Clear Secured SME
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Grey market premium
Unofficial and indicative — not a forecast
3 observations recorded — too few to plot a trend.
Day-wise premium · 3 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 08 Dec 2025 | ₹3 | +2.27% | ₹2,300 | ₹135 | ₹3,000 |
| 07 Dec 2025 | ₹3 | +2.27% | ₹2,300 | ₹135 | ₹3,000 |
| 06 Dec 2025 | ₹3 | +2.27% | ₹2,300 | ₹135 | ₹3,000 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Issue details
- Listing date
- 08 Dec 2025
- Face value
- ₹10 per share
- Issue price
- ₹132 per share
- Lot size
- 1,000 shares
- Total issue size
- ₹85.60 Cr
- Market cap at offer price
- ₹317 Cr
- Promoter holding
- 99.84% → 73.03% pre-issue → post-issue
- ISIN
- INE1EF801010
- Registrar
- Bigshare Services Pvt.Ltd.
- Lead managers
- Horizon Management Pvt.Ltd.
- Registered office
- 14B/4, Ground Floor, Plot-14A/14B, New Sion CHS, Swami Vallanbhdas Marg, Road No 24, Sindhi Colony, Sion, Maharashtra
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 | 18,48,000 | — | — |
| Market maker | 3,25,000 | — | — |
Application size
Minimum 1,000 shares per lot, in multiples, at ₹132
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,000 | ₹1,32,000 |
| S-HNI (min) | 2 | 2,000 | ₹2,64,000 |
| S-HNI (max) | 7 | 7,000 | ₹9,24,000 |
| B-HNI (min) | 8 | 8,000 | ₹10,56,000 |
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.
Valuation and performance
Valuation at offer price
₹132 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 5.65 | 13.87 |
| P/E (×) | 23.36 | 9.52 |
| Price to book (×) | 2.17 | — |
| Market cap | — | ₹317 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 10.74%
- ROCE
- 23.46%
- Debt / equity
- 1.02
- PAT margin
- 2.08%
- EBITDA margin
- 4.70%
- NAV per share
- ₹60.85
- Price to book
- 2.17
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Clear Secured SME
Clear Secured Services Limited, formerly a private limited company incorporated in October 2008, was converted to a public limited company in February 2025. The company specializes in Integrated Facility Management (IFM), offering comprehensive soft services such as housekeeping, waste management, and security services, alongside hard services including repair and maintenance, energy management, electro-mechanical services, and facade cleaning. Under Support Services, the company delivers Total Infrastructure Solutions (TIS) covering interior design, plumbing, fire safety, and office furniture services. The company also operates in the agro-food sector with sourcing and trading of millets and wheat, provides telecom infrastructure solutions for mobile tower installations, and offers cash van services for secure ATM cash transport. The company prioritizes efficiency, regulatory compliance, and consistent service delivery across multiple regions, with a focus on contract management, labour compliance, cost control, and technology-enabled service quality improvement.
Company Analysis
from RHPClear Secured Services Limited provides integrated facility management (IFM) services including soft services (housekeeping, security, staffing) and hard services (maintenance, repair, energy management) across commercial and industrial sectors, with additional operations in infrastructure solutions, telecom, cash van services, and agro-food trading.
Clear Secured Services Limited, formerly a private limited company incorporated in October 2008, was converted to a public limited company in February 2025. The company specializes in Integrated Facility Management (IFM), offering comprehensive soft services such as housekeeping, waste management, and security services, alongside hard services including repair and maintenance, energy management, electro-mechanical services, and facade cleaning. Under Support Services, the company delivers Total Infrastructure Solutions (TIS) covering interior design, plumbing, fire safety, and office furniture services. The company also operates in the agro-food sector with sourcing and trading of millets and wheat, provides telecom infrastructure solutions for mobile tower installations, and offers cash van services for secure ATM cash transport. The company prioritizes efficiency, regulatory compliance, and consistent service delivery across multiple regions, with a focus on contract management, labour compliance, cost control, and technology-enabled service quality improvement.
Objects of the Issue
- Investment in wholly owned Subsidiary, Comfort Techno Services Private Limited (CTSPL) for funding Purchase of Equipment 525.00 lakhs p.31
- Funding for Working Capital Requirement 2,600.00 lakhs p.31
- Repayment or prepayment of Short-Term Borrowings 3,550.00 lakhs p.31
- General corporate purposes p.31
- Investment in our wholly owned Subsidiary, Comfort Techno Services Private Limited (CTSPL) for funding the Purchase of Equipment ₹525.00 lakhs p.100
- Funding for Working Capital Requirement ₹2,600.00 lakhs p.100
- Repayment or prepayment of Borrowings ₹3,550.00 lakhs p.107
- General Corporate Purposes p.100
- Repayment/prepayment of borrowings ₹3,550.00 lakhs p.107
- General corporate purposes p.109
- —
Issue Structure
- Total Issue
- Up to 64,85,000 equity shares of face value of ₹10/- each aggregating to ₹[●] lakhs
- Fresh Issue
- Up to 64,85,000 Equity Shares of face value of ₹ 10 /- each aggregating to ₹ [●]
- Offer for Sale
- Not Applicable - Entire issue constitutes fresh issue of equity shares
- Price Band
- [●] per Equity Share (Floor Price) to [●] per Equity Share (Cap Price) - to be decided and advertised at least two working days prior to Bid/Issue Opening Date
- Lot Size
- [●] Equity Shares - Minimum Bid Lot to be decided
- Face Value
- ₹ 10 /- each
Business Model
The company earns revenue through contracts for Integrated Facility Management services (including soft and hard services), Total Infrastructure Solutions, agro-food trading (sourcing and trading of commodities), Telecom Infrastructure Solutions, Cash Van secure transport services, and other support services. Revenue recognition occurs upon service delivery and customer invoicing. The business model involves deploying trained personnel and equipment at customer locations to perform agreed-upon services under contract terms.
Business Segments
SWOT Analysis
- • Specialized integrated facility management with broad soft and hard services portfolio(p.112)
- • Diverse customer base across multiple industries with significant geographic reach(p.112)
- • Large established customer portfolio with over 100 clients(p.112)
- • Certified quality management and compliance systems(p.112)
- • Established brand reputation and market presence(p.112)
- • Diverse integrated service offerings across soft and hard services with broad geographic reach(p.185)
- • Direct operations model with nationwide presence enabling quality control and rapid deployment(p.188)
- • Strong, long-term client relationships with high retention across sectors(p.188)
- • Proven financial growth with strong profitability metrics and improving returns(p.189)
- • Credit rating of IND BBB-/Stable from India Ratings and Research affirming financial credibility(p.179)
- • Multiple ISO and quality management certifications demonstrating operational excellence(p.178)
- • Scalable business model with standardized processes enabling rapid expansion(p.189)
- • Experienced promoter with 16 years in Facility Management Services(p.234)
- • No regulatory debarment or defaults by promoters(p.235)
- • No material regulatory actions against promoters in past year(p.235)
- • No defaults on debt obligations in past three years(p.235)
- • Diversified revenue streams from Facility Management, Agro Trading, and Manufacturing(p.274)
- • Significant working capital requirements and reliance on external financing(p.39)
- • High customer concentration with top 10 customers representing 92.14% of revenue(p.40)
- • Promoter facing serious criminal litigation(p.41)
- • Incomplete documentation of educational qualifications by Key Management Personnel(p.42)
- • High geographic concentration with 77.08% of revenue from Maharashtra(p.41)
- • Negative operating cash flows in recent periods(p.49)
- • High employee attrition rates affecting operational continuity(p.46)
- • History of non-compliance with regulatory and statutory requirements(p.43)
- • Trademark and IP not owned; no trademark license agreements with promoters(p.51)
- • High and growing trade receivables; significant old outstanding receivables(p.53)
- • Dependence on few key personnel; competition for talent(p.52)
- • Recent conversion from private to public company may cause operational disruptions(p.55)
- • Heavy debt with restrictive covenants limiting operational flexibility(p.54)
- • High customer concentration risk with top 5 customers accounting for 81% of revenue(p.118)
- • Elevated debt levels with debt-to-equity ratio of 0.99 times(p.116)
- • High net debt to EBITDA ratio of 5.83 times indicating leverage concerns(p.116)
- • Declining profitability with PAT margin of only 2.08% in FY2025(p.115)
- • Relatively low EBITDA margin of 4.70% compared to industry standards(p.115)
- • Heavy dependence on a few major customers representing significant revenue concentration(p.184)
- • High leverage with increasing debt-to-equity ratio rising to 0.99x as of August 31, 2025(p.185)
- • Manpower-intensive business model creating dependency on high employee recruitment and retention(p.189)
- • Previous non-compliance with Corporate Social Responsibility provisions requiring compounding(p.201)
- • Heavy dependence on few major customers creating concentration risk(p.285)
- • Significant debt levels with short-term borrowings exceeding long-term debt(p.247)
- • High finance costs increasing with growing debt(p.249)
- • Concentration of collateral on director properties(p.259)
- • No dividend history and limited cash retention(p.240)
- • Dependence on limited number of customers(p.326)
- • Significant provision for bad and doubtful debts due to customer insolvency(p.320)
- • Substantial EPFO compliance liabilities and multiple pending damages claims(p.330)
- • High reliance on short-term borrowings for working capital(p.325)
- • Multiple pending direct tax proceedings with material proposed adjustments(p.331)
- • Outstanding GST and tax demands across multiple states(p.339)
- • Promoter involvement in criminal litigation matters(p.340)
- • Growing Indian IFM market with strong CAGR(p.30)
- • Rising trend of outsourcing non-core operations(p.30)
- • Government contracts with significant growth potential(p.41)
- • Government outsourcing initiatives and public sector contract growth potential(p.53)
- • Subsidiary expansion through equipment investment for surveillance services(p.102)
- • Growing outsourced facility management market with 8.1% historical CAGR and 14.6% projected CAGR through FY2028(p.151)
- • Increasing government outsourcing of facility management services(p.151)
- • Large construction sector growth driving demand for facility management(p.169)
- • Rising penetration of organized retail and commercial segments creating IFM demand(p.151)
- • Expanding private security services market with 6-6.5 million private security personnel(p.145)
- • Strong demand for cash management services with retail cash management segment growing at 20.3% CAGR(p.161)
- • Massive growth in outsourced IFM market projected to reach ₹193,587 crore by FY28 at 14.6% CAGR(p.179)
- • Growing government outsourcing of FM services at 10.4% CAGR, outpacing private sector growth(p.179)
- • Expansion opportunity in high-growth sectors including healthcare, IT/ITeS, logistics, and retail(p.179)
- • Emerging demand for green FM services and ESG compliance offerings creating new revenue streams(p.179)
- • Shift toward bundled service models and integrated contracts with higher client retention(p.179)
- • Strategy to capitalize on fragmented industry through targeted acquisitions and consolidation(p.190)
- • Expansion into multiple service segments including agro trading and steel manufacturing(p.278)
- • Recent acquisition of subsidiaries to diversify business portfolio(p.252)
- • Growing working capital lending facilities from multiple financial institutions(p.259)
- • Expansion into new markets and business segments(p.315)
- • Growth in agro-food sector operations(p.315)
- • Increase in Integrated Facility Management services revenue(p.320)
- • Diversification into telecom infrastructure and cash transport services(p.315)
- • Dependence on competitive government bidding process(p.41)
- • Risk of contract termination and service delivery failures(p.41)
- • Labor disputes and workforce management challenges(p.45)
- • Changes in government policies affecting contract availability(p.41)
- • Competition for skilled labor at suitable wages(p.46)
- • Vulnerability to equipment and vendor supply disruptions(p.49)
- • Highly competitive market with low barriers to entry(p.52)
- • Government policy changes affecting public sector contracts(p.53)
- • Sensitivity to macroeconomic conditions and business cycles(p.59)
- • Reliance on outdated accounting standards affecting comparability(p.61)
- • Currency fluctuation risks for foreign investors(p.64)
- • Highly fragmented and competitive market with organized sector at only 35% penetration(p.147)
- • Intense price competition and margin pressures from unorganized players(p.145)
- • Critical shortage of skilled and semi-skilled manpower in facility management(p.156)
- • Rising inflation and manpower costs pressuring contract economics(p.156)
- • High workforce attrition rates impacting service delivery(p.156)
- • Regulatory compliance burden increasing operating costs(p.159)
- • Highly competitive facility management sector with numerous large and regional competitors(p.194)
- • Regulatory compliance risks including PSARA licensing, labour laws, and environmental regulations(p.203)
- • Government contracts subject to competitive bidding creating revenue uncertainty despite long-term customer relationships(p.188)
- • Exposure to macroeconomic downturns affecting client discretionary spending and project deferrals(p.189)
- • Rising costs from growing demand for skilled workers and competitive labor market pressures(p.194)
- • Customer insolvency affecting receivables - major CIRP admission(p.285)
- • Outstanding litigation and contingent liabilities from tax disputes(p.277)
- • Exposure to GST and labour law compliance disputes(p.278)
- • High dependence on bank financing with multiple covenant obligations(p.263)
- • Termination of customer contracts without penalty(p.316)
- • Changes in regulatory environment for the Labour market(p.316)
- • Changes in domestic laws, regulations and competition(p.316)
- • Inability to obtain and maintain statutory permits and regulatory approvals(p.316)
- • Adverse changes in government policies(p.316)
- • Cost and availability of skilled manpower(p.316)
- • Loss of key customers and suppliers(p.316)
- • Economic uncertainty and macroeconomic factors(p.316)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Mr. Vimal Dhar Lalta Prasad Dubey | Promoter | 50.00% | — |
| Mr. Rakesh Dhar Dubey | Promoter | 25.00% | — |
| Mr. Sanjay Dubey | Promoter | 25.00% | — |
| Mrs. Kusum Vimal Dubey | Promoter | Negligible | — |
| Mr. Vimal Dhar Lalta Prasad Dubey | Promoter | 50.00% | — |
| Mr. Rakesh Dhar Dubey | Promoter | 25.00% | — |
| Mr. Sanjay Dubey | Promoter | 25.00% | — |
| Mr. Ashish Vimaldhar Dubey | Promoter Group | 0.0% | — |
| Not stated in this document part | Not stated in this document part | — | — |
| Mr. Vimal Dhar Lalta Prasad Dubey | Promoter | 50.00% | — |
| Mr. Rakesh Dhar Dubey | Promoter | 25.00% | — |
| Mrs. Kusum Vimal Dubey | Promoter | — | — |
| Mr. Sanjay Dubey | Promoter | — | — |
| Vimaldhar Laltaprasad Dubey | Promoter | 50.00% | 49.999% |
| Sanjay Dubey | Promoter | 25.00% | 25.00% |
| Kusum Vimal Dubey | Promoter | 0.00% | 0.00% |
| Rakesh Dhar Dubey | Promoter | 25.00% | 25.00% |
| Vimaldhar Laltaprasad Dubey | Director and Promoter | — | — |
| Rakeshdhar Laltaprasad Dubey | Director | — | — |
Leadership
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.