Ridings Consulting Engineers India Limited's IPO Opens on 14th March 2018Riding Consulting Engineers India Limited (5:52PM)
Business Wire India
Delhi based Ridings Consulting Engineers India Limited (RCEIL), an existing, profit making company engaged in Geospatial Services which includes Sub Surface Utility Engineering (SUE) Survey/Ground-penetrating radar (GPR) Survey, Geographic Information Systems and Geospatial database development (GIS & Mapping Solution), Geospatial-Marketing consulting and planning, Training (GIS/AutoCAD/Arc Suite/GPR/EPL & DGPS/Total Station), Geographic Information Systems for Utilities (Power, Water & Telecom) and Land surveying and Geospatial Data (Digital & large Scale Geospatial Data) etc., plans to open its initial public offering (IPO) on 14th March, 2018. The Public issue will be of 36,40,000 equity shares of face value of Rs. 10 each for cash at a price of Rs. 18 per equity share aggregating Rs. 655.20 lakhs. Out of these 1,84,000, equity shares will be reserved for subscription by market maker. The net issue will constitute 27.78% of the fully diluted post-issue paid-up equity share capital of the Company. The shares would be listed on SME Platform of BSE i.e. BSE SME. The IPO will close on 16th March 2018. Swastika Investmart Limited is the Lead Manager to the Issue and Beeline Broking Limited is the Market Maker to the Issue. Company will utilize the IPO proceed to meet the working capital requirements, General Corporate purpose and Public Issue Expenses.
The Company was originally incorporated on December 28, 1995, as "Ridings Consulting Engineers India Private Limited" with the Registrar of Companies, N.C.T of Delhi and Haryana. RCEIL is an ISO 9001:2015 certified company for providing training and services in the field of Topographical Ground Survey, Cartography, Digitization, Data Base, Software Development/Customization, GIS, Development, all type of Engineering, Survey/design and Remote sensing and Digital Photogrammetry Applications. Ridings consists of a team which provides professional services that are customized to make our principals' businesses a success in India as well as out of India.
The Promoters of Company are Mr. Sain Ditta Baveja and Mr. Sudhir Kumar Baveja, who is having experience of more than 60 years and 23 years respectively in the field of GPR Industry. The Company's strengths include Experienced Promoters and Management Expertise, Wide range of services, Scalable Business Model and Diversified Client Base.
Ridings, based on its Financial Statements, has achieved the total Revenue of Rs.1690.14 lakhs and Rs. 1427.25 lakhs and net profit were Rs. 101.75 lakhs and Rs. 52.09 lakhs for the financial years ended 2017 and 2016 respectively. The Company has achieved total Revenue of Rs. 623.12 Lakhs and PAT of Rs. 44.85 Lakhs during Six months ended on September 30, 2017.
Riding Consulting Engineers India Limited, Abhishek Bhargav,
New Delhi, Delhi, India