CapitalNumbers Infotech
Book Building issueSMEBSE₹169 Cr issue
+4.18%
Listing gain over issue price
Issue size
₹169 Cr
1 lot at cut-off
₹1,05,200
Lot size
400shares
Open
20 Jan 2025
Close
22 Jan 2025
Allotment
23 Jan 2025
Listing
27 Jan 2025
Listing performance
Issue price
₹263
Listed at
₹274
Listing-day close
₹261.35
Latest price
₹72
Close on 23 Oct 2026
Listing gain
+4.18%
Return since issue
-72.62%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 20 Jan 2025 – 22 Jan 2025
- Listing date
- 27 Jan 2025
- Face value
- ₹1 per share
- Issue price
- ₹263 per share
- Lot size
- 400 shares
- Issue type
- Book Building issue
- Listing at
- BSE
- Total issue size
- ₹169 Cr
- Market cap at offer price
- ₹642 Cr
- Promoter holding
- 99.99% → 73.64% pre-issue → post-issue
- ISIN
- INE0WXM01011
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- GYR Capital Advisors Pvt.Ltd.
- Registered office
- Mani Casadona IT Building, 8th Floor, 8E4, East Tower, Plot 2 F/4, Action Area I, 2F, Newtown, West Bengal
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 18,32,400 | — | — |
| Market maker | 3,30,000 | — | — |
Application size
Minimum 400 shares per lot, in multiples, at ₹263
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 400 | ₹1,05,200 |
| S-HNI (min) | 2 | 800 | ₹2,10,400 |
| S-HNI (max) | 9 | 3,600 | ₹9,46,800 |
| B-HNI (min) | 10 | 4,000 | ₹10,52,000 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
18,32,400
Anchor portion
₹48.19 Cr
at ₹263 per share
Valuation and performance
Valuation at offer price
₹263 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 12.25 | 11.19 |
| P/E (×) | 21.47 | 23.50 |
| Price to book (×) | 8.29 | — |
| Market cap | — | ₹642 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 38.62%
- ROCE
- 51.90%
- PAT margin
- 26.47%
- NAV per share
- ₹31.81
- Price to book
- 8.29
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About CapitalNumbers Infotech
CapitalNumbers Infotech Limited, incorporated on July 10, 2012 and converted to a public limited company on June 18, 2024, is engaged in digital consulting and IT engineering services. The company provides a comprehensive suite of services including Digital Engineering, Data Analytics, Artificial Intelligence/Machine Learning (AI/ML), Cloud Engineering, UI/UX Design, and advanced technologies such as Blockchain and Augmented Reality/Virtual Reality (AR/VR). With over 500 IT professionals and consultants, the company serves more than 250 clients worldwide from various locations across India. The company holds ISO:9001, ISO:27001, and SOC 2 certifications, and its team excels in Cloud, Mobile, DevOps, Data Engineering, and Application Development using technologies such as React, Angular, .NET, Python, Node, PHP, and Java. The company has received multiple awards including Economic Times Best Tech Brands 2024, Times Business Award 2024, and Financial Times High-Growth Companies Asia Pacific 2024.
Company Analysis
from RHPCapitalNumbers Infotech Limited is a digital consulting and IT engineering firm offering end-to-end software development solutions including Digital Engineering, Data Analytics, AI/ML, Cloud Engineering, and UI/UX Design services to enterprises and startups worldwide.
CapitalNumbers Infotech Limited, incorporated on July 10, 2012 and converted to a public limited company on June 18, 2024, is engaged in digital consulting and IT engineering services. The company provides a comprehensive suite of services including Digital Engineering, Data Analytics, Artificial Intelligence/Machine Learning (AI/ML), Cloud Engineering, UI/UX Design, and advanced technologies such as Blockchain and Augmented Reality/Virtual Reality (AR/VR). With over 500 IT professionals and consultants, the company serves more than 250 clients worldwide from various locations across India. The company holds ISO:9001, ISO:27001, and SOC 2 certifications, and its team excels in Cloud, Mobile, DevOps, Data Engineering, and Application Development using technologies such as React, Angular, .NET, Python, Node, PHP, and Java. The company has received multiple awards including Economic Times Best Tech Brands 2024, Times Business Award 2024, and Financial Times High-Growth Companies Asia Pacific 2024.
Information Technology ServicesDigital ConsultingSoftware DevelopmentBusiness Process ManagementIT Engineering
Objects of the Issue
- Technical Advancement of Leading-edge Technology ₹1,782.00 Lakhs p.22
- Increase in Spending on Business Developments ₹1,500.00 Lakhs p.22
- Investment in Subsidiary ₹500.00 Lakhs p.22
- Funding inorganic growth through unidentified acquisitions and other strategic initiatives and general corporate purposes p.22
- Technical Advancement of leading-edge technology including Sales Force Automation Platforms, Robotic Process Automation (RPA), Enterprise Low-Code Application Platforms, Digital Experience Platforms, Digital Commerce Platforms, DevOps Platforms, Analytics and Business Intelligence Platforms, and API Management Platforms Upto ₹1,782.00 lakhs p.77
- Increase in Spending on Business Developments through sales and marketing initiatives, targeted digital marketing campaigns, trade shows, and lead generation platforms Upto ₹1,500.00 lakhs p.77
- Investment in Subsidiary - augment the subsidiary Capital Numbers LLC's working capital and enhance its credit base Upto ₹500.00 lakhs p.77
- Funding inorganic growth through unidentified acquisitions and other strategic initiatives and general corporate purposes [●] p.77
- General corporate purposes
Issue Structure
- Total Issue
- ₹ [●] Lacs (upto 64,40,000 equity shares)
- Fresh Issue
- ₹ [●] Lakh (upto 32,20,000 equity shares)
- Offer for Sale
- ₹ [●] Lakh (upto 32,20,000 equity shares by Promoter Selling Shareholders)
- Price Band
- ₹ [●] to ₹ [●] per equity share
- Lot Size
- [●] Equity Shares and in multiples of [●] Equity Shares thereafter
- Face Value
- ₹ 10/- per equity share
Business Model
The company earns revenue from providing end-to-end software development solutions and IT engineering services to clients worldwide. Revenue is primarily generated from clients located in the United States of America and United Kingdom, which represented 69.63% of revenue from operations for the period ended September 30, 2024.
Business Segments
Helps clients unlock the full potential of the cloud with expert assistance including guidance on migration to the cloud, optimization of infrastructure for scalability and cost-efficiency, and management of cloud environments (public, private, or hybrid). Ensures seamless integration and robust security.
Transforms raw data into valuable insights by building data warehouses, developing data pipelines, ensuring data governance, and applying advanced analytics. Provides data visualization expertise to help clients make informed, data-driven decisions that optimize business processes and uncover growth opportunities.
Empowers clients to embrace artificial intelligence through intelligent solutions. Develops and deploys AI and machine learning models that automate tasks, improve decision-making, and create personalized customer experiences. Generative AI capabilities push boundaries of creativity and innovation offering advanced modeling and unique use cases.
Creates user experiences that are both beautiful and functional. User-centric approach places empathy and usability at the forefront of design process. Through user research, wireframing, prototyping, and usability testing, builds digital products that delight customers and drive engagement.
Provides comprehensive digital engineering services including custom software development, web development, mobile app development (iOS and Android), and quality assurance. Delivers bespoke software solutions tailored to unique requirements, enterprise systems for complex business processes, automation tools, dynamic websites, e-commerce platforms, and CMS solutions.
Helps clients explore transformative potential of blockchain technology offering end-to-end solutions from smart contract development to decentralized application (dApp) creation. Addresses needs for secure transactions, supply chain transparency, and digital identity verification.
Specializes in creating captivating AR and VR applications for training, simulation, marketing, and customer engagement. Leverages cutting-edge technology to immerse customers in new realities and create unforgettable experiences.
IT services and consulting for professional services industry
Software product development and platform services
IT services for banking and financial services sector
IT services for healthcare and wellness industry
Provides IT consulting and software development services to clients outside India
Provides IT consulting and software development services to clients within India
IT services including web designing, web application development, mobile application development, and internet marketing services
SWOT Analysis
Strengths
- • Comprehensive digital engineering services with multiple technology offerings(p.20)
- • Large skilled workforce and international client base(p.20)
- • International quality certifications ensuring service excellence(p.20)
- • Multiple industry awards and recognition(p.20)
- • Experienced founding leadership with IT industry expertise(p.20)
- • Strong customer satisfaction and long-standing relationships(p.119)
- • High ratings on major B2B platforms(p.119)
- • Scalable business model with multiple growth drivers(p.119)
- • 100% revenue from export sales with diversified geographic presence(p.119)
- • Experienced promoter and management team(p.120)
- • ISO and SOC 2 certifications ensuring quality standards(p.105)
- • Strong historical revenue growth(p.105)
- • Strong financial position with robust liquidity(p.121)
- • Excellent current ratio and zero debt-to-equity ratio(p.121)
- • Conservative leverage enhancing solvency(p.121)
- • Stable financial performance and revenue growth(p.121)
- • Long-standing customer relationships(p.122)
- • Diversified customer base across verticals(p.125)
- • ISO and SOC-2 certifications ensuring quality(p.131)
- • Experienced management team with global operations expertise(p.151)
- • Established IT services firm with 500+ IT professionals serving 250+ clients globally(p.264)
- • Multiple international quality certifications ensuring service excellence(p.264)
- • Strong revenue growth trajectory with 6.05% growth in FY2024(p.265)
- • Healthy and consistent EBITDA margins above 36% in recent periods(p.266)
- • Multiple industry awards and recognitions establishing market credibility(p.264)
- • Experienced leadership with founder-CEO having extensive IT industry background(p.264)
- • Strong profitability with PAT margins of 26-27% in FY2024 and H1 FY2025(p.266)
- • Consistently strong profitability with improving margins(p.275)
- • Successful business expansion in key international markets(p.274)
- • Low financial leverage with minimal debt(p.280)
- • Strong cash generation from operations(p.276)
- • Established quality certifications and regulatory compliance(p.287)
Weaknesses
- • High revenue concentration from US and UK markets(p.29)
- • 100% revenue dependency on foreign currency earnings(p.30)
- • High employee benefits expense relative to revenue(p.31)
- • Pending trademark registration and logo objections(p.32)
- • Incomplete corporate formalities following recent conversion(p.31)
- • Substantial unidentified acquisition plans with execution risk(p.34)
- • High dependence on a few major customers
- • Concentration of revenue in USA market(p.120)
- • Limited geographic presence with single registered office(p.125)
- • High dependence on export markets(p.125)
- • Export sales concentration exceeding 98% of total revenue(p.131)
- • High customer concentration in top accounts(p.126)
- • Need for workforce expansion to undertake more projects(p.125)
- • Limited employee base constraining growth(p.131)
- • Concentration of business with significant revenue from US market creating customer concentration risk(p.265)
- • Reliance on continuous talent acquisition and development with competitive labor market pressures(p.265)
- • High employee benefit expense concentration(p.271)
- • Dependence on technical and consultancy services expenses(p.273)
- • Pending intellectual property applications(p.288)
- • Foreign exchange exposure requiring active hedging(p.273)
Opportunities
- • Rapid growth of India's IT industry with expanding digital adoption(p.20)
- • India positioned as global IT destination with largest internet user base(p.20)
- • Projected expansion of India's IT industry to $350 billion by 2026(p.20)
- • Expected demand for 30 million digitally skilled professionals by 2026(p.20)
- • Expansion into emerging technologies including AI/ML and blockchain(p.20)
- • Strategic inorganic growth through planned acquisitions(p.34)
- • Expansion into new technology sectors and markets(p.120)
- • Investment in emerging technologies like GenAI, blockchain and AR/VR(p.79)
- • Growing global IT services market with double-digit growth(p.101)
- • Increasing IT services demand due to digital transformation(p.101)
- • Strategic acquisitions and inorganic growth opportunities(p.86)
- • Expansion in Rest of World markets beyond USA and UK(p.120)
- • India's technology industry projected to double revenue by 2030(p.124)
- • Indian IT spending expected to grow at double-digit rate(p.124)
- • High-growth potential in emerging technologies(p.122)
- • Expansion into new development centers across India(p.123)
- • European market expansion with sales office in Netherlands(p.123)
- • Strategic partnerships with ISVs and channel partners(p.123)
- • Strategic investments and acquisitions in emerging tech(p.123)
- • Expansion of digital transformation services as enterprises seek innovative solutions(p.264)
- • Growth in cybersecurity demand driven by increased digital threats post-geopolitical tensions(p.265)
- • Increased IT outsourcing to India as companies seek cost-effective and politically stable partners(p.265)
- • Market expansion into UK and exploration of new geographic markets(p.265)
- • Growth in AI/ML and cloud services demand as enterprises undergo digital transformation(p.265)
- • Expansion in USA and UK markets(p.275)
- • Growing demand for IT services in Middle East(p.274)
- • Potential for margin improvement through operational efficiency(p.275)
- • Migration pathway to main board from SME platform(p.311)
Threats
- • Adverse economic developments in key US and UK markets(p.29)
- • Foreign exchange fluctuation adversely affecting rupee-denominated results(p.30)
- • Rapid technological change and industry obsolescence risk(p.30)
- • High employee attrition in competitive skilled labour market(p.31)
- • Intense competition affecting pricing and market share(p.34)
- • Cybersecurity threats and data breach risks(p.34)
- • Regulatory compliance risks in multiple jurisdictions(p.35)
- • Economic downturn risks from pandemic and global instability(p.36)
- • Natural disasters and force majeure events impacting operations(p.43)
- • India's evolving tax regime creating compliance uncertainty(p.43)
- • Intense competition in the IT services industry(p.81)
- • Concentration risk in US market representing 50% of revenue(p.120)
- • Global economic slowdown and uncertainty(p.99)
- • Geoeconomic fragmentation and trade uncertainties(p.99)
- • Rising employee costs impacting profitability(p.125)
- • High employee attrition risk in competitive market(p.125)
- • Intense competition from global IT services providers(p.125)
- • Vulnerability to global economic downturns(p.125)
- • Dependence on US and UK markets exposed to FX risks(p.125)
- • Strong competition from onshore and offshore IT services companies(p.132)
- • Intense competition from established global IT services firms and emerging startups(p.265)
- • Geopolitical uncertainties and economic downturns affecting client spending on IT services(p.265)
- • Currency fluctuations impacting US dollar-denominated revenues(p.243)
- • High employee attrition and talent retention challenges in competitive IT market(p.265)
- • Potential slowdown in US market growth affecting primary revenue driver(p.265)
- • No significant dependence on single or few customers disclosed(p.279)
- • Competition from existing and potential competitors(p.279)
- • Business subject to significant economic changes and uncertainties(p.278)
- • Potential impact from government policies on costs and revenues(p.278)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Mukul Gupta | Promoter | 53.04% | — |
| Vipul Gupta | Promoter | 10.05% | — |
| Herprit Gupta | Promoter | 36.90% | — |
| Mukul Gupta | Promoter | 53.04% | [●] |
| Vipul Gupta | Promoter | 10.05% | [●] |
| Herprit Gupta | Promoter | 36.90% | [●] |
| Mukul Gupta | Promoter | 53.04% | — |
| Vipul Gupta | Promoter | 10.06% | — |
| Herprit Gupta | Promoter | 36.90% | — |
| Mukul Gupta | Promoter | 53.04% | — |
| Herprit Gupta | Promoter | 36.90% | — |
| Vipul Gupta | Promoter | 10.06% | — |
| Mukul Gupta | Promoter/Promoter Selling Shareholder | — | — |
| Vipul Gupta | Promoter/Promoter Selling Shareholder | — | — |
| Herprit Gupta | Promoter/Promoter Selling Shareholder | — | — |
| Mukul Gupta | Promoter Selling Shareholder | — | — |
| Vipul Gupta | Promoter Selling Shareholder | — | — |
| Herprit Gupta | Promoter Selling Shareholder | — | — |
Leadership
Mukul Gupta · Managing Director & CEO
Vipul Gupta · Director
Herprit Gupta · Director
Sanket Harlalka · CFO
Priya Jhunjhunwala · Company Secretary & Compliance Officer
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
CapitalNumbers Infotech IPO FAQs
What is the lot size of CapitalNumbers Infotech IPO?
The minimum lot size of CapitalNumbers Infotech IPO is 400 shares. One lot costs ₹1,05,200 at the cut-off price.
When does CapitalNumbers Infotech IPO open and close?
CapitalNumbers Infotech IPO opened for subscription on 20 Jan 2025 and closed on 22 Jan 2025.
What is the listing date of CapitalNumbers Infotech IPO?
CapitalNumbers Infotech IPO listed on 27 Jan 2025.