Wise Travel India
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 12 Feb 2024 – 14 Feb 2024
- Listing date
- 19 Feb 2024
- Face value
- ₹10 per share
- Issue price
- ₹147 per share
- Lot size
- 1,000 shares
- Total issue size
- ₹94.68 Cr
- Market cap at offer price
- ₹350 Cr
- Promoter holding
- 95.63% → 69.76% pre-issue → post-issue
- ISIN
- INE623Y01011
- Registrar
- Beetal Financial & Computer Services Pvt.Ltd.
- Lead managers
- Share India Capital Services Pvt.Ltd.
- Registered office
- D-21, Corporate Park, 3rd Floor, Near Sector-8 Metro, Station, Sector-21, Dwarka, 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 | 17,85,000 | — | — |
| Market maker | 4,38,000 | — | — |
Application size
Minimum 1,000 shares per lot, in multiples, at ₹147
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,000 | ₹1,47,000 |
| S-HNI (min) | 2 | 2,000 | ₹2,94,000 |
| S-HNI (max) | 6 | 6,000 | ₹8,82,000 |
| B-HNI (min) | 7 | 7,000 | ₹10,29,000 |
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 (₹) | 5.91 | 9.52 |
| P/E (×) | 24.87 | 15.44 |
| Price to book (×) | 6.28 | — |
| Market cap | — | ₹350 Cr |
Key performance indicators
- Return on net worth
- 25.28%
- ROCE
- 22.90%
- Debt / equity
- 0.65
- PAT margin
- 4.11%
- NAV per share
- ₹23.38
- Price to book
- 6.28
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Wise Travel India
Wise Travel India Limited (WTI Cabs) is engaged in the business of providing online car rental and taxi booking services in India. The company operates with a large fleet of on-road vehicles and robust technology platforms. Its objective is to have presence across the value chain through services in corporate people transportation, which includes Car Rental Services, Employee Transportation Services, Car Leasing, Coach Rentals, Technology, and Mobility Solutions. The company was originally incorporated on April 22, 2009 as 'Wise Travel India Private Limited' and was converted into a Public Limited Company on September 26, 2023. As of September 30, 2023, the company had total revenue from operations of Rs. 18,988.50 Lakhs and profit after tax of Rs. 1,132.91 Lakhs.
Company Analysis
from RHPWise Travel India Limited provides online car rental and taxi booking services in India through a large fleet and technology platforms, operating across corporate people transportation, car rental, employee transportation, car leasing, coach rentals, and mobility solutions.
Wise Travel India Limited (WTI Cabs) is engaged in the business of providing online car rental and taxi booking services in India. The company operates with a large fleet of on-road vehicles and robust technology platforms. Its objective is to have presence across the value chain through services in corporate people transportation, which includes Car Rental Services, Employee Transportation Services, Car Leasing, Coach Rentals, Technology, and Mobility Solutions. The company was originally incorporated on April 22, 2009 as 'Wise Travel India Private Limited' and was converted into a Public Limited Company on September 26, 2023. As of September 30, 2023, the company had total revenue from operations of Rs. 18,988.50 Lakhs and profit after tax of Rs. 1,132.91 Lakhs.
Objects of the Issue
- To Meet Working Capital Requirement ₹ 7,300 Lakhs p.18
- General Corporate Expenses ₹ 800 Lakhs p.18
- To Meet the Issue Expenses [●] Lakhs p.18
- To Meet Working Capital Requirement ₹7,300.00 lakhs p.87
- General Corporate Purposes ₹800.00 lakhs p.90
- To Meet the Issue Expenses [●] p.90
Issue Structure
- Total Issue
- 64,41,000 Equity Shares aggregating to [●] Lakhs
- Fresh Issue
- 64,41,000 Equity Shares aggregating to [●] Lakhs
- Offer for Sale
- Nil
- Price Band
- ₹ 140 to ₹ 147 per share
- Lot Size
- 1,000 Equity Shares
- Face Value
- ₹ 10 per share
Business Model
The company earns revenue from providing online car rental and taxi booking services to corporate clients and individual customers. Revenue streams include Car Rental Services, Employee Transportation Services, Car Leasing, and Coach Rentals through technology-enabled platforms.
Business Segments
SWOT Analysis
- • Experienced promoters and management team in mobility services industry(p.117)
- • Strong established relationships with existing corporate clients(p.117)
- • Quality assurance integrated into operations with safety measures(p.117)
- • Scalable business model with optimal resource utilization(p.117)
- • Pan-India presence across 11+ major cities with 12 airport counters(p.114)
- • Technology-driven services with in-house technology platform(p.115)
- • Strong revenue growth and profitability metrics(p.116)
- • In-house fleet management technology systems tailored to business divisions(p.121)
- • Experienced and stable workforce combining professional and youth talent(p.122)
- • Long-standing customer relationships with reputed companies(p.122)
- • Comprehensive insurance coverage including cyber-security protection(p.123)
- • Multiple registered trademarks and ISO certifications(p.124)
- • Established market presence with pan-India operations(p.232)
- • Strong revenue growth trajectory(p.236)
- • Experienced and stable management with long tenure(p.232)
- • Scalable business model with significant fleet expansion(p.235)
- • Healthy profitability with improving margins(p.177)
- • Outstanding legal proceedings against company with contingent tax liabilities(p.24)
- • Negative cash flows from operations in past periods(p.24)
- • Dependence on leased premises with renewal risk(p.24)
- • Subsidiary lacks audited financials and regulatory compliance(p.25)
- • Unregistered trademark creates brand protection risk(p.25)
- • Delayed regulatory compliance and statutory violations(p.25)
- • CSR obligation defaults in FY 2019-20 and FY 2020-21(p.25)
- • Heavy dependence on few customers concentrating revenue(p.28)
- • Scarcity of trained mobility services workforce(p.115)
- • Working capital intensive business model(p.115)
- • High concentration of revenues among top customers(p.117)
- • Significant increase in trade receivables indicating collection challenges(p.91)
- • Heavy dependence on contractual labour arrangements for specific locations(p.121)
- • Multiple short-term lease agreements expiring within one year(p.125)
- • Significant borrowing dependency with long-term and short-term debt obligations(p.169)
- • Concentration of shareholding among three promoters(p.152)
- • High concentration of ownership among promoters(p.211)
- • Significant dependence on top customers(p.187)
- • Increasing financial burden from high debt servicing costs(p.177)
- • Pending income tax and TDS demands creating financial uncertainty(p.193)
- • Significant increase in operating expenses relative to business growth(p.176)
- • Expanding addressable market in fast-growing Indian car rental sector(p.18)
- • Global car rental market growth trajectory(p.18)
- • Diversified service portfolio across value chain(p.18)
- • Expansion into international markets(p.31)
- • Integration of multiple mobility services across supply and demand(p.115)
- • Transition to sustainable mobility with electric vehicle adoption(p.110)
- • Fragmented and unorganized industry with consolidation potential(p.115)
- • Public-Private Partnership opportunities in mobility sector(p.115)
- • Expansion into tier 2, 3, and 4 cities for growth(p.112)
- • Corporate Employee Transportation Market growing at 5.34% CAGR(p.99)
- • International expansion with Dubai operations launched(p.111)
- • International expansion in Dubai market initiated(p.134)
- • Expansion into tier 2, 3 and 4 cities(p.134)
- • Sustainability focus with electric vehicle integration(p.134)
- • Development of talent pipeline through management trainee program(p.134)
- • Large addressable market in underserved tier 2, 3, and 4 cities(p.122)
- • Post-COVID recovery driving strong demand for corporate transportation(p.235)
- • Rapid expansion of fleet with both owned and vendor partnerships(p.175)
- • Growing client base with new major corporate partnerships(p.174)
- • Expansion into new geographic markets and service segments(p.174)
- • Strategic shift to electric vehicles with government support(p.234)
- • Intense competition from domestic and international players in mobility services(p.28)
- • Dependence on regulatory licenses and approvals with renewal requirements(p.27)
- • Economic slowdown and pandemic-related business disruptions(p.32)
- • Government policy changes affecting transportation service taxes and costs(p.34)
- • Counterparty credit risk and customer payment delays(p.32)
- • Foreign exchange volatility affecting international operations(p.31)
- • Natural disasters and adverse external events disrupting operations(p.35)
- • Regulatory changes in taxation and accounting standards(p.36)
- • Drastic changes in government policies or unforeseen situations(p.115)
- • Regulatory hurdles and policy inconsistency in taxi services(p.108)
- • Intense competition from organized taxi market players(p.106)
- • Complete global transformation in technology landscape(p.115)
- • Government intervention on taxi service pricing and operations(p.104)
- • Highly competitive and unorganized corporate travel industry(p.122)
- • Complex regulatory landscape with multiple licensing requirements across states(p.127)
- • Compliance burden from multiple labour and employment laws(p.130)
- • Motor vehicle accident liability and insurance compliance risks(p.127)
- • Data protection compliance obligations under Digital Personal Data Protection Act 2023(p.131)
- • Intense competition in the taxi and car rental industry(p.232)
- • Volatility in fuel prices and operating costs(p.232)
- • Regulatory changes in transportation and taxation(p.233)
- • Economic sensitivity to business cycles and slowdowns(p.232)
- • Dependence on key management personnel(p.233)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Ashok Vashist | Promoter | 53.03% | 38.68% |
| Hema Bisht | Promoter | 15.72% | 11.46% |
| Vivek Laroia | Promoter | 26.78% | 19.53% |
| Ashok Vashist | Promoter | 53.03% | 38.68% |
| Vivek Laroia | Promoter | 26.78% | 19.53% |
| Hema Bisht | Promoter | 15.72% | 11.46% |
| Mr. Ashok Vashist | Promoter & CEO | 54.29% | — |
| Mr. Vivek Laroia | Promoter & Co-Founder | 28.28% | — |
| Ms. Hema Bisht | Promoter & Co-Founder | 15.72% | — |
| Mr. Ashok Vashist | Promoter | 54.29% | — |
| Mr. Vivek Laroia | Promoter | 28.28% | — |
| Ms. Hema Bisht | Promoter | 15.72% | — |
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.