Prodocs Solutions Ltd IPO
Status: Closed
Overview
IPO date
08 Dec 2025 to 10 Dec 2025
Face value
₹ 10 per share
Price
₹ 131 to ₹138 per share
Issue Size
2,000,000 shares
(aggregating up to ₹ 27.6 Cr)
(aggregating up to ₹ 27.6 Cr)
Allotment Date
11 Dec 2025
Listing at
NSE
Issue type
Book Building - SME
Sector
IT - Software
Objectives of Prodocs Solutions Ltd IPO
Prodocs Solutions Ltd IPO Strategy
About Prodocs Solutions Ltd
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T&C*
Strengths vs Risks of Prodocs Solutions Ltd
Know the pros & cons
Strengths
Integrated solutions across multiple domains.- Commitment to quality and compliance.
- Global reach with diverse clientele.
- Experience and expertise.
- Data Security and Confidentiality Policies.
- Our established, long-term relationships with eData Solutions Inc and eData Services Inc.
Risks
- The Company has a significant reliance on its Promoter Group entities, i.e. eData Solutions Inc and eData Services Inc, for revenue generation.
- Fluctuations in foreign exchange rates pose a significant risk to the company financial performance, given its heavy reliance on international markets.
- The company has experienced significant growth in its PAT by 105.46% from Fiscal 2023 to 2024 and 61.46% from Fiscal 2024 to 2025. However, the company growth in the past may not be indicative of its future financial performance. Failure to effectively manage the company growth could materially and adversely affect the success of its business and/or impact the company margins.
- Certain filings of the Company under the Companies Act have been filed post the prescribed date of filing. There may also be certain inadvertent errors in these filings.
- The company has been some instances of delays in filing of statutory and regulatory dues in the past with the various government authorities.
- The company has experienced negative cash flows in the past. Any such negative cash flows in the future could adversely affect its business, results of operations and prospects.
- There are outstanding legal proceedings involving the Company, Promoters, Directors, KMPs, SMPs, Group Company and Subsidiaries which could has an adverse effect on its business, financial condition and results of operations.
- The company exposed to significant risks related to cybersecurity and data privacy due to the sensitive client information its handle. Any data breach, hacking incident or unauthorized access to client information could result in financial losses, legal penalties, reputational damage, and potential compensation claims, loss of existing clients and its business continuity.
- The IT-enabled services industry is changing rapidly, driven by new technologies such as artificial intelligence (AI), robotic process automation (RPA), and blockchain.
- The company has entered into related party transactions in the past and may continue to does so in the future, which may potentially involve conflicts of interest with the equity shareholders further its Subsidiaries and Its Group Company are also in a similar line of business which may be potential conflict of interests with the Company.
- Delay in customer payments could adversely impact its business.
- Employee benefit expenses constitute a significant percentage of the Company's total expenses. Any increase in prices and any decrease in the supply would materially adversely affect the Company's business.
- The company indebtedness and the conditions and restrictions imposed by its financing agreements and any non-compliance thereof may lead to, among others, suspension of further draw downs, which could has an adverse effect on the company business, results of operations and financial condition.
- Unsecured loans of Rs. 811.69 lakes taken by the Company from lenders can be recalled at any time.
- The Company has not yet placed orders for acquisition of office equipment's aggregating ? 392.69 lakes forming part of Objects of the Offer . Any delay in placing the orders / or supply may result in time and cost overruns, and may affect its profitability.
- The Company's logo is not registered with the Registrar of Trademark; any infringement of its brand name or failure to get it registered may adversely affect the company business.
- The company Registered Office and Branch Offices are located on rental premises. If its unable to renew this rent agreement or relocate on commercially suitable terms, it may has a material adverse effect on its business, results of operation and financial condition.
- 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, business operations and financial condition.
- The average cost of acquisition of Equity Shares by its Promoters and the Selling Shareholders could be lower than the Offer Price.
- The success of its business depends on a skilled workforce, including engineers, project managers, and technical staff.
- The company face competition from Large IT-BPO Firms which may lead to pricing pressures and reducing its profit margins and potential loss of clients. Offshore service providers in low-cost regions also add to this competitive risk, impacting its ability to grow and retain market share.
- Loss of a major client or renegotiation could adversely affect its business, such as reduced pricing or services could significantly impact the company revenue and financial stability. As most contracts are for fixed terms, there's inherent uncertainty regarding renewals. Failure to meet agreed service levels may also lead to penalties, terminations, or loss of future business.
- The company services involve handling proprietary client data and intellectual property, exposing it to legal risks such as IP
infringement or licensing violations. These could result in legal disputes or financial liabilities, especially if clients require indemnification. Failure to protect the company own proprietary software and innovations may also weaken its competitive position.
- Its rely on external vendors for IT infrastructure, internet services, and software tools. Any disruption or pricing changes in these essential services could impact operational efficiency.
- Any failure in Its quality control process could result loss of Business due to incorrect or inconsistent deliveries, leading to client dissatisfaction, legal consequences, or contract cancellations. Inaccuracies or delays can damage the company reputation in the competitive non voice BPO segment and drive clients to competitors. Such risks may reduce future work and affect revenue growth.
- The company plan to diversify its offerings of various solutions and expand geographic presence domestically and internationally. If such expansion does not lead to increases in its revenue from operations, it could has an adverse effect on the company business, results of operations, financial condition and cash flows.
- The company Business requires it 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 its business operations.
- The company success depends largely upon the services of its Promoters, Managing Directors and other key managerial personnel and its ability to attract and retain them.
- Major fraud, lapses of internal control or system failures could adversely impact the Company's business.
- Except Hasmukh Gulabchand Mehta, Its Independent Director, all other members of the company Board does not has prior experience serving on boards of listed companies.
- Certain sections of this Red Herring Prospectus disclose information from the industry report which has been commissioned and paid for by it exclusively in connection with the Offer and any reliance on such information for making an investment decision in the Offer is subject to inherent risks.
- The company inability to manage growth could disrupt its business and reduce the company profitability.
- Stringent data protection laws, including the Digital Personal Data Protection Act (DPDP), 2023, rising cybersecurity threats and heightened client scrutiny may materially impact its business and any data breach or security incident, could result in substantial monetary penalties, regulatory sanctions, enhanced scrutiny, contractual claims, termination or non-renewal of client contracts, loss of global clients, reputational damage and other liabilities, any of which could has a material adverse effect on the company business, financial condition, cash flows and results of operations.
- Natural disasters, such as earthquakes, floods, fires, or storms, can cause severe damage to its business.
- Changing regulations in India could lead to new compliance requirements that are uncertain. The regulatory environment in which the company operate is evolving and is subject to change.
- The issue price of equity share of the Company has been increased from Rs. 80 in 2022 to Rs. 300 per share in 2024.
- The company 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.
- Any variation in the utilization of the Net Proceeds as disclosed in this Red Herring Prospectus shall be subject to certain compliance requirements, including prior Shareholders' approval.
- The company funding requirements and deployment of the Offer proceeds are based on management estimates and has not been independently appraised by any bank or financial institution.
- Its ability to pay dividends in the future will depend on the company earnings, financial condition, working capital requirements, capital expenditures and restrictive covenants of its financing arrangements.
- The company insurance cover may not be adequate and hence its may not be able to protect ourselves from all losses and may
in turn adversely affect the company financial condition.
- There is no guarantee that the Equity Shares issued pursuant to the Offer will be listed on the SME Platform of BSE in a timely manner, or at all.
- The requirements of being a listed company may strain the company resources.
- The Company will not receive any proceeds from the Offer for Sale by the Selling Shareholders.
- Its Promoters' shareholding before and after the completion of the Offer is substantial which will allow them to influence the outcome of matters submitted for approval of the company Shareholders.
- A third party could be prevented from acquiring control of the Company because of anti-takeover provisions under Indian law.
- Its may require further equity issuance, which will lead to dilution of equity and may affect the market price of the company Equity Shares.
- Its may raise additional funds through incurring debt to satisfy the company capital needs, which its may not be able to procure.
Prodocs Solutions Ltd Peer Comparison
Understand the company’s industry standing
Prodocs Solutions Ltd
Airan Limited
Atishay Limited
Face Value
10
2
10
Standalone / Consolidated
Consolidated
Consolidated
standalone
Total Income Rs. Cr.
25.0187
117.6305
53.2564
EPS-Basis
6.68
14.38
29.79
EPS-Diluted
6.68
1.46
6.31
NAV Per Share
42.09
11.54
44.26
P/E-Basic EPS
---
14.38
29.47
P/E-Diluted EPS
---
---
---
RONW(%)
15.87
13.88
15.4
Latest NAV Period
---
---
---
Latest NAV
---
---
---
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The IPO opens on 08 Dec 2025 & closes on 10 Dec 2025.
Prodocs Solutions Limited was originally incorporated as 'Prodocs Solutions Private Limited' a private limited Company, vide Certificate of Incorporation dated March 12, 2019, issued by Registrar of Companies, Central Registration Centre. Subsequently, Company was converted into a public limited Company and the name was changed to 'Prodocs Solutions Limited'. A fresh Certificate of Incorporation dated November 13, 2024, was issued by the Registrar of Companies, Central Processing Centre.
The Company is engaged in the IT enabled Services (ITeS/BPO) sector, operating primarily in the non-voice BPO segment. It operate as diverse nonvoice BPO Company providing wide spectrum of services ranging from Indexing services, Title services and e-Publishing. Also, it works with a small inhouse team assisting in systems integrations, internal application developments and maintenance.
The Company stands at the forefront of the IT-enabled services industry, delivering offshore services tailored to meet evolving needs of clients, primarily based in the United States. It combine technology with over six years of collective management experience, it provide scalable, high-quality services. The workforce of 1,100+ employees, is primarily located at delivery facility in Mumbai.
The Company recently undertook a corporate restructuring, through which, a wholly owned subsidiary, Prodocs Solutions Inc was formed on January 27, 2025 and also acquired the 60% shareholding through its wholly owned subsidiary in the eData Solutions Inc, vide Share Purchase Agreement dated April 30, 2025. Pursuant to such acquisition, Company also got access to the clientele served by eData Solutions Inc.
Company launched the IPO by issuing an aggregate of 20,00,000 equity shares of face value of Rs 10 each, by raising Rs 27.6 crore, comprising a fresh issue of 16,00,000 equity shares aggregating to Rs 22.08 crore and the offer for sale of 4,00,000 equity shares aggregating to Rs 5.52 crore in December, 2025.
Prodocs Solutions Ltd IPO will close on 10 Dec 2025.
- Integrated solutions across multiple domains.
- Commitment to quality and compliance.
- Global reach with diverse clientele.
- Experience and expertise.
- Data Security and Confidentiality Policies.
- Our established, long-term relationships with eData Solutions Inc and eData Services Inc.
| S.No | Promoters Name | Pre Issue Shares | Pre Issue Percentage | Post Issue Shares | Post Issue Percentage |
|---|---|---|---|---|---|
| 1 | Nidhi Parth Sheth | 150000 | 2.75 | 150000 | 2.13 |
| 2 | Manan H Kothari | 660000 | 12.11 | 660000 | 9.36 |
| 3 | Pallavi Hiren Kothari | 1140000 | 20.92 | 1000000 | 14.18 |
| 4 | Onus Digital Services Private | 1800000 | 33.03 | 1600000 | 22.7 |
| 5 | Khyati Ritesh Sanghavi | 150000 | 2.75 | 120000 | 1.7 |
| 6 | Khushboo Shah | 150000 | 2.75 | 120000 | 1.7 |
- The Company has a significant reliance on its Promoter Group entities, i.e. eData Solutions Inc and eData Services Inc, for revenue generation.
- Fluctuations in foreign exchange rates pose a significant risk to the company financial performance, given its heavy reliance on international markets.
- The company has experienced significant growth in its PAT by 105.46% from Fiscal 2023 to 2024 and 61.46% from Fiscal 2024 to 2025. However, the company growth in the past may not be indicative of its future financial performance. Failure to effectively manage the company growth could materially and adversely affect the success of its business and/or impact the company margins.
- Certain filings of the Company under the Companies Act have been filed post the prescribed date of filing. There may also be certain inadvertent errors in these filings.
- The company has been some instances of delays in filing of statutory and regulatory dues in the past with the various government authorities.
- The company has experienced negative cash flows in the past. Any such negative cash flows in the future could adversely affect its business, results of operations and prospects.
- There are outstanding legal proceedings involving the Company, Promoters, Directors, KMPs, SMPs, Group Company and Subsidiaries which could has an adverse effect on its business, financial condition and results of operations.
- The company exposed to significant risks related to cybersecurity and data privacy due to the sensitive client information its handle. Any data breach, hacking incident or unauthorized access to client information could result in financial losses, legal penalties, reputational damage, and potential compensation claims, loss of existing clients and its business continuity.
- The IT-enabled services industry is changing rapidly, driven by new technologies such as artificial intelligence (AI), robotic process automation (RPA), and blockchain.
- The company has entered into related party transactions in the past and may continue to does so in the future, which may potentially involve conflicts of interest with the equity shareholders further its Subsidiaries and Its Group Company are also in a similar line of business which may be potential conflict of interests with the Company.
- Delay in customer payments could adversely impact its business.
- Employee benefit expenses constitute a significant percentage of the Company's total expenses. Any increase in prices and any decrease in the supply would materially adversely affect the Company's business.
- The company indebtedness and the conditions and restrictions imposed by its financing agreements and any non-compliance thereof may lead to, among others, suspension of further draw downs, which could has an adverse effect on the company business, results of operations and financial condition.
- Unsecured loans of Rs. 811.69 lakes taken by the Company from lenders can be recalled at any time.
- The Company has not yet placed orders for acquisition of office equipment's aggregating ? 392.69 lakes forming part of Objects of the Offer . Any delay in placing the orders / or supply may result in time and cost overruns, and may affect its profitability.
- The Company's logo is not registered with the Registrar of Trademark; any infringement of its brand name or failure to get it registered may adversely affect the company business.
- The company Registered Office and Branch Offices are located on rental premises. If its unable to renew this rent agreement or relocate on commercially suitable terms, it may has a material adverse effect on its business, results of operation and financial condition.
- 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, business operations and financial condition.
- The average cost of acquisition of Equity Shares by its Promoters and the Selling Shareholders could be lower than the Offer Price.
- The success of its business depends on a skilled workforce, including engineers, project managers, and technical staff.
- The company face competition from Large IT-BPO Firms which may lead to pricing pressures and reducing its profit margins and potential loss of clients. Offshore service providers in low-cost regions also add to this competitive risk, impacting its ability to grow and retain market share.
- Loss of a major client or renegotiation could adversely affect its business, such as reduced pricing or services could significantly impact the company revenue and financial stability. As most contracts are for fixed terms, there's inherent uncertainty regarding renewals. Failure to meet agreed service levels may also lead to penalties, terminations, or loss of future business.
- The company services involve handling proprietary client data and intellectual property, exposing it to legal risks such as IP infringement or licensing violations. These could result in legal disputes or financial liabilities, especially if clients require indemnification. Failure to protect the company own proprietary software and innovations may also weaken its competitive position.
- Its rely on external vendors for IT infrastructure, internet services, and software tools. Any disruption or pricing changes in these essential services could impact operational efficiency.
- Any failure in Its quality control process could result loss of Business due to incorrect or inconsistent deliveries, leading to client dissatisfaction, legal consequences, or contract cancellations. Inaccuracies or delays can damage the company reputation in the competitive non voice BPO segment and drive clients to competitors. Such risks may reduce future work and affect revenue growth.
- The company plan to diversify its offerings of various solutions and expand geographic presence domestically and internationally. If such expansion does not lead to increases in its revenue from operations, it could has an adverse effect on the company business, results of operations, financial condition and cash flows.
- The company Business requires it 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 its business operations.
- The company success depends largely upon the services of its Promoters, Managing Directors and other key managerial personnel and its ability to attract and retain them.
- Major fraud, lapses of internal control or system failures could adversely impact the Company's business.
- Except Hasmukh Gulabchand Mehta, Its Independent Director, all other members of the company Board does not has prior experience serving on boards of listed companies.
- Certain sections of this Red Herring Prospectus disclose information from the industry report which has been commissioned and paid for by it exclusively in connection with the Offer and any reliance on such information for making an investment decision in the Offer is subject to inherent risks.
- The company inability to manage growth could disrupt its business and reduce the company profitability.
- Stringent data protection laws, including the Digital Personal Data Protection Act (DPDP), 2023, rising cybersecurity threats and heightened client scrutiny may materially impact its business and any data breach or security incident, could result in substantial monetary penalties, regulatory sanctions, enhanced scrutiny, contractual claims, termination or non-renewal of client contracts, loss of global clients, reputational damage and other liabilities, any of which could has a material adverse effect on the company business, financial condition, cash flows and results of operations.
- Natural disasters, such as earthquakes, floods, fires, or storms, can cause severe damage to its business.
- Changing regulations in India could lead to new compliance requirements that are uncertain. The regulatory environment in which the company operate is evolving and is subject to change.
- The issue price of equity share of the Company has been increased from Rs. 80 in 2022 to Rs. 300 per share in 2024.
- The company 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.
- Any variation in the utilization of the Net Proceeds as disclosed in this Red Herring Prospectus shall be subject to certain compliance requirements, including prior Shareholders' approval.
- The company funding requirements and deployment of the Offer proceeds are based on management estimates and has not been independently appraised by any bank or financial institution.
- Its ability to pay dividends in the future will depend on the company earnings, financial condition, working capital requirements, capital expenditures and restrictive covenants of its financing arrangements.
- The company insurance cover may not be adequate and hence its may not be able to protect ourselves from all losses and may in turn adversely affect the company financial condition.
- There is no guarantee that the Equity Shares issued pursuant to the Offer will be listed on the SME Platform of BSE in a timely manner, or at all.
- The requirements of being a listed company may strain the company resources.
- The Company will not receive any proceeds from the Offer for Sale by the Selling Shareholders.
- Its Promoters' shareholding before and after the completion of the Offer is substantial which will allow them to influence the outcome of matters submitted for approval of the company Shareholders.
- A third party could be prevented from acquiring control of the Company because of anti-takeover provisions under Indian law.
- Its may require further equity issuance, which will lead to dilution of equity and may affect the market price of the company Equity Shares.
- Its may raise additional funds through incurring debt to satisfy the company capital needs, which its may not be able to procure.
The Issue type of Prodocs Solutions Ltd is Book Building - SME.
The minimum application for shares of Prodocs Solutions Ltd is 2000.
The total shares issue of Prodocs Solutions Ltd is 2000000.
Initial public offer of up to 20,00,000 equity shares of face value of Rs. 10/- each ("Equity Shares") of Prodocs Solutions
Limited ("Prodocs" or the "Company") for cash at a price of Rs.138/- per equity share (Including a Share Premium of
Rs. 128/- per equity share) ("Offer Price"), aggregating up to Rs. 27.6 crores ("the Offer"), comprising a fresh issue of up to 16,00,000 equity shares aggregating up to Rs. 22.08 crores by the company ("Fresh Issue") and an offer for sale of up to 1,40,000 equity shares of face value of Rs. 10/- each by Pallavi Hiren Kothari (the "Promoter Selling Shareholder") aggregating to Rs. 1.93 crores, up to 2,00,000 equity shares of face value of Rs.10/- each by Onus Digital Services Private Limited (the "Promoter Selling Shareholder") aggregating to Rs. 2.76 Crores, up to 30,000 equity shares of face value of Rs. 10/- each by Khyati Ritesh Sanghavi (the "Promoter Group Selling Shareholder") aggregating to Rs. 0.41 crores and up to 30,000 equity shares by Khushboo Shah (the "Promoter Group Selling Shareholder") aggregating to Rs. 0.41 crores (Collectively Referred to as "Selling Shareholders") ("Offer for Sale").
Out of the offer, 1,00,000 equity shares aggregating to Rs.1.38 crores will be reserved for subscription by market maker ("Market Maker Reservation Portion"). The offer less the market maker reservation portion i.e. net offer of 19,00,000 equity shares of face value of Rs. 10/- each at an offer price of Rs.138 per equity share aggregating to Rs.26.22 crores is hereinafter referred to as the "Net Offer". The offer and the net offer will constitute 28.37% and 26.95%, respectively of the post offer paid up equity share capital of the company.