Security and Intelligence Services (India) to offer IPO
DSIJ Intelligence / 28 Jul 2017
Security and Intelligence Services (India), one of the leading private security service providers, is going to offer its initial public offering to raise Rs 362.25 crore.
Security and Intelligence Services (India), one of the leading private security service providers, is going to offer its initial public offering to raise Rs 362.25 crore.
The company provides services in the areas of security, cash logistics, electronic security and facility management services, among others.
The company’s IPO includes a fresh issue of equity shares aggregating up to Rs 362.25 crore and offer for sale of 5,120,619 shares. The IPO issue is going to open on July 31 and will close on August 2, 2017. The issue will follow a book-building process wherein the price band is set at Rs 805 to Rs 815 per share. The minimum order quantity of the IPO is one market lot which contains 18 shares.
The company will be listed on the mainstream exchanges BSE and NSE. The face value of the equity shares will be Rs 10 per share.
Proceeds from the IPO will be used for the repayment and pre-payment of a portion of certain outstanding indebtedness availed by the company and to fund the working capital requirements as well as general corporate purposes.
Ravindra Kishore Sinha, the company’s promoter, has been named as one of the respondents in certain criminal proceedings for alleged violations of the Contract Labour Account. The criminal proceedings against him are currently pending and there can be no assurance that the relevant judicial forums will dismiss the petitions or rule in favour of the respondents. Any conviction of Sinha for the alleged offences may lead to negative publicity and affect the business, reputation and results of operations.
The company reported consolidated net profits of Rs 112.89 crore for the year ended March 31, 2017, increased by 20% on yoy basis. Its consolidated revenue also increased by 19% in the same period to Rs 4,577.12 crore on a yoy basis.
As of April 30, 2017, the company had 251 branches in 124 cities and towns in India, which cover 630 districts, and rendered security and facility management services at 11,869 customer premises.
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