NSB BPO Solutions IPO Key Dates
| Anchor Investor Subscription | |
| IPO opens on | 23 Sept. 2025 |
| IPO Closes on | 25 Sept. 2025 |
| Allotment on | 26 Sept 2025 |
| Credit of shares on | 29 Sept 2025 |
| Tentative Listing on | 30 Sept 2025 |
NSB BPO Solutions IPO Concise Verdict
NSB BPO Solutions Limited, a BPO and FMCG trading company, has shown consistent profit growth over the last three years, with PAT rising from Rs. 2.21 crore in FY23 to Rs. 8.54 crore in FY25. Revenue, however, has been volatile, declining from Rs. 285.15 crore in FY23 to Rs. 138.54 crore in FY25, due to reduced FMCG trading turnover. Margins have improved sharply with EBITDA of Rs. 18.87 crore and PAT margin of 6.16% in FY25. Net worth has strengthened to Rs. 135.06 crore, backed by strong reserves. The business model is diversified but remains margin-sensitive. Investors with a medium-term view may consider, while listing gains will depend on subscription momentum.
Final Subscription Tally
| Size Rs. Crore | ||||
| QIB | NII x | RII x | Total x | Applications |
| Subscription Review: |
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About NSB BPO Solutions
NSB BPO Solutions Limited, incorporated in 2005, is a diversified Business Process Outsourcing (BPO) company, offering a wide range of support services such as customer care, telesales, tele-collections, document digitization, application processing, KYC processing, warehousing, archival, and payroll management. The company caters to a broad base of industries including telecommunications, banking, financial services, insurance, e-retail, food delivery, hospitality, government, healthcare, and education.
Apart from its BPO operations, the company has also ventured into trading of FMCG goods and staples like dal, sugar, rice, dry fruits, fruits, and vegetables, leveraging its strong procurement network and B2B sales channels.
The company’s service portfolio includes:
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Voice Business Call Centre – handling inbound and outbound calls for queries, grievances, marketing, payment reminders, and customer feedback.
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Back Office Outsourcing – offering document management, onboarding, warehousing, archival, digital support, and social media management.
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Payroll Management – providing end-to-end HR solutions covering recruitment, onboarding, attendance, compliance, staff training, and attrition management.
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FMCG & Staple Trading – sourcing and delivering customer orders efficiently through in-house software and tele-sales channels.
As of August 31, 2025, the company had a strong workforce of 2,439 full-time employees, forming the backbone of its operations. With its combination of service-based revenues and FMCG trading activity, NSB BPO has positioned itself as a multi-vertical enterprise with opportunities to scale across industries.
NSB BPO Solutions IPO Details
|
Sector: Online retailer of fresh meat and ready-to-cook/eat non-veg products. |
|
| IPO opens on | 23 September 2025 |
| IPO closes on | 25 September 2025 |
| Issue Type | Book Built Issue IPO |
| Issue Size | 56,06,400 Shares / Rs 59.65 Crore |
| * Fresh Issue | – |
| * Offer for Sale – | – |
| Market Maker Portion | 3,31,200 Shares |
| Net offer to Public | 55,75,200 Shares Rs. 56.31 Crores |
| Face Value per share | Rs. 10 |
| Price Band | Rs. 96-101 |
| Employee discount | Rs. 0 per share |
| Retail Lot Size | 1200 Shares |
| Listing will at | BSE SME |
How shares are being offered
| Investor Category | Shares Offered |
| Market Maker Shares Offered | 2,65,000 (5.00%) |
| QIB Shares Offered | 53,000 (1.00%) |
| NII (HNI) Shares Offered | 24,82,000 (46.83%) |
| Retail Shares Offered | 25,00,000 (47.17%) |
| Total Shares Offered | 53,00,000 (100.00%) |
| Application | Lots | Shares | Amount |
| Individual investors (Retail) (Min) | 2 | 2,000 | ₹2,94,000 |
| Individual investors (Retail) (Max) | 2 | 2,000 | ₹2,94,000 |
| S-HNI (Min) | 3 | 3,000 | ₹4,41,000 |
| S-HNI (Max) | 6 | 6,000 | ₹8,82,000 |
| B-HNI (Min) | 7 | 7,000 | ₹10,29,000 |
Who are the Promoters of NSB BPO Solutions IPO?
The promoters hold 45.78% of the pre-IPO capital
What are the Objects of NSB BPO Solutions IPO?
The Company proposes to utilize the Net Proceeds from Issue towards funding the following objects
+Capital Expenditure -Rs.10.28 Crore
+Marketing Expenditure-Rs.15.00 Crore
+Working Capital-Rs.25.00 Crore
+General Corporate purposes
| Registered Office of the Company |
| DSM Fresh Foods Ltd. 115-116, First Floor Vishal Tower, District Centre Janakpuri, Janakpuri B-1, West Delhi, New Delhi, 110058 |
| Email: compliance@zappfresh.com |
| Lead Manager of the IPO |
| Narnolia Financial Services ltd |
| Who is the Registrar to the IPO?
Maashitla Securite Pvt. ltd |
NSB BPO Solutions Financials Snapshot
| Period Ended | 31-Mar-25 | 31-Mar-24 | 31-Mar-23 |
| Assets | 175.12 | 147.85 | 210.7 |
| Total Income | 138.54 | 128.27 | 285.15 |
| Profit After Tax | 8.54 | 4.78 | 2.21 |
| EBITDA | 18.87 | 12.98 | 8.14 |
| NET Worth | 135.06 | 103.95 | 78.58 |
| Reserves and Surplus | 124.85 | 93.99 | 102.2 |
| Amount in Crore | |||
Key Financial Indicators
| KPI | Values |
| ROE | 7.92% |
| ROCE | 9.42% |
| Debt/Equity | 0.17 |
| RoNW | 7.92% |
| PAT Margin | 7.98% |
| EBITDA Margin | 13.62% |
| Price to Book Value | 1.65 |
| EPS | 4.27 |
| PE R | 34.44 |
How NSB BPO Solutions IPO compares with the Peers?
| Company Name | P/E (x) | RoNW (%) |
| NSB BPO Solutions Limited | 19.52 | 7.92 |
| Eclerx Services Ltd. | 39.7 | 23.45 |
| Firstsource Solutions Ltd. | 42.93 | 14.51 |
| One Point One Solutions | 32.59 | 8.19 |
NSB BPO Solutions IPO Review
by Paresh Gordhandas, Chartered Accountant & Research Analyst
Incorporated in 2005, NSB BPO Solutions Limited is a diversified company providing business process outsourcing services (customer care, telesales, collections, KYC, payroll management, warehousing, archival, digital back-office services) while also engaging in FMCG trading of staples like dal, sugar, rice, dry fruits, fruits, and vegetables. With a workforce of 2,439 employees as of August 2025, the company services clients across telecom, BFSI, insurance, e-retail, food delivery, hospitality, government, healthcare, and education.
Financial Performance
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Revenue: Declined from Rs. 285.15 crore in FY23 to Rs. 138.54 crore in FY25, mainly due to FMCG trading scale-back.
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Profit: Strong growth, with PAT improving from Rs. 2.21 crore in FY23 to Rs. 8.54 crore in FY25, reflecting better efficiency in the BPO segment.
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EBITDA: Rose from Rs. 8.14 crore in FY23 to Rs. 18.87 crore in FY25, showing improving operational leverage.
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Net Worth: Improved to Rs. 135.06 crore from Rs. 78.58 crore in FY23, supported by reserves of Rs. 124.85 crore.
Strengths
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Wide sectoral reach across multiple industries.
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Strong employee base and service diversification.
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Improving margins and profitability.
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Strengthened net worth and reserves.
Risks
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Revenue volatility due to dependence on FMCG trading.
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Thin scalability compared to larger BPO peers.
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Competition from established outsourcing firms.
Chanakya View: With profitability rising and financial base improving, the IPO looks interesting for long-term investors. However, weak top-line trend and competitive pressure warrant caution.
The IPO opens on September 23, 2025 and closes on September 25, 2025. Allotment is expected on September 26, 2025 and tentative listing is on September 30, 2025 at BSE SME.
The price band is Rs. 140 – Rs. 147 per share. The lot size is 1,000 shares. Retail investors must apply for at least 2 lots (2,000 shares) requiring Rs. 2,94,000, while HNIs must apply for a minimum of 3 lots (3,000 shares) involving Rs. 4,41,000
The company provides BPO services (voice call centres, back-office outsourcing, payroll management, warehousing, KYC support) and also engages in FMCG trading of staples. It serves clients across telecom, BFSI, insurance, e-retail, government, hospitality, healthcare, and education.
Investors with a long-term perspective may consider, given improving profitability, strong reserves, and diversified business. However, weak revenue growth and competition are concerns. Listing gains will depend on subscription demand and market sentiment.
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