iValue Infosolutions Limited (formerly iValue Infosolutions Private Limited) is a Bengaluru‑based enterprise‑technology solutions specialist that delivers end‑to‑end IT services across cybersecurity, information‑lifecycle management, data‑center infrastructure, hybrid‑cloud and professional‑managed services. Leveraging a strong partner ecosystem that includes global OEMs such as Cisco, Dell, Google Cloud and Hitachi Vantara, the group serves more than 3,600 corporate customers across diverse verticals and operates through subsidiaries in Singapore, Sri Lanka, Cambodia, the UAE and other regions.
Its IPO of INR 5,603 million is an offer for sale and is aimed at providing liquidity to its promoters and existing shareholders.
Offer Details of the IPO
Total Offer size: Up to INR 5,603 million. The entire offer is an offer for sale by the company’s key investor and founders.
Price Band: INR 284 to INR 299 per Equity Share
Book Running Lead Managers (BRLMs)
Indian Enterprise Technology – Industry Overview
India’s demand for IT and ITeS products is increasing rapidly. Based on the data in RHP, over the next five years, the addressable market is projected to witness a CAGR of more than 20%. Digital transformation, cloud first products and heightened security requirements are some of the key trends driving demand. Following is a breakdown of the overall size of the industry and growth prospects across its segments.
Table: Industry Size
| Segment | Market Size 2024 (USD bn) | Market Size 2030 (USD bn) | CAGR 2024‑2030 |
| Total Addressable Market (TAM) – all five core segments | 22.7 | 78.9 | 23.10% |
| Cybersecurity (products + services) | 5.7 | 16.4 | 19.30% |
| Information‑Lifecycle Management (ILM) | 6.3 | 13.8 | 14.10% |
| Data‑Center Infrastructure & Management | 7.6 | 40.1 | 32.10% |
| Application‑Lifecycle Management (ALM) & DevOps/DevSecOpss | 0.41 | 1.59 | 24.00% |
| Professional & Managed Services (MSS + PSS) | 2.4* | 4.6* | 23.70% |
| Cloud‑Security (subset of Cybersecurity) | 0.49 (US$ m) | 1.78 (US$ bn) | 24.10% |
Source: RHP
Following is a brief description of the various segments:
Table: Brief Description of Various Segments.
| Service Category | Core Offering | Typical Deliverables & Value |
| Data‑Center Infrastructure (DCI) | Design, supply, install and manage the physical and virtual building blocks that host an enterprise’s compute, storage and networking workloads. | • Edge‑data‑center sites for low‑latency processing
• Hyper‑converged infrastructure (HCI) that fuses compute, storage and networking into a single appliance • Software‑defined data‑center (SDDC) platforms that virtualise all resources and enable policy‑driven automation • Sustainable‑design data‑centers with high‑efficiency cooling, power‑usage‑effectiveness (PUE) optimisation and renewable‑energy integration • Storage systems, backup & recovery solutions, and data‑protection appliances |
| Application‑Lifecycle Management (ALM) | End‑to‑end governance of software applications from concept through retirement, embedding development, testing, deployment and operations best‑practice. | • DevOps pipelines (CI/CD) for rapid code integration and delivery • DevSecOps tooling that injects security testing, static code analysis and compliance checks early in the pipeline
• Application‑performance management (APM) for real‑time monitoring of response times, transaction tracing and user‑experience analytics • AI/ML‑driven AIOps that automatically correlates events, predicts incidents and recommends remediation • Cloud‑native refactoring services to re‑architect monolithic apps for containerised, micro‑service environments |
| Hybrid‑Cloud Solutions | Integrated architecture that blends public‑cloud resources (e.g., AWS, Azure, Google Cloud) with on‑premise or private‑cloud environments, allowing workloads to “burst” or migrate as business needs dictate. | • Cloud‑migration planning, workload assessment and lift‑and‑shift execution
• Multi‑cloud orchestration platforms that provide a single pane of glass for provisioning, governance and cost‑control across clouds • Data‑gravity services to keep latency‑sensitive data close to the user while leveraging elastic public‑cloud capacity • Cloud‑security and compliance frameworks (identity‑as‑a‑service, encryption‑as‑a‑service, policy enforcement) • Partnerships with GCP, Nutanix, Lenovo, EDB and others to deliver turnkey hybrid‑cloud stacks |
| Professional & Managed Services | Ongoing, outcome‑focused services that extend an enterprise’s internal IT capabilities, covering both advisory and operational execution. | • Managed Infrastructure Services (IMS): 24×7 monitoring, patch management, capacity planning and SLA‑driven support for servers, storage and networking
• Managed Security Services (MSS): SOC operations, threat‑intelligence feeds, incident response, vulnerability management and compliance reporting • Enterprise Service Management (ESM) / IT Service Management (ITSM): Service‑desk, ticketing, change‑control and service‑catalog governance • Professional Services: solution design, proof‑of‑concept, implementation, migration, integration and post‑go‑live optimisation • 24×7 Security Operations Centre (SOC) and Network Operations Centre (NOC) staffed by certified engineers to provide real‑time threat detection and network health assurance |
| Information‑Lifecycle Management (ILM) | Structured approach to storing, protecting, classifying and retiring data throughout its useful life, ensuring availability, compliance and cost‑efficiency. | • Software‑defined storage (SDS) that abstracts hardware and enables policy‑based tiering
• Data‑protection suites (backup, replication, archiving, immutable storage) • Monitoring & analytics tools for data‑usage, growth forecasting and regulatory reporting • Governance, Risk & Compliance (GRC) modules for data‑privacy, retention policies and audit trails • Integration with AI/ML for automated data classification and intelligent tiering |
Source: RHP
Key Drivers of Growth
The growth of the IT industry is supported by several key factors:
iValue Infosolutions Limited: A Brief Overview
iValue Infosolutions Limited is an Indian enterprise technology solutions specialist, offering comprehensive, purpose-built solutions. The company was founded by Sunil Kumar Pillai, Krishna Raj Sharma, and S. Sriram, who have extensive experience in the information technology and software solutions sector. iValue Infosolutions has strategic partnerships and contractual agreements with leading OEMs across cybersecurity, information lifecycle management, and data center infrastructure domains. It is positioned as a full‑stack technology‑services and distribution house. Its revenue streams are spread across several distinct but complementary lines:
Following are the company’s key offerings.
Table: Key Offerings
| Business Segment | Core Offering | Typical Clients |
| Cybersecurity | Cloud security, network security, OT security, endpoint, IAM, application security; OEM partnerships with Checkpoint, Splunk, SentinelOne, Forcepoint | Enterprises needing regulatory‑grade protection, especially in BFSI, manufacturing and government |
| Information‑Lifecycle Management | Data protection, backup & recovery, storage systems; alliances with Hitachi Vantara, Cohesity | Organizations with large data‑intensive workloads |
| Data‑Center Infrastructure | Hyper‑converged, software‑defined, edge and sustainable data‑center solutions; partners such as Arista, NetScout, Riverbed | Large‑scale data‑center operators and enterprises migrating to hybrid cloud |
| Managed & Professional Services | 24×7 SOC/NoC, managed infrastructure, cloud migration, DevOps/DevSecOps, AI/ML, AIOps, application lifecycle management | Companies looking to outsource day‑to‑day IT operations and accelerate digital transformation |
| Software & Allied Support | Licensing and integration of OEM software, renewal services, technical support | OEMs and system integrators that need a value‑added distributor (VAD) in India |
| IT‑Enabled Services | Project‑based consulting, system integration, implementation, technical refreshes | Mid‑size and large corporates across verticals |
Source: RHP
Partnerships and Strategic Alliances
iValue Infosolutions has a strong ecosystem of partnerships with leading technology OEMs and service providers, enabling the delivery of high-value solutions across cybersecurity, cloud, data center infrastructure, ALM, and professional services.
Competitive Landscape
The Indian IT‑distribution and managed‑services market is highly fragmented and dominated by a few large value‑added distributors (VADs) and system‑integrator (SI) networks. Roughly 5‑7 % of enterprise‑technology spend reaches end‑customers directly from OEMs, while the remaining 93‑95 % flows through indirect channels – OEM → VAD → SI/VAR → end‑user. The key competitive levers are:
Table: IValue – Strengths
| Factor | Typical Industry Practice | iValue’s Edge |
| Channel Reach | Limited to a handful of national SIs; modest regional presence. | 33 global OEM partners, 42 national SIs and ≈ 573 regional SIs (partner‑retention ≈ 67 %). This breadth enables iValue to cover > 800 SI engagements and > 3 600 corporate customers across 8 Indian cities and 7 overseas hubs. |
| Go‑to‑Market (GTM) Model | One‑size‑fits‑all sales push; heavy reliance on price competition. | Dual GTM framework – a product‑life‑cycle approach for offering‑specific scaling and a customer‑life‑cycle adoption model that targets the right segment (key‑account vs. channel) at the optimal time. The “Key‑Account‑Centric” and “Partner‑Centric” tracks allow iValue to balance depth (top‑100 accounts) with breadth (city‑level channel roll‑out). |
| Solution Integration | OEM‑centric bundles; limited multi‑vendor proof‑of‑concept capability. | iValue CoE – a hybrid‑cloud sandbox that hosts pre‑integrated, multi‑OEM stacks (30+ ready‑to‑deploy solutions) and enables SIs to demo, test and certify solutions in a single environment, shortening sales cycles and reducing integration risk for customers. |
| Talent & Certification | Average technical staff with limited OEM certifications. | > 50 % of employees hold technical qualifications; the workforce collectively holds ≈ 1 011 OEM certifications. The in‑house iAcademy (launched FY23) continuously pipelines fresh talent, mitigating the industry‑wide skill‑shortage. |
| Financial Discipline | High leverage, thin margins, volatile cash flows. | Low net borrowings (≈ INR 425 mn) versus equity (≈ INR 4.6 bn); total‑borrowings‑to‑equity ≈ 0.09. Consistent profit growth (ROE ≈ 20 % FY25) and positive operating cash flow (INR 462 mn FY25). |
Source: RHP
That said, the company faces challenges on margins and has a heavy dependence on OEM partnerships. Following are the key challenges
Heavy Dependence on OEM Partnerships – The bulk of revenue flows through OEM‑driven contracts (e.g., Checkpoint, Splunk, Hitachi Vantara, Google Cloud). A slowdown or strategic shift by any of these OEMs could compress margins or reduce deal flow.
Limited Direct Sales Capability – Only 5‑7 % of the market is addressed via direct sales; iValue’s model is almost entirely channel‑driven.
Margin Profile – Gross margin on revenue sits around 22 % (FY25) and EBITDA margin under 5 % (on gross billing), lower than some pure‑play managed‑service firms. A bulk of this is due to pass through sales.
Working‑Capital Intensity – Days Sales Outstanding (≈ 125 days) and inventory levels have been volatile, leading to occasional cash‑flow pressure (negative cash flow in FY23‑24).
Governance & Audit Trail Gaps – Auditor notes indicate incomplete audit‑trail logging for certain database changes.
Geographic Concentration – Core revenue still originates from India; overseas subsidiaries (Singapore, Bangladesh, Sri Lanka, Cambodia, UAE, Kenya, Bhutan) contribute marginally.
Financial Profile
Better Revenue Growth: Revenue growth rebounded in FY 2025, with revenue from operations jumping to ₹9.42 bn (up 17‑18 % year‑on‑year) after a modest dip the prior year. The acceleration stems from the 2023 acquisition of ASPL Info Services, which added a managed‑services platform and higher‑value contracts, and from a deliberate shift toward software, security and cloud‑centric services that command higher pricing than the traditional hardware mix.
Steady Profitability: The move up the value chain has lifted profitability as well. Gross profit rose to ₹2.43 bn, delivering a gross‑margin of roughly 26 % (versus 22 % in FY 23), while EBITDA climbed to ₹1.29 bn and EBITDA margin steadied near 14 %. Net profit after tax reached ₹853 mn, translating into a ≈ 21 % ROE.
Patchy Cashflow: Operating cash flow turned positive in FY 24 and stayed robust in FY 25 at ₹462 mn, driven by higher earnings and tighter working‑capital management—inventory fell from ₹900 mn to ₹128 mn and receivables were trimmed. The company holds ₹1.18 bn in cash and cash equivalents and carries only modest borrowings (≈ ₹425 mn), giving it a very low leverage profile and ample liquidity to fund further organic growth or strategic acquisitions.
Table: Peers Comparison
| Name of Company | Closing Price on September 8, 2025 | Total Income for Fiscal 2025 (in INR million) | EPS(INR)
Diluted |
NAV (INR per share) | P/E | RoNW (%) |
| iValue Infosolutions Limited | INR 299 | INR9,423.50 | INR15.98 | INR75.77 | 18.7 | 20.63% |
| Multi Chem Limited ^ | INR236.50 | INR47,372.92 | INR23.31 | INR117.22 | 10.15x | 19.98% |
Source: RHP
Table: KPI Comparison
| Company | Particulars | FY23 | FY24 | FY25 | CAGR |
|
iValue Infosolutions
|
Gross Sales Billed to the Customers (INR million) | 18106.65 | 21104.80 | 24393.75 | – |
| Revenue From Operations (INR million) | 7968.25 | 7802.30 | 9226.80 | 8% | |
| Total Income (INR million) | 8057.87 | 7951.80 | 9423.50 | – | |
| Gross Profit (INR million) | 1801.94 | 2194.48 | 2431.74 | – | |
| Gross Margin % (on Gross Sales Billed) | 9.95% | 10.40% | 9.97% | – | |
| Gross Margin % (on Revenue) | 22.61% | 28.13% | 26.36% | – | |
| EBITDA (INR million) | 888.21 | 1110.61 | 1291.28 | 21% | |
| EBITDA Margin % (on Gross Sales Billed) | 4.91% | 5.26% | 5.29% | – | |
| EBITDA Margin % (on Revenue) | 11.15% | 14.23% | 13.99% | – | |
| EBIT (INR million) | 847.18 | 1041.62 | 1219.66 | – | |
| Restated Profit Before Tax (INR million) | 803.09 | 945.68 | 1131.93 | – | |
| Restated Profit After Tax (INR million) | 599.17 | 705.70 | 853.00 | 19% | |
| Profit After Tax Margin % (on Gross Total Income) | 3.29% | 3.32% | 3.47% | – | |
| Profit After Tax Margin % (on Net Total Income) | 7.44% | 8.87% | 9.05% | – | |
| Return on Capital Employed % | 37.39% | 28.98% | 27.98% | – | |
| Adjusted Return on Capital Employed % | 46.79% | 39.21% | 38.92% | – | |
| Return on Equity % | 29.15% | 21.13% | 20.49% | – | |
| Trade Receivables (INR million) | 7016.57 | 6732.11 | 8463.85 | – | |
| Days Sales Outstanding (Days) | 141 | 116 | 125 | – | |
| Net Working Capital (INR million) | 1445.51 | 1985.23 | 2834.21 | – | |
| Net Working Capital Days (Days) | 28 | 34 | 42 | – | |
| Debt Service Coverage Ratio | 7.62x | 5.75x | 6.55x | – | |
| Cash Position (INR million) | 911.17 | 1346.73 | 1648.77 | – | |
| Cash Flow From/(Used in) Operations (INR million) | -226.88 | 656.51 | 462.14 | – | |
| No. of OEMs Signed Up | 9 | 8 | 8 | – | |
| No. of System Integrators Billed | 567 | 648 | 804 | – | |
| No. of Customers Served | 1804 | 2014 | 2877 | – | |
| Total Number of Employees | 400 | 457 | 421 | – | |
|
Exclusive Networks SA
|
Gross Sales Billed to the Customers (INR million) | 399866.32 | 471534.11 | N.A | – |
| Revenue From Operations (INR million) | 129462.02 | 142880.79 | N.A | – | |
| Total Income (INR million) | 129462.02 | 142880.79 | N.A | – | |
| Gross Profit (INR million) | 36295.29 | 42891.73 | N.A | – | |
| Gross Margin % (on Gross Sales Billed) | 9.08% | 9.10% | N.A | – | |
| Gross Margin % (on Revenue) | 28.04% | 30.02% | N.A | – | |
| EBITDA (INR million) | 8654.35 | 11639.42 | N.A | – | |
| EBITDA Margin % (on Gross Sales Billed) | 2.16% | 2.47% | N.A | – | |
| EBITDA Margin % (on Revenue) | 6.68% | 8.15% | N.A | – | |
| EBIT (INR million) | 7506.32 | 10447.99 | N.A | – | |
| Restated Profit Before Tax (INR million) | 4592.10 | 5132.34 | N.A | – | |
| Restated Profit After Tax (INR million) | 3444.08 | 4124.21 | N.A | – | |
| Profit After Tax Margin % (on Gross Total Income) | 0.86% | 0.87% | N.A | – | |
| Profit After Tax Margin % (on Net Total Income) | 2.66% | 2.89% | N.A | – | |
| Return on Capital Employed % | 12.10% | 15.02% | N.A | – | |
| Adjusted Return on Capital Employed % | 5.19% | 7.48% | N.A | – | |
| Return on Equity % | 3.82% | 4.50% | N.A | – | |
| Trade Receivables (INR million) | 94844.62 | 119510.30 | N.A | – | |
| Days Sales Outstanding (Days) | 87 | 93 | N.A | – | |
| Net Working Capital (INR million) | 21812.50 | 14847.14 | N.A | – | |
| Net Working Capital Days (Days) | 20 | 11 | N.A | – | |
| Debt Service Coverage Ratio | 1.43x | 1.31x | N.A | – | |
| Cash Position (INR million) | 23667.00 | 33818.48 | N.A | – | |
| Cash Flow From/(Used in) Operations (INR million) | 16425.60 | 20162.78 | N.A | – | |
| No. of OEMs Signed Up | N.A | N.A | N.A | – | |
| No. of System Integrators Billed | N.A | N.A | N.A | – | |
| No. of Customers Served | N.A | N.A | N.A | – | |
| Total Number of Employees | 2553 | 2658 | N.A | – | |
|
Multi Chem Limited
|
Gross Sales Billed to the Customers (INR million) | N.A | N.A | N.A | – |
| Revenue From Operations (INR million) | 38037.00 | 41418.70 | 43026.38 | 6% | |
| Total Income (INR million) | 38231.82 | 41748.33 | 43490.70 | 7% | |
| Gross Profit (INR million) | 5364.19 | 5962.88 | 6134.76 | – | |
| Gross Margin % (on Gross Sales Billed) | N.A | N.A | N.A | – | |
| Gross Margin % (on Revenue) | 14.10% | 14.40% | 14.26% | – | |
| EBITDA (INR million) | 1767.51 | 2492.34 | 2660.20 | 24% | |
| EBITDA Margin % (on Gross Sales Billed) | N.A | N.A | N.A | – | |
| EBITDA Margin % (on Revenue) | 4.65% | 6.02% | 6.18% | – | |
| EBIT (INR million) | 1606.30 | 2351.06 | 2541.82 | – | |
| Restated Profit Before Tax (INR million) | 1578.25 | 2297.96 | 2443.08 | – | |
| Restated Profit After Tax (INR million) | 1233.01 | 1706.02 | 1939.61 | 27% | |
| Profit After Tax Margin % (on Gross Total Income) | N.A | N.A | N.A | – | |
| Profit After Tax Margin % (on Net Total Income) | 3.23% | 4.09% | 4.46% | – | |
| Return on Capital Employed % | 19.63% | 27.04% | 27.71% | – | |
| Adjusted Return on Capital Employed % | 31.65% | 36.13% | 38.26% | – | |
| Return on Equity % | 14.96% | 19.28% | 20.66% | – | |
| Trade Receivables (INR million) | 9054.83 | 11200.51 | 12580.41 | – | |
| Days Sales Outstanding (Days) | 87 | 99 | 107 | – | |
| Net Working Capital (INR million) | 6079.34 | 6852.75 | 6740.49 | – | |
| Net Working Capital Days (Days) | 58 | 60 | 57 | – | |
| Debt Service Coverage Ratio | 3.24x | 8.90x | 10.60x | – | |
| Cash Position (INR million) | 2018.25 | 2438.94 | 2743.65 | – | |
| Cash Flow From/(Used in) Operations (INR million) | 747.32 | 1584.54 | 2305.88 | – | |
| No. of OEMs Signed Up | N.A | N.A | N.A | – | |
| No. of System Integrators Billed | N.A | N.A | N.A | – | |
| No. of Customers Served | N.A | N.A | N.A | – | |
| Total Number of Employees | 618 | 594 | 582 | – |
Source: RHP
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