Blog

IPO Details

• IPO opening date: 18 September 2025
• IPO closing date: 22 September 2025
• IPO Size: Rs. 560.29 Crore Issue: Entirely Offer for Sale of 18,738,958 shares
• IPO Price: Rs. 284 to Rs. 299 per share
• Lot Size: 50 Shares
• Allocation: QIB 50%, NII 15%, Retail 35%
• Lead Managers: IIFL Capital Services Ltd., Motilal Oswal Investment Advisors Ltd.
• Registrar: KFin Technologies Ltd.

About the Company

• iValue Infosolutions is an enterprise technology solutions specialist that offers comprehensive solutions for securing and managing digital applications and data. It acts as a vital link between technology OEMs and enterprise customers by partnering with System Integrators. As per F&S, it is one of India’s fastest-growing technology services and solutions integrators.
• Main products/services: Cybersecurity, information lifecycle management, data centre infrastructure, application lifecycle management, hybrid cloud solutions, and managed services.
• Sales & manufacturing units: The company operates a 194,877 sq. ft. warehouse in Bhiwandi, Maharashtra, and does not have any manufacturing units.
• Employees: 421 as of March 31, 2025.
• Promoters: Sunil Kumar Pillai, Krishna Raj Sharma, and Srinivasan Sriram.
• Branches/network: Headquartered in Bangalore, with 8 offices in India and 6 international locations in Singapore, Bangladesh, Sri Lanka, UAE, Cambodia, and Kenya.

Financials

The table below shows the company’s consolidated financial performance (figures in Rs. Crore).

Post IPO Market cap: Rs. 1600.84 crore. P/E FY24: 22.69. P/E FY25: 18.77.

The company has posted steady growth in its top and bottom lines. Net margin has expanded from 7.44% in FY23 to 9.05% in FY25. The company is net debt free with surplus cash of Rs. 123 crore as of FY25.

Anchor Investors

• Ivalue Infosolutions Limited raised a total of ₹168 crore from 13 anchor investors through its IPO anchor allotment.
• The top 10 anchor investors and their approximate percentage allocations are: ICICI Prudential Innovation Fund (29.8%), Unifi BCAD Fund (14.9%), UTI Small Cap Fund (11.9%), Nuvama Crossover Opportunities Fund (11.9%), Citigroup Global Markets Mauritius (6.9%), Kotak Iconic Fund (4.5%), Societe Generale (3.6%), Bengal Finance & Investment (3.6%), Sameeksha India Equity Fund (3.3%), and HDFC Life Opportunities Fund (2.9%).
• The remaining anchor investors include Mirae Asset Large Cap Fund, Aditya Birla Sun Life Insurance, and InCred Wealth (
• Mutual funds accounted for 68% of the total anchor allocation.

Salient points

• Use of funds: The company will not receive any proceeds from the Offer as it is entirely an Offer for Sale.
• Business Verticals: Cybersecurity, Information Lifecycle Management, Data Center Infrastructure, and Application Lifecycle Management.
• Revenue Model: Earns margins on the sale of curated technology solutions from OEMs to enterprise customers via System Integrators. Revenue is recognized on a gross basis for hardware and a net basis for software and allied support.
• Growth Strategies: Capitalize on growth in the enterprise tech market in India and SAARC; expand the OEM, SI, and end-customer portfolio for cross-selling; and focus on growing ALM and hybrid cloud offerings.
• Risks: Dependence on top 10 OEMs for 63.02% of FY25 gross sales; non-exclusive, terminable agreements with OEMs and SIs; high employee attrition of 34% in FY25; and exposure to foreign currency risk.
• Litigations: An arbitration petition filed by Capgemini Technology Services has been settled, but the matter is pending. The company has filed cases worth Rs. 17.08 million against debtors for dishonored cheques.
• Revenue split by region: In FY25, 87.54% of gross sales were from India and 12.46% from outside India.
• Export/Import: In FY25, 12.46% of gross revenue was from customers outside India, while purchases from OEMs outside India accounted for 66.22% of gross sales.
• Revenue split by service: For FY25, gross sales breakdown was Cybersecurity (46.9%), Information Lifecycle Management (22.0%), Data Centre Infrastructure (17.0%), and ALM/Cloud/Others (14.1%).
• Clients: Serves large enterprises through System Integrators, having served 2,877 enterprise customers in FY25.
• Working capital days: Net Working Capital Days stood at 42 for FY25.
• Receivables trend: Days Sales Outstanding increased to 125 in FY25 from 116 in FY24.
• CAGR (FY23-FY25): Gross sales grew at a CAGR of 16.07%, while PAT grew at 19.32%.

Peers As per the RHP, there are no listed peers in India in the same business segment. T

Management commentary

Interview with the company’s Chairman and Managing Director, Sunil Kumar Pillai, iValue Infosolutions operates as a technology aggregator, creating curated, purpose-built solutions to protect the digital assets of its customers by leveraging partnerships with 109 technology vendors. He highlighted the company’s unique selling proposition, which involves simulating a customer’s environment at its Center of Excellence in Bengaluru to demonstrate how different technologies can coexist, thus enabling clients to make more informed and impactful decisions. Regarding the Offer for Sale, he clarified that the company is cash-rich and debt-free, and the OFS is intended to provide a partial exit for a six-year-old PE investor and a “gratification exit” for promoters who have not monetized their holdings in 18 years. Post-IPO, the management team will continue to hold a majority stake of over 56% in the company

Opinion

I was inclined to apply for the IPO but may skip it following the development on H1B front even as this company is not directly involved in this. .

• Strong growth in revenues with a 23% CAGR over three years and healthy profitability, including a 9.2% PAT margin and 21% ROE for FY25.
• Post IPO equity capital: Rs. 10.71 crore. P/E for FY24: 22.69 times. P/E for FY25: 18.77 times.
• Well-positioned in high-growth enterprise tech segments like cybersecurity, data centers, and hybrid cloud, with key partnerships including Splunk, Google Cloud, and Nutanix.
• Asset-light, cash-positive business model and expanding customer base across India and international markets.
• Appears to be reasonably priced based on the financial performance.

• This post is exploratory and educational purposes only.
• Standard disclaimer: I am not a SEBI registered analyst and above analysis is for educational purpose only. Iam a postgraduate in engineering & Management . I have in the past cleared some exams like NISM-Series-V-A: Mutual Fund Distributors Certification, NISM-Series-X-A: Investment Adviser (Level 1) Certification and NISM-Series-X-B: Investment Adviser (Level 2) Examination. This post is my view on the subject matter and is only academic and exploratory in nature. It is not meant to influence investment decisions of investors. I may have bias/vested interest in covered Stock/Mutual Funds/NCD etc. due to my own investment or leaning. Further my understanding of the areas on which I write may be imperfect or incomplete and data could be wrong due to limited time and resources at my disposal. Do check the data from company’s RHP and exchanges before making any decision. Please do your own due diligence as stock market/MF investments have high degree of inherent risk.