Desco Infratech & 3 SME IPOs Open This Week. Key Details Inside

An eventful week awaits in the SME IPO market with a mix of opportunities for investors. This week features Desco Infratech Ltd., aiming to raise ₹185 crore, along with three other SME IPOs—Shri Ahimsa Naturals Ltd, ATC Energies System Ltd, and Identixweb Ltd—set to launch. These IPOs span multiple sectors, offering investors a chance to participate in emerging Indian businesses. Before diving into the details, let’s examine their objectives, financials, Grey Market Premium (GMP), and other key aspects. Here’s a closer look at what’s in store!

Desco Infratech Limited

Desco Infratech Limited is launching its SME IPO with a fresh issue of 20.50 lakh shares, aggregating to Rs 30.75 crores. The IPO subscription opens on March 24, 2025, and closes on March 26, 2025. The allotment is expected to be finalized by March 27, 2025. Desco Infratech IPO is set to list on the BSE SME platform, with the tentative listing date scheduled for April 1, 2025. 

Offer Price	₹147 to ₹150 per share
Face Value	₹10 per share
Opening Date	24 March 2025
Closing Date	26 March 2025
Total Issue Size (in Shares)	20,50,000
Total Issue Size (in ₹)	₹30.75 Cr
Issue Type	Book Built Issue IPO
Lot Size	1,000 Shares
Listing at	BSE, SME

The minimum application size is 1,000 shares, requiring a retail investor investment of Rs 1,47,000. However, bidding at the cutoff price of Rs 1,50,000 is recommended to avoid oversubscription risks. HNI investors must bid for at least two lots (2,000 shares), amounting to Rs 3,00,000.

GMP (Grey Market Premium)

As of March 24, 2025, Desco Infratech’s SME IPO is trading at a GMP of Rs 20. Given the price band of Rs 150 per share, the estimated listing price is Rs 170, indicating a potential listing gain of 13.33% per share.

Objectives of the IPO

• Funding capital expenditure for setting up a corporate office in Surat, Gujarat – Rs 10.43 million.
• Purchasing machinery to enhance operational capabilities – Rs 16.8 million.
• Funding working capital requirements – Rs 180 million.
• General corporate purposes.

Company Overview

Desco Infratech Limited (Founded in 2011) is an infrastructure company engaged in engineering, planning, and construction across City Gas Distribution (CGD), renewable energy, water management, and power infrastructure. Operating in 55+ cities across 14 states, it has laid over 4,000 km of MDPE pipelines and provided 200,000+ piped natural gas connections. The company also develops water distribution networks, open wells, sump wells, and overhead tanks.

Financials

Desco Infratech Limited has shown steady growth in revenue and profitability. As of September 30, 2024, revenue stood at ₹22.75 crore, following ₹29.49 crore in FY24 and ₹29.28 crore in FY23. Profit After Tax (PAT) reached ₹3.38 crore in H1 FY25, maintaining momentum from ₹3.46 crore in FY24—a sharp rise from ₹1.23 crore in FY23 and ₹0.83 crore in FY22, highlighting improved profitability.

SWOT Analysis of Desco Infratech Limited

STRENGTHS	WEAKNESSES
Established track record in infrastructure development, especially in CGD and renewable energy. Strong execution capabilities with over 4,000 km of MDPE pipelines laid. Presence in multiple states and cities, reducing geographical concentration risk. Robust financial growth with increasing revenue and profit margins.	High working capital requirements necessitating external funding. Exposure to regulatory and environmental approvals can delay projects. Dependence on government contracts and policies for infrastructure development.
OPPORTUNITIES	THREATS
Growing demand for sustainable energy solutions, including CGD and renewable power projects. Expansion into new geographical markets and infrastructure segments. Increased government spending on infrastructure projects can boost contract opportunities.	Market volatility and economic downturns affect infrastructure investments. Rising competition in the infrastructure sector from other large players. Delays in project execution due to external factors like raw material shortages or policy changes.

Shri Ahimsa Naturals Limited

Shri Ahimsa Naturals Limited is launching its SME IPO with a total issue size of ₹ 73.81 crores. The offering consists of a fresh issue of 42.04 lakh shares worth ₹50.02 crores and an offer for sale (OFS) of 19.99 lakh shares amounting to ₹23.79 crores. The IPO will be open for subscription from March 25, 2025, to March 27, 2025. 

Offer Price	₹113 to ₹119 per share
Face Value	₹10 per share
Opening Date	25 March 2025
Closing Date	27 March 2025
Total Issue Size (in Shares)	62,02,800
Total Issue Size (in ₹)	₹73.81Cr
Issue Type	Book Built Issue IPO
Lot Size	1,200 Shares
Listing at	NSE, SME

The allotment is expected to be finalized on March 28, 2025, with a listing scheduled on the NSE SME platform on April 2, 2025. The minimum lot size is 1,200 shares, requiring a retail investor investment of ₹1,35,600. To avoid potential oversubscription risks, bidding at the cutoff price of ₹1,42,800 is recommended. HNI investors must apply for at least two lots (2,400 shares), amounting to ₹ 85,600.

GMP (Grey Market Premium)

As of March 24, 2025, Shri Ahimsa Naturals SME IPO is trading at a GMP of ₹10. With the price band set at ₹119 per share, the estimated listing price is ₹129, indicating a potential listing gain of 8.40% per share.

Objectives of the IPO

• Investment in its wholly-owned subsidiary, Shri Ahimsa Healthcare Private Limited (SAHPL), for setting up a manufacturing unit in Sawarda, Jaipur, Rajasthan – Rs 350 million.
• General corporate purposes.

Know More:  SEBI Registered Investment Advisory |  Stock Investment Advisory

Company Overview

Shri Ahimsa Naturals Limited (Incorporated in 1990) manufactures and trades Caffeine Anhydrous, Green Coffee Bean Extracts, and Crude Caffeine, serving the food & beverage, nutraceuticals, cosmetics, and pharmaceutical industries. It exports to the USA, Germany, South Korea, the UK, and Thailand. As of September 30, 2024, export revenue was Rs 3,530.91 lakhs, with previous figures of Rs 7,463.71 lakhs (FY23) and Rs 9,988.01 lakhs (FY22). The Jaipur-based manufacturing unit adheres to international standards, including ISO 9001, ISO 22000, ISO 45001, ISO 14001, HACCP, and GMP.

Financials

Shri Ahimsa Naturals Limited has shown steady growth in assets, revenue, and profitability over the years.  Revenue for the first half of FY25 is ₹41.37 crore, following ₹78.7 crore in FY24. However, this marks a decline from the ₹106.14 crore revenue reported in FY23. Profit After Tax (PAT) has followed a similar trend, with ₹9.74 crore recorded for the half-year ending September 2024, compared to ₹18.67 crore in FY24 and a peak of ₹38.21 crore in FY23.

SWOT Analysis of Shri Ahimsa Naturals Limited

STRENGTHS	WEAKNESSES
Good presence in the nutraceuticals and herbal extract market with a diverse product portfolio. Well-established export network across major international markets. The manufacturing facility is certified with global quality and safety standards. Consistent revenue generation from international markets, contributing to business stability.	Dependency on export markets exposes the company to forex fluctuations and international trade policies. Declining revenue trend in recent years, indicating potential business challenges. High working capital requirements due to raw material procurement and production costs.
OPPORTUNITIES	THREATS
Growing global demand for natural caffeine and herbal extracts in health-conscious consumer markets. Expansion into new geographies and increasing domestic market penetration. Rising preference for organic and natural ingredients in the food, cosmetics, and pharmaceutical industries.	Competition from domestic and international players offering similar products. Regulatory and compliance challenges in different export markets. Fluctuations in raw material prices may impact profit margins.

ATC Energies System Limited

ATC Energies IPO is a book-built issue worth Rs 63.76 crores, comprising a fresh issue of 43.24 lakh shares aggregating to Rs 51.02 crores and an offer for sale of 10.80 lakh shares amounting to Rs 12.74 crores. The IPO subscription opens on March 25, 2025, and closes on March 27, 2025. The allotment is expected to be finalized on March 28, 2025, with a tentative listing date on NSE SME scheduled for April 2, 2025. 

Offer Price	₹112 to ₹118 per share
Face Value	₹10 per share
Opening Date	25 March 2025
Closing Date	27 March 2025
Total Issue Size (in Shares)	54,03,600
Total Issue Size (in ₹)	₹63.76 Cr
Issue Type	Book Built Issue IPO
Lot Size	1,200 Shares
Listing at	NSE, SME

The IPO price band is set between ₹112 and ₹118 per share. Retail investors must invest a minimum of ₹1,34,400 for one lot (1,200 shares). To avoid oversubscription issues, it is advisable to bid at the cutoff price, bringing the investment to ₹1,41,600. HNI investors must purchase at least two lots (2,400 shares) for ₹2,83,200.

GMP (Grey Market Premium)

As of March 24, 2025, the Grey Market Premium (GMP) for ATC Energies SME IPO stands at ₹0. With the price band at ₹118, the estimated listing price remains at ₹118 per share, with no expected gain or loss.

Objectives of the IPO

• Repayment and/or pre-payment of borrowings related to the purchase of the Noida factory – ₹95.28 million
• Capital expenditure for refurbishment and upgrades at the Noida factory – ₹67.22 million
• IT upgradation at the Noida factory, Vasai factory, and the registered office – ₹74.69 million
• Funding working capital requirements – ₹95 million
• General corporate purposes

Company Overview

ATC Energies System Limited, incorporated in 2020, specializes in energy solutions, focusing on lithium and Li-ion batteries. The company provides energy storage solutions for industries like banking, automobiles, and industrial UPS systems. With factories in Vasai, Thane, and Noida, it manufactures customized battery solutions using advanced equipment. Its products cater to POS machines, ATMs, electric vehicles, and energy storage applications.

Financials

ATC Energies System Limited has shown significant revenue growth, reaching ₹22.57 crore as of September 30, 2024, following ₹51.51 crore in FY24, ₹33.22 crore in FY23, and ₹36.52 crore in FY22. Profit After Tax (PAT) stood at ₹5.77 crore in H1 FY25, after reporting ₹10.89 crore in FY24, ₹7.76 crore in FY23, and ₹11.86 crore in FY22. The company’s financial performance reflects strong revenue expansion and profitability, with steady net worth growth and controlled borrowing levels. 

SWOT Analysis of ATC Energies System Limited

STRENGTHS	WEAKNESSES
Strong presence in the energy solutions sector Advanced manufacturing facilities Diverse product portfolio catering to multiple industries Steady revenue growth and improving profitability	Short operational history compared to established competitors High dependency on battery technology advancements Need for continuous investment in R&D
OPPORTUNITIES	THREATS
Rising demand for lithium and Li-ion batteries in various industries Expansion into emerging electric vehicle markets Growing emphasis on energy storage solutions	Competition from established battery manufacturers Fluctuations in raw material prices affecting production costs Regulatory changes in the energy sector

Identixweb Limited

Identixweb IPO is a book-built issue worth Rs 16.63 crores. The issue consists entirely of a fresh issue of 30.80 lakh shares. The subscription for the IPO opens on March 26, 2025, and closes on March 28, 2025. The allotment is expected to be finalized on April 1, 2025. Identixweb Limited is set to be listed on BSE SME, with a tentative listing date of April 3, 2025. 

Offer Price	₹51 to ₹54 per share
Face Value	₹10 per share
Opening Date	26 March 2025
Closing Date	28 March 2025
Total Issue Size (in Shares)	30,80,000
Total Issue Size (in ₹)	₹16.63 Cr
Issue Type	Book Built Issue IPO
Lot Size	2000 Shares
Listing at	NSE, SME

The minimum lot size for an application is 2,000 shares. Retail investors are required to invest a minimum of ₹1,02,000. However, due to the possibility of oversubscription, it is suggested to bid at the cutoff price, which amounts to ₹1,08,000. High Net-Worth Individuals (HNI) must apply for at least two lots (4,000 shares), amounting to ₹2,16,000.

GMP (Grey Market Premium)

No major movement has been observed in the Grey Market Premium (GMP). The same trend is expected to continue until the listing day.

Objectives of the IPO

The company intends to utilize the net proceeds from the IPO for the following purposes:

1. Investment in marketing to support the organization’s growth plans in India and internationally – ₹25 million.
2. Investment in market research and product development through talent hiring for the issuer company – ₹42 million.
3. Investment in the subsidiary for product development through talent-hiring – ₹41.58 million.
4. General corporate purposes.

Company Overview

Incorporated in 2017, Identixweb Limited is a technology company specializing in Shopify app development and custom web solutions. The company offers services, including Shopify app development, web app development using PHP and React, and WordPress plugin development. Identixweb has a team of over 50 professionals and has developed over 35 public Shopify apps while completing over 100 projects. The company serves e-commerce, fashion, fintech, and SaaS industries.

Financials

Identixweb Limited has demonstrated steady growth in its financial performance over the years. Revenue for the first half of FY25 is ₹4.79 crore, following ₹6.66 crore in FY24 and ₹6.27 crore in FY23, indicating stable earnings. Profit After Tax (PAT) has improved, reaching ₹2 crore for the six months ending September 2024, compared to ₹2.77 crore in FY24 and ₹1.35 crore in FY23. Total borrowings remain minimal at ₹0.11 crore, reflecting a strong financial position with low debt dependency.

SWOT Analysis of Identixweb Limited

STRENGTHS	WEAKNESSES
Strong presence in the Shopify app development sector. Experienced development team with a proven track record. Diversified product portfolio catering to multiple industries. Expanding global footprint with an international clientele.	Heavy reliance on Shopify’s ecosystem for revenue. Limited physical assets and infrastructure. Dependence on third-party platforms like WordPress and PHP.
OPPORTUNITIES	THREATS
Increasing demand for e-commerce solutions and SaaS-based products. Expansion into international markets. More businesses are adopting Shopify and WordPress plugins worldwide. Potential for strategic partnerships with e-commerce platforms.	High competition in the technology and SaaS industry. Rapid technological advancements require continuous innovation. Dependency on changing policies of Shopify and other third-party platforms. Cybersecurity threats and data privacy regulations.

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