Euphoria Infotech India LTD IPO: Review, Valuation, Date & GMP

Euphoria Infotech India Limited IPO  - Complete Overview

Euphoria Infotech (India) Limited is a technology company based in Kolkata, West Bengal, founded in May 2001. 

The company offers a range of solutions, such as customized software, e-commerce platforms, IoT applications, Artificial Intelligence, and Machine Learning. They cater to various sectors, developing software for online recruitment, urban local body services, university management systems, online ticket booking, and industry-specific requirements like IoT-based dashboards for sewerage treatment plants.

As of May 31, 2023, the company has 29 employees across departments such as Accounts, Business Development, Software Development, Legal, and Compliance. They also employ 16 contracted IT professionals responsible for software development and project implementation.

Euphoria Infotech focuses on developing and maintaining software solutions for various industries, aiming to assist in ease of doing business and customer-centric solutions. They are actively involved as a technology partner with government and financial organizations, collaborating with over 100 municipalities in West Bengal.

 

Euphoria Infotech India IPO Overview

Euphoria Infotech India IPO date is slated to be open for subscription from January 19, 2024, to January 24, 2024. This BSE SME IPO follows a Book Built Issue IPO.

Euphoria Infotech India IPO price is fixed at Rs. 96 to Rs.100 per share.The upcoming NSE SME IPO listing date is not fixed yet.

The total issue size of this IPO amounts to Rs.9.60 CR. The company has reserved 3.03% for institutional investors,  67.85% for non-institutional investors, and 29.08% for retail investors. 

 

 

Euphoria Infotech India IPO timetable (Tentative)

Events	Date
IPO Opening Date	19 January 2024
IPO Closing Date	24 January 2024
IPO Allotment Date	25 January 2024
Refund initiation	29 January 2024
IPO Listing Date	30 January 2024

 

Euphoria Infotech India IPO Details

IPO Opening & Closing Date	19 January to 24 January 2024
Face value	Rs. 10 per share
Issue Price	Rs.96 to Rs.100 per share
Lot Size	1200 Shares
Price of 1 lot	Rs. 120,000
Total Issue Size	960,000 Shares (aggregating up to Rs. 9.60 Cr)
Fresh issue	960,000 Shares (aggregating up to Rs. 9.60 Cr)
Listing at	BSE SME
Issue Type	Book Built Issue IPO
Registrar	Mas Services Limited

 

 

Euphoria Infotech India IPO Lot Details

Application	Lot	Shares
Minimum Lot Investment (Retail)	1 lot	1,200
Maximum Lot Investment (Retail)	1 lot	1,200
Minimum Lot Investment (HNI)	2 lot	2,400

 

Euphoria Infotech India IPO Reservation

QIB Shares Offered	Maximum 3.03%
Retail Shares Offered	Minimum 67.85%
Other Shares Offered	Minimum 29.08%

 

Company Financial

Euphoria Infotech's financial position as of Sep 30, FY23, indicates growth in total assets, total revenue, and profit after tax compared to Mar 31, FY22.

(Amount in Lakhs)

Period	Sep 30, FY 23	Mar 31, FY 23	Mar 31, FY 22
Total Assets	966.21	832.64	626.71
Total Revenue	365.61	737.56	493.87
PAT	60.49	129.69	19.90
Net worth	470.64	410.15	280.46
Reserve & Surplus	276.45	215.96	279.17
Total Borrowings	213.22	155.09	123.06

 

Project and Domain-Wise Revenue Breakup       

Euphoria Infotech's varied revenue sources comprise significant contributions from Citizen Centric Services, Education, and Recruitment as of Sep 30, FY23, and Mar 31, FY23.        

(Amount in Lakhs)

Particulars	Sep 30, FY 23	Mar 31, FY 23	Mar 31, FY 22
Citizen Centric Services	83.71	151.86	83.68
Education	110.02	179.23	76.65
ERP	4.76	8.34	10.46
IOT/AI	6.14	3.40	7.25
Recruitment	140.57	145.56	121.41
Supply Chain / IOT	5.22	3.68	20.37
Transport	10.81	38.19	114.87
Other Service	4.26	206.46	30.46
Total	365.49	736.73	465.16

 

Geographical Revenue Breakup

Euphoria Infotech primarily generates revenue from West Bengal, with smaller contributions from Tripura and Uttar Pradesh as of Mar 31, FY23.

( in % age)

Particulars	Mar 31, FY 23	Mar 31, FY 22	Mar 31, FY 21
Tripura	0.54	-	1.22
Uttar Pradesh	0.60	1.56	3.69
West Bengal	98.86	98.44	95.09
Total	100.00	100.00	100.00

 

Revenue by Operations

Euphoria Infotech's total revenue showed an increase from Sep 30, FY23, to Mar 31, FY23, compared to Mar 31, FY22.

(Amount in Lakhs)

Particulars	Sep 30, FY 23	Mar 31, FY 23	Mar 31, FY 22
Revenue from Operations	365.48	736.73	465.16
Other Operating Income	0.13	0.83	28.72
Total Revenue	365.61	737.56	493.87

 

 

The Objective of the Issue

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

•  Working Capital requirement.

• General Corporate Expense.

 

Promoters and Management of Euphoria Infotech India IPO

Pre-issue Promoter Shareholding	100.00%
Post-issue Promoter Shareholding

 

Euphoria Infotech India IPO Lead Managers

• Khandwala Securities Limited

 

Peers of Euphoria Infotech India IPO

Compared to peers Euphoria Infotech has a lower (P/E) of 14.98 and (EPS) of Rs. 6.68, suggesting a comparatively more affordable valuation.

Name of the Company	Face Value (Rs. per share)	P/ E	EPS  (Basic) (Rs.)
Euphoria Infotech India Limited	10	14.98	6.68
Infobeans Technologies Limited	10	30.36	14.83
Xchanging Solutions Limited	10	13.21	4.03

 

Evaluation

The IPO is priced within the range of Rs. 96 to Rs. 100 per share.

Evaluation of P/E Ratio:

- Considering the FY23 EPS of Rs 6.68 from the last year, the resulting P/E ratio is 14.98x.

- Taking into account the weighted EPS of Rs 3.91 for the last three years, the P/E ratio amounts to 25.57x.

 As a result, the IPO price range, with a P/E ratio ranging from 14.98x to 25.58x, seems undervalued in comparison to the industry average of 25.64.

 

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

• Availability of latest available technology and equipments

• Highly trained professionals

• Reputed clients with repeated projects

• Strict quality control in process

• Make sure no one can see or access the project information by using strong protection.

 

IPO's Weaknesses

• High manpower cost.

• Upgradation of knowledge of our project execution teams

• Dependency on promoter namely, Mr. Samba Bhanja, and KMPs

 

IPO GMP Today

The Latest GMP of Euphoria Infotech India IPO is Rs.85.

 

Conclusion

Euphoria Infotech India Limited, a technology company founded in 2001, offers a diverse range of solutions including customised software, e-commerce, IoT, AI, and machine learning. With a focus on developing and maintaining software solutions, the company has positioned itself as a technology partner to government and financial organisations.

The IPO, scheduled from January 19 to January 23, 2024, is priced at Rs. 96 to Rs. 100 per share. The company's financials indicate positive growth in total assets, revenue, and profit after tax. Euphoria Infotech's revenue sources are diversified across Citizen Centric Services, Education, and Recruitment.

 

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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