The Newz Biz Team, Mumbai
It’s time for AAA Technologies Limited to hit the market on Wednesday, September 30, 2020. AAA Technologies Limited, engaged in Information Technology and Information Security Auditing & Consulting, proposes to open its initial public offer (IPO) of fresh issue of 24,36,000 Equity Shares of face value of Rs. 10 each for cash at a price of Rs. 42 per Equity Share, aggregating up to Rs. 10.23 Cr, on September 30 2020 on the NSE Emerge platform. The price of the Company is based on P/E of 9.13 calculated on basis of post bonus weighted average EPS.
The Lead Manager to the Issue is Chartered Finance Management Limited; Market Maker for the issue is NNM Securities Private Limited and the Registrar to the issue is Link Intime India Private Limited. Company intends to utilise net proceeds from the IPO for Expansion and development of business operations across various cities in India, meeting working capital requirements and general corporate purposes.
With over a decade of experience the Company stands to be the first Company to get listed in the Information Technology and Cyber Security Audit space. Company holds a unique position in its industry and the Promoters of the Company Mr. Anjay Agarwal and Mr. Venugopal Dhoot are veterans in the industry.
Anjay Agarwal is an eminent Information Security professional who has served both the National and International security community for over 20 years. He is the 55th professional in the World to be conferred with COBIT Certified Assessor Designation. He has been associated with various Government and professional bodies in various capacities including as Jury Member for the Maharashtra IT Awards conferred by the State of Maharashtra; ISACA (USA); ISACA, Mumbai Chapter; The Institute of Chartered Accountants of India etc. He was the 1st person from Asia to be appointed as the Chairman of Governmental and Regulatory Agencies Board (GRA Board) of ISACA, International. He has been associated with ISACA, Mumbai Chapter since 2000-2001 in various capacities and was the President of the organization in 2006-2007. He has been associated with ISACA, International since 2002 and has served on various Committees/Board. He has also been a member of the Audit Committee for the year 2013-2014 & 2012-2013 and Finance Committee for the year 2011-2012 of ISACA, International. He has been a Co-opted member on the Information Technology Committee of The Institute of Chartered Accountants of India for the year 2003-2004 and Co-opted member in Information Technology Committee of Western India Regional Council of The Institute of Chartered Accountants of India for the year 2002 and 2008. He has been involved in 10,000+ assignments in Information Security / Cyber Security till date.
The Company primarily is IT Audit and Cyber Security Audit Company and provides services like Information System Audit, Cyber Security, IT Assurance & Compliance, Information Security and IT Governance to BFSI, Government, Regulatory Agencies and Public and Private Sector Organizations.
The Company has earned revenue of Rs. 1424.74 lakhs for FY 2019-20, Rs. 1047.49 lakhs for FY 2018-19 and Rs. 1040.00 lakhs for FY 2017-18. Company’s Profit after Tax stood at Rs. 369.80 lakhs for FY 2019-20, Rs. 206.02 lakhs for FY 2018-19 and Rs. 99.97 lakhs for FY 2017-18.
Mr. Anjay Agarwal, Chairman & Managing Director, AAA Technologies said, “AAA Technologies with its comprehensive Information Technology and Security Auditing & Consulting range is dedicated in its quest to provide best in class service to our client helping them to achieve safe and secure IT environment. The Company is sector agnostic and not dependent on any single Industry for getting business which help us to de-risk our business model. With nearly 2 decades of concrete experience in the field, strong team and long-term client relationships, the Company is poised for strong growth and well positioned to sustain a leadership position in its segment, increase its market share and profitability. Our key services portfolio includes Information Systems Audit, Cyber Security, IT Assurance & Compliance, Information Security & IT Governance”
R. Ramnath, President, Investment Banking & Equity Capital Markets, Chartered Finance Management Limited, highlighting the Issue and investment rationale said “AAA Technologies has developed a wide portfolio of services in Cyber Security and Information Technology and Security Audit with variety of applications which has made them one-stop- shop provider of Information Technology and Security Audit & Consulting. Also, the company is debt-free, dividend paying company with healthy fundamentals and balance sheet. Added to that, the Company has tremendous leverage and sustenance in view of its empanelment with CERT-In (Computer Emergence Response Team) and the long relationship with NICSI (National Informatics Centre Services Inc.)”