the Company is engaged in the business of providing security and surveillance solutions by offering comprehensive range of CCTV cameras which serves different verticals like retail, government, educational and infrastructure, among others. the Company in the year 2022 expanded its product portfolio by selling different sizes and features of televisions, touch panels and monitors manufactured by third parties under the brand name. We also provide services including video management software which provides surveillance feature to our customers in a single monitor and location. Company was incorporated in the year 2017 by our experienced promoters, Ms. Mitali Dasharathbharthi Gauswami and Mr. Gauswami Dasharathbharthi Gopalbharthi who possesses over 7 and 11 years of experience in our industry. The promoters play crucial role in expansion of our Company and prosperity. Through their experience, we are able to manage and expand our operations, foresee and respond to market developments, and uphold and capitalise on customer relationships. Our Company is guided by expertise management team which provides technical, marketing & sales guidance to the Company. Company product portfolio is mainly segregated into two parts, namely: (i) Security and Surveillance Solutions (network cameras & high-definition analog cameras, network video recorders, digital video recorders) (ii) LED televisions, Monitors & Touch Panels. As per financial performance, Prizor Viztech Limited has posted total income / net profits of Rs 8.70 Cr / Rs 0.03 Cr (FY22), Rs 13.94 Cr / Rs 0.21 Cr (FY23), Rs 35.69 Cr / Rs 5.57 Cr (FY24). So as per previous financials data, company has shown growth, but sudden rise in net-profit just before IPO and negative net cash flow raises doubts for results. Company has posted an average EPS of Rs 0.64 and average RoNW of 48.93% for last three fiscals. Issue is priced at a P/BV of 9.67 as per NAV of 9/- as on 31.03.24. If we attribute latest earnings of FY22, FY23 and FY24 on fully diluted equity post issue, then asking price is at a P/E of around 2,583.71, 442.92 and 16.69 respectively, which looks fully priced. As per RHP, comparison between listed peers is shown in above table. On BRLM's front, Shreni Shares Limited is associated with this SME IPO and handled 29 SME IPOs in last 3 years. From last 10 SME IPOs, all opened above issue price or at par on the day of listing. As of now from last 10 SME IPOs, two are trading below issue price and remaining are trading above issue price. ( As on 10.07.24 ) As per financials, Prizor Viztech Limited has shown good growth, RoNW is 83.67% and P/E is respectively 2,583.71, 442.92 and 16.69 as per FY22, FY23 and FY24 earnings. So, issue looks fully priced, but sudden rise in net-profit just before IPO and negative net cash flow raises doubts. Company is engaged in the business of providing security and surveillance solutions by offering comprehensive range of CCTV cameras, which is highly fragmented and competitive business segment. Performance of BRLM is good. So, we give "SUBSCRIBE FOR LISTING GAINS" rating for this IPO. Readers must consult a qualified financial advisor prior to making any actual investment decisions.
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