IPO Overview
Kratikal Tech Ltd. is engaged in providing AI-driven, SaaS-based cybersecurity solutions through its proprietary security software platform. The company helps enterprises reduce cyber risk and improve resilience. Its proprietary security solutions cover identity and access management, vulnerability assessment, threat detection and compliance-driven security frameworks. The company also provides cybersecurity consulting, managed security services, risk assessment, audits and continuous monitoring. The company operates through two integrated business lines: People Security Management (PSM) — through its Threatcop platform, mitigating human-centric cyber risks like phishing by assessing and training employees — and Technology & Process Security, under the Kratikal brand, providing comprehensive defense for the technology stack. The company serves approximately 677 customers and is backed by a team of over 200 skilled professionals.
Kratikal Tech Ltd will launch its ₹39.7 crore initial public offering for public subscription on June 30, entirely a fresh issue of up to 29.4 lakh equity shares, with the price band fixed at ₹128-135 per share. Its shares will be listed on the BSE SME with a tentative listing date fixed as July 7. The issue will close on July 2, 2026, with the anchor portion opening a day earlier on June 29.
IPO Detailed Information
Issue Details
| Parameter | Details |
| IPO Type | Book Built – SME |
| Listing Exchange | BSE SME |
| Anchor Investor Date | 29 June 2026 |
| IPO Open Date | 30 June 2026 |
| IPO Close Date | 02 July 2026 |
| Allotment Date | 03 July 2026 (Expected) |
| Refund Initiation | 06 July 2026 |
| Credit to Demat | 06 July 2026 |
| Listing Date | 07 July 2026 (Tentative) |
| Price Band | ₹128 – ₹135 per share |
| Face Value | ₹10 per share |
| Lot Size | 2,000 shares |
| Minimum Investment (Retail) | ₹2,70,000 (approx) |
| Issue Size | ₹39.69 crore |
| Fresh Issue | 29,40,000 shares (₹39.69 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 |
| QIB Anchor Portion | Up to 8,31,000 shares |
| Qualified Institutional Buyers (QIB) | Not more than 5,58,000 shares |
| Non-Institutional Investors (NII) | Not less than 4,23,000 shares |
| Individual / Retail Investors | Not less than 9,78,000 shares |
| Market Maker | Up to 1,50,000 shares |
OFS / Selling Shareholders
There is no Offer For Sale (OFS) in this IPO. A 100% book-built fresh issue of up to 30 lakh equity shares will be listed on the BSE SME platform. All funds raised will go directly to the company for international expansion and growth.
Objects of the Issue (Fund Utilization)
The net proceeds from the IPO will be utilized for investment in Threatcop FZ LLC, UAE, and Threatcop AI Inc, USA (subsidiaries) for expenditure towards sales & marketing activities and development of workforce resources, investment in product development, and general corporate purposes.
- Investment in foreign subsidiaries — Threatcop FZ LLC (UAE) and Threatcop AI Inc (USA)
- Sales & marketing activities and workforce expansion in key international markets
- Investment in product development
- General corporate purposes
Lead Managers & Registrar
- Book Running Lead Manager: Beeline Capital Advisors Pvt. Ltd.
- Registrar to the Issue: Kfin Technologies Ltd.
Promoters & Management
The promoters are Mr. Pavan Kumar, Mr. Paratosh Kumar and Mr. Dip Jung Thapa. Before the IPO, the promoters held a 72.72% stake and the promoter group held a 0.31% stake in the company, while the public held the remaining 27.42% stake.
Mr. Pavan Kumar serves as the Chairman & Managing Director, providing strategic direction to the firm, along with daily operations managed together with Whole-Time Director Mr. Paratosh Kumar. The board includes Independent Directors for good governance and oversight.
Company Details
Kratikal Tech Ltd is a cybersecurity firm focusing on AI-driven solutions. The company provides cybersecurity services including vulnerability assessments, penetration testing, phishing incident response tools and mandatory information system audits for NBFCs and insurance companies.
Sectors Served:
- NBFCs & Insurance Companies
- Enterprises requiring cyber risk management
- Cross-industry digital resilience and compliance
Key Products & Solutions:
- Threatcop — People Security Management (PSM) platform for phishing simulation and employee training
- Identity and Access Management
- Vulnerability Assessment & Penetration Testing (VAPT)
- Threat Detection & Compliance Frameworks
- Managed Security Services, Risk Assessment & Continuous Monitoring
Key Capabilities:
- CERT-In empanelment, adding credibility to its security audit and assessment services.
- Dual-layered approach covering People-Process-Technology framework
- AI-driven, SaaS-based delivery model
Global Presence:
- Expanding into UAE (Threatcop FZ LLC) and USA (Threatcop AI Inc) subsidiaries
Financial Snapshot
| Period | Revenue (₹ Cr) | PAT (₹ Cr) |
| FY23 | ₹9.32 | (₹0.06) |
| FY24 | ₹13.28 | ₹3.20 |
| FY25 | ₹21.15 | ₹4.23 |
| FY26 | ₹36.72 | ₹6.14 |
Key Financial Metrics
- Total income increased from ₹9.32 crore in FY2023 to ₹21.15 crore in FY2025. PAT improved from a loss of ₹0.06 crore in FY2023 to ₹4.23 crore in FY2025.
- Margins are strong, with FY2025 PAT margin of 20.30% and EBITDA margin of 26.44%.
- Return ratios are impressive, with ROE of 46.76% and ROCE of 45.73%. The company is almost debt-free.
- For FY26, the company reported revenue of ₹36.72 crore and profit after tax of ₹6.14 crore.
- Entire IPO is fresh issue — zero promoter exit
Company Strengths
- Operates in the cybersecurity and SaaS space, which is a structurally attractive sector as enterprises increasingly spend on cyber risk management, threat detection and compliance.
- AI-driven people security platform and CERT-In empanelment add credibility to the brand.
- Strong and consistent revenue growth, turning from losses (FY23) to healthy profitability (FY26)
- Strong margins and impressive return ratios — high ROE and ROCE — with the company being almost debt-free.
- Diversified dual-business model — People Security Management and Technology & Process Security — reducing dependency on a single offering
- Clear international growth strategy with planned investment in UAE and US subsidiaries to capture global demand.
Key Risks & Challenges
- SME stocks generally have lower liquidity compared to mainboard stocks, meaning shares may be harder to buy or sell in large quantities without impacting the price.
- The cybersecurity sector is highly competitive, dominated by large global firms with significant resources — Kratikal Tech will need to prove its niche ‘People Security’ offering can sustain demand against established competitors.
- Execution risk inherent in international expansion — setting up and scaling operations in foreign jurisdictions like the UAE and USA often comes with regulatory and operational challenges that can affect profitability.
- The company is still small in absolute size, and investors should wait for clarity on valuation and market cap.
- SME technology stocks can remain volatile after listing.
- The most important monitorable post-listing will be the company’s ability to execute its expansion plans without straining its cash flow.
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.
