Prizor Viztech Limited IPO

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The company is a prominent player in the security and surveillance industry, providing a comprehensive range of CCTV cameras and related solutions. Their products cater to various sectors, including retail, government, education, and infrastructure. In 2022, they diversified their product portfolio to include televisions, touch panels, and monitors, all manufactured by third parties but sold under their brand name. Additionally, they offer video management software that integrates surveillance features, allowing customers to monitor multiple locations through a single interface.

Geographic Reach

They have a broad distribution network across India, supplying their products to 17 states and 2 union territories. These regions include:
i. Andhra Pradesh             ii. Assam                         iii. Delhi                    iv. Goa                                v. Gujarat
vi. Haryana                       vii. Karnataka                viii. Kerala                 ix. Madhya Pradesh         x. Maharashtra
xi. Punjab                          xii. Rajasthan                xiii. Sikkim               xiv. Tamil Nadu                xv. Telangana
xvi. Uttar Pradesh          xvii. West Bengal
xviii. Union Territories: Andaman and Nicobar Islands, Jammu and Kashmir

Product Portfolio

Their offerings are primarily divided into two categories:
1. Security and Surveillance Solutions:
i. Network Cameras                             ii. High-Definition Analog Cameras                iii. Network Video Recorders
iv. Digital Video Recorders
2. LED Televisions, Monitors, and Touch Panels:
i. Various sizes and features, all branded under “PRIZOR”

Infrastructure and Operations

Their registered office, workshops, and warehouses are strategically located in Ahmedabad. They procure components such as PCBs, lenses, infrared cut-off filters, CCTV camera housing parts, cables, and video recorder mainboards from various suppliers, both domestic and international. Their technical team is responsible for assembling these components into finished surveillance cameras, ensuring high-quality standards through meticulous inspections at every stage.

Conclusion

Their company’s dedication to quality, extensive product range, strategic geographic presence, and strong leadership positions them as a reliable provider of security, surveillance, and consumer electronics solutions. They continue to innovate and expand, aiming to meet the evolving needs of their customers and maintain their competitive edge in the industry.

Objects of the Prizor Viztech Limited IPO:

The company proposes to utilize the Net Proceeds from the Issue towards funding the following objects: i. Funding of capital expenditure requirements of the company towards setting up of Display Centre and Inventory Storage in Ahmedabad, Gujarat; ii. Funding Working Capital Requirements of the company; and iii. General corporate purposes.

Prizor Viztech Limited IPO Details:

Open Date: Jul 12 2024
Close Date: Jul 16 2024
Total Shares: 2,891,200
Face Value: ₹ 10 Per Equity Share
Issue Size: 25.15 Cr.
Lot Size: 1600 Shares
Issue Price: ₹ 82 - 87 Per Equity Share
Listing At: NSE Emerge
Listing Date: Jul 19 2024

Promoters And Management:

Ms. Mitali Dasharathbharthi Gauswami, aged 34, is a Promoter, Chairman, and Managing Director of the Company. She holds a B. Pharma from Krantiguru Shyamji Krishna Verma Kachchh University (2011) and an MBA in Operations Management from IGNOU (2016). With over 7 years of industry experience, she has been with the Company since its inception. Re-designated as Chairman and Managing Director on May 09, 2024, for 5 years, she oversees daily operations, business plan execution, resource allocation, and quality standards. Mr. Gauswami Dasharathbharthi Gopalbharthi, aged 34, is a Promoter, Whole-time Director, and CFO of the Company. He holds a B.Com from Hemchandracharya North Gujarat University (2010) and an MBA from Krantiguru Shyamji Krishna Verma Kachchh University (2012). He previously worked with CVG Security Solutions as a General Manager and Magus Sales and Services as a Sales Manager. With over 11 years of industry experience, he has been with the Company since its inception, managing financial functions for over 7 years. Re-designated as Whole-time Director on May 09, 2024, for 5 years, he oversees marketing, accounts, finance, and administration. Mr. Brahma Ghosh Raval, aged 35, is the Non-Executive Independent Director of the Company since February 26, 2024. He holds a B.Com from Gujarat University (2012), a PGDM from SOM Lalit Institute of Management Studies (2014), and a Ph.D. in Management (Marketing) from GLS University (2023). With over 8 years of marketing experience, he has been a Senior Manager of Digital Marketing and Branding at Mudra Institute of Communications, Ahmedabad (MICA) since 2015.

Financials of Prizor Viztech Limited IPO:

Particulars ( In Lakhs )
2022
2023
2024
Revenue from Operations 868 1,377 3,565
Other Income 2 17 4
Total Revenue 870 1,394 3,570
Cost of materials consumed 757 940 1,766
Purchase of stock-in-trade 12 293 1,177
Changes in inventories -39 -57 -412
Employees Benefit Expenses 98 103 123
Other Expenses 20 45 90
EBITDA 21 71 827
OPM (%) 2.42% 5.06% 23.16%
Depreciation & Amortisation 8 9 5
EBIT 13 61 822
Finance Cost 11 31 60
PBT 3 30 761
Tax -1 9 204
PAT 4 21 557
NPM (%) 0.41% 1.51% 15.62%
No.of Shares 106.91 106.91 106.91
EPS 0.03 0.19 5.21

Comparison With Peers:

Name of the Company Revenue (In Crore) PAT (In Crore) EPS ( in Rs) P/E CMP Mcap (In Crore)
Prizor Viztech Limited 36 6 5.21 16.7 87 93
Vintron Informatics Limited 174 17 2.12 18.3 39 305
D-Link India Limited 1,227 91 25.56 26.0 665 2,362
Dixon Technologies (India) Limited 17,691 375 61.47 202.0 12,406 74,229
* All the data is as per FY24.

Recommendation on Prizor Viztech Limited IPO:

1. Prizor Viztech Limited offer a wide range of CCTV cameras and surveillance solutions, catering to various sectors such as retail, government, education, and infrastructure. In 2022, they expanded their product portfolio to include televisions, touch panels, and monitors manufactured by third parties under their brand name. Additionally, they provide video management software that integrates surveillance features into a single monitor and location. 2. Product Portfolio Their products are primarily categorized into two segments: a. Security and Surveillance Solutions:- i. Network cameras                                               ii. High-definition analog cameras iii. Network video recorders (NVRs)                   iv. Digital video recorders (DVRs) b. Consumer Electronics:- i. LED televisions                       ii. Monitors                         iii. Touch panels 3. Market Presence They have successfully supplied their products across 17 states and 2 union territories in India, including Andhra Pradesh, Assam, Delhi, Goa, Gujarat, Haryana, Karnataka, Kerala, Madhya Pradesh, Maharashtra, Punjab, Rajasthan, Sikkim, Tamil Nadu, Telangana, Uttar Pradesh, West Bengal, and the union territories of Andaman and Nicobar Islands and Jammu and Kashmir. 4. Production and Assembly Their company purchases components from various domestic and international suppliers, including PCB (Printed Circuit Board), lenses, infrared cut-off filters, CCTV camera housing parts, cables, and video recorder main boards. These components are assembled at our workshops by a dedicated technical team that ensures quality through inspections at each stage of the process. 5. Competitive Landscape They operate in a highly competitive industry characterized by numerous organized and unorganized players. The electronics sector has low barriers to entry, leading to market fragmentation. 6. The Revenue has Increased from Rs.8 Crores in FY22 to Rs.35 Crores in FY24. 7. The EBITDA has Increased from 21 Lakhs in FY22 to 8 Crores in FY24. 8. The PAT has Increased from 4 Lakh in FY22 to 5.5 Crores in FY24. 9. As per FY24, CFO/EBITDA is 1.00, and EPS is 5.21, 10. Market Capitalization is 93 Crores and P/E is 16.7x based on FY24.

Lead Manager of Prizor Viztech Limited IPO:

  1. SHRENI SHARES PRIVATE LIMITED

Registrar of Prizor Viztech Limited IPO:

  1. Bigshare Services Private Limited

Company Address:

Prizor Viztech Limited 514, Maple Trade Centre, Nr. Surdhara Circle Thaltej, Ahmedabad- 380054, Phone: +91 78618 04737 Email: investors@prizor.in Website: https://www.prizor.in/

Discussion on Prizor Viztech Limited IPO:

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