Ridings Consulting Engineers India Ltd IPO Review

Ridings Consulting Engineers India Ltd (RCEIL) is a Delhi based company. This company is engaged in providing Geospatial Services which includes Sub Surface Utility Engineering (SUE) Survey/ Ground-penetrating radar (GPR) Survey, Geographic Information Systems and Geospatial database development (GIS & Mapping Solution), Geospatial -Marketing consulting and planning, Training (GIS/ AutoCAD/ Arc Suite/ GPR/ EPL & DGPS/Total Station), Geographic Information Systems for Utilities (Power, Water and Telecom) and Land Surveying and Geospatial Data (Digital and large Scale Geospatial Data) etc. RCEIL has their new issue open for applying starting from today in the primary markets. I will check the Ridings Consulting DRHP to get an idea of the issue price and issue details to present my Ridings Consulting Engineers India Ltd IPO Review.

About Ridings Consulting Engineers India Ltd IPO :

  • IPO Opens on – March 14, 2018.
  • IPO Closes on – March 16, 2018.
  • Face Value – Rs. 10 Per Equity Share.
  • Issue Price – Rs. 18 Per Equity Share.
  • Issue Type – Fixed Price Issue IPO.
  • Market Lot – 8000 Shares.
  • Minimum Order Quantity – 8000 Shares.
  • Issue Size – 3,640,000 Equity Shares of Rs 10 aggregating up to Rs 6.22 Cr.
  • Listing Exchange – BSE SME Exchange.
  • Draft Prospectus – Click Here.

Objectives of the issue:

  • Meeting Working Capital Requirement.
  • General Corporate Purpose.
  • Meeting the Issue Expenses.

About The Company –

  • Ridings Consulting Engineers India Ltd is incorporated in 1995. It is an ISO 9001:2015 certified company.
  • This company provide services in the field such as GPR (Ground Penetrating Radar) / Sue Survey, Navigation Survey, Property Tax Surveys, Land Usage Surveys, Investigative Surveys (gather competition, market penetration data), Socio-Economic Surveys, Geospatial Application Development and Services which directly provide services to various private sector, Semi Government & Government entities in field of telecom, oil and gas, public utilities etc. in India, Bahrain and other Gulf countries.
  • Ridings Consulting Engineers India Ltd is providing training and services in the field of Topographical Ground Survey, Cartography, Digitization, Data Base, Software Development/Customization, GIS, Development, all type of Engineering, Survey/Design and Remote sensing and Digital Photogrammetry Applications.
  • This company has maintained a long-standing relationship with major customers such as Reliance Jio, Airtel, L&T, TCS, TomTom, HERE (formerly NavTeq), Reliance ADA, TATA, Jacobs Zate, Mott McDonald, various government municipalities and utility providing agencies etc.
  • Ridings Consulting Engineers India Ltd had 82 employees including Key Managerial Personnel.
  • This company provides basically Geographic Information Systems (GIS) applications including mapping of utilities such as electrical network, telecom network, water supply and sewerage systems.

Ridings Consulting Engineers India Ltd

Promoters of the company :

  • Mr. Sain Ditta Baveja, aged 81 years, is Chairman, Managing Director and also a Promoter of this company.
  • Mr. Sudhir Kumar Baveja, aged 54 years, is Chief Financial Officer and one of the Promoter of this company.

Company Financials:

Ridings Consulting Engineers India Ltd IPO

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Ridings Consulting Engineers India Ltd IPO Review:

The company has seen increased profits in the financial years 2013 and 2014. However, in the next 2 financial years, the profit has seen dips. Once again in the financial years 2017 and the current financial years the company has managed to show increased profits. The dip in profits in the mid-years may be due to the debt of the company. The new issue money will help RCEIL in shaping up their business in a better way.

The earnings per share for the last financial year is at 1.16 and the PE ratio is at 15.57. We feel the business model is attractive, but the EPS is on the lower side as compared to peers like Rolta India or Genesys International. Hence, our Ridings Consulting Engineers India Ltd IPO Review is NEUTRAL on this issue. However, cash-rich and risk-taking investors can apply in RCEIL if they have a long-term view.

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