Sattrix Information Security
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 05 Jun 2024 – 07 Jun 2024
- Listing date
- 12 Jun 2024
- Face value
- ₹10 per share
- Issue price
- ₹121 per share
- Lot size
- 1,000 shares
- Total issue size
- ₹21.78 Cr
- Market cap at offer price
- ₹82.28 Cr
- Promoter holding
- 100.00% → 73.53% pre-issue → post-issue
- ISIN
- INE0QUV01010
- Registrar
- Bigshare Services Pvt.Ltd.
- Lead managers
- ISK Advisors Pvt.Ltd.
- Registered office
- 28, Damubhai Colony, Bhattha Paldi, Gujarat
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 | 92,000 | — | — |
Application size
Minimum 1,000 shares per lot, in multiples, at ₹121
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,000 | ₹1,21,000 |
| S-HNI (min) | 2 | 2,000 | ₹2,42,000 |
| S-HNI (max) | 8 | 8,000 | ₹9,68,000 |
| B-HNI (min) | 9 | 9,000 | ₹10,89,000 |
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 (₹) | 8.00 | 5.46 |
| P/E (×) | 15.13 | 22.16 |
| Price to book (×) | 5.07 | — |
| Market cap | — | ₹82.28 Cr |
Key performance indicators
- Return on net worth
- 17.33%
- ROCE
- 20.93%
- Debt / equity
- 0.27
- PAT margin
- 8.26%
- NAV per share
- ₹28.94
- Price to book
- 5.07
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Sattrix Information Security
Incorporated in Ahmedabad on September 16, 2013 as Sattrix Information Security Private Limited and converted into a public limited company named Sattrix Information Security Limited in November 2023 (CIN U72200GJ2013PLC076845), the company develops customer-centric cybersecurity solutions and aims to deliver end-to-end cybersecurity services to enterprises in India, the USA and the Middle East (UAE). Its service lines comprise Managed Security Services (24x7 Security Operations Centre monitoring, vulnerability management, incident response, managed EDR, help desk, compliance monitoring), Assessment Services (vulnerability assessment, penetration testing, red teaming, anti-phishing, application security), IT infrastructure management (SIEM, UEBA, PAM, SSO, EDR, SOC consulting) and hybrid on-premise/cloud IT services. It operates through two wholly owned subsidiaries — Sattrix Information Security DMCC (Dubai, incorporated September 2018) and Sattrix Information Security Inc (USA) — and had 145 permanent employees as of October 2023. It earns revenue by rendering these services and by purchasing and deploying third-party security licences/products ('Purchase of Licenses' expense was ₹1,669.01 lakhs in FY2023 versus revenue from operations of ₹3,659.27 lakhs), with a major portion of revenue sourced from outside India; FY2023 consolidated total income was ₹3,775.65 lakhs and profit after tax ₹400.12 lakhs. The company holds ISO 9001:2015, ISO 27001:2013 and ISO/IEC 27001 certifications and has been recognized as CIO Review India's Company of the Year 2018 (Vertical Information Security) and Splunk's Best PS Partner 2022.
Company Analysis
from DRHPSattrix Information Security Limited is a cybersecurity and IT-services company that develops customer-centric cyber security solutions and delivers end-to-end cybersecurity services — managed security services, assessments & advisory, IT infrastructure management and hybrid IT — to enterprises across India, the Middle East (UAE) and the USA.
Incorporated in Ahmedabad on September 16, 2013 as Sattrix Information Security Private Limited and converted into a public limited company named Sattrix Information Security Limited in November 2023 (CIN U72200GJ2013PLC076845), the company develops customer-centric cybersecurity solutions and aims to deliver end-to-end cybersecurity services to enterprises in India, the USA and the Middle East (UAE). Its service lines comprise Managed Security Services (24x7 Security Operations Centre monitoring, vulnerability management, incident response, managed EDR, help desk, compliance monitoring), Assessment Services (vulnerability assessment, penetration testing, red teaming, anti-phishing, application security), IT infrastructure management (SIEM, UEBA, PAM, SSO, EDR, SOC consulting) and hybrid on-premise/cloud IT services. It operates through two wholly owned subsidiaries — Sattrix Information Security DMCC (Dubai, incorporated September 2018) and Sattrix Information Security Inc (USA) — and had 145 permanent employees as of October 2023. It earns revenue by rendering these services and by purchasing and deploying third-party security licences/products ('Purchase of Licenses' expense was ₹1,669.01 lakhs in FY2023 versus revenue from operations of ₹3,659.27 lakhs), with a major portion of revenue sourced from outside India; FY2023 consolidated total income was ₹3,775.65 lakhs and profit after tax ₹400.12 lakhs. The company holds ISO 9001:2015, ISO 27001:2013 and ISO/IEC 27001 certifications and has been recognized as CIO Review India's Company of the Year 2018 (Vertical Information Security) and Splunk's Best PS Partner 2022.
Objects of the Issue
- Capital expenditure – purchasing furniture, fixtures & air conditioning for new office at Ahmedabad ₹ 252.00 lakhs p.78
- Capital expenditure – purchase and installation of IT equipment, computer hardware, server, SAN storage, CCTV cameras, video conferencing equipment, networking (LAN) and other equipment ₹ 218.00 lakhs p.78
- Business expansion cost – development of new product & technology (advanced software using AI/ML) ₹ 756.00 lakhs p.85
- Business expansion cost – other business expansion cost (hiring senior resources to build a new-edge business unit and expand internationally) ₹ 212.00 lakhs p.86
- Additional working capital requirement ₹ 250.00 lakhs p.86
- General corporate purposes (strategic initiatives, partnerships, joint ventures and acquisitions, exigencies, brand promotion, etc.) p.89
Issue Structure
- Total Issue
- Upto 18,00,000 Equity Shares of ₹10 each aggregating to ₹ [●] Lakhs
- Fresh Issue
- Entire issue is a fresh issue – Upto 18,00,000 Equity Shares aggregating to ₹ [●] Lakhs
- Offer for Sale
- NIL
- Price Band
- Fixed Price Issue; Issue Price ₹ [●] per share (not disclosed)
- Face Value
- ₹ 10 each
Business Model
The company earns revenue by charging enterprise clients for cybersecurity engagements: time-priced contracts are billed as services are rendered, fixed-fee contracts are billed on milestone achievement, and product sales are recognised when risk and reward transfer; in practice it charges 10–25% of total project cost as advance/upfront fees and raises intermediate milestone-based invoices. Engagements frequently involve purchase and deployment of third-party security licences/software (its largest expense line is 'Purchase of Licenses'), and a major portion of revenue is sourced from outside India (UAE and USA subsidiaries serve those markets).
Business Segments
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Mrs. Ronak Sachin Gajjar | Promoter (Whole-Time Director & CFO) | 80.00% | 58.82% |
| Mr. Sachhin Kishorbhai Gajjaer | Promoter (Chairman & Managing Director) | 20.00% | 14.71% |
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.