Radiowalla Network
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 27 Mar 2024 – 02 Apr 2024
- Listing date
- 05 Apr 2024
- Face value
- ₹10 per share
- Issue price
- ₹76 per share
- Lot size
- 1,600 shares
- Total issue size
- ₹14.25 Cr
- Market cap at offer price
- ₹53.57 Cr
- Promoter holding
- 55.80% → 40.95% pre-issue → post-issue
- ISIN
- INE430U01019
- Registrar
- Maashitla Securities Pvt.Ltd.
- Lead managers
- Narnolia Financial Services Ltd.
- Registered office
- 16A, Basement Floor, Maratha Bhavan, Millers Tank Bund Road, Vasanthnagar, 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 | 5,26,400 | — | — |
| Market maker | 1,12,000 | — | — |
Application size
Minimum 1,600 shares per lot, in multiples, at ₹76
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,600 | ₹1,21,600 |
| S-HNI (min) | 2 | 3,200 | ₹2,43,200 |
| S-HNI (max) | 8 | 12,800 | ₹9,72,800 |
| B-HNI (min) | 9 | 14,400 | ₹10,94,400 |
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 (₹) | 1.98 | 2.77 |
| P/E (×) | 38.38 | 27.44 |
| Price to book (×) | 0.65 | — |
| Market cap | — | ₹53.57 Cr |
Key performance indicators
- Return on net worth
- 20.62%
- ROCE
- 21.28%
- Debt / equity
- 0.09
- PAT margin
- 13.07%
- NAV per share
- ₹117.54
- Price to book
- 0.65
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Radiowalla Network
Radiowalla Network Limited was incorporated on July 30, 2010 as Venturenet Partners Private Limited, renamed Radiowalla Network Private Limited in April 2012, converted into a public limited company in November 2023, and shifted its registered office from Maharashtra to Bangalore, Karnataka. Started by Anil Srivatsa and Harvinderjit Singh Bhatia, it acquired Decibel Media (still its sole subsidiary) in 2013 to expand pan-India and serves clients domestically and internationally (India, MENA/UAE, Singapore, Mexico, Sri Lanka). It operates two verticals: Radio Engagement and Subscription Services — managed in-store radio (AI-driven licensed background music for malls, retailers, hospitals) and corporate radio (private channels carrying music plus internal announcements/news for employees) — charged to clients on a recurring periodic subscription; and Advertisement Solutions — point-of-sale programmatic audio advertising monetising its in-store radio inventory using technology from Location Media Xchange Pte. Ltd. on a revenue-sharing basis, Digital Out-of-Home (DOOH)/digital signage with cloud content management sold on subscription, and static branding/on-ground activations, with empanelment under DAVP (now CBC) enabling government ad campaigns. Restated standalone revenue from operations was ₹1,397.97 lakh in FY2023 (PAT ₹107.31 lakh) and ₹871.86 lakh for the seven months ended October 31, 2023 (PAT ₹115.27 lakh), with retail grocery chains such as Reliance Value Formats, More Supermarkets and Hypermarkets, Spencers and Spar named among its audio-advertising venues.
Company Analysis
from RHPRadiowalla Network Limited is a Bengaluru-headquartered, business-to-business (B2B) customer-engagement company that provides subscription-based in-store radio and corporate radio services along with audio and visual advertisement solutions spanning programmatic in-store audio advertising, digital out-of-home/digital signage, and static branding.
Radiowalla Network Limited was incorporated on July 30, 2010 as Venturenet Partners Private Limited, renamed Radiowalla Network Private Limited in April 2012, converted into a public limited company in November 2023, and shifted its registered office from Maharashtra to Bangalore, Karnataka. Started by Anil Srivatsa and Harvinderjit Singh Bhatia, it acquired Decibel Media (still its sole subsidiary) in 2013 to expand pan-India and serves clients domestically and internationally (India, MENA/UAE, Singapore, Mexico, Sri Lanka). It operates two verticals: Radio Engagement and Subscription Services — managed in-store radio (AI-driven licensed background music for malls, retailers, hospitals) and corporate radio (private channels carrying music plus internal announcements/news for employees) — charged to clients on a recurring periodic subscription; and Advertisement Solutions — point-of-sale programmatic audio advertising monetising its in-store radio inventory using technology from Location Media Xchange Pte. Ltd. on a revenue-sharing basis, Digital Out-of-Home (DOOH)/digital signage with cloud content management sold on subscription, and static branding/on-ground activations, with empanelment under DAVP (now CBC) enabling government ad campaigns. Restated standalone revenue from operations was ₹1,397.97 lakh in FY2023 (PAT ₹107.31 lakh) and ₹871.86 lakh for the seven months ended October 31, 2023 (PAT ₹115.27 lakh), with retail grocery chains such as Reliance Value Formats, More Supermarkets and Hypermarkets, Spencers and Spar named among its audio-advertising venues.
Objects of the Issue
- Investment in Technology (development/enhancement of the proprietary cloud-based in-store radio 'Platform' — software incl. AWS/ChatGPT costs, laptops and technology team — over ~18 months) Rs. 310.00 Lakh p.107
- Capital Expenditure for providing Visual advertising solutions — Active LED screens (incl. 6 of 18 screens contracted at Gujarat State Road Transport Corporation bus stations) and Android Media Players Rs. 190.00 Lakh p.110
- Working Capital Requirement Rs. 450.00 Lakhs p.113
- General Corporate Purposes (subject to utilization not exceeding 25% of the Net Proceeds) Rs. [●] Lakh (balance Net Proceeds; not disclosed) p.118
- Issue Related Expenses Estimated not to exceed Rs. [●] Lakh (not disclosed) p.119
Issue Structure
- Total Issue
- Up to 18,75,200 Equity Shares of face value of Rs. 10/- each, aggregating to Rs. [●] Lakhs (26.61% of post-issue paid-up capital)
- Fresh Issue
- 18,75,200 Equity Shares (entire Issue is a Fresh Issue)
- Offer for Sale
- NIL
- Price Band
- Floor Price of Rs. 72 per Equity Share to Cap Price of Rs. 76 per Equity Share (7.2x and 7.6x of the face value, respectively)
- Lot Size
- 1,600 Equity Shares and in multiples of 1,600 Equity Shares thereafter
- Face Value
- Rs. 10/- each
Business Model
Earns recurring subscription fees charged periodically to clients for managed In-Store Radio and Corporate Radio channels, supplemented by advertising revenues: point-of-sale/programmatic audio ads monetising its in-store radio inventory (delivered via LMX technology on a revenue-sharing basis), Digital Out-of-Home/digital signage solutions offered on subscription, static branding opportunities, and government campaigns through its DAVP/CBC empanelment.
Business Segments
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Anil Srivatsa | Promoter | 26.80% | 19.67% |
| Gurneet Kaur Bhatia | Promoter | 24.16% | 17.73% |
| Harvinderjit Singh Bhatia | Promoter | 4.76% | 3.50% |
| Tarvinder Jit Singh Bhatia | Promoter Group | 0.08% | 0.06% |
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.