Infinity Infoway Limited
SMEListedIT · Listed on BSE · IPO ID: IPO-544567
About the IPO
Infinity Infoway IPO is a book build issue of ?24.42 crores. The issue is entirely a fresh issue of 0.16 crore shares of ?24.42 crore. Infinity Infoway IPO bidding started from Sep 30, 2025 and ended on Oct 3, 2025. The allotment for Infinity Infoway IPO was finalized on Oct 6, 2025. The shares got listed on the BSE SME on Oct 8, 2025. Infinity Infoway IPO is set final issue price at ?155 per share. The lot size for an application is 800 shares. The minimum amount of investment required by an individual investor (retail) is ?2,48,000 (1,600 shares) (based on upper price). The minimum lot size for investment in HNI is 3 lots (2,400 shares), amounting to ?3,72,000. Holani Consultants Pvt.Ltd. is the book running lead manager and Bigshare Services Pvt.Ltd. is the registrar of the issue. The Market Maker of the company is Holani Consultants Pvt.Ltd.
About the Company
Infinity Infoway Limited, incorporated in 2008, is a leading SaaS company specializing in customized cloud-based ERP (Enterprise Resource Planning) solutions. With a strong nationwide presence, the company serves sectors including education, manufacturing, retail, construction, CRM, SCM, and HR management.
Campus Management System is its flagship ERP platform, deployed in 26 universities. It enables efficient student administration, attendance tracking, exam scheduling, and academic monitoring.
Infinity also offers Industrial ERP solutions covering sales, accounting, GST, CRM, and supply chain modules, tailored for small to large enterprises. In the last 3 fiscals, it has deployed 13 industrial ERP software. Additional offerings include:
- Web development and digital learning platforms
- Online exam portals and QPDS
- Custom ERP development
- Business process consulting
- ERP support and manpower outsourcing
The company’s clientele includes Nirma University, Saurashtra University, Shivaji University, Indian Institute of Science Education & Research, HiBond Cement, Davat Beverages, Kich – Steel for Life, among others.
Issue Objectives
- 01 Development of the Product ZEROTOUCH Device as a Service (“DaaS”). - 3.75
- 02 Purchase of new IT Infrastructure and Certification - 2.61
- 03 Funding of Tender Deposits and Earnest Money Deposits (EMD) towards Tenders - 4.00
- 04 Funding the incremental Working Capital Requirements of the Company - 8.58
- 05 General corporate purposes - 3.09
- 06 Working capital expansion - 10.50
Strengths
- Infinity Infoway claims to have developed ERP products that are enabled with artificial intelligence (AI) and aligned with the objectives of India’s National Education Policy (NEP) 2020. These products claim to support modernisation in the education sector by integrating digital solutions.
- The company claims to have a track record in successfully implementing ERP solutions for higher education institutions. Over the past three fiscal years, the company claims to have deployed its “campus management system” in 26 universities across India. It also claims to have active annual maintenance contracts with 22 universities.
- The company is ISO/IEC 27001:2022 certified for information security management systems and ISO 9001:2015 certified for quality management systems.
- The company has witnessed a consistent increase in revenue from operations and profit after tax (PAT). Revenue from operations increased from Rs 5.17 crore in FY23 to Rs 10.17 crore in FY24 and Rs 13.19 crore in FY25. PAT increased from Rs 0.94 crore in FY23 to Rs 3.47 crore in FY24 and Rs 4.19 crore in FY25.
Risks
- The company’s top 10 customers accounted for Rs 8.37 crore (63.44 percent) of the company’s total revenue in FY25, Rs 8.49 crore (83.47 percent) in FY24, and Rs 3.69 crore (71.45 percent) in FY23. Loss of these customers or a decline in business from them could adversely affect the company’s finances and operations.
- The company’s top 10 suppliers accounted for Rs 1.29 crore (88.10 percent) of the company’s total purchases in FY25 and Rs 1.14 crore (81.11 percent) in FY24. Any disruption in supplies from one or more of these suppliers could adversely affect the company’s business and finances.
- The company derives a large portion of its revenue from the state of Gujarat. It accounted for Rs 12.29 crore (93.16 percent) of the company’s total revenue in FY25, Rs 9.46 crore (93.03 percent) in FY24, and Rs 3.97 crore (76.76 percent) in FY23. Any political, social, or economic developments in this region or any sudden regulatory restrictions could adversely affect the company’s business operations and finances.
- The company derived 32.82 percent of its total revenue from government tenders in FY25, 61.34 percent in FY24, and 65.45 percent in FY23. Any failure to qualify for or win such tenders in the future could adversely affect the company’s business operations and financial performance.
- The company had trade receivables of Rs 5.69 crore as of FY25, an increase from Rs 4.02 crore in FY24 and Rs 1.28 crore in FY23. Any failure to collect these receivables on time or at all can negatively impact the company’s business and financial condition.
- The company reported negative cash flows from investing activities, which amounted to Rs 2.84 crore in FY25, Rs 1.16 crore in FY24, and Rs 0.80 crore in FY23, primarily on account of purchases of fixed assets, investments, and changes in bank balances. Negative cash flows from financing activities totalled Rs 0.27 crore in FY24 and Rs 0.38 crore in FY23, on account of receipt of security premium and repayment of short- and long-term borrowings. If these negative cash flows persist, it could adversely affect the company’s ability to meet its working capital needs or repay loans without raising additional external financing, thereby impacting its financial condition and operations.
- The company, its promoters, and its directors (other than promoters) are involved in various legal proceedings, including tax and criminal cases. Any adverse judgment in any of these cases could be detrimental to the company’s business prospects.
IPO Details
| IPO Date | 2025-09-30 to 2025-10-03 |
| Listed on | Mon, 08 Jun 2026 |
| Face Value | ₹10 per share |
| Price Band | ₹147.00 - ₹155.00 |
| Issue Price | ₹155 per share |
| Lot Size | 800 shares |
| Issue Type | Listed |
| Listing At | BSE |
IPO Issue Details
| Total Issue Size | 15,75,200 shares (agg. up to ₹24 Cr) |
| Total Issue Size | 24.41 Cr |
| Reserved for Market Maker | 79,200 shares (agg. up to ₹1 Cr) |
| Reserved for Market Maker | Fresh Issue |
| Market Maker | Holani Consultants Pvt.Ltd. |
| Fresh Issue | 14,96,000 shares (agg. up to ₹23 Cr) |
| Net Offered to Public | 14,96,000 shares (agg. up to ₹23 Cr) |
| Share Holding Pre Issue | 38,77,000 shares |
| Share Holding Post Issue | 54,52,200 shares |
| BSE Script Code | 544567 |
| ISIN | INE16XA01017 |
Subscription Status (Day-wise)
| Date | QIB | NII | Retail | Total |
|---|---|---|---|---|
| 30 Sept | 0.45x | 0.72x | 0.61x | 1.78x |
| 02 Oct | 1.20x | 1.70x | 1.52x | 4.42x |
| 03 Oct | 8.20x | 3.40x | 3.30x | 14.90x |
| 08 Oct | NaNx | — | — | NaNx |
| Final | NaNx | 3.40x | 3.30x | NaNx |
Grey Market Premium History
| Date | Ipo Price (₹) | GMP (₹) | Est. Listing | Est Profit (₹) |
|---|---|---|---|---|
| 2025-10-01 | ₹155 | +₹15 | ₹ | ₹25 |
| 2025-09-30 | ₹155 | +₹50 | ₹205.00 (32%) | ₹50 |
| 2025-10-08 | ₹155 | +₹50 | ₹205.00 (32.25%) | ₹80000 |
| 2025-10-07 | ₹155 | +₹40 | ₹195.00 (25.81%) | ₹64000 |
| 2025-10-06 | ₹155 | +₹50 | ₹205.00 (32.25%) | ₹80000 |
| 2025-10-04 | ₹155 | +₹50 | ₹205.00 (32.25%) | ₹80000 |
| 2025-10-03 | ₹155 | +₹25 | ₹180.00 (16.12%) | ₹40000 |
Company Financials (Restated Consolidated)
| Period Ended | 31 MAR 2023 | 31 MAR 2024 | 31 MAR 2025 |
|---|---|---|---|
| EBITDA | 1.46 | 4.91 | 6.16 |
| Net Worth | 1.58 | 5.03 | 12.68 |
| Profit After Tax | 0.94 | 3.47 | 4.19 |
| Total Assets | 3.59 | 8.10 | 14.92 |
| Total Borrowings | 0.70 | 0.48 | 0.23 |
| Total Income | 5.38 | 10.35 | 13.48 |
Key Performance Indicator (KPI)
| KPI | 31 Mar 2025 |
|---|---|
| EBITDA Margin | 46.70% |
| PAT Margin | 31.77% |
| Price to Book Value | 4.74% |
| ROCE | 9.40% |
| ROCE | 14.50% |
| ROCE | 43.95% |
| ROE | 12.00% |
| ROE | 18.20% |
| ROE | 47.33% |
| RoNW | 33.06% |
Pre / Post IPO Metrics
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (?) | ₹11.22 | ₹7.89 |
| EPS (?) | ₹12.0 | ₹14.0 |
| EPS (?) | ₹120 | ₹150 |
| Market Cap | ₹82.31 | — |
| P/E (x) | ₹13.81 | ₹19.64 |
| Promoter Holding | ₹96.34 | ₹68.5 |
IPO Anchor Investors
Infinity Infoway IPO raises ?6.32 crore from anchor investors. Infinity Infoway IPO Anchor bid date is September 29, 2025.
Anchor Investors Letter (PDF)| Investor | Shares | Allocation |
|---|---|---|
| Holani Venture Capital Fund I Fund - Holani | 145600 | ₹22568000 Cr |
| Finavenue Capital Trust Fund | 65600 | ₹10168000 Cr |
| Meru Investment Fund PCC, Cell 1 | 65600 | ₹10168000 Cr |
| Aarth AIF Growth Fund | 65600 | ₹10168000 Cr |
| VPK Global Ventures Fund - Scheme 1 | 65600 | ₹10168000 Cr |
Investor Category Reservations
| Application Category | Bidding Limits |
|---|---|
| Employee + RII/NII |
|
| Only bNII | 9 lots and above |
| Only employee | 2 lots - 4 lots |
| Only Individual investor (retail) | 2 lots |
| Only Individual investor (retail) | 2-4 Lots |
| Only sNII | 3 lots - 8 lots |
| Only sNII | 3-8 Lots |
* Bidding at cut-off price is not allowed for any category
IPO Timeline
Issue Reservation
Infinity Infoway IPO comprises a total issue size of 15,75,200 shares. The net offer to the public is 13,66,400 shares, after excluding 79,200 shares allotted on a firm basis and 1,29,600 shares under a preferential allotment.
| Investor Category | Shares Offered | % of Net Issue |
|---|---|---|
| QIB Shares Offered | 6,80,800 | 49.82% |
| Anchor Investor Shares Offered | 4,08,000 | — |
| QIB (Ex. Anchor) Shares Offered | 2,72,800 | — |
| NII (HNI) Shares Offered | 2,06,400 | 15.11% |
| bNII > ₹10L | 1,37,600 | — |
| sNII < ₹10L | 68,800 | — |
| Retail Shares Offered | 4,79,200 | 35.07% |
| Employee Shares Offered | 1,29,600 | — |
| Market Maker Shares Offered | 79,200 | — |
| Total Shares Offered | 15,75,200 | 100.00% |
IPO Lot Size
Investors can bid for a minimum of 1,600 shares and in multiples of 800 shares thereof.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Individual investors (Retail) (Min) | 2 | 1,600 | ₹2,48,000 |
| Individual investors (Retail) (Max) | 2 | 1,600 | ₹2,48,000 |
| S-HNI (Min) | 3 | 2,400 | ₹3,72,000 |
| S-HNI (Max) | 8 | 6,400 | ₹9,92,000 |
| B-HNI (Min) | 9 | 7,200 | ₹11,16,000 |
| Employee (Min) | 2 | 1,600 | ₹2,48,000 |
| Employee (Max) | 4 | 3,200 | ₹4,96,000 |