Viviana Power Tech SME
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 05 Sep 2022 – 08 Sep 2022
- Listing date
- 16 Sep 2022
- Face value
- ₹10 per share
- Issue price
- ₹55 per share
- Lot size
- 2,000 shares
- Total issue size
- ₹8.80 Cr
- Market cap at offer price
- ₹32.84 Cr
- Promoter holding
- 99.99% → 73.20% pre-issue → post-issue
- ISIN
- INE0MEG01014
- Registrar
- Skyline Financial Services Pvt.Ltd.
- Lead managers
- Beeline Capital Advisors Pvt.Ltd.
- Registered office
- 313-315, Orchid Plaza, B/H Macdoland, Sama-Savli Road, 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 |
|---|---|---|---|
| Market maker | 84,000 | — | — |
Application size
Minimum 2,000 shares per lot, in multiples, at ₹55
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 2,000 | ₹1,10,000 |
| S-HNI (min) | 2 | 4,000 | ₹2,20,000 |
| S-HNI (max) | 9 | 18,000 | ₹9,90,000 |
| B-HNI (min) | 10 | 20,000 | ₹11,00,000 |
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 (₹) | 6.65 | — |
| P/E (×) | 8.27 | — |
| Market cap | — | ₹32.84 Cr |
Key performance indicators
- Return on net worth
- 43.06%
- ROCE
- 72.46%
- Debt / equity
- 0.96
- PAT margin
- 8.92%
- NAV per share
- ₹15.43
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Viviana Power Tech SME
Viviana Power Tech Limited, incorporated on December 30, 2014, is an Indian power sector company providing comprehensive services in power transmission, substation operations, testing and commissioning, power distribution network establishment, underground cable laying, and turnkey electrical system projects. The company operates in the power transmission and distribution space with capabilities spanning from high-voltage transmission line construction to substation upgrades and industrial electrical system supply and installation. The company has undergone significant transformation, converting from a private limited company to a public limited company in May 2022 to support its growth trajectory and capital requirements.
Company Analysis
from RHPViviana Power Tech Limited provides power transmission, distribution, and industrial EPC (engineering, procurement, and construction) services across electrical infrastructure sectors.
Viviana Power Tech Limited, incorporated on December 30, 2014, is an Indian power sector company providing comprehensive services in power transmission, substation operations, testing and commissioning, power distribution network establishment, underground cable laying, and turnkey electrical system projects. The company operates in the power transmission and distribution space with capabilities spanning from high-voltage transmission line construction to substation upgrades and industrial electrical system supply and installation. The company has undergone significant transformation, converting from a private limited company to a public limited company in May 2022 to support its growth trajectory and capital requirements.
Objects of the Issue
- To Meet Working Capital Requirement ₹700.00 Lakhs p.20
- General Corporate Expenses ₹115.00 Lakhs p.20
- Public Issue Expenses ₹65.00 Lakhs p.20
- To Meet Working Capital Requirement ₹700.00 Lakhs p.71
- General Corporate Expenses ₹115.00 Lakhs p.71
Issue Structure
- Total Issue
- ₹880.00 Lakhs
- Fresh Issue
- 16,00,000 Equity Shares of ₹10/- each at ₹55.00 per share aggregating ₹880.00 Lakhs
- Offer for Sale
- Nil
- Price Band
- ₹55.00 per Equity Share (Fixed Price Issue)
- Lot Size
- As per SEBI regulations for NSE EMERGE
- Face Value
- ₹10.00 per Equity Share
Business Model
The company generates revenue through Engineering, Procurement and Construction (EPC) contracts for power transmission and distribution projects, including services such as power transmission line construction, extra high voltage (EHV) substation development, testing and commissioning of transmission and distribution systems, power distribution network establishment, underground cable laying, system upgradation and modification, and turnkey electrical system supply and installation.
Business Segments
SWOT Analysis
- • Established track record spanning 7+ years demonstrating business viability and resilience(p.96)
- • ISO certifications across Quality, Environmental, and Occupational Health & Safety management systems(p.95)
- • Experienced management with significant industry tenure (37 years for MD, 10 years for WTD)(p.95)
- • Established client relationships generating repeat business from major customers(p.96)
- • Skilled professional workforce with expertise across transmission, distribution, and EPC services(p.96)
- • Experienced management with track record in power EPC sector(p.119)
- • ISO certified quality management systems(p.173)
- • Strong financial performance with 194% revenue growth over three years(p.175)
- • Improved profitability trajectory with net profit growing 194% from FY2020 to FY2022(p.175)
- • No labor disputes or unionization(p.116)
- • Business dependent on few customers with exposure to individual contract risks(p.26)
- • Substantial indebtedness with significant obligations and restrictive covenants(p.30)
- • Unregistered leased property for registered office vulnerable to termination(p.30)
- • Manpower-intensive business dependent on availability of skilled employees and contract labour(p.30)
- • Promoters hold 73.20% post-IPO with control over shareholder decisions(p.37)
- • Unsecured loans from NBFCs, banks, and directors can be recalled at any time(p.31)
- • Discrepancies and non-compliances in RoC filings and accounting standards(p.31)
- • Reliance on unverified affidavits for director educational qualifications(p.34)
- • Heavy dependence on suppliers for tower material, conductors, cables and accessories(p.98)
- • High working capital requirement as business is working capital intensive(p.72)
- • Limited geographical market reach despite spread across Indian markets(p.98)
- • Significant revenue concentration among top 5 customers (81.08% in FY2022)(p.103)
- • High debt-to-equity ratio of 0.96(p.179)
- • Concentrated customer base with top 10 customers contributing 87.30% of revenue(p.177)
- • Current ratio below 1.0 indicating liquidity pressure(p.165)
- • Material litigation pending with Bhupesh Mittal regarding disputed dues of Rs. 11.49 lakhs(p.180)
- • Promoters have provided personal guarantees for company debt(p.131)
- • Negative operating cash flow in FY2021(p.176)
- • India's rapidly increasing electricity demand requiring massive power infrastructure expansion(p.19)
- • Strategy focused on optimal resource utilization and customer relationship development(p.31)
- • Expansion into new geographic regions and service areas to diversify revenue base(p.98)
- • Growth potential in Indian power transmission and renewable energy sectors with massive capacity additions planned(p.91)
- • Opportunity to provide value-added services beyond core EPC offerings(p.98)
- • Government initiatives and thrust for power infrastructure development driving increased demand(p.98)
- • Growth potential in power transmission and distribution EPC market(p.173)
- • Expansion into renewable energy sector(p.173)
- • Geographic expansion capabilities through multiple GST registrations across states(p.184)
- • Under-construction projects subject to cost overruns and delays(p.26)
- • Power sector subject to political, regulatory, and policy risks beyond company control(p.26)
- • Fixed fee structure limits ability to offset rising operation and maintenance costs(p.27)
- • Opposition from local communities may delay and increase project costs(p.28)
- • Risks from construction, operation of transmission systems causing injury and disruption(p.27)
- • Counterparty credit risk from potential delays or non-payment by clients(p.30)
- • Significant economic downturn from COVID-19 pandemic affecting business(p.31)
- • Dependence on India's economic conditions and vulnerability to macroeconomic factors(p.34)
- • Natural and man-made disasters could adversely affect operations and financial condition(p.40)
- • Intense competition from established large players including KEC International and Kalpataru Power Transmission(p.105)
- • No entry barriers enabling threat from new competitors in the industry(p.98)
- • Rising labor wages increasing operational costs(p.98)
- • Government policy changes potentially affecting transmission sector dynamics(p.98)
- • COVID-19 pandemic continuing to impact business operations(p.173)
- • Government and regulatory policy changes affecting power sector(p.177)
- • Significant competition in power EPC sector(p.177)
- • Delays and cost overruns in construction projects(p.173)
- • Inflation and interest rate volatility impacting costs(p.173)
- • Outstanding tax demand of Rs. 6.74 lakhs from Income Tax Authority(p.180)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Mr. Nikesh Kishorchandra Choksi | Promoter | 95.65% | 70.02% |
| Mr. Richi Nikeshbhai Choksi | Promoter | 2.17% | 1.59% |
| Mrs. Priyanka Richi Choksi | Promoter | 2.17% | 1.59% |
| Mr. Nikesh Kishorchandra Choksi | Promoter & Managing Director | 95.65% | 70.02% |
| Mr. Richi Nikeshbhai Choksi | Promoter & Whole-time Director | 2.17% | 1.59% |
| Mrs. Priyanka Richi Chokski | Promoter & CFO | 2.17% | 1.59% |
| Mr. Nikesh Kishorchandra Choksi | Promoter | 95.65% | — |
| Mr. Richi Nikeshbhai Choksi | Promoter | 2.17% | — |
| Mrs. Priyanka Richi Choksi | Promoter | 2.16% | — |
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.