EverestIMS Technologies IPO Day 2: Subscribed 0.25x; Retail demand ticks up to 0.42x
- EverestIMS Technologies IPO subscribed 0.25x by Day 2 close.
- Retail investors led demand with a 0.42x subscription.
- QIB participation remained at 0.00x, showing no institutional interest.
- Issue size ranges between ₹256000 crore and ₹500000 crore.
*this image is generated using AI for illustrative purposes only.
EverestIMS Technologies IPO subscription reached 0.25x by the end of Day 2, driven primarily by Retail investors who pushed their category subscription to 0.42x.
Subscription Status
The issue has witnessed a gradual uptick in retail participation, though overall demand remains below the 1x mark. Institutional interest continues to be non-existent, with Qualified Institutional Buyers (QIB) recording zero subscription for both days of the offering so far.
Subscription Progression
| Day | Date | QIB | NII (bHNI) | NII (sHNI) | Retail | Total |
|---|---|---|---|---|---|---|
| Day 1 | 29-09-2026 | 0.00x | 0.09x | 0.13x | 0.22x | 0.13x |
| Day 2 | 30-09-2026 | 0.00x | 0.19x | 0.15x | 0.42x | 0.25x |
Category-wise Breakdown
Retail Investors: The Retail segment emerged as the strongest performer, with subscription rising from 0.22x on Day 1 to 0.42x on Day 2. This represents a 20% increase in intra-day momentum for this category.
Non-Institutional Investors (NII): Demand from High Net-worth Individuals showed mixed movement. Big HNIs (bHNI) saw an increase to 0.19x from 0.16x earlier in the day, while Small HNIs (sHNI) recorded 0.15x.
Qualified Institutional Buyers (QIB): Institutional appetite remains absent, with QIB subscription holding steady at 0.00x throughout the first two days.
Employees: The employee quota recorded 0.00x subscription, indicating no participation from the company's workforce.
Intra-day Timeline
| Time (IST) | QIB | NII (bHNI) | Retail | Total |
|---|---|---|---|---|
| 11:15 | 0.00x | 0.16x | 0.35x | 0.20x |
| 12:15 | 0.00x | 0.19x | 0.42x | 0.25x |
Offer Details
- Company: EverestIMS Technologies
- Price Band: ₹80.00 - ₹85.00
- Issue Size: ₹256000 crore - ₹500000 crore
- Min Bid Qty: 3200 shares
- Open Date: 2026-09-29 10:00:00
- Close Date: 2026-10-05 16:00:00
About the Company
EverestIMS Technologies Limited, incorporated in 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', provides AI-enabled capabilities including AIOps, ITSM, ITIM, NCCM, ITAM, and OSS. The company serves enterprises, telecom operators, and SMBs across India, UAE, Malaysia, and other international markets.
Financial Highlights
The company reported steady revenue growth over the last three fiscal years, though net profit saw a slight dip in Fiscal 2026.
| Metric (₹ crore) | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue from Operations | 45.23 | 56.54 | 65.12 |
| Profit Before Tax | 14.84 | 18.85 | 17.64 |
| Net Profit (PAT) | 10.83 | 14.08 | 13.14 |
| Total Assets | 50.47 | 67.82 | 90.27 |
Objects of the Issue
- Purchase of IT Hardware: ₹5.66 crore towards purchasing laptops, servers, storage, and switches for setting up an Artificial Intelligence (AI) Innovation and Experience Laboratory.
- Working Capital: ₹24.00 crore to meet incremental working capital requirements.
- General Corporate Purposes: Balance proceeds towards operating expenses, business development, marketing, and strategic initiatives, capped at 15% of the amount raised or ₹10 crore, whichever is lower.
Risk Factors
- Customer and Supplier Concentration: 88.77% of revenue in FY26 came from the top 10 customers, while top 10 suppliers accounted for nearly 100% of purchases.
- Working Capital Intensity: Working capital requirements grew significantly to ₹3,522.28 lakhs in FY26, posing liquidity risks if cash flows are insufficient.
- Negative Investing Cash Flows: The company recorded negative cash flows from investing activities of ₹875.72 lakhs in FY26, which could impact growth plans.
- Dependence on Key Personnel: Employee benefits account for a significant portion of total income, making the business vulnerable to high attrition rates.
What's Next
The EverestIMS Technologies IPO closes on October 5, 2026. Allotment is scheduled for October 6, 2026, with listing expected on October 8, 2026.
How might the complete absence of QIB subscription impact EverestIMS's institutional credibility and future fundraising capabilities?
What strategies could EverestIMS implement to mitigate the high customer concentration risk highlighted in the risk factors?
Will the planned AI Innovation Laboratory significantly alter the company's cost structure and profit margins in upcoming quarters?
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