IPO Overview
Incorporated in January 2016, ENS Enterprises Limited is a Noida, Uttar Pradesh-based technology company providing end-to-end digital commerce enablement and software solutions. The company operates at the intersection of e-commerce, digital engineering, and cloud technologies, offering a range of solutions that cover online commerce platforms, ONDC integrations, software development, mobile applications, cloud and DevOps, and digital marketing. The company has also developed SaaS products which provide recurring subscription-based revenues. A key differentiator is its early-mover position in ONDC, having been empanelled as a Technology Service Provider in 2022. The company also focuses on AI/ML, Generative AI, predictive analytics, blockchain and cloud-native technologies through its R&D activities.
The company is now launching its SME IPO on the BSE SME platform to raise ₹33.14 crore. The Issue is a Book-Building IPO with the price band fixed at ₹87 to ₹92 per equity share, comprising a fresh issue of up to 36,02,400 equity shares. The IPO opens on 14 August 2026 and closes on 18 August 2026, with listing expected on the BSE SME platform shortly after allotment.
IPO Detailed Information
Issue Details
| Parameter | Details |
| IPO Type | Book Built – SME |
| Listing Exchange | BSE SME |
| Anchor Investor Date | 13 August 2026 |
| IPO Open Date | 14 August 2026 |
| IPO Close Date | 18 August 2026 |
| Allotment Date | 19 August 2026 (Expected) |
| Price Band | ₹87 – ₹92 per share |
| Face Value | ₹10 per share |
| Lot Size | 1,200 shares |
| Minimum Investment (Retail) | ₹1,10,400 (approx) |
| Issue Size | ₹33.14 crore |
| Fresh Issue | 36,02,400 shares (₹33.14 crore) |
| Offer For Sale (OFS) | Nil |
Note: The entire IPO is a fresh issue — no offer-for-sale component. All proceeds go directly to the company.
Issue Break-up
| Category | Allocation |
| Qualified Institutional Buyers (QIB) | ~50% |
| Non-Institutional Investors (NII/HNI) | ~15% |
| Retail Individual Investors (RII) | ~35% |
| Market Maker | Reserved Portion |
OFS / Selling Shareholders
There is no Offer For Sale (OFS) in this IPO. The entire issue is a fresh issue — all IPO proceeds will flow directly into the company for business growth and operational purposes.
Objects of the Issue (Fund Utilization)
The company intends to utilise ₹17.02 crore from the net proceeds towards investment in the enhancement, maintenance and upgrading of its existing products through manpower hiring, and ₹6.75 crore towards upgradation of its IT infrastructure. Further, ₹1.20 crore will be utilised towards repayment of borrowings. The remaining funds will be utilised for general corporate purposes.
- Product enhancement, maintenance & upgrading (including manpower hiring) — ₹17.02 crore
- IT infrastructure upgradation — ₹6.75 crore
- Repayment of borrowings — ₹1.20 crore
- General corporate purposes — remaining proceeds
Lead Managers & Registrar
- Book Running Lead Manager: Corporate Makers Capital Ltd.
- Registrar to the Issue: Abhipra Capital Limited
Promoters & Management
The promoters of ENS Enterprises are Mr. Manish Kumar Srivastava, Mr. Avinash Kumar Singh, and Mr. Anupam Kumar Srivastava. The promoters have collectively built the company’s capabilities across digital commerce, software development, ONDC integrations, cloud and DevOps, and digital marketing since inception.
Company Details
ENS Enterprises Limited is a Noida-based technology company offering end-to-end digital technology solutions across digital commerce, software development, cloud and DevOps, mobile applications and digital marketing. The company has developed expertise in ONDC integrations, SaaS products, application management and customised technology solutions, serving clients across 12+ countries.
Sectors / Clients Served:
- E-commerce & Digital Commerce
- Enterprise Software Clients
- Global Brands & Government Projects
- International clients across 12+ countries
Key Services & Solutions:
- E-commerce Platform Development
- ONDC Buyer & Seller App Integration
- Custom Software Development
- Mobile Application Development
- Cloud Hosting & DevOps
- Digital Marketing
- Proprietary SaaS Products
- Technical Support & Maintenance
Key Capabilities:
- Certified ONDC Technology Service Provider with early-mover advantage in India’s government-backed open digital commerce ecosystem.
- ONDC capabilities include buyer and seller app integration, logistics and payment modules, compliance support, and enterprise onboarding. R&D focus on AI/ML, Generative AI, predictive analytics, blockchain and cloud-native technologies.
Revenue Model:
- The company follows a hybrid revenue model, combining project-based fees with recurring revenues from maintenance, managed services and SaaS. Project-based fees remained dominant at 76.82% of FY2026 revenue, while recurring revenue contributed 23.18%.
Team Strength:
- Total manpower strength as of 30 June 2026 was 100 employees.
Financial Snapshot
| Period | Total Income (₹ Cr) | PAT (₹ Cr) |
| FY23 | ₹7.37 | ₹0.56 |
| FY25 | ₹28.62 | ₹3.70 |
| FY26 | ₹51.77 | ₹8.40 |
Key Financial Metrics
- FY26 total income stood at ₹51.77 crore, EBITDA at ₹11.71 crore, and PAT at ₹8.40 crore — reflecting strong growth compared to FY25.
- Revenue from operations grew from ₹28.36 crore in FY25 to ₹51.37 crore in FY26. EBITDA margin stood at 22.78% in FY26.
- Total income grew from ₹7.37 crore in FY23 to ₹28.62 crore in FY25 — a ~288% rise over 2 years. PAT rose from ₹0.56 crore to ₹3.70 crore in the same period.
- Balance sheet is comfortable, with net worth of ₹14.06 crore and borrowings of only ₹1.20 crore as of September 2025.
- Revenue CAGR (FY23–FY26): ~91% (3-year)
Company Strengths
- Certified ONDC Technology Service Provider with early-mover advantage in government-backed digital commerce initiatives.
- International presence across 12+ countries, with a diverse client base spanning enterprises, global brands, and government projects — enhancing credibility and visibility.
- Hybrid revenue model combining project-based income with growing recurring SaaS and managed services revenues — improving revenue predictability
- Strong R&D focus on next-generation technologies including AI/ML, Generative AI, predictive analytics, blockchain and cloud-native solutions.
- Entire IPO is a fresh issue — zero promoter exit; all capital directed towards product enhancement and infrastructure growth
- Strong financial momentum — PAT for 6 months ended September 2025 stood at ₹4.02 crore, already exceeding the entire FY25 annual profit.
Key Risks & Challenges
- Investors should examine customer concentration risk — dependency on a limited number of large clients could impact revenue stability if relationships weaken.
- Revenue model skewed towards projects: Project-based fees account for 76.82% of FY26 revenue — making income lumpy and dependent on new order wins rather than predictable recurring streams.
- Small company with only 100 employees — limited bench strength and scalability risk for large or simultaneous project deliveries
- High valuation risk: Rapid revenue growth may be partially priced in at the IPO price band; sustainability of this pace of growth needs investor scrutiny
- SME IPO liquidity risk — limited secondary market trading volumes on BSE SME platform
- Intense competition from larger, well-funded domestic and global IT services and SaaS companies operating in the same digital commerce space
Disclaimer:
This document is for informational purposes only and should not be considered as investment advice. Investors should read the Red Herring Prospectus (RHP) carefully and consult a financial advisor before investing in any IPO. Market investments are subject to risk.
