Ridings Consulting Engineers India Ltd

Ridings Consulting

About the Company:

Ridings Consulting Engineers India Ltd is engaged in Geospatial Services which includes Sub Surface Utility Engineering (SUE) Survey/ Ground-penetrating radar (GPR) Survey, Geographic Information Systems, Geographic Information Systems for Utilities (Power, Water & Telecom) and Land surveying and Geospatial Data etc.

Basically Geographic Information Systems (GIS) applications including mapping of utilities such as electrical network, telecom network, water supply and sewerage systems.

They also provide services in the field such as GPR (Ground Penetrating Radar) , Property Tax Surveys, Land Usage Surveys, Investigative Surveys , Socio Economic Surveys, Geospatial Application Development and Services which directly provide services to various private sector, Semi Government & Government entities in field of  telecom, oil and gas, public utilities etc. in India, Bahrain and other gulf countries.

Company’s Client list is increasing in India as well as outside India and vast portfolio of projects executed in India and Middle East, which made Ridings, a well- known name and also ready for bidding projects internationally through association with foreign parties.

Company executes the services offered from start to end i.e. without dependency on sub-contracting of any GIS activity including data collection, back office processing and analysis.

Major Clients of the Company:

  • Reliance Jio.
  • Airtel
  • L&T
  • TCS
  • Reliance ADA
  • TATA,
  • Mott McDonald
  • Various Government Municipalities.


Management Team:

  1. Mr. Sain Ditta Baveja (Designation: Chairman cum Managing Director)
  2. Mr. Praveen Kumar Baveja (Designation: CEO cum Whole Time Director)
  3. Mrs. Bharti Sinha (Designation: Non-Executive Independent Director)


Promoters Average Acquisition Cost:

Name of the Promoter No. of Shares held Average Acquisition Cost (in Rs.)
Mr. Sain Ditta Baveja 79,37,600 2.52
Mr. Sudhir Kumar Baveja 1,36,400 0.07


Promoters Stake Pre & Post Issue:

Shareholder Name Pre Issue Stake (%) Post Issue Stake (%)
Mr. Sain Ditta Baveja 90.20% 63.81%
Mr. Sudhir Kumar Baveja 1.55% 1.09%
Promoter Group Entities            8.25%          5.84%
Total 100% 70.74%


Objectives of the Issue:

  • To Meet Working Capital Requirement.
  • General Corporate .
  • To Meet the Issue Expenses.


Fund Utilization:

Particulars Amount (Rs. in Crores)
Working Capital requirements 5.00
General Corporate Expenses 0.80
Issue Expenses 0.75
Net Proceeds 6.55 cr


Positives for the Company:

Absence of Competition:

The demand for services offered by Ridings is expected to grow at good pace, because there is a huge gap between demand and supply and absence of competition.

Sector has Huge Scope:

Geospatial industry has a huge scope because of various developments taking place in the country, especially after launch of smart city and other projects and fill the void as the country not possess underground utility mapping for most of the towns.

Company is in unique position, not only to address new opportunities internationally but also enhance its market share and current position of surveying.

Entering into New Geographical Locations:

Company has established presence in overseas market and is well poised to reap the benefits of efforts that have gone in developing business opportunities in Bahrain and Saudi Arabia.

Company has also done projects in Oman and has now started working in UAE and is doing business development in Africa as well.


Financials of the Company:

(in Crores) FY 13 FY 14 FY 15 FY 16 FY 17 30th Sept 17
Revenue  15.13  13.52 13.57  14.27  16.90   6.23
Net Profit  0.74  1.17  1.06  0.52  1.02  0.45


Valuation of Peer Group Companies:

Company Name Face Value EPS PE Ratio RoNW NAV
Ridings Consulting Engineers Ltd 10 1.16 15.57 11.49 10.06
Genesys International Ltd 5 6.10 39.90 8.40 75.70
Rolta India Limited 10 37.20 3.3 18.10 236.90


IPO Details:

Details Info
Issue Opens on 14th March 2018
Issue Closes on:. 16th March 2018
Issue Price Rs.18
Face Value Rs.10
Minimum Lot 8000
Minimum Investment Rs.1,44,000
Issue Constitutes 29.26%
Issue Size Rs.6.55 cr
Market Cap Rs.22.39 cr
Listing at BSE SME
Equity Shares Offered (Fresh) 36,40,000
Equity Shares Prior to the Issue 88,00,000
Equity Shares after the Issue 1,24,40,000


Subscription Details: 

(Subscription-Category-Wise (no. of times) Till time : 06:00 PM) Shares Offered Day-1 Day-2 Day-3
HNI  17,28,000  0.15  0.15  0.81
Retail  17,28,000   0.87  1.10  1.83
Others    1,84,000  0.00  0.00  0.00
Employee  ———  —–  —-  —
TOTAL  36,40,000  0.48  0.59  1.25


IPO Valuation Parameters:

Earnings Per Share (EPS) Price To Earnings ratio (PE) Return on Net Worth (RoNW) Net Asset Value (NAV)
1.16 15.57 11.49% 10.06


Markets Guruji Opinion:

IPO View Apply For: Expected listing Gain:
Subscribe Long Term 15%


Grey Market Premium :

Date IPO Price Band Grey Market premium
13/03/18 Ridings Consulting Engineers India Ltd Rs.18 NA


Company Contact Info:
Ridings Consulting Engineers India Limited
Office No. F-24, First Floor,
Pankaj Grand Plaza, Mayur Vihar-I
Delhi – 110091, India
Tel. No. +91-11-22755585
E-mail: info@ridingsindia.com
Website: www.ridingsindia.com


IPO Registrar Info:
D-153A, 1st Floor, Okhla Industrial Area Phase-I,
New Delhi – 110020
Tel No.:+91 11 64732681-88
Fax No.:+91 11 26812682
Email: virenr@skylinerta.com;
Investor Email: grievances@skylinerta.com
Website: www.skylinerta.com


Lead Manager to the Issue:
305, Madhuban Building, Cochin Street,
S.B.S. Road, Fort, Mumbai, Maharashtra – 400 001.
Tel No.:+91–22–2265 5565
Fax No.:+91–22–664 4300
Email: merchantbanking@swastika.co.in
Investor Email: investorgreivance@swastika.co.in
Website: www.swastika.co.in