EverestIMS Technologies IPO Day 4: Subscribed 1.78x; Retail leads at 2.27x, QIB steady
- EverestIMS Technologies IPO held at 1.78x overall subscription on Day 4 (October 2, 2026), unchanged from Day 3 closing figures.
- Retail investors lead all categories at 2.27x; NII (bHNI) stands at 1.93x, NII (sHNI) at 1.69x, and QIBs at 0.87x.
- The issue, priced at ₹80.00000–₹85.00000 per share with a minimum bid of 3,200 shares, closes on October 5, 2026.
- Allotment is scheduled for October 6, 2026, with listing expected on October 8, 2026.
- The Bangalore-based ITOSM software company reported revenue from operations of ₹65.12 crore and PAT of ₹13.14 crore in FY2026.
*this image is generated using AI for illustrative purposes only.
EverestIMS Technologies IPO held steady on Day 4, with the overall issue subscribed 1.78 times — unchanged from Day 3 closing figures. Retail investors continued to lead demand at 2.27x, while QIBs remained at 0.87x through the trading session.
Subscription Status
Subscription figures on Day 4 (October 2, 2026) showed no incremental movement from the Day 3 close, with all categories holding their positions. The issue crossed the fully subscribed mark on Day 3 and has maintained that threshold into Day 4. Retail participation remains the primary driver of overall demand.
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 remain the strongest category at 2.27x. Non-Institutional Buyers in the bHNI segment stand at 1.93x, while sHNI subscriptions are at 1.69x. QIBs have covered 0.87x of their reserved portion, unchanged from Day 3. The Employee category shows no subscription.
Intra-day Timeline on 02-10-2026
| Time (IST) | QIB | NII (bHNI) | Retail | Total |
|---|---|---|---|---|
| 11:15 | 0.87x | 1.69x | 2.27x | 1.78x |
| 12:15 | 0.87x | 1.69x | 2.27x | 1.78x |
All categories were flat from the opening snapshot through midday, with no intra-day movement recorded across QIB, NII, or Retail segments.
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.
Will QIB subscription levels recover in the final days of the IPO window to close the current 0.87x gap, or will the issue rely solely on retail and HNI demand for full allotment?
How might the significant year-over-year decline in Profit After Tax (from ₹14.08 crore in FY25 to ₹13.14 crore in FY26) impact investor sentiment during the post-listing trading session?
Can EverestIMS effectively mitigate its high customer concentration risk (88.77% from top 10 clients) using the raised capital to diversify its client base in international markets?
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