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Chintan Parikh

@ChintanParikh10

Dec 8

#methodhub #SMEIPO i had evaluated this company when it came for PREIPO.
lets unwrap this for IPO today.

Biz
- Started in 2016
- IT and Consulting Services including Cloud Services, Data & AI Services, Cybersecurity, ERP/CRM Integration, IT Infrastructure, Recruitment Delivery Services and Combined Offerings
- offices in four Indian cities and Subsidiaries in USA and Canada
- ~40 customers
- Core verticals include BFSI, Oil & Gas/Energy, Healthcare and Lifesciences, Telecom & Tech Infrastructure, Automotive & Transport, IT Consulting

Promoter
- Ahobilam Nagasundaram - ED & CEO , 30 years+ exp in IT & consulting in Mastek and NESS and others
- Kannan Jayaramakrishnan - Chairman, 20 years+ exp in IT in TCS and others

1/n

Services:
- 80% from IT and rest from Tech Infra in Fy25
- out of total, 40% comes from Data and AI in Fy25
- Telecom and Tech infra is highest segment with 30% Rev followed by Consulting and HLS vertical

2/n

Customers:
- Customer concentration risk as 80 to 905 rev comes from top 10 customers
- Company has around 20 long standing customer as on RHP date
- Rev from India is around 20% while USA and Canada each is 30% to 40% roughly.

3/n

Read 5 tweets

Chintan Parikh

@ChintanParikh10

Dec 3

#neochem #SMEIPO
About Company:
- a specialty performance chemical company
- Diverse portfolio of over 350 customized formulations
- Four primary product segments (i) Polymers, (ii) Surfactants, (iii) Silicones, and (iv) Esters & bio-based sustainable solutions4
- 40 Registered Trademarks
- manufacturing facility in Ahmedabad
with a capacity of 22,000 MTPA
- Customers across textile & garment washing, home & personal care (HPC), institutional and industrial
cleaners, water treatment, paints and coatings, paper and pulp, construction, rubber and dyes and
pigments

1/n

Showing the company video as mentioned in my podcast
The video shows clear idea on which products are used in which industry and will be an interesting watch to evaluate this company

2/n

About Company
- Company started in 1978
- Recieved 2 important Certificates GOTS 7.0 and ZDHC Level 3. GOTS 7.0 is often mandatory for export to certain countries in EU and NA and it also allows for premium pricing over competiton which doesnt have the same certificates
- no legal cases against the company as per RHP

Customers -
Its a distributor sales business with having 50+ Pan India authorized distributors, catering to 225+ domestic customers
- Inv at Distributors is owned by Distributors
- 8.6% of rev came from Export and higher % will lead to better overall margins
- Customer concentration risk is average with top 10 customer contributing around 45-55%

3/n

Read 6 tweets

Chintan Parikh

@ChintanParikh10

Nov 27

#LSL #Logiciel #SMEIPO

Company Background-
LSL is an indian software company focusing on Custom Software Development, Infrastructure & Cloud Services, Big Data & Analytics, UI/UX Design, Software Testing & QA Services, MVP Development, Mobile Application Development and AI & Machine Learning.

Company in Ops since 2011 ( 14+ Years) with 102 Employees

Some highlights -
100% Export Revenue
Recurring Revenue Through Dedicated Teams (~85%)

1/n

Good thing to see that dedicated engagement model revenue is increasing which gives stability of earning to thhe company
Company's clients are in North America so company enjoys decent PAT Margin. however the customer concentration is a major challenge here.

2/n

Company did a PreIPO at roughly 110 and 160ish to some investors ( post bonus price) in aug and sep 2024.

Mr. Umesh Sharma comes with 22yrs of IT exp and Mr. Ajay Sharma comes with 16 years of IT exp.

No civil or criminal cases

Related party - they have a company in Canada which is Logiciel Solutions Inc. Incorporated under Business Corporations Act (Canada) and an education company called Cyberstar Educational Society

3/n

Read 4 tweets

Chintan Parikh

@ChintanParikh10

Jun 23, 2024

#SME #GPECO
Disc: Holding PreIPO

Biz
Started in 2010

Segments:
1. Distribution of Solar inverters and Solar panels)
- On-grid Solar inv
- Hybrid Solar Inv
2. Solar EPC
3. Solar Plant O&M
4. Distribution of Sungrow Inv & Satvik & LONGi Panels

Own brand called Invergy

1/n

Own brand called Invergy
hybrid solar inverters & lithium ferro phosphate (LFP) batteries
As of now, the Invergy batteries are mfg by subco
Reduction in supplier concentration from 62% to 50% to 42% in last 3 years

one of the supplier to #oriana

2/n

Future Growth Potential:
EPC biz & O&M increased from 2022 to 2023
Hybrid Solar starts with 1.88 cr Rev from 2023
Demand of solar hybrid inverter is massive
Bid for Govt. Tenders: The capacity of the tender for each location is 2.52MW & Approx 8 loc. with total of 20MW

3/n

Read 9 tweets

Chintan Parikh

@ChintanParikh10

Jun 10, 2024

for Pre-IPO,
if your PF is below 2 Cr, i will not advise it. this is more riskier due to many factors which is not under your control.
start with mainboard companies, migrate to SME once you get some handle on risk and pf grows.

what can go wrong -
1. Delay in IPO
........
1/n

2. Valuation stays same for longer period
3. Promoter dilutes more and more
4. Company doesnt meet its projected numbers
5. U cant trade or exit as no buyers
6. no price transparency
7. U pay higher tax if u sell unlisted shares
8. U pay higher price / commission to brokers

2/n

those who followed me from beginning have seen my journey. I didnt start with Pre-IPOs. I started with mainboard, with single lots in SME & slowly grown

i have seen all of these above issues and cite examples if i want to for each point.

so please dont rush behind Pre-IPOs

3/n

Read 7 tweets

Chintan Parikh

@ChintanParikh10

Dec 31, 2023

Someone asked me what he should do option 1) keep the funds for IPO applications 2) repay the home loan.
I told him to go for OD Home loan account. I am using SBI Max Gain Home Loan which allows me to withdraw the money for IPO as and when i need it and ........

1/2

I pay interest on amount i take out. when i dont need it, i keep my surplus cash there and i dont pay interest on that much amount.
for e.g. u have taken 10 lakh home loan and u have 5 lakhs in savings. put that in OD Home loan and u will pay interest on remainig 5 L only

2/3

This is one time hassle to convert and u can ask your existing home loan bank if they have this facility. this way it can help you in emergency cash

Read 4 tweets

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