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Benchmark Computer Solutions IPO entails to raise Rs ₹12.24 Cr. The issue is entirely a fresh issue of1,854,000 shares. Benchmark Computer Solutions Limited is an IT infrastructure solutions and technology consulting company. The Company provides end-to-end technology and technology related services including IT Infrastructure and Software Development Services.

About Benchmark Computer Solutions:

• Company was originally incorporated as “Benchmark Computer Solutions Private Limited” in October 31, 2002.
• Promoters Mr. Dhananjay Vrindavan Wakode and Mr Hemant Muddanna Sanil, professionally qualified having combined experience of more than four decades in the IT Industry are the pioneer of our Company.
• Benchmark Computer Solutions Limited is an IT infrastructure solutions and technology consulting company.
• Company provides end-to-end technology and technology related services including IT Infrastructure and Software Development Services. The Company provides service models such as IaaS (Infrastructure as a Service) and SaaS (Software as a Service). The Service portfolio of the company comprises of IT Infrastructure solutions, Software and Web Based Application Development Services and Annual Maintenance Contract (AMC) and Facility Management Services (FMS). The Company has deep domain knowledge across industry sectors and technology expertise across traditional and new age technologies. Using its extensive understanding of its customers’ businesses and leveraging a combination of advanced technologies and expertise, company provides tailored solutions designed to deliver differentiated outcomes.
• In IT infrastructure management services have impressive credentials, they have xecuted complex IT transformation projects and have also helped run efficient IT infrastructure services for enterprise customers.
• Their managed IT workplace services ensure right-sized infrastructure and support.
• They are authorised partner to multiple corporates including HP (Under HP amplify membership programme), SafeAeon (SafeAeon Partner Ecosystem Program), Veeam, Vertive, Konika Minolta Business Solutions and Dell Technologies.
• Their Core Business can be divided into following categories:
  • a). IT Infrastructure Solutions
  • b). Software and Web Based Application Development Services
  • c). Annual Maintenance Contract (AMC) and Facility Management Services (FMS)

Financials: Benchmark Computer Solutions

Benchmark Computer Solutions IPO: Salient Points

• For the year/period ended September 30, 2023, March 31, 2023, March 31, 2022, March 31, 2021, export has accounted for 5.55%, 6.06%,
• 6.26% and 5.47% of their total revenue from operations.
• They plan to provide cloud based AI computing platform with the needed hardware and software tools. These platforms will be available to various companies on IaaS (infrastructure as a service) mode.
• They are authorized partner to multiple OEM’s including HP (Under HP amplify membership programme), SafeAeon (SafeAeon Partner Ecosystem Program), Veeam, Vertiv, Lenovo, Konika Minolta Business Solutions and Dell Technologies.
• Company has deployed ₹ 20.10 Lakhs towards Capital Expenditure and ₹ 6.45 Lakhs towards Public Issue Expenses upto December 04, 2023 out of internal accrual / existing loan facilities available with the company. Company will reimburse/recouped such payment out of the net issue proceeds.
• IT Infrastructure solutions accounts for 88.57% of its revenue in HY24.
• Some notable project by them are:
  • Successful implementation of large video wall using 2X BARCO F90 Projector at National Museum of Natural History – New Delhi for IIT Bombay – VEMA project.
  • Successful implementation of local area network of more than 2000 points at the Prestigious Innovation Center at BASF Turbhe, One of its kind in ASIA.
  • Setting up of on Premise Data centre at IIT – Bombay using Emerson /Vertiv Smart Rack Solution.
  • Implementation of an online platform for Robinsons Global Logistics for the Transportation Industry Phase II
  • Implementation of an online CRM platform for Colliers International – Phase III
• Company has shown Silver Touch, and Dynacons Syst. As their listed peers. They are trading at a P/E of 78.4 and 17.5 (as of December 14, 2023).
• Benchmark Computer Solutions IPO is coming at PE of 22.3x (FY23) and 23.6x (FY24 annualized)
• I may apply in Benchmark Computer Solutions IPO subject to availability of funds.
• GMP as reported on social media has been around Rs. 35.
• Beeline Capital Advisors Pvt Ltd is the Lead Manager to the issue. It has a fair to good record. Past issues handled by them include Sheetal Universal Limited, Rajgor Castor Derivatives, Arvind and Company Shipping Agencies, Karnika Industries Limited, Hi-Green Carbon Limited, Kody Technolab Limited, Chavda Infra Limited, Vinsys IT Services Limited,Ahasolar Technologies, Pentagon Rubber, Remus Pharmaceuticals, Sotac Pharmaceuticals, RBM Infracon Limited, Transvoy Logistics, Dev Labtech, Viviana Power Tech, Vital Chemtech, Aristo Bio-Tech and Lifescience, Viaz Tyres, Vertexplus Technologies etc.
• Spread X Securities Private Limited looks to be associate of Beeline Capital and has acted as SME IPO Market Maker in recent issues that include Sheetal Universal LimitedS, Rajgor Castor Derivatives, Arvind and Company Shipping, Karnika Industries Limited, Hi-Green Carbon Limited, Kody Technolab Limited, Chavda Infra Limited.
• SME IPO are more risky than mainboard IPOs.
• Standard disclaimer: I am not a SEBI registered analyst and above analysis is for educational purpose only. Iam a postgraduate in engineering & Management . I have in the past cleared some exams like NISM-Series-V-A: Mutual Fund Distributors Certification, NISM-Series-X-A: Investment Adviser (Level 1) Certification and NISM-Series-X-B: Investment Adviser (Level 2) Examination. This post is my view on the subject matter and is only academic and exploratory in nature. It is not meant to influence investment decisions of investors. I may have bias/vested interest in covered Stock/Mutual Funds/NCD etc. due to my own investment or leaning. Further my understanding of the areas on which I write may be imperfect or incomplete and data could be wrong due to limited time and resources at my disposal. Do check the data from company’s RHP and exchanges before making any decision. Please do your own due diligence as stock market/MF investments have high degree of inherent risk.