EverestIMS Technologies IPO Day 3: Subscribed 1.56x; Retail hits 2.02x; QIB joins late
- EverestIMS Technologies IPO subscribed 1.56x cumulatively by Day 3 close.
- Retail investors led demand with a 2.02x subscription rate.
- QIBs subscribed 0.87x, marking their first participation after two days of zero interest.
- Non-Institutional Investors showed strong interest with bHNIs at 1.44x and sHNIs at 1.33x.
*this image is generated using AI for illustrative purposes only.
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
| 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 | 0.87x | 1.69x | 1.93x | 2.27x | 1.78x |
| Day 4 | 02-10-2026 | 0.87x | 1.69x | 1.93x | 2.27x | 1.78x |
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
The final snapshot for Day 3 (01-10-2026) highlights the steady accumulation of retail and bHNI bids throughout the trading hours, with a notable surge in total subscription towards the closing hour:
| 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 |
| 13:15 | 0.00x | 0.98x | 1.70x | 1.09x |
| 14:15 | 0.00x | 1.28x | 1.84x | 1.21x |
| 15:15 | 0.00x | 1.31x | 1.96x | 1.27x |
| 16:15 | 0.87x | 1.33x | 2.02x | 1.56x |
Offer Details
| Parameter | Details |
|---|---|
| Price Band | ₹80.00000 – ₹85.00000 per share |
| Minimum Bid Quantity | 3,200 shares |
| Issue Open Date | September 29, 2026 |
| Issue Close Date | October 5, 2026 |
| Allotment Date | October 6, 2026 |
| Listing Date | October 8, 2026 |
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
| Metric | FY2026 | FY2025 | FY2024 |
|---|---|---|---|
| Revenue from Operations (₹ crore) | 65.12 | 56.54 | 45.23 |
| Total Revenue (₹ crore) | 65.91 | 57.78 | 45.62 |
| Total Expenses (₹ crore) | 48.28 | 38.93 | 30.77 |
| Profit Before Tax (₹ crore) | 17.64 | 18.85 | 14.84 |
| Total Profit / PAT (₹ crore) | 13.14 | 14.08 | 10.83 |
| EBITDA Margin (%) | 35.41 | N/A | N/A |
| Total Assets (₹ crore) | 90.27 | 67.82 | 50.47 |
| Total Equity (₹ crore) | 60.59 | 47.41 | 32.22 |
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.
How might the late surge in QIB subscription to 0.87x influence institutional confidence and price discovery during the October 8 listing?
Given the 88.77% revenue concentration among the top 10 customers, what specific strategies will EverestIMS implement to diversify its client base post-IPO?
Will the ₹24 crore allocated for working capital be sufficient to address the company's negative investing cash flows and rising liquidity needs in FY2027?
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