IPO Synopsis
Course5 Intelligence, a data analytics and insights company, has filed preliminary documents with Sebi to raise Rs 600 crores via an initial public offering. The issue would comprise of a fresh issuance of shares worth Rs 300 crore and an offer for sale of Rs 300 crore by promoters.
The offer for sale consists of shares worth Rs 32.5 crore by Ashwin Ramesh Mittal, while Riddhymic Technologies and Riddhymic Technoserve LLP will sell shares worth Rs 40 crore each via OFS.
Also AM Family Private Trust will offload shares worth Rs 112.5 crore and Kumar Kantilal Mehta will sell shares worth Rs 75 crore via offer for sale.
Course5 Intelligence may also raise Rs 60 crore in a pre-IPO placement, which will reduce the initial issue size.
Axis Capital and JM Financial are the book running lead managers to the issue.
Objective of the issue
The proceeds from the issue will be utilised towards:
1. Inorganic growth initiatives
2. Working capital requirements of the company
3. Product and IP initiatives
4. Expansion of the geographical footprint
5. General corporate purposes
About Course5 Intelligence Ltd
Course5 Intelligence is an independent digital analytics and marketing and customer analytics company.
Course5 has significant expertise in analytics for digital, direct to consumer (D2C) and omnichannel models, which includes areas such as customer, supply chain, enterprise AI and social media analytics and insights. It also specializes in marketing analytics and insights, which includes dynamic customer segmentation, brand measurement and analytics, market mix optimization, AI powered research insights and market and competitive intelligence.
Course5 Intelligence has deep domain expertise in the technology, media and telecom, life sciences/ pharmaceuticals and consumer packaged goods and retail verticals. However, the company also works in other industries such as financial services, utilities, automotive and industrial goods, and provide analytics and insights services in other areas such as risk, finance and operations in certain cases to clients.
The company has set up Course5 AI Labs in Bangalore and Toronto, that are AI-led innovation and research and development centres, which aims to create a broad base of deep AI capabilities that supports the creation of innovative products and platforms, and comprises a team of 29 dedicated AI scientists
Its clients include Lenovo, Colgate-Palmolive Company, American Regent, Inc (a member of the Daiichi Sanyo Group) and National Bank of Fujairah PJSC.
Course5 Intelligence Ltd Financial Status
Profit and Loss
Balance Sheet
| Particulars (in Rs. Crores) | FY21 | FY20 | FY19 |
|---|---|---|---|
| Revenue | 24.72 | 25.58 | 23.06 |
| EBITDA | 4.82 | 3.11 | 2.75 |
| PAT | 2.97 | 1.69 | 1.79 |
| Particulars (in Rs. Crores) | FY21 | FY20 | FY19 |
|---|---|---|---|
| Total Assets | 22.04 | 19.65 | 15.36 |
| Share Capital | 1.45 | 1.45 | 1.45 |
| Total Borrowings | 0.12 | 0.60 | 0.14 |
| Particulars (in Rs. Crores) | FY21 | FY20 | FY19 |
|---|---|---|---|
| Net cash generated from / (used in) operating activities | 65.67 | 14.09 | 20.94 |
| Net cash from / (used in) investing activities | -15.17 | -9.35 | -12.33 |
| Net cash flow from / (used in) financing activities | -10.15 | -0.24 | -17.79 |
| Net increase (decrease) in cash and cash equivalents | 40.35 | 4.50 | -9.18 |
Peer Comparison
| Name of the company | Total Revenue (in Rs. crores) | Basic EPS | NAV Rs. per share | PE | RoNW % |
|---|---|---|---|---|---|
| Course5 Intelligence Limited | 257.20 | 2.57 | 11.53 | NA | 22.26% |
| Happiest Minds Technologies Limited | 797.65 | 11.75 | 38.51 | 112.49 | 29.76% |
| Latent View Analytics Limited | 326.71 | 5.35 | 25.63 | 103.31 | 20.89% |
Key Points of 5Course Intelligence IPO are:
IPO Key Points
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Strengths:
1. Leading data analytics and insights player with significant expertise in digital, D2C and omnichannel models driving digital models and strategic decisions and insights
2. Deep AI and advanced analytics capabilities supplementing creation of IP-led solutions
3. Well diversified, longstanding and large global marquee clients across key target industries
4. Global delivery team with expertise across data sources, analytics and cloud tech stack enabling unified view of the customer -
Risks:
1. Inability to obtain accurate, comprehensive or reliable data and broaden data primarily from social media access, this could lead to reduced demand for the solutions and product
2. Face strong competition primarily from other similar onshore and offshore firms, and inability to compete them could pose pricing pressure or loss of market share
3. Revenues from operations are highly dependent on clients located in the United States, any economic changes in the country would affect the business
4. Inability to keep pace with rapid technological developments to offer new and innovative products and services as well as develop solutions to address the need of the clients
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