NSB BPO Solutions Ltd IPO

Status:

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

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T&C*

Strengths vs Risks of NSB BPO Solutions Ltd

Know the pros & cons

Strengths

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

Risks

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.
The company proposes 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.
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.
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 proposes to repay or prepay, fully or partially, certain outstanding secured borrowings availed by the Company.
The company's business is working capital intensive. If the company is unable to fund its working capital requirements, it may materially and adversely affect the company's business and results of operations.
The company derives a significant portion of its revenue from the company's IT BPO business. Therefore, factors that adversely affect the demand for such IT BPO services or the company's position and reputation as a provider of such IT BPO services may adversely affect its business and results of operations.
A significant portion of the company's 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 the company operates or seek to operate may affect its market share and/ or may adversely affect the company's business, financial condition and results of operations.
The company operates from premises that the company does not own but are taken by the company on leases or on leave and license basis. The company's 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 the company's operations and may require additional expenditure to move to a new premise.
The company's business and result of operations are dependent on relations with its existing customers and attracting new customers. Any loss of business from any one or more of the company's customers, may adversely affect its revenues and profitability.
The company has negative cashflows from operations and from financing and investing activity in past and the company cannot assure you that cashflow from any of this activity may not be negative in future.
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. Failure to successfully leverage the company's relationships with existing suppliers or to identify new suppliers could adversely affect its business operations.
The company's failures to perform in accordance with the standards prescribed in the company's client contracts could result in loss of business or payment of liquidated damages.
If the company does not set optimal prices for its service offerings, the company's business, financial condition, and results of operations could be adversely affected.
If the company is unable to attract new customers, retain customers at existing levels or sell additional services to the company's existing customers, the company's revenue growth will be adversely affected.
Misconduct or errors by manpower engaged by the company could expose the company to business risks or losses that could affect its 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 its business and financial condition.
The company's business is highly dependent on technology and any disruption or failures of its technology systems may affect the company's operations.
The company's technology infrastructure and the technology infrastructure of its third-party service providers are susceptible to security breaches and cyber-attacks. This could potentially result in damage to the company's operations, employees, customers, third-party providers, our reputation and adversely affect its financial condition, cash flows and results of operations.
The company's 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 copany's business that its Promoter remain associated with the company.The company's success also depends on its key managerial personnel and the company's ability to attract and retain them. Any loss of its key person could adversely affect the company's business, operations and financial condition.
The company's #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 the company's 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 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 the company's ability to conduct its business and operations in the manner the company desires.
The company has contingent liabilities as on March 31, 2025. If any of these actually occur, they may adversely impact its profitability and may have a material adverse effect on the company's results of operations and financial condition.
The 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.
The company's 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 the company's debt financing arrangements could adversely affect its business, results of operations and financial condition.
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.
The Company has availed certain unsecured loans that are recallable by the lenders at any time.
The company's 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. The company's 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.
The company's insurance coverage may not adequately protect us against all material hazards and the policies does not cover all risks. In the event of the occurrence of such events, the company's insurance coverage may not adequately protect the company against possible risk of loss.
The company may not be able to sufficiently protect, or continue its intellectual property and other proprietary rights.
The company may fails to attract and retain sufficiently trained employees to support its operations, as competition for qualified personnel is intense and the company experiences significant employee turnover rates.
The company faces intense competition in the company's businesses, which may limit its growth and prospects. The markets for the company's services continue to evolve and are competitive.
The company's inability to effectively manage its growth or to successfully implement the company's business plan and growth strategy could have an effect on its business, results of operations and financial condition.
If the company is unable to respond to the demands of its existing and new clients, or adapt to technological changes or advances, the company's business and growth could be adversely affected.
Operational risks are inherent in the company's 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.
The company's 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 the company's failures to compete effectively may adversely affect its business, revenue and margin.
In addition to normal remuneration or benefits and reimbursement of expenses, some of the company's 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.
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.
The company's 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 the Company in the past.
The company has selected the Companies from the same sector in which the company operates for "Peer Competitors - Comparison of Accounting Ratios" in Basis for Offer Price section, most of these listed Companies are very large compared to the company and may have product portfolio larger than ours.
The company's 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.
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 the company's funding requirements and the proposed deployment of Net Proceeds may affect its business and results of operations.
The company's 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 has not made any dividend payments in the past and the company's 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 its financing arrangements.
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.

NSB BPO Solutions Ltd Peer Comparison

Understand the company’s industry standing

NSB BPO Solutions Ltd

eClerx Services Ltd

Firstsource Solutions Ltd

Face Value

Standalone / 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

---

Journey for how to check the allotment status

How to check the allotment status of NSB BPO Solutions 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 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.
The company proposes 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.
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.
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 proposes to repay or prepay, fully or partially, certain outstanding secured borrowings availed by the Company.
The company's business is working capital intensive. If the company is unable to fund its working capital requirements, it may materially and adversely affect the company's business and results of operations.
The company derives a significant portion of its revenue from the company's IT BPO business. Therefore, factors that adversely affect the demand for such IT BPO services or the company's position and reputation as a provider of such IT BPO services may adversely affect its business and results of operations.
A significant portion of the company's 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 the company operates or seek to operate may affect its market share and/ or may adversely affect the company's business, financial condition and results of operations.
The company operates from premises that the company does not own but are taken by the company on leases or on leave and license basis. The company's 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 the company's operations and may require additional expenditure to move to a new premise.
The company's business and result of operations are dependent on relations with its existing customers and attracting new customers. Any loss of business from any one or more of the company's customers, may adversely affect its revenues and profitability.
The company has negative cashflows from operations and from financing and investing activity in past and the company cannot assure you that cashflow from any of this activity may not be negative in future.
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. Failure to successfully leverage the company's relationships with existing suppliers or to identify new suppliers could adversely affect its business operations.
The company's failures to perform in accordance with the standards prescribed in the company's client contracts could result in loss of business or payment of liquidated damages.
If the company does not set optimal prices for its service offerings, the company's business, financial condition, and results of operations could be adversely affected.
If the company is unable to attract new customers, retain customers at existing levels or sell additional services to the company's existing customers, the company's revenue growth will be adversely affected.
Misconduct or errors by manpower engaged by the company could expose the company to business risks or losses that could affect its 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 its business and financial condition.
The company's business is highly dependent on technology and any disruption or failures of its technology systems may affect the company's operations.
The company's technology infrastructure and the technology infrastructure of its third-party service providers are susceptible to security breaches and cyber-attacks. This could potentially result in damage to the company's operations, employees, customers, third-party providers, our reputation and adversely affect its financial condition, cash flows and results of operations.
The company's 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 copany's business that its Promoter remain associated with the company.The company's success also depends on its key managerial personnel and the company's ability to attract and retain them. Any loss of its key person could adversely affect the company's business, operations and financial condition.
The company's #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 the company's 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 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 the company's ability to conduct its business and operations in the manner the company desires.
The company has contingent liabilities as on March 31, 2025. If any of these actually occur, they may adversely impact its profitability and may have a material adverse effect on the company's results of operations and financial condition.
The 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.
The company's 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 the company's debt financing arrangements could adversely affect its business, results of operations and financial condition.
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.
The Company has availed certain unsecured loans that are recallable by the lenders at any time.
The company's 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. The company's 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.
The company's insurance coverage may not adequately protect us against all material hazards and the policies does not cover all risks. In the event of the occurrence of such events, the company's insurance coverage may not adequately protect the company against possible risk of loss.
The company may not be able to sufficiently protect, or continue its intellectual property and other proprietary rights.
The company may fails to attract and retain sufficiently trained employees to support its operations, as competition for qualified personnel is intense and the company experiences significant employee turnover rates.
The company faces intense competition in the company's businesses, which may limit its growth and prospects. The markets for the company's services continue to evolve and are competitive.
The company's inability to effectively manage its growth or to successfully implement the company's business plan and growth strategy could have an effect on its business, results of operations and financial condition.
If the company is unable to respond to the demands of its existing and new clients, or adapt to technological changes or advances, the company's business and growth could be adversely affected.
Operational risks are inherent in the company's 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.
The company's 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 the company's failures to compete effectively may adversely affect its business, revenue and margin.
In addition to normal remuneration or benefits and reimbursement of expenses, some of the company's 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.
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.
The company's 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 the Company in the past.
The company has selected the Companies from the same sector in which the company operates for "Peer Competitors - Comparison of Accounting Ratios" in Basis for Offer Price section, most of these listed Companies are very large compared to the company and may have product portfolio larger than ours.
The company's 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.
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 the company's funding requirements and the proposed deployment of Net Proceeds may affect its business and results of operations.
The company's 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 has not made any dividend payments in the past and the company's 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 its financing arrangements.
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.

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.

NSB BPO Solutions Ltd IPO

Objectives of NSB BPO Solutions Ltd IPO