Vinsys IT Services India
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 01 Aug 2023 – 04 Aug 2023
- Listing date
- 11 Aug 2023
- Face value
- ₹10 per share
- Issue price
- ₹128 per share
- Lot size
- 1,000 shares
- Issue type
- Book Building issue
- Total issue size
- ₹49.84 Cr
- Market cap at offer price
- ₹188 Cr
- Promoter holding
- 92.74% → 68.13% pre-issue → post-issue
- ISIN
- INE0OSJ01014
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- Beeline Capital Advisors Pvt.Ltd.
- Registered office
- S.No.28/11-12, Shivaji Niketan, C.T.S.No.458A, Tejas Housing Society, Kothrud, 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 |
|---|---|---|---|
| Anchor investor · within QIB | 11,08,000 | — | — |
| Market maker | 1,95,000 | — | — |
Application size
Minimum 1,000 shares per lot, in multiples, at ₹128
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,000 | ₹1,28,000 |
| S-HNI (min) | 2 | 2,000 | ₹2,56,000 |
| S-HNI (max) | 7 | 7,000 | ₹8,96,000 |
| B-HNI (min) | 8 | 8,000 | ₹10,24,000 |
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 (₹) | 15.01 | — |
| P/E (×) | 8.53 | — |
| Market cap | — | ₹188 Cr |
Key performance indicators
- Return on net worth
- 60.72%
- ROCE
- 51.46%
- Debt / equity
- 0.93
- PAT margin
- 15.83%
- NAV per share
- ₹24.73
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Vinsys IT Services India
Incorporated on January 11, 2008 as 'Vinsys IT Services India Private Limited' in Pune and converted into a public limited company on May 12, 2023, Vinsys IT Services India Limited is part of the Vinsys Group, which comprises 8 business entities with footprints in India, USA and Middle Eastern countries. The company is engaged in the IT business with core competencies in Training and Certifications, Digital Learning, Project Management and technology training; it is an ISO 9001:2015 certified organization with CMMIDEV/3 and ISO 27001:2013 certifications, offering 326 courses across 17 domains as a trusted partner of CompTIA, Hybris Software, EC-Council, Red Hat, Oracle, CISCO, IBM, PECB, Autodesk, Skillsoft, AWS, PMI, PRINCE2, ISACA, ITIL, PeopleCert, Citrix and Microsoft in more than 30 countries, with a strong presence in India, USA and UAE. It operates through five subsidiaries — 99%-owned Vikvins Consultants Private Limited (manpower supply, payroll processing and recruitment) and wholly owned Vinsys Information Technology Services LLC (Dubai), Vinsys Information Technology Consultants LLC (Abu Dhabi), Vinsys International Limited (Dubai) and Vinsys Corporation (USA) — plus one step-down subsidiary in Dubai. The company makes money by delivering corporate and educational training and certifications (online and offline, supported by infra-ready labs with a capacity of 2,400 delegates), digital learning solutions (OTS library of over 100,000 titles compatible with LMS and LXP platforms), IT development and software services (ERP solutions, DevOps practices, architectural consulting, integration and middleware), foreign language translation/training services, and manpower supply through Vikvins. For FY2023 (restated consolidated), revenue from operations was ₹9,485.01 lakhs with profit after tax of ₹1,501.38 lakhs; Training & Certifications contributed 59.47% of sales, Manpower Supply 15.73%, Digital Learning 12.79%, IT Development Services 9.43% and Foreign Language Services 2.57%.
Company Analysis
from RHPVinsys IT Services India Limited is a Pune-headquartered IT services company spanning corporate training and certifications, digital learning, IT development/software services, foreign language services, and manpower supply.
Incorporated on January 11, 2008 as 'Vinsys IT Services India Private Limited' in Pune and converted into a public limited company on May 12, 2023, Vinsys IT Services India Limited is part of the Vinsys Group, which comprises 8 business entities with footprints in India, USA and Middle Eastern countries. The company is engaged in the IT business with core competencies in Training and Certifications, Digital Learning, Project Management and technology training; it is an ISO 9001:2015 certified organization with CMMIDEV/3 and ISO 27001:2013 certifications, offering 326 courses across 17 domains as a trusted partner of CompTIA, Hybris Software, EC-Council, Red Hat, Oracle, CISCO, IBM, PECB, Autodesk, Skillsoft, AWS, PMI, PRINCE2, ISACA, ITIL, PeopleCert, Citrix and Microsoft in more than 30 countries, with a strong presence in India, USA and UAE. It operates through five subsidiaries — 99%-owned Vikvins Consultants Private Limited (manpower supply, payroll processing and recruitment) and wholly owned Vinsys Information Technology Services LLC (Dubai), Vinsys Information Technology Consultants LLC (Abu Dhabi), Vinsys International Limited (Dubai) and Vinsys Corporation (USA) — plus one step-down subsidiary in Dubai. The company makes money by delivering corporate and educational training and certifications (online and offline, supported by infra-ready labs with a capacity of 2,400 delegates), digital learning solutions (OTS library of over 100,000 titles compatible with LMS and LXP platforms), IT development and software services (ERP solutions, DevOps practices, architectural consulting, integration and middleware), foreign language translation/training services, and manpower supply through Vikvins. For FY2023 (restated consolidated), revenue from operations was ₹9,485.01 lakhs with profit after tax of ₹1,501.38 lakhs; Training & Certifications contributed 59.47% of sales, Manpower Supply 15.73%, Digital Learning 12.79%, IT Development Services 9.43% and Foreign Language Services 2.57%.
Objects of the Issue
- To Meet Working Capital Requirements ₹ 2,416.27 Lakhs p.73
- Repayment of loan to Subsidiary (Vikvins Consultants Private Limited) ₹ 390.00 Lakhs p.75
- Loan to Subsidiary (Vikvins Consultants Private Limited) for its working capital requirement ₹ 410.00 Lakhs p.75
- General Corporate Purposes p.76
- To meet Public Issue Expenses p.76
Issue Structure
- Total Issue
- 3894000 Equity Shares aggregating to ₹ [●] Lakhs
- Fresh Issue
- Fresh Issue of 3894000 Equity Shares aggregating up to ₹ [●] Lakhs (entire offer constitutes fresh issue; of which 195000 Equity Shares reserved for Market Maker, Net Issue 3699000 Equity Shares)
- Offer for Sale
- Nil
- Face Value
- ₹ 10/- each
Business Model
The company earns revenue primarily by providing B2B corporate training and certification programmes (billed against client purchase orders/work orders, with a trade receivable cycle of 3 to 3.5 months), supplemented by digital learning solutions (OTS library of over 100,000 titles compatible with LMS/LXP platforms), IT development and software services such as ERP, DevOps practices, integration and middleware, transition/migration and architecture consulting delivered under client mandates, foreign language services (training, translation, interpretation, localization, transcription, voiceover, subtitling), and manpower supply, payroll processing and recruitment services rendered through its 99%-owned subsidiary Vikvins Consultants Private Limited.
Business Segments
SWOT Analysis
- • Experienced promoters with 28 years combined industry experience(p.108)
- • Wide service portfolio - 326 courses across 17 domains plus digital learning and IT development services(p.108)
- • Global presence with partnerships with leading technology vendors in 30+ countries(p.108)
- • Quality accreditations (ISO 9001:2015 certified, CMMIDEV/3, ISO 27001)(p.108)
- • Marquee corporate clientele across continents(p.103)
- • Owned training infrastructure - multiple infra-ready labs with 2,400-delegate capacity(p.103)
- • Customer concentration - top 10 customers contributed up to 47.71% of sales(p.28)
- • No long-term contracts with customers; purely work-order based business(p.29)
- • Heavy dependence on Promoters and executive Directors for business performance(p.30)
- • History of net loss (FY22) alongside negative operating cash flows in prior fiscals(p.32)
- • None of the registered office, training centres or branch premises are owned - all on lease(p.26)
- • Pending litigation involving the Company, Promoters and Group Companies(p.27)
- • Past compliance lapses - delayed GST/TDS filings and typographic/clerical errors in RoC forms(p.31)
- • Stated strategy to expand into unexplored geographies(p.108)
- • Stated strategy to scale existing services across high-end and mid segments on rising demand(p.109)
- • Fast-growing Indian online education market (~20% CAGR)(p.95)
- • Indian edtech market expected to expand to US$ 30 billion by 2031(p.95)
- • Large digital skill-training demand pipeline (~3.9 billion trainings expected by 2025)(p.97)
- • Plan to bid aggressively for government and non-government software service contracts(p.73)
- • Manpower supply vertical (via Vikvins) exposed to a general staffing segment forecast to more than double by FY26(p.100)
- • Competition from organized and unorganized players pressuring volumes and margins(p.33)
- • Foreign currency exchange rate fluctuations on export and overseas-subsidiary revenue(p.31)
- • COVID-19 or any future pandemic / public health emergency disrupting operations(p.36)
- • Interest rate fluctuations raising cost of servicing debt(p.38)
- • Adverse global economic, geopolitical and political conditions beyond company control(p.38)
- • Natural calamities negatively impacting the Indian economy and business(p.38)
- • Changes in tax rates/slabs and government levies affecting profitability(p.38)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Vikrant Shivajirao Patil | Promoter | 31.81% | 23.37% |
| Vinaya Vikrant Patil | Promoter | 47.29% | 34.75% |
| Kunal Vikrant Patil | Promoter Group | 6.82% | 5.01% |
| Karan Vikrant Patil | Promoter Group | 6.82% | 5.01% |
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.