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NSB BPO Solutions Ltd IPO

Status: Closed

Overview

IPO date
23 Sept 2025 to 07 Oct 2025
Face value
₹ 10 per share
Price
₹ 121 to ₹140 per share
Issue Size
5,300,000 shares
(aggregating up to ₹ 74.2 Cr)
Allotment Date
08 Oct 2025
Listing at
NSE
Issue type
Book Building - SME
Sector
IT - Software

Objectives of NSB BPO Solutions Ltd IPO

NSB BPO Solutions Ltd IPO Strategy

About NSB BPO Solutions Ltd

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T&C*

Strengths vs Risks of NSB BPO Solutions Ltd

Know the pros & cons

Strengths

  • arrowQuality Service.
  • arrowExperienced promoter and senior management team.
  • arrowClient Satisfaction and Relationship.
  • arrowDiversified customer base and revenue sources.

Risks

  • arrowThe Company, Promoters, and Directors are involved in certain legal proceedings and potential litigations. Any adverse decision in such proceedings may render us/them liable to liabilities/penalties which may adversely affect its business, financial condition and results of operations.
  • arrowThe company propose to utilize a portion of its Net Proceeds towards setting up of call centre facility. Any delay or failures in successfully setting up of Call centre facility may affect its business growth, thereby affecting the company's future business plans, business operations and financial conditions.
  • arrowThe Company, Promoters, and Directors are involved in certain legal proceedings and potential litigations. Any adverse decision in such proceedings may render it/them liable to liabilities/penalties which may adversely affect its business, financial condition and results of operations.
  • arrowWe propose to utilize a portion of our Net Proceeds towards setting up of call centre facility. Any delay or failure in successfully setting up of Call centre facility may affect our business growth, thereby affecting our future business plans, business operations and financial conditions.
  • arrowIf the company is unable to attract new customers, retain customers at existing levels or sell additional services to its existing customers, the company revenue growth will be adversely affected.
  • arrowThe company requires high working capital for its smooth day to day operations of business and any discontinuance or its inability to procure adequate working capital timely and on favorable terms may have an adverse effect on its operations, profitability, and growth prospects.
  • arrowThe company operates from premises that the company does not own but are taken by it on leases or on leave and license basis. its inability to renew the lease/ leave and license agreements or any adverse impact on the title or ownership rights of its landlords in relation to these premises may impede its operations and may require additional expenditure to move to a new premise.
  • arrowIts business is highly dependent on technology and any disruption or failures of the company technology systems may affect its operations.
  • arrowIts technology infrastructure and the technology infrastructure of the company third-party service providers are susceptible to security breaches and cyber-attacks. This could potentially result in damage to its operations, employees, customers, third-party providers, its reputation and adversely affect its financial condition, cash flows and results of operations.
  • arrowIts Promoters and Directors, Narendra Singh Bapna plays key role in its functioning and the company heavily relies on his knowledge and experience in operating its business and therefore, it is critical for the company's business that its Promoter remain associated with it. Its success also depends on the company's key managerial personnel and its ability to attract and retain them. Any loss of its key person could adversely affect the company's business, operations and financial condition.
  • arrowIts may fails to attract and retain sufficiently trained employees to support its operations, as competition for qualified personnel is intense and the company experience significant employee turnover rates.
  • arrowThe company is dependent upon few suppliers for the material requirements as well as service providers / Suppliers for its business. Further, the company does not have definitive agreements or fixed terms of trade with most of its suppliers. Failures to successfully leverage the company's relationships with existing suppliers or to identify new suppliers could adversely affect its business operations.
  • arrowIts top 10 customers contribute major portion of the company revenues exposes it to potential revenue concentration risk. Any loss of business from one or more of them may adversely affect its revenues and profitability.
  • arrowIts may not be able to sufficiently protect, or continue the company intellectual property and other proprietary rights.
  • arrowMisconduct or errors by manpower engaged by it could expose the company to business risks or losses that could affect its business prospects, results of operations and financial condition.
  • arrowThe company faces intense competition in its businesses, which may limit the company growth and prospects. The markets for its services continue to evolve and are competitive.
  • arrowIts inability to effectively manage the company growth or to successfully implement its business plan and growth strategy could have an effect on its business, results of operations and financial condition.
  • arrowThe company derives a significant portion of its revenue from the company IT BPO business. Therefore, factors that adversely affect the demand for such IT BPO services or its position and reputation as a provider of such IT BPO services may adversely affect its business and results of operations.
  • arrowThe company has a substantial amount of outstanding indebtedness, which requires significant cash flows to service and are subject to certain conditions and restrictions in terms of its financing arrangements, which restricts its ability to conduct the company's business and operations in the manner the company desire.
  • arrowThe company has contingent liabilities as on January 31, 2024. If any of these actually occur, they may adversely impact its profitability and may have a material adverse effect on the company results of operations and financial condition.
  • arrowThe Company has allotted Equity Shares during the preceding one year from the date of the Draft Red Herring Prospectus which are lower than the Issue Price.
  • arrowIf the company is unable to respond to the demands of its existing and new clients, or adapt to technological changes or advances, its business and growth could be adversely affected.
  • arrowOperational risks are inherent in its business as it includes rendering services at high quality standards. A failures to manage such risks could have an adverse impact on its business, results of operations and financial condition.
  • arrowIts business requires the company to obtain and renew certain registrations, licenses and permits from government and regulatory authorities and the failures to obtain and renew them in a timely manner may adversely affect its business operations.
  • arrowThe company operates in market and any increase in competition and its failures to compete effectively may adversely affect the company's business, revenue and margin.
  • arrowThe Company had negative cash flow from operating activity in recent fiscals, details of which are given below.
  • arrowIts financing agreements contain covenants that limit its flexibility in operating its business. The company's inability to meet its obligations, including financial and other covenants under its debt financing arrangements could adversely affect its business, results of operations and financial condition.
  • arrowIn addition to normal remuneration or benefits and reimbursement of expenses, some of its directors and key managerial personnel are interested in the Company to the extent of their shareholding and dividend entitlement in the Company. In addition to normal remuneration or benefits and reimbursement of expenses, some of its directors and key managerial personnel are interested in the Company to the extent of their shareholding and dividend entitlement in the Company.
  • arrowDelay in raising funds from the IPO could adversely impact the implementation schedule.Delay in raising funds from the IPO could adversely impact the implementation schedule.
  • arrowThe company has not made any alternate arrangements for meeting its capital requirements for the Objects of the Offer. Further the company has not identified any alternate source of financing the 'objects of the Offer'. Any shortfall in raising / meeting the same could adversely affect its growth plans, operations, and financial performance.
  • arrowIts results of operations are likely to vary from year to year and be unpredictable, which could cause the market price of the Equity Shares to be volatile.
  • arrowThe company has in the past entered into related party transactions and may continue to do so in the future, which may potentially involve conflicts of interest with the equity shareholders.
  • arrowAny variation in the utilization of the Net Proceeds as disclosed in this Draft Red Herring Prospectus shall be subject to certain compliance requirements, including prior Shareholders' approval.
  • arrowIts funding requirements and deployment of the Offer Proceeds are based on management estimates and have not been independently appraised by any bank or financial institution.
  • arrowThe Company's management will have flexibility in utilizing the Net Proceeds. There is no monitoring agency appointed by the Company and the deployment of funds is at the discretion of its Management and the company Board of Directors, though it shall be monitored by its Audit Committee.
  • arrowThe Company has availed certain unsecured loans that are recallable by the lenders at any time.
  • arrowThere have been several instances of delay/ default in payment of statutory dues and filing of statutory returns by the Company in the past.
  • arrowIts Subsidiary/ Associate Company-On Door Concepts Limited and its Group Company-NSB Techappy Private Limited have objects similar to the Company. There are no non-compete agreements between the Company and such Group Entity. The company cannot assure that its Group Company will not favour its own interests over its interest or that the said entities will not expand which may increase its competition and may adversely affect business operations and financial condition of the Company.
  • arrowThe company has not made any dividend payments in the past and its ability to pay dividends in the future will depends upon future earnings, financial condition, cash flows, working capital requirements, capital expenditures and restrictive covenants in its financing arrangements.
  • arrowIts Promoters and members of the Promoter Group will continue to jointly retain majority control over the Company after the Issue, which will allow them to determine the outcome of matters submitted to shareholders for approval.
  • arrowIts Promoter and members of Promoter Group and executive directors have mortgaged their personal properties and/or provided personal guarantees for its borrowings to secure the company's loans. Its business, financial condition, results of operations, cash flows and prospects may be adversely affected by the revocation of all or any of the personal guarantees provided by its Promoter and members of Promoter Group and executive directors in connection with the Company's borrowings.
  • arrowIts insurance coverage may not adequately protect the company against all material hazards and the policies does not cover all risks. In the event of the occurrence of such events, its insurance coverage may not adequately protect the company against possible risk of loss.
  • arrowThe requirements of being a listed company may strain its resources.
  • arrowThe company has not commissioned an industry report for the disclosures made in the chapter titled "Industry Overview" and made disclosures on the basis of the data available on the internet.
  • arrowOur Company, Promoters, and Directors are involved in certain legal proceedings and potential litigations. Any adverse decision in such proceedings may render us/them liable to liabilities/penalties which may adversely affect our business, financial condition and results of operations.
  • arrowWe propose to repay or prepay, fully or partially, certain outstanding secured borrowings availed by our Company.
  • arrowOur business is working capital intensive. If we are unable to fund our working capital requirements, it may materially and adversely affect our business and results of operations.
  • arrowWe derive a significant portion of our revenue from our IT BPO business. Therefore, factors that adversely affect the demand for such IT BPO services or our position and reputation as a provider of such IT BPO services may adversely affect our business and results of operations.
  • arrowA significant portion of our revenue is derived from Madhya Pradesh and Uttar Pradesh. Any downturn and/ or any economic, regulatory, social and political change in any of these states in which we operate or seek to operate may affect our market share and/ or may adversely affect our business, financial condition and results of operations.
  • arrowWe operate from premises that we do not own but are taken by us on leases or on leave and license basis. Our inability to renew the lease/ leave and license agreements or any adverse impact on the title or ownership rights of our landlords in relation to these premises may impede our operations and may require additional expenditure to move to a new premise.
  • arrowOur business and result of operations are dependent on relations with our existing customers and attracting new customers. Any loss of business from any one or more of our customers, may adversely affect our revenues and profitability.
  • arrowWe have negative cashflows from operations and from financing and investing activity in past and we cannot assure you that cashflow from any of this activity may not be negative in future.
  • arrowWe are dependent upon few suppliers for the material requirements as well as service providers / Suppliers for our business. Further, we do not have definitive agreements or fixed terms of trade with most of our suppliers. Failure to successfully leverage our relationships with existing suppliers or to identify new suppliers could adversely affect our business operations.
  • arrowOur failure to perform in accordance with the standards prescribed in our client contracts could result in loss of business or payment of liquidated damages.
  • arrowIf we do not set optimal prices for our service offerings, our business, financial condition, and results of operations could be adversely affected.
  • arrowIf we are unable to attract new customers, retain customers at existing levels or sell additional services to our existing customers, our revenue growth will be adversely affected.
  • arrowMisconduct or errors by manpower engaged by us could expose us to business risks or losses that could affect our business prospects, results of operations and financial condition.
  • arrowAbsence of restrictive covenants and non-issuance of respective NOC's from one of unsecured lender HDFC Bank Limited (for business loan), could adversely affect our business and financial condition.
  • arrowOur business is highly dependent on technology and any disruption or failure of our technology systems may affect our operations.
  • arrowOur technology infrastructure and the technology infrastructure of our third-party service providers are susceptible to security breaches and cyber-attacks. This could potentially result in damage to our operations, employees, customers, third-party providers, our reputation and adversely affect our financial condition, cash flows and results of operations.
  • arrowOur Promoters and Directors, Narendra Singh Bapna plays key role in our functioning and we heavily rely on his knowledge and experience in operating our business and therefore, it is critical for our business that our Promoter remain associated with us. Our success also depends on our key managerial personnel and our ability to attract and retain them. Any loss of our key person could adversely affect our business, operations and financial condition.
  • arrowOur #Subsidiary/ Associate Company-On Door Concepts Limited and our Group Company-NSB Techappy Private Limited have objects similar to our Company. There are no non- compete agreements between our Company and such Group Entity. We cannot assure that our Group Company will not favour its own interests over our interest or that the said entities will not expand which may increase our competition and may adversely affect business operations and financial condition of our Company.
  • arrowWe have a substantial amount of outstanding indebtedness, which requires significant cash flows to service and are subject to certain conditions and restrictions in terms of our financing arrangements, which restricts our ability to conduct our business and operations in the manner we desire.
  • arrowWe have contingent liabilities as on March 31, 2025. If any of these actually occur, they may adversely impact our profitability and may have a material adverse effect on our results of operations and financial condition.
  • arrowOur Company has allotted Equity Shares during the preceding one year from the date of the Red Herring Prospectus which are lower than the Offer Price.
  • arrowOur financing agreements contain covenants that limit our flexibility in operating our business. Our inability to meet our obligations, including financial and other covenants under our debt financing arrangements could adversely affect our business, results of operations and financial condition.
  • arrowWe have in the past entered into related party transactions and may continue to do so in the future, which may potentially involve conflicts of interest with the equity shareholders.
  • arrowOur Company has availed certain unsecured loans that are recallable by the lenders at any time.
  • arrowOur Promoter and members of Promoter Group and executive directors have mortgaged their personal properties and/or provided personal guarantees for our borrowings to secure our loans. Our business, financial condition, results of operations, cash flows and prospects may be adversely affected by the revocation of all or any of the personal guarantees provided by our Promoter and members of Promoter Group and executive directors in connection with our Company's borrowings.
  • arrowOur insurance coverage may not adequately protect us against all material hazards and the policies do not cover all risks. In the event of the occurrence of such events, our insurance coverage may not adequately protect us against possible risk of loss.
  • arrowWe may not be able to sufficiently protect, or continue our intellectual property and other proprietary rights.
  • arrowWe may fail to attract and retain sufficiently trained employees to support our operations, as competition for qualified personnel is intense and we experience significant employee turnover rates.
  • arrowWe face intense competition in our businesses, which may limit our growth and prospects. The markets for our services continue to evolve and are competitive.
  • arrowOur inability to effectively manage our growth or to successfully implement our business plan and growth strategy could have an effect on our business, results of operations and financial condition.
  • arrowIf we are unable to respond to the demands of our existing and new clients, or adapt to technological changes or advances, our business and growth could be adversely affected.
  • arrowOperational risks are inherent in our business as it includes rendering services at high quality standards. A failure to manage such risks could have an adverse impact on our business, results of operations and financial condition.
  • arrowOur business requires us to obtain and renew certain registrations, licenses and permits from government and regulatory authorities and the failure to obtain and renew them in a timely manner may adversely affect our business operations.
  • arrowWe operate in market and any increase in competition and our failure to compete effectively may adversely affect our business, revenue and margin.
  • arrowIn addition to normal remuneration or benefits and reimbursement of expenses, some of our directors and key managerial personnel are interested in our Company to the extent of their shareholding and dividend entitlement in our Company.
  • arrowDelay in raising funds from the IPO could adversely impact the implementation schedule.
  • arrowWe have not made any alternate arrangements for meeting our capital requirements for the Objects of the Offer. Further we have not identified any alternate source of financing the `Objects of the Offer'. Any shortfall in raising / meeting the same could adversely affect our growth plans, operations, and financial performance.
  • arrowOur results of operations are likely to vary from year to year and be unpredictable, which could cause the market price of the Equity Shares to be volatile.
  • arrowThere were certain instances of delay/ default in payment of statutory dues by our Company in the past.
  • arrowWe have selected the Companies from the same sector in which we operate for "Peer Competitors - Comparison of Accounting Ratios" in Basis for Offer Price section, most of these listed Companies are very large compared to us and may have product portfolio larger than ours.
  • arrowOur Promoters and members of the Promoter Group will continue to jointly retain majority control over our Company after the Issue, which will allow them to determine the outcome of matters submitted to shareholders for approval.
  • arrowThe determination of the Price Band is based on various factors and assumptions and the Offer Price of the Equity Shares may not be indicative of the market price of the Equity Shares after the Issue.
  • arrowAny variations in our funding requirements and the proposed deployment of Net Proceeds may affect our business and results of operations.
  • arrowOur funding requirements and deployment of the Offer Proceeds are based on management estimates and have not been independently appraised by any bank or financial institution.
  • arrowWe have not made any dividend payments in the past and our ability to pay dividends in the future will depend upon future earnings, financial condition, cash flows, working capital requirements, capital expenditures and restrictive covenants in our financing arrangements.
  • arrowThe requirements of being a listed company may strain our resources.
  • arrowWe have not commissioned an industry report for the disclosures made in the chapter titled "Industry Overview" and made disclosures on the basis of the data available on the internet.

NSB BPO Solutions Ltd Peer Comparison

Understand the company’s industry standing

NSB BPO Solutions Ltd
eClerx Services Ltd
Firstsource Solutions Ltd
Face Value
10
10
10
Standalone / Consolidated
Consolidated
Consolidated
Consolidated
Total Income Rs. Cr.
128.27
2991.18
6373.09
EPS-Basis
5.65
104.38
7.34
EPS-Diluted
---
---
---
NAV Per Share
88.91
17.11
0.45
P/E-Basic EPS
---
25.84
46.24
P/E-Diluted EPS
---
---
---
RONW(%)
6.36
22.75
13.9
Latest NAV Period
---
---
---
Latest NAV
---
---
---
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The IPO opens on 23 Sept 2025 & closes on 07 Oct 2025.

NSB BPO Solutions Limited was incorporated as NSB BPO Solutions Private Limited on April 25, 2005 with the Registrar of Companies, Madhya Pradesh & Chhattisgarh. The status of the Company thereafter got changed to Public Limited attaining the name to 'NSB BPO Solutions Limited'. and a fresh Certificate of Incorporation was issued on January 10, 2024 by the Registrar of Companies, Gwalior. The Company is engaged in the business of providing Business Process Outsourcing (BPO) services specializing in the area of support services solutions. It provide wide ranges of support services such as Customer Care and Customer help line Call Centre for clients, Tele-sales, Tele collections, Digitization of documents, Processing of application and KYC forms, Warehousing and Archival, Payroll Management, etc. The Company is in the current line of business for more than 18 years and the client lists includes various telecom, bank, insurance, financial service companies, along with food delivery, health sector, education and State and Central Government offices, etc. Also, it help clients with voice and non-voice support services, Back Office Processing Services to provide services across all industry sectors to clients who are in need of specialist assistance. Besides, providing Business Process Outsourcing (BPO) services to clients, it also involved in trading activity of FMCG and staples goods like Daal, Sugar, Rice, dry fruits, fruits and vegetables etc. Due to its presence in various parts of the Country, it has geographical advantage in procurement of some FMCG and Staple items at an economical price and the same is supplied to various retailers as a B2B sales. The Company came up with initial public offer of 53,00,000 equity shares having face value Rs 10 each and raised Rs 64.13 crore on October 7, 2025.

NSB BPO Solutions Ltd IPO will close on 07 Oct 2025.

  • Quality Service.
  • Experienced promoter and senior management team.
  • Client Satisfaction and Relationship.
  • Diversified customer base and revenue sources.

S.No Promoters Name Pre Issue Shares Pre Issue Percentage Post Issue Shares Post Issue Percentage
1 Narendra Singh Bapna 6434333 43.85 6434333 32.22
2 Swati Bapna 132605 0.9 132605 0.66
3 Tej Singh Bapna 6100 0.04 6100 0.03
4 Hemant Bapna 144364 0.98 144364 0.72

  • The Company, Promoters, and Directors are involved in certain legal proceedings and potential litigations. Any adverse decision in such proceedings may render us/them liable to liabilities/penalties which may adversely affect its business, financial condition and results of operations.
  • The company propose to utilize a portion of its Net Proceeds towards setting up of call centre facility. Any delay or failures in successfully setting up of Call centre facility may affect its business growth, thereby affecting the company's future business plans, business operations and financial conditions.
  • The Company, Promoters, and Directors are involved in certain legal proceedings and potential litigations. Any adverse decision in such proceedings may render it/them liable to liabilities/penalties which may adversely affect its business, financial condition and results of operations.
  • We propose to utilize a portion of our Net Proceeds towards setting up of call centre facility. Any delay or failure in successfully setting up of Call centre facility may affect our business growth, thereby affecting our future business plans, business operations and financial conditions.
  • If the company is unable to attract new customers, retain customers at existing levels or sell additional services to its existing customers, the company revenue growth will be adversely affected.
  • The company requires high working capital for its smooth day to day operations of business and any discontinuance or its inability to procure adequate working capital timely and on favorable terms may have an adverse effect on its operations, profitability, and growth prospects.
  • The company operates from premises that the company does not own but are taken by it on leases or on leave and license basis. its inability to renew the lease/ leave and license agreements or any adverse impact on the title or ownership rights of its landlords in relation to these premises may impede its operations and may require additional expenditure to move to a new premise.
  • Its business is highly dependent on technology and any disruption or failures of the company technology systems may affect its operations.
  • Its technology infrastructure and the technology infrastructure of the company third-party service providers are susceptible to security breaches and cyber-attacks. This could potentially result in damage to its operations, employees, customers, third-party providers, its reputation and adversely affect its financial condition, cash flows and results of operations.
  • Its Promoters and Directors, Narendra Singh Bapna plays key role in its functioning and the company heavily relies on his knowledge and experience in operating its business and therefore, it is critical for the company's business that its Promoter remain associated with it. Its success also depends on the company's key managerial personnel and its ability to attract and retain them. Any loss of its key person could adversely affect the company's business, operations and financial condition.
  • Its may fails to attract and retain sufficiently trained employees to support its operations, as competition for qualified personnel is intense and the company experience significant employee turnover rates.
  • The company is dependent upon few suppliers for the material requirements as well as service providers / Suppliers for its business. Further, the company does not have definitive agreements or fixed terms of trade with most of its suppliers. Failures to successfully leverage the company's relationships with existing suppliers or to identify new suppliers could adversely affect its business operations.
  • Its top 10 customers contribute major portion of the company revenues exposes it to potential revenue concentration risk. Any loss of business from one or more of them may adversely affect its revenues and profitability.
  • Its may not be able to sufficiently protect, or continue the company intellectual property and other proprietary rights.
  • Misconduct or errors by manpower engaged by it could expose the company to business risks or losses that could affect its business prospects, results of operations and financial condition.
  • The company faces intense competition in its businesses, which may limit the company growth and prospects. The markets for its services continue to evolve and are competitive.
  • Its inability to effectively manage the company growth or to successfully implement its business plan and growth strategy could have an effect on its business, results of operations and financial condition.
  • The company derives a significant portion of its revenue from the company IT BPO business. Therefore, factors that adversely affect the demand for such IT BPO services or its position and reputation as a provider of such IT BPO services may adversely affect its business and results of operations.
  • The company has a substantial amount of outstanding indebtedness, which requires significant cash flows to service and are subject to certain conditions and restrictions in terms of its financing arrangements, which restricts its ability to conduct the company's business and operations in the manner the company desire.
  • The company has contingent liabilities as on January 31, 2024. If any of these actually occur, they may adversely impact its profitability and may have a material adverse effect on the company results of operations and financial condition.
  • The Company has allotted Equity Shares during the preceding one year from the date of the Draft Red Herring Prospectus which are lower than the Issue Price.
  • If the company is unable to respond to the demands of its existing and new clients, or adapt to technological changes or advances, its business and growth could be adversely affected.
  • Operational risks are inherent in its business as it includes rendering services at high quality standards. A failures to manage such risks could have an adverse impact on its business, results of operations and financial condition.
  • Its business requires the company to obtain and renew certain registrations, licenses and permits from government and regulatory authorities and the failures to obtain and renew them in a timely manner may adversely affect its business operations.
  • The company operates in market and any increase in competition and its failures to compete effectively may adversely affect the company's business, revenue and margin.
  • The Company had negative cash flow from operating activity in recent fiscals, details of which are given below.
  • Its financing agreements contain covenants that limit its flexibility in operating its business. The company's inability to meet its obligations, including financial and other covenants under its debt financing arrangements could adversely affect its business, results of operations and financial condition.
  • In addition to normal remuneration or benefits and reimbursement of expenses, some of its directors and key managerial personnel are interested in the Company to the extent of their shareholding and dividend entitlement in the Company. In addition to normal remuneration or benefits and reimbursement of expenses, some of its directors and key managerial personnel are interested in the Company to the extent of their shareholding and dividend entitlement in the Company.
  • Delay in raising funds from the IPO could adversely impact the implementation schedule.Delay in raising funds from the IPO could adversely impact the implementation schedule.
  • The company has not made any alternate arrangements for meeting its capital requirements for the Objects of the Offer. Further the company has not identified any alternate source of financing the 'objects of the Offer'. Any shortfall in raising / meeting the same could adversely affect its growth plans, operations, and financial performance.
  • Its results of operations are likely to vary from year to year and be unpredictable, which could cause the market price of the Equity Shares to be volatile.
  • The company has in the past entered into related party transactions and may continue to do so in the future, which may potentially involve conflicts of interest with the equity shareholders.
  • Any variation in the utilization of the Net Proceeds as disclosed in this Draft Red Herring Prospectus shall be subject to certain compliance requirements, including prior Shareholders' approval.
  • Its funding requirements and deployment of the Offer Proceeds are based on management estimates and have not been independently appraised by any bank or financial institution.
  • The Company's management will have flexibility in utilizing the Net Proceeds. There is no monitoring agency appointed by the Company and the deployment of funds is at the discretion of its Management and the company Board of Directors, though it shall be monitored by its Audit Committee.
  • The Company has availed certain unsecured loans that are recallable by the lenders at any time.
  • There have been several instances of delay/ default in payment of statutory dues and filing of statutory returns by the Company in the past.
  • Its Subsidiary/ Associate Company-On Door Concepts Limited and its Group Company-NSB Techappy Private Limited have objects similar to the Company. There are no non-compete agreements between the Company and such Group Entity. The company cannot assure that its Group Company will not favour its own interests over its interest or that the said entities will not expand which may increase its competition and may adversely affect business operations and financial condition of the Company.
  • The company has not made any dividend payments in the past and its ability to pay dividends in the future will depends upon future earnings, financial condition, cash flows, working capital requirements, capital expenditures and restrictive covenants in its financing arrangements.
  • Its Promoters and members of the Promoter Group will continue to jointly retain majority control over the Company after the Issue, which will allow them to determine the outcome of matters submitted to shareholders for approval.
  • Its Promoter and members of Promoter Group and executive directors have mortgaged their personal properties and/or provided personal guarantees for its borrowings to secure the company's loans. Its business, financial condition, results of operations, cash flows and prospects may be adversely affected by the revocation of all or any of the personal guarantees provided by its Promoter and members of Promoter Group and executive directors in connection with the Company's borrowings.
  • Its insurance coverage may not adequately protect the company against all material hazards and the policies does not cover all risks. In the event of the occurrence of such events, its insurance coverage may not adequately protect the company against possible risk of loss.
  • The requirements of being a listed company may strain its resources.
  • The company has not commissioned an industry report for the disclosures made in the chapter titled "Industry Overview" and made disclosures on the basis of the data available on the internet.
  • Our Company, Promoters, and Directors are involved in certain legal proceedings and potential litigations. Any adverse decision in such proceedings may render us/them liable to liabilities/penalties which may adversely affect our business, financial condition and results of operations.
  • We propose to repay or prepay, fully or partially, certain outstanding secured borrowings availed by our Company.
  • Our business is working capital intensive. If we are unable to fund our working capital requirements, it may materially and adversely affect our business and results of operations.
  • We derive a significant portion of our revenue from our IT BPO business. Therefore, factors that adversely affect the demand for such IT BPO services or our position and reputation as a provider of such IT BPO services may adversely affect our business and results of operations.
  • A significant portion of our revenue is derived from Madhya Pradesh and Uttar Pradesh. Any downturn and/ or any economic, regulatory, social and political change in any of these states in which we operate or seek to operate may affect our market share and/ or may adversely affect our business, financial condition and results of operations.
  • We operate from premises that we do not own but are taken by us on leases or on leave and license basis. Our inability to renew the lease/ leave and license agreements or any adverse impact on the title or ownership rights of our landlords in relation to these premises may impede our operations and may require additional expenditure to move to a new premise.
  • Our business and result of operations are dependent on relations with our existing customers and attracting new customers. Any loss of business from any one or more of our customers, may adversely affect our revenues and profitability.
  • We have negative cashflows from operations and from financing and investing activity in past and we cannot assure you that cashflow from any of this activity may not be negative in future.
  • We are dependent upon few suppliers for the material requirements as well as service providers / Suppliers for our business. Further, we do not have definitive agreements or fixed terms of trade with most of our suppliers. Failure to successfully leverage our relationships with existing suppliers or to identify new suppliers could adversely affect our business operations.
  • Our failure to perform in accordance with the standards prescribed in our client contracts could result in loss of business or payment of liquidated damages.
  • If we do not set optimal prices for our service offerings, our business, financial condition, and results of operations could be adversely affected.
  • If we are unable to attract new customers, retain customers at existing levels or sell additional services to our existing customers, our revenue growth will be adversely affected.
  • Misconduct or errors by manpower engaged by us could expose us to business risks or losses that could affect our business prospects, results of operations and financial condition.
  • Absence of restrictive covenants and non-issuance of respective NOC's from one of unsecured lender HDFC Bank Limited (for business loan), could adversely affect our business and financial condition.
  • Our business is highly dependent on technology and any disruption or failure of our technology systems may affect our operations.
  • Our technology infrastructure and the technology infrastructure of our third-party service providers are susceptible to security breaches and cyber-attacks. This could potentially result in damage to our operations, employees, customers, third-party providers, our reputation and adversely affect our financial condition, cash flows and results of operations.
  • Our Promoters and Directors, Narendra Singh Bapna plays key role in our functioning and we heavily rely on his knowledge and experience in operating our business and therefore, it is critical for our business that our Promoter remain associated with us. Our success also depends on our key managerial personnel and our ability to attract and retain them. Any loss of our key person could adversely affect our business, operations and financial condition.
  • Our #Subsidiary/ Associate Company-On Door Concepts Limited and our Group Company-NSB Techappy Private Limited have objects similar to our Company. There are no non- compete agreements between our Company and such Group Entity. We cannot assure that our Group Company will not favour its own interests over our interest or that the said entities will not expand which may increase our competition and may adversely affect business operations and financial condition of our Company.
  • We have a substantial amount of outstanding indebtedness, which requires significant cash flows to service and are subject to certain conditions and restrictions in terms of our financing arrangements, which restricts our ability to conduct our business and operations in the manner we desire.
  • We have contingent liabilities as on March 31, 2025. If any of these actually occur, they may adversely impact our profitability and may have a material adverse effect on our results of operations and financial condition.
  • Our Company has allotted Equity Shares during the preceding one year from the date of the Red Herring Prospectus which are lower than the Offer Price.
  • Our financing agreements contain covenants that limit our flexibility in operating our business. Our inability to meet our obligations, including financial and other covenants under our debt financing arrangements could adversely affect our business, results of operations and financial condition.
  • We have in the past entered into related party transactions and may continue to do so in the future, which may potentially involve conflicts of interest with the equity shareholders.
  • Our Company has availed certain unsecured loans that are recallable by the lenders at any time.
  • Our Promoter and members of Promoter Group and executive directors have mortgaged their personal properties and/or provided personal guarantees for our borrowings to secure our loans. Our business, financial condition, results of operations, cash flows and prospects may be adversely affected by the revocation of all or any of the personal guarantees provided by our Promoter and members of Promoter Group and executive directors in connection with our Company's borrowings.
  • Our insurance coverage may not adequately protect us against all material hazards and the policies do not cover all risks. In the event of the occurrence of such events, our insurance coverage may not adequately protect us against possible risk of loss.
  • We may not be able to sufficiently protect, or continue our intellectual property and other proprietary rights.
  • We may fail to attract and retain sufficiently trained employees to support our operations, as competition for qualified personnel is intense and we experience significant employee turnover rates.
  • We face intense competition in our businesses, which may limit our growth and prospects. The markets for our services continue to evolve and are competitive.
  • Our inability to effectively manage our growth or to successfully implement our business plan and growth strategy could have an effect on our business, results of operations and financial condition.
  • If we are unable to respond to the demands of our existing and new clients, or adapt to technological changes or advances, our business and growth could be adversely affected.
  • Operational risks are inherent in our business as it includes rendering services at high quality standards. A failure to manage such risks could have an adverse impact on our business, results of operations and financial condition.
  • Our business requires us to obtain and renew certain registrations, licenses and permits from government and regulatory authorities and the failure to obtain and renew them in a timely manner may adversely affect our business operations.
  • We operate in market and any increase in competition and our failure to compete effectively may adversely affect our business, revenue and margin.
  • In addition to normal remuneration or benefits and reimbursement of expenses, some of our directors and key managerial personnel are interested in our Company to the extent of their shareholding and dividend entitlement in our Company.
  • Delay in raising funds from the IPO could adversely impact the implementation schedule.
  • We have not made any alternate arrangements for meeting our capital requirements for the Objects of the Offer. Further we have not identified any alternate source of financing the `Objects of the Offer'. Any shortfall in raising / meeting the same could adversely affect our growth plans, operations, and financial performance.
  • Our results of operations are likely to vary from year to year and be unpredictable, which could cause the market price of the Equity Shares to be volatile.
  • There were certain instances of delay/ default in payment of statutory dues by our Company in the past.
  • We have selected the Companies from the same sector in which we operate for "Peer Competitors - Comparison of Accounting Ratios" in Basis for Offer Price section, most of these listed Companies are very large compared to us and may have product portfolio larger than ours.
  • Our Promoters and members of the Promoter Group will continue to jointly retain majority control over our Company after the Issue, which will allow them to determine the outcome of matters submitted to shareholders for approval.
  • The determination of the Price Band is based on various factors and assumptions and the Offer Price of the Equity Shares may not be indicative of the market price of the Equity Shares after the Issue.
  • Any variations in our funding requirements and the proposed deployment of Net Proceeds may affect our business and results of operations.
  • Our funding requirements and deployment of the Offer Proceeds are based on management estimates and have not been independently appraised by any bank or financial institution.
  • We have not made any dividend payments in the past and our ability to pay dividends in the future will depend upon future earnings, financial condition, cash flows, working capital requirements, capital expenditures and restrictive covenants in our financing arrangements.
  • The requirements of being a listed company may strain our resources.
  • We have not commissioned an industry report for the disclosures made in the chapter titled "Industry Overview" and made disclosures on the basis of the data available on the internet.

The Issue type of NSB BPO Solutions Ltd is Book Building - SME.

The minimum application for shares of NSB BPO Solutions Ltd is 2000.

The total shares issue of NSB BPO Solutions Ltd is 5300000.

Initial public offering of up to 53,00,000 equity shares of Rs. 10/- each ("Equity Shares") of NSB BPO Solutions Limited ("NSB BPO" or the "Company") for cash at a price of Rs. 121.00 per equity share (the "Offer Price"), aggregating to Rs.64.13 Crores ("The Offer"). Of the offer, 2,65,000 equity shares aggregating to Rs. 3.21 Crores will be reserved for subscription by market maker ("Market Maker Reservation Portion"). The offer less the market maker reservation portion i.e. offer of 50,35,000 equity shares of face value of Rs. 10.00 each at an offer price of Rs. 121 per equity share aggregating to Rs. 60.92 Crores is hereinafter referred to as the "Net Offer". The offer and the net offer will constitute 26.54 % and 25.21 %, respectively of the post offer paid up equity share capital of the company. Price Band: Rs. 121/- to Rs. 140/- for equity share of face value of Rs. 10 each. The floor price is 12.10 times times the face value and cap price is 14.00 times of the face value of the equity shares. Bids can made for a minimum of 2,000 equity shares and in multiples of 1,000 equity shares thereafter.