According to the DRHP filed with NSE Emerge, K Sudarshan and S Krishnaprakash are the company’s promoters. The company’s net worth is around Rs 70 crore, and its profit as on March 31, 2024 was at Rs 14.5 crore, a nearly five fold jump from March 31, 2023.
The company is issuing up to 54.3 lakh fresh equity shares of face value of Rs 5 each and 8.12 lakh offer for sale of Rs 5 each. K Sudarshan, S KrishnaPrakash and G Shekhar. are selling shares in the company. G Shekhar is non promoter shareholder.
Proceeds from the IPO will be used for augmenting the leadership team, capital expenditure towards upgrading the existing IT infrastructure for the company and its subsidiaries; repayment and/or pre-payment, in full, of the borrowing availed by the company concerning the purchase of office premises and general corporate purposes and unidentified inorganic acquisitions across domestic & select international markets. The company is also committing resources to boost its mid to senior-level hiring subsidiary, James Douglas and Technology led marketplace, MyRCloud.comThe Indian Staffing and Recruitment Industry is expected to grow at a CAGR of 4.9% from FY 2023-24 to FY 2028-29. The market is expected to reach Rs 15,770 Cr by FY 2028-29.