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Rikhav Securities IPO
Rikhav Securities Ltd
₹1,31,200 /1600 sharesMinimum Investment
Rikhav Securities IPO Listing Details
| Listed On | Issue Price | Listing Price | Listing Gains |
|---|---|---|---|
| -- | ₹86.00 | ₹163.40 | ₹77.40 (90.00%) |
Rikhav Securities IPO Details
| Bidding Dates | Min. Investment | Lot Size | Price Range |
|---|---|---|---|
| 15 Jan ‘25 - 17 Jan ‘25 | ₹1,31,200 | 1,600 | ₹82 - ₹86 |
| Issue Size | IPO Doc |
|---|---|
| 88.82Cr | RHP PDF |
Subscription rate
As of 17 Jan'25, 04:00 PM
| Qualified Institutional Buyers | 67.96x |
| Non-Institutional Investor | 298.36x |
| Retail Individual Investor | 194.81x |
| Total | 120.66x |
About Rikhav Securities
Founded in
1995
Managing director
Mr. Hitesh Himatlal Lakhani
Parent organisation
Rikhav Securities Ltd
Strengths & Financials of Rikhav Securities
Strengths
Risks
Rikhav Securities Limited serves as a self-clearing member of both the Indian Clearing Corporation Limited (ICCL) and NSE Clearing Limited (NCL), ensuring seamless trade settlements.
The company claims to have successfully executed market-making mandates for 66 companies listed on SME platforms.
The company’s services are delivered through online and digital platforms, supported by a network of 24 authorised persons for the NSE equity segment, 23 for the NSE derivative segment, 8 for the NSE currency segment, and 24 for the BSE equity segment. The company claims that this network helps it acquire new clients and assist existing ones with their business needs.
Rikhav Securities caters to a diverse clientele, including institutional clients, high-net-worth individuals (HNIs) and retail investors across India.
The company holds memberships in NSE's equity, derivative, and currency segments, as well as BSE's equity segment. It is also a member of the MCX for commodity clients and acts as a Depository Participant with CDSL. Additionally, it engages in market-making activities for SME companies.
The company has seen a consistent increase in revenue from operations and profit after tax (PAT). Revenue from operations increased from Rs 35.50 crore in FY22 to Rs 49.47 crore in FY23 to Rs 104.16 crore in FY24. PAT increased from Rs 17.62 crore in FY22 to Rs 19.57 crore in FY23 to Rs 42.65 crore in FY24.
Rikhav Securities is currently facing certain outstanding legal proceedings. Any adverse judgments in any of these cases could be detrimental to the company’s business prospects.
A substantial portion of the company's revenue is derived from a few key business segments. Of these, trading income contributed Rs 64.61 crore (69.48%) as of September 30, 2024, and Rs 51.95 crore (49.93%), Rs 35.83 crore (73.78%), and Rs 15.37 crore (43.58%) in FY24, FY23, and FY22, respectively, to the revenue from operations. Similarly, F&O and currency trading income contributed Rs 23.41 crore (25.18%) as of September 30, 2024, and Rs 42.79 crore (41.13%), Rs 4.42 crore (9.10%), and Rs 12.49 crore (35.42%) in FY24, FY23, and FY22, respectively, to the revenue from operations. A downturn in any of these major segments could adversely impact the company's operations and finances.
Revenue from the company's investment and securities trading operations has been inconsistent in the past due to its dependence on the volatility of the Indian capital markets. This inconsistency may persist in the future.
The company has not entered into long-term contracts with its customers and typically operates on a work-order basis. This lack of long-term agreements could adversely affect its revenue generation capabilities and operations.
A significant portion of revenue from the brokerage business comes from a relatively small number of clients. As of September 30, 2024, the company had approximately 18,489 operational demat accounts. Any loss of any key clients due to price competition or other factors, or offering substantial discounts to retain them, could adversely affect the company's operations and financial standing.
The company has contingent liabilities amounting to Rs 130.70 crore as of September 30, 2024. If these liabilities materialise they could harm the company’s financial position.
As of September 30, 2024, the company’s total indebtedness amounted to Rs 25.98 crore. Any inability to repay or service these loans could adversely affect the company’s financial position.
Rikhav Securities Financials
*All values are in Rs. Cr
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Application Details of Rikhav Securities IPO
| Apply as | Price band | Apply upto |
|---|---|---|
| Regular | ₹82 - 86 | ₹2 - 5 Lakh |
| High Networth Individual | ₹82 - 86 | ₹2 - 5 Lakh |
For Rikhav Securities IPO, eligible investors can apply as Regular.