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IN VIEW OF THE LIKELY BANK STRIKE FROM 28.09.26 TO 30.09.26, THE IPOS/PRIMARY OFFERS THAT ARE FALLING BETWEEN THESE THREE DAYS, IPOS SCHEDULE TIME LINE MAY CHANGE AND THE REVISED DATES WILL GET EFFECTIVE FOR OPENING AND / OR CLOSING SCHEDULES, AS THE CASE MAY BE. INVESTORS ARE REQUESTED TO MAKE A NOTE OF THIS.
Issue Details / Capital History
The firm is popping out with its maiden ebook constructing route combo IPO of 5700800 fairness shares of Rs. 10 every to mobilize Rs. 48.46 cr. on the higher cap. The IPO consists of 4593600 contemporary fairness shares (price Rs. 39.05 cr. on the higher cap), and an Offer for Sale (OFS) of 1107200 fairness shares (price Rs. 9.41 cr. on the higher cap). The firm has introduced a worth band of Rs. 80 – Rs. 85 per share. The minimal software to be made is for 3200 shares and in multiples of 1600 shares thereon, thereafter. The concern opens for subscription on September 29, 2026 and can shut on October 05, 2026. The shares can be listed on BSE SME. The IPO represent 26.35% of the post-IPO paid-up capital of the corporate. From the web proceeds of the difficulty, the corporate will make the most of Rs. 24.00 cr. for working capital, Rs. 5.66 cr. for buy of IT {hardware} for organising of AI innovation and expertise laboratory, and the remainder for normal company functions.
The IPO is solely lead managed by Oneview Corporate Advisors Pvt. Ltd., whereas Maashitla Securities Pvt. Ltd. is the registrar to the difficulty. KG Stock Broking Pvt. Ltd. is a market maker. Basan Equity Broking Ltd. is a syndicate member.
After issuing preliminary fairness capital at par worth, the corporate issued additional fairness shares within the worth vary of Rs. 103.10 – Rs. 179.40 per share (primarily based on Rs. 10FV), between March 2019 and October 2024. It has additionally issued bonus shares within the ratio of three for 1 in April 2022, and eight for 1 in November 2024. The common price of the acquisition of shares by the promoters/ promoting stakeholders is Rs. 0.29, and Rs. 1.52 per share.
Post-IPO, firm’s present paid-up fairness capital of Rs. 17.04 cr. (17044578 fairness shares) will stand enhanced to Rs. 21.64 cr. (21638178 fairness shares). Based on the higher band of the IPO pricing, the corporate is searching for a market cap of Rs. 183.92 cr.
On the monetary efficiency entrance, for the final three fiscals, the corporate has posted complete earnings/ internet revenue, of Rs. 45.62 cr. / Rs. 10.83 cr. (FY24), Rs. 57.78 cr. / Rs. 14.08 cr. (FY25), Rs. 65.91 cr. / Rs. 13.14 cr. (FY26). The firm posted regular progress in its prime traces for the reported intervals, however marked decrease internet revenue for FY26, elevating concern. Higher commerce receivables year-on-year, elevate alarms
For the final three fiscals, the corporate has reported a mean EPS of Rs. 7.71 and a mean RoNW of 26.34%. The concern is priced at a P/BV of two.39 primarily based on its NAV of Rs. 35.55 per share as of March 31, 2026, and at a P/BV of 1.85 primarily based on its post-IPO NAV of Rs. 46.05 per share (on the higher cap).
If we attribute FY26 earnings to its post-IPO absolutely diluted paid-up fairness capital, then the asking worth is at a P/E of 14.00, and primarily based on FY25 earnings, the P/E stands at 13.06. The concern seems absolutely priced primarily based on its current common earnings.
The firm has posted PAT Margins of 23.74% (FY24), 24.36% (FY25), 19.93% (FY26) and RoCE margins of 56.56%, 48.63%, 36.15%, respectively for referred intervals.
The firm has not paid any dividends for the reported intervals of the supply doc. It will undertake a prudent dividend coverage, primarily based on its monetary efficiency and future prospects.
Comparison with Listed Peers
As per the supply doc, the corporate has proven Newgen Software, as its listed peer. It is at the moment buying and selling at a P/E of 20.2 (as of September 25, 2026). However, they aren’t really comparable on an apple-to-apple foundation.
EverestIMS Technologies Ltd. (ETL) is a software program firm that gives each Software as a Service (SaaS) and on-premises services. It focuses on digital transformation, IT Operation and Service Management incorporating AI enabled product options the place relevant to assist companies streamline their IT operations, enhance effectivity, and improve consumer experiences.
Its SaaS-based and on-premise services options superior capabilities corresponding to AI for IT Operations Management (AIOps), Generative-AI Powered IT Service Management (ITSM), IT Infrastructure Management (ITIM), Network Change and Configuration Management (NCCM), IT Asset Management (ITAM) and Operations Support System (OSS). Our SaaS options are hosted on cloud infrastructure, offering customers with easy accessibility by means of an internet browser on a subscription foundation, with out the necessity for sustaining native infrastructure or software program installations. On the opposite hand, its on-premise services are put in, managed, and maintained throughout the buyer’s personal knowledge middle or native infrastructure, providing larger management and customization.
ETL presents complete options that allow companies to remotely monitor essential community gadgets, servers, functions, and extra to scale back downtime, enhance service supply, and streamline IT operations by means of its flagship platform ‘Infraon Infinity’. The firm is dedicated to serving to clients succeed and develop by simplifying and enhancing IT service and operations administration guaranteeing larger effectivity and streamlined workflows.
ETL’s go-to-market technique encompass direct gross sales and channel accomplice community. It engages in direct gross sales by means of each its Company and its subsidiary, Infraon Corp, situated within the USA. In addition, the corporate engages with home & worldwide channel companions, distributors and gross sales brokers who establish potential clients, work collectively with it to qualify and shut offers, and function the first intermediaries for managing buyer relationships. As of March 31, 2026, it had 230 staff on its payroll.
Merchant Banker’s Track Record
ETL is a software program firm offering each SaaS and on-premises services. It is working in a extremely aggressive and fragmented section. Based on its current common monetary knowledge, the difficulty seems absolutely priced. Rising competitors could maintain strain on its margins going ahead. Oly well-informed traders could park funds for long run.
Conclusion
PHL is engaged in working eating places with QSR providers in and round Pune. It is increasing its arrange at Lonavala with IPO funds. The firm is working in a extremely aggressive and fragmented section. Tiny post-IPO fairness capital signifies longer gestation interval for migration. Based on its current common monetary knowledge, the difficulty seems aggressively priced. Only well-informed/money surplus/threat seekers could park average funds for long run.
Dilip Davda is a veteran monetary journalist related to the Indian inventory market since 1978. He has been contributing to print and digital media on capital markets, insurance coverage, and finance since 1985.
He is well known for reviewing public points and non-convertible debentures (NCDs) within the major market. Drawing on over three a long time of market expertise and shut interplay with service provider bankers, his evaluations give attention to detailed elementary and monetary evaluation of firms, with a particular emphasis on SME public points.
Disclaimer: The data supplied herein is solely for instructional and informational functions and doesn’t represent a proposal, solicitation, or advice to purchase or promote any securities. Readers are suggested to seek the advice of a certified monetary advisor earlier than making any funding selections. Investments within the securities market are topic to market dangers. The writer doesn’t intend to put money into the securities mentioned.
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