EverestIMS Technologies
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Subscription
- Qualified institutionalQIB
- 111.90×
- Big non-institutionalbNII · above ₹10 lakh
- 524.97×
- Small non-institutionalsNII · ₹2–10 lakh
- 252.84×
- Retail individualRII · up to ₹2 lakh
- 201.66×
Grey market premium
Unofficial and indicative — not a forecast
Day-wise premium · 13 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 08 Oct 2026 | ₹50 | — | ₹60,800 | ₹135 | ₹80,000 |
| 07 Oct 2026 | ₹50 | — | ₹60,800 | ₹135 | ₹80,000 |
| 06 Oct 2026 | ₹55 | — | ₹66,900 | ₹140 | ₹88,000 |
| 05 Oct 2026 | ₹42 | — | ₹51,100 | ₹127 | ₹67,200 |
| 04 Oct 2026 | ₹40 | — | ₹48,600 | ₹125 | ₹64,000 |
| 03 Oct 2026 | ₹40 | — | ₹48,600 | ₹125 | ₹64,000 |
| 02 Oct 2026 | ₹40 | — | ₹48,600 | ₹125 | ₹64,000 |
| 01 Oct 2026 | ₹28 | — | ₹34,000 | ₹113 | ₹44,800 |
| 30 Sep 2026 | ₹20 | — | ₹24,300 | ₹105 | ₹32,000 |
| 29 Sep 2026 | ₹16 | — | ₹19,500 | ₹101 | ₹25,600 |
| 28 Sep 2026 | ₹17 | — | ₹20,700 | ₹102 | ₹27,200 |
| 27 Sep 2026 | ₹13 | — | ₹15,800 | ₹98 | ₹20,800 |
| 26 Sep 2026 | ₹13 | — | ₹15,800 | ₹98 | ₹20,800 |
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.
Bids received
The demand behind each multiple — what was offered, what was bid for, and what those bids are worth
| Category | Shares offered | Shares bid for | Bids (₹ Cr) | Times |
|---|---|---|---|---|
| Qualified institutional | 10,88,000 | 16,17,13,600 | ₹1,375 Cr | 148.63× |
| Non-institutional | 8,16,000 | 44,76,64,000 | ₹3,805 Cr | 548.61× |
| Big non-institutionalwithin NII | 5,44,000 | 35,77,98,400 | ₹3,041 Cr | 657.72× |
| Small non-institutionalwithin NII | 2,72,000 | 8,98,65,600 | ₹764 Cr | 330.39× |
| Retail individual | 18,97,600 | 50,91,10,400 | ₹4,327 Cr | 268.29× |
| Total | 38,01,600 | 1,11,84,88,000 | ₹9,507 Cr | 294.22× |
Times subscribed is the figure published for each category, not shares bid for divided by shares offered — a category's multiple is struck against its own allottable base, which is not always the offered count shown beside it. Observed 05 Oct, 05:41 pm IST; the registrar publishes the final basis of allotment.
Issue details
- IPO date
- 29 Sep 2026 – 05 Oct 2026
- Listing date
- 08 Oct 2026
- Face value
- ₹10 per share
- Price band
- ₹80 – ₹85
- Lot size
- 1,600 shares
- Sale type
- Fresh capital cum OFS
- Issue type
- Book Building issue
- Listing at
- BSE
- Total issue size
- ₹48.46 Cr
- Fresh issue
- ₹36.61 Cr 43,07,200 shares
- Offer for sale
- ₹9.41 Cr 11,07,200 shares
- Market cap at offer price
- ₹184 Cr
- Promoter holding
- 80.38% → 58.98% pre-issue → post-issue
- ISIN
- INE0YUW01020
- CIN
- U72900KA2017PLC102256
- Registrar
- Maashitla Securities Pvt.Ltd.
- Lead managers
- Oneview Corporate Advisors Pvt.Ltd.
- Registered office
- No.759, Sree Gururaya Mansion, South Wing 8th Main, J.P.Nagar, III Phase, Bangalore, Karnataka, India, 560078
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| QIB | 10,88,000 | 28.62% | 26.61% |
| Anchor investor · within QIB | 16,12,800 | — | 39.45% |
| NII (HNI) | 8,16,000 | 21.46% | 19.96% |
| bNII > ₹10L · within NII | 5,44,000 | — | 13.31% |
| sNII < ₹10L · within NII | 2,72,000 | — | 6.65% |
| Retail (RII) | 18,97,600 | 49.92% | 46.42% |
| Employee | 0 | — | 0.00% |
| Market maker | 2,86,400 | — | 7.01% |
| Total issue | 40,88,000 | — | 100.00% |
Net offer to the public of 38,01,600 shares, out of a total issue of 40,88,000. Indented rows sit inside the category above them and are not added to it.
Application size
Minimum 1,600 shares per lot, in multiples, at ₹85
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,600 | ₹1,36,000 |
| S-HNI (min) | 2 | 3,200 | ₹2,72,000 |
| S-HNI (max) | 7 | 11,200 | ₹9,52,000 |
| B-HNI (min) | 8 | 12,800 | ₹10,88,000 |
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
₹85 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 7.71 | 6.07 |
| P/E (×) | 11.02 | 14.00 |
| Price to book (×) | 4.35 | — |
| Market cap | — | ₹184 Cr |
Key performance indicators
Latest reported period, consolidated
- Return on net worth
- 33.53%
- ROCE
- 40.71%
- PAT margin
- 23.66%
- NAV per share
- ₹19.52
- Price to book
- 4.35
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
Company financials
Consolidated ·₹ crore unless a row shows % or ×, as reported in the offer document
| Period ended | FY26 | FY25 | FY24 |
|---|---|---|---|
| Profit and loss | |||
| Total income | 65.91 | 57.78 | 45.62 |
| Revenue from operations | 65.12 | 56.54 | 45.23 |
| Other income | 0.79 | 1.24 | 0.39 |
| Total expenses | 48.28 | 38.93 | 30.77 |
| Operating profit | 17.63 | 18.85 | 14.85 |
| Operating margin | 26.75% | 32.62% | 32.55% |
| Profit before tax | 17.64 | 18.85 | 14.84 |
| Profit after tax | 13.14 | 14.08 | 10.83 |
| PAT margin | 19.94% | 24.37% | 23.74% |
| Balance sheet | |||
| Total assets | 90.27 | 67.82 | 50.47 |
| Current assets | 66.42 | 43.26 | 41.4 |
| Current liabilities | 23.71 | 15.59 | 13.91 |
| Total liabilities | 29.68 | 20.41 | 18.24 |
| Net worth | 60.59 | 47.41 | 32.22 |
| Current ratio | 2.80× | 2.77× | 2.98× |
| Return on equity | 21.69% | 29.70% | 33.61% |
| Cash flow | |||
| Operating cash flow | 9.2 | 2.63 | 5.32 |
| Investing cash flow | -8.76 | -2.75 | -6.56 |
| Financing cash flow | -0.02 | 0.04 | -0.27 |
| Net cash flow | 0.42 | -0.08 | -1.5 |
Objects of the issue
Stated use of the net proceeds— open a row for the issuer's full explanation
1 Purchase of IT Hardware for AI Innovation and Experience Laboratory ₹5.66 Cr
The company intends to utilize net proceeds towards purchasing IT hardware including laptops, servers, storage, and switches for setting up an Artificial Intelligence (AI) Innovation and Experience Laboratory within its existing premises.
2 Funding of Working Capital Requirement ₹24 Cr
The company plans to utilize net proceeds to meet its incremental working capital requirements for the projected fiscal year, as the business is working capital intensive and requires additional funding beyond internal accruals.
3 General Corporate Purposes —
The company intends to deploy any balance of net proceeds towards general corporate purposes including meeting operating expenses, strengthening business development and marketing capabilities, strategic initiatives, and ongoing general corporate exigencies, subject to a cap of 15% of the amount raised or Rs. 10 crores, whichever is lower.
1 of 3 objects carry no stated amount — typically general corporate purposes, funded from whatever remains — so the total above is the quantified portion only, not the whole issue.
About EverestIMS Technologies
EverestIMS Technologies Limited is an Indian software and IT services company incorporated in 2017 and converted to a public limited company in 2024. The company develops and delivers IT operations management and service management solutions including ITSM, ITIM, NCCM, AIOps, and related offerings. It operates through a software delivery model providing both SaaS and on-premise solutions to enterprise customers globally. The company generates revenue through software licensing, services delivery, and support. As of March 31, 2026, it has operations in India with a subsidiary in the United States.
Management
Mr. Satish Kumar Vijayaragavan
MD
Mr. Sudhakar Aruchamy
CEO
Strengths
As stated in the offer document
Experienced Core Team Supported by Senior Management
The company is driven by qualified Promoters with extensive knowledge of the IT software industry, and the long-term consistency of its management team is expected to enable continued market expansion and capture of future opportunities.
Fully Integrated Platform
The company offers a unified 'Infraon Infinity' platform covering multiple IT service and operations management needs (AIOps, ITSM, ITIM, NCCM, ITAM, OSS) in a single solution, reducing complexity and improving efficiency for both On-Premises and SaaS customers.
Cordial Relationship with Channel Partners
The company empowers its channel partners through comprehensive support, free training, and technical enablement, fostering mutual growth and strengthening long-term partner relationships to drive revenue.
Diversified Platform Development and Market Expansion
The company has developed a broad product portfolio spanning ITIM, AIOps, ITSM, ITAM, and OSS, serving large enterprises, telecom operators, and SMBs across both SaaS and On-Premises delivery models, with Revenue from Operations growing from ₹4,522.80 lakhs (Fiscal 2024) to ₹6,512.39 lakhs (Fiscal 2026).
Risk factors
As stated in the offer document
Customer and Supplier Concentration Risk
The company derives 88.77%, 86.31%, and 88.89% of revenue from its top 10 customers in Fiscal 2026, 2025, and 2024 respectively, while top 10 suppliers account for 99.62%–100% of total purchases. The loss of any key customer or supplier could materially and adversely affect business operations and revenue.
Working Capital Intensity and Liquidity Risk
The company's working capital requirements have grown significantly to ₹3,522.28 lakhs, ₹2,364.04 lakhs, and ₹2,343.23 lakhs for Fiscal 2026, 2025, and 2024 respectively. Inability to maintain sufficient cash flow or credit facilities could adversely affect financial condition and results of operations.
Negative Cash Flows from Investing and Financing Activities
The company has experienced negative cash flows from investing activities of ₹875.72 lakhs, ₹275.29 lakhs, and ₹655.68 lakhs in Fiscal 2026, 2025, and 2024 respectively. Sustained negative cash flows could materially impact the company's ability to operate and implement growth plans.
Dependence on Key Personnel and High Attrition Risk
Employee benefits expenses represent 33.44%, 40.46%, and 41.15% of total income for Fiscal 2026, 2025, and 2024 respectively, reflecting heavy reliance on skilled personnel. High attrition or inability to attract and retain qualified professionals could lead to operational disruptions, increased costs, and reduced revenues.
Cybersecurity Threats and Data Privacy Compliance Risk
The company's IT-dependent operations are vulnerable to unauthorized access, hacking, malicious applications, and data breaches that could disrupt business and harm reputation. Failure to comply with evolving data privacy and protection laws could result in legal liability, regulatory penalties, and significant reputational damage.
Technological Change and Product Obsolescence Risk
The company's success depends substantially on its ability to anticipate and respond to rapid technological changes, including AI and evolving IT standards. Failure to develop commercially viable products or maintain strategic technology alliances could result in loss of clients, reduced market share, and adverse financial performance.
Company Analysis
from RHPEverestIMS Technologies provides IT service management, infrastructure management, and network management software solutions serving the global IT operations market.
EverestIMS Technologies Limited is an Indian software and IT services company incorporated in 2017 and converted to a public limited company in 2024. The company develops and delivers IT operations management and service management solutions including ITSM, ITIM, NCCM, AIOps, and related offerings. It operates through a software delivery model providing both SaaS and on-premise solutions to enterprise customers globally. The company generates revenue through software licensing, services delivery, and support. As of March 31, 2026, it has operations in India with a subsidiary in the United States.
Objects of the Issue
- Purchase of IT hardware for setting up of Artificial Intelligence (AI) Innovation and Experience Laboratory ₹565.56 lakhs p.98
- Funding of Working Capital Requirement ₹2,400.00 lakhs p.98
- General Corporate Purposes [●] p.98
- General corporate purposes p.304
Issue Structure
- Total Issue
- Up to 57,00,800 Equity Shares of face value of ₹10/- each aggregating up to ₹ [●] lakhs
- Fresh Issue
- Fresh Offer of 45,93,600 Equity Shares of face value of ₹ 10 each aggregating up to ₹ [●]
- Offer for Sale
- Offer for Sale 11,07,200 Equity Shares of face value of ₹ 10 each aggregating up to [●]
- Price Band
- [●] per Equity Share
- Lot Size
- [●]
- Face Value
- ₹10 per Equity Share
Business Model
The company earns revenue through IT service management software solutions offered in multiple consumption models including SaaS and on-premise software delivery, along with associated professional services and support.
Business Segments
SWOT Analysis
- • Strong financial profitability and growth trajectory(p.56)
- • Solid cash flow generation from operations(p.57)
- • Strong return on equity and capital employed(p.122)
- • Resilient and growing revenue base(p.56)
- • High profitability margins across metrics(p.122)
- • Experienced leadership team with diverse roles(p.62)
- • Experienced management team with deep IT software industry expertise(p.161)
- • Fully integrated platform with AI-powered capabilities across multiple modules(p.161)
- • Strong channel partner ecosystem with comprehensive support(p.161)
- • Diversified product portfolio across ITSM, ITIM, AIOPS, ITAM, and OSS(p.161)
- • High-quality certifications including CMMI Level 3, ISO 20000, ISO 27001, and ITIL 4(p.178)
- • Strong financial performance with consistent revenue growth and profitability(p.149)
- • Delayed and erroneous statutory filings with RoC(p.31)
- • Delays in payment of statutory dues (TDS, GST, PT)(p.32)
- • Executive Directors lack experience managing a listed company(p.34)
- • High employee benefits expense relative to revenue(p.29)
- • Working capital intensive business model(p.28)
- • Heavy dependence on top customers(p.36)
- • High dependence on limited suppliers(p.36)
- • Negative cash flows from investing and financing activities(p.27)
- • High dependence on extended credit terms and large clients(p.113)
- • Significant intangible assets concentration(p.55)
- • Rising employee benefits expenses(p.56)
- • Concentrated promoter shareholding structure(p.87)
- • Rising trade receivables impacting working capital(p.55)
- • High customer concentration with top 1 customer representing 29.55% of revenue(p.162)
- • Significant revenue concentration among top 5 customers representing 76.07% of total revenue(p.162)
- • High supplier concentration with top 1 supplier representing 60.92% of purchases(p.162)
- • Declining EBITDA margin from 39.19% in FY2025 to 35.41% in FY2026(p.149)
- • Limited international presence with exports comprising only 6.08% of revenue(p.152)
- • Concentrated promoter shareholding limits public float(p.226)
- • Expansion of AI and IT Operations Management solutions(p.37)
- • AI-driven product development and market expansion(p.100)
- • Expansion of working capital funding capacity(p.99)
- • Enhanced market presence through public listing(p.98)
- • Strategic positioning for corporate client acquisitions(p.113)
- • Deployment of new enterprise infrastructure(p.101)
- • Global ITOSM market projected to grow at 12.3% CAGR through 2031(p.133)
- • India ITOSM market valued at $1,011.55 million in 2023, projected to reach $2,665.58 million by 2031(p.144)
- • Increasing adoption of AI/ML and Generative AI in IT operations(p.132)
- • Strong demand for cloud-based solutions with cloud deployment CAGR of 18.4%(p.138)
- • Growing SME adoption of cost-effective SaaS-based ITOSM solutions(p.140)
- • Product-led growth strategy driving new customer acquisition and retention(p.162)
- • Expansion opportunities into new verticals including government and telecom(p.162)
- • Rapid technological changes and industry evolution(p.26)
- • Intense competition in IT services market(p.39)
- • Cybersecurity threats and data privacy risks(p.30)
- • Dependence on lease agreements for office premises(p.29)
- • Regulatory and compliance uncertainties in India(p.45)
- • GST implementation and compliance complexities(p.46)
- • Economic slowdown risks in India(p.49)
- • Currency exchange rate fluctuations(p.50)
- • Inflation pressure on operating costs(p.49)
- • COVID-19 and communicable disease risks(p.49)
- • Risk of market and economic cyclicality impacts(p.99)
- • Dependency on vendor quotations validity and market pricing volatility(p.111)
- • Uncertainty in regulatory compliance and tax benefits(p.128)
- • Competitive pressures from larger established players(p.124)
- • Technology obsolescence and continuous upgrades required(p.111)
- • Cybersecurity threats and ransomware attacks targeting IT operations platforms(p.147)
- • Complexity of managing hybrid and multi-cloud environments(p.146)
- • Significant skill gaps and talent shortage in ITOSM sector(p.146)
- • Rising regulatory scrutiny and compliance requirements across jurisdictions(p.147)
- • Data sovereignty and cross-border data localization constraints(p.148)
- • Intense competition from larger well-resourced competitors(p.132)
- • Lack of unified ITOSM framework creating operational challenges(p.146)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Satish Kumar Vijayaragavan | Promoter | — | — |
| Sudhakar Aruchamy | Promoter | — | — |
| Arun Prasath Ramadoss | Promoter | — | — |
| Ramesh Pratap Tiwari | Promoter | — | — |
| Deepak Kumar Shenbagarajan | Promoter | — | — |
| Srikanth Audina | Promoter | — | — |
| Ganesh Kumar Nagaiah | Promoter | — | — |
| Deepak Gupta | Promoter | — | — |
| Satish Kumar Vijayaragavan | Promoter | 12.92% | [●] |
| Srikanth Audina | Promoter | 9.64% | [●] |
| Sudhakar Aruchamy | Promoter | 9.64% | [●] |
| Deepak Kumar Shenbagarajan | Promoter | 9.64% | [●] |
| Ganesh Kumar Nagaiah | Promoter | 9.64% | [●] |
| Arun Prasath Ramadoss | Promoter | 9.64% | [●] |
| Deepak Gupta | Promoter | 9.64% | [●] |
| Ramesh Pratap Tiwari | Promoter | 9.64% | [●] |
| Satish Kumar Vijayaragavan | Managing Director & Promoter | — | — |
| Sudhakar Aruchamy | Chairman and Whole Time Director & Promoter | — | — |
| Arun Prasath Ramadoss | Whole Time Director & Promoter | — | — |
| Ramesh Pratap Tiwari | Whole Time Director & Promoter | — | — |
| Deepak Kumar Shenbagarajan | Whole Time Director & Promoter | — | — |
| Srikanth Audina | Whole Time Director & Promoter | — | — |
| Ganesh Kumar Nagaiah | Whole Time Director & Promoter | — | — |
| Deepak Gupta | Whole Time Director & Promoter | — | — |
| Satish Kumar Vijayaragavan | Promoter | 12.92% | — |
| Sudhakar Aruchamy | Promoter | 9.64% | — |
| Arun Prasath Ramadoss | Promoter | 9.64% | — |
| Ramesh Pratap Tiwari | Promoter | 9.64% | — |
| Deepak Kumar Shenbagarajan | Promoter | 9.64% | — |
| Srikanth Audina | Promoter | 9.64% | — |
| Ganesh Kumar Nagaiah | Promoter | 9.64% | — |
| Deepak Gupta | Promoter | 9.64% | — |
| Satish Kumar Vijayaragavan | Promoter | — | — |
| Srikanth Audina | Promoter | — | — |
| Sudhakar Aruchamy | Promoter | — | — |
| Ramesh Pratap Tiwari | Promoter | — | — |
| Ganesh Kumar Nagaiah | Promoter | — | — |
| Deepak Kumar Shenbagarajan | Promoter | — | — |
| Deepak Gupta | Promoter | — | — |
| Arun Prasath Ramadoss | Promoter | — | — |
| Sudhakar Aruchamy | Promoter Selling Shareholder | — | — |
| Satish Kumar Vijayaragavan | Promoter Selling Shareholder | — | — |
| Arun Prasath Ramadoss | Promoter Selling Shareholder | — | — |
| Ramesh Pratap Tiwari | Promoter Selling Shareholder | — | — |
| Deepak Kumar Shenbagarajan | Promoter Selling Shareholder | — | — |
| Srikanth Audina | Promoter Selling Shareholder | — | — |
| Ganesh Kumar Nagaiah | Promoter Selling Shareholder | — | — |
| Deepak Gupta | Promoter Selling Shareholder | — | — |
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.
Peer comparison
The comparable listed companies named in the offer document, as on 31 Mar 2026
| Company | EPS | NAV | P/E | P/BV | RoNW |
|---|---|---|---|---|---|
| EverestIMS Technologies Limited THIS ISSUE | 7.71 | 35.55 | 14.00, computed at the offer price | 4.35, computed at the offer price | 21.69% |
| 21.38 | 126.40 | 23.45 | 3.98 | 16.91% |
Blank cells are figures the offer document does not publish. This issue is unlisted, so it has no market price and the document publishes no multiple for it — its P/E and P/BV here are computed at the offer price, on the post-issue share count, and are comparable to a listed peer's.