Opalforce Software India IPO
Opalforce Software India IPO is a Book Built SME issue of 50.00 lakh equity shares, comprising a Fresh Issue of 33.50 lakh shares and an Offer for Sale of 16.50 lakh shares. The face value is ₹2 per share. The equity shares are proposed to be listed on th
Opalforce Software India IPO Details
Opalforce Software India IPO is a proposed SME IPO of Opalforce Software India Limited, a Pune-based IT services company engaged in IT staffing and manpower recruitment services. The Draft Red Herring Prospectus dated October 25, 2023 proposed an initial public offer of 50,00,000 equity shares of face value ₹2 each. The offer comprises a Fresh Issue of 33,50,000 equity shares and an Offer for Sale of 16,50,000 equity shares by Opalforce Inc. The equity shares are proposed to be listed on the Emerge Platform of NSE.
Opalforce Software India IPO Lot Size
The Opalforce Software India IPO lot size was not disclosed in the Draft Red Herring Prospectus. The company stated that the price band and minimum bid lot would be decided by the company and the Selling Shareholder in consultation with the Book Running Lead Manager and would be advertised before the Bid/Offer Opening Date.
| Application | Lots | Shares | Amount (₹) |
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| Retail (Min) | |||
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| S-HNI (Min) | |||
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| B-HNI (Min) |
Opalforce Software India IPO Reservation
As per the DRHP, not more than 50% of the Net Offer was proposed for allocation to Qualified Institutional Buyers, not less than 15% to Non-Institutional Bidders and not less than 35% to Retail Individual Bidders, subject to valid bids and the applicable SEBI ICDR Regulations.
Opalforce Software India IPO Subscription
Opalforce Software India IPO has not opened for subscription based on the available IPO information. Category-wise subscription data is therefore not available.
| Category | Subscription (times) |
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About Opalforce Software India
Opalforce Software India Limited was incorporated on September 24, 2009 as Opalforce Software India Private Limited. The company was subsequently converted into a public limited company in 2023 and changed its name to Opalforce Software India Limited. Its registered office is located in Pimple Saudagar, Pune, Maharashtra. The company is promoted by Opalforce Inc, Aditya Sitaram Joshi and Priyanka M. Joshi.
The company operates in the Information Technology sector and carries out IT staffing and manpower recruitment services. Its business includes providing technology services and solutions, recruitment and assessment of specialized technology professionals and offshore project delivery services. The DRHP states that the company operates majorly in India and the USA and is a subsidiary of the US-based Opalforce Inc.
Opalforce has served customers and reputed brands including S A Technologies Inc., Harman International, Accenture, Accenture PLC, VMware and Mindpool Technologies. The company states that it provides customized solutions across technology and semiconductor-related verticals and has an international presence through its promoter and group-company relationships.
The company also states that it maintains certifications and accreditations including ISO/IEC 27001:2022, ISO 9001:2015, CMMI Level-3 and CMMI Maturity Level-5 for relevant product engineering, embedded programming and design services.
Strengths
- Customized solutions tailored to the requirements of clients.
- Specialized recruitment and assessment capabilities for technology and semiconductor professionals.
- Strategic partnerships with industry players, educational institutions and professional organizations.
- Global presence supported by operations and group-company relationships in the USA.
- Diversified business across technology and semiconductor-related verticals.
- Strong execution capabilities supported by industry experience.
- Existing relationships with established customers and recognized brands.
- Quality assurance supported by ISO and CMMI-related certifications.
- Experienced management team with significant industry experience.
Risks to Consider
- The company's commercial success depends on its ability to anticipate changing market needs and continuously upgrade its technology solutions.
- The semiconductor and technology industries are characterized by rapid technological changes and evolving customer requirements.
- A significant portion of revenue is dependent on S A Technologies Inc.; the company disclosed that 71% of revenue for the three months ended June 30, 2023 and 25% for FY2023 came from this group company.
- The company may face difficulties in expanding into geographical markets where it has limited operating history.
- The business depends heavily on attracting, developing and retaining skilled IT professionals.
- Increased employee costs may adversely affect profitability.
- Client agreements may be terminated or not renewed, making future revenue uncertain.
- The company's registered office is not owned by it and is taken on a rental basis.
- The company requires significant working capital to support continued growth.
- Errors, defects or disruptions in services could lead to claims, loss of customers or delayed payments.
- The company is dependent on key managerial and senior management personnel.
- Competition for skilled technology professionals is intense and may affect the company's ability to execute projects.
Opalforce Software India Financials (₹ Cr)
Opalforce Software India reported strong growth in revenue from operations during the period covered by its DRHP. Revenue from operations increased from ₹0.02 crore in FY2021 to ₹4.71 crore in FY2022 and ₹14.01 crore in FY2023. Restated PAT increased from ₹0.02 crore in FY2021 to ₹0.36 crore in FY2022 and ₹1.21 crore in FY2023. For the three months ended June 30, 2023, revenue from operations stood at ₹4.59 crore and restated PAT at ₹0.59 crore. Total assets increased from ₹0.87 crore in FY2021 to ₹6.79 crore in FY2023.
| Period | Revenue | PAT | Total Assets | Net Worth |
|---|---|---|---|---|
| FY2021 | 0.02 | 0.02 | 0.87 | 0.86 |
| FY2022 | 4.71 | 0.36 | 1.66 | 1.22 |
| FY2023 | 14.01 | 1.21 | 6.79 | 2.43 |
| June 30, 2023 | 4.59 | 0.59 | 6.78 | 3.02 |
KPIs & Valuation
Opalforce Software India reported FY2023 adjusted basic and diluted EPS of ₹5.03. Its weighted-average EPS for FY2021–FY2023 was ₹3.02. The FY2023 EBITDA margin was 13.61%, while the debt-to-equity ratio was 0.06. Since the IPO price band was not finalized in the DRHP, pre-IPO and post-IPO P/E ratios cannot be calculated.
Objects of the Issue
The Opalforce Software India IPO comprises a Fresh Issue of 33,50,000 equity shares. The company proposes to utilise ₹1,800 lakh from the Net Proceeds towards funding its working capital requirements for Fiscal 2024 and Fiscal 2025. The balance Net Proceeds are proposed to be utilised towards general corporate purposes. The final allocation and amount may be subject to the terms of the final offer document. The company proposed to utilise the IPO proceeds for:
- Funding the working capital requirements of the company.
- General corporate purposes.
Promoters, Lead Managers & Registrar
Opalforce Software India Limited is promoted by Opalforce Inc, Aditya Sitaram Joshi and Priyanka M. Joshi. Khandwala Securities Limited is the Book Running Lead Manager to the Issue and Bigshare Services Private Limited is the Registrar to the Offer.
Promoters
Lead Managers (BRLM)
Registrar
| Name | Bigshare Services Private Limited |
|---|---|
| Phone | +91 22 6263 8200 |
| ipo@bigshareonline.com | |
| Website | www.bigshareonline.com |
Opalforce Software India IPO Review
Opalforce Software India operates in the IT staffing and technology services segment, with a business model focused on providing technology professionals, recruitment services and offshore project delivery support. The company has reported relationships with established customers and has positioned customized solutions, specialized recruitment, global presence and diversified vertical exposure as key competitive strengths. Its certifications, including ISO/IEC 27001:2022, ISO 9001:2015 and CMMI-related certifications, also support its stated focus on quality and technology services.
The company's financial performance improved materially during FY2023. Revenue from operations increased to ₹1,401.18 lakh in FY2023 from ₹471.41 lakh in FY2022, while restated PAT increased to ₹121.26 lakh from ₹35.52 lakh. EBITDA increased to ₹190.70 lakh in FY2023 from ₹28.88 lakh in FY2022. For the three months ended June 30, 2023, the company reported revenue from operations of ₹458.53 lakh, EBITDA of ₹84.46 lakh and restated PAT of ₹58.67 lakh.
The IPO proceeds are primarily intended to strengthen working capital. The company proposed ₹1,800 lakh from the Net Proceeds for working capital requirements, particularly to support recruitment of technical staff, infrastructure and workspace requirements and higher technical capabilities. However, investors should also consider the company's dependence on key customers, the competitive nature of the IT staffing market, employee-related costs and the need to continually upgrade technology capabilities. The DRHP does not provide a finalized price band, so valuation and IPO P/E cannot be assessed from the available document.
How to Apply
Opalforce Software India IPO applications can be made through the applicable ASBA and UPI mechanisms once the IPO opens for subscription. The price band, minimum bid lot and issue dates were not finalized in the Draft Red Herring Prospectus. Investors should check the final offer documents and their broker's IPO platform for the finalized terms before applying.
Through UPI
- Log in to your stockbroker app or website.
- Go to the IPO section.
- Select Opalforce Software India IPO.
- Enter the number of lots you want to apply for after the lot size is announced.
- Enter your bid price after the price band is finalized.
- Enter your valid UPI ID.
- Submit the IPO application.
- Open your UPI application when the mandate request is received.
- Approve the mandate using your UPI PIN.
- The application amount will be blocked in your bank account. If shares are allotted, the required amount will be debited; otherwise, the blocked amount will be released.
Prospectus & Documents
The available IPO document for Opalforce Software India is the Draft Red Herring Prospectus dated October 25, 2023. The DRHP contains the proposed issue structure, business information, financial statements, risk factors, objects of the offer and other IPO-related disclosures. Final offer terms such as the issue price and bid dates were not included in the available DRHP.
Last updated Oct 6, 2026.