All IPOs

Sotefin Bharat

SME · BSE listed
+9.63%
Listing gain
Price Band
₹178 – ₹187
Issue Size
₹89.76 Cr
1 lot at upper band
₹1,12,200
Lot Size
600
Open
16 Jul 2026
Close
20 Jul 2026
Allotment
—
Listing
23 Jul 2026

Scheduled dates

  1. Open
    16 Jul 2026
  2. Close
    20 Jul 2026
  3. Refund
    22 Jul 2026
  4. Demat credit
    22 Jul 2026
  5. Listing
    23 Jul 2026

Listing Performance

Listing Price
₹205
Listing Gain
+9.63%
Day Close
—
Current (LTP)
— (—)

GMP Trend*

Daily grey market premium (₹). Unofficial.

Latest GMP: ₹2.5 7 sessions

Subscription (times)

Latest per-category subscription · as of 20 Jul, 06:20 pm IST.

QIB 2.80x
NII 4.70x
BHNI 6.72x
SHNI 2.99x
RII 3.80x
Total 3.40x

About Sotefin Bharat

The company is engaged in providing mechanised and automated parking solutions, delivering comprehensive turnkey services. The company integrates advanced automated parking technologies with supporting infrastructure to ensure seamless execution for customers. As of March 31, 2026, the company has successfully completed more than 55 projects and is executing more than 30 projects across multiple locations in India and international markets including the United States and Dubai.

www.sotefinbharat.com ↗

Strengths

  • Swiss Engineering Excellence Adapted for India
    The company benefits from its long-standing association with Sotefin SA, Switzerland, a pioneer in automated parking technology since 1956. This combination of international engineering expertise and localized execution capabilities enables the company to offer commercially viable automated parking solutions for Indian customers.
  • International Quality and Safety Certifications
    The company has achieved ISO 9001:2015 certification (UKAS-accredited) and CE certification (TV) for compliance with European safety and quality standards. The Automatic Parking System is certified by TV Cyprus Ltd for compliance with EU Machinery Directive 2006/42/EC and EN 14010:2003+A1:2009 standards.
  • Integrated, Customized, and Scalable Execution Capabilities
    The company operates a fully integrated business model covering the entire lifecycle of automated parking projects at its 40,000 sq. ft. Bagnan facility. The solutions are custom-engineered to align with site-specific requirements across varied applications, with systems designed for scalability and future capacity expansion.
  • Established Execution Track Record and Diversified Client Base
    The company has successfully executed more than 55 projects across India and international markets, comprising over 12,000 automated parking spaces. As of March 31, 2026, the company has an order book of ₹53,439.85 lakhs, providing clear visibility of future project execution and revenues.
  • Domain Expertise in Automated and Smart Parking Solutions
    The management and technical teams possess deep domain expertise spanning automated parking technologies, robotics, and urban infrastructure development. The Promoter, Mr. Arup Choudhuri, has over 25 years of experience supported by a team of 147 permanent employees.
  • Comprehensive Post-Sale Service and Long-Term Support
    The company offers structured post-installation service and maintenance support through annual maintenance contracts (AMCs) and preventive maintenance schedules. The company undertakes to support installed systems for up to 20 years post-installation, including availability of spare parts and software updates.

Risk Factors

  • Dependence on Swiss Technology Partner for Critical Components
    The company leverages advanced technology and sources critical patented parking robots from Sotefin SA, Switzerland, representing 50.40% of total purchases in FY2026. Any disruption in this supply arrangement due to geopolitical factors, trade restrictions, or changes in Sotefin's operations could materially adversely affect business operations and revenue recognition.
  • High Customer Concentration Risk
    The company's revenue is highly concentrated with top 10 customers contributing 91.77%, 84.85%, and 87.30% for FY2026, FY2025, and FY2024 respectively. Loss of or reduction in orders from key customers may adversely affect business operations and financial condition.
  • Dependence on Government Procurement Processes
    A majority of revenue (56.52% in FY2026) is derived from government clients, exposing the company to risks of policy changes, budget allocations, administrative delays, and extended payment cycles. Any reduction in government spending on automated parking infrastructure could materially affect business performance.
  • Negative Operating Cash Flows
    The company experienced negative cash flows from operating activities of ₹685.84 lakhs in FY2026, primarily due to higher trade receivables from government customers with longer credit cycles. Sustained negative cash flows could adversely impact business operations and growth plans.
  • Project Execution and Liquidated Damages Risk
    Project contracts contain liquidated damages and penalty clauses for timeline delays. Execution involves multiple stages with risks from supply chain disruptions, regulatory approvals, and technical challenges, which could result in significant financial liabilities exceeding project profit margins.
  • Limited Scale and Track Record Compared to Global Players
    The company has executed 55+ projects with 12,000+ parking spaces, while competitors like Sotefin SA have 500+ projects and 40,000+ spaces across 30+ countries. This scale disparity could affect ability to compete for large, complex projects and international expansion.
  • High Working Capital Requirements
    Working capital requirements were 60.55% of revenue in FY2026 (₹7,068.80 lakhs), driven by project execution model requiring substantial upfront costs before customer payments. The company's order book of ₹53,439.85 lakhs requires significant working capital financing.
  • Supply Chain and Vendor Dependency Risks
    The company depends on third-party suppliers for raw materials, components, and outsourced machining services. Supply chain disruptions, price volatility, quality issues, or vendor concentration risks could adversely affect operations and project delivery timelines.

Objects of the Issue

  • Funding capital expenditure requirements for setting up a manufacturing facility in Kolkata, West Bengal
    The company proposes to establish a new manufacturing facility for in-house manufacturing of robots used in automated parking solutions, currently being imported. This represents vertical integration and supports diversification into adjacent segments including Automated Storage and Retrieval Systems.
    20.13 crores
  • Funding capital expenditure requirements for the proposed new office premises
    The company proposes to undertake capital expenditure towards construction and establishment of new office premises to support administrative, managerial, engineering, and support functions by providing an integrated and technology-enabled workplace.
    8.17 crores
  • Funding working capital requirements of the Company
    The company operates in a working capital-intensive industry requiring significant upfront expenditure towards procurement of raw materials, steel structures, automation subsystems, and electro-mechanical components. The funds will bridge timing gaps between execution and collections.
    40.00 crores
  • General corporate purposes
    The company proposes to deploy funds towards strategic initiatives, growth opportunities, additional capital expenditure requirements, strengthening marketing capabilities, brand building exercises, meeting corporate contingencies and other purposes as approved by the Board.

Financial Snapshot

Annual values as reported in the offer document.

Year endRevenueRev. growthProfitProfit growthAssetsEquityOperating cash flow
31/03/2026118.23+25.6%17.37+53.6%129.0683.93-6.86
31/03/202594.15+65.6%11.31+81.0%98.6856.514.02
31/03/202456.87—6.25—60.6427.881.33
Units: crores

Issue Details

Face Value
₹10
P/E
19.60
ROCE
31.00%
Shares / Lot
600
Minimum Bid
1,200 shares
Refund
22 Jul 2026
Credit to Demat
22 Jul 2026
ISIN
INE12Z301012
CIN
U29221WB2012PLC175825
Registrar
Bigshare Services Pvt.Ltd.
Lead Managers
Choice Capital Advisors Pvt.Ltd.
Registered Office
72/B, Barakhola Kalikapur, Kolkata, West Bengal, India, 700099
RHP ↗DRHP ↗

Management

Arup ChoudhuriMD
Jignesh Pravinchandra SanghaviCEO

* Grey Market Premium is unofficial, indicative data from unregulated grey-market dealers. It is not published by NSE, BSE, SEBI or the issuer, and is not a forecast of the listing price.