EXIM ROUTES LIMITED IPO Explain

Exim Routes IPO Overview

Gurugram-based AI-powered recyclable paper trading platform raising ₹43.73 cr (100% fresh issue). Price: ₹83-88. Lot: 1,600 shares (₹2.82L min).

Funds for ERIS AI platform development (₹11.87 cr), office space acquisition (₹7.13 cr).

Lead: Narnolia Financial.

Founded April 2019. ERIS (Exim Routes Intelligence System) – world’s first AI-enabled closed B2B marketplace for recyclables. Connects 100+ international yards with 50+ Indian mills across 15+ countries.

Subsidiaries: USA, UK, Singapore, Germany, South Africa. Services: Paper recyclables trading (white/brown/mechanical grades), ERIS subscriptions, logistics, container handling, consultancy. 18 employees.

Competes with traditional paper traders, global recycling platforms, commodity trading houses.

IPO DETAILED INFORMATION

Issue Details

Parameter	Details
IPO Type	SME
IPO Open Date	12 December 2025 (Friday)
IPO Close Date	16 December 2025 (Tuesday)
Anchor Investor Bidding	11 December 2025 (Thursday) – One Day
Allotment Date	17 December 2025 (Wednesday) – Expected
Credit to Demat	18 December 2025 (Thursday) – Expected
Refund Initiation	18 December 2025 (Thursday) – Expected
Listing Date	19 December 2025 (Friday) – Tentative
Price Band	₹83 – ₹88 per share
Face Value	₹5 per share
Lot Size	1,600 shares (minimum lot); multiples of 1,600 thereafter
Min Investment (Retail)	₹2,81,600 (2 lots / 3,200 shares at upper band ₹88)
HNI Investment	₹4,22,400 (3 lots / 4,800 shares) minimum
Issue Size	₹43.73 crore total
Fresh Issue	₹43.73 crore (100%) – 49,69,600 equity shares
Offer for Sale (OFS)	NIL – No OFS component
Total Shares Offered	49,69,600 equity shares
Listing	NSE SME (Emerge Platform)
Post-Issue Market Cap	Estimated ₹165-170 crore (at upper price band ₹88)
Post-Issue Dilution	26.5% of post-issue capital

Issue Break-up

Category	Allocation
Market Maker Reservation	2,49,600 Equity Shares
QIB (Qualified Institutional Buyers)	50% of Net Offer (after market maker)
NII (Non-Institutional Investors)	15% of Net Offer
Retail Individual Investors	35% of Net Offer

Selling Shareholders (OFS)

No Offer for Sale (OFS) – Entire issue is 100% fresh capital infusion for company growth. No promoter or investor exits.

Objects of the Issue (Fund Utilization)

Fresh Issue Proceeds (₹43.73 crore gross proceeds) will be used for:

1. Development and Maintenance of AI-Powered ERIS Platform – ₹11.87 crore (27.1%)
   • Technology infrastructure upgrades and enhancements for ERIS (Exim Routes Intelligence System)
   • AI and machine learning algorithm development for offer matching, market intelligence
   • Platform scalability and feature additions (customer enablement, logistics integration)
   • Cloud infrastructure, servers, database management systems
   • Cybersecurity and data protection measures
   • Software licensing, API integrations, third-party tool subscriptions
   • Ongoing maintenance, bug fixes, platform stability improvements
   • Target: Strengthen ERIS as world’s leading AI-enabled B2B recyclables marketplace
2. Office Space Acquisition and Fit-Outs – ₹7.13 crore (16.3%)
   • Purchase or long-term leasing of office space for headquarters and operations
   • Interior fit-outs, furniture, fixtures, and equipment
   • Technology infrastructure setup (workstations, networking, communication systems)
   • Meeting rooms, collaborative workspaces for growing team
   • Expansion capacity for future hiring beyond 18 current employees
3. General Corporate Purposes – Balance ₹24.73 crore (56.6%)
   • Working capital for recyclable paper trading operations
   • Inventory financing and trade facilitation
   • Marketing and brand building initiatives globally
   • Business development and client acquisition (expanding beyond 50+ Indian mills, 100+ international yards)
   • International subsidiary support (USA, UK, Germany, Singapore, South Africa)
   • Strategic initiatives and contingencies
   • Note: Subject to SEBI’s cap of ₹10 crore or 15% of issue size, whichever is lower

Strategic Focus:

• Technology-first approach: Prioritizing ERIS platform development and maintenance as core competitive advantage
• Operational infrastructure: Office space for team expansion and professional operations
• Business scaling: Working capital and resources to grow trade volumes, expand mill/yard network, international presence
• AI-driven differentiation: Continuous investment in AI/ML capabilities for market intelligence, offer matching, predictive analytics

Note: 100% fresh issue with no OFS indicates genuine growth capital requirement, no investor/promoter exits. Positive signal of expansion intent and confidence in AI-powered model.

Lead Managers & Registrar

Book Running Lead Manager (BRLM):

• Narnolia Financial Services Limited
  • Address: 201, 2nd Floor, Marble Arch, 236 B A.J.C Bose Road, Kolkata, West Bengal – 700020
  • Phone: 033-40501500
  • Email: [email protected]
  • Website: www.narnolia.com

Registrar:

• Maashitla Securities Private Limited
  • Address: 451, Krishna Apra Business Square, Netaji Subhash Place, Pitampura, Delhi – 110034
  • Phone: +91-11-45121795-96
  • Email: [email protected]
  • Website: www.maashitla.com

Market Maker:

• To be appointed as per SEBI SME regulations

Promoters & Management

Key Promoters (2 Individual Promoters):

1. Manish Goyal – Promoter & Co-Founder
   • Visionary co-founder of Exim Routes Limited
   • Strategic leadership in building global recyclables trading platform
   • Technology and AI focus driving ERIS platform development
2. Govind Rai Garg – Promoter & Co-Founder
   • Co-founder and key stakeholder
   • Operations and international business development expertise

Company History:

• Incorporated: April 2019 (6 years of operations)
• Vision: Build world’s first AI-enabled closed B2B platform to facilitate recyclable trading and insights for buyers and sellers
• Core Innovation: ERIS (Exim Routes Intelligence System) – proprietary AI-powered platform
• Global Expansion: Established international subsidiaries in USA, UK, Singapore, Germany, South Africa within 6 years
• Network Growth:
  • Connects 100+ international yards (suppliers) with 50+ Indian paper mills (buyers)
  • Operations across 15+ countries
  • Facilitating cross-border recyclable paper trade at scale
• Evolution: From startup in 2019 to platform managing multi-million dollar recyclables trade globally

Company Contact:

• Registered Office: Unit No 421, 4th Floor, Suncity Success Tower, Golf Course Extension Road, Sector 65, Gurugram, Haryana – 122101, India
• Phone: +91 95602 71761
• Email: [email protected] / [email protected]
• Website: www.eximroutes.ai

Workforce:

• 18 Full-Time Employees (as of June 30, 2025)
• Small, efficient tech-enabled team managing global operations
• Roles: Technology (ERIS platform), business development, operations, compliance, finance
• Leverage of AI and automation enabling lean staffing model

Subsidiaries (International Presence):

• USA Subsidiary: American market operations, supplier relationships
• UK Subsidiary: European market access, sourcing
• Singapore Subsidiary: Asian hub for trade facilitation
• Germany Subsidiary: Continental Europe operations
• South Africa Subsidiary: African market entry, sourcing

COMPANY OVERVIEW

Establishment & Background:

• Founded: April 2019 (6 years of operations)
• Industry: Recyclable Paper Trading, AI-Powered B2B Marketplace, Circular Economy/Sustainability Tech
• Headquarters: Gurugram, Haryana
• Positioning: World’s first AI-enabled closed B2B platform for recyclable materials trading (focus: paper)

Business Model:

Core Platform – ERIS (Exim Routes Intelligence System):

ERIS Features – AI-Powered B2B Marketplace:

1. Offer Matching – AI algorithms match suppliers (international yards) with buyers (Indian mills) based on grade, quantity, pricing, logistics
2. Market Intelligence – Real-time data analytics on pricing trends, supply-demand dynamics, global market movements
3. Customer Enablement – Tools for buyers and suppliers to manage trades, track shipments, communicate, transact
4. Logistics Integration – Seamless coordination of container handling, shipping, customs clearance, last-mile delivery

ERIS Network:

• 100+ International Yards (Suppliers): Waste paper collection yards in USA, UK, Europe, South Africa supplying recyclable paper
• 50+ Indian Paper Mills (Buyers): Manufacturers consuming recycled paper as raw material for paper production
• 15+ Countries: Cross-border trade facilitation across continents

Four Revenue Verticals:

1. Paper Recyclables Trading (Primary Business)

Product Categories:

• White Grades: Office paper, tissue, white office waste, sorted white ledger
• Brown Grades: OCC (Old Corrugated Containers), mixed paper, kraft paper
• Mechanical Grades: Newspapers, magazines, directories, sorted office paper

Trading Models:

• Direct Import Model: Exim Routes buys recyclable paper from international yards, imports to India, sells to paper mills
  • Exim Routes takes ownership of cargo, assumes inventory risk
  • Revenue: Margin between buy price (international) and sell price (India)
• High-Seas Sales Model: Exim Routes facilitates trade while cargo is in transit (high-seas transaction)
  • Buyer and seller connect via Exim platform; Exim Routes earns commission/facilitation fee
  • Lower capital requirement vs direct import

2. ERIS Platform Subscriptions (SaaS Revenue)

• Licensing ERIS platform to select suppliers and mills for independent use
• Subscription-based recurring revenue model
• Platform access fees, transaction fees, premium analytics/insights modules
• Scalable revenue stream with high margins

3. Logistics and Container Handling Services

• End-to-end logistics management: International shipping, container booking, customs clearance, port handling, inland transport
• Revenue: Logistics service fees, markup on freight, handling charges
• Complements trading business by offering full-service solution

4. Management Consultancy Services

• Advisory services for paper mills on sourcing strategies, quality assurance, cost optimization
• Helping international yards optimize sales channels, market access in India
• Revenue: Consulting fees, project-based engagements

Value Proposition:

• AI-Driven Efficiency: ERIS automates offer matching, reduces search time, optimizes pricing
• Global Network: Access to 100+ international suppliers and 50+ Indian buyers – network effects
• Quality Assurance: Standardized grading, quality checks ensuring reliability
• Logistics Simplified: End-to-end handling from international yard to Indian mill doorstep
• Market Transparency: Real-time pricing intelligence, trade data analytics
• Sustainability Focus: Facilitating circular economy by enabling recycled paper trade, reducing virgin pulp dependency

Market Position:

• Innovative Disruptor: World’s first AI-enabled closed B2B marketplace for recyclables (per company claim)
• 6 Years Track Record: Established operations since April 2019
• Global Presence: International subsidiaries in 5 countries (USA, UK, Singapore, Germany, South Africa)
• Network Scale: 100+ international yards, 50+ Indian mills, 15+ countries – significant reach
• Technology Differentiation: ERIS platform with AI/ML capabilities vs traditional brokers/traders

Operations:

Trading Operations:

• Sourcing recyclable paper from international markets (USA, Europe, South Africa)
• Quality inspection, grading, documentation
• Logistics coordination: Container booking, shipping, customs clearance
• Delivery to Indian paper mills
• Post-sale support and relationship management

Platform Operations:

• ERIS platform development, maintenance, feature additions (₹11.87 cr IPO allocation)
• User onboarding (yards, mills) and training
• Data analytics, AI model training, algorithm optimization
• Platform security, uptime, performance monitoring

Financial Performance Highlights:

• FY25 (Standalone): ₹191.53 cr revenue (per DRHP filing), ₹120.99 cr revenue (per IPO Watch – likely consolidated or different disclosure); ₹7.56 cr PAT
• FY24: ₹72.39 cr revenue, ₹4.20 cr PAT
• FY23: ₹52.03 cr revenue (inferred from FY24 comparisons), ₹1.78 cr PAT (inferred)
• FY25 Growth: +67% revenue YoY (FY24 to FY25), +80% PAT YoY
• FY23-FY25 PAT Growth: +472% (from ₹0.62 cr to ₹3.55 cr per some sources; discrepancy in data)
• Profitability Margin (FY25): ~6.25% PAT margin – healthy for trading business
• Trajectory: Strong growth from ₹52 cr (FY23) → ₹72 cr (FY24) → ₹121 cr (FY25) – 2.3X in 2 years

Note: Financial data shows some discrepancies across sources (standalone vs consolidated); investors should verify exact figures in RHP.

Company Strengths

1. Exceptional Financial Performance – 67% Revenue, 80% PAT Growth (FY24-25):

• Revenue surged from ₹72.39 cr (FY24) to ₹120.99 cr (FY25) – 67% YoY growth
• Profit After Tax grew from ₹4.20 cr (FY24) to ₹7.56 cr (FY25) – 80% YoY growth
• PAT margin of ~6.25% (FY25) – healthy profitability for trading business
• FY23 to FY25 growth trajectory: ₹52 cr → ₹72 cr → ₹121 cr – 2.3X revenue in 2 years
• Standalone FY25 data shows ₹191.53 cr revenue and ₹35.46 cr PAT (per some sources) – indicating consolidated vs standalone reporting nuances
• Strong profitability demonstrates scalable business model, operational leverage, pricing power
• Growth validates product-market fit and demand for AI-enabled recyclables trading platform

2. World’s First AI-Enabled Closed B2B Marketplace for Recyclables – ERIS Platform:

• Unique Positioning: Company claims ERIS is world’s first AI-powered closed B2B platform for recyclable materials
• Four Core AI Functions:
  • Offer Matching: ML algorithms connecting optimal buyers-sellers
  • Market Intelligence: Predictive analytics on pricing, demand-supply, trade flows
  • Customer Enablement: Platform tools for trade management, communication, transactions
  • Logistics Integration: End-to-end supply chain coordination
• Technology Moat: Proprietary AI/ML algorithms, data accumulated over 6 years, network effects (more users = better matching)
• Competitive Differentiation: Traditional paper traders rely on manual relationships, phone calls, emails; Exim Routes automates via AI
• Scalability: Platform model enables rapid scaling without proportional cost increase
• IPO Investment: ₹11.87 cr (27% of proceeds) allocated to ERIS development – continuous innovation focus

3. Global Network – 100+ International Yards, 50+ Indian Mills, 5-Country Subsidiaries:

• Supplier Network: 100+ international waste paper yards in USA, UK, Europe, South Africa providing sourcing breadth
• Buyer Network: 50+ Indian paper mills consuming recycled paper as raw material
• Geographic Reach: 15+ countries, operations across continents
• International Subsidiaries: USA, UK, Singapore, Germany, South Africa – local presence enabling better supplier/buyer relationships
• Network Effects: Larger network attracts more participants; more data improves AI algorithms
• Reduced Dependency: Diversified supplier and buyer base vs reliance on few clients
• Competitive Barrier: Building 100+ yard, 50+ mill network requires years of relationship-building, trust – difficult for new entrants to replicate

4. Circular Economy & Sustainability Focus – Growing ESG Tailwinds:

• Circular Economy Enabler: Facilitating recycled paper trade reduces virgin pulp/tree felling dependency
• ESG Compliance: Paper mills increasingly adopting recycled content to meet sustainability goals, regulatory mandates
• Government Support: India’s Extended Producer Responsibility (EPR), plastic/paper waste management rules favoring recycling
• Global Trend: Rising global demand for recycled paper driven by environmental consciousness, corporate sustainability commitments
• Brand Positioning: “Exim Routes” and sustainability messaging resonate with ESG-focused clients
• Growth Driver: As ESG regulations tighten globally, demand for recycled paper inputs will surge – Exim Routes well-positioned

5. Asset-Light Business Model – Platform Play with Minimal Capex:

• Platform Model: ERIS marketplace connects buyers-sellers; Exim Routes doesn’t own paper mills, yards, heavy logistics assets
• Capital Efficiency: Technology platform requires development capex (₹11.87 cr) but no ongoing heavy manufacturing/warehousing investments
• Scalability: Can grow trade volumes significantly without proportional increase in fixed assets
• High RoE Potential: Asset-light model enables high return on equity as business scales
• Risk Mitigation: No exposure to commodity price crashes (paper price volatility risk limited to inventory held during direct import model)
• Working Capital: Trading model requires working capital for inventory/receivables but much lower than owning manufacturing

6. Diversified Revenue Streams – Trading, SaaS, Logistics, Consultancy:

• Four Verticals: Paper recyclables trading (primary), ERIS subscriptions (SaaS), logistics/container handling, management consultancy
• Revenue Stability: Not solely dependent on trading margins; SaaS subscriptions provide recurring revenue; logistics fees diversify income
• Cross-Selling: Mills/yards using ERIS platform likely buy trading, logistics services from Exim Routes – ecosystem approach
• Margin Mix: SaaS subscriptions likely have 70-80% margins vs trading 5-10% – blended margin improvement as SaaS scales
• Scalability: Platform subscriptions and consultancy highly scalable vs trading which requires proportional working capital growth

7. 100% Fresh Issue – Strong Promoter Confidence, No Exit Signal:

• No OFS: Entire ₹43.73 crore is fresh capital for company (zero promoter/investor exits)
• Promoter Commitment: Manish Goyal, Govind Rai Garg not selling stakes – demonstrates belief in ERIS platform and growth potential
• Clean Capital Structure: No investor exits or dilution concerns
• Productive Allocation: 27% for ERIS platform development, 16% office space, 57% general corporate (working capital, business expansion)
• 26.5% Dilution: Post-issue dilution of 26.5% reasonable for growth capital while promoters retain majority control
• Alignment: Promoters’ interests aligned with shareholders for long-term value creation

Key Risks & Challenges

1. Very Limited Operating History – Incorporated April 2019, Only 6 Years Operations:

• Exim Routes incorporated in April 2019 – extremely young company with only 6 years of operating history
• Limited multi-year track record to evaluate consistency, management execution, scalability
• FY23-FY25 exceptional growth (₹52 cr → ₹121 cr revenue, 2.3X in 2 years) but sustainability unproven
• Promoters Manish Goyal and Govind Rai Garg’s prior experience in recyclables/trading not fully disclosed
• Risk: Young companies have higher failure rates; business model viability at larger scale untested
• Investor caution: 6-year history insufficient to predict long-term durability through economic cycles

2. High Dependency on Indian Paper Industry – 50+ Mills, Single Country Buyer Risk:

• Buyer Concentration: 50+ Indian paper mills account for likely 80-90% of revenue (exact client concentration data in RHP)
• Indian Paper Industry Dependency: If Indian paper industry faces downturn (overcapacity, demand slowdown, imports surge), Exim Routes revenue collapses
• Paper Demand Cyclicality: Paper industry sensitive to economic cycles, digital substitution (less paper usage), packaging material trends
• Buyer Bargaining Power: 50 mills vs 100 yards – if mills consolidate purchases with few vendors, pricing pressure on Exim Routes
• No Long-Term Contracts: Likely short-term, transactional relationships vs multi-year agreements; client churn risk
• Geographic Risk: 100% buyer dependency on India; economic slowdown, policy changes (import duties, EPR regulations) directly impact

3. Intense Competition from Traditional Traders, Commodity Platforms & Paper Majors:

Traditional Competitors:

• Hundreds of established paper scrap traders and brokers in India with decades of relationships with mills
• Local traders, import-export firms, commodity trading houses handling paper recyclables
• Mills’ in-house procurement teams directly sourcing from international markets

Technology Platforms & Global Players:

• Cypher Exim, ImportGenius, Trademo: Global trade data platforms offering similar market intelligence
• Recycling.com, RISI: International recyclables marketplaces and data providers
• Commodity Exchanges: Potential for paper/recyclables futures trading on commodity platforms
• Large Trading Houses: International commodity traders (Trafigura, Glencore types) entering recyclables

Integrated Paper Companies:

• Large paper manufacturers (ITC, West Coast Paper, Andhra Pradesh Paper Mills) backward integrating into recycled paper procurement
• Mills bypassing platforms, directly sourcing from international yards to eliminate middlemen

Competitive Pressures:

• Exim Routes’ ₹121 cr revenue tiny vs large commodity trading houses with billion-dollar turnovers
• AI/ML technology replicable; if established players invest in similar platforms, Exim’s tech edge erodes
• Network effects take time; competitors with existing relationships can quickly onboard users to competing platforms
• Pricing pressure: Trading margins (5-10%) already thin; competition can compress further

4. Technology Execution Risk – ERIS Platform Development, AI Model Performance:

• ₹11.87 Crore ERIS Investment: 27% of IPO proceeds allocated to platform development – significant execution risk
• AI Model Accuracy: Offer matching, pricing predictions rely on AI algorithms; if models inaccurate, users lose trust
• Data Quality: AI/ML requires high-quality data; poor data (pricing, trade volumes, quality grades) leads to suboptimal recommendations
• Platform Uptime: Any downtime, bugs, security breaches damage reputation; users switch to competitors
• Technology Talent: AI/ML engineers in high demand; 18-employee team may struggle to attract/retain top tech talent vs tech giants
• Scalability Challenges: As user base grows (beyond 100 yards, 50 mills), platform performance, algorithm optimization critical
• Competition from Tech Giants: If Google, Amazon, Microsoft enter B2B commodity trading with superior AI, Exim Routes cannot compete

5. Small Team – Only 18 Employees Managing Global Operations:

• Lean Staffing: 18 full-time employees (as of June 30, 2025) managing operations across 15+ countries, 100+ yards, 50+ mills
• Bandwidth Constraints: Small team handling technology, trading, logistics, compliance, finance, business development – stretched thin
• Key Person Risk: Likely heavy dependency on co-founders Manish Goyal and Govind Rai Garg; loss of either could be catastrophic
• Scalability Limitation: Doubling trade volumes may require proportional hiring; finding skilled talent (AI engineers, commodity traders, logistics experts) challenging
• Client Servicing: 50 mills, 100 yards need relationship management, support – 18 employees may be insufficient for high-touch service
• Operational Risks: Errors, delays, quality lapses more likely with lean team juggling multiple functions

6. Commodity Price Volatility & Inventory Risk – Recycled Paper Price Fluctuations:

• Recycled Paper Pricing: Subject to global supply-demand dynamics, virgin pulp prices, freight costs, currency fluctuations
• Direct Import Model: When Exim Routes buys inventory (direct import), carries price risk; if paper prices crash before selling to mills, losses
• Working Capital Strain: Inventory financing for paper (slow-moving in some cases) ties up capital
• Forex Risk: International procurement in USD/EUR, selling in INR; currency volatility impacts margins
• No Hedging Disclosed: If company doesn’t hedge commodity or currency risk, exposed to market swings
• Margin Compression: Thin trading margins (5-10%) leave little buffer; adverse price movements can turn profitable trades into losses

7. SME Listing Challenges – Limited Liquidity, Lower Disclosure Standards:

• NSE SME Platform: Lower trading volumes than mainboard – liquidity constraints, difficulty exiting positions
• Institutional Disinterest: Large mutual funds, FPIs avoid SME stocks due to liquidity and regulatory constraints
• Price Discovery: Low volumes lead to high bid-ask spreads, valuation volatility
• Migration Timeline: Need ₹25 cr paid-up capital and profitability track record for mainboard migration – 3-5 year timeline post-IPO
• Disclosure Standards: SME quarterly reporting less stringent than mainboard – investors have limited visibility into performance
• Exit Risk: Challenging to sell holdings during market downturns or company-specific issues
• GMP Not Active: Grey Market Premium not yet reported – indicates muted investor enthusiasm vs other SME IPOs with 20-50% GMPs
• Financial Data Discrepancies: Multiple sources show different revenue/PAT figures (standalone vs consolidated) – transparency concerns

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Disclaimer

This information is based on publicly available sources including SEBI DRHP/RHP filings, company disclosures, news reports, and industry research. Investors should conduct their own research and consult with financial advisors before making investment decisions.

Past performance is not indicative of future results. The company reported strong financial performance (FY25: 67% revenue growth to ₹120.99 crore, 80% PAT growth to ₹7.56 crore), operates world’s first AI-enabled closed B2B marketplace (ERIS platform) for recyclables with 100+ international yards and 50+ Indian mills across 15+ countries, but faces significant risks including very limited operating history (incorporated April 2019, only 6 years of operations), high dependency on Indian paper industry (50+ mills, single country buyer risk), intense competition from traditional traders, commodity platforms, and integrated paper majors, technology execution risk (₹11.87 crore ERIS investment with AI model performance uncertainties), small team of only 18 employees managing global operations, commodity price volatility and inventory risk in recycled paper trading, and SME listing liquidity challenges. 100% fresh issue with no OFS indicates promoter confidence. Financial data discrepancies exist across sources (standalone vs consolidated reporting); investors must verify exact figures in RHP. No comparable listed peer companies for valuation benchmarking. Grey Market Premium (GMP) not yet active, indicating muted investor enthusiasm. Investors must review detailed client concentration, ERIS platform capabilities, AI model validation, and working capital cycles in RHP before applying. SME IPO investments carry higher risks including limited liquidity, lower disclosure standards, and price volatility.