Shree OSFM E-Mobility
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 14 Dec 2023 – 18 Dec 2023
- Listing date
- 21 Dec 2023
- Face value
- ₹10 per share
- Issue price
- ₹65 per share
- Lot size
- 2,000 shares
- Issue type
- Fixed Price issue
- Total issue size
- ₹24.60 Cr
- Market cap at offer price
- ₹92.85 Cr
- Promoter holding
- 76.02% → 55.88% pre-issue → post-issue
- ISIN
- INE02S501018
- Registrar
- Bigshare Services Pvt.Ltd.
- Lead managers
- First Overseas Capital Ltd.
- Registered office
- 104, Green Park, Plot No.2 & 3, Sector 3, Opp.Ghansoli Rly Station, Ghansoli, 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 | 2,00,000 | — | — |
Application size
Minimum 2,000 shares per lot, in multiples, at ₹65
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 2,000 | ₹1,30,000 |
| S-HNI (min) | 2 | 4,000 | ₹2,60,000 |
| S-HNI (max) | 7 | 14,000 | ₹9,10,000 |
| B-HNI (min) | 8 | 16,000 | ₹10,40,000 |
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 (₹) | 2.94 | — |
| P/E (×) | 22.11 | — |
| Market cap | — | ₹92.85 Cr |
Key performance indicators
- Return on net worth
- 15.11%
- ROCE
- 21.00%
- Debt / equity
- 0.45
- PAT margin
- 3.74%
- EBITDA margin
- 9.97%
- NAV per share
- ₹19.48
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Shree OSFM E-Mobility
Shree OSFM E-Mobility Limited (formerly Om Sai Fleet Management (India) Private Limited) was incorporated on December 28, 2006 in Maharashtra, renamed Shree OSFM E-Mobility Private Limited on May 08, 2023, and converted to a public limited company on August 25, 2023. With over 16+ years of experience, the company provides employee transportation services to large MNCs in IT/ITES, Aviation, BFSI and other sectors, operating a largely 'asset light' model with a 1,475+ vehicle fleet (small cars, sedans, SUVs, luxury cars and buses) of which 217 are owned and the rest leased from vendors, across 42 sites in Mumbai, Navi Mumbai, Pune, Bengaluru and Kolkata. Its clients include major BPM players such as JP Morgan, Morgan Stanley, Cape Gemini, Accenture, Interglobe Aviation and Allstate. It earns revenue as Vehicle Hire Charges billed on monthly lease, per kilometre, per passenger trip and package parameters, alongside travel desk management, roster management, corporate event (MICE) logistics and fleet management services, all reported as a single 'vehicle rentals' segment. Total revenue grew from ₹2,978.51 lakhs (FY2021) to ₹8,261.01 lakhs (FY2023) with PAT of ₹309.09 lakhs in FY2023; for the six months ended September 30, 2023, total revenue was ₹5,597.09 lakhs and PAT ₹222.59 lakhs. Through this fixed-price IPO on the NSE EMERGE platform, it is raising ₹2,459.60 lakhs via a fresh issue to fund additional working capital, purchase 63 passenger vehicles, meet offer expenses and general corporate purposes.
Company Analysis
from RHPShree OSFM E-Mobility Limited provides employee transportation and fleet management (vehicle hire) services to large MNCs across major Indian cities, operating in the passenger/employee transportation vertical of India's fleet management (people logistics) industry.
Shree OSFM E-Mobility Limited (formerly Om Sai Fleet Management (India) Private Limited) was incorporated on December 28, 2006 in Maharashtra, renamed Shree OSFM E-Mobility Private Limited on May 08, 2023, and converted to a public limited company on August 25, 2023. With over 16+ years of experience, the company provides employee transportation services to large MNCs in IT/ITES, Aviation, BFSI and other sectors, operating a largely 'asset light' model with a 1,475+ vehicle fleet (small cars, sedans, SUVs, luxury cars and buses) of which 217 are owned and the rest leased from vendors, across 42 sites in Mumbai, Navi Mumbai, Pune, Bengaluru and Kolkata. Its clients include major BPM players such as JP Morgan, Morgan Stanley, Cape Gemini, Accenture, Interglobe Aviation and Allstate. It earns revenue as Vehicle Hire Charges billed on monthly lease, per kilometre, per passenger trip and package parameters, alongside travel desk management, roster management, corporate event (MICE) logistics and fleet management services, all reported as a single 'vehicle rentals' segment. Total revenue grew from ₹2,978.51 lakhs (FY2021) to ₹8,261.01 lakhs (FY2023) with PAT of ₹309.09 lakhs in FY2023; for the six months ended September 30, 2023, total revenue was ₹5,597.09 lakhs and PAT ₹222.59 lakhs. Through this fixed-price IPO on the NSE EMERGE platform, it is raising ₹2,459.60 lakhs via a fresh issue to fund additional working capital, purchase 63 passenger vehicles, meet offer expenses and general corporate purposes.
Objects of the Issue
- Funding additional working capital requirements ₹510.85 lakhs p.61
- Purchase of Passenger Vehicles (63 new vehicles of different variants and models) ₹1,221.78 lakhs p.63
- General Corporate Purposes ₹567.37 lakhs p.64
- Offer Expenses ₹159.60 lakhs p.64
Issue Structure
- Total Issue
- 37,84,000 Equity Shares at the Offer Price of ₹65 each aggregating ₹2,459.60 Lakhs
- Fresh Issue
- Fresh Issue of up to 37,84,000 Equity Shares aggregating ₹2,459.60 lakhs (includes Market Maker Reservation Portion of 2,00,000 Equity Shares aggregating ₹130.00 lakhs; Net Offer to public of 35,84,000 Equity Shares aggregating ₹2,329.60 lakhs)
- Offer for Sale
- N.A.
- Price Band
- Fixed Price Offer at ₹65 per Equity Share (6.50 times the face value of ₹10)
- Face Value
- ₹10 each
Business Model
Earns revenue from Vehicle Hire Charges billed to corporate clients under monthly lease, per-kilometre, per-passenger-trip and package operating parameters, deploying an asset-light fleet of 1,475+ vehicles (217 owned, remainder leased from vendors whose driver salaries, fuel, repairs and maintenance costs are borne by the vendors); ancillary offerings (travel desk, roster management, MICE event logistics, fleet management) are also booked as Vehicle Hire Charges.
Business Segments
SWOT Analysis
- • Asset-light business model operating a 1,475+ vehicle fleet (217 owned, rest leased from vendors)(p.76)
- • Well-established goodwill and long-term client relationships with marquee corporates(p.76)
- • Experienced Promoter team with strong industry expertise and track record since 2004(p.76)
- • Stringent quality assurance processes for inducting drivers and vehicles(p.77)
- • Over 16+ years of experience serving IT/ITES, Aviation and other sectors across 42 sites(p.13)
- • High customer concentration - top 5 customers contributed 64-77% of revenue(p.20)
- • No formal contracts with vendors/suppliers; they are not bound to deal exclusively with the Company(p.19)
- • Outstanding GST show cause cum demand notice of Rs. 75.92 Lakhs pending adjudication(p.18)
- • Negative cash flow from operating activities in recent fiscals (Rs. -67.13 Lakhs in FY2023)(p.22)
- • Total outstanding debt of Rs. 1,027.33 Lakhs with financing agreements containing restrictive covenants(p.22)
- • History of delays in filing GST returns and payment of EPF dues(p.21)
- • Business concentrated in Western India, particularly Maharashtra (Mumbai and Pune)(p.25)
- • Company logo/trademark not registered with trademark authorities(p.24)
- • Cross-sell travel desk, on-call taxi and holiday vehicle services to existing satisfied clients(p.77)
- • Expand the vendor/driver pool, aided by easy availability of vehicle financing(p.77)
- • Inorganic growth through acquisitions and joint ventures in new geographies/verticals(p.77)
- • Employee transportation demand set to increase - approx. 7 mn employees provided transportation in India(p.73)
- • Rising demand for EV vehicles from MNC customers driven by ESG compliance requirements(p.59)
- • Highly competitive passenger service industry with organized, unorganized players and minimal entry barriers(p.23)
- • Downturn in the Indian macroeconomic environment could hurt business and cash flows(p.28)
- • Vulnerability to pandemics/natural disasters - COVID-19 cut sales from Rs. 11,364.59 lakhs (FY2020) to Rs. 2,918.66 lakhs (FY2021)(p.28)
- • Evolving laws, regulations and legal uncertainties in jurisdictions of operation(p.28)
- • Global financial instability and foreign market turmoil impacting the Indian economy(p.29)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Ramnath Chandar Patil | Promoter | 35.24% | 25.90% |
| Nitin Bhagirath Shanbhag | Promoter | 31.26% | 22.98% |
| Sarita Anant Patil | Promoter Group | 4.76% | 3.50% |
| Manjushree Nitin Shanbhag | Promoter Group | 4.76% | 3.50% |
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.