
- • Experienced and stable key management personnel(p.140)
- • Established track record with recognition from industry analysts(p.167)
- • Onboarded large-scale telecommunications customer with 300 million subscribers(p.167)
- • Industry recognition and ranking by major analyst firms(p.168)
- • Award recognition for telecommunications marketing solutions(p.168)
- • No history of project cost or time overruns(p.168)
- • No defaults or loan rescheduling with financial institutions(p.168)
- • Established customer engagement platform with global reach and scale(p.256)
- • Consistent revenue growth and profitability track record(p.259)
- • Strong EBITDA margins maintained over multiple years(p.260)
- • Proprietary patent portfolio for core platform technology(p.276)
- • User-friendly platform designed for non-technical marketers(p.256)
- • High customer concentration with top 5 customers representing 39.09% of revenue(p.32)
- • Dependency on small set of products for revenue generation(p.29)
- • Patent licensing vulnerability; dependent on subsidiary's patents which can be terminated(p.33)
- • Unregistered trademarks and brand name exposed to counterfeiting risk(p.33)
- • Promoter guarantees and personal collateral securing debt facilities create operational risk(p.41)
- • History of regulatory violations by Promoters including insider trading and FEMA breaches(p.36)
- • History of negative cash flows in recent periods(p.44)
- • Exposure to customer payment delays and defaults(p.44)
- • Significant working capital requirements and trade receivables dependence(p.95)
- • Heavy dependence on promoter-provided collateral for financing(p.49)
- • Restrictive covenants limiting operational and capital flexibility(p.48)
- • High customer concentration risk with top customer representing 18.38% of revenue(p.132)
- • Significant decline in profitability on consolidated basis with negative PAT in FY2024(p.131)
- • Substantial increase in Debt-to-Equity ratio from 0.60 to 1.55(p.132)
- • Sharp deterioration in Interest Coverage Ratio from 33.93 to 1.01(p.132)
- • Significant decline in EBITDA margin from 17.65% to 5.66% on consolidated basis(p.131)
- • Increasing working capital requirements with Days Working Capital at 171 days(p.132)
- • Subsidiary experiencing going concern issues with current liabilities exceeding current assets(p.199)
- • Consolidated financial losses in FY2024 with loss of Rs. 195.62 lakhs(p.202)
- • Heavy dependence on a few major customers for revenue(p.167)
- • Significant increase in trade payables indicating potential cash flow stress(p.210)
- • Subsidiary's export receivable of INR 168.76 lakhs relating to delayed realization(p.210)
- • Accounting software audit trail disabled for certain periods(p.199)
- • Subsidiary experiencing going concern doubts with negative net worth(p.262)
- • High leverage with debt-to-equity ratio of 1.55 on consolidated basis(p.267)
- • Consolidated operations showing net loss despite standalone profitability(p.259)
- • Heavy dependence on small number of key customers for revenue(p.266)
- • Material litigation from foreign shareholders regarding valuation(p.269)
- • Expansion into EMEA and USA markets with dedicated investment(p.37)
- • High growth market in BFSI and telecom with strong CAGR trajectory(p.21)
- • Digital transformation and AI adoption driving customer engagement demand(p.21)
- • Geographic revenue diversification opportunity; Africa revenue growing to 24.07% of total(p.34)
- • Expansion into new geographic markets through enhanced sales infrastructure(p.92)
- • Increase market presence through trade show participation(p.93)
- • Growth in customer engagement platform market demand(p.89)
- • Expansion of infrastructure capacity to serve larger customers(p.89)
- • Strengthen subsidiary to capture international revenue(p.92)
- • Expansion in high-growth telecommunications and BFSI customer engagement market(p.113)
- • Geographic expansion opportunity across telecom and banking sectors globally(p.141)
- • High-growth Indian market with accelerating digital transformation(p.126)
- • Expansion of recurring revenue per customer within existing base(p.141)
- • Service expansion opportunity with only 50% of current customers using managed services(p.141)
- • Entry into new sectors beyond telecom and banking in medium to long term(p.141)
- • Expansion into new service offerings with loyalty management solution launched(p.167)
- • 100% FDI permitted in retail trading sector under automatic route(p.163)
- • Growth in software and technology services export market with international operations(p.214)
- • Subsidiary acquisition enabling product development and market expansion(p.167)
- • Expansion into new geographies with platform localization(p.257)
- • Growing customer base with 11 new customers added in FY2024(p.259)
- • Market expansion through acquisition of Singapore subsidiary(p.250)
- • Enhancement of platform capabilities through technology innovation(p.256)
- • Dependence on third-party infrastructure providers for platform delivery(p.30)
- • Risk of major customer loss due to customer concentration in key accounts(p.25)
- • Reliance on Apple and Google for mobile notification delivery creates platform risk(p.31)
- • Long and unpredictable enterprise sales cycles create revenue timing uncertainty(p.31)
- • Intense competitive pressure and pricing pressure in evolving market(p.29)
- • Exposure to regulatory and data privacy compliance risks across jurisdictions(p.40)
- • Cyberattack and data breach vulnerability risks given data volumes managed(p.42)
- • Intense competition from established global software players(p.46)
- • Changing regulatory environment including data protection regulations(p.56)
- • Dependence on Indian economic conditions(p.56)
- • Risk of inability to obtain and maintain required licenses and registrations(p.44)
- • Inability to secure adequate alternate funding if IPO proceeds fall short(p.49)
- • High barriers to entry but significant competitive pressure in customer engagement solutions market(p.140)
- • Data privacy and security concerns in telecom and BFSI sectors(p.126)
- • Regulatory complexity and compliance requirements affecting adoption(p.126)
- • High implementation and maintenance costs limiting market adoption(p.126)
- • Long sales cycles and complex implementation processes(p.140)
- • Evolving regulatory environment and data protection laws(p.159)
- • Dependence on telecommunications industry which faces cyclical pressures and regulatory changes(p.167)
- • Competition from other OSS/BSS vendors globally(p.168)
- • Foreign exchange fluctuation risk with significant export revenue(p.214)
- • Potential regulatory changes in labor laws affecting operational costs(p.163)
- • Environmental compliance requirements including e-waste management(p.162)
- • Conflict of interest with subsidiary engaged in similar business(p.192)
- • Dependency on third-party message delivery providers for service continuity(p.257)
- • Long and unpredictable sales cycles with enterprise customers(p.256)
- • Intense competition requiring price reductions to remain competitive(p.257)
- • Platform dependency risks and potential disruption from technical failures(p.256)
- • Revenue concentration risk from limited geographic presence(p.257)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Subash Menon | Promoter | — | — |
| Sudeesh Yezhuvath | Promoter | 16.62% | 12.15% |
| Kiran Menon | Promoter | 28.61% | 20.91% |
| Varun Menon | Promoter | 28.08% | 20.53% |
| Kiran Menon | Promoter | 28.61% | 20.91% |
| Varun Menon | Promoter | 28.08% | 20.53% |
| Sudeesh Yezhuvath | Promoter | 16.62% | 12.15% |
| Kiran Menon | Promoter | — | — |
| Varun Menon | Promoter | — | — |
| Subash Menon | Promoter | — | — |
| Sudeesh Yezhuvath | Promoter | 16.62% | — |
| Kiran Menon | Promoter | 28.61% | — |
| Varun Menon | Promoter | 28.08% | — |
| Subash Menon | Promoter | — | — |
| Sudeesh Yezhuvath | Promoter | — | — |
| Kiran Menon | Promoter | — | — |
| Varun Menon | 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.