GenXAI Analytics Ltd IPO
Status: Closed
Overview
IPO date
05 Jun 2026 to 09 Jun 2026
Face value
₹ 10 per share
Price
₹ 110 to ₹116 per share
Issue Size
4,728,000 shares
(aggregating up to ₹ 54.66 Cr)
(aggregating up to ₹ 54.66 Cr)
Allotment Date
10 Jun 2026
Listing at
NSE
Issue type
Book Building - SME
Sector
IT - Software
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T&C*
Strengths vs Risks of GenXAI Analytics Ltd
Know the pros & cons
Strengths
- Long-standing strategic association with Anaplan.
- Established long-term client base.
- Diversified client & industry presence across high-growth sectors.
- Experienced promoters with strong management team having domain knowledge.
Risks
- A significant portion of the company revenue is dependent on a limited number of customers, and the loss of any such customer could adversely affect its business, financial condition, and results of operations.
- A significant portion of the company revenue is derived from customers located outside India, and any adverse regulatory, economic, or geopolitical developments in such countries, including the United States, may adversely affect its business and results of operations.
- The company business requires highly skilled professionals. Inability to attract, train, and retain qualified AI and analytics talent may adversely impact its operations.
- The company faces risks related to dependency on third-party platforms and strategic partnerships.
- The company business is dependent on demand from the key industries its serve, and any decline in demand in these industries may adversely affect its revenue and results of operations.
- The Company's existing office premises is not sufficient to accommodate proposed new hires, and its expansion plans are dependent on securing additional leased office space.
- Any real or perceived defects, errors, failures, or disruptions in the company platform could adversely impact its reputation, customer relationships, and financial performance.
- The Company has not entered into binding agreements with cloud service providers and its anticipated cloud infrastructure costs are based on preliminary quotations.
- Raj Kishore Khaware, Non-Executive Director of the Company may be associated with ventures which is engaged in overlapping line of business that are an alternative to its AI solutions. Any conflict of interest which may occur between the company business and the activities undertaken by such companies, could adversely affect its business, prospects, results of operations and financial condition.
- The Company has not incurred any expenditure towards independent research and development or scalable infrastructure in the preceding three fiscal years, which may impact its competitiveness and scalability.
- Valuation reports for certain past acquisitions, including acquisitions of foreign entities, were obtained subsequent to the execution of the respective transactions, which may attract regulatory scrutiny.
- The company offices, including its Registered Office is located on leased premises or in co-working spaces. If these leases are terminated or not renewed on terms acceptable to the company, it could has a material adverse effect on its business, financial condition and results of operations.
- Exchange rate fluctuations may adversely affect the company business, results of operations and cash flow.
- There may has been certain discrepancies noticed in some of the company corporate records relating to forms filed with ROC and there may has been certain instances of non-compliances with respect to certain corporate actions taken by the Company in the past. Consequently, its may be subject to regulatory actions and penalties.
- The company business depends on the quality and successful implementation of its AI solutions. Delays or failures in meeting contractual timelines or the expectation of the company clients may result in cost overrun, loss of business and disputes which in turn could adversely impact its business, financial condition and results of operations.
- The company Board of Directors does not has prior experience in managing the affairs of a listed company, which may impact its ability to comply with regulatory requirements.
- The Company has experienced negative net cash flow from operating activities in the nine months period ended December 31, 2025 and may continue to does so in future, which could has a material adverse effect on its business, prospects, financial condition, cash flows and results of operations.
- Any delay in payment of statutory dues by the Company in future, may result in the imposition of penalties and in turn may has an adverse effect on its Company's business, financial condition, results of operation and cash flows.
- The company has certain contingent liabilities as stated in the Restated Consolidated Financial Information, which if they materialize, may adversely affect its financial condition.
- The Company, its subsidiaries, Promoters, Directors, KMPs and SMPs are parties to certain legal proceedings. Any adverse decision in such proceedings may has a material adverse effect on its business, results of operations and financial condition.
- The Company has availed unsecured borrowing which is repayable on demand.
- The company Promoters has provided personal guarantees in connection with its borrowings. The company business, financial condition, results of operations and prospects may be adversely affected by the revocation of all or any of the guarantees provided by them in connection with its borrowings.
- Any variation in the utilization of the Net Proceeds would be subject to certain compliance requirements, including prior shareholders' approval.
- Conflicts of interest may arise out of common business undertaken by the Company and its Group Companies.
- The company funding requirements and proposed deployment of the Net Proceeds of the Issue has not been appraised by a bank or a financial institution, and the proposed utilization of Net Proceeds is based on, amongst others, its current business plan and management estimates, and if there is any delays or cost overruns, the company business, cash flows, financial condition and results of operations may be adversely affected.
- The company is subject to restrictive covenants under its financing agreements that could limit the company flexibility in managing its business or to use cash or other assets. Any defaults could lead to acceleration of the company repayment obligations, cross defaults under other financing agreements, termination of one or more of its financing agreements or force the company to sell its assets, which may adversely affect the company cash flows, business, results of operations and financial condition.
- The company has in this Red Herring Prospectus included certain non-GAAP financial measures and certain other industry measures related to its operations and financial performance. These non-GAAP measures and industry measures may vary from any standard methodology that is applicable across the industry and therefore may not be comparable with financial or industry related statistical information of similar nomenclature computed and presented by other companies.
- Any actual or perceived breach in data security, cyberattack, or system vulnerability could adversely affect the company business operations, reputation, and financial performance.
- The company is subject to evolving laws and regulations governing artificial intelligence, data privacy, cybersecurity, and intellectual property, which may increase its compliance costs and adversely affect the company business operations.
- Changes in the company subscription or pricing models could adversely affect its operating results.
- Fraud, errors, or misconduct by the company employees, consultants, or third-party vendors could adversely affect its reputation and financial results.
- The company inability to effectively manage its growth or successfully implement the company business strategies may adversely affect its business, financial condition, and results of operations.
- The company success depends on its ability to adapt to changes in client requirements, market trends, and emerging technologies. Failures to innovate or adopt new tools may adversely affect the company growth and competitiveness.
- If the company is unable to establish and maintain effective internal controls and compliance systems, its business and reputation could be adversely affected.
- If the market for enterprise cloud software develops slowly than the company expect or declines its business could be adversely affected.
- Artificial general intelligence may disrupt the market and adversely affect the company business model and ability to compete.
- If the company fail to continue to enhance its platform and adapt to rapid technological change, the company ability to remain competitive could be impaired.
- If the company is unable to obtain or maintain adequate insurance coverage, its business, financial condition, and results of operations may be adversely affected.
- Investors will not be able to sell immediately on an Indian stock exchange any of the Equity Shares they purchase in the Issue.
- For its business, the company relies heavily on its Promoters namely, Rakesh Agarwal and Lakshmi Agarwal, who is the Managing Director and Whole-Time Director, respectively as well as the company Key Managerial Personnel and Senior Management. Its business performance may has an adverse effect by their departure or by the company failures to recruit or keep them.
- Any failures to offer high-quality technical, maintenance, and support services or to meet contractual timelines may adversely affect its customer relationships, reputation, and financial performance.
- Failures or disruption of the company information technology ("IT") systems or breach of data security could adversely affect its business, financial condition, results of operations and cash flows.
- The company may not be able to adequately protect its intellectual property, which may adversely affect the company.
- The company enter into certain related party transactions in the ordinary course of its business and the company cannot assure you that such transactions will not adversely affect its business, results of operations, profitability and margins, cash flows and financial condition.
- The company material subsidiaries does not has any registered intellectual property, which may limit their ability to protect their proprietary rights and may expose them to risks of infringement or imitation.
- The company has undertaken, and may continue to undertake, strategic acquisitions and investments, which may not perform in line with its expectations or may be prone to other contingencies.
- Failures to obtain or maintain or renew licenses, registrations, permits and approvals in a timely manner or at all may adversely affect its business, results of operations, financial condition, and cash flows.
- Certain sections of this Red Herring Prospectus contain information from the D&B Report which has been commissioned and paid for by the company and any reliance on such information for making an investment decision in this offering is subject to inherent risks.
GenXAI Analytics Ltd Peer Comparison
Understand the company’s industry standing
GenXAI Analytics Limited
AION-Tech Solutions Ltd
Latent view Analytics Limited
Face Value
10
10
10
Standalone / Consolidated
Consolidated
Consolidated
Consolidated
Total Income Rs. Cr.
28.53
88.9
847.84
EPS-Basis
5.01
2.86
8.45
EPS-Diluted
5.01
2.86
8.41
NAV Per Share
8.36
27.72
72.65
P/E-Basic EPS
---
14.25
34.97
P/E-Diluted EPS
---
---
---
RONW(%)
85.49
12.16
12.07
Latest NAV Period
---
---
---
Latest NAV
---
---
---
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Enter details- PAN, Application number or DP client ID
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The IPO opens on 05 Jun 2026 & closes on 09 Jun 2026.
GenXAI Analytics Limited was originally incorporated as 'Harbinger Consulting Private Limited' on June 12, 2007, with the Registrar of Companies, Rajasthan at Jaipur. Subsequently, the name of the Company was changed to Harbinger Analytical Consulting Private Limited on March 16, 2019, and to Veear Analytics Private Limited on April 8, 2022 and to GenXAI Analytics Private Limited on August 23, 2024. The Company converted the status into a Public Limited Company w.e.f. September 24, 2025 attaining its name to GenXAI Analytics Limited, vide fresh Certificate of Incorporation issued by the Registrar of Companies, Central Processing Centre.
The Company has evolved from traditional technology and support services into an advanced AI-focused organization offering intelligent automation, real-time analytics, and integrated digital platforms. It is a service provider primarily engaged in delivering AI enabled enterprise and digital transformation solutions designed to enhance efficiency, automate operations, and support data-driven decision-making.
Apart from these, Company offer a suite of AI-enabled workflow automation and analytics tools, including AI-assisted recommendations, content-generation modules, data engineering capabilities and generative AI solutions. These offerings support enterprise planning, data management, analytics and application development, and are designed to integrate with existing IT systems. These offerings are aligned with increasing enterprise adoption of cloud platforms and AI-enabled decision systems to improve planning accuracy and operational responsiveness.
In 2019, Company entered into a partnership arrangement for the implementation of the Anaplan connected planning platform, through which it expanded service offerings into Enterprise Performance Management (EPM), including planning, budgeting, forecasting and modelling services across business functions.
Following the change in the management and promoters, Rakesh Agarwal joined the Board in 2019 and has since overseen Company's objectives, developed business strategies and ensured financial management. Lakshmi Agarwal joined the Board in 2023, supporting organisational and operational activities.
Company has filed a Draft Prospectus with SEBI and is planning to issue 50,04,000 equity shares of Rs 10 each through fresh issue.
GenXAI Analytics Ltd IPO will close on 09 Jun 2026.
- Long-standing strategic association with Anaplan.
- Established long-term client base.
- Diversified client & industry presence across high-growth sectors.
- Experienced promoters with strong management team having domain knowledge.
| S.No | Promoters Name | Pre Issue Shares | Pre Issue Percentage | Post Issue Shares | Post Issue Percentage |
|---|---|---|---|---|---|
| 1 | Rakesh Agarwal | 7158768 | 54.17 | 7158768 | 39.9 |
| 2 | Lakshmi Agarwal | 4772574 | 36.11 | 4772574 | 26.6 |
- A significant portion of the company revenue is dependent on a limited number of customers, and the loss of any such customer could adversely affect its business, financial condition, and results of operations.
- A significant portion of the company revenue is derived from customers located outside India, and any adverse regulatory, economic, or geopolitical developments in such countries, including the United States, may adversely affect its business and results of operations.
- The company business requires highly skilled professionals. Inability to attract, train, and retain qualified AI and analytics talent may adversely impact its operations.
- The company faces risks related to dependency on third-party platforms and strategic partnerships.
- The company business is dependent on demand from the key industries its serve, and any decline in demand in these industries may adversely affect its revenue and results of operations.
- The Company's existing office premises is not sufficient to accommodate proposed new hires, and its expansion plans are dependent on securing additional leased office space.
- Any real or perceived defects, errors, failures, or disruptions in the company platform could adversely impact its reputation, customer relationships, and financial performance.
- The Company has not entered into binding agreements with cloud service providers and its anticipated cloud infrastructure costs are based on preliminary quotations.
- Raj Kishore Khaware, Non-Executive Director of the Company may be associated with ventures which is engaged in overlapping line of business that are an alternative to its AI solutions. Any conflict of interest which may occur between the company business and the activities undertaken by such companies, could adversely affect its business, prospects, results of operations and financial condition.
- The Company has not incurred any expenditure towards independent research and development or scalable infrastructure in the preceding three fiscal years, which may impact its competitiveness and scalability.
- Valuation reports for certain past acquisitions, including acquisitions of foreign entities, were obtained subsequent to the execution of the respective transactions, which may attract regulatory scrutiny.
- The company offices, including its Registered Office is located on leased premises or in co-working spaces. If these leases are terminated or not renewed on terms acceptable to the company, it could has a material adverse effect on its business, financial condition and results of operations.
- Exchange rate fluctuations may adversely affect the company business, results of operations and cash flow.
- There may has been certain discrepancies noticed in some of the company corporate records relating to forms filed with ROC and there may has been certain instances of non-compliances with respect to certain corporate actions taken by the Company in the past. Consequently, its may be subject to regulatory actions and penalties.
- The company business depends on the quality and successful implementation of its AI solutions. Delays or failures in meeting contractual timelines or the expectation of the company clients may result in cost overrun, loss of business and disputes which in turn could adversely impact its business, financial condition and results of operations.
- The company Board of Directors does not has prior experience in managing the affairs of a listed company, which may impact its ability to comply with regulatory requirements.
- The Company has experienced negative net cash flow from operating activities in the nine months period ended December 31, 2025 and may continue to does so in future, which could has a material adverse effect on its business, prospects, financial condition, cash flows and results of operations.
- Any delay in payment of statutory dues by the Company in future, may result in the imposition of penalties and in turn may has an adverse effect on its Company's business, financial condition, results of operation and cash flows.
- The company has certain contingent liabilities as stated in the Restated Consolidated Financial Information, which if they materialize, may adversely affect its financial condition.
- The Company, its subsidiaries, Promoters, Directors, KMPs and SMPs are parties to certain legal proceedings. Any adverse decision in such proceedings may has a material adverse effect on its business, results of operations and financial condition.
- The Company has availed unsecured borrowing which is repayable on demand.
- The company Promoters has provided personal guarantees in connection with its borrowings. The company business, financial condition, results of operations and prospects may be adversely affected by the revocation of all or any of the guarantees provided by them in connection with its borrowings.
- Any variation in the utilization of the Net Proceeds would be subject to certain compliance requirements, including prior shareholders' approval.
- Conflicts of interest may arise out of common business undertaken by the Company and its Group Companies.
- The company funding requirements and proposed deployment of the Net Proceeds of the Issue has not been appraised by a bank or a financial institution, and the proposed utilization of Net Proceeds is based on, amongst others, its current business plan and management estimates, and if there is any delays or cost overruns, the company business, cash flows, financial condition and results of operations may be adversely affected.
- The company is subject to restrictive covenants under its financing agreements that could limit the company flexibility in managing its business or to use cash or other assets. Any defaults could lead to acceleration of the company repayment obligations, cross defaults under other financing agreements, termination of one or more of its financing agreements or force the company to sell its assets, which may adversely affect the company cash flows, business, results of operations and financial condition.
- The company has in this Red Herring Prospectus included certain non-GAAP financial measures and certain other industry measures related to its operations and financial performance. These non-GAAP measures and industry measures may vary from any standard methodology that is applicable across the industry and therefore may not be comparable with financial or industry related statistical information of similar nomenclature computed and presented by other companies.
- Any actual or perceived breach in data security, cyberattack, or system vulnerability could adversely affect the company business operations, reputation, and financial performance.
- The company is subject to evolving laws and regulations governing artificial intelligence, data privacy, cybersecurity, and intellectual property, which may increase its compliance costs and adversely affect the company business operations.
- Changes in the company subscription or pricing models could adversely affect its operating results.
- Fraud, errors, or misconduct by the company employees, consultants, or third-party vendors could adversely affect its reputation and financial results.
- The company inability to effectively manage its growth or successfully implement the company business strategies may adversely affect its business, financial condition, and results of operations.
- The company success depends on its ability to adapt to changes in client requirements, market trends, and emerging technologies. Failures to innovate or adopt new tools may adversely affect the company growth and competitiveness.
- If the company is unable to establish and maintain effective internal controls and compliance systems, its business and reputation could be adversely affected.
- If the market for enterprise cloud software develops slowly than the company expect or declines its business could be adversely affected.
- Artificial general intelligence may disrupt the market and adversely affect the company business model and ability to compete.
- If the company fail to continue to enhance its platform and adapt to rapid technological change, the company ability to remain competitive could be impaired.
- If the company is unable to obtain or maintain adequate insurance coverage, its business, financial condition, and results of operations may be adversely affected.
- Investors will not be able to sell immediately on an Indian stock exchange any of the Equity Shares they purchase in the Issue.
- For its business, the company relies heavily on its Promoters namely, Rakesh Agarwal and Lakshmi Agarwal, who is the Managing Director and Whole-Time Director, respectively as well as the company Key Managerial Personnel and Senior Management. Its business performance may has an adverse effect by their departure or by the company failures to recruit or keep them.
- Any failures to offer high-quality technical, maintenance, and support services or to meet contractual timelines may adversely affect its customer relationships, reputation, and financial performance.
- Failures or disruption of the company information technology ("IT") systems or breach of data security could adversely affect its business, financial condition, results of operations and cash flows.
- The company may not be able to adequately protect its intellectual property, which may adversely affect the company.
- The company enter into certain related party transactions in the ordinary course of its business and the company cannot assure you that such transactions will not adversely affect its business, results of operations, profitability and margins, cash flows and financial condition.
- The company material subsidiaries does not has any registered intellectual property, which may limit their ability to protect their proprietary rights and may expose them to risks of infringement or imitation.
- The company has undertaken, and may continue to undertake, strategic acquisitions and investments, which may not perform in line with its expectations or may be prone to other contingencies.
- Failures to obtain or maintain or renew licenses, registrations, permits and approvals in a timely manner or at all may adversely affect its business, results of operations, financial condition, and cash flows.
- Certain sections of this Red Herring Prospectus contain information from the D&B Report which has been commissioned and paid for by the company and any reliance on such information for making an investment decision in this offering is subject to inherent risks.
The Issue type of GenXAI Analytics Ltd is Book Building - SME.
The minimum application for shares of GenXAI Analytics Ltd is 2400.
The total shares issue of GenXAI Analytics Ltd is 4728000.
Initial public issue of up to 47,28,000 equity shares of face value of Rs. 10/- each (the "Equity Shares") of Genxai Analytics Limited ("the Company" or "the Issuer") at an issue price of Rs. 116 per equity share (including share premium of Rs. 106 per equity share) for cash, aggregating up to Rs. 54.66 Crores ("Public Issue") out of which 2,37,600 equity shares of face value of Rs.10/- each, at an issue price of Rs. 116 per equity share for cash, aggregating Rs. 2.76 Crores will be reserved for subscription by the market maker to the issue (the "Market Maker Reservation Portion") and up to 1,80,000 equity shares aggregating up to Rs. 1.91 Crores will be reserved for subscription by eligible employees (the "Employee Reservation Portion"). The issue less the market maker reservation portion and employee reservation portion is hereinafter referred to as the "Net Issue". The public issue and net issue will constitute 26.35% and 25.01% respectively of the post-issue paid-up equity share capital of the company.
Price Band: Rs. 116 per equity share of face value of Rs. 10 each.
The floor price is 11.60 times the face value of the equity shares.
Bids can be made for a minimum of 2400 equity shares and in multiples of 1200 equity shares thereafter.
A discount of Rs. 10 per equity share is being offered to eligible employees bidding in the employee reservation portion.