SRIT India Ltd IPO

Status: Closed

Overview

IPO date

28 Sept 2026 to 30 Sept 2026

Face value

₹ 5 per share

Price

₹ 123 to ₹130 per share

Issue Size

16,800,000 shares
(aggregating up to ₹ 218.4 Cr)

Allotment Date

01 Oct 2026

Listing at

NSE

Issue type

Book Building

Sector

IT - Software

SRIT India Limited was originally incorporated as Sobha Renaissance Information Technology Private Limited' as a private limited company under the Companies Act, 1956 dated September 09, 1999. Subsequently, the name of the Company was changed to SRIT India Private Limited' on June 17, 2014. Subsequently, it was converted from a private limited company to a public limited company, and the name was changed to SRIT India Limited', via certificate of incorporation issued by the Central Processing Centre on May 16, 2025. SRIT India Limited is a Bengaluru-headquartered Information Technology and Information Technology enabled Services (IT/ITes) solutions company offering digital solutions and automations of systems through custom application development and integration services. It provide a comprehensive range of services in the IT space for a diversified portfolio of businesses in healthcare, electronic governance, telecom & broadband sectors. It compete with software product development and IT companies, as well as service providers. These services cover design, implementation, operation, and maintenance of digital platforms, network infrastructure, and enterprise systems, supported by software development solutions, system integration, automations, customizations and managed service. Apart from these, some of the domestic projects include the implementation of a smart card-based welfare management system for construction laborers in Karnataka, the deployment of a connected health ecosystem with point-of-care devices across 100 mobile medical units, and the rollout of e-District software in Odisha and Chhattisgarh. In addition, smart metering is a key focus area for Company, enabling real-time monitoring and improving accuracy in measurement and reporting. The competitors are RailTel Corporation of India Limited, Protean E-Gov Technologies Limited, Aurionpro Solutions Limited, Mastek Limited and Allied Digital Services Limited. In addition, Company has established a branch office in Qatar to pursue multi-divisional, technology-intensive projects. The Company has entered into an agreement dated November 11, 2025 with an India based multinational company engaged in engineering and construction to strengthen its technology capabilities and market reach in November, 2025. It has implemented large-scale, mission-critical projects for both central and state government bodies across India. Through its network, Company operate as a managed service provider for Government and Enterprise clients, including internet service providers, supporting delivery of services to the end customers. IT modernization enables real-time decision-making, better data governance, and enhanced citizen engagement. Company has filed a Draft Prospectus with SEBI and is planning the fresh issue of 16,800,000 equity shares of Rs 5 each through IPO.

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T&C*

Strengths vs Risks of SRIT India Ltd

Know the pros & cons

Strengths

Established track record with end-to-end product solution and integration capabilities.
Diverse Order Book across offerings for multiple clients & geographies.
Extensive geographic footprint with scalable operations across key markets.
Strong financial performance and healthy balance sheet.
Experienced Promoters and Senior Management team, having domain knowledge.

Risks

Majority of the company's projects have been awarded through competitive bidding process, which is heavily dependent on tenders from Government entities, accounting for approximately 89.41%, 91.34%, and 81.84% of its revenue from operations for Fiscals 2026, 2025, and 2024, respectively. Failures to qualify for, complete or win new contracts could negatively impact the company's business, potentially affecting its financial condition, operational results, growth prospects, and cash flow stability.
A significant portion of the company's revenue from operations is attributable to its top ten customers accounting for approximately 89.36%, 92.68%, and 84.54% of the company's total revenue from operations, for the Fiscals 2026, 2025, and 2024, respectively, and its business and profitability is dependent on the company's ability to win projects from such customers. Loss of one or more of its customers or reduction in their demand for the company offerings could adversely affect its business, results of operations and financial conditions.
The majority of the company Order Book and revenue from operations are from the projects undertaken for the electronic governance sector with such projects accounting for approximately 58.40%, 63.86%, and 65.33% of its total Order Book value, and approximately 68.39%, 61.29%, and 50.13% of the company's revenue from operations, for the Fiscal 2026, Fiscal 2025, and Fiscal 2024, respectively. Any reduction in the activity and expenditure levels in this sector may adversely affect its business and prospects, and may reduce the number of projects the company undertake and impede its growth. Further, any significant social, political, or economic changes in this sector could adversely affect the company's business, results of operations, financial condition, and cash flows.
The company relies on third parties, including contractors and sub-contractors, to complete specific projects or specific portions of its projects. Sub-contractor costs were 78.92%, 80.87%, and 75.42%, as a percentage of total expenses in the Fiscals 2026, 2025, and 2024, respectively. The company would be liable for any delay or default by such sub-contractor. Further, sub-contracting of maintenance activities requires prior approval from the authorities and failures to obtain such approvals would result in a breach of the terms of the project contracts.
Trade receivables and contract assets form a substantial part of the company's Current Assets and Net Worth. Failures to manage the same could have an adverse effect on its profitability, cash flow and liquidity.
The company's growth, in part, depends on its ability to maintain successful relationship with the company's business collaboration and consortium partners and any breakdown of such relationships could adversely affect its business, financial condition, results of operations and cash flows.
There have been instances of non-compliances and delay in filings with respect to regulatory filings under the Companies Act, 2013 and under the Foreign Exchange Management Act, 1999 ("FEMA") by the Company in the past. Further, its may be subject to regulatory actions and penalties for any such past or future noncompliance or delays under the relevant laws, which can be substantially high once adjudicated, having an impact on the company's business, financial condition and its reputation may be adversely affected. The company has also filed compounding applications which have been compounded. There can be no assurance that its will not experience similar or other instances of non-compliance in the future.
The company's business and operations may be impacted by litigations to which the company is not first and direct parties to.
Any online security breach or cyberattack resulting in unauthorized access to the company network, systems, or data may adversely impact its business operations, financial results, and reputation.
The company Order Book may not be indicative of its future operating performance or financial results, as projects in the company Order Book is subject to cancellations, modifications, delays, premature terminations and other uncertainties beyond its control.
The company is required to furnish bank guarantees/surety bonds/EMDs in the ordinary course of its business, and any inability to arrange such guarantees or invocation thereof could adversely affect the company's cash flows, financial condition, and business operations.
The company may not be able to successfully manage the growth of its business if the company is not able to effectively implement its growth strategies.
For its business, the company relies heavily on its Promoters namely, Nambiar Raghavan Madhusoodan, Prasaktha Vakkiyl Nambiar and Martin Poovakkulam Chacko, who are the Managing Director, Chief Executive Officer and Whole-Time Directors, respectively as well as its Key Managerial and Senior Management. The company's business performance may have an adverse effect by their departure or by the company failures to recruit or keep them.
During Fiscals 2026, 2025, and 2024, the attrition rate of the employees of the Company was 33.63%, 19.10%, and 24.05%, respectively. If the company is unable to hire, integrate, train and retain qualified personnel, or if its experience high attrition levels, which are largely out of the company's control, its business, financial condition, results of operations and cash flows could suffer.
The company's Registered and Corporate Office, from where its operates, as well as the branch offices of the Company is located on land not owned by it and have been leased to the company by third parties. In the event its lose or are unable to renew such leasehold rights, the company's business, financial condition, cash flows and results of operations may be adversely affected.
Certain reservations, qualifications and matters of emphasis have been reported by the company's Statutory Auditors in their examination report on the Restated Consolidated Financial Information, which may adversely affect investor confidence and the trading price of its Equity Shares.
The company's business requires significant working capital, and any variation in key assumptions could result in increased financing needs. Any inability to meet its working capital requirements or repay financial obligations could adversely affect the company's business, financial condition, results of operations, and cash flows.
Significant investment in research and development and client-specific consultations for customised solutions may not yield the intended benefits and could adversely affect the company margins and profitability.
The company's actual project costs and timelines may differ significantly from bid assumptions. Any inability to recover additional expenses or manage time overruns could adversely affect its financial condition, results of operations, and cash flows.
If the company fails to protect or incur significant costs in defending its intellectual property or if the company infringe the intellectual property rights of others, its business, results of operation, financial condition and cash flows could be adversely affected.
As on the date of this RHP, the company has neither identified any specific target entities/ businesses, nor signed any definitive agreements with any such targets/ entities whose acquisition will be funded from the Net Proceeds.
The company has experienced negative net cash flow from investing and financing activities in the past years and may continue to do so in future, which could have a material adverse effect on its business, prospects, financial condition, cash flows and results of operations.
The company's past performance may not be indicative of its future growth. An inability to effectively manage the company's growth, implement its strategies and expansion plan may have an adverse effect on the company's business prospects and future financial performance.
Any delay in payment of statutory dues by the Company in future, may result in the imposition of penalties and in turn may have an adverse effect on the Company's business, financial condition, results of operation and cash flows.
Dependence on third-party OEMs for hardware and server infrastructure exposes it to risks of cost escalation and procurement delays, which could adversely impact project timelines and business operations.
For the Fiscals 2026, 2025, and 2024, the cost of supplies from the company's top ten suppliers represented 60.03%, 78.63%, and 79.41%, of its total expenses, respectively. The company relies on its suppliers for various critical aspects of the company's information technology infrastructure. If any of its top 10 suppliers ceased supplying products/services to the company and its were unable to find a supplier to replace it, it could have an adverse effect on the company's business, financial condition, results of operations, and cash flows.
The company's international business exposes it to complex management, legal, tax and economic risks, which could adversely affect the company's business, results of operations, financial condition and cash flows.
The company may enters into necessary or desirable strategic acquisitions, or make acquisitions, or investments to grow its business. Any failures to achieve the anticipated benefits from these strategic acquisitions, or investments with its existing business, could adversely affect the company.
The company's ability to invest in foreign subsidiaries or joint ventures is constrained by applicable restrictions under Indian overseas investment laws as well as laws of the relevant international jurisdictions, which could adversely affect the company's business prospects and international growth strategy.
There are certain outstanding legal proceeding involving the Company, Directors, Subsidiary, RICT India Private Limited and one of its KMPs. Any adverse outcome in such proceeding may have an adverse impact on the company's reputation, business, results of operations, cash flows and financial condition.
The company's business will suffer if its fails to anticipate and develop new services and enhance existing services in order to keep pace with rapid changes in technology and in the industries on which the company focus.
The company relies on proprietary and third-party software solutions, and any failures or defect in these systems could adversely affect its operations and financial condition.
The company faces certain competitive pressures from the existing competitors and new entrants in both public and private sector. Increased competition and aggressive bidding by such competitors are expected to make the company's ability to procure business in future more uncertain which may adversely affect its business, financial condition and results of operations.
The company's ability to implement AI solutions depends in part on its ability to operates with third-party services and any failures to do so could adversely impact the company operations.
The company incur employee benefits expense, as part of its operations. An increase in employee costs, including on account of changes in regulations, may prevent the company from maintaining its competitive advantage and may reduce the company profitability.
In addition to undertaking projects on a principal basis, the company also execute certain projects as a sub-contractor, which may involve additional conditions and requirements. Failures to comply with these conditions could result in early termination or penalties imposed by the primary contractor, potentially adversely affecting the company's cash flows, business operations, and financial performance.
The company's marketing and advertising campaigns, may not be successful in increasing the popularity of its products and offerings which may adversely affect the company's business and results of operations.
The company's Subsidiaries are involved in the same or similar line of activity or business as that of the Company.
Any failures to obtain, renew and maintain requisite statutory and regulatory permits, licenses and approvals for the company operations from time to time may adversely affect its business.
Certain of the company's Promoters, namely Nambiar Raghavan Madhusoodan, Prasaktha Vakkiyl Nambiar and Martin Poovakkulam Chacko have provided personal guarantees as security for certain facilities availed by the Company. If these guarantees are revoked, its may be unable to procure alternative guarantees satisfactory to the company's lenders, which may adversely affect its business, results of operations, cash flows and financial condition.
The Company has availed unsecured borrowings from its Promoters which is repayable on demand.
The company's business and growth strategy depends on the quality and successful implementation of its AI solutions. Delays or failures in meeting contractual timelines or the expectation of the company's clients may result in cost overrun, loss of business and disputes which in turn could adversely impact its business, financial condition and results of operations.
The emergence of new and advanced technologies could render the company's existing solutions obsolete or irrelevant which could adversely impact its results of operations, financial condition and cash flows.
The company uses of open-source software may expose it to increased costs, legal risks, or operational challenges if license terms change or additional compliance obligations arise.
The company does not retain full ownership of certain software developed for Government clients, which may restrict its ability to independently commercialize or monetize such solutions.
The company enters into related party transactions in the ordinary course of its business and the company cannot assure you that such transactions will not have an adverse effect on its results of operation and financial condition.
The company's financing agreements contain covenants that limit its flexibility in operating the company's business. Further, the Company has availed unsecured loans from banks and other financial institutions, which may be recalled on demand. If the company is not in compliance with certain of these covenants and are unable to obtain waivers from the respective lenders, its lenders may accelerate the repayment schedules, and enforce their respective security interests, leading to a material adverse effect on the company's business and financial condition.
The company does not have any direct hedging policy in place and are exposed to foreign currency fluctuation risks. Exchange rate fluctuations may adversely affect its results of operations as a certain portion of the company's revenue and is denominated in foreign currencies.
An inability to maintain adequate insurance cover in connection with the company's business may adversely affect its operations and profitability.
Certain unsecured loans have been availed by the company's Subsidiary, RICT India Private Limited, which may be recalled by lenders at any time.
The company's contingent liabilities could materially and adversely affect its business, results of operations and financial condition.
Failures to comply with laws and regulations applicable to the company's business could subject it to fines and penalties and could also cause the company to lose customers or otherwise harm its business.
Non-compliance with applicable government IT, cybersecurity, accessibility, and public procurement guidelines may adversely affect the company's business operations, eligibility in government tenders, and reputation.
Except for R Thiyagarajan and Karthick Varadarajan, the Independent Directors of the Company, none of its Directors have prior experience as directors in any other listed company in India. This may pose certain potential challenges for the Company, and in the event of any material non-compliance for which its Directors are held liable, it may become necessary for the company to appoint new directors.
This Red Herring Prospectus contains information from industry sources including the industry report commissioned by the Company from Dun & Bradstreet, and reliance on such information for making an investment decision in the Issue is subject to certain inherent risks.
The company faces industry-specific operational and adoption challenges in its key sectors, which could adversely impact the scalability and effectiveness of the company's solutions.
Any variation in the utilization of the Net Proceeds would be subject to certain compliance requirements, including prior shareholders approval.
The company has not yet placed orders or entered into definitive agreements for the equipment and skilled personnel that the company proposes to finance from the Net Proceeds. In the event of any delay in placing such orders, or in the event the vendors are not able to provide the equipment in a timely manner, or at all, it may result in time and cost overruns and the company's business, prospects and results of operations may be adversely affected.
The company funding requirements and proposed deployment of the Net Proceeds have not been appraised by a bank or a financial institution, and the proposed utilization of Net Proceeds is based on, amongst others, the company's current business plan and management estimates, and if there are any delays or cost overruns, its business, cash flows, financial condition and results of operations may be adversely affected.
The company's Promoter, Managing Director and Chief Executive Officer, Nambiar Raghavan Madhusoodan has significant control over the Company and has the ability to direct its business and affairs; their interests may conflict with your interests as a shareholder.
The Company has not paid dividends during the last three Fiscals and during the current Fiscal. There can be no assurance that the Company will be in a position to pay dividends in the future. The company's ability to pay dividends in the future may be affected by any material adverse effect on its future earnings, financial condition or cash flows.
Its Promoters and Directors have interests in the Company other than reimbursement of expenses incurred or normal remuneration or benefits. Any real or potential conflicts of interest that may arise in this regard may materially adversely impact the company's business, financial condition, results of operations and cash flows.
The company has in this Red Herring Prospectus included certain non-GAAP financial measures and certain other industry measures related to its operations and financial performance. These non-GAAP measures and industry measures may vary from any standard methodology that is applicable across the Indian IT industry, and therefore may not be comparable with financial or industry related statistical information of similar nomenclature computed and presented by other companies.
Significant differences exist between Ind AS and other accounting principles, such as US GAAP and International Financial Reporting Standards ("IFRS"), which may affect investor's assessment of the company's financial condition.
The determination of the Price Band is based on various factors and assumptions and the Issue Price of the Equity Shares may not be indicative of the market price of the Equity Shares upon listing on the Stock Exchanges.
Pursuant to listing of the Equity Shares, the company may be subject to pre-emptive surveillance measures like Additional Surveillance Measure (ASM) and Graded Surveillance Measures (GSM) by the Stock Exchanges in order to enhance market integrity and safeguard the interest of investors.

SRIT India Ltd Peer Comparison

Understand the company’s industry standing

SRIT India Ltd

Mastek Ltd

Railtel Corporation of India Ltd

Face Value

Standalone / Consolidated

Consolidated

Total Income Rs. Cr.

450

3698.75

4277.48

EPS-Basis

9.47

130.45

10.79

EPS-Diluted

9.47

129.5

10.79

NAV Per Share

40.71

965.11

70.47

P/E-Basic EPS

13.73

12.59

24.03

P/E-Diluted EPS

---

RONW(%)

30.23

14.81

16.25

Latest NAV Period

---

Latest NAV

---

Journey for how to check the allotment status

How to check the allotment status of SRIT India 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 28 Sept 2026 & closes on 30 Sept 2026.

SRIT India Ltd IPO will close on 30 Sept 2026.

Established track record with end-to-end product solution and integration capabilities.
Diverse Order Book across offerings for multiple clients & geographies.
Extensive geographic footprint with scalable operations across key markets.
Strong financial performance and healthy balance sheet.
Experienced Promoters and Senior Management team, having domain knowledge.

S.No	Promoters Name	Pre Issue Shares	Pre Issue Percentage	Post Issue Shares	Post Issue Percentage
1	Nambiar Raghavan Madhusoodan	24013577	50.58	24013577	37.36
2	Prasaktha Vakkiyl Nambiar	8353820	17.6	8353820	13
3	Martin Poovakkulam Chacko	7859350	16.56	7859350	12.23
4	Prasenan Vakkiyl	10000	0.02	10000	0.02
5	Shivaprasad Menon	10000	0.02	10000	0.02
6	Vakkiyil Praseeda	10000	0.02	10000	0.02
7	Madan Nambiar	10000	0.02	10000	0.02
8	Vakkiyil Gowri Prasanna	10000	0.02	10000	0.02
9	Latha Shyam Menon	10000	0.02	10000	0.02
10	Poovakkulathu Chacko Lovely	20000	0.04	20000	0.03

Majority of the company's projects have been awarded through competitive bidding process, which is heavily dependent on tenders from Government entities, accounting for approximately 89.41%, 91.34%, and 81.84% of its revenue from operations for Fiscals 2026, 2025, and 2024, respectively. Failures to qualify for, complete or win new contracts could negatively impact the company's business, potentially affecting its financial condition, operational results, growth prospects, and cash flow stability.
A significant portion of the company's revenue from operations is attributable to its top ten customers accounting for approximately 89.36%, 92.68%, and 84.54% of the company's total revenue from operations, for the Fiscals 2026, 2025, and 2024, respectively, and its business and profitability is dependent on the company's ability to win projects from such customers. Loss of one or more of its customers or reduction in their demand for the company offerings could adversely affect its business, results of operations and financial conditions.
The majority of the company Order Book and revenue from operations are from the projects undertaken for the electronic governance sector with such projects accounting for approximately 58.40%, 63.86%, and 65.33% of its total Order Book value, and approximately 68.39%, 61.29%, and 50.13% of the company's revenue from operations, for the Fiscal 2026, Fiscal 2025, and Fiscal 2024, respectively. Any reduction in the activity and expenditure levels in this sector may adversely affect its business and prospects, and may reduce the number of projects the company undertake and impede its growth. Further, any significant social, political, or economic changes in this sector could adversely affect the company's business, results of operations, financial condition, and cash flows.
The company relies on third parties, including contractors and sub-contractors, to complete specific projects or specific portions of its projects. Sub-contractor costs were 78.92%, 80.87%, and 75.42%, as a percentage of total expenses in the Fiscals 2026, 2025, and 2024, respectively. The company would be liable for any delay or default by such sub-contractor. Further, sub-contracting of maintenance activities requires prior approval from the authorities and failures to obtain such approvals would result in a breach of the terms of the project contracts.
Trade receivables and contract assets form a substantial part of the company's Current Assets and Net Worth. Failures to manage the same could have an adverse effect on its profitability, cash flow and liquidity.
The company's growth, in part, depends on its ability to maintain successful relationship with the company's business collaboration and consortium partners and any breakdown of such relationships could adversely affect its business, financial condition, results of operations and cash flows.
There have been instances of non-compliances and delay in filings with respect to regulatory filings under the Companies Act, 2013 and under the Foreign Exchange Management Act, 1999 ("FEMA") by the Company in the past. Further, its may be subject to regulatory actions and penalties for any such past or future noncompliance or delays under the relevant laws, which can be substantially high once adjudicated, having an impact on the company's business, financial condition and its reputation may be adversely affected. The company has also filed compounding applications which have been compounded. There can be no assurance that its will not experience similar or other instances of non-compliance in the future.
The company's business and operations may be impacted by litigations to which the company is not first and direct parties to.
Any online security breach or cyberattack resulting in unauthorized access to the company network, systems, or data may adversely impact its business operations, financial results, and reputation.
The company Order Book may not be indicative of its future operating performance or financial results, as projects in the company Order Book is subject to cancellations, modifications, delays, premature terminations and other uncertainties beyond its control.
The company is required to furnish bank guarantees/surety bonds/EMDs in the ordinary course of its business, and any inability to arrange such guarantees or invocation thereof could adversely affect the company's cash flows, financial condition, and business operations.
The company may not be able to successfully manage the growth of its business if the company is not able to effectively implement its growth strategies.
For its business, the company relies heavily on its Promoters namely, Nambiar Raghavan Madhusoodan, Prasaktha Vakkiyl Nambiar and Martin Poovakkulam Chacko, who are the Managing Director, Chief Executive Officer and Whole-Time Directors, respectively as well as its Key Managerial and Senior Management. The company's business performance may have an adverse effect by their departure or by the company failures to recruit or keep them.
During Fiscals 2026, 2025, and 2024, the attrition rate of the employees of the Company was 33.63%, 19.10%, and 24.05%, respectively. If the company is unable to hire, integrate, train and retain qualified personnel, or if its experience high attrition levels, which are largely out of the company's control, its business, financial condition, results of operations and cash flows could suffer.
The company's Registered and Corporate Office, from where its operates, as well as the branch offices of the Company is located on land not owned by it and have been leased to the company by third parties. In the event its lose or are unable to renew such leasehold rights, the company's business, financial condition, cash flows and results of operations may be adversely affected.
Certain reservations, qualifications and matters of emphasis have been reported by the company's Statutory Auditors in their examination report on the Restated Consolidated Financial Information, which may adversely affect investor confidence and the trading price of its Equity Shares.
The company's business requires significant working capital, and any variation in key assumptions could result in increased financing needs. Any inability to meet its working capital requirements or repay financial obligations could adversely affect the company's business, financial condition, results of operations, and cash flows.
Significant investment in research and development and client-specific consultations for customised solutions may not yield the intended benefits and could adversely affect the company margins and profitability.
The company's actual project costs and timelines may differ significantly from bid assumptions. Any inability to recover additional expenses or manage time overruns could adversely affect its financial condition, results of operations, and cash flows.
If the company fails to protect or incur significant costs in defending its intellectual property or if the company infringe the intellectual property rights of others, its business, results of operation, financial condition and cash flows could be adversely affected.
As on the date of this RHP, the company has neither identified any specific target entities/ businesses, nor signed any definitive agreements with any such targets/ entities whose acquisition will be funded from the Net Proceeds.
The company has experienced negative net cash flow from investing and financing activities in the past years and may continue to do so in future, which could have a material adverse effect on its business, prospects, financial condition, cash flows and results of operations.
The company's past performance may not be indicative of its future growth. An inability to effectively manage the company's growth, implement its strategies and expansion plan may have an adverse effect on the company's business prospects and future financial performance.
Any delay in payment of statutory dues by the Company in future, may result in the imposition of penalties and in turn may have an adverse effect on the Company's business, financial condition, results of operation and cash flows.
Dependence on third-party OEMs for hardware and server infrastructure exposes it to risks of cost escalation and procurement delays, which could adversely impact project timelines and business operations.
For the Fiscals 2026, 2025, and 2024, the cost of supplies from the company's top ten suppliers represented 60.03%, 78.63%, and 79.41%, of its total expenses, respectively. The company relies on its suppliers for various critical aspects of the company's information technology infrastructure. If any of its top 10 suppliers ceased supplying products/services to the company and its were unable to find a supplier to replace it, it could have an adverse effect on the company's business, financial condition, results of operations, and cash flows.
The company's international business exposes it to complex management, legal, tax and economic risks, which could adversely affect the company's business, results of operations, financial condition and cash flows.
The company may enters into necessary or desirable strategic acquisitions, or make acquisitions, or investments to grow its business. Any failures to achieve the anticipated benefits from these strategic acquisitions, or investments with its existing business, could adversely affect the company.
The company's ability to invest in foreign subsidiaries or joint ventures is constrained by applicable restrictions under Indian overseas investment laws as well as laws of the relevant international jurisdictions, which could adversely affect the company's business prospects and international growth strategy.
There are certain outstanding legal proceeding involving the Company, Directors, Subsidiary, RICT India Private Limited and one of its KMPs. Any adverse outcome in such proceeding may have an adverse impact on the company's reputation, business, results of operations, cash flows and financial condition.
The company's business will suffer if its fails to anticipate and develop new services and enhance existing services in order to keep pace with rapid changes in technology and in the industries on which the company focus.
The company relies on proprietary and third-party software solutions, and any failures or defect in these systems could adversely affect its operations and financial condition.
The company faces certain competitive pressures from the existing competitors and new entrants in both public and private sector. Increased competition and aggressive bidding by such competitors are expected to make the company's ability to procure business in future more uncertain which may adversely affect its business, financial condition and results of operations.
The company's ability to implement AI solutions depends in part on its ability to operates with third-party services and any failures to do so could adversely impact the company operations.
The company incur employee benefits expense, as part of its operations. An increase in employee costs, including on account of changes in regulations, may prevent the company from maintaining its competitive advantage and may reduce the company profitability.
In addition to undertaking projects on a principal basis, the company also execute certain projects as a sub-contractor, which may involve additional conditions and requirements. Failures to comply with these conditions could result in early termination or penalties imposed by the primary contractor, potentially adversely affecting the company's cash flows, business operations, and financial performance.
The company's marketing and advertising campaigns, may not be successful in increasing the popularity of its products and offerings which may adversely affect the company's business and results of operations.
The company's Subsidiaries are involved in the same or similar line of activity or business as that of the Company.
Any failures to obtain, renew and maintain requisite statutory and regulatory permits, licenses and approvals for the company operations from time to time may adversely affect its business.
Certain of the company's Promoters, namely Nambiar Raghavan Madhusoodan, Prasaktha Vakkiyl Nambiar and Martin Poovakkulam Chacko have provided personal guarantees as security for certain facilities availed by the Company. If these guarantees are revoked, its may be unable to procure alternative guarantees satisfactory to the company's lenders, which may adversely affect its business, results of operations, cash flows and financial condition.
The Company has availed unsecured borrowings from its Promoters which is repayable on demand.
The company's business and growth strategy depends on the quality and successful implementation of its AI solutions. Delays or failures in meeting contractual timelines or the expectation of the company's clients may result in cost overrun, loss of business and disputes which in turn could adversely impact its business, financial condition and results of operations.
The emergence of new and advanced technologies could render the company's existing solutions obsolete or irrelevant which could adversely impact its results of operations, financial condition and cash flows.
The company uses of open-source software may expose it to increased costs, legal risks, or operational challenges if license terms change or additional compliance obligations arise.
The company does not retain full ownership of certain software developed for Government clients, which may restrict its ability to independently commercialize or monetize such solutions.
The company enters into related party transactions in the ordinary course of its business and the company cannot assure you that such transactions will not have an adverse effect on its results of operation and financial condition.
The company's financing agreements contain covenants that limit its flexibility in operating the company's business. Further, the Company has availed unsecured loans from banks and other financial institutions, which may be recalled on demand. If the company is not in compliance with certain of these covenants and are unable to obtain waivers from the respective lenders, its lenders may accelerate the repayment schedules, and enforce their respective security interests, leading to a material adverse effect on the company's business and financial condition.
The company does not have any direct hedging policy in place and are exposed to foreign currency fluctuation risks. Exchange rate fluctuations may adversely affect its results of operations as a certain portion of the company's revenue and is denominated in foreign currencies.
An inability to maintain adequate insurance cover in connection with the company's business may adversely affect its operations and profitability.
Certain unsecured loans have been availed by the company's Subsidiary, RICT India Private Limited, which may be recalled by lenders at any time.
The company's contingent liabilities could materially and adversely affect its business, results of operations and financial condition.
Failures to comply with laws and regulations applicable to the company's business could subject it to fines and penalties and could also cause the company to lose customers or otherwise harm its business.
Non-compliance with applicable government IT, cybersecurity, accessibility, and public procurement guidelines may adversely affect the company's business operations, eligibility in government tenders, and reputation.
Except for R Thiyagarajan and Karthick Varadarajan, the Independent Directors of the Company, none of its Directors have prior experience as directors in any other listed company in India. This may pose certain potential challenges for the Company, and in the event of any material non-compliance for which its Directors are held liable, it may become necessary for the company to appoint new directors.
This Red Herring Prospectus contains information from industry sources including the industry report commissioned by the Company from Dun & Bradstreet, and reliance on such information for making an investment decision in the Issue is subject to certain inherent risks.
The company faces industry-specific operational and adoption challenges in its key sectors, which could adversely impact the scalability and effectiveness of the company's solutions.
Any variation in the utilization of the Net Proceeds would be subject to certain compliance requirements, including prior shareholders approval.
The company has not yet placed orders or entered into definitive agreements for the equipment and skilled personnel that the company proposes to finance from the Net Proceeds. In the event of any delay in placing such orders, or in the event the vendors are not able to provide the equipment in a timely manner, or at all, it may result in time and cost overruns and the company's business, prospects and results of operations may be adversely affected.
The company funding requirements and proposed deployment of the Net Proceeds have not been appraised by a bank or a financial institution, and the proposed utilization of Net Proceeds is based on, amongst others, the company's current business plan and management estimates, and if there are any delays or cost overruns, its business, cash flows, financial condition and results of operations may be adversely affected.
The company's Promoter, Managing Director and Chief Executive Officer, Nambiar Raghavan Madhusoodan has significant control over the Company and has the ability to direct its business and affairs; their interests may conflict with your interests as a shareholder.
The Company has not paid dividends during the last three Fiscals and during the current Fiscal. There can be no assurance that the Company will be in a position to pay dividends in the future. The company's ability to pay dividends in the future may be affected by any material adverse effect on its future earnings, financial condition or cash flows.
Its Promoters and Directors have interests in the Company other than reimbursement of expenses incurred or normal remuneration or benefits. Any real or potential conflicts of interest that may arise in this regard may materially adversely impact the company's business, financial condition, results of operations and cash flows.
The company has in this Red Herring Prospectus included certain non-GAAP financial measures and certain other industry measures related to its operations and financial performance. These non-GAAP measures and industry measures may vary from any standard methodology that is applicable across the Indian IT industry, and therefore may not be comparable with financial or industry related statistical information of similar nomenclature computed and presented by other companies.
Significant differences exist between Ind AS and other accounting principles, such as US GAAP and International Financial Reporting Standards ("IFRS"), which may affect investor's assessment of the company's financial condition.
The determination of the Price Band is based on various factors and assumptions and the Issue Price of the Equity Shares may not be indicative of the market price of the Equity Shares upon listing on the Stock Exchanges.
Pursuant to listing of the Equity Shares, the company may be subject to pre-emptive surveillance measures like Additional Surveillance Measure (ASM) and Graded Surveillance Measures (GSM) by the Stock Exchanges in order to enhance market integrity and safeguard the interest of investors.

The Issue type of SRIT India Ltd is Book Building.

The minimum application for shares of SRIT India Ltd is 115.

The total shares issue of SRIT India Ltd is 16800000.

Initial public offering of up to 16,800,000 equity shares of face value of Rs. 5/- each ("Equity Shares") of Srit India Limited ("Company" or "Issuer") for cash at a price of Rs. 130 per equity share (including a share premium of Rs. 125 per equity share) ("Issue Price") aggregating up to Rs. 218.4 Crores ("Issue") comprising a fresh issue of up to 16,800,000 equity shares by the company aggregating up to Rs. 218.4 Crores ("Fresh Issue"). The issue shall constitute 26.14% of the post-issue paid up equity share capital of the company. Price Band: Rs. 130 per equity share of face value of Rs. 5 each. The floor price is 26.00 times the face value of the equity shares. Bids can made for a minimum of 115 equity shares of face value of Rs. 5 each and in multiples of 115 equity shares of face value of Rs. 5 each thereafter.

SRIT India Ltd IPOSRIT

Objectives of SRIT India Ltd IPO