EverestIMS Technologies IPO
EverestIMS Technologies IPO is an SME IPO raising ₹48 Cr at ₹80 – ₹85 a share. It listed on 8 Oct 2026 at ₹126, +48.2% against its issue price of ₹85, and trades at ₹99 today (+16.4% since issue). It was subscribed 274× in total.
273.7 times more demand than shares on offer
populated partly populated we hold nothing here — the tab says why
What this company actually does
Read out of the prospectus’s business section, stripped of its marketing language.
EverestIMS Technologies is a Bengaluru-based software company that sells the 'Infraon Infinity' platform for IT operations and service management. The platform is offered both as a cloud-hosted SaaS subscription and as on-premises licences, with modules for IT Service Management (ITSM), IT Infrastructure Monitoring (ITIM), Network Change & Configuration Management (NCCM), AIOps, IT Asset Management (ITAM) and an Operations Support System (OSS) for telecom operators. Customers are mainly Indian mid-market firms, enterprises, government bodies and telecom operators; sales are run directly and through a network of domestic and overseas channel partners and distributors, with a US subsidiary (Infraon Corp) supporting North America.
How it earns
Primarily through (i) one-time upfront per-user licence fees for on-premises software sold via channel partners/distributors, plus annual maintenance fees and OSS customisation fees for telecom clients, and (ii) annual SaaS subscription fees for the cloud-hosted platform; a small line of hardware resale was added in Fiscal 2026.
Who buys
Customer names are not disclosed (consent letters not received). Concentration is high and disclosed only in aggregate: Top 1 customer = 29.55% of revenue, Top 5 = 76.07%, Top 10 = 88.77% in Fiscal 2026 (figures converted from lakhs: revenue of 6,512.39 lakhs = 65.12 crore, so Top 1 ≈ 19.24 crore, Top 5 ≈ 49.54 crore, Top 10 ≈ 57.81 crore).
Scale
230 employees on payroll as of 31 March 2026 (Engineering 107, Customer Success & Support 59, Sales & Presales 30, Operations 13, Marketing 9, Managerial 8, Accounts 3, Secretarial 1); 3 Indian offices (Bangalore registered office, Mumbai, Gurgaon) plus US subsidiary Infraon Corp; order book of 3,912.19 lakhs (39.12 crore) as of 31 August 2026; Revenue from Operations 6,512.39 lakhs (65.12 crore) in Fiscal 2026. Figures converted from the lakhs stated in the prospectus (1 crore = 100 lakh).
What it says sets it apart
- Single integrated 'Infraon Infinity' platform combining ITSM, ITIM, NCCM, AIOps, ITAM and OSS, so customers avoid stitching together multiple tools.
- Product breadth spanning both SaaS and on-premises deployment, with AI/ML features built in across modules.
- Channel-partner-led go-to-market backed by free product and technical training, enabling partners to also resell professional services.
- Evolved from a single network-monitoring product to a six-module platform covering ITOM, ITSM, AIOps, ITAM and telecom OSS, including a dedicated OSS module tailored for telecom operators.
- Asset-light software model with no debt on the balance sheet and zero manufacturing capacity requirement.
Revenue mix
The numbers at a glance
The price they’re asking →derived: cut-off price Rs85 / stated EPS Rs7.71 (FY2026 (year ended March 31, 2026), basic and diluted EPS, restated consolidated; also weighted average EPS = 7.71). Stated figures are as printed in the prospectus; margins, growth and the borrowing ratio are computed from its own summary table. A multiple is one lens, not a verdict.
Where the money goes
The offer →Most of this issue is new shares — the money raised goes to the company, not to exiting shareholders.
How its cohort has done
185 SME issues listed in 2026 that we can price today. This is the group this issue belongs to.
Neither figure is a forecast for this issue — they describe what happened to comparable issues. Full cohort analytics →
How the book finished
The category split is the number worth reading, not the total.
Non-institutional: 406× their allocation. QIB: 149×.
What we hold for this issue
Stated up front on every issue, so a sparse page reads as a fact about the source rather than a broken one.
What happens when
Next: the UPI mandate expires on 16 Nov 2026.
What to watch
- Priced at 11× earnings — 53% below the median of the peers the issuer itself names.
- Its cohort's record: median −2.7% since issue price, 51.9% now below it — a base rate, not a forecast.
Each line restates a disclosure from the prospectus or the exchanges — nothing here is a recommendation to apply to this issue.
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