Balaji Solutions IPO – Detailed Review, Allotment, Subscription & DRHP

Balaji Solutions Limited is engaged in the business of distribution of IT and Telecom products. The registered office of the Company is situated at Kolkata, West Bengal. They also operate out of the 36 branches and 3 warehouses covering the geographical territories of the country. Balaji Solutions IPO comprises of 64,48,000 Equity shares, face value of Rs.10 each.

Let’s have a detailed review of the company and analytics of the Balaji Solutions IPO release date, IPO offer price, subscription, Balaji Solutions IPO allotment, grey market price and other details like the company’s background, its financial positions, its promoters and other related things.


Balaji Solutions IPO Review & Ratings

IPO Ratings & Review
Criteria Ratings
Industry Sentiments 8.5/10
Industry Ranking 7.8/10
Company Background 7.9/10
Company Reputation 7.9/10
Competitive Edge 7.7/10
Financial Statements 7.8/10
Popularity Index 8.4/10
Promoters Reputation 7.7/10
Retail Appetite 7.9/10
Top Brokers Review 7.9/10
Overall Ratings 8.1/10
Star Ratings ★★★★☆

Summary of Balaji Solutions Limited IPO

Balaji Solutions IPOBalaji Solutions Limited are engaged in the business of distribution of IT and Telecom products. The registered office of the Company is situated at Kolkata, West Bengal. They also operate out of the 36 branches and 3 warehouses covering the geographical territories of the country. The Issue comprises of a Public Issue of 64,48,000 Equity shares of face value of Rs.10.00 each fully paid  up.

From FY 2015-16 to FY 2016-2017, as per the Restated Financial Statements,

For the period ended March 31, 2018, FY 2016-17 and FY 2015-16, its revenue from operations was Rs. 66,977.96 Lakhs, Rs. 65,482.94 Lakhs and Rs. 45,092.81 Lakhs, respectively representing growth of  45.21% from the FY 2015-16 to FY 2016-17. For the period ended March 31, FY 2017-18, FY 2016-17 and FY 2015-16 the net profit was Rs. 1,097.10 Lakhs, Rs. 971.99 Lakhs and Rs. 402.76 Lakhs, respectively, representing a growth of  141.33 % from the FY 2015-16 to FY 2016-17.

  • During the financial year 2017-18 the Other Income of the company increased to Rs. 498.14 Lakhs as against Rs. 393.30 Lakhs for the financial year 2016-17, representing increase by 26.6% due to increase in interest income & insurance claim in FY 2017- 18.
  • The Net Worth of the Company as per the Restated Standalone Financial Statements as of March 31, 2018 is Rs. 4,184.43 Lakhs and as on March 31, 2017 is Rs. 2,832.32 Lakhs.
  • The Net Asset Value per Equity Share (post bonus) of the Company as per the Restated Standalone Financial Statements as of March 31, 2018 is Rs. 26.51 and as on March 31, 2017 is Rs. 18.96 per share..

The Promoter of this company is Mr. Rajendra Seksaria. The lead manager to the issue is Pantomath Capital Advisors Private Limited and Gretex Corporate Services Private Limited (GCSPL) the Registrar to this issue is Karvy Computershare Private Limited.


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Balaji Solutions IPO Date

The opening and the closing date of Balaji Solutions Limited IPO is not known yet.


Balaji Solutions IPO Subscription

Day / Date QIB NII RII Total Subscription
Day 1 
Day 2
Day 3
Day 4
Day 5
Shares Offered or Net Issue

The shares subscribed by the public will be updated herein on a daily basis, once the IPO is open for subscription.


Balaji Solutions IPO Allotment Status

Here, you can find the Allotment Status of this IPO.


Balaji Solutions IPO Price Band

The face value of each share is Rs 10, but the price band of the IPO is not yet disclosed. 


Balaji Solutions IPO Equity Share Offering

64,48,000 Equity Shares of Rs 10/- each but Issue Price is yet to be disclosed .


Balaji Solutions Limited – Company Overview

Balaji Solutions Limited got converted into a public limited company pursuant to special resolution passed by the shareholders at their meeting held on February 28, 2018 and the name of the company changed to “Balaji Solutions Limited” from “Balaji Solutions Private Limited” and is one of the leading IT hardware distribution houses in India. The Company commenced its operations with reselling and redistribution of IT hardware products of brands like intel, canon etc in the local channel of Kolkata.

The Head Quarter is based out of Kolkata and They operate in PAN India through a strong network of distributors and dealers. They also operate out of the 36 branches and 3 warehouses covering the geographical territories of the country. The name “Foxin” is dedicated to developing turnkey products to meet the demand of Indian customers.

Currently, they develop products like Monitors, keyboards, printing accessories, speakers, power banks and they offer wide range of products like Computer Hardware, Peripherals and Mobile Accessories.

The Company is promoted by Mr. Rajendra Seksaria and is the guiding force behind the growth and strategic decisions of the Company.

Competitive Strengths of Balaji Solutions Limited:

  • Association with Top Global Brands;
  • Wide range of product offering
  • Leveraging the experience of the Promoter;
  • Proficient Management Team;
  • Strong Distribution Network;
  • Long term vendor/client relationships

Business strategies of Balaji Solutions Limited:

  • Growth in the existing product lines.
  • Development of the brand “Foxin”.
  • Growing the existing client relationships.
  • Strong support services.

Balaji Solutions Limited – Financial Statements

A quick look into the past financial performance of the company to understand its performance of business and evaluate the growth prospectus:

Financial Summary:

Amount (in INR & Lakhs)
31-Mar-18 31-Mar-17 31-Mar-16 31-Mar-15 31-Mar-14
Total Assets 18,639.92 14,536.14 9,766.40 6,292.73 5,098.21
Total Revenue 66,977.96 65,482.94 45,092.81 38,375.31 30,385.33
Total Expense 65,299.82 63,973.38 44,488.86 37,897.30 30,075.81
Profit After Tax 1,097.10 971.99 402.76 317.65 204.00

Earnings per Equity Share (in Lakhs)

31-Mar-18 31-Mar-17 31-Mar-16
Basic & Diluted 6.54 0.83 0.58

From the above statements, one could find that the Balaji Solutions Limited may perform well.


Balaji Solutions IPO – Promoters

The Promoter of this company is Mr. Rajendra Seksaria

List of Related Parties (Key Managerial Personnel)

  • Dinesh Bajaj, Executive Director and Chief Financial Officer
  • Sanjay Bajaj, Company Secretary and Compliance Officer

Interest in promotion of the Company

The company is currently promoted by the Promoters in order to carry on its present business. Promoters are interested in the Company to the extent of their shareholding and directorship of the Individual Promoter in the Company and the dividend declared, if any, by the Company. The Promoters are interested in the transactions entered into the Company and the Promoter Group.

Property Interest

The promoters along with the promoter group will continue to hold collectively some percentage of the equity share capital of the company. As a result of the same, they will be able to exercise significant influence over the control of the outcome of the matter that requires approval of the majority shareholders vote.

Interest in Intellectual Rights of the Company

Promoters has not shown any interest in acquiring the intellectual rights of the company.


Balaji Solutions IPO Offer Details or Issue Details

Particulars  No. Of Equity Shares
 Shares Offered  Upto 64,48,000* Equity Shares of face value of Rs.10/- each
 Of which:
 Reserved for Market Makers  Upto [●] Equity Shares of face value of Rs. 10/- each
 Net Issue to the Public  Upto [●] Equity Shares of face value of Rs.10/- each
 Of which:
QIB Portion Not more than [●] Equity shares of face value of Rs. 10/- each fully paid of the Company for cash at a price of Rs. [●]/- per share aggregating Rs. [●] Lakhs; shall be available for allocation to QIB
Of which
Available for allocation to Mutual Funds only (5% of the QIB portion) (Excluding the Anchor Investor Portion) [●] Equity Shares of Face Value of Rs. 10/- each 
Balance for all QIBs including Mutual Funds [●] Equity Shares of Face Value of Rs. 10/- each 
 Retail Investors Portion  Upto [●] Equity Shares of face value of Rs. 10/- each  (available for allotment to Retail Individual Investors of up to Rs. 2.00 Lacs)
 Non-Retail Investors Portion Upto [●] Equity Shares of face value of Rs. 10 /- each  (available for allocation to investors up to Rs. 2.00 Lacs)
 Equity Shares outstanding prior to the Issue 1,57,84,530 Equity Shares
 Equity Shares outstanding after the Issue Upto 2,22,32,530 Equity Shares of face value of Rs. 10 each

Balaji Solutions IPO Issue Object

These are the IPO Issue Objects of the company-

  • Funding the Working Capital requirements of the Company:
  •  Repayment/ pre-payment of certain unsecured loans availed from banks and financial institutions by the company; and
  •  General Corporate Purposes
  • Purchase of New Plant and Machinery. 

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Balaji Solutions IPO – Basis of the Offer Price

The issue price is determined by the company in consultation with the Lead manager on the basis of the following qualitative and quantitative factors.

Qualitative factors are:

  • Association with Top Global Brands;
  • Wide range of product offering
  • Leveraging the experience of the Promoter;
  • Proficient Management Team;
  • Strong Distribution Network;
  • Long term vendor/client relationships

The relevant quantitative factors are:

Basic & Diluted EPS RONW (%) NAV (Rs.)
31-Mar-16 2.70 26.22
31-Mar-17 6.51 34.32
31-Mar-18 7.06 21.65 26.51
  • Industry P/E Ratio:
Particulars P/E ratio
Average 16.84
Highest 21.08
Lowest 8.41
  • Competitive Peers:
Sr. No.  Particulars Face Value  (in Rs.) EPS (In Rs.) P/E Ratio RONW (%)  NAV (In Rs.)
1 Balaji Solutions Limited 10.00 7.06 [●] 26.22 26.51
2 Redington (India)
Limited
2.00 4.60 21.02 10.89 42.22
3 Compuage Infocom
Limited
2.00 3.50 8.41 14.47 24.18
4 Creative Peripherals
and Distribution
Limited
10.00 5.02 21.08 10.33 48.19

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Balaji Solutions IPO Lead Managers

Lead Managers
PANTOMATH CAPITAL ADVISORS PRIVATE LIMITED

GRETEX CORPORATE SERVICES PRIVATE LIMITED

Balaji Solutions IPO Registrar to offer

Registrar to the Offer
KARVY COMPUTERSHARE PRIVATE LIMITED
Karvy Selenium Tower No. B, Plot No. 31-32, Gachibowli,
Financial District, Nanakramguda, Hyderabad – 500 032
Tel. No.: +91 – 040 – 6716 2222
Fax No.: +91 – 040 – 2343 1551
Email:
Website: www.karisma.karvy.com
Contact Person: Murali Krishna M
SEBI Registration No.: INR00000022

Other Details:

  • Statutory Auditor –  M/s. Kedia Dhandharia & Co.
  • Peer Review Auditor – M/s. Gupta Agarwal & Associates
  • Bankers to the Company –  ICICI Bank Limited

Balaji Solutions IPO Review by Top 10 Stock Brokers

Top Stock Brokers Review Company Reputation Competitive Edge Financial Statement Popularity Index Promoters Reputation
Angel Broking 7.5/10 7.4/10 8.5/10 8.1/10 7.1/10
Sharekhan 7.2/10 7.1/10 8.6/10 8.1/10 7.2/10
Kotak Securities 7.3/10 7.5/10 8.4/10 8.1/10 7.3/10
ICICI Direct 7.3/10 7.3/10 8.7/10 8.1/10 7.1/10
IIFL 7.5/10 7.2/10 8.8/10 8.0/10 7.1/10
Edelweiss 7.5/10 7.4/10 8.4/10 8.3/10 7.2/10
Zerodha 7.4/10 7.1/10 8.5/10 8.1/10 7.0/10
5Paisa 7.1/10 7.1/10 8.4/10 8.1/10 7.1/10
Karvy 7.4/10 7.3/10 8.2/10 8.1/10 7.1/10
Motilal Oswal 7.1/10 7.1/10 8.6/10 8.3/10 7.2/10

Balaji Solutions IPO Grey Market Premium

The Balaji Solutions IPO Grey Market Premium price is Rs X, the Kostak rate is Rs X and the Subject to Sauda is X. 


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Balaji Solutions IPO News

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