LS
Logiciel Solutions
Book Building issueSMEBSE₹39.90 Cr issue
-20.00%
Listing gain over issue price
Issue size
₹39.90 Cr
1 lot at cut-off
₹1,15,800
Lot size
600shares
Open
28 Nov 2025
Close
02 Dec 2025
Allotment
03 Dec 2025
Listing
05 Dec 2025
Listing performance
Issue price
₹193
Listed at
₹154.40
Listing-day close
₹146.70
Latest price
₹34.26
Listing gain
-20.00%
Return since listing
-82.25%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Grey market premium
Unofficial and indicative — not a forecast
₹0
3 observations recorded — too few to plot a trend.
Day-wise premium · 3 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 05 Dec 2025 | ₹0 | 0.00% | ₹0 | ₹193 | ₹0 |
| 04 Dec 2025 | ₹0 | 0.00% | ₹0 | ₹193 | ₹0 |
| 03 Dec 2025 | ₹0 | 0.00% | ₹0 | ₹193 | ₹0 |
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
- ₹193 per share
- Lot size
- 600 shares
- Issue type
- Book Building issue
- Listing at
- BSE
- Total issue size
- ₹39.90 Cr
- Market cap at offer price
- ₹144 Cr
- Promoter holding
- 82.78% → 59.00% pre-issue → post-issue
- ISIN
- INE1BA901016
- Registrar
- Maashitla Securities Pvt.Ltd.
- Lead managers
- Fintellectual Corporate Advisors Pvt.Ltd.
- Registered office
- H.NO.9-A, Main Road Sunder Nagar, Punjab
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 | 0 | — | — |
| Market maker | 1,03,800 | — | — |
Application size
Minimum 600 shares per lot, in multiples, at ₹193
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 600 | ₹1,15,800 |
| S-HNI (min) | 2 | 1,200 | ₹2,31,600 |
| S-HNI (max) | 8 | 4,800 | ₹9,26,400 |
| B-HNI (min) | 9 | 5,400 | ₹10,42,200 |
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
0
Anchor portion
₹0 Cr
at ₹193 per share
Valuation and performance
Valuation at offer price
₹193 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 9.48 | 9.52 |
| P/E (×) | 20.36 | 20.27 |
| Price to book (×) | 4.70 | — |
| Market cap | — | ₹144 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 32.80%
- ROCE
- 31.95%
- Debt / equity
- 0.00
- PAT margin
- 26.19%
- EBITDA margin
- 38.95%
- NAV per share
- ₹41.09
- Price to book
- 4.70
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Logiciel Solutions
Logiciel Solutions Limited, formerly incorporated as a private limited company on July 14, 2011, and converted to public limited status on January 31, 2025, is headquartered in Ludhiana, Punjab. Established over a decade ago, the company has evolved into an offshore software development partner specializing in creating tailored, robust, and future-ready software solutions. The company earns revenue through custom software development services, with a primary focus on startups and growing businesses. With over 13 years of delivery excellence, Logiciel integrates emerging technologies including Artificial Intelligence, machine learning, and cloud-native solutions into its service offerings. The company operates under three engagement models: Dedicated Team monthly Retainership, Fixed Price Model, and Hourly Rate Model, serving customers primarily in the United States across industries including home improvement, construction, and technology sectors.
Company Analysis
from RHPLogiciel Solutions Limited is an offshore software development company providing custom software solutions, AI-integrated development services, and scalable digital platforms for startups and growing businesses across web, mobile, and cloud-native technologies.
Logiciel Solutions Limited, formerly incorporated as a private limited company on July 14, 2011, and converted to public limited status on January 31, 2025, is headquartered in Ludhiana, Punjab. Established over a decade ago, the company has evolved into an offshore software development partner specializing in creating tailored, robust, and future-ready software solutions. The company earns revenue through custom software development services, with a primary focus on startups and growing businesses. With over 13 years of delivery excellence, Logiciel integrates emerging technologies including Artificial Intelligence, machine learning, and cloud-native solutions into its service offerings. The company operates under three engagement models: Dedicated Team monthly Retainership, Fixed Price Model, and Hourly Rate Model, serving customers primarily in the United States across industries including home improvement, construction, and technology sectors.
Information Technology / Software DevelopmentCustom Software DevelopmentSaaS (Software as a Service)Cloud Computing ServicesArtificial Intelligence and Machine Learning IntegrationApplication Development ServicesBusiness Process OutsourcingHome Improvement & Construction Technology
Objects of the Issue
- Capital Expenditure on upgrading physical infrastructure ₹185.83 lakhs p.28
- Investment in Human Resources through Manpower hiring ₹1,527.55 lakhs p.28
- Capital expenditure towards upgrading IT infrastructure ₹417.41 lakhs p.28
- Funding for business development and marketing activities ₹250.00 lakhs p.28
- General corporate Purpose p.28
- Capital Expenditure towards upgrading of physical infrastructure ₹185.83 lakhs p.96
- Investment in Human Resources through Manpower hiring ₹1,527.55 lakhs p.96
- Capital expenditure towards upgradation of IT infrastructure ₹417.41 lakhs p.96
- Funding for business development and marketing activities ₹250.00 lakhs p.96
- General Corporate Purposes p.96
Issue Structure
- Total Issue
- Up to 20,67,600 Equity Shares aggregating up to ₹ [●] Lakhs
- Fresh Issue
- Up to 16,94,400 Equity Shares aggregating up to ₹ [●] Lakhs
- Offer for Sale
- Up to 3,73,200 Equity Shares aggregating up to ₹ [●] Lakhs (Up to 1,86,600 by Umesh Sharma and Up to 1,86,600 by Ajay Sharma)
- Price Band
- [●] per Equity Share (Floor Price: [●], Cap Price: [●])
- Lot Size
- [●] Equity Shares and in multiples of 600 Equity Shares thereafter
- Face Value
- ₹10.00 per Equity Share
Business Model
Logiciel Solutions generates revenue primarily through offshore custom software development services delivered under three engagement models: (1) Dedicated Team monthly Retainership where teams of developers, designers, and testers are allocated exclusively to customers; (2) Fixed Price Model where specific deliverables and functionalities are agreed upon upfront; and (3) Hourly Rate Model where customers are billed for actual time spent on tasks. The company specializes in web, mobile, and cloud-native application development, with increasing integration of AI and automation technologies. Revenue is concentrated from a limited number of key customers, with the top customer accounting for over 50% of revenue.
Business Segments
Provides tailored software solutions for web, mobile, and cloud-native applications; specializes in creating scalable and secure digital platforms for startups and growing businesses; services include Product Discovery, MVP Development, and Scaling
Integrates Artificial Intelligence tools and capabilities across the software development lifecycle from code generation and automated testing to UI/UX enhancement and intelligent project management
Provides custom software development services for companies in the Home Improvement & Construction industry, including services pertaining to residential remodeling, roofing, HVAC, solar installation, and exterior renovations
End-to-end custom software solutions delivery including Cloud Engineering, AI/ML development, UI/UX Design, and Application Development for enterprises and startups
Builds tailored digital platforms including web & mobile applications, API development with modern frameworks and AI-assisted code generation and testing
Helps clients build robust cloud infrastructure optimized for performance and cost, including cloud migration & management (AWS, GCP, Azure) and DevOps implementation with AI-enabled insights
Empowers clients to harness insights through powerful data pipelines, data engineering with automated ETL workflows, and business intelligence with dynamic dashboards and predictive modeling
Designs intuitive, user-centric interfaces with AI-assisted prototyping, user behavior analysis and accessibility checks, including user research and design systems
Ensures reliability and performance with automation and AI-driven test case generation, error prediction, and regression detection including automated and performance testing
Provides MVP (Minimum Viable Product) Development Services enabling startups and enterprises to validate product concepts through rapid prototyping and iterative development with AI acceleration
Delivers offshore mobile application development with comprehensive expertise from ideation to implementation, creating powerful mobile applications that enhance user engagement
Helps clients operationalize AI through tailored models and intelligent features including predictive analytics and natural language processing (NLP) for smart interfaces and chatbots
Custom Software Development including Web & Mobile Application development and API Development
Cloud Migration & Management and DevOps Implementation
Data Engineering and Business Intelligence services
User Research & Testing and Design Systems
Automated Testing and Performance Testing
Minimum Viable Product Development
AI and Machine Learning services
SWOT Analysis
Strengths
- • Over a decade of consistent delivery excellence in software development(p.28)
- • Strong long-term customer relationships with top customer for more than a decade(p.38)
- • High customer concentration indicating strong relationships with valued customers(p.38)
- • AI integration across software development lifecycle(p.28)
- • No prior experience of directors in listed companies may constrain corporate governance adherence(p.55)
- • Experienced and qualified management team with domain expertise(p.55)
- • Experienced Promoter and Management Team(p.118)
- • Ability to provide customized and integrated IT solutions(p.118)
- • Long-standing relationships with customers(p.118)
- • Diversified portfolio of services(p.118)
- • Tailored tech solutions capability(p.118)
- • High client retention with long-term partnerships generating stable recurring revenue(p.154)
- • AI-driven operational efficiency across development, testing and project management(p.154)
- • Comprehensive end-to-end service portfolio covering multiple verticals(p.154)
- • Strong expertise in scaling MVPs to full-stack platforms for growth-stage startups(p.154)
- • Flexible client engagement models enabling operational agility(p.155)
- • High EBITDA margins demonstrating operational profitability(p.147)
- • Established offshore software development partner with 14 years of delivery excellence(p.242)
- • Hybrid work model combining office-based teams and geographically diverse remote workforce(p.242)
- • Early adoption of AI tools integrated across development lifecycle(p.242)
- • Strong and consistent revenue growth trajectory(p.246)
- • Improving profitability with expanding profit margins(p.248)
- • Strong balance sheet with nil debt and high cash reserves(p.251)
- • Highly liquid current position supporting growth investments(p.233)
- • ISO 9001:2015 certification for quality management(p.261)
- • 100% promoter shareholding in dematerialized form(p.265)
- • No penalties or regulatory disciplinary action in past three years(p.266)
- • Clean regulatory standing - no debarment or prohibited status(p.262)
- • Operating profit exceeding Rs. 1 crore for 2 of past 3 years(p.264)
- • Zero debt - no long-term or short-term borrowings as of September 2025(p.265)
- • Net worth exceeding Rs. 1 crore for past 2 years(p.263)
Weaknesses
- • Extreme revenue concentration with top customer accounting for 51.34% of revenue(p.37)
- • Top 10 customers represent 97.27% of total revenue, indicating excessive customer concentration risk(p.38)
- • Significant delays and non-compliance with statutory filings with Registrar of Companies(p.39)
- • Delays in payment of statutory dues including EPF, ESIC, TDS, and GST returns(p.41)
- • Substantial outstanding trade receivables with significant aging beyond 6 months(p.43)
- • High and volatile employee attrition rates ranging from 16% to 25%(p.48)
- • Negative cash flows from operating activities in recent periods(p.45)
- • Logo not registered as trademark, with pending application(p.44)
- • Registered office on long-term lease from promoters, vulnerable to relationship changes(p.46)
- • Promoter group operates similar business in Canada creating potential conflicts of interest(p.39)
- • Directors lack board-level experience in listed companies(p.55)
- • Business dependent on maintaining key client relationships(p.56)
- • Failure to maintain effective client support could damage reputation(p.55)
- • Inability to establish and maintain effective internal controls and compliance(p.57)
- • Dependence on ability to source business opportunities effectively(p.57)
- • Significant revenue concentration with few key clients creating dependency risk(p.155)
- • Top customer represents over 51% of revenue creating high concentration(p.149)
- • Limited US sales presence constraining enterprise-scale opportunities(p.155)
- • Significant capital investment required for scaling go-to-market operations(p.155)
- • Negative operating cash flow indicating working capital management challenges(p.147)
- • Heavy dependence on limited number of customers—100% export revenue concentration(p.237)
- • Customer concentration risk with North American clients representing dominant share(p.229)
- • Potential conflict of interest with promoter group entity having similar business(p.207)
- • Family control with multiple promoter-related party transactions(p.203)
- • Pending income tax reassessment notices against multiple promoters(p.254)
- • Recent short-term borrowings of Rs. 1.53 lakhs as of March 2025(p.265)
- • Concentration risk from minimal net tangible assets (only Rs. 2,372.33 lakhs)(p.264)
Opportunities
- • Significant market growth in Indian IT/Software industry at 7.3% of GDP contribution(p.28)
- • India positioned as preferred offshore destination with cost-effectiveness and quality advantages(p.28)
- • Growing demand for AI-driven software solutions and cloud transformation(p.46)
- • Expanding market for custom product engineering and SaaS solutions(p.46)
- • Growing startup and mid-market segment seeking offshore software development partners(p.28)
- • Expansion of physical infrastructure to support workforce growth(p.99)
- • Strategic hiring of 170 new professionals to expand delivery capabilities(p.103)
- • Investment in R&D to develop AI-based solutions using agentic approach(p.106)
- • Upgrade IT infrastructure with modern tools and software(p.107)
- • Expansion of sales and marketing capabilities to drive new client acquisitions(p.105)
- • Global market opportunity for offshore software services(p.107)
- • Listing on stock exchange to enhance brand visibility and corporate image(p.95)
- • Accelerating global demand for AI-powered solutions and digital transformation(p.155)
- • Significant growth potential in US market through direct sales and client success strategies(p.155)
- • Brand building through content marketing and proof points to enhance market credibility(p.155)
- • Strategic partnerships with fractional CTOs and CPOs for trusted access to growth companies(p.155)
- • AI-enabled workforce scaling to increase delivery capacity without proportional headcount increase(p.155)
- • Expected growth in Indian IT industry projected to reach $100 billion by 2025(p.137)
- • Expand service offerings in high-growth areas of AI and Machine Learning(p.243)
- • Leverage AI tool integration to improve delivery speed and efficiency for clients(p.242)
- • Geographic expansion into new markets beyond North America(p.244)
- • Scale up Big Data, Analytics and Cloud services businesses(p.243)
- • Expand MVP development services for startup segment(p.243)
- • Potential for migration to main board on meeting eligibility criteria(p.283)
- • Capital raising through rights, preferential, and bonus issues post-listing(p.283)
- • Access to public capital markets via SME platform of BSE(p.263)
Threats
- • Heavy dependence on USA market contributing 96.28% of revenue from operations(p.37)
- • US economic downturns, recession, and inflation could adversely impact revenue(p.37)
- • Geopolitical uncertainties and potential tariffs or data localization requirements affecting USA operations(p.38)
- • Highly competitive USA technology and SaaS markets with aggressive pricing by global players(p.38)
- • Lack of long-term contractual commitments with USA customers increasing demand fluctuation risk(p.38)
- • Concentrated revenue from Home Improvement & Construction industry facing cyclical risks(p.43)
- • High employee attrition rates and intense competition for skilled IT professionals(p.45)
- • Cyber threats and potential data breaches affecting operations and reputation(p.49)
- • Rapidly evolving technology landscape requiring continuous product enhancement and adaptation(p.45)
- • Reliance on third-party cloud service provider (AWS) creating operational and financial risks(p.46)
- • Risks associated with early-stage startup and venture-backed client segment(p.55)
- • Intense competition in technology services market affecting pricing and margins(p.56)
- • Global economic and political conditions beyond management control(p.57)
- • Geopolitical tensions and terrorism affecting Indian market and business(p.57)
- • Changing regulations creating new compliance requirements(p.57)
- • Infectious disease outbreaks disrupting operations(p.57)
- • Natural calamities and external acts affecting Indian economy(p.57)
- • Foreign investment restrictions limiting foreign investor participation(p.57)
- • Equity share price volatility and lack of active trading market(p.57)
- • Tax and regulatory changes affecting cost structure(p.57)
- • Intense competition from large IT firms and niche players in fragmented market(p.157)
- • Talent acquisition and retention challenges, particularly for AI and cloud-native specialists(p.155)
- • Economic headwinds and budget freezes in North American export markets affecting project pipelines(p.155)
- • Increasing regulatory and data compliance requirements necessitating significant investments(p.155)
- • Global economic uncertainty reducing discretionary IT spending by enterprise clients(p.130)
- • Commoditization of basic IT services creating pricing pressure and margin compression(p.140)
- • Global economic uncertainty and potential recession affecting client spending on software development(p.244)
- • Intense competition from global and local software development firms(p.244)
- • Rapid technological changes requiring continuous skill upgradation and investment(p.244)
- • Dependence on retaining qualified IT professionals in competitive talent market(p.244)
- • Currency fluctuation risks from high foreign exchange exposure(p.244)
- • Regulatory and compliance risks in foreign jurisdictions where clients operate(p.244)
- • Mandatory minimum 200 allottees requirement or entire offer refunded(p.283)
- • Market liquidity requirements for main board migration (80% trading days, min Rs. 10 lacs daily turnover)(p.284)
- • Requirement for 20% minimum promoter holding to migrate to main board(p.284)
- • Regulatory requirement for no audit qualification on going concern(p.285)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Mr. Umesh Sharma | Promoter / Managing Director | 41.39% | 22.50% |
| Mr. Ajay Sharma | Promoter / Whole-time Director | 41.40% | 29.50% |
| Mr. Prem Lal Sharma | Promoter / Chairman | — | — |
| Mrs. Lateesh Sharma | Promoter / Director / CFO | — | — |
| Umesh Sharma | Promoter/Managing Director | 41.39% | 29.50% |
| Ajay Sharma | Promoter/Whole Time Director | 41.40% | 29.50% |
| Umesh Sharma | Promoter / Managing Director | — | — |
| Ajay Sharma | Promoter / Whole Time Director | — | — |
| Prem Lal Sharma | Promoter / Non-Executive Non-Independent Director | — | — |
| Lateesh Sharma | Promoter / Executive Director | — | — |
| Mr. Umesh Sharma | Promoter | 41.39% | — |
| Mr. Ajay Sharma | Promoter | 41.40% | — |
| Mr. Prem Lal Sharma | Promoter | 0% | — |
| Mrs. Lateesh Sharma | Promoter | 0% | — |
| Umesh Sharma | Selling Shareholder | — | — |
| Ajay Sharma | Selling Shareholder | — | — |
| Umesh Sharma | Promoter/Promoter Group | — | — |
| Ajay Sharma | Promoter/Promoter Group | — | — |
Leadership
Mr. Umesh Sharma · Managing Director
Mr. Ajay Sharma · Whole-time Director
Mr. Prem Lal Sharma · Chairman
Mrs. Lateesh Sharma · Chief Financial Officer / Director
Mrs. Geetanjali Nerchehal · 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.