EverestIMS Technologies IPO subscription held steady on Day 4 (October 2, 2026), maintaining the overall subscription level of 1.78x recorded on Day 3. Retail investors remain the primary driver of demand, subscribing 2.27 times to their reserved portion, while QIB interest has plateaued at 0.87x.

Subscription Status

The issue crossed the fully subscribed threshold on Day 3 and has maintained that position into Day 4. There was no incremental movement in any category from the Day 3 close through the midday snapshots on October 2. The overall subscription multiple stands at 1.78x, driven primarily by retail participation.

Subscription Progression

Category-wise Breakdown

Retail investors continue to be the strongest category, subscribing 2.27 times to their reserved portion. Non-Institutional Buyers in the bHNI segment stand at 1.93x, while sHNI subscriptions are at 1.69x. Qualified Institutional Buyers (QIBs) have covered 0.87x of their reserved portion, a figure that has remained unchanged since Day 3. The Employee category shows no subscription activity.

Intra-day Timeline on 29-09-2026

Retail participation accelerated steadily through the session, with the most visible jump occurring between 13:15 and 14:15 IST. NII (bHNI) held at 0.07x for most of the day before nudging up to 0.09x in the final hour.

Offer Details

About the Company

EverestIMS Technologies Limited, incorporated on April 13, 2017, is a Bangalore-based software company offering SaaS and on-premises IT Operation and Service Management (ITOSM) solutions under the brand 'Infraon'. Its flagship platform, 'Infraon Infinity', delivers AI-enabled capabilities including AIOps, ITSM, ITIM, NCCM, ITAM, and OSS, serving enterprises, telecom operators, and SMBs. The company operates through direct sales and a channel partner network, with a presence in India, UAE, Malaysia, and other international markets. MD Mr. Satish Kumar Vijayaragavan and CEO Mr. Sudhakar Aruchamy lead the management team.

Financial Highlights

Objects of the Issue

• AI Innovation Lab: ₹5.66 crore towards purchasing IT hardware including laptops, servers, storage, and switches for setting up an Artificial Intelligence Innovation and Experience Laboratory within existing premises.
• Working Capital: ₹24.00 crore towards incremental working capital requirements for the projected fiscal year.
• General Corporate Purposes: Balance proceeds towards operating expenses, business development, and strategic initiatives, subject to a cap of 15% of the amount raised or ₹10 crore, whichever is lower.

Risk Factors

• Customer and Supplier Concentration: Top 10 customers contributed 88.77% of revenue in Fiscal 2026, while top 10 suppliers accounted for 99.62%–100% of total purchases. Loss of any key customer or supplier could materially affect business and revenue.
• Working Capital Intensity: Working capital requirements grew to ₹3,522.28 lakhs in Fiscal 2026, up from ₹2,364.04 lakhs in Fiscal 2025. Inability to maintain sufficient cash flow or credit facilities could adversely affect financial condition.
• Negative Cash Flows from Investing Activities: The company recorded negative cash flows from investing activities of ₹875.72 lakhs, ₹275.29 lakhs, and ₹655.68 lakhs in Fiscal 2026, 2025, and 2024 respectively.
• Key Personnel Dependence: Employee benefits expenses represent 33.44% of total income in Fiscal 2026, reflecting reliance on skilled talent. High attrition or inability to retain qualified professionals could disrupt operations.
• Cybersecurity and Data Privacy Risk: IT-dependent operations are vulnerable to unauthorized access and data breaches. Non-compliance with evolving data privacy laws could result in regulatory penalties and reputational damage.

What's Next

The IPO closes on October 5, 2026. Allotment is scheduled for October 6, 2026, with listing expected on October 8, 2026 on the stock exchanges.