The Rs 560 crore IPO, entirely an offer-for-sale of 1.87 crore shares, will remain open until September 22. The price band is set at Rs 284–299 per share with a lot size of 50 shares. At the upper end, the company is targeting a valuation of Rs 1,601 crore.
iValue Infosolutions IPO Subscription Status:
As of 11:05 AM on Day 1 of bidding, iValue Infosolutions IPO had received an overall subscription of 8%, according to data from the stock exchange.
Retail Individual Investors (RIIs): The retail portion saw a subscription of 15% out of the 65.58 lakh shares allocated to this category, indicating moderate interest from individual investors in the early hours of bidding.
Non-Institutional Investors (NIIs): High-net-worth individuals and other non-institutional investors subscribed to 4% of the 28.10 lakh shares reserved for them, showing a relatively slower response.
Qualified Institutional Buyers (QIBs): There were no bids recorded yet for the 37.47 lakh shares allocated to institutional investors, which is common on the first day as QIBs typically place their bids closer to the end of the bidding period.iValue Infosolutions IPO GMP Today:
In the grey market, the issue is currently trading at a 7% premium above its issue price of Rs 299. This translates to an additional Rs 22 per share, suggesting a likely listing price of around Rs 321. The grey market premium reflects investor sentiment ahead of the official listing but is an unofficial indicator and may not always match the final market price.
IPO Allocation Breakdown and Listing Date
The IPO will allocate 50% of the issue to Qualified Institutional Buyers (QIBs), 35% to Retail Investors, and 15% to Non-Institutional Investors (NIIs). The shares are scheduled to be listed on both NSE and BSE on September 26.
Promoters and Investors Offloading Stake
Promoters, including Sunil Kumar Pillai, Krishna Raj Sharma, Srinivasan Sriram, and Hilda Sunil Pillai, along with investor Sundara (Mauritius) Ltd, are among those selling their shares in the offer.
Company profile
Established to bridge the gap between global Original Equipment Manufacturers (OEMs) and Indian enterprises, iValue Infosolutions has evolved beyond traditional distribution. The company curates integrated, multi-vendor technology solutions across key domains such as cybersecurity, information lifecycle management, data centre infrastructure, hybrid cloud, and application lifecycle management. As of FY25, it collaborates with 109 OEMs and operates through a network of 804 system integrators (SIs).
iValue’s offerings are closely aligned with enterprise priorities like digital transformation, compliance with data protection regulations, and the adoption of AI and cloud-native workloads. Its strong partnerships with leading technology providers such as Splunk, Google Cloud, Nutanix, Check Point, and Arista further enhance its market position and value proposition.
Financials
iValue reported operational revenue of Rs 923 crore in FY25, marking an 18% year-on-year increase, with a profit after tax (PAT) of Rs 85.3 crore. The company maintained stable margins, recording a PAT margin of 9.2% in FY25. Return ratios remain robust, with a return on equity (RoE) of 18.4% and a return on capital employed (RoCE) of 25%.
Customer growth has been steady, rising from 1,804 in FY23 to 2,877 in FY25. However, the company continues to face high attrition rates, exceeding 34% in FY25.
Risks
The business relies heavily on its top 10 OEM partners, which account for over 60% of its revenue. Moreover, intense competition from other value-added distributors and the risk of OEMs bypassing intermediaries to sell directly to customers present potential challenges.
Should you subscribe?
At the upper price band, the IPO is valued at a price-to-earnings (P/E) ratio of 18.8x based on FY25 earnings. Analysts at SBI Securities have recommended subscribing, highlighting the company’s strong OEM partnerships, ecosystem stickiness, and focus on high-growth IT spending segments. However, with a modest 5% GMP, investors should temper their expectations for significant listing gains in the near term.
“It is a value-added solutions aggregator poised to play a key structural role in India’s enterprise IT landscape. The business model benefits from ecosystem stickiness, strong OEM relationships, and alignment with rapidly growing IT spending areas,” the brokerage noted.
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