Ivalue Infosolutions IPO: Price Band, Analysis, Allotment, And GMP

Ivalue Infosolutions IPO – Company Analysis

• Company: Ivalue Infosolutions Ltd. (Incorporated in 2008).
  
  

• Business: Provides enterprise digital transformation solutions, with operations in India, SAARC, and Southeast Asia.
  
  

• Core Offering: End-to-end solutions for cloud, cybersecurity, ALM, data center infrastructure, and lifecycle management.
  
  

• Clients: Large enterprises across sectors, supported by strong partnerships with System Integrators (SIs) and OEMs.
  
  

• Business Model: Advisory-led + solution integration model with a wide portfolio of multi-OEM offerings.
  
  

Ivalue Infosolutions IPO Details

• IPO Opening Date: Sep 18, 2025
  
  

• IPO Closing Date: Sep 22, 2025
  
  

• IPO Allotment Date: Sep 23, 2025
  
  

• Refund Initiation: Sep 24, 2025
  
  

• Tentative Listing Date: Sep 25, 2025 (BSE & NSE)
  
  

• Issue Size: Rs. 560.29 Cr (1.87 Cr shares)
  
  

• Fresh Issue: – (No fresh issue, only OFS)
  
  

• Offer for Sale (OFS): Rs. 560.29 Cr (1.87 Cr shares)
  
  

• Price Band: Rs. 284 – Rs. 299 per share
  
  

• Lot Size: 50 shares per lot
  
  

• Registrar: Kfin Technologies Ltd.
  
  

• Issue Type: Book Built Issue IPO
  
  

Hidden Facts about the IPO

• Private Equity Exit: Creador IV L.P. invested at an effective cost of ~Rs. 70/share in 2019 and is now exiting via OFS at ~Rs. 299/share, making multi-fold gains.
  
  

• Governance Concern: CFO took a Rs. 60 Cr loan from the company at 5% interest—an unusual practice among listed peers.
  
  

• Amalgamation Before IPO: Acquired iUnite Technologies in 2022, issuing 2.47 million shares to promoters to consolidate control.
  
  

• Special Rights Waiver: PE investor Sundara Mauritius waived veto and liquidation rights before IPO—indicating exit certainty.
  
  

Industry Outlook

• India’s digital transformation and cybersecurity market is projected to grow at a CAGR of 16–18% (2024–2030).
  
  

• Rising demand for cloud adoption, AI-based security, and enterprise data management.
  
  

• Strong government and corporate push towards IT infrastructure modernization.
  
  

Company Financials (Consolidated)

(As of March 31)

Total Assets:

• FY25 – Rs. 1,162.67 Cr
  
  

• FY24 – Rs. 1,004.25 Cr
  
  

• FY23 – Rs. 1,080.19 Cr
  
  

Revenue:

• FY25 – Rs. 942.35 Cr
  
  

• FY24 – Rs. 795.18 Cr
  
  

• FY23 – Rs. 805.79 Cr
  
  

PAT (Profit After Tax):

• FY25 – Rs. 85.30 Cr
  
  

• FY24 – Rs. 70.57 Cr
  
  

• FY23 – Rs. 59.92 Cr
  
  

EBITDA:

• FY25 – Rs. 129.13 Cr
  
  

• FY24 – Rs. 111.06 Cr
  
  

• FY23 – Rs. 88.82 Cr
  
  

Net Worth:

• FY25 – Rs. 414.79 Cr
  
  

• FY24 – Rs. 322.61 Cr
  
  

• FY23 – Rs. 251.61 Cr
  
  

Borrowings:

• FY25 – Rs. 42.45 Cr
  
  

• FY24 – Rs. 45.19 Cr
  
  

• FY23 – Rs. 50.48 Cr
  
  

The Objective of the Issue

• Since it is a 100% Offer for Sale (OFS), no funds will go to the company.
  
  

• Entire proceeds will benefit selling shareholders (including PE investor exit).
  
  

Listed Peers of Ivalue Infosolutions Ltd.

• No exact listed peer of a similar scale in India.
  
  

• Closest comparables: Happiest Minds, Rategain, and other IT solution providers, but none with the same digital distribution model.
  
  

Evaluation of P/E Ratio

• EPS (FY25): Rs. 15.98
  
  

• P/E Ratio: 18.71x (based on upper band Rs. 299)