Rikhav Securities Limited IPO

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Rikhav Securities Limited (RSL), established in 1995, is a prominent player in the financial services industry, offering a wide array of services including equity broking, investing, trading, and financial product distribution. Registered with the Securities and Exchange Board of India (SEBI), RSL holds memberships with leading stock exchanges such as BSE Limited (BSE), the National Stock Exchange of India (NSE), and the Multi Commodity Exchange (MCX).

Key Services

i. Equity Broking Services                                ii. Depository Services                      iii. IPO Assistance
iv. Mutual Fund Advisory                                v. Market Making Services               vi. Proprietary Investments
vii. Financial Product Distribution

Distribution Network

RSL operates through both online and digital platforms, supported by a network of Authorized Persons:
i. NSE Equity Segment: 24 Authorized Persons
ii. NSE Derivative Segment: 23 Authorized Persons
iii. NSE Currency Segment: 8 Authorized Persons
iv. BSE Equity Segment: 24 Authorized Persons

This expansive network enables RSL to acquire new clients and support existing ones across multiple pin codes in India.

Clientele

RSL caters to a diverse client base, including:
i. Retail individual investors                                       ii. High Net Worth Individuals (HNWIs)
iii. Institutional clients

Technology Integration

The company leverages advanced technology to integrate trading and depository solutions, ensuring efficient service delivery and enhanced client satisfaction.

Rikhav Securities Limited continues to be a trusted partner for investors and traders, delivering comprehensive solutions with a focus on innovation, liquidity, and market efficiency.

Objects of the Rikhav Securities Limited IPO:

The company proposes to utilize the Net Proceeds from the Fresh Offer towards funding the following objects: i. Funding the incremental working capital requirements; ii. Funding of capital expenditure requirements of the company towards the purchase of IT Software, Computers and Laptops: iii. General corporate purposes. Total number of share issue :- i. Fresh issue is 83,28,000 shares, ii. Offer for sale is 20,00,000 shares.
DRHP of Rikhav Securities Limited IPO
RHP of Rikhav Securities Limited IPO

Rikhav Securities Limited IPO Details:

Open Date: Jan 15 2025
Close Date: Jan 17 2025
Total Shares: 1,03,28,000
Face Value: ₹ 5 Per Equity Share
Issue Size: 88.82 Cr.
Lot Size: 1600 Shares
Issue Price: ₹ 82 - 86 Per Equity Share
Listing At: BSE SME
Listing Date: Jan 22 2025

Promoters And Management:

Mr. Hitesh Himatlal Lakhani, Chairman and Managing Director, is a Chartered Accountant since 1986 with 18+ years of experience in accountancy, taxation, capital markets, and stock broking. He oversees the Company's operations, including planning, finance, and implementation, driving growth and stability with his strategic vision and leadership. Mr. Rajendra N Shah, Whole-Time Director, holds a Bachelor’s degree in Commerce from the University of Bombay (1984). With 18+ years of experience in securities and capital markets, he oversees daily operations, ensuring efficiency and alignment with strategic goals, contributing to the Company’s growth and success. Mr. Monil Rajendra Shah, Executive Director, holds a Bachelor of Commerce degree from K J Somaiya College (2017) and completed the NISM Series V-A Mutual Fund Distributors Program (2023). With 4 years of experience in operations, he oversees mutual fund schemes and client distribution, driving efficiency and supporting the company’s growth.

Financials of Rikhav Securities Limited IPO:

(₹ in Crores)

Particulars Sep 30, 2024 March 31, 2024 March 31, 2023 March 31, 2022
Revenue from Operations 92.85 104.16 49.46 35.49
EBITDA 62.71 48.24 23.37 18.32
EBITDA Margins 67.54% 46.32% 47.25% 51.62%
PAT 50.37 42.64 19.57 17.62
PAT Margins 54.25% 40.94% 39.56% 49.65%
ROCE 30.66% 29.48% 26.68% 28.07%
CFOA 23.29 46.93 (8.86) (36.64)

Comparison With Peers:

Companies Revenue EBITDA Margins PAT Margins D/E Ratio MCap P/E
Rikhav Securities  (FY 2024) 104.16 Cr. 46.32% 40.94% 0.14 329 Cr. 7.72*
Alacrity Securities (TTM) 342 Cr. 5% 3.21% 0.05 697 Cr. 53
Angel One (TTM) 5,540 Cr. 39% 24.15% 0.59 21,318 Cr. 15.90
Share India (TTM) 1,706 Cr. 40% 26.84% 0.15 5,872 Cr. 12.80
Pune E – Stock Broking (TTM) 80 Cr. 14% 25% 0.24 268 Cr. 13.80 

* Forward PE is 3.27 on the basis of FY 25 PAT.
                                        

                                    

                                                                                                    

                                        

                                            
Recommendation on Rikhav Securities Limited IPO:

                                            
Review and Recommendation of Rikhav Securities IPO by team IZ is 6/10.

                                        

                                    

                                                                
                                
                                                                 

                                    

                                                                                    

                                                
Lead Manager of Rikhav Securities Limited IPO:

                                            
 
    
                                                                                                        
  1. Smart Horizon Capital Advisors Private Limited
    2. 
                                                        
 

                                

                                                                
                                 
                                                                  

                                    

                                                                                    

                                                
Registrar of Rikhav Securities Limited IPO:

                                            
 
    
                                                                                                        
  1. Link Intime India Private Limited
    2. 
                                                        
 

                                

                                                            

                                

                            

                                                                  

                                        

                                            
Company Address: 

                                            
Rikhav Securities Limited
Office No. 922 - A
9th Floor, P. J. Towers, Dalal Street,
Fort, Mumbai - 400001
Phone: 022 - 69078300
Email: investor@rikhav.in
Website: https://www.rikhav.net/
                                        

                                    

                                                              
                                                                
                                                            

							
                            

                                

                                    

                                                                            

                                

                            

                            
							
                            

                            

                            

                                

                                    

                                        

                                    

                                

                            

                            
                            

                                

                                
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