EverestIMS Technologies IPO Day 3: Subscribed 0.99x; Retail surges to 1.55x; QIB absent
- EverestIMS Technologies IPO subscribed 0.99x by end of Day 3
- Retail investors led demand with 1.55x subscription
- sHNI category crossed 1x mark at 1.08x
- QIB subscription remained at 0x throughout the period
- Issue closes on 2026-10-05 with allotment on 2026-10-06
*this image is generated using AI for illustrative purposes only.
EverestIMS Technologies IPO saw its subscription climb to 0.99x by the end of Day 3, with Retail investors leading the charge at 1.55x. The issue remains just short of full subscription, while QIB demand stayed flat.
Subscription Status
The issue witnessed steady momentum on Day 3, with the total subscription rising from 0.60x on Day 2 to 0.99x. Retail investors continued to dominate the demand landscape, crossing the 1x threshold significantly. Non-Institutional Investors (sHNI) also crossed full subscription at 1.08x, while bHNI investors subscribed 0.85x. Institutional interest remained completely absent throughout the three-day period.
| 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 | 0.44x | 0.82x | 0.90x | 0.60x |
| Day 3 | 01-10-2026 | 0.00x | 0.85x | 1.08x | 1.55x | 0.99x |
Category-wise Breakdown
Retail investors emerged as the strongest category, subscribing 1.55 times the offered portion. Among Non-Institutional Investors, sHNIs subscribed 1.08x, while bHNIs subscribed 0.85x. Qualified Institutional Buyers did not subscribe to any portion of the issue, maintaining a 0x subscription rate across all three days.
Intra-day Timeline
The final snapshot for Day 3 (01-10-2026) shows the following subscription levels:
| Time (IST) | QIB | NII (bHNI) | Retail | Total |
|---|---|---|---|---|
| 11:15 | 0.00x | 0.69x | 1.34x | 0.87x |
| 12:15 | 0.00x | 0.85x | 1.55x | 0.99x |
Offer Details
- Company: EverestIMS Technologies
- Price Band: ₹80.00 - ₹85.00
- Issue Size: ₹25.60 crore - ₹50.00 crore
- Min Bid Qty: 3200 shares
- Open Date: 2026-09-29
- Close Date: 2026-10-05
About the Company
EverestIMS Technologies Limited 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. The company serves enterprises, telecom operators, and SMBs across India, UAE, Malaysia, and other international markets.
Financial Highlights
The company reported steady growth in revenue from operations over the last three fiscal years.
| Metric (₹ crore) | FY2026 | FY2025 | FY2024 |
|---|---|---|---|
| Revenue from Operations | 65.12 | 56.54 | 45.23 |
| Total Revenue | 65.91 | 57.78 | 45.62 |
| Profit Before Tax | 17.64 | 18.85 | 14.84 |
| Net Profit | 13.14 | 14.08 | 10.83 |
| Total Equity | 60.59 | 47.41 | 32.22 |
Objects of the Issue
The company intends to utilize the net proceeds from the issue for the following purposes:
- Purchase of IT Hardware for AI Innovation and Experience Laboratory: ₹5.66 crore towards purchasing IT hardware including laptops, servers, storage, and switches for setting up an AI laboratory within existing premises.
- Funding of Working Capital Requirement: ₹24.00 crore to meet incremental working capital requirements for the projected fiscal year.
- General Corporate Purposes: Balance proceeds towards operating expenses, business development, marketing capabilities, 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 Risk: The company derives 88.77% of revenue from its top 10 customers in Fiscal 2026, while top 10 suppliers account for 99.62%–100% of total purchases.
- Working Capital Intensity: Working capital requirements grew to ₹3,522.28 lakhs in Fiscal 2026, indicating significant liquidity needs.
- Negative Cash Flows: The company experienced negative cash flows from investing activities of ₹875.72 lakhs in Fiscal 2026.
- Dependence on Key Personnel: Employee benefits expenses represent 33.44% of total income in Fiscal 2026, reflecting heavy reliance on skilled personnel.
What's Next
The issue closes on 2026-10-05. Allotment is expected on 2026-10-06, with listing scheduled for 2026-10-08.
How might the complete absence of QIB demand impact EverestIMS's post-listing stock volatility and institutional coverage?
Will the company's high customer concentration risk hinder its ability to attract long-term institutional investors in future quarters?
Can the planned AI Innovation Laboratory effectively drive revenue growth to offset the declining profit margins observed between FY2025 and FY2026?
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