NIS Management Ltd IPO

The IPO opens on 25 Aug 2025 & closes on 28 Aug 2025.

NIS Management Limited was started in Kolkata in year 1985 by Mr. Debajit Choudhury as a sole proprietorship and converted into a Private Limited Company as NIS Management Private Limited vide Certificate of Incorporation dated March 23, 2006, issued by Registrar of Companies, Kolkata. Subsequently, Company got converted into a Public Limited Company and the name changed from 'NIS Management Private Limited' to 'NIS Management Limited' vide a fresh Certificate of Incorporation dated June 27, 2018 issued by the Registrar of Companies, Kolkata. The Company focused on providing security guards and investigation services. Gradually, the Company grew with contracts from esteemed organizations and some other major groups. Mrs. Rina Choudhury joined the business in the mid-1990s and they became the promoters of the Company. Mrs. Rina Choudhury assumed leadership of the facility management division, securing notable contracts from esteemed hospitality groups such as the Taj Group and Oberoi Grand, among others. The Company works with a diverse clientele encompassing esteemed organizations such as Reliance Retail, Piramal Group, HDFC Bank, Torrent Power, and several key airports and government institutions across India. It set up operations to deliver top-notch services to customers, specializing in various aspects such as Security Services, Facility Management, Housekeeping, Payroll management, Events Security, etc. In its evolution, the Company expanded into electronic security services, initially providing alarm systems to jewelry stores. This segment eventually evolved into a distinct entity, NIS Facility Management Services Private Limited, a wholly-owned subsidiary catering to State Governments and Public Sector Undertakings (PSUs) with comprehensive security solutions. Concurrently, Keertika Academy Private Limited was established, focusing on initiatives aimed at skill development. Recognized as a partner of the National Skill Development Corporation (NSDC), the academy has played a pivotal role in various vocational training programs under schemes like DDU-GKY and PMKVY, significantly contributing to workforce empowerment and development. Company launched the IPO of 54,06,000 equity shares of face value of Rs 10 each by raising Rs 60 crores, consisting a fresh issue of 46,62,000 equity shares aggregating to Rs 51.74 crores and the offer for sale of 7,44,000 equity shares aggregating to Rs 8.25 crores in August, 2025.

NIS Management Ltd IPO will close on 28 Aug 2025.

<ul><li>Established presence and proven track record.</li><li>Decent order book with a government client base.</li><li>Continuous Focus on equipment ownership.</li><li>Strong financial performance.</li><li>Experienced Promoters and Strong Senior Management Expertise.</li></ul>

<table class="table"> <thead> <tr> <th>S.No</th> <th>Promoters Name</th> <th>Pre Issue Shares</th> <th>Pre Issue Percentage</th> <th>Post Issue Shares</th> <th>Post Issue Percentage</th> </tr> </thead> <tbody> <tr> <td>1</td> <td>Debajit Choudhury</td> <td>12792448</td> <td>84.51</td> <td>12048448</td> <td>60.85</td> </tr> <tr> <td>2</td> <td>Rina Choudhury</td> <td>1737830</td> <td>11.48</td> <td>1737830</td> <td>8.78</td> </tr> <tr> <td>3</td> <td>Susmita Mukherjee</td> <td>176</td> <td>---</td> <td>176</td> <td>---</td> </tr> <tr> <td>4</td> <td>Debahuti Chatterjee</td> <td>88</td> <td>---</td> <td>88</td> <td>---</td> </tr> <tr> <td>5</td> <td>Nita Dey</td> <td>176</td> <td>---</td> <td>176</td> <td>---</td> </tr> </tbody> </table>

<ul><li>A significant portion of the company Total Revenue is attributable to the state of West Bengal.</li><li>The company Revenue from the Security Division and Housekeeping Division contributes significantly to its revenue from operation any loss of business from such services may adversely affect the company revenues and profitability.</li><li>There are outstanding legal proceedings. Any adverse outcome in any of these proceedings may adversely affect the company reputation, business, financial condition and results of operations.</li><li>The company has a large workforce deployed across workplaces and customer premises, consequently its may be exposed to service related claims and losses or employee disruptions that could have an adverse effect on the company reputation, business, results of operations and financial condition.</li><li>The company lenders have charge over the company movable and immovable properties in respect of finance availed by it and the Directors have provided their personal guarantee for such debt facility availed by it.</li><li>The company has to update the name of the Company in some of the statutory approvals, certificates, licenses and registrations due to the change of Status of its Company.</li><li>The company is subject to several labour legislations and regulations governing welfares, benefits and training of its employees and the company also a party to several litigations initiated by the company former or current employees.</li><li>The company is required to obtain, maintain or renew statutory and regulatory licenses (including PSARA Approvals) in respect of its principal business lines, and if the company fail to do so, in a timely manner or at all, its may be unable to fully or partially operate of the company businesses and its results of operations may be adversely affected.</li><li>The company Promoters and one of its Directors have provided personal guarantees for loan facilities obtained by the Company, and any failure or default by the Company to repay such loans in accordance with the terms and conditions of the financing documents could trigger repayment obligations, which may impact the ability of its Promoters and Director to effectively render their duties and thereby, adversely impact the company business and operations.</li><li>The company branch offices are not registered in our name and are located on leased premises. There can be no assurance that these lease agreements will be renewed upon termination or that its will be able to obtain other premises on lease on same or similar commercial terms.</li><li>The Company is not in possession of documents pertaining to certain litigation described in the chapter titled "Outstanding Litigation and Material Developments".</li><li>The company security services and cash management businesses include the carrying and handling of firearms and ammunition by certain of the company employees. Any misuse or contravention of laws or policies relating to firearms by personnel may adversely affect its reputation and expose it to potential liabilities.</li><li>The Company has applied for the registration of the trademark but the same have not yet been registered with the registrar of Trademarks</li><li>The company operate in a highly competitive and fragmented industry with low barriers to entry and may be unable to compete successfully against existing or new competitors, particularly in the unorganized segment.</li><li>An inability to recruit, train, and retain qualified and experienced personnel who meet the staffing requirements of the company clients may adversely affect its reputation, business prospects, and future financial performance.</li><li>The company business is significantly affected by fluctuations in general economic conditions of the region and sectors in which its operate.</li><li>Certain of the company client contracts can be terminated by its clients without cause and with limited or penalty, which could negatively impact the company revenue and profitability.</li><li>Operational risks are inherent in the company business as it includes rendering services in challenging environments. A failure to manage such risks could have an adverse impact on its business, results of operations and financial condition.</li><li>The company's ability to service contracts with public sector undertakings or governmental customers may be affected by political and administrative decisions.</li><li>There have been certain inadvertent inaccuracies, delay and non-compliances with respect to certain regulatory filings and corporate actions taken by the Company. Consequently, its may be subject to regulatory actions and penalties for any past or future non-compliance and the company business and financial condition may be adversely affected.</li><li>Non-compliance of certain provisions of the Companies Act,2013 and rules made thereunder.</li><li>The company may be unable to perform background verification procedures on the company personnel as well as on its billable employees prior to placing them with the company customers.</li><li>Significant disruptions of information technology systems or breaches of data security could adversely affect its business.</li><li>The company has dependent upon the business experience and skill of its promoters and management personnel. Loss of the company senior management or its inability to attract or retain such qualified personnel could adversely affect the company business, results of operations, and financial condition.</li><li>The company has significant employee benefit expenses, such as workers' compensation, staff welfare expenses and contribution to provident and other funds. An increase in employee costs in India may prevent it from maintaining the company competitive advantage and may reduce its profitability.</li><li>The Company will not receive any proceeds from the Offer for Sale portion and objects of the Fresh Issue for which the funds are being raised have not been appraised by any bank or financial institutions. Any variation in the utilization of its Net Proceeds as disclosed in this Prospectus would be subject to certain compliance requirements, including prior shareholders' approval.</li><li>The company customers may delay or default in making payments for services rendered by it which could affect the company profits, cash flows and liquidity.</li><li>The BRLM has relied on declarations and affidavits furnished by some of the company directors and other individuals for details of their profiles included in this Red Herring Prospectus.</li><li>The BRLM has also relied on the undertakings furnished by some of the company promoters for details of the investment Schedules of the promoter group for the categorization of Promoter group Companies.</li><li>The company may be unable to obtain future financing on favorable terms, or at all, to fund expected capital expenditure and working capital requirements.</li><li>The company faces several key risk factors that could impact profitability, including low margins, reliance on non-composite contracts, low technology adoption, industry consolidation, changing consumer preferences, high debt levels, and safety concerns.</li><li>The company has in past entered into related party transactions and its may continue to do so in the future.</li><li>The company ability to pay dividends in the future will depend upon its future earnings, financial condition, cash flows, working capital requirements, capital expenditure and restrictive covenants in the company financing arrangements.</li><li>The average cost of acquisition of Equity Shares by the company Promoter could be lower than the Offer Price.</li><li>If the company fail to maintain an effective system of internal controls, its may not be able to successfully manage, or accurately report, the company Financing risks.</li></ul>

The Issue type of NIS Management Ltd is Book Building - SME.

The minimum application for shares of NIS Management Ltd is 2400.

The total shares issue of NIS Management Ltd is 5406000.

Initial public offer of 54,06,000 equity shares of face value of Rs. 10/- each ("equity shares") of NIS Management Limited ("NIS" or the "company") for cash at price of Rs. 111/- per equity share (including a share premium of Rs. 101/- per equity share) (the "offer price"), aggregating to Rs. 60.01 crores ("the offer"), comprising a fresh issue of 46,62,000 equity shares aggregating to Rs. 51.75 crores (the "fresh issue") and an offer for sale of 7,44,000 equity shares (the "offered shares") of face value of Rs. 10/- each by Debajit Choudhury; (the "selling shareholder") aggregating to Rs. 8.26 crores, out of which 3,30,000 equity shares of face value of Rs. 10/- each, at an offer price of Rs. 111/- per equity share for cash, aggregating Rs. 3.66 crores will be reserved for subscription by the market maker to the offer (the "market maker reservation portion"). The offer less market maker reservation portion i.e. net offer of 50,76,000 equity shares of face value of Rs. 10/- each, at an offer price of Rs. 111/- per equity share for cash, aggregating to Rs. 56.34 crores is hereinafter referred to as the "net offer". The offer and net offer will constitute 27.30% and 25.64% respectively of the post-issue paid-up equity share capital of the company.