Trident Techlabs
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 21 Dec 2023 – 26 Dec 2023
- Listing date
- 29 Dec 2023
- Face value
- ₹10 per share
- Issue price
- ₹35 per share
- Lot size
- 4,000 shares
- Issue type
- Book Building issue
- Total issue size
- ₹16.03 Cr
- Market cap at offer price
- ₹60.48 Cr
- Promoter holding
- 92.48% → 67.97% pre-issue → post-issue
- ISIN
- INE0QD201012
- Registrar
- Maashitla Securities Pvt.Ltd.
- Lead managers
- GYR Capital Advisors Pvt.Ltd.
- Registered office
- 1/18-20, 2nd floor, White House, Rani Jhansi Road, New Delhi
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 | 12,04,000 | — | — |
| Market maker | 3,60,000 | — | — |
Application size
Minimum 4,000 shares per lot, in multiples, at ₹35
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 4,000 | ₹1,40,000 |
| S-HNI (min) | 2 | 8,000 | ₹2,80,000 |
| S-HNI (max) | 7 | 28,000 | ₹9,80,000 |
| B-HNI (min) | 8 | 32,000 | ₹11,20,000 |
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 (₹) | 4.72 | — |
| P/E (×) | 7.42 | — |
| Market cap | — | ₹60.48 Cr |
Key performance indicators
- Return on net worth
- 29.36%
- ROCE
- 23.67%
- Debt / equity
- 0.84
- PAT margin
- 8.24%
- NAV per share
- ₹67.56
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Trident Techlabs
Trident Techlabs Limited (formerly Trident Techlabs Private Limited) was incorporated on May 9, 2000 in New Delhi under the Companies Act, 1956 and converted into a public limited company (fresh certificate dated May 30, 2023) ahead of this book-built IPO on the NSE EMERGE platform. It is promoted by Sukesh Chandra Naithani (Executive Director, CEO & CFO) and Praveen Kapoor (Managing Director), who have led the company since inception. The company operates two divisions: an Engineering Solutions division supplying design-automation tools and services (system-/chip-level electronics design, embedded design, PCB design, FPGA/ASIC/SOC verification, hydraulics/pneumatics, system modelling, reliability, power electronics, electromagnetic simulations) to industrial and government-research customers and to engineering colleges, and a Power Solutions division providing software, hardware and engineering consultancy for power distribution, transmission and industrial power systems, including network analysis, GPS-based mapping/GIS and equipment-safety studies. It earns revenue mainly through documented (typically yearly) business alliances with OEMs of computer-aided engineering tools — sourcing the tools and supplying them in India bundled with training, maintenance, application support and on-site manpower deployment — alongside direct consultancy engagements and technical education offered largely as a support service. Its client base spans over 300 organisations in Engineering Solutions and more than 150 in Power Systems Solutions, including government entities procured via tenders, in India and overseas (South-East Asia, Middle East, China, Bangladesh, Sri Lanka). With about 84 employees (36 engineers, 18 in sales & marketing), a registered office in New Delhi and branch/marketing offices in Bengaluru, Kolkata and Pune, it reported standalone revenue of ₹6,734.71 lakhs and PAT of ₹554.81 lakhs in FY2023, and revenue of ₹2,101.93 lakhs with PAT of ₹266.13 lakhs for the seven months ended October 31, 2023 (top five clients contributed 86.73% of FY2023 revenues).
Company Analysis
from RHPTrident Techlabs Limited offers custom-built technology solutions — engineering design-automation software and services plus power-system engineering solutions — to corporates in the aerospace, defence, automotive, telecom, medical, semiconductor and power distribution sectors.
Trident Techlabs Limited (formerly Trident Techlabs Private Limited) was incorporated on May 9, 2000 in New Delhi under the Companies Act, 1956 and converted into a public limited company (fresh certificate dated May 30, 2023) ahead of this book-built IPO on the NSE EMERGE platform. It is promoted by Sukesh Chandra Naithani (Executive Director, CEO & CFO) and Praveen Kapoor (Managing Director), who have led the company since inception. The company operates two divisions: an Engineering Solutions division supplying design-automation tools and services (system-/chip-level electronics design, embedded design, PCB design, FPGA/ASIC/SOC verification, hydraulics/pneumatics, system modelling, reliability, power electronics, electromagnetic simulations) to industrial and government-research customers and to engineering colleges, and a Power Solutions division providing software, hardware and engineering consultancy for power distribution, transmission and industrial power systems, including network analysis, GPS-based mapping/GIS and equipment-safety studies. It earns revenue mainly through documented (typically yearly) business alliances with OEMs of computer-aided engineering tools — sourcing the tools and supplying them in India bundled with training, maintenance, application support and on-site manpower deployment — alongside direct consultancy engagements and technical education offered largely as a support service. Its client base spans over 300 organisations in Engineering Solutions and more than 150 in Power Systems Solutions, including government entities procured via tenders, in India and overseas (South-East Asia, Middle East, China, Bangladesh, Sri Lanka). With about 84 employees (36 engineers, 18 in sales & marketing), a registered office in New Delhi and branch/marketing offices in Bengaluru, Kolkata and Pune, it reported standalone revenue of ₹6,734.71 lakhs and PAT of ₹554.81 lakhs in FY2023, and revenue of ₹2,101.93 lakhs with PAT of ₹266.13 lakhs for the seven months ended October 31, 2023 (top five clients contributed 86.73% of FY2023 revenues).
Objects of the Issue
- Funding the working capital requirements of our Company Upto ₹ 1200.00 lakhs p.78
- General Corporate Purposes p.81
Issue Structure
- Total Issue
- Up to 45,80,000 Equity Shares of face value of ₹ 10/- each at a price of ₹ [●] per Equity Share aggregating up to ₹ [●] lakhs
- Fresh Issue
- Up to 45,80,000 equity shares of face value of ₹ 10/- each aggregating up to ₹ [●] lakhs
- Offer for Sale
- Nil
- Face Value
- ₹ 10/-
Business Model
Revenue is earned from (i) business alliances with OEMs of computer-aided engineering tools, under which the company sources the tools and supplies them in India with value-added services — training on tool usage, maintenance within clients' IT ecosystems, application to real-life projects and on-site deployment of manpower; (ii) engineering consultancy services for the power sector (transmission/distribution/industrial power-system planning studies, predictive network analyses, GPS-based network mapping, GIS creation, energy auditing/loss reduction and equipment-safety reports); and (iii) technical education/training, generally provided as a support service rather than a high-revenue activity. Billings comprise both sale of goods (software/hardware) and sale of services to government and private clients, with government customers typically awarding work through tender/bidding processes.
Business Segments
SWOT Analysis
- • Wide product portfolio of customised products, tools and services across Engineering and Power System Solutions(p.122)
- • Large, diverse and sticky customer base in India and overseas(p.123)
- • Niche market position in computer-aided engineering tools(p.96)
- • Strong growth track record driven by power sector demand(p.96)
- • Pan-India installation base at defence and space research organisations(p.96)
- • Customer-centric support and training services(p.123)
- • Experienced promoter-led management with long industry tenure(p.124)
- • High revenue concentration in a few clients(p.26)
- • Substantial outstanding borrowings including large unsecured loans recallable at any time(p.32)
- • History of negative cash flows in operating, investing and financing activities(p.29)
- • Past lapses/discrepancies in statutory allotment-related filings (2006-2013)(p.28)
- • History of delayed GST return filings attracting late fees/interest(p.30)
- • Dependence on a small pool of engineers and technical personnel (84 employees, 36 engineers)(p.27)
- • No advance payment/security deposit model, straining working capital via receivables(p.29)
- • Continued dominant promoter/promoter group control post-Issue (92.48%)(p.34)
- • Deepening international presence in Middle East and North Africa(p.124)
- • Outsourcing opportunity from state power utilities under RDSS; advanced-stage client discussions in three states(p.124)
- • 'Make in India'-driven upsurge in defence/space design activity boosting demand for its design software and support services(p.124)
- • Sustained power demand growth outlook (3-6% FY24; above 5% historical trend)(p.101)
- • Large projected power sector investment pipeline (Rs 25.5-26 trillion over six years)(p.110)
- • Large addressable Indian education industry for Engineering Solutions division(p.112)
- • Oligopolistic competitive landscape with large entrenched players (CG Coral, Crolin, Siemens India, ETAP)(p.97)
- • Risk of new/emerging lower-cost, less-customisable technologies displacing its solutions(p.27)
- • Evolving regulation and legal/tax uncertainties (e.g., GST regime, Finance Act, GAAR)(p.40)
- • Potential downgrade of India's sovereign debt rating impairing financing access/cost(p.42)
- • Intense competition for skilled engineering talent raising retention costs(p.27)
- • No assurance of an active/liquid trading market for the Equity Shares post-listing(p.39)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Sukesh Chandra Naithani | Promoter | 37.01% | — |
| Praveen Kapoor | Promoter | 35.21% | — |
| Vallari Naithani | Promoter Group | 9.21% | — |
| Sant Ram Kapoor | Promoter Group | 11.00% | — |
| Sarad Chandra Naithani | Promoter Group | 0.01% | — |
| Sonika Kapoor | Promoter Group | 0.04% | — |
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.