Steelman Telecom SME
SME₹26.02 Cr issue
+67.71%
Listing gain over issue price
Issue size
₹26.02 Cr
1 lot at cut-off
₹1,15,200
Lot size
1,200shares
Open
26 Sep 2022
Close
29 Sep 2022
Allotment
07 Oct 2022
Listing
10 Oct 2022
Listing performance
Issue price
₹96
Listed at
₹161
Listing-day close
₹169.05
Latest price
₹69
Close on 19 Oct 2026
Listing gain
+67.71%
Return since issue
-28.13%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 26 Sep 2022 – 29 Sep 2022
- Listing date
- 10 Oct 2022
- Face value
- ₹10 per share
- Issue price
- ₹96 per share
- Lot size
- 1,200 shares
- Total issue size
- ₹26.02 Cr
- Market cap at offer price
- ₹92.89 Cr
- Promoter holding
- 100.00% → 71.98% pre-issue → post-issue
- ISIN
- INE0MSK01016
- Registrar
- Bigshare Services Pvt.Ltd.
- Lead managers
- Gretex Corporate Services Ltd.
- Registered office
- Rishi Tower, Premises No.02-315, Street No.315, New Town, West Bengal
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 | 0 | — | — |
| Market maker | 1,35,600 | — | — |
Application size
Minimum 1,200 shares per lot, in multiples, at ₹96
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,200 | ₹1,15,200 |
| S-HNI (min) | 2 | 2,400 | ₹2,30,400 |
| S-HNI (max) | 8 | 9,600 | ₹9,21,600 |
| B-HNI (min) | 9 | 10,800 | ₹10,36,800 |
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.
Shares allocated
0
Anchor portion
₹0 Cr
at ₹96 per share
Valuation and performance
Valuation at offer price
₹96 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 5.23 | — |
| P/E (×) | 18.36 | — |
| Market cap | — | ₹92.89 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 25.74%
- ROCE
- 35.78%
- Debt / equity
- 0.97
- PAT margin
- 3.95%
- NAV per share
- ₹30.90
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Steelman Telecom SME
Steelman Telecom Limited, originally incorporated as 'Dwarka Prasad Bindal & Sons Hotels Private Limited' in 2003, was renamed to its current name in 2008 and converted to a public limited company in 2022. The company is headquartered in Kolkata with branch offices in Bhubaneswar and Gurgaon, and has a PAN India presence through project sites across telecom circles. The company provides end-to-end network & technology service solutions to telecom operators and original equipment manufacturers, leveraging its technically skilled workforce and ISO 9001:2015 certification to deliver quality services that improve network coverage, capacity, and quality while enhancing subscriber experience.
Company Analysis
from RHPSteelman Telecom Limited provides network support services and solutions to the Indian telecom industry, spanning network survey, planning, installation, commissioning, testing, optimization, and managed services.
Steelman Telecom Limited, originally incorporated as 'Dwarka Prasad Bindal & Sons Hotels Private Limited' in 2003, was renamed to its current name in 2008 and converted to a public limited company in 2022. The company is headquartered in Kolkata with branch offices in Bhubaneswar and Gurgaon, and has a PAN India presence through project sites across telecom circles. The company provides end-to-end network & technology service solutions to telecom operators and original equipment manufacturers, leveraging its technically skilled workforce and ISO 9001:2015 certification to deliver quality services that improve network coverage, capacity, and quality while enhancing subscriber experience.
TelecommunicationsNetwork ServicesInfrastructure Support Services
Objects of the Issue
- Investment In Subsidiary ₹500.00 Lakhs p.23
- Working Capital Requirements ₹800.00 Lakhs p.23
- General Corporate Purpose ₹409.88 Lakhs p.23
- Investment in Subsidiary ₹500.00 Lakhs p.80
- Working Capital Requirements ₹800.00 Lakhs p.80
- General Corporate Purposes ₹409.88 Lakhs p.80
- Not explicitly stated in this section of the prospectus
Issue Structure
- Total Issue
- ₹2,602.36 Lakhs
- Fresh Issue
- ₹1,821.31 Lakhs (18,97,200 Equity Shares)
- Offer for Sale
- ₹781.05 Lakhs (8,13,600 Equity Shares)
- Price Band
- ₹96.00 per Equity Share (including premium of ₹86.00 per Equity Share)
- Lot Size
- 1,200 shares, in multiples of 1,200 thereafter
- Face Value
- ₹10.00 per Equity Share
Business Model
Steelman Telecom earns revenue by providing services for Network Survey and Planning, Installation and Commissioning, Network Testing and Optimization, Network Solutions and Managed Services for network maintenance to telecom industry clients. The company operates on a case-to-case basis, providing end-to-end solutions tailored to individual customer requirements.
Business Segments
Surveying and planning network infrastructure for telecom operators and equipment manufacturers
Installing and commissioning network infrastructure
Testing and optimizing network performance
Providing network solutions and maintenance services
Installation, Commissioning & Integrating of Telecom equipment along with switches and routers including all the activities needed to make a base transmission system operational and to function as a part of a telecommunication network. Specializes in installation of Microwave Antenna, GSM Communications Antennas along with BTS and other network related equipment at cell sites.
RF testing simulates multiple radio frequencies across the spectrum to ensure devices with integrated wireless technologies function seamlessly. Supports network quality maintenance through KPI testing, drive test analysis, VOLTE performance analysis, dropped call analysis, interreference analysis, traffic and throughput analysis, and worst cell analysis.
Offers end-to-end solutions for EPCM projects. Deploys engineers and skilled labourers to deliver various projects for clients including creation of warehouses, tower sites, NOC centers, consumer experience centers, and showrooms for both greenfield and brownfield projects.
Day-to-day operation, upkeep and upgradation of network equipment to ensure performance is maintained at agreed SLA and KPI levels. Supports OEMs and telecom players in management of cell sites and NOC infrastructure with a focus on 99.5% uptime. Includes software and hardware upgrades, NOC management, preventive and corrective maintenance, and 24/7/365 service assurance.
Provides manpower outsourcing and payrolling services to OEMs and telecom players with a network of skilled engineers, technicians, and riggers. Offers customized professional and third-party training including height training for tower climbing and electrical training for safety.
Offers new generation tech offerings in managed services using artificial intelligence and services automation for cost reduction and better KPI achievement. Provides services for 5G enabling including big data and data science services, services integration on 5G networks, security solutions for cloud and 5G networks, and Internet of Things (IoT) services.
Provides Network Survey and Planning, Installation and Commissioning, Network Testing and Optimization, Network Solutions and Managed Services for network maintenance
Based on Accounting Standard 17 on Segment Reporting, the company has only one reportable business segment which is construction contract and works contract.
SWOT Analysis
Strengths
- • ISO 9001:2015 certified with commitment to quality and safety(p.22)
- • End-to-end network service solutions covering entire technology spectrum(p.22)
- • Proven track record of quality execution recognized by clients(p.22)
- • Skilled technical field workforce for effective project planning and execution(p.22)
- • Pan-India presence with headquarters and strategic branch locations(p.22)
- • Experienced management and skilled workforce(p.104)
- • Established relationships with major telecom operators and OEMs(p.104)
- • Comprehensive end-to-end telecom support services across technology spectrum(p.104)
- • Track record of timely project delivery(p.104)
- • ISO certifications across quality, security, IT service management, and health/safety(p.101)
- • Pan-India presence with project sites across multiple telecom circles(p.101)
- • ISO 9001:2015 certification demonstrates quality commitment(p.115)
- • End-to-end telecom service capabilities across the value chain(p.115)
- • Technically skilled field workforce for effective project execution(p.115)
- • Pan-India presence with established operational infrastructure(p.115)
- • Proven track record of almost two decades in telecom services(p.115)
Weaknesses
- • Dependence on limited number of customers for majority of revenue(p.29)
- • Absence of long-term agreements with clients(p.30)
- • No trademark registration for company name and logo(p.37)
- • Negative operating cash flow in certain years(p.35)
- • High financial leverage and debt obligations(p.23)
- • Past instances of regulatory non-compliance and filing delays(p.31)
- • Dependence on a limited number of major clients in telecom sector(p.104)
- • Exposure to dependence on OEM and telecom operator relationships(p.102)
- • Lack of intellectual property ownership(p.108)
- • No export base; entirely dependent on domestic Indian market(p.107)
- • High short-term borrowings relative to equity(p.148)
- • Dependence on a narrow customer base in telecom sector(p.115)
- • Significant gratuity liability accumulation over time(p.148)
- • High customer concentration—top 5 customers account for 90.33% of revenue(p.180)
- • Significant financial indebtedness of ₹1,489.08 Lakhs as of March 31, 2022(p.179)
- • Ongoing tax proceedings against company and directors with outstanding demands(p.182)
- • Outstanding litigation case filed against company under Contract Labour Act(p.183)
- • Negative operating cash flow of (₹206.35) Lakhs in FY 2021-22(p.177)
Opportunities
- • Rapidly growing Indian telecom market with strong GDP contribution(p.22)
- • Explosive growth in broadband and data subscriptions(p.22)
- • Rising data consumption and app download trends(p.22)
- • Government support through liberal FDI policies and regulatory framework(p.22)
- • Expansion through new business models and service diversification(p.35)
- • 5G network expansion and upgrade cycle in India(p.105)
- • Expansion into new generation technologies including AI, IoT, and cloud services(p.104)
- • Geographic expansion into Asia Pacific region(p.105)
- • Strengthening technical capabilities in new technologies(p.105)
- • Growing Indian telecom sector with strong government support(p.96)
- • Government initiatives for telecom infrastructure expansion and PLI schemes(p.93)
- • Expansion of 4G and emerging 5G network rollout across India(p.116)
- • Growing demand for managed services for network maintenance(p.115)
- • New business vertical in electric vehicle charging infrastructure(p.117)
- • Revenue growth momentum from ₹100+ crores achieved in FY2022(p.116)
- • Rapid recovery from pandemic driving revenue growth of 13.24% in FY 2021-22(p.174)
- • Profit before tax increased 207.77% to ₹533.30 Lakhs in FY 2021-22 from ₹173.28 Lakhs(p.175)
- • Improved debt-to-equity ratio from 1.49 in FY 2019-20 to 0.97 in FY 2021-22(p.178)
- • Company engaged in high-growth telecom services sector—Network Survey, Installation, Testing, and Managed Services(p.180)
Threats
- • Intense competition from organized and unorganized players(p.29)
- • COVID-19 pandemic impact on business and operations(p.28)
- • Exposure to project delays and cost overruns(p.31)
- • Dependency on external contractors and service providers(p.31)
- • Vulnerability to regulatory changes and compliance risks(p.42)
- • Macroeconomic risks and market volatility in India(p.34)
- • Severe weather conditions and natural disasters impacting operations(p.34)
- • Competition from local unorganized players and major organized telecom service providers(p.107)
- • Dependence on telecom operator capital expenditure cycles and investment decisions(p.105)
- • Global economic slowdown and war impacts affecting telecom investments(p.91)
- • Regulatory changes in telecom sector affecting operator profitability and investment(p.99)
- • Technology obsolescence risk requiring continuous R&D investment(p.105)
- • Dependence on availability of skilled workforce in competitive labor market(p.105)
- • Telecom sector cyclicality and project-dependent revenue stream(p.115)
- • Regulatory changes in telecom and employment laws(p.111)
- • Environmental compliance requirements and pollution control standards(p.113)
- • Competition and anti-competitive practices regulation(p.113)
- • Market risk from adverse changes in interest rates affecting debt service obligations(p.179)
- • Inflationary pressures on raw material costs and wages(p.179)
- • Credit risk from customer non-payment(p.179)
- • Intense competition from Indian and international financial service providers(p.180)
- • Slowdown in Indian economy or volatility in global commodity prices could materially affect operations(p.180)
- • Inability to fully pass through cost increases to customers(p.180)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Mr. Mayank Bindal | Promoter | 38.46% | — |
| Promoter Group | Promoter Group | 61.54% | — |
| Mr. Mayank Bindal | Promoter | 38.46% | 26.71% |
| Mr. Mahendra Bindal | Promoter Group | 18.28% | 10.49% |
| Mr. Girish Bindal | Promoter Group | 14.42% | 11.59% |
| Ms. Deep Shikha Bindal | Promoter Group | 4.81% | 3.86% |
| Ms. Manjushree Bindal | Promoter Group | 4.81% | 3.86% |
| Ms. Saloni Bindal | Promoter Group | 9.61% | 7.73% |
| Ms. Shruti Bindal | Promoter Group | 9.61% | 7.73% |
| Mr. Mayank Bindal | Promoter | 38.46% | — |
| Mahendra Bindal | Promoter | 14.61% | 11.01% |
| Mayank Bindal | Promoter | 30.74% | 23.23% |
| Mahendra Bindal | Promoter | — | — |
| Mayank Bindal | Selling Shareholder | — | — |
Leadership
Mr. Mahendra Bindal · Managing Director
Mr. Girish Bindal · Chairman & Executive Director
Ms. Nidhi Goyal · Company Secretary and Compliance Officer
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.
Steelman Telecom SME IPO FAQs
What is the lot size of Steelman Telecom SME IPO?
The minimum lot size of Steelman Telecom SME IPO is 1,200 shares. One lot costs ₹1,15,200 at the cut-off price.
When does Steelman Telecom SME IPO open and close?
Steelman Telecom SME IPO opened for subscription on 26 Sep 2022 and closed on 29 Sep 2022.
What is the listing date of Steelman Telecom SME IPO?
Steelman Telecom SME IPO listed on 10 Oct 2022.