Recode Solutions, one of the leading digital automation solutions providers, submitted its draft paper to SEBI on March 27 in order to raise funds via Initial Public Offerings (IPO).
The IPO will consist of a fresh issue of ₹117 crore and an Offer-for-Sale of up to 12.9 lakh shares by promoters.
Prasanna Srinivasan Ramaswamy and Sivathanupillai Adhikesaven Nadarajapillai are the promoters of the company. The company Recode Solutions holds an 86.84% stake, while the remaining 13.17% is held by public shareholders, like Subkam Ventures and Franklin Street.
The firm plans to use ₹43.1 crore from the fresh issue to develop digital workers. A fund of ₹38.4 crore for payment of sub-contracting fees for the development of digital workers. Lastly, the remaining funds will be used towards general corporate purposes.
Founded in 2018, Recode Solutions is one of the growing companies that provides integrated technology services and digital automation solutions to businesses, helping them to improve their work faster, smarter, and more effectively.
Birlasoft, Sonata Software, Happiest Minds Technologies, Coforge, and Fractal Analytics are the competitors of Recode Solutions.
The book-running lead manager of the issue will be Inga Ventures.
Financially, in FY25, the firm reported a revenue of ₹70.8 crore, a 11% drop from the revenue of ₹79.9 crore in the previous year.
At the same time, the company reported a profit of ₹8.2 crore, a 11.5% drop in Profit as well, compared to ₹9.2 crore in the previous year. For more such updates and IPO-related queries, follow IPO Watch.
Recode Solutions IPO Prospectus:
| DRHP Draft Prospectus: | Click Here |
| RHP Draft Prospectus: | To be Updated Soon |
Recode Solutions Company Financial Report
Amount ₹ in Crores
| Period Ended | Revenue | Expense | Profit After Tax |
| 2023 | ₹69.95 | ₹65.87 | ₹4.14 |
| 2024 | ₹80.96 | ₹71.76 | ₹9.25 |
| 2025 | ₹72.64 | ₹63.50 | ₹8.18 |
| Sep 2025 | ₹29.24 | ₹26.37 | ₹2.42 |
Recode Solutions IPO Valuation – FY2025
Recode Solutions IPO valuations detail like Earning Per Share (EPS), Price/Earning P/E Ratio, Return on Net Worth (RoNW), and Net Asset Value (NAV) details.
| Earning Per Share (EPS): | ₹8.17 (Basic) |
| Price/Earning P/E Ratio: | N/A |
| Return on Net Worth (RoNW): | 110.23% |
| Net Asset Value (NAV): | ₹10.02 |
Peer Group Comparison
| Company | EPS | PE Ratio | RoNW % | NAV | Income |
| Birlasoft Ltd | 18.48 | 21.11 | 15.60 | 125.17 | 5,375.24 Cr. |
| Sonata Software Ltd | 15.29 | 17.54 | 27.00 | 61.45 | 10,157.25 Cr. |
| Happiest Minds Technologies Ltd | 12.26 | 29.35 | 11.90 | 104.94 | 2,060.84 Cr. |
| Coforge Ltd | 122.03 | 9.72 | 11.70 | 1,245.39 | 12,050.70 Cr. |
| Fractal Analytics Limited | 66.82 | 11.65 | NA | 562.91 | 2,765.40 Cr. |
| Nice Ltd | 565.67 | 18.06 | 12.66 | 4,859.53 | 22,888.37 Cr. |
| C3.ai | (189.80) | NA | (33.92) | 506.58 | 3,296.53 Cr. |
Objects of the Issue
- Funding cost for the development of Digital Workers,
- Payment of sub-contracting fees for the development of Digital Workers for the Company, and
- General corporate purposes
IPO Lead Managers aka Merchant Bankers
- Inga Ventures Private Limited
