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Ivalue Infosolutions coming with IPO to raise upto Rs 560 crore
Sep-16-2025

Ivalue Infosolutions

  • Ivalue Infosolutions is coming out with a 100% book building; initial public offering (IPO) of 1,87,38,958 shares of Rs 2 each in a price band Rs 284-299 per equity share.
  • Not more than 50% of the issue will be allocated to Qualified Institutional Buyers (QIBs), including 5% to the mutual funds. Further, not less than 15% of the issue will be available for the non-institutional bidders and the remaining 35% for the retail investors.
  • The issue will open for subscription on September 18, 2025 and will close on September 22, 2025.
  • The shares will be listed on BSE as well as NSE.
  • The face value of the share is Rs 2 and is priced 142.00 times of its face value on the lower side and 149.50 times on the higher side.
  • Book running lead managers to the issue are IIFL Capital Services and Motilal Oswal Investment Advisors.
  • Compliance Officer for the issue is Lakshmammanni.

Profile of the company

Ivalue Infosolutions is an enterprise technology solutions specialist based out of India, offering comprehensive, purpose-built solutions for securing and managing digital applications and data. It primarily serves large enterprises in their digital transformation by understanding their needs and working with System Integrators and OEMs to identify, recommend and deploy solutions meeting their requirements, aimed at ensuring performance, availability, scalability and security of digital applications and data. The company is one of the fastest growing technology services and solutions integrator in India.

Positioned as a vital link in the technology solutions ecosystem, it enables OEMs (who research, develop and produce technology solution goods and services) to reach their target customers (primarily comprising enterprises) by partnering with System Integrators (who engage with such customers for solving their technology integration requirements). To this end, it typically works with System Integrators to understand enterprise customers’ business and technical requirements, curate customised solutions (including multi-OEM stacks, where solutions from multiple OEMs interact with each other), and assist in procurement and deployment of the required technology solutions by partnering with OEMs, across cybersecurity, information lifecycle management, data centre infrastructure, application lifecycle management, hybrid cloud solutions and other domains. These domains that are critical for digital transformation, often have multiple products and solutions to choose from.

The company enables its partner OEMs to strategize and grow their business in a sustainable way, leveraging its large network of System Integrators and existing enterprise customers. It also deploys a customer life cycle adoption (CLCA) led approach to target the right set of enterprise customers for the OEMs at the right time, for translating their business need to technical solutions, sizing and interoperability of solutions, commercials, and delivery along with post sale implementation and sustenance services.

Proceed is being used for:

  • Achieving the benefits of listing the Equity Shares on the Stock Exchanges
  • Carrying out the offer for Sale of Equity Shares by the Selling Shareholders

Industry Overview

The global IT industry is rapidly evolving, with businesses increasingly investing in various sectors to stay ahead in today's fast-paced and technology-driven environment. Key areas such as Digital Transformation, Enterprise Resource Planning (ERP) software, Product Engineering Services, and Infrastructure Services are experiencing significant growth in global spending. Particularly, Digital Transformation initiatives are driving the growth of the IT Market significantly. IT Services showed resilience and growth during and after the pandemic. Significant growth in IT services has been observed in recent years, primarily due to investments in cloud services, which is expected to be a priority in the coming years. Growth in this segment is expected to stay strong, with positive projections for the future as businesses seek to upgrade their IT infrastructure and digital platforms.

Meanwhile, Indian government aims to stimulate economic growth by enhancing technological capabilities and create a conducive digital environment. The Government has implemented tax breaks, research grants and subsidies, covering multiple domains such as national ICT infrastructure, cybersecurity projects, digital payment to foster the growth of the digital economy. Some of the tech giants such as Amazon and Google have established R&D centers in India to take advantage of the large pool of IT talents. India is also recognized as the 3rd largest IT startup ecosystem in the world, together with approximately 1.5 million IT engineers graduate each year, it makes India one of the fastest growing IT ecosystems worldwide.

IT spending in India is anticipated to experience a strong growth, growing at a CAGR of 8.2% from 2025 to 2030, recording over $419 billion by 2030. This is primarily supported by the Government initiatives and the presence of large tech giants, leading to rising investments in this sector. The Government initiatives may attract more foreign investments, encourage local entrepreneurship and foster innovation in various IT segments. As a result, a greater demand for IT services and products is anticipated, leading to both domestic and international markets growth. This positive feedback loop will strengthen India's status as a global IT powerhouse, supporting economic growth.

Pros and strengths

Uniquely positioned in the large and fast-growing technology solutions: The Indian application lifecycle management and services market recorded $0.41 billion in 2024 and is forecasted to experience a tremendous growth, with a CAGR of 24.0% from 2024 to 2030, reaching $1.59 billion market value by 2030. India is rapidly adopting hybrid cloud solutions, owing to data sovereignty, cost-effectiveness and scalability requirements. The company is well-positioned to capitalize on the growth in the Indian enterprise technology solutions market, considering its role in the value chain, its proven ability to understand the technical and business requirements of its end customers, and its expertise in curating, deploying, and maintaining customized, purpose-built solutions to meet those requirements, working along with leading System Integrators and OEMs.

Comprehensive multi-OEM solutions: The company was incorporated as a value added distributor (VAD) from day one and have set benchmarks with constant evolution of value adds benefitting each of its stakeholders, including OEM, Partners and Enterprise customers. Over the last 16 years, through its stride to develop the portfolio, the company ultimately established itself as a strong technology enabler, allowing it to address complex IT demand holistically through a broad range of offerings and strong partner ecosystem. Its offerings are comprehensive to address various needs of enterprises for their application and data from code to cloud, ensuring performance, availability, scalability and security aspects of the application, data and associated services. As a strategic technology advisor, it seeks to differentiate itself by offering a comprehensive purpose-built solutions portfolio encompassing end-to-end application lifecycle and data management solutions, coupled with associated service offerings.

Partner of choice for OEMs in India: While the company continues to leverage its strong existing relationships with OEMs across cybersecurity, information lifecycle management, and data centre infrastructure verticals, it also strategically adds OEMs that align with its focus areas and complement its existing portfolio of OEMs, to address evolving technology trends relevant to System Integrators and enterprise customers. The company has agreements with leading OEMs, including Check Point, Forcepoint, Hitachi, Tenable, Yubico, Imperva, and Arista. In line with its focus on expanding its ALM and cloud offerings, the company has also recently partnered with marquee OEMs such as Splunk, Nutanix and Google Cloud.

Strong and consistent financial track record of profitable growth: The company is one of the fastest growing technology services and solutions integrator in India. Its gross sales billed to the customers has grown from Rs 18,106.65 million for Fiscal 2023 to 24,393.75 million for Fiscal 2025, at a CAGR of 16.07%. In the same period, its Gross Profit has grown from Rs 1,801.94 million in Fiscal 2023, to 2,431.74 million for Fiscal 2025 at a CAGR of 16.17%, and its restated profit after tax has grown Rs 599.17 million in Fiscal 2023 to 853.00 million for Fiscal 2025, at a CAGR of 19.32%.

Risks and concerns

Dependent on OEMs for its offering: The company is dependent on OEMs, which are global technology brands, for its offerings. In Fiscal 2025, it derived a significant part of its Gross Sales Billed to the Customers from providing technology solutions and services for its top 10 OEMs, accounting to 63.02% of its total Gross Sales Billed to the Customers. Any delay or failure on the part of such OEMs for providing such products, its failure to maintain its relationships with OEMs, or any material changes in the pricing, volume or other terms of existing agreements with such OEMs could materially and adversely affect its business, profitability and reputation.

Derive a significant part of Gross Sales Billed to the Customers from a limited number of System Integrators: The company derived a significant part of its Gross Sales Billed to the Customers from a limited number of System Integrators. In Fiscal 2025, it derived 8.66% of its total Gross Sales Billed to the Customers from its top System Integrator, its failure to maintain its relationships with System Integrators, any loss or reduction of business from these System Integrators could reduce its Gross Sales Billed to the Customers and materially adversely affect its business, financial condition, and results of operations.

High attrition rate: The company’s success depends largely on the contributions of its IT professionals and its ability to attract and retain qualified IT professionals. Its IT professional headcount was 215 as of March 31, 2025. Indian technology companies continue to struggle with high attrition rates, particularly among professional with strong experience and expertise in digital technologies. To retain talent, companies are offering competitive salaries and bonuses. It may encounter higher attrition rates in the future. High attrition rates of IT professionals would increase its hiring, reskilling, upskilling and training costs and could have an adverse effect on its ability to complete existing contracts in a timely manner, meet customer objectives and expand its business.

High working capital requirement: The company’s business is working capital intensive. It has high working capital requirements to maintain sufficient inventory of products for steady supply. In addition, it requires working capital for certain costs such as employee benefits expense, lease payments, domestic logistics costs. It may meet part of the working capital requirements through additional borrowings in future. A significant amount of its working capital is required for meeting operating expenses of its business, which is the purchase of technology solutions and products from global OEMs, before payment is received for the sale of such products to SIs. Its working capital requirements may increase if the payment terms in its agreements with SIs include reduced advance payments or longer payment schedules. Any failure in arranging adequate working capital for its operations may adversely affect its business, results of operations, cash flows and financial condition.

Outlook

Ivalue Infosolutions is a technology services and solutions provider specializing in enterprise digital transformation. The company operates across India, the SAARC region, and Southeast Asia. The company has comprehensive multi-OEM solutions and services portfolio, making it the preferred strategic technology advisor for enterprise technology requirements. On the concern side, the company derives a significant part of its Gross Sales Billed to the Customers from a limited number of System Integrators. The company’s failure to maintain its relationships with System Integrators, any loss or reduction of business from these System Integrators could reduce its Gross Sales Billed to the Customers and materially adversely affect its business, financial condition, and results of operations. Moreover, the company’s business is concentrated in India, and any loss of business in India could have an adverse effect on its business, results of operations and financial condition.

The issue has been offering 1,87,38,958 shares in a price band of Rs 284-299 per equity share. The aggregate size of the offer is around Rs 532.19 crore to Rs 560.29 crore based on lower and upper price band respectively. Minimum application is to be made for 50 shares and in multiples thereon, thereafter. On performance front, the company’s revenue from operations increased by 18.26% to Rs 9,226.80 million for the Financial Year 2025 from Rs 7,802.30 million for the Financial Year 2024. Moreover, the company’s restated profit after tax for the year increased by 20.87% to Rs 853.00 million for the Financial Year 2025 from Rs 705.70 million for the Financial Year 2024.

The company has a strong presence in India, with offices across eight locations in India, including its Registered and Corporate Office in Bangalore. Further, it is also present in other SAARC regions, with offices in Bangladesh and Sri Lanka. Through its team in Bangladesh, which is headquartered in Singapore, the company also caters to Bhutan and Nepal markets. It will continue to leverage its relationships with System Integrators and OEMs as part of its India business, to expand its offerings in the SAARC region. The company’s central role as a strategic technology advisor for both System Integrators and enterprise customers, and its ability to add value to this highly attractive market should enable it to capitalize on the expected growth opportunities in the region.
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