Opalforce Software India Limited is a technology and engineering services company focused on semiconductor, product engineering, software development, technology consulting, talent solutions and related services. The company was incorporated on September 24, 2009 as Opalforce Software India Private Limited and was converted into a public limited company in 2023. Its proposed IPO comprises a Fresh Issue of 33,50,000 equity shares and an Offer for Sale of 16,50,000 equity shares by promoter Opalforce Inc. The proposed issue consists of a total of 50,00,000 equity shares of face value ₹2 each.
The company proposes to use the proceeds from the Fresh Issue primarily for funding working capital requirements and general corporate purposes. The proposed equity shares are intended to be listed on the NSE Emerge platform. However, the offer price, price band, minimum bid lot, final issue amount and IPO schedule were not finalized in the available Draft Red Herring Prospectus and therefore remain blank until officially announced.
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Opalforce Software India IPO Details Information
Opalforce Software India IPO is proposed as a 100% book-built public offer comprising both a Fresh Issue and an Offer for Sale. The Fresh Issue consists of 33.50 lakh equity shares, while Opalforce Inc. proposes to sell 16.50 lakh equity shares through the Offer for Sale. The face value of each equity share is ₹2.
| Particulars | Opalforce Software India IPO Details |
|---|---|
| IPO Name | Opalforce Software India IPO |
| Company Name | Opalforce Software India Limited |
| IPO Type | Book Built Issue |
| Issue Type | Fresh Issue + Offer for Sale |
| Face Value | ₹2 per Equity Share |
| Fresh Issue | 33,50,000 Equity Shares |
| Offer for Sale | 16,50,000 Equity Shares |
| Selling Shareholder | Opalforce Inc |
| Total Issue Size | 50,00,000 Equity Shares |
| IPO Size | |
| Price Band | |
| IPO Price | |
| Lot Size | |
| Minimum Investment | |
| Listing At | NSE Emerge |
| Registrar | Bigshare Services Private Limited |
| Lead Manager | Khandwala Securities Limited |
| Market Maker | |
| Promoters | Opalforce Inc, Aditya Sitaram Joshi and Priyanka M Joshi |
The final offer price and issue size in rupee terms were not available in the DRHP because the price band was to be decided later in consultation with the Book Running Lead Manager.
Opalforce Software India IPO Dates
The available Draft Red Herring Prospectus does not provide finalized IPO opening, closing, allotment or listing dates. The document contains placeholders for the Bid/Offer Period, while the price band and minimum bid lot were also to be announced later.
| IPO Event | Date |
|---|---|
| IPO Open Date | |
| IPO Close Date | |
| Anchor Investor Date | |
| Basis of Allotment | |
| Initiation of Refunds | |
| Credit of Shares to Demat Account | |
| IPO Listing Date |
The IPO dates will need to be updated after the company and the relevant stock exchange officially announce the final issue schedule.
Opalforce Software India IPO Reservation
The proposed IPO is structured as a book-built issue under the applicable SEBI ICDR framework. The DRHP states that the final allocation percentages and number of shares for different investor categories would be finalized in accordance with the applicable regulations and final offer structure.
| Investor Category | Shares Offered |
|---|---|
| Qualified Institutional Buyers (QIB) | |
| Non-Institutional Investors (NII) | |
| Retail Individual Investors (RII) | |
| Market Maker | |
| Total | 50,00,000 |
The issue document provides for a Market Maker Reservation Portion, but the number of shares and amount were not finalized in the available DRHP. The issue would follow the allocation and bidding framework applicable to NSE Emerge book-built issues.
Opalforce Software India IPO Lot Size
The minimum bid lot had not been finalized in the available DRHP. The document states that the company and the Selling Shareholder, in consultation with the BRLM, would decide the price band and minimum bid lot and advertise the same before the opening of the issue.
| Particulars | Details |
|---|---|
| Face Value | ₹2 |
| IPO Price | |
| Lot Size | |
| Shares in One Lot | |
| Minimum Investment | |
| Maximum Investment |
Investors should refer to the final price band and issue advertisement before making an application.
About Opalforce Software India
Opalforce Software India Limited is a technology services company providing engineering, software development, technology consulting, talent and process solutions. The company focuses particularly on semiconductor and technology-related domains and provides services such as semiconductor design and verification, research and development product engineering, custom software design and development, technology services, electronic design and PCB layout, project management, technology integration and consulting.
The company was originally incorporated as Opalforce Software India Private Limited on September 24, 2009. It was subsequently converted into a public limited company in 2023, with the name changed to Opalforce Software India Limited. The company is promoted by Opalforce Inc., Aditya Sitaram Joshi and Priyanka M Joshi.
The company has stated that its focus lies on providing AI-led technology, talent and process solutions and services to semiconductor, technology and engineering businesses. Its customers and industry relationships include businesses in technology, semiconductor design, product engineering and technology consulting.
Business Operations
Opalforce Software India operates across several technology and engineering service areas, including:
- Semiconductor design and verification services.
- Research and development product engineering.
- Custom software design and development.
- Technology consulting and technology services.
- Electronic design and PCB layout.
- Project management and technology consultation.
- AI, machine learning and blockchain technology integration.
- Training and workshops for R&D and product engineering teams.
- Semiconductor technology training and practical mentoring.
- Technology roadmap and strategic planning consultancy.
- Specialized recruitment and assessment for semiconductor and technology professionals.
- Talent and process solutions for technology-focused businesses.
The company uses flexible engagement models, including time-and-material and outcome-based/scope-of-work-based models. This allows the company to work on projects with either evolving requirements or clearly defined deliverables.
Industry Overview
The Indian information technology industry has expanded with increasing digitalization, technology adoption, cloud computing, artificial intelligence and demand for specialized engineering capabilities. Technology companies increasingly require external engineering and consulting partners to support product development, digital transformation and technology implementation.
The global IT consulting market is also supported by technological advancements and increasing complexity in enterprise technology environments. The DRHP highlighted digital transformation, technology advancement and the increasingly complex IT landscape as key factors supporting demand for consulting and technology services.
Business Strategy
Opalforce Software India aims to strengthen its position by providing customized technology and engineering solutions to clients across semiconductor and technology domains. The company highlights its ability to tailor solutions according to individual customer requirements as one of its competitive strengths.
The company also seeks to leverage specialized recruitment capabilities, strategic partnerships and its international presence to serve customers. Its DRHP states that the company has expanded internationally and has a presence in the United States through its promoter and group-company relationships.
Opalforce Software India IPO Financial Information
The financial information below is based on the restated financial information contained in the company’s Draft Red Herring Prospectus. The DRHP provides financial data for FY2021, FY2022, FY2023 and the three-month period ended June 30, 2023.
Opalforce Software India Financial Summary
| Particulars (₹ Cr) | FY 2021 | FY 2022 | FY 2023 | June 2023 |
|---|---|---|---|---|
| Revenue | 0.02 | 4.71 | 14.01 | 4.59 |
| PAT | 0.02 | 0.36 | 1.21 | 0.59 |
| Total Assets | ||||
| Net Worth | 0.86 | 1.22 | 2.43 | 3.02 |
Revenue from operations increased from ₹4.71 crore in FY2022 to ₹14.01 crore in FY2023. The company also reported a rise in restated profit after tax from ₹0.36 crore in FY2022 to ₹1.21 crore in FY2023. For the three months ended June 30, 2023, revenue from operations was ₹4.59 crore and restated PAT was ₹0.59 crore.
Opalforce Software India IPO Key Performance Indicators (KPIs)
The DRHP reported improvement in EBITDA and profitability during FY2023. Revenue from operations increased to ₹1,401.18 lakh in FY2023 compared with ₹471.41 lakh in FY2022. EBITDA increased to ₹190.70 lakh from ₹28.88 lakh, while restated profit increased to ₹121.26 lakh from ₹35.52 lakh.
| KPI | FY 2021 | FY 2022 | FY 2023 | June 2023 |
|---|---|---|---|---|
| EBITDA (₹ Cr) | 0.01 | 0.29 | 1.91 | 0.84 |
| EBITDA Margin | 65.74% | 6.13% | 13.61% | 18.41% |
| PAT Margin | 91.20% | 7.53% | 8.65% | 12.79% |
| ROCE | 0.02% | 0.23% | 0.69% | 0.25% |
| ROE | 0.02% | 0.34% | 0.66% | 0.22% |
| Debt-to-Equity | 0.06 | 0.06 | ||
| EPS (Adjusted, ₹) | 0.08 | 1.47 | 5.03 | 2.43 |
| NAV per Share (Post Bonus, ₹) | 3.58 | 5.06 | 10.09 | 12.52 |
The company recorded a stronger EBITDA margin of 18.41% for the three months ended June 30, 2023 compared with 13.61% in FY2023. Adjusted EPS increased from ₹1.47 in FY2022 to ₹5.03 in FY2023.
Objects of the Opalforce Software India IPO
The primary objective of the Fresh Issue is to provide additional funds to the company for strengthening its working capital position and supporting its general corporate requirements. The exact rupee allocation was not finalized in the DRHP because it depended on the final offer price and issue expenses.
The company proposes to utilize the Net Proceeds for:
- Funding working capital requirements of the company.
- General corporate purposes.
The DRHP states that general corporate purposes may include ongoing corporate requirements, strengthening marketing capabilities and brand-building activities, improving technology-related infrastructure, strategic initiatives and other permitted business requirements, subject to applicable regulatory limits.
Opalforce Software India IPO Listing Performance
Opalforce Software India Limited has proposed listing its equity shares on the EMERGE platform of the National Stock Exchange of India Limited. The designated stock exchange mentioned in the DRHP is NSE.
| Listing Particulars | Details |
|---|---|
| Stock Exchange | NSE |
| Platform | NSE Emerge |
| IPO Price | |
| Listing Price | |
| Listing Gain/Loss | |
| Listing Date |
The final listing price and listing performance will be updated after the IPO is completed and the shares begin trading.
Opalforce Software India IPO Subscription Status
The Opalforce Software India IPO subscription figures are currently not available because the final IPO bidding schedule has not been announced.
Opalforce Software India IPO Subscription
| Category | Subscription |
|---|---|
| QIB | |
| NII | |
| Retail | |
| Employee | |
| Total |
The final subscription data will be available after the issue opens for bidding.
Opalforce Software India IPO Review
Opalforce Software India operates in technology services, semiconductor engineering and product development, sectors that benefit from continued digital transformation and demand for specialized technology capabilities. The company’s revenue increased substantially between FY2022 and FY2023, while its EBITDA and PAT also improved. This provides a positive operating trend based on the historical financial information disclosed in the DRHP.
Another positive factor is the company’s focus on specialized semiconductor and technology engineering services. Its service portfolio covers semiconductor design and verification, product engineering, software development, electronic design, AI and technology consulting. The company also highlights customized solutions, specialized recruitment and assessment, strategic partnerships and international presence as competitive strengths.
However, investors should consider the company’s relatively small scale, customer concentration and dependence on skilled technology professionals. The DRHP shows that the company’s top five and top ten customers accounted for 100% of revenue in each of the periods disclosed, which indicates significant customer concentration. The final investment decision should therefore consider both the company’s growth potential and the risks associated with its business model.
Opalforce Software India IPO Strengths
- Strong growth in revenue between FY2022 and FY2023.
- Improvement in EBITDA and PAT.
- Focus on semiconductor and technology engineering services.
- Diversified service offerings across technology and engineering domains.
- Customized solutions for clients.
- Specialized recruitment and assessment capabilities.
- International presence and offshore servicing capabilities.
- Strategic relationships in semiconductor and technology domains.
- CMMI, ISO/IEC 27001:2022 and ISO 9001:2015-related certifications disclosed in the DRHP.
Opalforce Software India IPO Risk Factors
- High dependence on skilled technology professionals.
- Difficulty in attracting and retaining qualified IT and semiconductor professionals could affect operations.
- Significant customer concentration.
- Loss or non-renewal of major customer contracts could negatively affect revenue.
- Errors, defects or disruptions in services could affect customer relationships.
- Competition in the technology consulting and engineering services industry.
- Dependence on promoters and senior management.
- The company operates in rapidly changing technology markets and must continuously adapt to technological developments.
- The company may face employee-related regulatory and workforce risks.
- Its logo and intellectual property protection could create risks if registrations or protections are not obtained.
Opalforce Software India IPO Promoters
The promoters of Opalforce Software India Limited are Opalforce Inc., Aditya Sitaram Joshi and Priyanka M Joshi. Opalforce Inc. is the company’s promoter and holding company and held 87% of the pre-Offer equity share capital according to the DRHP.
Opalforce Software India IPO Promoters Details
| Promoter | Pre-IPO Shares | Pre-IPO Holding |
|---|---|---|
| Opalforce Inc. | 1,20,48,795 | 87.00% |
| Aditya Sitaram Joshi | Nil | Nil |
| Priyanka M Joshi | Nil | Nil |
| Total | 1,20,48,795 | 87.00% |
Opalforce Inc. is also the Selling Shareholder in the proposed Offer for Sale and intends to offer 16,50,000 equity shares.
Opalforce Software India IPO Management Team
The company’s management team includes experienced professionals with backgrounds in technology, business development, operations, finance and accounting. Aditya Sitaram Joshi serves as Chairman, Managing Director and Chief Executive Officer.
| Name | Designation |
|---|---|
| Aditya Sitaram Joshi | Chairman, Managing Director & CEO |
| Shyam Behari Sharma | Executive Director |
| Sheela Sharma | Non-Executive Director |
| Sarika Sharma | Independent Director |
| Shabnam Khureshi | Independent Director |
Aditya Sitaram Joshi has experience in business development, program management and operations management and heads the marketing, sales and technology divisions of the company. The DRHP states that he is responsible for managing the overall functioning of the company.
Opalforce Software India IPO Registrar Details
Bigshare Services Private Limited has been appointed as the Registrar to the Offer. The registrar will be responsible for processing applications, maintaining application records, determining the basis of allotment and facilitating the credit of allotted shares and refunds as applicable.
| Particulars | Details |
|---|---|
| Registrar | Bigshare Services Private Limited |
| Address | S6-2, 6th Floor, Pinnacle Business Park, Next to Ahura Centre, Mahakali Caves Road, Andheri East, Mumbai – 400093, Maharashtra |
| Phone | +91 22 6263 8200 |
| [email protected] | |
| Investor Grievance Email | [email protected] |
| Website | www.bigshareonline.com |
| Contact Person | Mr. Vinayak Morbale |
| SEBI Registration Number | INR000001385 |
Investors can approach the registrar for application, allotment and refund-related queries once the IPO process begins.
Opalforce Software India IPO Lead Manager Details
Khandwala Securities Limited is the Book Running Lead Manager to the proposed Opalforce Software India IPO. The BRLM will assist the company with the IPO process, issue management and regulatory requirements.
| Particulars | Details |
|---|---|
| Lead Manager | Khandwala Securities Limited |
| Address | Vikas Building, Ground Floor, Green Street, Fort, Mumbai – 400023, Maharashtra |
| Phone | 022-4076 7373 |
| Fax | 022-4076 7377 / 78 |
| [email protected] | |
| Additional Email | [email protected] |
| Website | www.kslindia.com |
| Contact Person | Mr. Rinav Manseta / Mr. Abhishek Joshi |
| SEBI Registration Number | INM000001899 |
Opalforce Software India Contact Details
The registered office and IPO contact details disclosed in the DRHP are provided below.
| Particulars | Details |
|---|---|
| Company Name | Opalforce Software India Limited |
| Registered Office | 3rd Floor Awfis Space GK Mall, SR No. 133/1/3,161,11, Pimple Saudagar, Pune – 411027, Maharashtra |
| CIN | U72900PN2009FLC134715 |
| Telephone | +91 920 940 1976 |
| [email protected] | |
| Website | www.opalforce.com |
| Contact Person | Binny Porwal |
| Designation | Company Secretary & Compliance Officer |
Opalforce Software India was incorporated in 2009 and converted from a private limited company into a public limited company in 2023.
How to Check Opalforce Software India IPO Allotment Status
Once the Opalforce Software India IPO is completed and the basis of allotment is finalized, investors will be able to check their allotment status through the registrar’s website.
Investors can check the Opalforce Software India IPO allotment status after the basis of allotment is finalized. The status can be checked online through the IPO registrar’s website using details such as PAN or application number. Investors can also check the applicable stock exchange website for allotment-related updates.
Registrar Website
- Visit the Bigshare Services IPO/allotment website.
- Select Opalforce Software India IPO.
- Select the application or PAN option.
- Enter the required PAN or application details.
- Submit the details.
- The allotment status will be displayed on the screen.
on NSE
- Visit the NSE website.
- Go to the relevant IPO/investor section.
- Enter the required application details.
- Submit the information.
- Check the displayed allotment/application status.
The allotment facility will become relevant only after the IPO opens, closes and the basis of allotment is finalized.
Opalforce Software India IPO Conclusion
Opalforce Software India Limited operates in technology engineering and consulting sectors with a particular focus on semiconductor, product engineering, software development and technology services. The company has reported strong growth in revenue and profitability between FY2022 and FY2023, with revenue from operations increasing from ₹4.71 crore to ₹14.01 crore and restated PAT increasing from ₹0.36 crore to ₹1.21 crore.
The proposed IPO consists of 33.50 lakh shares through a Fresh Issue and 16.50 lakh shares through an Offer for Sale by Opalforce Inc. The Fresh Issue proceeds are proposed to be used for working capital and general corporate purposes. The proposed listing is on NSE Emerge.
At present, investors should note that the final price band, IPO dates, minimum lot size, final issue amount, market maker details and subscription information are not available in the available offer documents. Therefore, investors should wait for the final IPO announcement and read the final offer document before making any investment decision.
Opalforce Software India IPO FAQs
What is Opalforce Software India IPO?
Opalforce Software India IPO is a proposed public issue of Opalforce Software India Limited comprising a Fresh Issue of 33,50,000 equity shares and an Offer for Sale of 16,50,000 equity shares by Opalforce Inc.
What is the Opalforce Software India IPO issue size?
The proposed IPO comprises 50,00,000 equity shares. The final rupee value of the issue has not been finalized because the offer price was not available in the DRHP.
What is the Opalforce Software India IPO price?
The Opalforce Software India IPO price has not been finalized in the available Draft Red Herring Prospectus.
What is the Opalforce Software India IPO date?
The Opalforce Software India IPO opening and closing dates have not been officially finalized in the available offer document.
What is the Opalforce Software India IPO lot size?
The minimum bid lot has not been finalized. The DRHP states that the company and Selling Shareholder would decide the price band and minimum bid lot in consultation with the BRLM before the issue.
Who is the promoter of Opalforce Software India?
The promoters are Opalforce Inc., Aditya Sitaram Joshi and Priyanka M Joshi. Opalforce Inc. was the largest promoter shareholder with 87% pre-Offer holding according to the DRHP.
Where will Opalforce Software India shares be listed?
The proposed equity shares are intended to be listed on the NSE Emerge platform of the National Stock Exchange of India Limited.
Who is the registrar of Opalforce Software India IPO?
Bigshare Services Private Limited is the Registrar to the Offer.
Who is the lead manager of Opalforce Software India IPO?
Khandwala Securities Limited is the Book Running Lead Manager to the proposed IPO.
What are the objectives of the Opalforce Software India IPO?
The Fresh Issue proceeds are proposed to be used for funding working capital requirements and general corporate purposes.
