IPO Overview
Incorporated in 1999, SRIT India Limited (formerly SRIT India Private Limited) is a Bengaluru-headquartered Information Technology and IT-enabled Services (IT/ITeS) company with over 26 years of operating track record in the design, implementation, and operation of digital platforms for Government entities and enterprises in India and select overseas markets. The company builds and operates proprietary software products and executes end-to-end system integration programs across three key verticals — Healthcare IT, e-Governance platforms, and Telecommunications & Broadband (OSS/BSS). Its revenue model combines milestone-billed project delivery with recurring Annual Maintenance Contracts (AMC) and Operations & Maintenance (O&M) agreements. As of September 30, 2025, 78 out of 116 average active orders (67.24%) were recurring in nature, providing meaningful revenue predictability.
The company is now launching a mainboard IPO on BSE and NSE to raise ₹218.40 crore through a fully fresh issue of 1.68 crore equity shares, with no offer-for-sale component. The IPO is priced at ₹123 to ₹130 per share, with a lot size of 115 shares and a minimum retail investment of ₹14,950. The IPO opens on 28 September 2026 and closes on 30 September 2026, with listing expected on 6 October 2026. At the upper price band, SRIT India is seeking a market valuation of approximately ₹835.5 crore.
IPO Detailed Information
Issue Details
| Parameter | Details |
| IPO Type | Book Built – Mainboard |
| Listing Exchange | BSE & NSE |
| Anchor Investor Date | 25 September 2026 |
| IPO Open Date | 28 September 2026 |
| IPO Close Date | 30 September 2026 |
| Allotment Date | 1 October 2026 (Expected) |
| Refund Initiation | 3 October 2026 |
| Credit to Demat | 3 October 2026 |
| Listing Date | 6 October 2026 (Tentative) |
| Price Band | ₹123 – ₹130 per share |
| Face Value | ₹5 per share |
| Lot Size | 115 shares |
| Minimum Investment (Retail) | ₹14,950 (1 lot = 115 shares) |
| Maximum Investment (Retail) | ₹1,94,350 (13 lots = 1,495 shares) |
| Issue Size | ₹218.40 crore |
| Fresh Issue | 1,68,00,000 shares (₹218.40 crore) |
| Offer For Sale (OFS) | Nil |
| Post-IPO Market Cap | ~₹835.5 crore |
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% (of which up to 60% to Anchor Investors) |
| Non-Institutional Investors (NII/HNI) | ~15% |
| Retail Individual Investors (RII) | ~35% |
Note: Within the Anchor portion, 33.33% is reserved for domestic mutual funds.
OFS / Selling Shareholders
There is no Offer For Sale (OFS) in this IPO. The entire issue is a 100% fresh issue, and all proceeds (net of issue expenses) will flow directly into the company. Following the IPO, promoter holding will decrease from 84.74% to 62.59%.
Objects of the Issue (Fund Utilization)
The company plans to utilise the net IPO proceeds as follows:
- Capital expenditure for modernisation of existing products and redevelopment — ₹15.4 crore
- Funding working capital requirements — ₹124 crore
- Inorganic growth through unidentified acquisitions and other strategic initiatives
- General corporate purposes — remaining proceeds
Lead Managers & Registrar
- Book Running Lead Manager: Choice Capital Advisors Private Limited
- Registrar to the Issue: KFin Technologies Ltd.
Promoters & Management
The company is promoted by three founders with deep IT/ITeS domain expertise:
- Dr. Nambiar Raghavan Madhusoodan — Chairman & Managing Director; over 26 years of experience in the IT/ITeS sector; provides strategic direction and operational leadership
- Prasaktha Vakkiyl Nambiar — Co-Promoter
- Martin Poovakkulam Chacko — Co-Promoter
The company also has 177 permanent employees, 7 contract-specific employees, and 107 consultants as of June 30, 2026, supporting application development, project management, solution architecture, and service delivery.
The company has attracted pre-IPO interest from Sunil Singhania-backed Abakkus Venture Opportunities fund, signalling institutional confidence.
Company Details
SRIT India Limited is an IT/ITeS solutions company engaged in designing, deploying, and operating digital platforms and system integration programs, primarily for government and public-sector clients. Its operating model combines proprietary software product licensing with turnkey project execution, recurring O&M contracts, and managed services, enabling a diversified, predictable revenue stream.
Verticals / Sectors Served:
- Healthcare IT (hospital management systems, digital health platforms)
- e-Governance (government digital platforms and citizen service solutions)
- Telecommunications & Broadband (OSS/BSS systems, fibre networks, banking connectivity)
- Education Technology & Smart Metering (emerging segments)
Key Business Activities:
- Licensing and deployment of proprietary software products
- End-to-end turnkey project delivery (design, supply, installation, commissioning)
- Operations & Maintenance (O&M) and Annual Maintenance Contracts (AMC)
- AI-enabled analytics and smart metering solutions (strategic growth focus)
- System integration combining proprietary and third-party hardware/software
Track Record:
- Executed over 103 projects worth ₹12,347.16 million in the last decade for government and enterprise clients across India and select overseas markets.
Proposed Acquisitions (Term Sheets Disclosed):
- Conditional binding term sheet with Carnot Research Private Limited for a proposed investment of ₹50 million for 10% stake.
- Conditional binding term sheet with Blossom Multi Specialty Hospital for a proposed 50% acquisition at an indicative valuation of ₹2,800 million.
Corporate Office:
- SRIT House, #113/1B, ITPL Main Road, Kundalahalli, Bengaluru – 560037, Karnataka
Financial Snapshot
| Period | Revenue (₹ Cr) | PAT (₹ Cr) |
| FY25 | ₹400.50 | ₹33.60 |
| FY26 | ₹462.54 | ₹43.29 |
Key Financial Metrics
- Revenue from operations grew at a CAGR of 36.87% from FY23 to FY25, while PAT grew at a CAGR of 30.73% over the same period.
- PAT margin stood at 8.63% in FY25, with a strong Return on Net Worth (RoNW) of 38.76%.
- Revenue grew 15% and PAT rose 29% between FY25 and FY26.
- Post-IPO market cap at upper price band: ~₹835.5 crore
- Promoter holding post-IPO: 62.59% (down from 84.74%)
- Zero debt on books; healthy balance sheet
Company Strengths
- Over 26 years of established track record in government digital platform delivery with end-to-end product and integration capabilities
- As of September 30, 2025, 78 out of 116 average active orders (67.24%) were recurring in nature, providing meaningful revenue predictability through AMC and O&M contracts
- Strong and consistent financial performance — revenue CAGR of ~37% and PAT CAGR of ~31% over recent years
- Diversified presence across three verticals (healthcare, e-governance, telecom) with a mix of government and enterprise clients across multiple geographies
- Growing capabilities in AI-enabled analytics and smart metering — strategic focus areas for future revenue
- 100% fresh issue — all IPO proceeds directed to business growth; no promoter exit
- Pre-IPO institutional interest from Abakkus Venture Opportunities (Sunil Singhania-backed fund) signals strong credibility
Key Risks & Challenges
- Heavy government sector dependence: Majority of revenue comes from government and public-sector clients — making the business susceptible to delays in project awards, slow payments, and policy changes
- Working capital intensity: Large, multi-year turnkey and managed-service projects are inherently working-capital-intensive; ₹124 crore of IPO proceeds earmarked specifically to address this
- Unidentified acquisition targets: A portion of IPO proceeds is earmarked for inorganic growth, but no specific targets have been named yet — introducing uncertainty on capital deployment quality
- Competitive bidding risk: Majority of projects have been awarded through competitive bidding — failures to qualify for, complete, or win new contracts could negatively impact the company’s business and financial condition
- Revenue concentration risk: Revenue is concentrated among a limited set of large project contracts, and loss of any key client or project could materially affect earnings
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.
