Infinity Infoway Ltd IPO
Status:
Overview
IPO date
30 Sept 2025 to 03 Oct 2025
Face value
₹ 0 per share
Price
₹ 147 to ₹155 per share
Issue Size
1,575,200 shares
(aggregating up to ₹ 24.42 Cr)
(aggregating up to ₹ 24.42 Cr)
Allotment Date
06 Oct 2025
Listing at
NSE
Issue type
Book Building - SME
Sector
Objectives of Infinity Infoway Ltd IPO
Infinity Infoway Ltd IPO Strategy
About Infinity Infoway Ltd
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T&C*
Strengths vs Risks of Infinity Infoway Ltd
Know the pros & cons
Strengths
Expert Management Team with Industry Domain Knowledge.- National Education Policy-2020 enabled products with AI.
- Ensuring Successful ERP Implementation.
- Established Company with Strong Financial Performance.
- Robust Products & Services.
Risks
- The company's revenue from operations has significantly increased from Rs. 517.17 Lakhs in FY 2022-23 to Rs. 1,017.16 Lakhs in FY 2023-24 and to Rs. 1,319.23 Lakhs in FY 2024-25 resulting in CAGR of 36.64% over the last 3 fiscal years. Similarly, our profits have significantly increased from Rs. 93.86 Lakhs in FY 2022-23 to Rs. 346.62 Lakhs in FY 2023-24 and to Rs. 419.15 Lakhs in FY 2024-25 resulting in CAGR of 64.68%. If we are unable to sustain or manage its growth rate our business operations and results of operations may be adversely affected, and this rate of growth may not be achievable in the future.
- The company's business will suffer if the company fails to anticipate and develop new services and enhance existing services to keep pace with rapid changes in technology and the industries on which the company focus.
- Failures to offer customer support in a timely and effective manner may adversely affect its relationships with the company's customers.
- The company has not been granted the patent application filled in respect to Zerotouch technology and is still under examination by Indian Patent Office. Any failures to obtain such patent might lead to loosing of competitive advantage of the company and can adversely affect its business.
- There have been certain inadvertent inaccuracies, delay and non-compliances with respect to certain regulatory filings and corporate actions taken by the Company. Consequently, the company may be subject to regulatory actions and penalties for any past or future non-compliance and its business and financial condition may be adversely affected.
- Intense competition in the market for technology services could affect the company's pricing, which could reduce its share of business from clients and decrease the company's revenues and profitability.
- The company is dependents on and derives 63.44%, 83.47% and 71.45% of its revenue from the company's top 10 key customers for the Fiscal Year 2025, 2024 and 2023 respectively. Delay or Cancellation of orders by any one or all of its top customers could have a material and adverse effect on the company's business, results of operations and financial condition.
- One of the Objects of the Issue is to use the Net Proceeds to invest up to Rs. 375 Lakhs towards the development a new product called ZEROTOUCH DaaS (Device as a Service) specified in the "Objects of the Issue - Development of the Product ZEROTOUCH DaaS" which is subject to a variety of risks related to the non-completion of various stages as outlined in the schedule of implementation of Proposed project as specified on page 93. Delays or failures in completing any of the milestones in the schedule of implementation could adversely affect the overall project completion and subsequent operations.
- Failures to continue investing in Research and Development (R&D) activity may harm its business growth.
- The Company requires significant amounts of working capital for continued growth. The company's inability to meet its working capital requirements may have an adverse effect on the results of operations. Further, failures to manage the company's inventory could have an adverse effect on its sales, profitability, cash flow and liquidity.
- Termination, Non-Execution or Non-renewal of 38 material agreements with the company's clients or any material modification to the existing terms under such agreements, adverse to its interest, will materially and adversely affect ability to continue the company's business and operations and affect its future financial performance.
- Delays in receiving payments from the company's clients could have a significant adverse effect on its cash flow, business operations, and financial position.
- The company may not be able to recognize revenues in the period in which the company's services are performed, which may cause its margins to fluctuate.
- The company is required to furnish bank guarantees as part of its business. The company's inability to arrange for such guarantees or the invocation of such guarantees may adversely affect its cash flows and financial condition.
- Significant disruptions in the company's information technology systems or breaches of data security could adversely affect its business and reputation.
- Property, on which the company has its registered and corporate office is not owned by the company and is taken on lease from its promoter. Any termination or dispute in relation to this lease/ rental/tenancy agreement may have an adverse effect on the company's business operations and results thereof.
- The company's insurance may be insufficient to cover all losses associated with its business operations.
- The company has contingent liabilities that have not been provided for in the Company's financials which if materialised, could adversely affect its financial condition.
- Elevated Employee Attrition Rates and Their Potential Impact on Operational Continuity and Project Execution.
- Certain secretarial records and documents filed by the company with the Registrar of Companies related to the appointment and reappointment of its erstwhile auditor are not traceable.
- The company's success depends substantially on the continuing services of its promoters, senior executives and other key highly skilled IT personnel.
- A major part of its total revenue from operations is generated from the State of Gujarat which accounts for 93.16%, 93.03% and 76.76% respectively, of the company's total revenue from operations for the Fiscal Year ended on March 31, 2025, 2024 and 2023. Any adverse developments affecting its operations in such region, could have an adverse impact on the company's business, financial condition, results of operations and cash flows.
- The company's 32.82%, 61.34% and 65.45% of total revenue for the financial ending on 31st March 2025, 2024 and 2023 is derived via participation in tender floated by Government and other related. In case the company fails to bid in tender floated or not able to win the tender, the company's financial performance will be seriously affected.
- In case of its inability to obtain, renew or maintain the statutory and regulatory licenses, permits and approvals required to operate the company's business it may have a material adverse effect on its business.
- Increase in manpower cost for IT professionals could reduce its cash flows and profit margins.
- The company's marketing and advertising campaigns may not be successful in increasing the popularity of its products and offerings.
- The company has in the past entered into transactions with related parties and may continue to do so in the future. These or any future related party transactions may potentially involve conflicts of interest and there can be no assurance that the company could not have achieved better terms, had such arrangements been entered into with unrelated parties.
- The Company, The company's Promoters and its Directors other than promoters are involved in certain legal liabilities / penalties and may adversely affect the company's business and results of operations.
- Misconduct or errors by manpower engaged by the company could expose us to business risks or losses that could affect its business prospects, results of operations and financial condition.
- Any errors, defects or disruption in our service or inability to meet expected or agreed service standards may lead to claims, or adversely affect revenues or future business prospects.
- The average cost of acquisition of Equity Shares by its Promoter could be lower than the floor price.
- If the company is unable to establish and maintain an effective system of internal controls and compliances,the company's business and reputation could be adversely affected.
- We may not be successful in implementing our business, marketing and advertisement strategies as mentioned in the Object of this Issue.
- We have not made any alternate arrangements for meeting our capital requirements for the Objects of the issue. Further we have not identified any alternate source of financing the `Objects of the Issue'. Any shortfall in raising / meeting the same could adversely affect our growth plans, operations and financial performance.
- Our ability to pay dividends in the future may depend upon our future revenues, profits, financial condition, cash flows, working capital requirements, capital expenditures and restrictive covenants in our financing arrangements.
- If we are unable to protect our trademarks from infringement or maintain and enhance our brand and reputation, the sales of our products may suffer which would have a material adverse effect on our business operations.
- In addition to standard remuneration or benefits and reimbursement of expenses, our Promoter, some of Directors and key managerial personnel are interested in our Company to the extent of their shareholding, dividend entitlement, in our Company.
- Within the parameters as mentioned in the chapter titled `Objects of the Issue' beginning on page 92, our Company's management will have flexibility in applying the proceeds of this Issue. The fund requirement and deployment mentioned in the Objects of this Issue have not been appraised by any bank or financial institution.
- There is no monitoring agency appointed by our Company and the deployment of funds are at the discretion of our Management and our Board of Directors, though it shall be monitored by the Audit Committee.
- Our Promoter and Promoter Group will continue jointly to retain majority control over our Company after the Issue, which will allow them to determine the outcome of matters submitted to shareholders for approval.
- Industry information included in this Red Herring Prospectus has been derived from publicly available industry reports and/or websites. There can be no assurance that such third-party statistical, financial and other industry information is either complete or accurate.
- We have issued Equity Shares during the last one year at a price below the Issue Price.
- There is no guarantee that the Equity Shares issued pursuant to the Issue will be listed on the SME Platform of BSE in a timely manner or at all.
- Subsequent to the listing of the Equity Shares, we may be subject to surveillance measures, such as the Additional Surveillance Measures and the Graded Surveillance Measures by the Stock Exchanges in order to enhance the integrity of the market and safeguard the interest of investors.
- There are restrictions on daily / weekly / monthly movements in the price of the Equity Shares, which may adversely affect a shareholder's ability to sell, or the price at which it can sell, Equity Shares at a particular point in time.
- The Equity Shares have never been publicly traded, and, after the Issue, the Equity Shares may experience price and volume fluctuations, and an active trading market for the Equity Shares may not develop. Further, the price of the Equity Shares may be volatile, and you may be unable to resell the Equity Shares at or above the Issue Price, or at all.
- 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.
- The Issue price of our Equity Shares may not be indicative of the market price of our Equity Shares after the Issue and the market price of our Equity Shares may decline below the Issue price and you may not be able to sell your Equity Shares at or above the Issue Price.
- You will not be able to sell immediately on Stock Exchange any of the Equity Shares you purchase in the Issue until the Issue receives appropriate trading permissions.
- 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 the Bid.
- Sale of Equity Shares by our Promoter or other significant shareholder(s) may adversely affect the trading price of the Equity Shares.
How to check the allotment status of Infinity Infoway Ltd IPO?
Follow the steps
Open link to the registrar using this URL (https://evault.kfintech.com/ipostatus/).
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The IPO opens on 30 Sept 2025 & closes on 03 Oct 2025.
Infinity Infoway Limited was originally incorporated as 'Infinity Infoway Private Limited' at Rajkot, Gujarat as a private limited Company, dated June 10, 2008, issued by the RoC, Gujarat, Dadra and Nagar Haveli. Subsequently, the name of the Company was changed to 'Infinity Infoway Limited' upon conversion to a Limited Company and a fresh Certificate of incorporation was issued by the ROC, Central Processing Centre, Manesar on August 06, 2024.
Company has it headquarter at Rajkot, Gujarat (India) and is promoted by first generation entrepreneur Mr. Bhavesh Gadhethriya. Infinity Infoway Ltd is a Software as a Service (SaaS) company primarily engaged in the business of providing customized and integrated Enterprise Resource Planning (ERP) solutions to clients across various sectors, including education, manufacturing, retail, and construction. In addition to education and industrial ERP solutions, it provide 'Online Examination System' (OES) system to educations institutions like schools, colleges and universities to administer exams and distribute question papers to students. The Company developed self-learning platform 'Brainzorg' wherein it sell digital education courses to all classes of students on topics covered in their current education standard.
The Company launched its first Industrial ERP software in 2010, launched first Education ERP software in 2012; a wholly owned subsidiary in the name of 'Infinity Infoway GmbH' was incorporated in Germany in 2016. The Company launched a self-learning digital learning online platform 'Brainzorg' where, various certification courses are sold to students of schools and colleges and self-employed professionals in 2018. Further, to expand the operations and enter new sectors, Company acquired a 50% stake in 'Infinity Transoft Solutions Private Limited', in FY 2017.
The Company bided in tender floated by Department of Higher Education under Madhya Pradesh State Government for implementation Procurement of Services Selection of agency for Developing, Commissioning, Operating & Maintaining Student Registration Software for students seeking admission to government colleges in FY 2025.
Company is planning the IPO by issuing 15,75,200 equity shares of Rs 10 per share through fresh issue.
Infinity Infoway Ltd IPO will close on 03 Oct 2025.
- Expert Management Team with Industry Domain Knowledge.
- National Education Policy-2020 enabled products with AI.
- Ensuring Successful ERP Implementation.
- Established Company with Strong Financial Performance.
- Robust Products & Services.
| S.No | Promoters Name | Pre Issue Shares | Pre Issue Percentage | Post Issue Shares | Post Issue Percentage |
|---|---|---|---|---|---|
| 1 | Dhirajlal Bhanjibhai Gadhethri | 2651981 | 68.4 | 2651981 | 48.64 |
| 2 | Bhaveshkumar Dhirajlal Gadheth | 722000 | 18.63 | 722000 | 13.24 |
| 3 | Rinaben Bhaveshkumar Gadhethar | 361000 | 9.31 | 361000 | 6.62 |
- The company's revenue from operations has significantly increased from Rs. 517.17 Lakhs in FY 2022-23 to Rs. 1,017.16 Lakhs in FY 2023-24 and to Rs. 1,319.23 Lakhs in FY 2024-25 resulting in CAGR of 36.64% over the last 3 fiscal years. Similarly, our profits have significantly increased from Rs. 93.86 Lakhs in FY 2022-23 to Rs. 346.62 Lakhs in FY 2023-24 and to Rs. 419.15 Lakhs in FY 2024-25 resulting in CAGR of 64.68%. If we are unable to sustain or manage its growth rate our business operations and results of operations may be adversely affected, and this rate of growth may not be achievable in the future.
- The company's business will suffer if the company fails to anticipate and develop new services and enhance existing services to keep pace with rapid changes in technology and the industries on which the company focus.
- Failures to offer customer support in a timely and effective manner may adversely affect its relationships with the company's customers.
- The company has not been granted the patent application filled in respect to Zerotouch technology and is still under examination by Indian Patent Office. Any failures to obtain such patent might lead to loosing of competitive advantage of the company and can adversely affect its business.
- There have been certain inadvertent inaccuracies, delay and non-compliances with respect to certain regulatory filings and corporate actions taken by the Company. Consequently, the company may be subject to regulatory actions and penalties for any past or future non-compliance and its business and financial condition may be adversely affected.
- Intense competition in the market for technology services could affect the company's pricing, which could reduce its share of business from clients and decrease the company's revenues and profitability.
- The company is dependents on and derives 63.44%, 83.47% and 71.45% of its revenue from the company's top 10 key customers for the Fiscal Year 2025, 2024 and 2023 respectively. Delay or Cancellation of orders by any one or all of its top customers could have a material and adverse effect on the company's business, results of operations and financial condition.
- One of the Objects of the Issue is to use the Net Proceeds to invest up to Rs. 375 Lakhs towards the development a new product called ZEROTOUCH DaaS (Device as a Service) specified in the "Objects of the Issue - Development of the Product ZEROTOUCH DaaS" which is subject to a variety of risks related to the non-completion of various stages as outlined in the schedule of implementation of Proposed project as specified on page 93. Delays or failures in completing any of the milestones in the schedule of implementation could adversely affect the overall project completion and subsequent operations.
- Failures to continue investing in Research and Development (R&D) activity may harm its business growth.
- The Company requires significant amounts of working capital for continued growth. The company's inability to meet its working capital requirements may have an adverse effect on the results of operations. Further, failures to manage the company's inventory could have an adverse effect on its sales, profitability, cash flow and liquidity.
- Termination, Non-Execution or Non-renewal of 38 material agreements with the company's clients or any material modification to the existing terms under such agreements, adverse to its interest, will materially and adversely affect ability to continue the company's business and operations and affect its future financial performance.
- Delays in receiving payments from the company's clients could have a significant adverse effect on its cash flow, business operations, and financial position.
- The company may not be able to recognize revenues in the period in which the company's services are performed, which may cause its margins to fluctuate.
- The company is required to furnish bank guarantees as part of its business. The company's inability to arrange for such guarantees or the invocation of such guarantees may adversely affect its cash flows and financial condition.
- Significant disruptions in the company's information technology systems or breaches of data security could adversely affect its business and reputation.
- Property, on which the company has its registered and corporate office is not owned by the company and is taken on lease from its promoter. Any termination or dispute in relation to this lease/ rental/tenancy agreement may have an adverse effect on the company's business operations and results thereof.
- The company's insurance may be insufficient to cover all losses associated with its business operations.
- The company has contingent liabilities that have not been provided for in the Company's financials which if materialised, could adversely affect its financial condition.
- Elevated Employee Attrition Rates and Their Potential Impact on Operational Continuity and Project Execution.
- Certain secretarial records and documents filed by the company with the Registrar of Companies related to the appointment and reappointment of its erstwhile auditor are not traceable.
- The company's success depends substantially on the continuing services of its promoters, senior executives and other key highly skilled IT personnel.
- A major part of its total revenue from operations is generated from the State of Gujarat which accounts for 93.16%, 93.03% and 76.76% respectively, of the company's total revenue from operations for the Fiscal Year ended on March 31, 2025, 2024 and 2023. Any adverse developments affecting its operations in such region, could have an adverse impact on the company's business, financial condition, results of operations and cash flows.
- The company's 32.82%, 61.34% and 65.45% of total revenue for the financial ending on 31st March 2025, 2024 and 2023 is derived via participation in tender floated by Government and other related. In case the company fails to bid in tender floated or not able to win the tender, the company's financial performance will be seriously affected.
- In case of its inability to obtain, renew or maintain the statutory and regulatory licenses, permits and approvals required to operate the company's business it may have a material adverse effect on its business.
- Increase in manpower cost for IT professionals could reduce its cash flows and profit margins.
- The company's marketing and advertising campaigns may not be successful in increasing the popularity of its products and offerings.
- The company has in the past entered into transactions with related parties and may continue to do so in the future. These or any future related party transactions may potentially involve conflicts of interest and there can be no assurance that the company could not have achieved better terms, had such arrangements been entered into with unrelated parties.
- The Company, The company's Promoters and its Directors other than promoters are involved in certain legal liabilities / penalties and may adversely affect the company's business and results of operations.
- Misconduct or errors by manpower engaged by the company could expose us to business risks or losses that could affect its business prospects, results of operations and financial condition.
- Any errors, defects or disruption in our service or inability to meet expected or agreed service standards may lead to claims, or adversely affect revenues or future business prospects.
- The average cost of acquisition of Equity Shares by its Promoter could be lower than the floor price.
- If the company is unable to establish and maintain an effective system of internal controls and compliances,the company's business and reputation could be adversely affected.
- We may not be successful in implementing our business, marketing and advertisement strategies as mentioned in the Object of this Issue.
- We have not made any alternate arrangements for meeting our capital requirements for the Objects of the issue. Further we have not identified any alternate source of financing the `Objects of the Issue'. Any shortfall in raising / meeting the same could adversely affect our growth plans, operations and financial performance.
- Our ability to pay dividends in the future may depend upon our future revenues, profits, financial condition, cash flows, working capital requirements, capital expenditures and restrictive covenants in our financing arrangements.
- If we are unable to protect our trademarks from infringement or maintain and enhance our brand and reputation, the sales of our products may suffer which would have a material adverse effect on our business operations.
- In addition to standard remuneration or benefits and reimbursement of expenses, our Promoter, some of Directors and key managerial personnel are interested in our Company to the extent of their shareholding, dividend entitlement, in our Company.
- Within the parameters as mentioned in the chapter titled `Objects of the Issue' beginning on page 92, our Company's management will have flexibility in applying the proceeds of this Issue. The fund requirement and deployment mentioned in the Objects of this Issue have not been appraised by any bank or financial institution.
- There is no monitoring agency appointed by our Company and the deployment of funds are at the discretion of our Management and our Board of Directors, though it shall be monitored by the Audit Committee.
- Our Promoter and Promoter Group will continue jointly to retain majority control over our Company after the Issue, which will allow them to determine the outcome of matters submitted to shareholders for approval.
- Industry information included in this Red Herring Prospectus has been derived from publicly available industry reports and/or websites. There can be no assurance that such third-party statistical, financial and other industry information is either complete or accurate.
- We have issued Equity Shares during the last one year at a price below the Issue Price.
- There is no guarantee that the Equity Shares issued pursuant to the Issue will be listed on the SME Platform of BSE in a timely manner or at all.
- Subsequent to the listing of the Equity Shares, we may be subject to surveillance measures, such as the Additional Surveillance Measures and the Graded Surveillance Measures by the Stock Exchanges in order to enhance the integrity of the market and safeguard the interest of investors.
- There are restrictions on daily / weekly / monthly movements in the price of the Equity Shares, which may adversely affect a shareholder's ability to sell, or the price at which it can sell, Equity Shares at a particular point in time.
- The Equity Shares have never been publicly traded, and, after the Issue, the Equity Shares may experience price and volume fluctuations, and an active trading market for the Equity Shares may not develop. Further, the price of the Equity Shares may be volatile, and you may be unable to resell the Equity Shares at or above the Issue Price, or at all.
- 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.
- The Issue price of our Equity Shares may not be indicative of the market price of our Equity Shares after the Issue and the market price of our Equity Shares may decline below the Issue price and you may not be able to sell your Equity Shares at or above the Issue Price.
- You will not be able to sell immediately on Stock Exchange any of the Equity Shares you purchase in the Issue until the Issue receives appropriate trading permissions.
- 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 the Bid.
- Sale of Equity Shares by our Promoter or other significant shareholder(s) may adversely affect the trading price of the Equity Shares.
The Issue type of Infinity Infoway Ltd is Book Building - SME.
The minimum application for shares of Infinity Infoway Ltd is 1600.
The total shares issue of Infinity Infoway Ltd is 1575200.
Initial public offer of 15,75,200* equity shares of face value of Rs. 10/- each ("Equity Shares") of infinity Infoway limited ("The Company" or "Company" or "Issuer") for cash at a price of Rs. 155 per equity share ( Including a Share Premium of Rs. 145 Per Equity Share), aggregating to Rs. 24.42 Crore ("The Issue"). this issue includes a reservation of up to 79,200 equity shares of face value of Rs. 10/- each aggregating to Rs. 1.23 Crore (Constituting up to 1.45 % of the Post-Issue Paid up Equity Share Capital of the Company) for subscription by the market maker ("Market Maker Reservation Portion") and 1,29,600 equity shares of face value of Rs. 10/- each aggregating to Rs. 2.01 Crore (Constituting up to 2.37 % of The Post-Issue Paid up Equity Share Capital of The Company) for subscription by eligible employees ("The Employee Reservation Portion"). the issue less market maker reservation portion and employee reservation portion is hereinafter referred to as the "Net Issue". the issue and the net issue will constitute 28.90 % and 25.07 % respectively of the fully diluted post issue paid up equity share capital of our company.
Price Band: Rs. 147/- to Rs. 155/- for equity share of face value of Rs. 10 each.
The floor price is 14.70 times times the face value and cap price is 15.50 times of the face value of the equity shares.
Bids can made for a minimum of 1,600 equity shares and in multiples of 800 equity shares thereafter.