Published: 23 September 2026 | 6.00 AM
Last Updated: 23 September 2026 | 6.00 AM
IPO Snapshot
| Particulars | Details |
|---|---|
| Chanakya View | 🟡 Selective Apply |
| Overall Rating | ⭐⭐⭐☆☆ (3.5/5) |
| GMP Today | Rs. 0 reported on September 23; monitor daily |
| Issue Size | Rs. 48.46 crore |
| Fresh Issue | Rs. 39.05 crore |
| OFS | Rs. 9.41 crore |
| Price Band | Rs. 80–85 |
| Lot Size | 1,600 shares |
| Minimum Retail Investment | Rs. 2,72,000 for 3,200 shares |
| IPO Opens | September 29, 2026 |
| IPO Closes | October 5, 2026 |
| Allotment | October 6, 2026, tentative |
| Listing | October 8, 2026, tentative |
| Exchange | BSE SME |
| Lead Manager | Oneview Corporate Advisors Pvt. Ltd. |
| Registrar | Maashitla Securities Pvt. Ltd. |
| Market Maker | KG Stock Broking Pvt. Ltd. |
Investor Decision Box
| Question | Chanakya View |
|---|---|
| Suitable for Listing Gain? | 🟡 Await GMP and subscription response |
| Suitable for Long-Term? | 🟡 Selective |
| Risk Level | Medium to high |
| Business Quality | ⭐⭐⭐⭐☆ |
| Financial Strength | ⭐⭐⭐⭐☆ |
| Balance Sheet | ⭐⭐⭐☆☆ |
👉 | IPO GMP|IPO Reviews |IPO Subscription|IPO Allotment
Chanakya View
EverestIMS Technologies develops software for managing IT infrastructure, services and networks. Its Infraon Infinity platform serves both SaaS and on-premise customers, giving the company access to different purchasing models. FY26 total income rose approximately 14%, although profit after tax declined about 7%.
At the upper price of Rs. 85, the stated post-issue P/E is 14 times. This appears worth examining for a profitable software company, but product competition, working-capital needs and the decline in FY26 profit temper the case. The fresh issue will mainly fund working capital and an AI innovation laboratory; the OFS proceeds will go to selling shareholders.
Chanakya Recommendation: 🟡 Selective Apply. Assess subscription demand and the company’s ability to convert product adoption into sustained profit growth.
About the Company
Incorporated in 2017, Bengaluru-based EverestIMS Technologies sells software products and services for IT operations. Its offerings include IT service management, infrastructure monitoring, network configuration, IT asset management and AI-assisted operations.
The Infraon Infinity platform helps organisations monitor networks, servers and applications. The company sells directly and through channel partners, including through its US subsidiary, Infraon Corp. It reported 230 employees as of March 31, 2026.
Why This IPO Stands Out
✅ Own software platform offered through SaaS and on-premise models.
✅ Products address several IT management functions.
✅ Direct and channel-led domestic and international sales.
✅ Profitable in each of the three reported years.
✅ Stated post-issue valuation of 14 times earnings.
Key Risks
⚠ FY26 profit declined despite higher income.
⚠ Rs. 24 crore of proceeds is earmarked for working capital.
⚠ Competing software platforms may pressure sales and pricing.
⚠ The Rs. 9.41 crore OFS does not fund company growth.
⚠ SME liquidity and the Rs. 2,72,000 minimum application increase exposure.
Financial Snapshot (Rs. Crore)
| Particulars | FY26 | FY25 | FY24 |
|---|---|---|---|
| Total Income | 65.91 | 57.78 | 45.62 |
| EBITDA | 23.34 | 22.64 | 17.44 |
| PAT | 13.14 | 14.08 | 10.83 |
| Net Worth | 60.59 | 47.41 | 32.22 |
| Borrowings | Not stated | Not stated | Not stated |
Chanakya Interpretation: Income and net worth increased across the period, but FY26 EBITDA growth was modest and PAT fell. The supplied table does not disclose borrowings, so the balance-sheet assessment remains provisional.
Business Quality Score
| Parameter | Rating |
|---|---|
| Business Model | ⭐⭐⭐⭐☆ |
| Industry Outlook | ⭐⭐⭐⭐☆ |
| Financial Performance | ⭐⭐⭐☆☆ |
| Management | ⭐⭐⭐☆☆ |
| Balance Sheet | ⭐⭐⭐☆☆ |
| Growth Potential | ⭐⭐⭐⭐☆ |
IPO Proceeds and Why They Matter
| Purpose | Amount |
|---|---|
| Working capital requirements | Rs. 24.00 crore |
| IT hardware for an AI Innovation and Experience Laboratory | Rs. 5.66 crore |
| General corporate purposes | Balance of net proceeds |
Chanakya Interpretation: Working capital is the largest specified use of fresh-issue proceeds. It can support product development, service delivery and the period between billing customers and collecting payment. The proposed laboratory may help EverestIMS demonstrate and develop AI features, but its commercial value will depend on customer adoption. The Rs. 9.41 crore OFS will go to selling shareholders rather than fund the company.
Business Outlook
Organisations need tools to monitor complex networks, applications and IT assets. EverestIMS can pursue that demand through its Infraon Infinity platform, direct sales and channel partners. Offering both SaaS and on-premise deployment may help it serve customers with different technology and data requirements.
Investors should examine the mix of product and service income, renewal rates and receivable collection. These measures would show whether new customers generate durable revenue and whether growth requires progressively more working capital. The AI laboratory is an investment in capability; it should be judged by products released and contracts won.
Strengths vs Concerns
| 👍 Strengths | ⚠ Concerns |
|---|---|
| Platform covers several IT functions | Customer acquisition may take time |
| SaaS and on-premise delivery choices | Competition from larger software vendors |
| Domestic and overseas sales channels | Working capital absorbs much of the fresh proceeds |
| Proposed AI laboratory | Returns from the laboratory are uncertain |
Who Should Apply?
| Investor Type | Suitability |
|---|---|
| Listing Gain Investors | ⭐⭐☆☆☆ — wait for GMP and subscription demand |
| Long-Term Investors | ⭐⭐⭐⭐☆ — track product adoption and cash flows |
| Conservative Investors | ⭐⭐☆☆☆ — consider the large SME application size |
| High-Risk Investors | ⭐⭐⭐⭐☆ — selective consideration |
Chanakya Final Verdict
EverestIMS Technologies has a profitable software business, its own IT-management platform and plans to expand AI-related capabilities. The stated 14-times post-issue P/E makes the issue worthy of consideration, provided earnings and cash collection remain sound. The main question is whether additional working capital and laboratory spending translate into recurring customer revenue; FY26 profit fell despite higher income. Chanakya Recommendation: 🟡 Selective Apply. Long-term investors should monitor product adoption and receivables. Listing-gain investors should wait for subscription data because the reported GMP currently offers no meaningful signal.
Frequently Asked Questions
Should investors apply for the EverestIMS Technologies IPO?
Chanakya’s view is Selective Apply, with attention to subscription demand and future cash flows.
What is the minimum EverestIMS Technologies IPO investment?
An individual application requires 3,200 shares, costing Rs. 2,72,000 at Rs. 85 per share.
How will EverestIMS Technologies use the fresh-issue proceeds?
It specifies Rs. 24 crore for working capital and Rs. 5.66 crore for AI laboratory hardware, with the balance for general corporate purposes.
Summary
The Rs. 48.46 crore BSE SME IPO combines a fresh issue and OFS. Future returns depend on converting platform adoption into sustained earnings and cash flow.