Identixweb
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 26 Mar 2025 – 28 Mar 2025
- Listing date
- 03 Apr 2025
- Face value
- ₹1 per share
- Issue price
- ₹54 per share
- Lot size
- 2,000 shares
- Issue type
- Book Building issue
- Listing at
- BSE
- Total issue size
- ₹16.63 Cr
- Market cap at offer price
- ₹56.38 Cr
- Promoter holding
- 89.34% → 63.02% pre-issue → post-issue
- ISIN
- INE0PA401012
- Registrar
- Skyline Financial Services Pvt.Ltd.
- Lead managers
- Beeline Capital Advisors Pvt.Ltd.
- Registered office
- Plot No.240, C.S.No.1730, 1st Floor, Nehru Nagar, L.H.Road, SyNo46/A+2, TPS 4, Gujarat
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 | 8,76,000 | — | — |
| Market maker | 1,54,000 | — | — |
Application size
Minimum 2,000 shares per lot, in multiples, at ₹54
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 2,000 | ₹1,08,000 |
| S-HNI (min) | 2 | 4,000 | ₹2,16,000 |
| S-HNI (max) | 9 | 18,000 | ₹9,72,000 |
| B-HNI (min) | 10 | 20,000 | ₹10,80,000 |
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
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 3.76 | 3.84 |
| P/E (×) | 14.36 | 14.06 |
| Price to book (×) | 3.84 | — |
| Market cap | — | ₹56.38 Cr |
Key performance indicators
- Return on net worth
- 27.39%
- ROCE
- 57.25%
- PAT margin
- 44.86%
- NAV per share
- ₹14.08
- Price to book
- 3.84
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Identixweb
Incorporated in 2017 as Goyani Infra Private Limited and renamed to Identixweb Limited following a conversion from private to public limited company in December 2023, Identixweb is an IT services firm operating in the software-as-a-service (SaaS) sector. The company specializes in creating Shopify applications and digital product solutions designed to enhance the functionality and performance of Shopify stores, which are used by merchants worldwide. Identixweb's business model centers on delivering applications online, eliminating the need for installation and maintenance, thereby simplifying software management. The company offers more than 10 Shopify applications that are conversion-optimized and tailored to meet customer needs. Identixweb operates globally, providing products and services across a wide range of sectors. The company's success is built on the experience of its promoters, who collectively bring over 13 years of expertise in Shopify application development since 2019.
Company Analysis
from RHPIdentixweb is a SaaS-based digital product solutions provider specializing in Shopify application development, e-commerce store development, web app development, UI/UX design, website development, and customized software development with a primary focus on serving global clients across various sectors.
Incorporated in 2017 as Goyani Infra Private Limited and renamed to Identixweb Limited following a conversion from private to public limited company in December 2023, Identixweb is an IT services firm operating in the software-as-a-service (SaaS) sector. The company specializes in creating Shopify applications and digital product solutions designed to enhance the functionality and performance of Shopify stores, which are used by merchants worldwide. Identixweb's business model centers on delivering applications online, eliminating the need for installation and maintenance, thereby simplifying software management. The company offers more than 10 Shopify applications that are conversion-optimized and tailored to meet customer needs. Identixweb operates globally, providing products and services across a wide range of sectors. The company's success is built on the experience of its promoters, who collectively bring over 13 years of expertise in Shopify application development since 2019.
Objects of the Issue
- Investment in marketing to support organization's growth plans in India or Outside India ₹250.00 Lakhs p.22
- Investment into market research and product development through Talent Hiring for the issuer company ₹420.00 Lakhs p.22
- Investment in our Subsidiary i.e. Munim ERP Private Limited for Product Development through Talent Hiring ₹415.80 Lakhs p.22
- General Corporate Purposes p.22
- Public Issue Expenses p.22
- Investment in marketing to support organization's growth plans in India or Outside India ₹250.00 Lakhs p.84
- Investment into market research and product development through Talent Hiring for the issuer company ₹420.00 Lakhs p.84
- Investment in our Subsidiary i.e., Munim ERP Private Limited for Product Development through Talent Hiring ₹415.80 Lakhs p.84
- General Corporate Purposes p.84
- Not explicitly stated in the document provided
Issue Structure
- Total Issue
- 3080000 Equity Shares aggregating to ₹ [●] Lakhs
- Fresh Issue
- 3080000 Equity Shares of Face Value of ₹ 10/- each aggregating to ₹ [●] Lakhs
- Offer for Sale
- Nil
- Price Band
- ₹ [●] per Equity Share (Floor Price) to ₹ [●] per Equity Share (Cap Price)
- Lot Size
- [●] Equity Shares and in multiples of [●] Equity Shares thereafter
- Face Value
- ₹ 10/- each
Business Model
Identixweb generates revenue through Software-as-a-Service (SaaS) delivery models, including subscription-based pricing, time-based/resource-based pricing on a monthly/quarterly/yearly basis, and fixed-price arrangements for specific services. The company develops and delivers digital product solutions including E-Commerce Store Development, Web App Development, UI/UX Design, Website development, Customized Software Development, and support and maintenance services with a primary focus on Shopify application development.
Business Segments
SWOT Analysis
- • Specialized expertise in Shopify application development with promoters' 13+ years experience(p.21)
- • Diverse SaaS product portfolio with 10+ Shopify applications(p.21)
- • Global customer reach across multiple sectors(p.21)
- • Profitable operations with positive cash flows(p.23)
- • Expertise in Shopify Application Development(p.125)
- • Skilled Professional Team and Strong Leadership(p.129)
- • Comprehensive Development Services(p.129)
- • Client-Centric Approach(p.129)
- • Quality and Reliability(p.129)
- • Innovation and Adaptability(p.129)
- • Established web-based applications and export-focused business model(p.205)
- • Strong financial profitability with high EBITDA margins(p.210)
- • Profitable revenue generation from exports to multiple countries(p.202)
- • Significant intangible asset development indicating innovation capability(p.186)
- • Debt-free capital structure(p.186)
- • Deep expertise in Shopify application development(p.256)
- • Diversified Shopify product portfolio(p.256)
- • High profitability margins(p.256)
- • Strong net profit margin(p.256)
- • Debt-free capital structure(p.265)
- • Growing global revenue base with exports dominance(p.260)
- • Extreme customer concentration with single largest customer representing 59% of revenue(p.32)
- • Top 10 customers represent nearly all revenue, leaving minimal diversification(p.35)
- • Promoters and directors involved in pending legal proceedings and tax litigations(p.33)
- • History of delays in statutory compliance filings with RoC(p.35)
- • Leased office premises with no ownership; dependent on lease renewal(p.34)
- • High dependency on top customers(p.127)
- • Limited employee base and scalability constraints(p.129)
- • Declining revenue trend(p.127)
- • Heavy dependence on few export markets(p.202)
- • Declining cash reserves(p.186)
- • High capital expenditure requirements(p.188)
- • Limited operating history and scale(p.205)
- • Working capital deterioration(p.211)
- • Extreme concentration on top customer(p.267)
- • Very high concentration among top customers(p.267)
- • Significant decline in employee base(p.261)
- • Further employee reduction post FY2024(p.257)
- • Promoter litigation pending(p.271)
- • Outstanding tax demand against promoters(p.270)
- • Expansion into new geographic markets and customer segments(p.38)
- • Growing IT sector with expected 10% contribution to India's GDP by 2025(p.21)
- • Large and growing digital adoption in India with 76 crore internet users(p.21)
- • Investment in talent hiring and product development to expand offerings(p.22)
- • Marketing investment to support growth plans in India and outside India(p.22)
- • Expansion into new geographies and markets(p.130)
- • Broaden portfolio of products and services(p.130)
- • India's strong IT industry growth(p.120)
- • Growing demand for e-commerce solutions(p.125)
- • Strong government support for IT sector(p.123)
- • Expansion into domestic market with new revenue channels(p.202)
- • Growth potential in emerging markets and new geographies(p.202)
- • Subsidiary expansion through Munim ERP Private Limited(p.200)
- • Product development and intangible asset monetization(p.197)
- • Expansion of domestic business operations(p.260)
- • Shopify platform growth and merchant dependency on custom apps(p.256)
- • Diversification into additional digital solutions beyond Shopify(p.256)
- • Geographic expansion opportunities in export markets(p.260)
- • Intense competition from larger IT firms with greater resources and established relationships(p.36)
- • Competitive pricing pressure may reduce margins and market share(p.37)
- • Risk of business disruption from COVID-19 pandemic or future health emergencies(p.44)
- • Foreign investment restrictions under Indian law may limit investor base and share price appreciation(p.46)
- • Regulatory changes and compliance uncertainties in evolving Indian regulatory environment(p.41)
- • Political instability, civil unrest, and terrorist threats may adversely affect operations and markets(p.46)
- • Dependence on Shopify platform and ecosystem; any adverse change to platform could impact business(p.21)
- • Intense competition in IT services market(p.143)
- • Rapid technological change(p.129)
- • Economic fluctuations and global uncertainty(p.115)
- • Cybersecurity threats(p.153)
- • Regulatory changes and data protection compliance(p.153)
- • Foreign exchange and currency fluctuation risks(p.202)
- • Dependency on key customer base for revenue(p.200)
- • Regulatory changes affecting export-oriented business(p.205)
- • Intense competition in web-based applications and software services(p.176)
- • Operational leverage and fixed cost exposure(p.203)
- • Heavy dependency on limited customer base for revenue(p.267)
- • Competition from existing Shopify development players(p.267)
- • Technology change risk in Shopify platform(p.257)
- • Global economic sensitivity as export-dependent company(p.257)
- • Regulatory and compliance risks(p.257)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Mr. Priyankkumar Jivarajbhai Savani | Promoter | 43.88% | 30.93% |
| Mr. Ankur Jagdishbhai Lakhani | Promoter | 43.88% | 30.93% |
| Mrs. Hiral Ankurbhai Lakhani | Promoter | 0.12% | 0.09% |
| Priyankkumar Jivrajbhai Savani | Promoter | 43.88% | 30.93% |
| Ankur Jagdishbhai Lakhani | Promoter | 43.88% | 30.93% |
| Hiralben Ankurbhai Lakhani | Promoter | 0.12% | 0.09% |
| Mr. Priyankkumar Jivarajbhai Savani | Promoter | — | — |
| Mr. Ankur Jagdishbhai Lakhani | Promoter | — | — |
| Mrs. Hiral Ankurbhai Lakhani | Promoter | — | — |
| Priyank Savani | Promoter | 43.88% | — |
| Ankur Lakhani | Promoter | 43.88% | — |
| Hiral Ankurbhai Lakhani | Promoter | 0.12% | — |
| Priyankkumar Jivrajbhai Savani | Promoter, Chairman and Managing Director | — | — |
| Ankur Jagdishbhai Lakhani | Promoter and Whole Time 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.