Neilsoft Sets Stage for IPO to Accelerate Growth

Neilsoft, a Pune-based engineering services company, has filed draft papers with SEBI for an IPO. The IPO includes a fresh issue of shares worth Rs 100 crore and an OFS of 80 lakh shares. Proceeds will fund capital expenditure and corporate purposes. Revenue and profits are on the rise.

Neilsoft, the technology-driven engineering firm based in Pune, has taken a significant step by filing draft papers with the Securities and Exchange Board of India (SEBI) to initiate an initial public offering (IPO). This strategic move aims to fuel the company's growth and expansion plans.

The IPO consists of a fresh issue of shares accumulating Rs 100 crore, alongside an offer for sale (OFS) of 80 lakh shares by promoters and other selling shareholders, as indicated in the draft red herring prospectus (DRHP). Key stakeholders participating in the OFS include entities like the Small Industries Development Bank of India and SICOM Ltd.

The funds raised from the fresh issue, with Rs 69.63 crore reserved for capital expenditure, will also support general corporate purposes. Neilsoft, since its inception in 1991, has carved a niche in providing bespoke engineering services and pioneering digital transformation initiatives. On the financial front, the company showed notable growth with a 12% rise in revenue and a 24% increase in profit after tax in the recent fiscal year. Top financial firms, Equirus Capital and IIFL Capital Services, are leading the IPO as book-running managers.

(With inputs from agencies.)