Exato Technologies Ltd IPO
Status: Closed
Overview
IPO date
28 Nov 2025 to 02 Dec 2025
Face value
₹ 10 per share
Price
₹ 133 to ₹140 per share
Issue Size
2,675,000 shares
(aggregating up to ₹ 37.45 Cr)
(aggregating up to ₹ 37.45 Cr)
Allotment Date
03 Dec 2025
Listing at
NSE
Issue type
Book Building - SME
Sector
IT - Software
Objectives of Exato Technologies Ltd IPO
Exato Technologies Ltd IPO Strategy
About Exato Technologies Ltd
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T&C*
Strengths vs Risks of Exato Technologies Ltd
Know the pros & cons
Strengths
Experienced Promoters having deep domain knowledge to scale up the business.- Management team with an established track record.
- Established track record of successfully completed orders.
- Efficient operational team.
Risks
- If the company cannot maintain and expand its existing client base, the company business, financial condition, cash flows
and results of operations may be adversely affected.
- Its business operates in industries characterized by rapid technological changes, and the company inability to
keep pace with such changes may adversely affect its competitiveness, business, and financial
performance.
- The company is significantly dependent on its technology partnerships, and any adverse change in these
relationships may adversely affect its business, operations, and financial condition.
- The Company's success depends largely upon its skilled professionals and its ability to attract and retain
these personnel. The industry where the Company operates requires highly skilled and technical
employees.
- The company generates a significant percentage of its revenue from operations from customers in Maharashtra and
Madhya Pradesh in India. If its operations in these states are negatively affected, its financial results
and future prospects would be adversely impacted.
- The company is dependent on a few vendors/ suppliers. Any loss of such suppliers or any increase in the price will have an adverse impact on its business and the company revenue.
- Its success depends largely upon the knowledge and experience of the company Promoters and senior
Management. Any loss of its Promoters, senior Management and key managerial personnel or the company ability
to attract and retain them could adversely affect its business, operations and financial condition.
- If the company information security measures are compromised, damaged or interrupted by cyberattacks, breaches,
computer viruses or other security problems, its business, reputation and financial condition could be
adversely affected.
- The company depends on few Customer Industries for majority of its revenue from operations. Loss of customers
in these Customer industries may result in an adverse effect on the company business, revenue from operations
and financial conditions.
- There have been some instances of delays in filing of statutory forms and regulatory dues in the past with
the various government authorities.
- One of its objects of the Issue is investment in product development, and any failures to successfully
develop, protect, or monetize the company intellectual property may adversely affect its business and financial
results.
- The company has working capital requirements. If its experience insufficient cash flows to make required
payments on its debt or fund working capital requirements, there may be an adverse effect on its results
of operations.
- The company operates in a highly competitive industry and may be unable to compete successfully against existing
or new competitors.
- The company has had negative cash flows from Operating activities in the past in some of the recent years.
- Its Registered Office and the company Regional Office from where the company operate is not owned by it. If the company is unable
to renew or continue the lease arrangements on commercially acceptable or favourable terms in the
future, it may adversely impact its operations.
- The Company's performance in the past may not be an indicative factor for Company's future growth or
performance.
- Its business is exposed to risks of project delays and execution challenges, and any inability to meet
client expectations or contractual obligations may adversely affect the company business, reputation, and financial
results.
- The Company and its Directors are party to certain legal proceeding. Any adverse decision in such
proceedings may have a material adverse effect on the company business, results of operations and financial
condition.
- Failures to offer customer support in a timely and effective manner may adversely affect its relationship
with the company customers.
- The Company has taken unsecured loans that may be recalled by the lenders at any time and the Company
may not have adequate working capital to make timely payments or at all.
- One of its Promoter Mr. Appuorv K Sinha has provided personal guarantee to certain loan facilities
availed by it, which if revoked may requires alternative guarantees, repayment of amounts due or
termination of the facilities.
- The company has in the past entered into related party transactions and may continue to do so in the future.
- One of its Promoter Mrs. Swati Sinha does not have prior experience in the industry in which the company operates.
- Research and development in the software industry is a long and costly process which is subject to various
uncertainties. Its may not be able to sufficiently invest in the same or generate a timely return on its
investment.
- Any failures to comply with financial and other restrictive covenants imposed on it under the company financing
agreements may affect its operational flexibility, business, results of operations and prospects.
- Its Directors does not have any prior experience of being a director in any other listed company in India.
- The company requires certain approvals and licenses in the ordinary course of business and are required to comply
with certain rules and regulations to operate its business, any failures to obtain, retain and renew such
approvals and licences or comply with such rules and regulations may adversely affect its operations.
- Its contingent liabilities as stated in the company Restated Financial Statements could affect its financial
condition.
- The Company has some instances of non-compliances and delayed in compliances with some statutory
provisions of the Companies Act and delayed compliance may attract penalties against the company
which could impact the financial position of it to that extent.
- Its may be unable to sufficiently obtain, maintain, protect, or enforce the company intellectual property and other
proprietary rights.
- Its insurance coverage may not be adequate to protect it against all potential losses to which its may be
subject and this may have an adverse effect on the company business and financial condition.
- The company faces foreign exchange risks that could affect its results of operations.
- Its marketing and advertising campaigns may not be successful in increasing the popularity of the company
services and offerings. If its marketing initiatives are not effective, this may adversely affect the company business
and results of operations.
- If the company fails to maintain an effective system of internal controls, its may not be able to successfully manage,
or accurately report, the company financial risks.
- Its ability to pay dividends in the future will depends upon the company future earnings, financial condition, cash
flows, working capital requirements and restrictive covenants in its financing arrangements.
- In addition to normal remuneration or benefits and reimbursement of expenses, some of its Promoters
and/ or Directors are interested in the Company to the extent of their shareholding and dividend
entitlement thereon in the Company.
- Its Promoters and Promoter Group will continue to exercise significant influence over it and may cause
the company to take actions that are not in the best interest of its other shareholders.
- The Objects of the Issue for which funds are being raised, are based on its management estimates and
any bank or financial institution or any independent agency has not appraised the same. The deployment
of funds in the project is entirely at its discretion, based on the parameters as mentioned in the chapter
titles "Objects of the Issue".
- The company could be harmed by employee misconduct or errors that are difficult to detect and any such incidences
could adversely affect its financial condition, results of operations and reputation.
- The deployment of funds raised through this Offer shall not be subject to any Monitoring Agency and
shall be purely dependent on the discretion of the management of the Company.
- The company has not independently verified certain data in this Red Herring Prospectus.
- The average cost of acquisition of Equity Shares by its Promoters could be lower than the issue price.
- The company will not receive any proceeds from the Offer for Sale. The Promoter Selling Shareholders will receive
the Net Proceeds from the Offer for Sale.
- Its Equity Shares have never been publicly traded and may experience price and volume fluctuations
following the completion of the Issue, an active trading market for the Equity Shares may not develop,
the price of its Equity Shares may be volatile and you may be unable to resell your Equity Shares at or
above the Issue Price or at all.
- The company cannot assure you that its Equity Shares will be listed on the BSE SME in a timely manner or at all,
which may restrict your ability to dispose of the equity shares.
- Any future issuance of Equity Shares or convertible securities, including options under any stock option
plan or other equity linked securities may dilute your shareholding, and significant sales of Equity Shares
by its major shareholders, may adversely affect the trading price of the company Equity Shares.
- After this Issue, the price of the Equity Shares may be highly volatile, or an active trading market for the
Equity Shares may not develop.
- QIBs and Non-Institutional Investors are not permitted to withdraw or lower their Bids (in terms of
quantity of Equity Shares or the Bid Amount) at any stage after submitting a Bid and Individual Investors
who applies for minimum application size are not permitted to withdraw their Bids after Bid/Offer Closing
Date.
- Rights of shareholders under Indian laws may be more limited than under the laws of other jurisdictions.
- The company has not identified any alternate source of funding and hence any failures or delay on its part to
mobilize the required resources or any shortfall in the Issue proceeds may delay the implementation
schedule.
- You may be subject to Indian taxes arising out of capital gains on the sale of the Equity Shares.
Exato Technologies Ltd Peer Comparison
Understand the company’s industry standing
Exato Technologies Ltd
Black Box Limited
Face Value
10
2
Standalone / Consolidated
Consolidated
Consolidated
Total Income Rs. Cr.
126.1606
5971.94
EPS-Basis
13.86
12.16
EPS-Diluted
13.86
12.11
NAV Per Share
55.56
44.8
P/E-Basic EPS
---
45.99
P/E-Diluted EPS
---
---
RONW(%)
23.03
26.99
Latest NAV Period
---
---
Latest NAV
---
---
How to check the allotment status of Exato Technologies Ltd IPO?
Follow the steps
Open link to the registrar using this URL (https://evault.kfintech.com/ipostatus/).
Select company from dropdown menu.
Enter details- PAN, Application number or DP client ID
Get your allotment status
Open link to the registrar using this URL (https://evault.kfintech.com/ipostatus/).
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The IPO opens on 28 Nov 2025 & closes on 02 Dec 2025.
Exato Technologies Limited was originally incorporated as Exato Technologies (OPC) Private Limited' at Delhi, dated May 18, 2016, with the Registrar of Companies, Central Registration Centre. Subsequently, name of the Company was changed from Exato Technologies (OPC) Private Limited' to Exato Technologies Private Limited' on January 05, 2018 and thereafter, the name of the Company was changed to Exato Technologies Limited', dated July 31, 2025, vide fresh Certificate of Incorporation, issued by the Central Processing Centre.
Since 2016, Company has expanded into digital transformation services, by serving over 150 clients, including several from the ET500 list. CX and Analytics solutions are designed to help enterprises deliver seamless, personalized, and measurable customer experiences. Unified Communications and Infrastructure solutions deliver integrated voice, video, messaging, and conferencing solutions, along with robust networking, data center, cloud and security infrastructure. Exato IQ, include CTI connectors, workforce management integrations, and specialized tools such as automated dialers, speech-to-text solutions, and noise reduction technologies. It empowers organizations to improve contact center efficiency, reduce operational friction, and deliver consistent, high-quality customer engagement at scale.
Company work with MakeMyTrip, RBL Bank, IGT Solutions Pvt. Ltd., IKS, and WNS, delivering customer experience solutions that are scalable, resilient, and outcome-driven. The Company helps businesses improve how they serve and communicate with their consumers. Their services are built around Customer Experience-as-a-Service (CXaaS) and AI-as-a-Service, helping organizations enhance customer engagement, streamline operations, and achieve measurable business outcomes. Apart from these, it create multiple solutions to make customer service smarter, faster, and more efficient by leveraging technologies such as artificial intelligence (AI), automation, and cloud platforms. These solutions reduce costs and response time while improving the customer experience.
Company is planning the IPO of issuing 28,50,000 equity shares having the face value of Rs 10 each, comprising a fresh issue of 24,50,000 equity shares and the offer for sale of 4,00,000 equity shares.
Exato Technologies Ltd IPO will close on 02 Dec 2025.
- Experienced Promoters having deep domain knowledge to scale up the business.
- Management team with an established track record.
- Established track record of successfully completed orders.
- Efficient operational team.
| S.No | Promoters Name | Pre Issue Shares | Pre Issue Percentage | Post Issue Shares | Post Issue Percentage |
|---|---|---|---|---|---|
| 1 | Appuorv K Sinha | --- | --- | --- | --- |
| 2 | Swati Sinha | --- | --- | --- | --- |
- If the company cannot maintain and expand its existing client base, the company business, financial condition, cash flows and results of operations may be adversely affected.
- Its business operates in industries characterized by rapid technological changes, and the company inability to keep pace with such changes may adversely affect its competitiveness, business, and financial performance.
- The company is significantly dependent on its technology partnerships, and any adverse change in these relationships may adversely affect its business, operations, and financial condition.
- The Company's success depends largely upon its skilled professionals and its ability to attract and retain these personnel. The industry where the Company operates requires highly skilled and technical employees.
- The company generates a significant percentage of its revenue from operations from customers in Maharashtra and Madhya Pradesh in India. If its operations in these states are negatively affected, its financial results and future prospects would be adversely impacted.
- The company is dependent on a few vendors/ suppliers. Any loss of such suppliers or any increase in the price will have an adverse impact on its business and the company revenue.
- Its success depends largely upon the knowledge and experience of the company Promoters and senior Management. Any loss of its Promoters, senior Management and key managerial personnel or the company ability to attract and retain them could adversely affect its business, operations and financial condition.
- If the company information security measures are compromised, damaged or interrupted by cyberattacks, breaches, computer viruses or other security problems, its business, reputation and financial condition could be adversely affected.
- The company depends on few Customer Industries for majority of its revenue from operations. Loss of customers in these Customer industries may result in an adverse effect on the company business, revenue from operations and financial conditions.
- There have been some instances of delays in filing of statutory forms and regulatory dues in the past with the various government authorities.
- One of its objects of the Issue is investment in product development, and any failures to successfully develop, protect, or monetize the company intellectual property may adversely affect its business and financial results.
- The company has working capital requirements. If its experience insufficient cash flows to make required payments on its debt or fund working capital requirements, there may be an adverse effect on its results of operations.
- The company operates in a highly competitive industry and may be unable to compete successfully against existing or new competitors.
- The company has had negative cash flows from Operating activities in the past in some of the recent years.
- Its Registered Office and the company Regional Office from where the company operate is not owned by it. If the company is unable to renew or continue the lease arrangements on commercially acceptable or favourable terms in the future, it may adversely impact its operations.
- The Company's performance in the past may not be an indicative factor for Company's future growth or performance.
- Its business is exposed to risks of project delays and execution challenges, and any inability to meet client expectations or contractual obligations may adversely affect the company business, reputation, and financial results.
- The Company and its Directors are party to certain legal proceeding. Any adverse decision in such proceedings may have a material adverse effect on the company business, results of operations and financial condition.
- Failures to offer customer support in a timely and effective manner may adversely affect its relationship with the company customers.
- The Company has taken unsecured loans that may be recalled by the lenders at any time and the Company may not have adequate working capital to make timely payments or at all.
- One of its Promoter Mr. Appuorv K Sinha has provided personal guarantee to certain loan facilities availed by it, which if revoked may requires alternative guarantees, repayment of amounts due or termination of the facilities.
- The company has in the past entered into related party transactions and may continue to do so in the future.
- One of its Promoter Mrs. Swati Sinha does not have prior experience in the industry in which the company operates.
- Research and development in the software industry is a long and costly process which is subject to various uncertainties. Its may not be able to sufficiently invest in the same or generate a timely return on its investment.
- Any failures to comply with financial and other restrictive covenants imposed on it under the company financing agreements may affect its operational flexibility, business, results of operations and prospects.
- Its Directors does not have any prior experience of being a director in any other listed company in India.
- The company requires certain approvals and licenses in the ordinary course of business and are required to comply with certain rules and regulations to operate its business, any failures to obtain, retain and renew such approvals and licences or comply with such rules and regulations may adversely affect its operations.
- Its contingent liabilities as stated in the company Restated Financial Statements could affect its financial condition.
- The Company has some instances of non-compliances and delayed in compliances with some statutory provisions of the Companies Act and delayed compliance may attract penalties against the company which could impact the financial position of it to that extent.
- Its may be unable to sufficiently obtain, maintain, protect, or enforce the company intellectual property and other proprietary rights.
- Its insurance coverage may not be adequate to protect it against all potential losses to which its may be subject and this may have an adverse effect on the company business and financial condition.
- The company faces foreign exchange risks that could affect its results of operations.
- Its marketing and advertising campaigns may not be successful in increasing the popularity of the company services and offerings. If its marketing initiatives are not effective, this may adversely affect the company business and results of operations.
- If the company fails to maintain an effective system of internal controls, its may not be able to successfully manage, or accurately report, the company financial risks.
- Its ability to pay dividends in the future will depends upon the company future earnings, financial condition, cash flows, working capital requirements and restrictive covenants in its financing arrangements.
- In addition to normal remuneration or benefits and reimbursement of expenses, some of its Promoters and/ or Directors are interested in the Company to the extent of their shareholding and dividend entitlement thereon in the Company.
- Its Promoters and Promoter Group will continue to exercise significant influence over it and may cause the company to take actions that are not in the best interest of its other shareholders.
- The Objects of the Issue for which funds are being raised, are based on its management estimates and any bank or financial institution or any independent agency has not appraised the same. The deployment of funds in the project is entirely at its discretion, based on the parameters as mentioned in the chapter titles "Objects of the Issue".
- The company could be harmed by employee misconduct or errors that are difficult to detect and any such incidences could adversely affect its financial condition, results of operations and reputation.
- The deployment of funds raised through this Offer shall not be subject to any Monitoring Agency and shall be purely dependent on the discretion of the management of the Company.
- The company has not independently verified certain data in this Red Herring Prospectus.
- The average cost of acquisition of Equity Shares by its Promoters could be lower than the issue price.
- The company will not receive any proceeds from the Offer for Sale. The Promoter Selling Shareholders will receive the Net Proceeds from the Offer for Sale.
- Its Equity Shares have never been publicly traded and may experience price and volume fluctuations following the completion of the Issue, an active trading market for the Equity Shares may not develop, the price of its Equity Shares may be volatile and you may be unable to resell your Equity Shares at or above the Issue Price or at all.
- The company cannot assure you that its Equity Shares will be listed on the BSE SME in a timely manner or at all, which may restrict your ability to dispose of the equity shares.
- Any future issuance of Equity Shares or convertible securities, including options under any stock option plan or other equity linked securities may dilute your shareholding, and significant sales of Equity Shares by its major shareholders, may adversely affect the trading price of the company Equity Shares.
- After this Issue, the price of the Equity Shares may be highly volatile, or an active trading market for the Equity Shares may not develop.
- QIBs and Non-Institutional Investors are not permitted to withdraw or lower their Bids (in terms of quantity of Equity Shares or the Bid Amount) at any stage after submitting a Bid and Individual Investors who applies for minimum application size are not permitted to withdraw their Bids after Bid/Offer Closing Date.
- Rights of shareholders under Indian laws may be more limited than under the laws of other jurisdictions.
- The company has not identified any alternate source of funding and hence any failures or delay on its part to mobilize the required resources or any shortfall in the Issue proceeds may delay the implementation schedule.
- You may be subject to Indian taxes arising out of capital gains on the sale of the Equity Shares.
The Issue type of Exato Technologies Ltd is Book Building - SME.
The minimum application for shares of Exato Technologies Ltd is 2000.
The total shares issue of Exato Technologies Ltd is 2675000.
Initial public offer of up to 26,75,000 equity shares of face value of Rs. 10/- each ("equity shares") of Exato Technologies Limited (the "company" or "Exato" or "issuer") at an offer price of Rs. 140 per equity share (including a share premium of
Rs. 130 per equity share) for cash, aggregating up to Rs. 37.45 crores ("public offer") comprising a fresh issue of up to 22,75,000 equity shares aggregating to Rs. 31.85 crores (the "fresh issue") and an offer for sale of up to 4,00,000 equity shares by Appuorv K Sinha ("the promoter selling shareholder") aggregating to Rs. 5.60 crores out of which 1,34,000 equity shares of face value of Rs. 10/- each, at an offer price of Rs. 140 per equity share for cash, aggregating Rs.1.88 crores will be reserved for subscription by the market maker to the offer (the "market maker reservation portion"). The public offer less market maker reservation portion i.e. offer of 25,41,000 equity shares of face value of Rs. 10/- each, at an offer price of Rs.140 per equity share for cash, aggregating up to Rs. 35.57 crores is hereinafter referred to as the "net offer". The public offer and net offer will constitute 26.58% and 25.25% respectively of the post-offer paid-up equity share capital of the company.