Sattrix Information Security Limited IPO

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Sattrix Information Security Limited was originally incorporated as Sattrix Information Security Private Limited on September 16, 2013, under the provisions of the Companies Act, 2013. The company is registered with the Registrar of Companies, Ahmedabad, bearing registration number 076845. The company underwent a significant transformation, changing its name from Sattrix Information Security Private Limited to Sattrix Information Security Limited, with a fresh certificate of incorporation issued on November 7, 2023. The Corporate Identification Number (CIN) of the company is U72200GJ2013PTC076845.

Core Business and Services

Sattrix Information Security Limited specializes in developing customer-centric cybersecurity solutions. The company aims to deliver comprehensive, end-to-end cybersecurity services to enterprises across India, the USA, and the Middle East (UAE). With a decade of experience, Sattrix has established itself as a trusted partner, providing a wide range of cybersecurity solutions that help organizations protect their data from unauthorized access and security threats.

Their data security solutions are designed to eliminate data privacy risks, ensuring that business processes run securely and smoothly. They offer both cloud-based and on-premise data security solutions tailored to meet the specific needs of their clients. By leveraging the best available technologies, they strive to develop agile cybersecurity solutions that can constantly upgrade and adapt to the changing requirements of their clients.

Mission and Vision

At Sattrix Information Security Limited, their mission is to be at the forefront of developing innovative and effective cybersecurity solutions that meet the ever-evolving needs of their clients. They are committed to creating secure business environments by protecting data integrity and privacy, ensuring that their clients can operate smoothly and without interruption.

Their vision is to be a global leader in the cybersecurity industry, known for their commitment to excellence, customer satisfaction, and continuous innovation. They aim to build long-lasting relationships with their clients by consistently delivering high-quality, reliable, and adaptive cybersecurity solutions.

Conclusion

With a strong foundation, a decade of experience, and a dedicated team of professionals, Sattrix Information Security Limited is well-positioned to continue its growth and success in the cybersecurity industry. Their commitment to using the best technologies, understanding client needs, and adapting to changes ensures that they remain a trusted partner for enterprises seeking robust cybersecurity solutions.

Objects of the Sattrix Information Security Limited IPO:

The Objects of the Net Issue is to raise funds for: i. Capital Expenditure: (a) To meet out expenses for Purchasing Furniture, fixtures & air conditioning for a new office at Ahmedabad (b)To purchase and Installation of IT equipment, computer hardware, server, SAN storage, CCTV cameras, video conferencing equipment, networking (LAN) and other equipment ii. Business Expansion Cost: (a) Development of New Products & Technology (b) Other Business Expansion Cost iii. Additional Working Capital Requirement iv. General Corporate Purpose
DRHP of Sattrix Information Security Limited IPO
RHP of Sattrix Information Security Limited IPO

Sattrix Information Security Limited IPO Details:

Open Date: Jun 05 2024
Close Date: Jun 07 2024
Total Shares: 1,800,000
Face Value: ₹ 10 Per Equity Share
Issue Size: 21.78 Cr.
Lot Size: 1000 Shares
Issue Price: ₹ 121 Per Equity Share
Listing At: BSE SME
Listing Date: Jun 12 2024

Promoters And Management:

Mr. Sachhin Kishorbhai Gajjaer, 46, is a founding member of Sattrix Information Security. He holds a Computer Engineering degree and an MBA in Information Technology. With over 15 years of experience in solution architecting, information security, risk and compliance management, and project management, Sachhin has a proven track record of delivering complex projects on time and within budget. Before co-founding Sattrix, he served as Practice Head and CTO at a public company in Mumbai and has worked with Communard in Dubai, Accenture, Microsoft R&D, and HCL Comnet in India. Since 2013, he has been the director of Sattrix Information Security Private Limited. Mrs. Ronak Sachin Gajjar, 43, is a founding member of Sattrix Information Security. She holds a master's degree in Human Resource Management and has over 13 years of HR experience. Known for her results-oriented approach, she has contributed to the company's high ethical and corporate standards, emphasizing employee well-being, customer satisfaction, and community service. Ronak's commitment to sustainability, diversity, and social responsibility is strong. Her previous experience includes managing appraisal and compensation planning for NASA in an MNC. Since 2018, she has been a director at Sattrix Information Security Private Limited. Mr. Abhishek Madanlal Binaykia, 44, graduated in Electronics and Communications Engineering from Nirma University in 2000 and completed his postgraduation at North Carolina State University. He also holds an MBA in Marketing from UCLA Anderson School of Management. With extensive global experience in Fortune 500 companies like Qualcomm and Broadcom and high-tech startups, he has held leadership roles in product management, business development, and marketing. He played a key role in eInfochips' acquisition by Arrow Electronics for over $300M. A sports enthusiast and former state junior badminton champion, he has consulted for multiple IPL franchises. Since 2023, he has been an Independent, Non-executive Director at Sattrix Information Security Private Limited.

Financials of Sattrix Information Security Limited IPO:

Particulars ( In Lakhs )
2021
2022
2023
9M-FY24
Revenue from Operations 2,112 2,294 3,659 3,036
Other Income 8 55 116 26
Total Revenue 2,120 2,349 3,776 3,062
Purchase of Licenses 729 710 1,669 1,877
Purchases of Stock-in-Trade 0 0 0 -29
Employees Benefit Expenses 785 920 993 553
Other Expenses 269 397 507 260
EBITDA 337 321 606 401
OPM (%) 15.92% 13.66% 16.05% 13.09%
Depreciation & Amortisation 36 32 17 19
EBIT 301 289 590 382
Finance Cost 25 21 38 23
PBT 277 267 551 358
Tax 83 53 151 107
PAT 194 214 400 251
NPM (%) 9.14% 9.12% 10.60% 8.19%
No.of Shares 68.00 68.00 68.00 68.00
EPS 2.85 3.14 5.88 3.68

Comparison With Peers:

Name of the Company Revenue (In Crore) PAT (In Crore) EPS ( in Rs) P/E CMP Mcap (In Crore)
Sattrix Information Security Limited 37 4 5.88 20.6 121 82
Systango Technologies Limited 52 14 9.54 19.8 228 334
Dev Information Technology Limited 124 9 4.06 27.0 112 251
TAC Infosec Limited 10 5 112.67 71.5 432 452
* All the data is as per FY23.

Recommendation on Sattrix Information Security Limited IPO:

Review and Recommendation of Sattrix Information Security by team IZ is 3/10. 1. Sattrix Information Security Limited, are specialize in developing customer-centric cybersecurity solutions, providing comprehensive end-to-end services to enterprises across India, the USA, and the Middle East (UAE). Their mission is to protect organizations from unauthorized data access and security threats, ensuring smooth and secure business processes. 2. Services and Solutions They offer a wide range of cybersecurity solutions tailored to meet the unique needs of their clients: i. Data Security Solutions               ii. Custom Solutions            iii. Agile Cybersecurity Solutions 3. Global Presence With a strong presence in India, the USA, and the UAE, they are well-positioned to serve clients in these regions and expand their global footprint. Their strategic locations enable them to tap into the growing demand for cybersecurity services worldwide. 4. SWOT Analysis Strengths: i. Experienced Promoters          ii. Professional Management            iii. Growing Demand Weaknesses i. High Employee Turnover             ii.Licensed Software Costs Opportunities i. Growth in IT and AI                      ii. Expansion in USA and UAE Threats i. Increased Competition               ii. High Staff Turnover 5. The Revenue has Increased from Rs.21 Crores in FY21 to Rs.36 Crores in FY23. 6. The EBITDA has Increased from 3 Crores in FY21 to 6 Crores in FY23. 7. The PAT has Increased from 2 Crores in FY21 to 4 Crores in FY23. 8. As per FY23, CFO/EBITDA is 0.84, As per FY24, EPS is 4.91, 9. Market Capitalization is 82 Crore & P/E is 24.61x based on FY24.

Lead Manager of Sattrix Information Security Limited IPO:

  1. ISK Advisors Private Limited

Registrar of Sattrix Information Security Limited IPO:

  1. Bigshare Services Private Limited

Company Address:

Sattrix Information Security Limited 28, Damubhai Colony, Bhattha Paldi, Ahmedabad - 380007 Phone: +91- 87358 25247 Email: cs@sattrix.com Website: http://www.sattrix.com/

Discussion on Sattrix Information Security Limited IPO:

2 Comments

    That is the reason why the margins are less in the business as compared to TAC Infotech.

    Reply

    Nothing much in the company as compared to TAC Infotech. They are service provider. They buy license and then setup cyber security solutions for clients.

    Reply

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