Wherrelz IT Solution IPO to hit primary markets this week : Check out the details

Wherrelz IT Solution IPO to hit primary markets this week : Check out the details In this week, another IPO is lined up to open for subscription in the primary market. Mumbai based Wherrelz IT Solution, which is engaged in the business of web-centric, multi-spectrum IT Product development and maintenance and provision of IT Consultancy is bringing Initial Public offer on 16^th of December. Wherrelz IT Solution: The company was originally incorporated as Private Limited Company in the name of “Wherrelz IT Solutions Private Limited” in 2014 and in June 2021, the company was converted into a Public Limited Company and consequent upon conversion the name of the company was change to Wherrelz IT Solutions Limited. The company including the subsidiary Company, Infinity beam IOT Labs Private Limited is engaged in the business of web-centric, multi-spectrum IT Product development and maintenance and provision of IT Consultancy. The company provides a wide range of services such as Enterprise Risk Management (ERM), Enterprise Resource Planning (ERP), E-Commerce, Application programming interface (API), Cyber Security, Internet of Things (IoT), cloud-based tools, etc through standard software development model or customized software development model depending upon the requirement of the clients. When: IPO opens on Thursday, i.e., 16 December and closes on Tuesday next week, i.e., 21 December 2021.

• Fresh Issue: ₹ 2.01 Cr
• Price band: Rs 171 per equity share.
• Face value: Rs 10 apiece.
• Lot size: 800 shares
• Listing:
• Listing Date: 29^th December 2021
• Lead managers: Fedex Securities Limited
• Registrar: Bigshare Services Pvt Ltd
• Promoters: Chaitanya Dhareshwar who has almost 16 years of experience and Mrs. Sumanlata Dhareshwar who has around 14 years of experience in the field of networking, software design, quality assurance, product development and internet technology

Objectives of the IPO: The company aims to utilize the funds for following purpose:

• Working Capital Requirements,
• Meet general corporate purposes.

Summary of Financial Information:

Particulars	Total Assets (₹ in Lakhs)	Total revenue (₹ in Lakhs)	Profit after Tax (₹ in Lakhs)
31 Mar-2019	7.81	20.13	1.24
31 Mar-2020	8.12	22.12	3.16
31 Mar-2021	9.01	20.47	1.44
31 Jun-2021	18.65	7.43	-15.38

According to the per offer documents, the company has shown Tera Soft., Megri Soft, Alphalogic Techsys as its listed peers. They are currently trading at a P/E of 366.79, 123.02 and 103.79 as of today. The company has not posted good financial performances with huge loss in first quarter of Fiscal year 2022. The issue is thus heavily priced and it is very risky to invest in its shares as per the experts.