Exato Technologies
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 |
|---|---|---|---|---|---|
| 05 Dec 2025 | ₹177 | +126.43% | ₹1,34,500 | ₹317 | ₹1,77,000 |
| 04 Dec 2025 | ₹177 | +126.43% | ₹1,34,500 | ₹317 | ₹1,77,000 |
| 03 Dec 2025 | ₹175 | +125.00% | ₹1,33,000 | ₹315 | ₹1,75,000 |
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
- IPO date
- 28 Nov 2025 – 02 Dec 2025
- Listing date
- 05 Dec 2025
- Face value
- ₹1 per share
- Issue price
- ₹140 per share
- Lot size
- 1,000 shares
- Issue type
- Book Building issue
- Listing at
- BSE
- Total issue size
- ₹37.45 Cr
- Market cap at offer price
- ₹141 Cr
- Promoter holding
- 75.85% → 54.73% pre-issue → post-issue
- ISIN
- INE1E4401010
- Registrar
- Kfin Technologies Ltd.
- Lead managers
- GYR Capital Advisors Pvt.Ltd.
- Registered office
- A-33, 02nd Floor, Sector-2, Gautam Buddha Nagar, Uttar Pradesh
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 | 7,61,000 | — | — |
| Market maker | 1,34,000 | — | — |
Application size
Minimum 1,000 shares per lot, in multiples, at ₹140
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,000 | ₹1,40,000 |
| S-HNI (min) | 2 | 2,000 | ₹2,80,000 |
| S-HNI (max) | 7 | 7,000 | ₹9,80,000 |
| B-HNI (min) | 8 | 8,000 | ₹11,20,000 |
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
₹140 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 12.51 | 14.43 |
| P/E (×) | 11.19 | 9.70 |
| Price to book (×) | 2.52 | — |
| Market cap | — | ₹141 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 23.03%
- ROCE
- 26.38%
- Debt / equity
- 0.75
- PAT margin
- 7.85%
- EBITDA margin
- 12.64%
- NAV per share
- ₹55.56
- Price to book
- 2.52
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Exato Technologies
Exato Technologies Limited, incorporated in 2016, has evolved from a contact-center systems integrator into a broader customer engagement and digital transformation services provider. The company delivers integrated AI, automation, and CX solutions through proprietary platforms and technology partnerships with providers like NICE Ltd., Mitel, and Acumatica. With over 60 engineers in India and clients including MakeMyTrip, RBL Bank, and WNS, Exato serves enterprises across the USA, Singapore, and India. More than 40% of revenues derive from long-term service contracts exceeding five years, demonstrating stable client relationships. The company generates revenue from customer experience solutions, automation services, product development, and consulting across multiple verticals including BFSI, IT/ITeS, BPO/KPO, Retail, and Manufacturing.
Company Analysis
from RHPExato Technologies is a Customer Transformation Partner providing Customer Experience-as-a-Service (CXaaS) and AI-as-a-Service solutions to help businesses improve customer engagement and operations across contact center systems, automation, and digital transformation.
Exato Technologies Limited, incorporated in 2016, has evolved from a contact-center systems integrator into a broader customer engagement and digital transformation services provider. The company delivers integrated AI, automation, and CX solutions through proprietary platforms and technology partnerships with providers like NICE Ltd., Mitel, and Acumatica. With over 60 engineers in India and clients including MakeMyTrip, RBL Bank, and WNS, Exato serves enterprises across the USA, Singapore, and India. More than 40% of revenues derive from long-term service contracts exceeding five years, demonstrating stable client relationships. The company generates revenue from customer experience solutions, automation services, product development, and consulting across multiple verticals including BFSI, IT/ITeS, BPO/KPO, Retail, and Manufacturing.
Objects of the Issue
- Funding working capital requirements of our company Up to ₹1,572.70 Lakhs p.29
- Investment in Product Development Up to ₹680.00 Lakhs p.29
- Repayment/prepayment of certain of our borrowings availed of by our Company Up to ₹253.33 Lakhs p.29
- General corporate purposes Not to exceed 15% of gross proceeds or ₹10 crores whichever is lower p.29
- Funding the working capital requirements of our company Upto ₹1,572.70 lakhs p.97
- Investment in Product Development Upto ₹680.00 lakhs p.97
- Repayment/prepayment of all or certain of our borrowings availed of by our Company Upto ₹253.33 lakhs p.97
- General Corporate Purposes [●] (not exceeding 15% of amount being raised or ₹10 crores, whichever is less) p.97
- Development of proprietary intellectual property (IP) ₹680.00 lakhs p.165
Issue Structure
- Total Issue
- Up to 26,75,000 Equity Shares of face value of ₹10 each aggregating up to ₹[●] Lakhs
- Fresh Issue
- Up to 22,75,000 Equity Shares aggregating up to ₹[●] Lakhs (reduced from original 24,50,000 by 1,75,000 shares due to Pre-IPO Placement)
- Offer for Sale
- Up to 4,00,000 Equity Shares by Mr. Appuorv K Sinha (Promoter Selling Shareholder) aggregating up to ₹[●] Lakhs
- Price Band
- To be decided and advertised at least two working days prior to Bid/Offer Opening Date
- Lot Size
- [●] Equity Shares and in multiples of [●] Equity Shares thereafter (Bid Lot)
- Face Value
- ₹10 per Equity Share
Business Model
Exato earns revenue through managed services contracts, software licensing, consulting services, and system integration projects. The company leverages technology partnerships to deliver cloud-based customer experience solutions, combined with proprietary platforms for automation and analytics. Revenue is predominantly project-based and contract-driven, with significant recurring revenue from long-term service engagements. The company also generates revenue from product development services and AI-enabled automation solutions.
Business Segments
SWOT Analysis
- • Established client relationships with long-term contracts(p.27)
- • Diversified customer base across multiple industries(p.27)
- • Strong technology partnerships with global providers(p.27)
- • In-house data science and product development capabilities(p.27)
- • Significant international presence and revenue diversification(p.27)
- • Strong promoter commitment and locked-in capital(p.91)
- • Significant historical investment in proprietary IP development(p.101)
- • Revenue growth trajectory(p.65)
- • Profitable operations with positive earnings(p.65)
- • Integrated AI, Automation and CX delivery with proprietary frameworks(p.159)
- • NICE Platinum Partner with 4 consecutive years of Partner of Year recognition(p.144)
- • Strong recurring revenue base with 40%+ from long-term contracts exceeding 5 years(p.144)
- • ARR growing as percentage of total revenue, reaching 57% in FY2025(p.161)
- • Experienced promoter with 18+ years in CX and analytics from global leader NICE Ltd(p.144)
- • Strong order book of ₹348 Cr with diversified large-scale engagements across sectors(p.161)
- • ISO 27001:2013 and ISO/IEC 20000-1:2018 certifications ensuring data protection and security(p.145)
- • Unified License as Virtual Network Operator (VNO) from Department of Telecommunications(p.145)
- • Established global presence through subsidiaries in USA and Singapore(p.174)
- • Multiple awards and recognitions from major technology partners(p.184)
- • Experienced promoter with 20+ years in IT and CX/Analytics(p.191)
- • Strong revenue growth trajectory(p.219)
- • Three wholly-owned subsidiaries including Indian telecom subsidiary(p.221)
- • Established client relationships with 40%+ revenue from long-term contracts exceeding 5 years(p.270)
- • Diverse and reputable customer base including ET500 companies and marquee brands(p.270)
- • In-house data science team enabling faster AI and automation solution deployment(p.270)
- • Strong financial performance with 56.55% revenue growth in FY2024 and improving EBITDA margins(p.270)
- • Technology partnerships with NICE Ltd., Acumatica, and Mitel enabling comprehensive solutions(p.270)
- • Presence across global and Indian markets with over 150 clients served(p.270)
- • High customer concentration risk(p.37)
- • Significant geographic revenue concentration within India(p.38)
- • High dependence on key technology partnerships(p.38)
- • Historical delays in statutory compliance and filings(p.41)
- • Limited intellectual property protection with only one registered trademark(p.51)
- • One promoter lacks industry experience(p.48)
- • Significant working capital requirements with high trade receivables(p.42)
- • Concentration of shareholding with single promoter(p.53)
- • Significant dependence on foreign exchange for operations(p.52)
- • Insufficient insurance coverage for all potential losses(p.52)
- • Absence of alternate funding sources(p.54)
- • Funds deployment not subject to external monitoring(p.54)
- • Management discretion on fund deployment with limited oversight(p.53)
- • Limited scale with 133 employees restricting capacity for very large global projects(p.170)
- • Heavy dependence on technology partners NICE, Mitel, Acumatica for core capabilities(p.160)
- • Proprietary IP still in development pipeline; current differentiation relies on partner technology(p.164)
- • Revenue concentration with top 10 customers accounting for 89.27% of revenues(p.159)
- • Limited international presence; 74.78% of revenue from India as of September 30, 2025(p.166)
- • High dependence on a few customers(p.235)
- • Significant outstanding debt obligations(p.218)
- • Unaudited subsidiary financial statements(p.213)
- • Concentrated shareholding in promoter(p.229)
- • Negative operating cash flow in recent period(p.220)
- • Significant dependence on few clients creating revenue concentration risk(p.287)
- • High debt levels with leverage ratio of 0.75:1 as on March 31, 2025(p.298)
- • Substantial intangible assets under development reducing net tangible asset quality(p.298)
- • Rapid CXaaS market growth trajectory(p.27)
- • Expansion of proprietary product portfolio(p.42)
- • Reduce dependency on third-party technology providers(p.38)
- • Working capital funding to support growth(p.29)
- • Expansion of proprietary product portfolio to high-margin offerings(p.100)
- • Growing enterprise demand for AI-driven compliance solutions(p.102)
- • Enhanced corporate visibility and market access through listing(p.97)
- • Improved debt position and future financing capability(p.103)
- • Global AI market projected to reach USD 854.51 billion by 2033 (23.64% CAGR)(p.128)
- • CXaaS market projected to grow from USD 1.64 billion in 2021 to USD 4.17 billion in 2028 at 14.2% CAGR(p.136)
- • Conversational AI market growing from USD 15.5 billion in 2024 to USD 132.86 billion by 2034(p.130)
- • India's AI market estimated at USD 28.8 billion by 2025 with 45% CAGR(p.134)
- • India's CX software market forecasted to grow at ~17.5% CAGR from 2024–2030(p.139)
- • Geographic expansion into US and international markets with growing demand for AI-powered CX(p.165)
- • Entry into ERP market targeting MSMEs/SMEs with strategic partnership with Acumatica(p.167)
- • Government push through IndiaAI Mission with GPU infrastructure and subsidized access(p.132)
- • Expansion in cloud communications and VoIP services through new Indian subsidiary(p.185)
- • Growth in IT-enabled services and software solutions market(p.221)
- • International business expansion through existing foreign subsidiaries(p.174)
- • Strategic partnerships with global technology firms(p.185)
- • Expansion of CX-as-a-Service and AI-as-a-Service market addressing digital transformation needs(p.270)
- • Growth in AI and automation demand across enterprises seeking operational efficiency(p.270)
- • Expansion opportunity through onboarding of new customers and penetration of existing client base(p.281)
- • Transition from contact-center systems integrator to broader customer engagement services(p.270)
- • Rapid technological changes and risk of product obsolescence(p.37)
- • High competitive intensity with larger competitors(p.43)
- • Intense competition for skilled technical professionals(p.38)
- • Concentration risk in vendor/supplier base(p.40)
- • Revenue concentration in specific customer industries(p.41)
- • Regulatory and compliance risks(p.49)
- • Cybersecurity and data breach risks(p.41)
- • Foreign exchange volatility impacting profitability(p.52)
- • Regulatory and tax law changes affecting operations(p.56)
- • Uncertainty in GST and GAAR application impacting viability(p.56)
- • Indian economic slowdown and macroeconomic headwinds(p.59)
- • Ineffective marketing campaigns may fail to attract customers(p.52)
- • Inflation eroding margins without pricing power(p.59)
- • Natural calamities and force majeure events(p.56)
- • Rapid technological change in GenAI, cybersecurity and automation requiring continuous R&D investment(p.168)
- • Increasing data privacy regulations (GDPR, DPDP) raising compliance costs and risks(p.168)
- • Heavy dependence on top 10 customers; any loss could significantly impact revenues(p.168)
- • Talent constraints in AI/ML and cybersecurity skills affecting delivery capacity(p.168)
- • Macroeconomic risks including IT spending slowdowns and geopolitical tensions(p.168)
- • Highly competitive environment with both established players and emerging firms(p.172)
- • Regulatory compliance requirements across multiple jurisdictions(p.175)
- • Data protection and privacy regulatory obligations(p.176)
- • Foreign exchange and currency volatility(p.223)
- • Competition from larger established IT service providers(p.141)
- • Technology obsolescence and rapid industry change(p.141)
- • Intense competition from large multinational corporations and specialized boutique firms with margin pressure(p.272)
- • Economic volatility and demand uncertainty from global events impacting customer spending(p.272)
- • Regulatory changes and compliance requirements affecting operations across jurisdictions(p.271)
- • Risk of losing key management personnel in highly competitive talent market(p.272)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Mr. Appuorv K Sinha | Promoter Selling Shareholder | 58,32,886 shares (74.87%) | — |
| Mrs. Swati Sinha | Promoter | 5,510 shares (0.07%) | — |
| Mr. Abhijeet Sinha | Promoter | 70,528 shares (0.91%) | — |
| Appuorv K Sinha | Promoter/Promoter Selling Shareholder | 58,32,886 shares (74.87%) | [●] |
| Swati Sinha | Promoter | 5,510 shares (0.07%) | [●] |
| Abhijeet Sinha | Promoter | 70,528 shares (0.91%) | [●] |
| Appuorv K. Sinha | Promoter | — | — |
| Mr. Appuorv K Sinha | Promoter | 74.87% | — |
| Mrs. Swati Sinha | Promoter | 0.07% | — |
| Mr. Abhijeet Sinha | Promoter | 0.91% | — |
| Appuorv Kumar Sinha | Promoter/Managing Director | — | — |
| Mr. Appuorv K Sinha | Promoter Selling Shareholder | — | — |
| Mr. Appuorv K Sinha | 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.