Kore Digital was incorporated on February 13, 2019. It was set up with the objective of providing high-end communication solutions to corporate and telecom network operators. It is a growing passive telecommunication infrastructure provider in Maharashtra, engaged primarily in the business of installing and commissioning of poles, towers and optical fibre cable systems.
| Bidding Dates |
|---|
| 02 Jun 2023 - 07 Jun 2023 |
| Subscription |
|---|
| 39.46x Oversubscribed |
| Minimum Investment | Minimum Lot | Maximum Lot | Lot Size | Number of Shares | Issue Price | Post Issue Promoter Holding % | Issue Size | IPO Document |
|---|---|---|---|---|---|---|---|---|
| ₹1,44,000 | 1 | 1 | 800 | 1.0 M | ₹180 | 71.59 % | ₹180.0 M | RHP DOC |
Kore Digital IPO SUBSCRIPTION STATUS
07 Jun '23Kore Digital IPO overall subscription rate was 39.46 times the total available shares
Kore Digital IPO retail subscription rate was 31.53 times in the retail segment
Kore Digital IPO non-institutional investor subscription rate was 47.38 times in the non-institutional investor category
| Day | Retail Individual Investor | HNI (NII) Investors | Qualified Institutional Buyers |
|---|---|---|---|
| Category Reservation | 50% | 50% | - |
07 Jun 2023 (Day 4) | 31.53x | 47.38x | - |
06 Jun 2023 (Day 3) | 4.3x | 5.54x | - |
05 Jun 2023 (Day 2) | 0.97x | 4.51x | - |
02 Jun 2023 (Day 1) | 0.17x | 4.31x | - |
Kore Digital FINANCIALS
| Period | Net Profit (Rs in millions) | Revenue from Operations (Rs in millions) | Cash Flow from Operations (Rs in millions) | Free Cash Flow (Rs in millions) | Margins |
| 9MFY23 | 24.1 | 119.6 | 1.1 | -27.5 | 28.9% |
| FY22 | 21.8 | 169.4 | 12.4 | 12.4 | 18.4% |
| FY21 | 2.6 | 39.8 | 2.6 | -1.2 | 10.3% |
| FY20 | 0.2 | 8.8 | 0.3 | 0.3 | 2.1% |
Kore Digital IPO SUBSCRIPTION STATUS DETAILS
Kore Digital had 1.0 M shares on offer
Kore Digital IPO offer price was ₹180
Kore Digital IPO minimum Investment was ₹144000
Kore Digital IPO issue size was ₹ 180.0 M
Kore Digital had a minimum lot size of 800 Shares per application
Kore Digital NUMBER OF SHARES ON OFFER
Kore Digital IPO IMPORTANT DATES
| Issue Open Date | 02 Jun 2023 |
| Issue close Date | 07 Jun 2023 |
| Allotment Date | 12 Jun 2023 |
| Refund Date | 13 Jun 2023 |
| Demat Account Credit Date | 14 Jun 2023 |
| Listing Date | 14 Jun 2023 |
| Listing on Exchange(s) | NSE |
| Kore Digital Allotment Status | Exchange |
Kore Digital IPO subscription opened on 02 Jun 2023, and closed on 07 Jun 2023
IPO allotment for Kore Digital was finalized on Monday, 12 Jun 2023
IPO listing for Kore Digital was on NSE on Wednesday, 14 Jun 2023
Kore Digital IPO LISTING GAINS
| Issue Price (adjusted) | 60.0 |
| Listing Open Price | 201.0 |
| Listing Close Price | 190.9 |
| Listing Gain% | 11.7% |
| Current Gain% | 55.3% |
Kore Digital Peer
| Stock | Stock Price | Market Cap (Rs crore) | PE TTM | PEG TTM | PS TTM | ROE% | ROA% | Annual Revenue (Rs crore) | Annual Revenue Growth % | Annual Net Profit (Rs crore) | Annual Net Profit Growth % | EPS TTM | EPS TTM Growth % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Kore Digital Ltd. | 93.2 | 32.8 | 3 | 0 | 0.1 | 25.9 | 11.9 | 408.4 | 24.6 | 36.9 | 14.8 | 30.7 | -66.4 |
| ITI Ltd. | 285.5 | 27433.3 | 118.3 | 0.6 | 12.6 | 15.4 | 3.1 | 2237.1 | -39.6 | 292.8 | 236.3 | 2.4 | 207.9 |
| Tejas Networks Ltd. | 533.6 | 9496.7 | -10.4 | 0 | 7.3 | -31 | -9.7 | 1136.7 | -87.3 | -908.9 | -303.5 | -51.5 | -623.6 |
| Optiemus Infracom Ltd. | 544 | 4895.5 | 67.4 | 6.4 | 2.2 | 8.5 | 3.6 | 1794.6 | -5.9 | 66 | 4.2 | 8.1 | 10.6 |
| Avantel Ltd. | 160.3 | 4258.5 | 247.9 | -3.7 | 17.6 | 4.4 | 3.6 | 225.3 | -10.2 | 15 | -73.4 | 0.6 | -67.1 |
| GTL Infrastructure Ltd. | 1.2 | 1588.4 | 1.5 | 0 | 1.2 | -14.9 | 24.9 | 1419.1 | 3.9 | 779.3 | 189 | 0.8 | 219.4 |
Kore Digital INFORMATION ON IPO ISSUE
About Kore Digital
Kore Digital was incorporated on February 13, 2019. It was set up with the objective of providing high-end communication solutions to corporate and telecom network operators. It is a growing passive telecommunication infrastructure provider in Maharashtra, engaged primarily in the business of installing and commissioning of poles, towers and optical fibre cable systems.
Object of the Issue
- To meet the working capital requirements
- Investment in strategic acquisition/joint venture
- General corporate expenses
Kore Digital - PROMOTERS
| Name |
|---|
| Ravindra Navinchandra Doshi |
| Kashmira Ravindra Doshi |
| Chaitanya Ravindra Doshi |
Kore Digital Lead Manager of the Issue
First Overseas Capital Limited
mb@focl.in
Kore Digital Registrar to the issue
Bigshare Services Private Limited
ipo@bigshareonline.com
Kore Digital Strengths
Established fiber optic network
Over the past few years, the company has commissioned over 600 pole-based cell sites and developed its own network spanning approximately 700 km. Additionally, within a span of two years, it successfully completed the development and delivery of a 600-km underground fiber optic backbone in and around Mumbai
Efficient business model
The company's business model relies heavily on efficient liaisoning, speedy execution, high-quality work, and maintenance of the established network
Kore Digital Risks
Outstanding legal proceeding
There are certain outstanding legal proceedings involving the promoter and promoter Entities, which may adversely affect the business, financial condition and results of operations
Dependent on limited number of customers
A substantial portion of our revenue has been dependent on a limited number of customers. Revenue from the top five customers constituted 99.38% for the financial year ended March 31, 2022
IPO FAQs
Kore Digital Ltd. IPO listing opened at Rs 201.00 while the issue price was Rs 180.00 giving 11.67% returns. After adjusting for subsequent bonus and splits, the stock trades at Rs 60.00 giving 55.25% gains since its IPO listing.
The promoters of the company are Ravindra Navinchandra Doshi, Kashmira Ravindra Doshi and Chaitanya Ravindra Doshi.
The category allocation of qualified institutional buyers is 0.0%, the category allocation of non individual investors or high networth individuals is 50.0% and for retail investors it is 50.0%.
The price band of the IPO is Rs 180.0 - 180.0.
The IPO application opens on Jun 02, 2023 and closes on Jun 07, 2023.
The minimum lot size for the IPO is 800. The maximum lot size for the IPO is 800.
For all category investors, the minimum application amount for this IPO is Rs. 144,000.0, the maximum value for this IPO is Rs 144,000.0.
This IPO will be allotted on Jun 12, 2023.
The refund will be credited to your account on Jun 13, 2023.
The allotted shares will be credited to your demat on Jun 14, 2023.
Kore Digital Ltd.’s shares listed on the stock exchanges on Jun 14, 2023.