Tridhya Tech
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 30 Jun 2023 – 05 Jul 2023
- Listing date
- 13 Jul 2023
- Face value
- ₹10 per share
- Issue price
- ₹42 per share
- Lot size
- 3,000 shares
- Issue type
- Book Building issue
- Total issue size
- ₹26.41 Cr
- Market cap at offer price
- ₹97.81 Cr
- Promoter holding
- 80.80% → 58.98% pre-issue → post-issue
- ISIN
- INE0LWY01029
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- Interactive Financial Services Ltd.
- Registered office
- 401, One World West, Near Ambli T-Junction 200' S.P.Ring Road, Bopal, 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 |
|---|---|---|---|
| Anchor investor · within QIB | 17,91,000 | — | — |
| Market maker | 3,15,000 | — | — |
Application size
Minimum 3,000 shares per lot, in multiples, at ₹42
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 3,000 | ₹1,26,000 |
| S-HNI (min) | 2 | 6,000 | ₹2,52,000 |
| S-HNI (max) | 7 | 21,000 | ₹8,82,000 |
| B-HNI (min) | 8 | 24,000 | ₹10,08,000 |
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 (₹) | 44.44 | — |
| P/E (×) | 0.95 | — |
| Market cap | — | ₹97.81 Cr |
Key performance indicators
- Return on net worth
- 22.37%
- ROCE
- 26.40%
- Debt / equity
- 0.49
- PAT margin
- 24.40%
- NAV per share
- ₹49.44
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Tridhya Tech
Tridhya Tech Limited (CIN U72900GJ2018PLC100733) was originally incorporated as Tridhya Tech Private Limited on February 02, 2018 at Ahmedabad and was converted into a public limited company on October 25, 2022. The company is engaged in full-service software development covering all IT services and resources, delivering turnkey consultancy to industries like e-commerce, real estate, transport & logistics and insurance, with offerings spanning e-commerce development, enterprise content management, bespoke web management, mobile app development, API development, product support & maintenance, front-end development and graphic design. It builds customised software products end-to-end — from initial concept and architecture design through coding, testing and final deployment — and provides post-deployment support, project management and consultation. The business is organised into two broad divisions: 'IT Solution Development & Maintenance' (time-based income) and 'IT Staff Augmentation' (fixed-basis income), under which skilled IT professionals are supplied to clients while remaining on the company's payroll. The company has grown inorganically, acquiring 100% of Contcentric IT Services Private Limited (January 2022), Basilroot Technologies Private Limited (December 2022) and Vedity Software Private Limited (December 2022) as wholly owned subsidiaries, and holds a 33% stake in associate Tridhya Tech GmbH. It serves international markets including Australia, Canada, Estonia, France, Germany, Israel, Italy, Japan, Mauritius, Netherlands, Qatar, Singapore, Switzerland, UAE, UK and USA, and domestic customers in Maharashtra, Gujarat, Punjab, Telangana and Karnataka, with 162 employees as of January 31, 2023 (211 permanent employees as of May 31, 2023). For the period ended December 31, 2022, consolidated revenue from operations was ₹1,370.94 lakhs with profit after tax of ₹284.81 lakhs, compared with ₹1,372.37 lakhs and ₹342.84 lakhs respectively for FY2021-22. The company is undertaking a 100% book-built initial public offering of 62,88,000 fresh equity shares of ₹10 face value for listing on the NSE Emerge platform.
Company Analysis
from RHPTridhya Tech Limited is an Ahmedabad-based full-service software development and IT services company providing e-commerce development, enterprise content management, bespoke web management, mobile app and API development, product support & maintenance, front-end development, graphic design, and IT staff augmentation services to industries such as e-commerce, real estate, transport & logistics and insurance.
Tridhya Tech Limited (CIN U72900GJ2018PLC100733) was originally incorporated as Tridhya Tech Private Limited on February 02, 2018 at Ahmedabad and was converted into a public limited company on October 25, 2022. The company is engaged in full-service software development covering all IT services and resources, delivering turnkey consultancy to industries like e-commerce, real estate, transport & logistics and insurance, with offerings spanning e-commerce development, enterprise content management, bespoke web management, mobile app development, API development, product support & maintenance, front-end development and graphic design. It builds customised software products end-to-end — from initial concept and architecture design through coding, testing and final deployment — and provides post-deployment support, project management and consultation. The business is organised into two broad divisions: 'IT Solution Development & Maintenance' (time-based income) and 'IT Staff Augmentation' (fixed-basis income), under which skilled IT professionals are supplied to clients while remaining on the company's payroll. The company has grown inorganically, acquiring 100% of Contcentric IT Services Private Limited (January 2022), Basilroot Technologies Private Limited (December 2022) and Vedity Software Private Limited (December 2022) as wholly owned subsidiaries, and holds a 33% stake in associate Tridhya Tech GmbH. It serves international markets including Australia, Canada, Estonia, France, Germany, Israel, Italy, Japan, Mauritius, Netherlands, Qatar, Singapore, Switzerland, UAE, UK and USA, and domestic customers in Maharashtra, Gujarat, Punjab, Telangana and Karnataka, with 162 employees as of January 31, 2023 (211 permanent employees as of May 31, 2023). For the period ended December 31, 2022, consolidated revenue from operations was ₹1,370.94 lakhs with profit after tax of ₹284.81 lakhs, compared with ₹1,372.37 lakhs and ₹342.84 lakhs respectively for FY2021-22. The company is undertaking a 100% book-built initial public offering of 62,88,000 fresh equity shares of ₹10 face value for listing on the NSE Emerge platform.
Objects of the Issue
- Repayment of unsecured and secured loans ₹ [●] (not disclosed) p.68
- General corporate purposes ₹ [●] (not disclosed; capped at 25.00% of gross proceeds) p.70
- Meeting Public Issue Expenses ₹161.00 lakhs p.70
Issue Structure
- Total Issue
- 62,88,000 Equity Shares of face value of ₹10 each aggregating to ₹ [●]
- Fresh Issue
- 62,88,000 Equity Shares at a price of Rs.[●] per equity share aggregating to Rs. [●] lakhs
- Face Value
- ₹10.00 per equity share
Business Model
The company earns revenue through two streams: (1) IT Solutions Development & Maintenance Services on a 'Time Base Income' model — designing, building and maintaining software applications, websites and APIs, with revenue recognised based on time and material and billed to clients per contract terms (fixed-price contracts recognised periodically based on units executed and delivered); and (2) IT Staff Augmentation on a 'Fixed Basis Income' model — supplying skilled IT professionals for specific client projects or periods who stay on the company's payroll, with the company responsible for salaries, taxes, benefits and employment administration.
Business Segments
SWOT Analysis
- • Experienced promoter with deep IT industry knowledge(p.88)
- • End-to-end IT services offered under a single umbrella(p.88)
- • Quality service driving customer retention and repeat orders(p.88)
- • Skilled team of ~162 qualified professionals(p.89)
- • Established presence across multiple international markets(p.82)
- • Inorganic growth via acquisitions brings in scarce skilled professionals(p.82)
- • Acquisitions of subsidiaries made at prices far above independent valuation(p.19)
- • No long-term customer contracts; business reliant on sustaining client relationships(p.22)
- • Negative operating cash flow in recent periods(p.29)
- • Unsecured loans from directors/relatives repayable on demand(p.30)
- • Heavy dependence on promoters and key managerial personnel(p.25)
- • Delayed statutory filings – GST returns and provident fund payments(p.27)
- • Sanction-letter condition breached; lender may recall ₹202.50 lacs loan(p.24)
- • Ongoing related-party transactions with potential conflicts of interest(p.32)
- • Inorganic growth strategy for faster expansion into new markets(p.89)
- • Expansion of service offerings across new technologies and verticals(p.89)
- • Targeting clients offering large total contract values(p.89)
- • Fast-growing Indian IT-BPM industry provides addressable market(p.78)
- • India's cost competitiveness sustains global offshoring demand(p.78)
- • Indian software product industry poised to scale significantly(p.82)
- • Severe global competition in software markets(p.26)
- • Rapid technological change; failure to adopt new technologies hurts business(p.26)
- • Foreign currency exchange rate fluctuations on international revenues (unhedged)(p.28)
- • Changes in regulatory framework in India and overseas jurisdictions(p.36)
- • Global economic and political conditions beyond company control(p.36)
- • Rising wages for IT professionals squeezing margins(p.31)
- • Cyber attacks and data-network vulnerabilities(p.27)
- • Changes in taxes and government levies impacting the industry(p.36)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Ramesh Marand | Promoter; Managing Director | 33.40% | 24.38% |
| Vinay Dangar | Promoter; Executive Director | 34.33% | 25.06% |
| Tridhya Consultancy LLP | Promoter (LLP; designated partners Ramesh Marand 90%, Bhavna Marand 10%) | 12.27% | 8.96% |
| Bhavna Marand | Promoter Group | 0.15% | 0.10% |
| Vinay Dangar HUF | Promoter Group | 0.15% | 0.10% |
| Suruchi Dangar | Promoter Group | 0.21% | 0.16% |
| Raj Ahir | Promoter Group; Non-Executive Director | 0.29% | 0.22% |
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.