"The issue is priced at 10.5 times based on its NAV of 18.89 as of March 2023 and with good legacy parentage, tech-enabled and process-driven solution company and retirement of debt from IPO proceeds to improve net margins, we recommend a "Subscribe" to the issue for long term rewards," said Reliance Securities
The company, in an exchange filing, said it had allotted 2.01 crore shares to 18 investors such as Franklin Templeton MF, SBI Life Insurance, Tata MF, Societe Generale, BNP Paribas, Copthall Mauritius Investments, Authum Investment, Aurigin Master, and Winro Commercial, among others.
The company follows an asset light model by using leased warehouses. The company works with 72 Fortune 500 companies. Some of the clients include Daimler, Sony, Panasonic, Hero Moto, TVS and Hyundai Motor. The top 10 customers contributed 38.8% to the revenue in FY23. The company derives nearly 70% of revenue from overseas