EverestIMS Technologies IPO: GMP, Subscription Status, Review and Allotment Odds

Most SME tech IPOs are IT services firms that rent out engineers. EverestIMS Technologies is different: it sells its own software. Its Infraon platform helps enterprises and telecom operators monitor networks, track IT assets and run service desks. The Bengaluru company is raising ₹48.46 crore on the BSE SME platform.

This is the most popular SME issue of the week. It drew ₹13.71 crore from anchor investors, retail was 2.27 times subscribed by day 2, and the grey market premium is about ₹40, or 47%, over the ₹85 upper band. At about 14 times post-issue earnings, the valuation is modest for a product company. The one blemish: FY26 profit fell slightly even as revenue grew.

EverestIMS Technologies IPO at a glance

Individuals must apply for at least two lots, or ₹2,72,000 at the upper band. Bidding closes on Monday 5 October.

What EverestIMS Technologies actually does

EverestIMS Technologies Ltd was incorporated in April 2017 and is promoted by a group of eight founders led by Satish Kumar Vijayaragavan and Sudhakar Aruchamy. It builds software for IT operations: IT service management (ITSM), IT infrastructure management (ITIM), network configuration and change management (NCCM), AIOps, IT asset management and OSS for telecom operators.

The flagship product, Infraon Infinity, is sold both as SaaS and as on-premise software. Customers use it to watch their networks and servers in real time, catch faults before users notice, and manage helpdesk tickets. Sales come through a direct team and channel partners in India and the USA. The company had 230 employees as of 31 March 2026.

Of the fresh issue, ₹24 crore will fund working capital and ₹5.66 crore will buy IT hardware for an AI innovation lab. The ₹9.41 crore OFS goes to selling promoters.

The numbers behind the business

Here are the figures from the offer documents, in ₹ crore, as reported by IPO data sites.

What these numbers tell us, in plain language:

• Revenue keeps growing. Revenue rose from ₹45.6 crore in FY24 to ₹57.8 crore in FY25 and ₹65.9 crore in FY26.
• FY26 profit dipped. Net profit fell from ₹14.1 crore to ₹13.1 crore, as EBITDA was almost flat at ₹23.3 crore despite higher revenue. That points to rising costs, likely people and product investment. Investors will want to see margins recover.
• Margins are still high. EBITDA margin was about 35% and net margin about 20% in FY26, typical of a software product company with its own IP.
• Working capital is the pressure point. Enterprise and telecom customers often pay slowly, which is why ₹24 crore of the IPO goes to working capital.

How the subscription is playing out, day by day

Demand has been broad-based. Anchors put in ₹13.71 crore on 28 September. By 5:08 PM on 1 October the issue was 1.70 times subscribed: retail at 2.27x, NII at 1.50x and QIB at 0.87x. QIBs often bid on the final day, so their portion may well fill on 5 October.

The GMP story so far

The grey market premium was about ₹40 on 4 October, roughly 47% over the upper band. That implies a listing near ₹125. It is by far the highest GMP among the SME issues closing this week.

How to check EverestIMS Technologies IPO allotment status

1. Go to the Maashitla Securities IPO allotment page, or the BSE allotment status page.
2. Select EverestIMS Technologies from the list of issues.
3. Enter your PAN, application number or DP/Client ID.
4. Submit to see how many shares you were allotted.

Allotment is expected on 6 Oct 2026, with refunds and demat credit on 7 Oct. Shares are due to list on BSE SME on 8 Oct 2026.

The listing outlook

If the ₹40 GMP holds, EverestIMS could list around ₹125, a gain of about 47%. Anchor lock-ins reduce early selling. But SME listings are volatile, and a crowded last day can bring heavy profit-taking after listing.

What to weigh before you apply

Small company, big competitors

In IT operations software, EverestIMS competes with global names such as ServiceNow, SolarWinds and ManageEngine. Its edge is price and service in markets like India, but winning large enterprise accounts against those brands is hard.

The FY26 profit dip

Revenue grew 14% but profit fell 7%. If that reflects investment for growth, it is fine. If it reflects pricing pressure, it is a warning. The first post-listing results will tell.

Strengths and risks

Strengths

• Own software IP: the Infraon platform
• Revenue up 44% in two years with EBITDA margins above 35%
• Anchor book of ₹13.71 crore; retail 2.27x and NII 1.50x on day 2
• Post-issue P/E of about 14x
• Sales presence in India and the USA

Risks

• FY26 profit fell 7% despite revenue growth
• Competes with large global IT operations software vendors
• Promoters are selling ₹9.41 crore through the OFS
• Working-capital heavy; slow-paying enterprise customers
• A 47% GMP can fade quickly in SME listings

Your chances of getting an allotment

• The retail quota works out to about 1,190 lots. Under SEBI’s SME rules every individual investor applies for the minimum of two lots (3,200 shares, ₹2,72,000), so roughly 590 retail applications can be filled in full.
• Once the retail book is oversubscribed, allotment is decided by a random draw. Every successful applicant gets the minimum application size; nobody gets a partial one.
• Applying for more than the minimum does not improve your retail odds. Separate applications from different PANs in your family do.

What to watch from here

• The QIB number on 5 October
• Whether the ₹40 GMP holds through the close
• Allotment status on 6 October through Maashitla Securities
• Listing on 8 October
• After listing: whether margins recover in the first results

EverestIMS Technologies IPO: frequently asked questions

Disclaimer: This article is for information and education only and is not investment advice. GMP is unofficial and data may differ between sources. Read the RHP and consult a SEBI-registered adviser before investing. Data as of 4 October 2026.