Aegeus Technologies
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Subscription
- Qualified institutionalQIB
- 12.62×
- Big non-institutionalbNII · above ₹10 lakh
- 42.38×
- Small non-institutionalsNII · ₹2–10 lakh
- 20.12×
- Retail individualRII · up to ₹2 lakh
- 15.20×
Grey market premium
Unofficial and indicative — not a forecast
Day-wise premium · 14 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 11 Aug 2026 | ₹12 | +11.43% | ₹10,900 | ₹117 | ₹14,400 |
| 10 Aug 2026 | ₹12 | +11.43% | ₹10,900 | ₹117 | ₹14,400 |
| 09 Aug 2026 | ₹12 | +11.43% | ₹10,900 | ₹117 | ₹14,400 |
| 08 Aug 2026 | ₹12 | +11.43% | ₹10,900 | ₹117 | ₹14,400 |
| 07 Aug 2026 | ₹12 | +11.43% | ₹10,900 | ₹117 | ₹14,400 |
| 06 Aug 2026 | ₹12 | +11.43% | ₹10,900 | ₹117 | ₹14,400 |
| 05 Aug 2026 | ₹0 | 0.00% | ₹0 | ₹105 | ₹0 |
| 04 Aug 2026 | ₹0 | 0.00% | ₹0 | ₹105 | ₹0 |
| 03 Aug 2026 | ₹0 | 0.00% | ₹0 | ₹105 | ₹0 |
| 02 Aug 2026 | ₹0 | 0.00% | ₹0 | ₹105 | ₹0 |
| 01 Aug 2026 | ₹0 | 0.00% | ₹0 | ₹105 | ₹0 |
| 31 Jul 2026 | ₹0 | 0.00% | ₹0 | ₹105 | ₹0 |
| 30 Jul 2026 | ₹0 | 0.00% | ₹0 | ₹105 | ₹0 |
| 29 Jul 2026 | ₹0 | — | ₹0 | — | ₹0 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Issue details
- IPO date
- 04 Aug 2026 – 06 Aug 2026
- Listing date
- 11 Aug 2026
- Face value
- ₹10 per share
- Price band
- ₹100 – ₹105
- Lot size
- 1,200 shares
- Sale type
- Fresh capital
- Issue type
- Book Building issue
- Listing at
- BSE
- Total issue size
- ₹23.71 Cr
- Fresh issue
- ₹20.3 Cr 19,33,200 shares
- Offer for sale
- ₹0 Cr 0 shares
- Market cap at offer price
- ₹87.93 Cr
- Promoter holding
- 64.75% → 46.09% pre-issue → post-issue
- ISIN
- INE0WR901013
- CIN
- U74999KA2017PLC102441
- Registrar
- Skyline Financial Services Pvt.Ltd.
- Lead managers
- Turnaround Corporate Advisors Pvt.Ltd.
- Registered office
- No. 105, Harapanahalli Village, Jigani Hobli Anekal Taluk, Bangalore, Bangalore, Karnataka, India, 560105
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| QIB | 3,92,400 | 28.84% | 23.27% |
| Anchor investor · within QIB | 5,72,400 | — | 33.95% |
| NII (HNI) | 2,91,600 | 21.43% | 17.30% |
| bNII > ₹10L · within NII | 1,94,400 | — | 11.53% |
| sNII < ₹10L · within NII | 97,200 | — | 5.77% |
| Retail (RII) | 6,76,800 | 49.74% | 40.14% |
| Employee | 0 | — | 0.00% |
| Market maker | 3,25,200 | — | 19.29% |
| Total issue | 16,86,000 | — | 100.00% |
Net offer to the public of 13,60,800 shares, out of a total issue of 16,86,000. Indented rows sit inside the category above them and are not added to it.
Application size
Minimum 1,200 shares per lot, in multiples, at ₹105
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,200 | ₹1,26,000 |
| S-HNI (min) | 2 | 2,400 | ₹2,52,000 |
| S-HNI (max) | 7 | 8,400 | ₹8,82,000 |
| B-HNI (min) | 8 | 9,600 | ₹10,08,000 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
₹105 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 6.57 | 4.80 |
| P/E (×) | 15.98 | 21.88 |
| Price to book (×) | 5.62 | — |
| Market cap | — | ₹87.93 Cr |
Key performance indicators
Latest reported period, consolidated
- Return on net worth
- 29.93%
- ROCE
- 24.75%
- Debt / equity
- 0.77
- PAT margin
- 9.81%
- EBITDA margin
- 15.82%
- NAV per share
- ₹25.18
- Price to book
- 5.62
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
Company financials
Consolidated ·₹ crore unless a row shows % or ×, as reported in the offer document
| Period ended | FY26 | FY25 | FY24 |
|---|---|---|---|
| Profit and loss | |||
| Total income | 41.22 | 21.9 | 15.28 |
| Revenue from operations | 40.94 | 21.89 | 15.27 |
| Other income | 0.28 | 0.01 | 0.01 |
| Total expenses | 35.8 | 20 | 14.36 |
| Operating profit | 5.42 | 1.9 | 0.92 |
| Operating margin | 13.15% | 8.68% | 6.02% |
| Profit before tax | 5.42 | 1.9 | 0.92 |
| Profit after tax | 4.02 | 1.39 | 0.93 |
| PAT margin | 9.75% | 6.35% | 6.09% |
| Balance sheet | |||
| Total assets | 39.36 | 22.09 | 13.56 |
| Current assets | 25.58 | 14.37 | 8.32 |
| Current liabilities | 20.46 | 8.02 | 6.37 |
| Total liabilities | 23.96 | 10.67 | 7.72 |
| Net worth | 15.4 | 11.42 | 5.83 |
| Current ratio | 1.25× | 1.79× | 1.31× |
| Return on equity | 26.10% | 12.17% | 15.95% |
| Cash flow | |||
| Operating cash flow | -1.51 | 1.05 | -0.7 |
| Investing cash flow | -6.19 | -2.77 | -2.06 |
| Financing cash flow | 6.4 | 3.13 | 2.98 |
| Net cash flow | -1.3 | 1.4 | 0.22 |
Objects of the issue
Stated use of the net proceeds— open a row for the issuer's full explanation
1 Investment in Product Development ₹2.86 Cr
The company proposes to invest in developing new robotic solutions including Aegeus Optima, Aegeus Mini Shreem, Aegeus GreenSweep and Aegeus Asset Guard for solar plant operations and maintenance. The funds will be utilized for design, modelling, simulation, prototype development, engineering support, and hiring skilled manpower for product and technology development.
2 Funding Capital Expenditure towards Setting up of Manufacturing Facility through Purchase of Land and Civil Works ₹5.74 Cr
The company intends to purchase land and undertake civil construction works to establish a new manufacturing facility. The proposed facility will be a three-storeyed structure with built-up area to consolidate existing operations, increase manufacturing capacity, and facilitate introduction of new product lines.
3 To meet out the expenses for Working Capital to fund business growth ₹8 Cr
The company proposes to utilize funds to meet incremental working capital requirements for supporting business growth. The funds will support higher levels of inventory, trade receivables, timely procurement of raw materials, execution of projects, delivery of products to customers, and meeting trade payables and other operating expenses.
4 General Corporate Purposes —
The company intends to deploy the balance proceeds for general corporate purposes including strategic initiatives, strengthening marketing network and capability, meeting exigencies, and brand building exercises to strengthen operations. The utilization shall not exceed percentage of the amount raised or specified limit, whichever is lower.
1 of 4 objects carry no stated amount — typically general corporate purposes, funded from whatever remains — so the total above is the quantified portion only, not the whole issue.
About Aegeus Technologies
Aegeus Technologies Limited, incorporated in 2017 and converted to a public company in 2024, is a Bengaluru-based manufacturer of waterless robotic solar panel cleaning systems and digital operations & maintenance (O&M) platforms. Operating from integrated manufacturing facilities in Bangalore, the company designs and produces advanced robotic solutions including the Unicorn Smart (fully autonomous for utility-scale plants), Unicorn R2R (semi-autonomous for cost-sensitive deployments), and Shreem (for rooftop installations). Beyond hardware, Aegeus provides a suite of services: Annual Maintenance Contracts (AMC), Module Cleaning-as-a-Service (MCaaS), and comprehensive O&M automation targeting large solar developers, EPC contractors, and O&M service providers. The company has achieved strong revenue growth—from ₹1,527.39 lakhs in FY24 to ₹4,093.69 lakhs in FY26, a 168% two-year increase—with PAT margins improving from 6.08% to 9.81%. Leveraging patented technologies across multiple countries and in-house AI/ML and IoT capabilities, Aegeus addresses the critical challenge of soiling-induced energy losses in solar plants while supporting ESG goals through waterless cleaning in water-scarce geographies.
Management
Suraj Vernekar'D
MD
Roopa Vernekar
Director
Nishith Rameshchandra Shah
Director
Sandeep Singh
Director
Anil Kapoor
Director
Pratap Chandra Mishra
CFO
Surbhi Sharma
Director
Iranna D Jadhav
Director of Operations
R Satish Chandra
COO
J Rajkiran Singh
Director of Operations
Yogesh Kumar
CTO
Mandar Mainde
VP of Sales
Strengths
As stated in the offer document
Patented robotic technology developed in-house
The company enables efficient and effective solar panel cleaning without the use of water. The technology delivers consistent cleaning quality, reduced maintenance requirements, and operational reliability across varying site conditions.
Comprehensive automation and O&M ecosystem
The company integrates robotic hardware, digital tools, and analytics-based monitoring through products such as Unicorn and Shreem. This combination supports improved plant performance and operational visibility.
Strong research and development capabilities
The company supports continuous product improvement and technology advancement in robotics, control systems, and data analytics, strengthening the company's technological foundation.
Scalable and flexible business model
The company includes both equipment supply and Module Cleaning as a Service (MCaaS), allowing deployment across diverse plant configurations through partner-led execution.
Experienced management and technical team
The company has domain expertise in robotics, automation, and solar operations oversee product development, manufacturing, and service execution.
Established brand presence
The company is supported by a record of reliable performance and product quality across installations in India and multiple international markets.
Risk factors
As stated in the offer document
Customer Concentration Risk
The company derives a significant portion of revenue from a limited number of customers, with the top customer contributing 39.37% of revenue in FY26 and top 10 customers contributing 91.26%. Loss of major customers or reduced demand could severely impact business and financial performance.
Manufacturing Capacity Under-utilization
The company's manufacturing facilities are operating below full capacity, with Unicorn Smart at only 26.67% utilization and Shreem at 21.79% in FY26. Under-utilization leads to higher fixed costs per unit and operational inefficiencies that adversely affect margins.
Working Capital Requirements
The company requires significant working capital with projected needs of ₹2,300.28 lakhs by FY27. Inability to meet working capital requirements may adversely affect operations, client relationships, and result in higher finance costs impacting profitability.
Supplier Concentration and Raw Material Dependencies
The company depends on a limited number of suppliers with top 10 suppliers contributing 67.19% of purchases in FY26. The company has no long-term supply agreements, exposing it to supply disruptions, price volatility, and potential delays in production.
Negative Cash Flow from Operations
The company experienced negative cash flow from operating activities of ₹151.13 lakhs in FY26, primarily due to increased trade receivables and inventory. Continuation of negative cash flows may adversely impact business operations and financial condition.
Limited Market Adoption of Robotic Cleaning Solutions
The market for robotic solar panel cleaning solutions is at a nascent stage with uncertain industry maturity. Delayed adoption, customer resistance, or slower market transition could adversely affect revenue growth and long-term scalability.
Technological Obsolescence Risk
The company operates in rapidly evolving robotics and automation fields characterized by frequent innovation. Failure to continuously innovate or adapt to technological changes may result in products becoming less competitive or obsolete, affecting market position.
Leased Property Dependencies
The company's registered offices and manufacturing facilities are leased properties with rental obligations of ₹2.15 lakhs per month. Termination of lease agreements could disrupt operations and force costly relocations with unfavorable commercial terms.
Outstanding Legal Proceedings and Tax Matters
The company faces outstanding tax proceedings involving ₹49.46 lakhs and has a history of statutory compliance delays. The company paid ₹87,708 in FEMA penalties and faces risks of future penalties affecting financial performance.
Unsecured Loan Recall Risk
The company has outstanding unsecured loans of ₹531.33 lakhs that may be recalled by lenders at any time. Recall of loans would require alternative financing sources that may not be available on commercially reasonable terms, affecting operations.
Company Analysis
from RHPAegeus Technologies Limited designs, manufactures, and deploys autonomous robotic cleaning systems and integrated operations & maintenance solutions for solar energy plants across utility-scale, commercial, and rooftop installations in India and select international markets.
Aegeus Technologies Limited, incorporated in 2017 and converted to a public company in 2024, is a Bengaluru-based manufacturer of waterless robotic solar panel cleaning systems and digital operations & maintenance (O&M) platforms. Operating from integrated manufacturing facilities in Bangalore, the company designs and produces advanced robotic solutions including the Unicorn Smart (fully autonomous for utility-scale plants), Unicorn R2R (semi-autonomous for cost-sensitive deployments), and Shreem (for rooftop installations). Beyond hardware, Aegeus provides a suite of services: Annual Maintenance Contracts (AMC), Module Cleaning-as-a-Service (MCaaS), and comprehensive O&M automation targeting large solar developers, EPC contractors, and O&M service providers. The company has achieved strong revenue growth—from ₹1,527.39 lakhs in FY24 to ₹4,093.69 lakhs in FY26, a 168% two-year increase—with PAT margins improving from 6.08% to 9.81%. Leveraging patented technologies across multiple countries and in-house AI/ML and IoT capabilities, Aegeus addresses the critical challenge of soiling-induced energy losses in solar plants while supporting ESG goals through waterless cleaning in water-scarce geographies.
Objects of the Issue
- Investment in Product Development ₹286.14 lakhs p.100
- Funding Capital Expenditure towards Setting up Manufacturing Facility through Purchase of Land and Civil Works ₹574.00 lakhs p.29
- To meet out Working Capital expenses to fund business growth ₹800.00 lakhs p.113
- General Corporate Purposes [●] p.100
Issue Structure
- Total Issue
- 22,58,400 Equity Shares of face value of Rs.10/- each aggregating to Rs. [●] Lakhs
- Fresh Issue
- 22,58,400 Equity Shares of face value of Rs.10/- each
- Offer for Sale
- NIL
- Price Band
- [●] to [●] per Equity Share
- Lot Size
- 1200 Equity Shares and in multiples of 1200 Equity Shares thereafter
- Face Value
- Rs. 10/- per Equity Share
Business Model
Aegeus generates revenue through three interconnected streams: (1) Product Sales: Manufacturing and selling robotic cleaning systems (Unicorn Smart, Unicorn R2R, Shreem, and spares) to solar developers, EPCs, and O&M providers; (2) Service Contracts: Deployment of Annual Maintenance Contracts (AMC) and Module Cleaning-as-a-Service (MCaaS) models providing recurring revenue; (3) Complete Solar O&M: A newer, higher-margin segment offering end-to-end operations and maintenance for solar plants, which grew from nil in FY24 to ₹1,611.74 lakhs (39.4% of FY26 revenue). The company operates with a vertically integrated model combining design, manufacturing, and field deployment, enabling rapid scaling and customer-centric customization. Gross margins improved from 47.62% in FY24 to 72.01% in FY26, driven by operational efficiencies and higher-margin service revenues.
Business Segments
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Mr. Suraj Vernekar'D | Promoter | 43.17% | — |
| Mrs. Roopa Vernekar | Promoter | 0.09% | — |
| Mr. Nishith Rameshchandra Shah | Promoter | 21.49% | — |
Leadership
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.