Intellius Recode IPO
Intellius Recode IPO — date, issue size, SEBI status & DRHP details 2026
Intellius Recode filed its draft red herring prospectus (DRHP) with SEBI on 7 Apr 2026 for an IPO of a fresh issue of up to ₹117 crore and an offer for sale of up to 12,90,000 shares. The draft is no longer on SEBI's list of pending offer documents. The price band, lot size and IPO dates are not announced yet.
Intellius Recode, a Chennai-based technology company, offers technology consulting and Agentic AI based Digital Workers to enterprises in Asia, the USA and Australia. Revenue from operations was Rs 70.79 crore in FY2025 and profit after tax was Rs 8.18 crore.
Researched & reviewed by
Abhishek Vohera,
Founder, IPO Guru
Last updated
Figures sourced from the DRHP filed with SEBI
Where the Intellius Recode IPO stands
From draft to listing. Today is 11 November 2026.
- DRHP filed 07 Apr 2026
- SEBI observations Done
- RHP & price band TBA
- Bidding TBA
- Listing TBA
| DRHP filed with SEBI | 7 Apr 2026 |
|---|---|
| SEBI status | SEBI review completed |
| RHP, price band & dates | Not announced |
Intellius Recode IPO details
The offer as the DRHP describes it. Terms can change in the RHP.
| Issue type | Fresh issue and offer for sale |
|---|---|
| Fresh issue | Up to ₹117 Cr |
| Offer for sale | Up to 12,90,000 shares |
| Total issue size | Depends on the price band |
| Face value | ₹10 per share |
| Proposed listing | BSE, NSE |
| Price band | Not announced (comes with the RHP) |
| Lot size | Not announced |
| IPO dates | Not announced |
| Book running lead managers | Inga Ventures Private Limited |
| Registrar | MUFG Intime India Private Limited |
Who is selling in the offer for sale
| Selling shareholder | Type | Offering | Avg. cost / share |
|---|---|---|---|
| ReCode Solutions Inc. | Promoter | Up to 12,90,000 shares | Nil |
The only selling shareholder, the promoter ReCode Solutions Inc., has a weighted average cost of acquisition of Nil per share, as certified by PKF Sridhar and Santhanam LLP.
Strengths & risks
The case for and against, from the DRHP's own numbers and risk factors.
Strengths · 6
- 01Profit after tax grew from Rs 4.14 crore in FY2023 to Rs 8.18 crore in FY2025, and the PAT margin was 11.55% in FY2025.
- 02EBITDA rose from Rs 7.39 crore in FY2023 to Rs 11.09 crore in FY2025, a compounded growth of 22.49% as stated by the company.
- 03Return on capital employed was 45.54% in FY2025 and return on equity was 110.23%, on a small equity base.
- 04Operating cash flow was positive in all three years, at Rs 3.12 crore in FY2025 and Rs 13.24 crore in FY2024.
- 05The company has served over 25 clients across Asia, the USA and Australia as of 30 September 2025, in industries such as chemicals, logistics, retail and CPG.
- 06Net debt to total equity fell from 2.10 times in FY2023 to 1.26 times in FY2025 and 0.72 times for the six months to 30 September 2025.
Risks · 10
- 01The top five customers gave 78.00% of revenue from operations in FY2025 and 72.95% in the six months to 30 September 2025, and not all contracts are long term.
- 02The USA contributed 99.42% of revenue from operations in FY2025, so any adverse event in that market hits the company directly.
- 03About 99.42% of FY2025 revenue came through the subsidiary Intellius Recode Solutions, Inc., so the listed company depends on its cash flows.
- 04All of FY2025 revenue came from technology consulting, and data and analytics alone was 34.96% of it.
- 05Revenue from operations fell from Rs 79.88 crore in FY2024 to Rs 70.79 crore in FY2025, and profit after tax fell from Rs 9.25 crore to Rs 8.18 crore.
- 06Days sales outstanding rose from 73 days in FY2023 to 109 days in FY2025, and days payable outstanding rose from 63 to 141 days, which points to stretched working capital.
- 07Total borrowings went up from Rs 0.17 crore in FY2024 to Rs 5.80 crore in FY2025 and Rs 8.35 crore at 30 September 2025.
- 08The company has had delays, incorrect filings and non-compliances under FEMA, and has filed three compounding applications with the Regional Director, Southern Region, Chennai.
- 09The promoter ReCode Solutions Inc. sells up to 12,90,000 shares in the offer at a weighted average cost of acquisition of Nil, so that money goes to the seller and not to the company.
- 10The amount for general corporate purposes is not fixed yet and can go up to 25% of the gross proceeds from the fresh issue.
Intellius Recode financials
Restated figures in ₹ crore, as reported in the DRHP.
| ₹ crore | 30 Sep 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Revenue from Operations | 29.02 | 70.79 | 79.88 | 69.56 |
| EBITDA | 4.22 | 11.09 | 11.59 | 7.39 |
| Profit After Tax | 2.42 | 8.18 | 9.25 | 4.14 |
| Net Worth | 12.00 | 10.03 | 4.82 | 4.67 |
| Total Borrowing | 8.35 | 5.80 | 0.17 | 0.00 |
Key ratios (FY25)
P/E and market capitalisation need the price band and are added when the RHP is out.
Where the IPO money goes
₹81.61 crore of the fresh issue is earmarked to named objects; offer for sale proceeds go to the selling shareholders, not the company.
About Intellius Recode
The business runs in two verticals. The first is technology consulting, which covers data and analytics, enterprise robotic process automation, integration, development and operation services, quality assurance and digital commerce solutions. The second is Digital Workers, which are proprietary Agentic AI software products that act as AI-enabled virtual employees for defined business roles, including a computer vision based AI platform for industrial automation.
As of 30 September 2025, the company had served over 25 clients across Asia, the USA and Australia. The industries it serves include chemical manufacturing, logistics, retail, medical equipment manufacturing and consumer packaged goods. In FY2025, all of its revenue came from technology consulting. Data and analytics was the largest line at Rs 24.75 crore, followed by enterprise RPA at Rs 19.97 crore and integration, development and operation services at Rs 17.09 crore.
Most of the revenue is earned outside India. The USA gave 99.42% of revenue from operations in FY2025. About 99.42% of revenue also came through the wholly owned subsidiary Intellius Recode Solutions, Inc. The promoters are ReCode Solutions Inc. of Houston, Texas, Prasanna Srinivasan Ramaswamy and Sivathanupillai Adhikesaven Nadarajapillai.
The industry
The offer document quotes a Frost and Sullivan report. It says global IT services spending reached about US$1.412 trillion in 2024 and is estimated to reach US$2.131 trillion by 2030. IT services cover technology consulting, systems integration, outsourcing, technical support and business process outsourcing.
Customer concentration: Top 5 customers gave 78.00% of revenue from operations in FY2025 (83.69% in FY2024 and 93.24% in FY2023).
Promoters & management
ReCode Solutions Inc. holds 86.83% before the issue, partly through nominee shareholders; the two individual promoters and one promoter group member hold negligible stakes.
| Name | Role |
|---|---|
| Prasanna Srinivasan Ramaswamy | Chairman and Non-Executive Director |
| Pradeep Jeyaraj | Managing Director |
| Tejeswini Rao | Chief Financial Officer |
| Achuthan Raman | Company Secretary and Compliance Officer |
The bankers & the filings
Who is running the issue, and the SEBI documents this page is built from.
Intellius Recode IPO: frequently asked
When will the Intellius Recode IPO open?
The Intellius Recode IPO dates are not announced yet. The draft is no longer on SEBI's list of pending offer documents. The company announces the dates and price band after it files its red herring prospectus (RHP) with the Registrar of Companies, usually a week or two before bidding opens. This page switches to the full IPO page with dates, price band and lot size as soon as that happens.
What is the Intellius Recode IPO price band?
The price band is not announced yet. It is set by the company and its lead managers and published with the RHP, a few days before the issue opens. The DRHP fixes only the face value of ₹10 per share.
How big is the Intellius Recode IPO?
Intellius Recode filed its draft red herring prospectus (DRHP) with SEBI on 7 Apr 2026 for an IPO of a fresh issue of up to ₹117 crore and an offer for sale of up to 12,90,000 shares. The final size in rupees depends on the price band.
Has SEBI approved the Intellius Recode IPO?
The draft is no longer on SEBI's list of pending offer documents. SEBI observations are valid for 12 months; the IPO has to open within that window or the company must file again.
What is the Intellius Recode IPO GMP?
There is no grey market premium to report before the price band is announced. IPO Guru starts tracking the Intellius Recode IPO GMP once the RHP and price band are out.
What will Intellius Recode do with the IPO money?
As per the DRHP: Funding cost for development of Digital Workers by the company (₹43.13 crore); Payment of sub-contracting fees for development of Digital Workers for the company (₹38.48 crore); General corporate purposes.
Who are the lead managers of the Intellius Recode IPO?
The book running lead managers are Inga Ventures Private Limited. MUFG Intime India Private Limited is the registrar.
Is Intellius Recode profitable?
Yes. It reported profit after tax of Rs 8.18 crore in FY2025 and Rs 9.25 crore in FY2024, and Rs 2.42 crore for the six months to 30 September 2025.
Who owns Intellius Recode?
ReCode Solutions Inc. holds 86.83% before the issue. Pradeep Jeyaraj, the Managing Director, holds 4.57% and Franklin Street Limited holds 2.95%.
Other companies in the IPO pipeline
Mainboard companies with drafts filed with SEBI.
Know the day the price band is out.
We track every mainboard draft from SEBI filing to listing. When Intellius Recode files its RHP, this page becomes the full IPO page with dates, price band, lot size, GMP and subscription.
Not investment advice. Figures are from the company's draft offer document filed with SEBI and may change in the RHP.
