Wherrelz IT Solutions SME
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 16 Dec 2021 – 21 Dec 2021
- Listing date
- 29 Dec 2021
- Face value
- ₹10 per share
- Issue price
- ₹171 per share
- Lot size
- 800 shares
- Total issue size
- ₹2.01 Cr
- Market cap at offer price
- ₹6.66 Cr
- Promoter holding
- 29.41% → 20.53% pre-issue → post-issue
- ISIN
- INE0IM001015
- Registrar
- Bigshare Services Pvt.Ltd.
- Lead managers
- Fedex Securities Pvt.Ltd.
- Registered office
- Plot No.15, Road 10, Sec-1, New Panvel East, Raigarh, 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 |
|---|---|---|---|
| Market maker | 7,200 | — | — |
Application size
Minimum 800 shares per lot, in multiples, at ₹171
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 800 | ₹1,36,800 |
| S-HNI (min) | 2 | 1,600 | ₹2,73,600 |
| S-HNI (max) | 7 | 5,600 | ₹9,57,600 |
| B-HNI (min) | 8 | 6,400 | ₹10,94,400 |
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 |
|---|---|---|
| Market cap | — | ₹6.66 Cr |
About Wherrelz IT Solutions SME
Wherrelz IT Solutions Limited ('WITS') was originally incorporated as Wherrelz IT Solutions Private Limited on December 19, 2014 in Maharashtra and was converted into a public limited company with effect from a fresh certificate of incorporation dated July 12, 2021; its registered office is at Plot No. 15, Road 10, Sec-1, New Panvel East, Navi Mumbai. The company is promoted by Mr. Chaitanya Dhareshwar (about 16 years of experience) and Mrs. Sumanlata Dhareshwar (about 14 years of experience) in networking, software design, quality assurance, product development and internet technology. Together with its subsidiary Infinitybeam IOT Labs Private Limited (in which it holds 39,998 equity shares, i.e., 80.00%), it develops and maintains web-centric, multi-spectrum IT products and provides IT consultancy, delivering CRM/ERP (its strongest product being WowBerry CRM/ERP at www.wowberry.in), e-commerce, API integration, mobile apps and progressive web apps, cyber security and DR/BCP, billing/invoicing/receipting, IoT, artificial intelligence/machine learning, product building, real-time communication and digital signage solutions through standard or customised software development models for enterprises in sectors such as e-commerce, education, fintech, healthcare and social networking. It earns revenue from IT consulting contracts — software development, domain hosting and other hosting services and reimbursement of project expenses — recognised on accrual basis through regular invoices raised on clients per agreement terms, and typically works on an order-to-order basis through work orders rather than long-term contracts; its top two customers accounted for approximately 96.35% of net sales in FY2020-21. Restated consolidated total revenue was ₹20.47 lakhs in FY2021 (profit after tax ₹1.44 lakhs) and ₹7.43 lakhs for the period ended June 30, 2021 (loss after tax ₹15.38 lakhs). As on the Prospectus date it had 13 employees and operates from a registered office provided rent-free by promoter Mr. Chaitanya Dhareshwar.
Company Analysis
from RHPWherrelz IT Solutions Limited, along with its subsidiary Infinitybeam IOT Labs Private Limited, is engaged in web-centric, multi-spectrum IT product development, maintenance and IT consultancy, providing services such as enterprise risk management, ERP, e-commerce, APIs, cyber security, Internet of Things and cloud-based tools.
Wherrelz IT Solutions Limited ('WITS') was originally incorporated as Wherrelz IT Solutions Private Limited on December 19, 2014 in Maharashtra and was converted into a public limited company with effect from a fresh certificate of incorporation dated July 12, 2021; its registered office is at Plot No. 15, Road 10, Sec-1, New Panvel East, Navi Mumbai. The company is promoted by Mr. Chaitanya Dhareshwar (about 16 years of experience) and Mrs. Sumanlata Dhareshwar (about 14 years of experience) in networking, software design, quality assurance, product development and internet technology. Together with its subsidiary Infinitybeam IOT Labs Private Limited (in which it holds 39,998 equity shares, i.e., 80.00%), it develops and maintains web-centric, multi-spectrum IT products and provides IT consultancy, delivering CRM/ERP (its strongest product being WowBerry CRM/ERP at www.wowberry.in), e-commerce, API integration, mobile apps and progressive web apps, cyber security and DR/BCP, billing/invoicing/receipting, IoT, artificial intelligence/machine learning, product building, real-time communication and digital signage solutions through standard or customised software development models for enterprises in sectors such as e-commerce, education, fintech, healthcare and social networking. It earns revenue from IT consulting contracts — software development, domain hosting and other hosting services and reimbursement of project expenses — recognised on accrual basis through regular invoices raised on clients per agreement terms, and typically works on an order-to-order basis through work orders rather than long-term contracts; its top two customers accounted for approximately 96.35% of net sales in FY2020-21. Restated consolidated total revenue was ₹20.47 lakhs in FY2021 (profit after tax ₹1.44 lakhs) and ₹7.43 lakhs for the period ended June 30, 2021 (loss after tax ₹15.38 lakhs). As on the Prospectus date it had 13 employees and operates from a registered office provided rent-free by promoter Mr. Chaitanya Dhareshwar.
Objects of the Issue
- Funding working capital requirements ₹ 114.14 Lakhs p.66
- General Corporate Purpose ₹ 45.00 Lakhs p.67
Issue Structure
- Total Issue
- ₹ 201.10 Lakhs (1,17,600 Equity Shares of face value ₹ 10/- each at ₹ 171 per Equity Share)
- Fresh Issue
- Fresh issue of 1,17,600 Equity Shares by the Company aggregating to ₹ 201.10 Lakhs
- Price Band
- Fixed Price Issue at ₹ 171/- per Equity Share (including share premium of ₹ 161/- per Equity Share); Issue Price is 17.10 times the face value
- Lot Size
- 800 Equity Shares and in multiples thereof
- Face Value
- ₹ 10/-
Business Model
Earns revenue from IT consulting contracts comprising software development, domain hosting services, other hosting services and reimbursement of expenses incurred on projects, recognised on accrual basis based on regular invoices raised on clients as per the terms of agreements; engagements are generally secured and executed on an order-to-order basis through regular work orders, as the company does not enter into long-term supply contracts with customers.
Business Segments
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Mr. Chaitanya Dhareshwar | Promoter & Managing Director | 23.53% | 16.43% |
| Mrs. Sumanlata Dhareshwar | Promoter & Executive Director & Chief Financial Officer | 5.88% | 4.11% |
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.