DelaPlex Ltd IPO - Review, Valuation, Opening Date & GMP

DelaPlex Limited IPO - Complete Overview

Originally established as 'Quality Management Concepts Private Limited' in 2004, the company underwent several name changes and officially became 'Delaplex Limited' in November 2023, achieving the status of a public limited company a subsidiary of delaPlex INC., a U.S. company, has a strong focus on providing technology and software solutions to foster growth for its clients. 

DelaPlex Limited caters to a diversified customer base across various industries, including broadcasting, petroleum, retail, 3PL, WFM, QSRs, hospitality, IT & ITES, and telecom. Headquartered in Nagpur, the company also has a presence in Pune, Hyderabad, and Bengaluru. 

DelaPlex Limited serves clients not only in India but also in the USA and Dubai, offering a range of technology solutions such as software-defined data centres, integrated infrastructure, cloud computing, DevOps, security solutions, data analytics, and artificial intelligence.

As of September 30th, 2023, DelaPlex Limited has a total of 300 personnel, consisting of 286 employees and 14 contractors handling day-to-day business operations, administrative, secretarial, legal, and accounting functions. The company operates with 51% ownership by delaPlex INC.

 

DelaPlex Limited IPO Overview

DelaPlex Limited IPO date is slated to be open for subscription from January 24, 2024, to 29 January , 2024. This NSE SME IPO follows a Book Built Issue IPO.

DelaPlex Limited IPO price is fixed at Rs. 186 to Rs. 192 per share.

The total issue size of this IPO amounts to Rs.46.08 CR. The company has reserved 50% for institutional investors, 15% for non-institutional investors, and 35% for retail investors. 

 

 

DelaPlex Limited IPO timetable (Tentative)

Events	Date
IPO Opening Date	24 January 2024
IPO Closing Date	29 January 2024
IPO Allotment Date	30 January 2024
Refund initiation	31 January 2024
IPO Listing Date	1 January 2024

 

DelaPlex Limited IPO Details

IPO Opening & Closing Date	24 January to 29 January 2024
Face value	Rs. 10 per share
Issue Price	Rs. 186 to Rs. 192  per share
Lot Size	600 Shares
Price of 1 lot	Rs. 1,15,200
Total Issue Size	2,400,000 shares (aggregating up to Rs. 46.08 CR)
Offer for sale	600,000 shares of Rs. 10 (aggregating up to Rs. 11.52 Cr)
Fresh issue	1,800,000 shares (aggregating up to Rs. 34.56 CR)
Listing at	NSE SME
Issue Type	Book Built Issue IPO
Registrar	Bigshare Services Pvt Ltd

 

 

DelaPlex Limited IPO Lot Details

Application	Lot	Shares
Minimum Lot Investment (Retail)	1 lot	600
Maximum Lot Investment (Retail)	1 lot	600
Minimum Lot Investment (HNI)	2 lot	1,200

 

DelaPlex Limited IPO Reservation

QIB Shares Offered	Maximum 50%
Retail Shares Offered	Minimum 15%
Other Shares Offered	Minimum 15%

 

Company Financial

FY 2023 sees substantial growth in total assets, revenue, PAT, net worth, and reserves & surplus compared to FY 2022.

(Amount in Lakhs)

Period	Sep 30, FY 23	Mar 31, FY 23	Mar 31, FY 22
Total Assets	3,185.45	2,638.33	1,790.90
Total Revenue	2,814.28	5,521.81	5,034.06
PAT	425.53	790.72	611.87
Net worth	2,775.58	2,350.05	1,559.32
Reserve & Surplus	2,774.58	2,349.05	1,558.32

 

Services-Wise Revenue Bifurcation         

FY 2023 revenue distribution shows increased contributions from Supply Chain COE, Development Services, and Cloud Services compared to FY 2022.

(in %age)

Particulars	Sep 30, FY 23	Mar 31, FY 23	Mar 31, FY 22
Supply Chain COE	36%	39%	27%
Development Service	19%	18%	41%
Cloud Services	23%	24%	18%
Data Science	22%	19%	14%
Grand Total	100%	100%	100%

 

Revenue by Operations

FY 2023 operations revenue exceeds both FY 2022 and Sep 30, 2022.

(Amount In Lakhs)

Particulars	Sep 30, FY 23	Mar 31, FY 23	Mar 31, FY 22
Revenue from operations	2,785.84	5,400.46	4,974.37
Other Operating Income	28.44	121.35	59.69
Total Revenue from operations	2,814.28	5,521.81	5,034.06

 

 

The Objective of the Issue

The company intends to use the net proceeds for the following objectives.

• APAC: Allocated for enhancing awareness through advertisement, sales, and marketing expenses.

• To meet the working capital requirements of the company.

• To fund capital expenditures for the purchase of office laptops.

• For general corporate purposes and potential unidentified inorganic acquisitions.

 

Promoters and Management of DelaPlex Limited IPO

1. Mr. Nitin Sachdeva.

2.  Mr. Manish Iqbalchand Sachdeva.

3. Mr. Mark T. River.

4. Ms. Preeti Sachdeva.

Pre-issue Promoter Shareholding	100%
Post-issue Promoter Shareholding	73.66%

 

DelaPlex Limited IPO Lead Managers

•  Shreni Shares Limited.

 

Peers of DelaPlex Limited IPO

Peers of DelaPlex Limited IPO show varied performance, with favorable P/E and EPS.

Name of the Company	Face value (Rs. per share)	P/ E	EPS (Basic) (Rs.)
Delaplex Limited	10.00	10.82	10.82
Ksolves India Limited	10.00	20.98	20.98
Micropro Software Solutions Limited	10.00	5.59	5.59
Sigma Solve Limited	10.00	1.88	1.88

 

Evaluation

The IPO is priced within the range of Rs. 186 to Rs. 192 per share.

Evaluation of P/E Ratio:

- Considering the FY23 EPS of Rs 10.82 from the last year, the resulting P/E ratio is 17.74x.

- Taking into account the weighted EPS of Rs 9.12 for the last three years, the P/E ratio amounts to 21.05x.

Comparative Analysis with Listed Peers:

- Sigma Solve Limited has a P/E ratio of 255.66x (the highest).

- Ksolves India Limited has a P/E ratio of 65.06x (the lowest).

- The industry's average P/E is 110.34x.

As a result, the IPO price range, with a P/E ratio ranging from 17.74x to 21.05x, seems highly undervalued in comparison to the industry average of 110.34x.

 

 

Dividend Policy

The company hasn't paid dividends in past fiscal years. Whether we can pay them in the future depends on factors like profits, past dividend trends, capital needs, legal restrictions, and other relevant considerations evaluated by our Board.

 

IPO's Strengths

• Software products and solutions for supply chain management

• Tailored Tech Solutions

• Clients in the international market

• Wide Service Portfolio

• Experience of our Promoters and senior management team.

 

IPO's Weaknesses

•  Need the government's financial help to control inflation.

• Concentration of ownership among our Promoters.

•  Global economic recovery is slowing down due to ongoing global problems.

 

 

IPO GMP Today

The Latest GMP of DelaPlex Limited IPO is Rs. 145.

 

Conclusion

DelaPlex Limited IPO is like a window into a tech company that solves problems with software. It seems to have a strong plan, good money management, and a fair price for its IPO. Investors might see a good opportunity here. Keep an eye on the market changes and talk to financial experts before deciding. DelaPlex Limited IPO looks like a good chance to invest in a tech company with a smart plan and good finances. Make sure to follow any changes in the market and talk to money experts before deciding to invest.

 

Finowings IPO Analysis

Hope you enjoyed the Finowings IPO Analysis. We tried our best to give every required detail about the company that you should know before applying to the IPO. 

You must consult your financial advisor before making any financial decisions. 

To Apply for the IPO, Click Here.

 

To Read the Prospectus of the Company Click Here to Download the DRHP.

 

 

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