MA
Mobilise App SME
SME₹20.10 Cr issue
-19.88%
Listing gain over issue price
Issue size
₹20.10 Cr
1 lot at cut-off
₹1,28,000
Lot size
1,600shares
Allotment
26 Feb 2026
Listing
02 Mar 2026
Listing performance
Issue price
₹80
Listed at
₹64.10
Listing-day close
₹67.30
Latest price
₹109
Listing gain
-19.88%
Return since listing
+36.25%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Grey market premium
Unofficial and indicative — not a forecast
₹4
3 observations recorded — too few to plot a trend.
Day-wise premium · 3 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 02 Mar 2026 | ₹4 | +5.00% | ₹4,900 | ₹84 | ₹6,400 |
| 01 Mar 2026 | ₹4 | +5.00% | ₹4,900 | ₹84 | ₹6,400 |
| 28 Feb 2026 | ₹4 | +5.00% | ₹4,900 | ₹84 | ₹6,400 |
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
- 02 Mar 2026
- Face value
- ₹10 per share
- Issue price
- ₹80 per share
- Lot size
- 1,600 shares
- Total issue size
- ₹20.10 Cr
- Market cap at offer price
- ₹76.10 Cr
- Promoter holding
- 96.00% → 70.65% pre-issue → post-issue
- ISIN
- INE1YNB01019
- Registrar
- Bigshare Services Pvt.Ltd.
- Lead managers
- Corporate Capitalventures Pvt.Ltd.
- Registered office
- 62-B, HSIDC, Sector-31, Haryana
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 | 7,13,600 | — | — |
| Market maker | 1,26,400 | — | — |
Application size
Minimum 1,600 shares per lot, in multiples, at ₹80
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,600 | ₹1,28,000 |
| S-HNI (min) | 2 | 3,200 | ₹2,56,000 |
| S-HNI (max) | 7 | 11,200 | ₹8,96,000 |
| B-HNI (min) | 8 | 12,800 | ₹10,24,000 |
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.
Shares allocated
7,13,600
Anchor portion
₹5.71 Cr
at ₹80 per share
Valuation and performance
Valuation at offer price
₹80 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 6.73 | 5.63 |
| P/E (×) | 11.89 | 14.21 |
| Price to book (×) | 1.94 | — |
| Market cap | — | ₹76.10 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 57.05%
- ROCE
- 75.40%
- Debt / equity
- 0.01
- PAT margin
- 29.20%
- EBITDA margin
- 42.90%
- NAV per share
- ₹41.30
- Price to book
- 1.94
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Mobilise App SME
Mobilise App Lab Limited was founded in 2013 and began as a provider of EDUPro ERP for educational institutions. The company evolved to develop OpsSuite ERP (a Computerized Maintenance Management System), SCMPro ERP (supply chain management), and HRevO (human resources management). The company provides its ERP solutions to B2B clients who further deliver services to end customers, rather than selling directly to individual users. As of the prospectus date, EDUPro is actively utilized by clients representing 34,000+ students across various educational institutions. The company operates from registered and corporate offices in Faridabad and Gurugram, Haryana.
Company Analysis
from RHPMobilise App Lab Limited is a Software-as-a-Service (SaaS) IT solutions provider offering enterprise resource planning (ERP) digital platforms to streamline and manage enterprise operations across education, facility management, supply chain, and human resources sectors.
Mobilise App Lab Limited was founded in 2013 and began as a provider of EDUPro ERP for educational institutions. The company evolved to develop OpsSuite ERP (a Computerized Maintenance Management System), SCMPro ERP (supply chain management), and HRevO (human resources management). The company provides its ERP solutions to B2B clients who further deliver services to end customers, rather than selling directly to individual users. As of the prospectus date, EDUPro is actively utilized by clients representing 34,000+ students across various educational institutions. The company operates from registered and corporate offices in Faridabad and Gurugram, Haryana.
Software as a Service (SaaS)Information Technology (IT)Enterprise Resource Planning (ERP)Education TechnologyFacility ManagementSupply Chain ManagementHuman Resources Management
Objects of the Issue
- Funding requirement in product development through Talent Hiring for the company ₹554.43 lakhs p.19
- Funding requirement toward business development and marketing activities aimed at driving the organization's expansion across domestic markets ₹303.28 lakhs p.19
- Funding towards the Infrastructure of the company ₹547.47 lakhs p.19
- General Corporate Purposes p.19
- Funding requirement in product development through talent hiring for the company ₹554.43 Lakhs p.86
- Funding requirement toward business development and marketing activities aimed at driving the organization's expansion across domestic markets ₹303.28 Lakhs p.96
- Funding towards the infrastructure of the company ₹547.47 Lakhs p.102
- General Corporate Purposes [●] p.112
- Not specified in this document section p.172
- Funding capex for the new plant and infrastructure p.266
Issue Structure
- Total Issue
- 25,12,000 Equity Shares of face value of ₹10/- each aggregating to ₹[●] Lakhs
- Fresh Issue
- 25,12,000 Equity Shares aggregating to ₹[●] Lakhs
- Offer for Sale
- Nil
- Price Band
- ₹[●] to ₹[●] per Equity Share of face value of ₹10/- each
- Lot Size
- [●] Equity Shares and multiples of [●] Equity Shares thereafter
- Face Value
- ₹10 per Equity Share
Business Model
The company provides SaaS-based ERP solutions on a subscription and implementation basis to B2B clients across educational institutions, healthcare, food & beverages, and facility maintenance sectors. Revenue is generated through software licensing, implementation services, and ongoing support for its four main products: EDUPro, OpsSuite, SCMPro, and HRevO.
Business Segments
Human Resource Management solution designed to streamline HR operations including talent acquisition, employee records management, payroll and expense tracking, talent development, and people analytics
Integrated Facility & Asset Management solution enabling businesses to efficiently manage and maintain physical assets, handle work orders, track equipment and asset history, monitor inventory levels, and schedule preventive maintenance and calibration
Supply Chain Management solution designed to optimize, automate, and manage the entire supply chain from procurement to delivery, including Source-to-Contract (S2C) and Procure-to-Pay (P2P) processes
School & University ERP system that includes Enrollment Management, Fee Collection, Exam & Result Management, Employee & Payroll Management, and Mobile App integration for teachers and parents
Computerized Maintenance Management System (CMMS) for operations and asset management with features including maintenance scheduling, preventive maintenance, asset tracking, IoT integration, energy management, HSE compliance, digital checklists, procurement, and vendor management.
HRMS and Employee Lifecycle Management solution providing hire-to-retire functionality including AI-powered talent acquisition, employee management with smart workflows, next-gen payroll and expense automation, advanced performance and talent management, remote work and well-being features, gamification, and seamless integration.
Supply Chain and Procurement solution with AI-driven procurement and vendor management, IoT-enabled real-time inventory and warehouse management, advanced bidding and reverse auctions, automated vendor onboarding and compliance audits, and smart payment processing with invoice automation.
School ERP solution for educational institutions with integrated Learning Management System (LMS), online examination management and proctoring, and AI-driven student performance and attendance analytics.
Manages and maintains physical assets and services efficiently with Hard FM (asset management, compliant management, preventive maintenance), Soft FM (meter management, digital checklists, complaints redressal), and IoT capabilities (RFID, GPS, sensors, barcode scanners)
Comprehensive ERP software for schools, colleges, and training centers providing School Management System (SMS) for administrators and School Information System (SIS) for students and parents, managing admissions, attendance, fees, examinations, transportation, library, hostel, payroll, and academics
Manages Source-to-Contract (supplier discovery, sourcing, negotiations, contract management) and Procure-to-Pay (purchase requests, GRNs, invoice processing, payments) processes
Comprehensive Human Resources Management System for recruitment, onboarding, payroll, attendance, performance tracking, offboarding, and compliance with tax laws and labour regulations, supporting 411,521 active employees globally and 300,378 in India
Solution designed to help schools, colleges, and training institutes manage functions such as admissions, attendance, fees, examinations, transportation, and academics. Advanced version includes modules for student management, attendance, and curriculum tracking.
Computerized Maintenance Management System (CMMS) that enables businesses to efficiently manage and maintain physical assets, handle work orders, track equipment and asset history, monitor inventory levels, and schedule preventive maintenance and calibration. Supports asset tracking, complaint redressal, and supplier management across Healthcare, Food & Beverages, and Facility Maintenance industries.
Comprehensive solution for managing the entire supply chain, integrating Source-to-Contract (S2C) covering supplier discovery, sourcing, negotiations, contract creation, supplier management, and contract lifecycle management, and Procure-to-Pay (P2P) including purchase requests, purchase orders, goods receipt notes (GRNs), invoice processing, and payments.
ERP solution for Human Resources designed to simplify and streamline workforce management throughout the employee lifecycle. Key features include talent acquisition, employee records management, payroll and expense tracking, talent development, and people analytics. Includes biometric integrations, multilingual capabilities, and deeper analytics.
Designed to help schools, colleges, and training institutes manage functions such as admissions, attendance, fees, examinations, transportation, and academics. As on the date of this Red Herring Prospectus, the Company's EDUPro ERP platform is actively utilized by clients acting as educational institutions having 34,000 plus students across various educational institutions.
Computerized Maintenance Management System (CMMS) that enables businesses to efficiently manage and maintain physical assets, handle work orders, track equipment and asset history, monitor inventory levels, and schedule preventive maintenance and calibration. The OpsSuite ERP solution has been implemented across multiple states in India, providing functionalities such as asset tracking, complaint redressal, and supplier management. Additionally, the OpsSuite platform is being used by multiple industries across Healthcare, Food & Beverages, Facility Maintenance, etc. supporting their operational and maintenance needs.
A comprehensive solution for managing the entire supply chain. It effectively integrates and manages two key processes: Source-to-Contract (S2C) - Covers supplier discovery, sourcing, negotiations, contract creation, supplier management, and contract lifecycle management. Procure-to-Pay (P2P) - Includes purchase requests, purchase orders, goods receipt notes (GRNs), invoice processing, and payments.
An ERP solution for Human Resources designed to simplify and streamline workforce management throughout the employee lifecycle. Key features include talent acquisition, employee records management, payroll and expense tracking, talent development, and people analytics.
SWOT Analysis
Strengths
- • Established SaaS IT solutions provider with multiple ERP products across education, operations, supply chain, and HR domains(p.18)
- • Significant customer base with EDUPro deployed across 34,000+ students across educational institutions(p.18)
- • Strong quality certifications including CMMI Level 3, ISO 27001:2022, and ISO 9001:2015(p.40)
- • Growing financial performance with revenue reaching ₹1,323.53 Lakhs in 9M FY2025-26 and PAT of ₹401.30 Lakhs(p.20)
- • Experienced promoter and management team with strong industry expertise(p.115)
- • One-stop solution provider with diversified revenue streams(p.115)
- • Recurring and repeat revenues from long-standing customer relationships(p.115)
- • Quality assurance focus with ISO certifications(p.115)
- • Experienced promoters with deep industry expertise across SaaS, enterprise software, and operations management(p.147)
- • Strong recurring revenue base with high repeat customer concentration(p.159)
- • High profitability with strong EBITDA and PAT margins(p.172)
- • International quality certifications and security standards(p.159)
- • Cloud-native, scalable platform architecture hosted on Microsoft Azure(p.159)
- • Extensive third-party integration ecosystem across 20+ systems and devices(p.161)
- • Established software solutions portfolio across multiple enterprise verticals(p.185)
- • Strong geographic expansion with presence in Asia Pacific markets(p.185)
- • Significant user base with demonstrated market adoption(p.185)
- • Established educational institution client base(p.186)
- • Experienced and stable management team with long tenure(p.208)
- • B2B revenue model with repeat customer engagement(p.186)
- • Established track record in SaaS solutions with multiple ERP products serving diverse sectors(p.265)
- • Strong revenue growth trajectory with 73.59% increase in FY 2023-24 and 33.88% in FY 2024-25(p.269)
- • Robust profitability with net profit increasing 75.97% in FY 2023-24 and 52.02% in FY 2024-25(p.271)
- • Healthy balance sheet with low debt-to-equity ratio and strong liquidity position(p.276)
- • Large customer base with 34,000+ students across educational institutions utilizing EDUPro platform(p.265)
- • Successful customer acquisition strategy with increase from 16 to 26 customers in FY 2024-25(p.269)
- • Quality certifications demonstrating operational excellence including ISO 9001:2015, CMMI Level 3, and ISO/IEC 27001:2022(p.285)
Weaknesses
- • Severe customer concentration with top 1 customer contributing 57.78% of revenue and top 10 customers 94.08%(p.27)
- • High geographic concentration of sales with Maharashtra generating 53.56% of revenue in 9M FY2025-26(p.28)
- • Product concentration with HRevO accounting for 48.52% of revenue and OpsSuite 31.71% in 9M FY2025-26(p.28)
- • Significant history of GST and income tax filing delays with 15 instances of delayed GST-3B filings and multiple TDS return delays in past 3 years(p.33)
- • History of delayed statutory compliances under Companies Act 2013 with delays in filing MGT-14, DPT-3, SH-7 and other forms ranging from 5 to 661 days(p.34)
- • Trademarks for company logo and key products (OpsSuite, HRevO) remain pending and not registered(p.31)
- • Reliance on premises leased from promoters at below-market rates which are not on arm's length basis(p.32)
- • Significant contingent liability of ₹78.48 Lakhs as corporate guarantee for promoter loan with risk of future default(p.38)
- • Inability to communicate with related party members (Aditi Sharma and Deepti Sharma) who are deemed promoter group members, limiting disclosure completeness(p.27)
- • Significant intangible assets (software) representing 40.96% of revenue with impairment risk(p.38)
- • Employee attrition rate of 13.33% in FY2024-25 and historically fluctuating retention affecting operational continuity(p.30)
- • High employee cost burden representing 43.15% of total expenses in 9M FY2025-26(p.30)
- • High employee attrition rate of 13.33% in FY2025(p.96)
- • Significant employee benefit expenses at 21.58% of revenue (period ended Dec 31, 2025)(p.95)
- • Concentrated revenue base dependent on few customers and products(p.115)
- • Currently limited market presence with only 2 listed industry peers identified for comparison(p.117)
- • Heavy revenue concentration with top customer representing 57.78% of FY 2024-25 revenue(p.167)
- • Significant decline in top customer revenue from 75.07% (March 2025) to 57.78% (December 2025)(p.167)
- • Limited workforce with only 95 total employees including contract staff(p.170)
- • Minimal export presence with no export revenue in recent periods(p.174)
- • Asset-light model with declining asset turnover ratio from 2.05 to 0.84 over 3 years(p.172)
- • High concentration of shareholding among founders(p.208)
- • Promoter family relationships and immediate relatives in management(p.193)
- • Limited history as publicly listed company with recent conversion to public entity(p.228)
- • Absence of established dividend distribution history(p.217)
- • Reliance on manual manpower services from group entity(p.215)
- • Significant dependence on top customers with major revenue concentration(p.275)
- • High dependence on Customer A representing over 75% of revenue in FY 2024-25(p.272)
- • Promoter guarantee outstanding of Rs. 78.48 lakh to HDFC Bank indicating personal liability exposure(p.261)
- • Related party transaction risks with loans from directors and rent payable to related parties(p.255)
- • Limited geographic diversification with headquarters in single location(p.301)
- • High depreciation expense indicating significant capital investment requirements with 154.38% increase in FY 2024-25(p.271)
- • Recent conversion to public company status with limited track record as listed entity(p.284)
Opportunities
- • Indian IT-BPM industry projected to grow at 5.5% CAGR from $254 billion in FY2024 to $350 billion by FY2030(p.19)
- • Rising demand for SaaS solutions, global capability centers, and digital public infrastructure in India(p.19)
- • Fund deployment planned for talent hiring in product development to enhance product capabilities(p.19)
- • Business development and marketing funding allocated to drive expansion across domestic markets(p.19)
- • Infrastructure investment of ₹547.47 Lakhs to support operational and growth capabilities(p.19)
- • Expansion of sales team across major Indian metros (Mumbai, Bangalore, Kolkata, Ahmedabad, Chennai)(p.97)
- • AI and ML-powered enhancements across product suite (OpsSuite, HRevO, SCMPro, EduPro)(p.91)
- • IoT integration for real-time monitoring and inventory management(p.92)
- • LMS integration and online examination proctoring for education sector(p.94)
- • Brand building and enhanced market visibility through structured marketing campaigns(p.98)
- • Infrastructure modernization through cloud migration and GPU-enabled computing(p.107)
- • Indian SaaS market projected to grow at 18.3% CAGR to USD 50 billion by FY 2030(p.137)
- • Government digital initiatives creating domestic SaaS demand (Digital India, India Stack, ONDC)(p.138)
- • Expanding market for AI-powered SaaS solutions with GenAI adoption acceleration(p.138)
- • Cross-selling potential across existing customer base with four product lines (EduPro, OpsSuite, SCMPro, HRevO)(p.159)
- • Portfolio consolidation strategy to enhance market impact and operational efficiency(p.159)
- • Expansion into new geographies and markets(p.185)
- • Launch of new service offerings including IoT services(p.185)
- • Growth in healthcare and facility management verticals(p.185)
- • Enhancement and feature expansion of existing product portfolio(p.185)
- • Integration of advanced technologies such as AI and cloud capabilities(p.185)
- • Expansion of SaaS solutions across multiple industries with current presence in Healthcare, Food & Beverages, and Facility Maintenance(p.265)
- • Growth in enterprise digital transformation market with increasing adoption of ERP solutions(p.265)
- • International expansion potential through HRevO HR solution already deployed across approximately 45 countries(p.272)
- • Potential for acquiring new customer segments through subscription-based recurring revenue model(p.266)
- • Market opportunity in educational technology with growing EdTech sector and EDUPro's existing penetration(p.265)
- • Cross-selling opportunities within existing customer base to increase average revenue per customer(p.274)
Threats
- • Loss of top customer (57.78% of revenue) would materially impact business and profitability(p.27)
- • Intense competition from organized and unorganized sector players with lower cost structures and pricing pressure(p.40)
- • Regulatory risks including need to maintain compliance with GST, Income Tax, Companies Act and potential penalties for non-compliance(p.33)
- • Technology disruption risk requiring continuous product updates and substantial R&D investments to remain competitive(p.44)
- • Cyber security and data breach risks despite security measures implemented(p.40)
- • Economic slowdown and government policy changes could adversely affect IT spending and business(p.52)
- • Customer concentration risk with top 10 customers representing 94.08% of revenue, making business vulnerable to customer losses or payment defaults(p.27)
- • Talent acquisition and retention challenges in competitive manpower market could increase operational costs(p.30)
- • Global economic and political risks affecting performance and stock price(p.53)
- • Foreign investment restrictions under Indian law limiting foreign investor attraction(p.53)
- • Indian infrastructure constraints and disruptions affecting business operations(p.53)
- • Potential downgrading of India's sovereign rating affecting financing ability(p.53)
- • Natural calamities and their impact on the Indian economy and business(p.53)
- • Terrorist attacks and civil unrest affecting financial markets and business sentiment(p.53)
- • Indian inflation volatility increasing business costs and potentially reducing profitability(p.53)
- • Intense competition from global SaaS giants with significantly greater resources(p.141)
- • Severe talent shortage in specialized SaaS development skills (cloud, AI/ML, cybersecurity)(p.141)
- • Infrastructure disparities limiting market addressability in Tier II and Tier III cities(p.141)
- • Strict regulatory compliance burden under DPDP Act and international standards (GDPR)(p.142)
- • Currency fluctuation risk from significant export revenue dependence(p.142)
- • High cybersecurity risk with increasing frequency and sophistication of attacks(p.142)
- • Global economic uncertainty and slowdown impacting enterprise SaaS spending(p.142)
- • Competition from established software vendors and new market entrants(p.182)
- • Regulatory compliance requirements for data protection and intellectual property(p.182)
- • Foreign exchange and currency volatility risk in international operations(p.232)
- • Labor law compliance requirements for employee management(p.181)
- • Customer concentration risk with potential loss of major clients affecting revenue significantly(p.275)
- • Intense competition from established software companies and new entrants in SaaS and ERP markets(p.275)
- • Dependency on skilled IT professionals and risks of talent retention in competitive market(p.266)
- • Cyber-attacks and data security risks potentially disrupting operations and customer trust(p.266)
- • Technological obsolescence requiring continuous investments in infrastructure and software upgrades(p.266)
- • Exposure to regulatory changes in India affecting software industry and data protection compliance(p.266)
- • Economic and market cyclicality affecting enterprise spending on IT solutions(p.266)
- • Natural disasters and pandemics disrupting operations and service delivery(p.266)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Mr. Ashish Sharma | Promoter | 70.00% | — |
| Mrs. Smriti Sharma | Promoter | 14.00% | — |
| Dr. Manish Sharma | Promoter | 10.00% | — |
| Mr. Ashish Sharma | Promoter | 70.00% | [●] |
| Mrs. Smriti Sharma | Promoter | 14.00% | [●] |
| Dr. Manish Sharma | Promoter | 10.00% | [●] |
| Mr. Kripa Shanker Sharma | Promoter Group | 1.00% | [●] |
| Mrs. Kusum Lata Sharma | Promoter Group | 1.00% | [●] |
| Mr. Ashish Sharma | Promoter/Managing Director | — | — |
| Mrs. Smriti Sharma | Promoter | — | — |
| Mr. Ashish Sharma | Promoter | 70.00% | — |
| Mrs. Smriti Sharma | Promoter | 14.00% | — |
| Dr. Manish Sharma | Promoter | 10.00% | — |
| Ashish Sharma | Promoter and Director | — | — |
| Manish Sharma | Promoter and Director | — | — |
| Smriti Sharma | Promoter and Director | — | — |
Leadership
Mr. Ashish Sharma · Promoter
Mrs. Smriti Sharma · Promoter
Dr. Manish Sharma · Promoter
Mr. Amit Kumar · Company Secretary and Compliance Officer
Mr. Kamal Kishore Sharma · Chief Financial 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.