ENS Enterprises
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Subscription
- Qualified institutionalQIB
- 7.44×
- Big non-institutionalbNII · above ₹10 lakh
- 17.25×
- Small non-institutionalsNII · ₹2–10 lakh
- 11.09×
- Retail individualRII · up to ₹2 lakh
- 7.49×
Grey market premium
Unofficial and indicative — not a forecast
Day-wise premium · 11 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 21 Aug 2026 | ₹5 | +5.43% | ₹4,600 | ₹97 | ₹6,000 |
| 20 Aug 2026 | ₹5 | +5.43% | ₹4,600 | ₹97 | ₹6,000 |
| 19 Aug 2026 | ₹4 | +4.35% | ₹3,600 | ₹96 | ₹4,800 |
| 18 Aug 2026 | ₹4 | +4.35% | ₹3,600 | ₹96 | ₹4,800 |
| 17 Aug 2026 | ₹0 | 0.00% | ₹0 | ₹92 | ₹0 |
| 16 Aug 2026 | ₹0 | 0.00% | ₹0 | ₹92 | ₹0 |
| 15 Aug 2026 | ₹0 | 0.00% | ₹0 | ₹92 | ₹0 |
| 14 Aug 2026 | ₹0 | 0.00% | ₹0 | ₹92 | ₹0 |
| 13 Aug 2026 | ₹0 | 0.00% | ₹0 | ₹92 | ₹0 |
| 12 Aug 2026 | ₹0 | 0.00% | ₹0 | ₹92 | ₹0 |
| 11 Aug 2026 | ₹0 | 0.00% | ₹0 | ₹92 | ₹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
- 14 Aug 2026 – 18 Aug 2026
- Listing date
- 21 Aug 2026
- Face value
- ₹10 per share
- Price band
- ₹87 – ₹92
- Lot size
- 1,200 shares
- Sale type
- Fresh capital
- Issue type
- Book Building issue
- Listing at
- BSE
- Total issue size
- ₹33.14 Cr
- Fresh issue
- ₹31.48 Cr 34,21,200 shares
- Offer for sale
- ₹0 Cr 0 shares
- Market cap at offer price
- ₹125 Cr
- Promoter holding
- 75.00% → 55.13% pre-issue → post-issue
- ISIN
- INE23ER01017
- CIN
- U74120UP2016PLC075577
- Registrar
- Abhipra Capital Limited
- Lead managers
- Corporate Makers Capital Ltd.
- Registered office
- B-16, 2nd Floor, Sector – 63, NOIDA, Gautam Buddha Nagar, Uttar Pradesh – 201301
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 | 6,84,000 | 28.56% | 26.55% |
| Anchor investor · within QIB | 10,26,000 | — | 39.82% |
| NII (HNI) | 5,13,600 | 21.44% | 19.93% |
| bNII > ₹10L · within NII | 3,42,000 | — | 13.27% |
| sNII < ₹10L · within NII | 1,71,600 | — | 6.66% |
| Retail (RII) | 11,97,600 | 50.00% | 46.48% |
| Employee | 0 | — | 0.00% |
| Market maker | 1,81,200 | — | 7.03% |
| Total issue | 25,76,400 | — | 100.00% |
Net offer to the public of 23,95,200 shares, out of a total issue of 25,76,400. 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 ₹92
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,200 | ₹1,10,400 |
| S-HNI (min) | 2 | 2,400 | ₹2,20,800 |
| S-HNI (max) | 9 | 10,800 | ₹9,93,600 |
| B-HNI (min) | 10 | 12,000 | ₹11,04,000 |
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
₹92 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 8.40 | 6.18 |
| P/E (×) | 10.95 | 14.89 |
| Price to book (×) | 2.48 | — |
| Market cap | — | ₹125 Cr |
Key performance indicators
Latest reported period, standalone
- Return on net worth
- 62.01%
- ROCE
- 115.00%
- PAT margin
- 13.07%
- EBITDA margin
- 19.35%
- NAV per share
- ₹37.08
- Price to book
- 2.48
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
Company financials
Standalone ·₹ crore unless a row shows % or ×, as reported in the offer document
| Period ended | FY26 | FY25 | FY24 |
|---|---|---|---|
| Profit and loss | |||
| Total income | 51.77 | 28.62 | 10.12 |
| Revenue from operations | 51.37 | 28.33 | 10.11 |
| Other income | 0.39 | 0.28 | 0.01 |
| Total expenses | 40.35 | 23.29 | 8.89 |
| Operating profit | 11.42 | 5.33 | 1.23 |
| Operating margin | 22.06% | 18.62% | 12.15% |
| Profit before tax | 11.42 | 5.33 | 1.24 |
| Profit after tax | 8.4 | 3.7 | 0.9 |
| PAT margin | 16.23% | 12.93% | 8.89% |
| Balance sheet | |||
| Total assets | 32.46 | 20.24 | 3.35 |
| Current assets | 25.65 | 17.13 | 2.95 |
| Current liabilities | 14.02 | 10.2 | 1.44 |
| Total liabilities | 14.63 | 10.47 | 1.64 |
| Net worth | 18.44 | 10.04 | 1.9 |
| Current ratio | 1.83× | 1.68× | 2.05× |
| Return on equity | 45.55% | 36.85% | 47.37% |
| Cash flow | |||
| Operating cash flow | -1.1 | 2.5 | 0.11 |
| Investing cash flow | -4.02 | -5.65 | -0.23 |
| Financing cash flow | 3.82 | 4.39 | 0 |
| Net cash flow | -1.3 | 1.25 | -0.12 |
Objects of the issue
Stated use of the net proceeds— open a row for the issuer's full explanation
1 Investment related to enhancement, maintenance and upgrading of existing products through manpower hiring ₹17.02 Cr
The company intends to deploy funds for enhancement, maintenance and upgrading of existing products through manpower hiring. The company plans to expand its team by hiring additional professionals and technical experts under various departments to strengthen its human resource capabilities and meet evolving client requirements.
2 Investment in upgradation of IT Infrastructure ₹6.75 Cr
The company proposes to invest in the procurement and deployment of advanced computing infrastructure and modern IT hardware. This investment includes hardware setup and advanced software tools to support growing operations, improve efficiency, and enhance service delivery capabilities.
3 Repayment of Borrowings ₹1.2 Cr
The company proposes to utilize proceeds towards full or partial repayment or pre-payment of certain borrowings availed from lenders. This will help reduce outstanding indebtedness, debt servicing costs, and maintain a favorable debt to equity ratio while enabling utilization of internal accruals for business growth.
4 General Corporate Purposes —
The company intends to deploy the balance proceeds towards general corporate purposes to drive business growth. This includes meeting operating expenses, strengthening business development and marketing capabilities, and meeting exigencies that the company may not foresee in the ordinary course of business.
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 ENS Enterprises
ENS Enterprises Limited, originally incorporated as a private limited company on January 7, 2016, was converted to a public limited company on May 8, 2025. Headquartered in Noida, Uttar Pradesh, the company operates as a recognized Technology Service Provider (TSP) for India's ONDC (Open Network for Digital Commerce) initiative. With over 140 professionals across 12+ countries, the company has built a diversified portfolio spanning digital commerce enablement, software development, mobile app development, cloud hosting, DevOps, digital marketing, and proprietary SaaS products. The company's hybrid revenue model combines one-time project fees (76.82% of FY26 revenue) with recurring revenues from maintenance contracts, SaaS subscriptions, and managed services (23.18% of FY26 revenue). The company has demonstrated strong financial growth, with revenue from operations growing from ₹101.09 crore in FY24 to ₹283.33 crore in FY25 and ₹513.73 crore in FY26—representing a 71.93% CAGR. Geographically, domestic revenue constitutes 88.95% of total revenue, with international presence in 11+ countries including USA, Singapore, Japan, Canada, and UK.
Management
Manish Kumar Srivastava
CFO
Avinash Kumar Singh
CEO
Amita Agarwal
Director
Strengths
As stated in the offer document
Experienced Management Expertise
The company is managed by qualified and experienced promoters with rich experience in the Information Technology sector, providing relevant expertise for managing business activities in digital commerce and IT services.
Established Relationships with Client Base
The company benefits from a strong and diversified client base including leading enterprises in FMCG, telecom, and retail sectors, with proven ability to execute large-scale, mission-critical digital commerce projects while maintaining high client retention rates.
Recognized Technology Service Provider (TSP) for ONDC
The company holds early-mover advantage as a recognized TSP for Open Network for Digital Commerce (ONDC), enhancing credibility and providing access to large-scale opportunities in SME digitization and government-linked projects.
Diverse Digital Commerce Portfolio
The company offers a broad portfolio including e-commerce store development, ONDC integration, SaaS products, and digital marketing services, enabling it to serve B2B, B2C, D2C, and marketplace models while reducing reliance on any single segment.
Skilled and Multi-Disciplinary Workforce
The company's workforce includes certified developers, designers, engineers, and strategists with expertise across global e-commerce platforms and cloud infrastructure, with significant proportion engaged in R&D focusing on AI/ML, predictive analytics, and emerging technologies.
Risk factors
As stated in the offer document
Customer Concentration Risk
The company is heavily dependent on a few customers, with top 10 customers contributing 69.17%, 60.12% and 87.09% of revenues for FY2026, FY2025 and FY2024 respectively. The company has no long-term commitments from customers, making it vulnerable to order reductions, delays or cancellations from major clients.
Regulatory Compliance Deficiencies
The company has experienced significant delays in filing statutory forms with the Registrar of Companies, with some delays exceeding 3,400 days. These compliance failures expose the company to potential penalties, regulatory actions, and reputational damage that could adversely affect operations and financial condition.
Negative Cash Flow from Operations
The company reported negative operating cash flows of ₹11,003.60 thousands in FY2026, indicating potential liquidity challenges. This negative cash generation could adversely affect the company's ability to fund operations and growth initiatives.
Lack of Intellectual Property Protection
The company currently holds no registered intellectual property rights and has only one pending trademark application. This absence of IP protection may affect the company's ability to protect proprietary rights and could result in competitive disadvantages or legal vulnerabilities.
Key Management Departure Risk
Mr. Anupam Kumar Srivastava, a promoter and significant shareholder, resigned from his position as Whole-Time Director in December 2025. This management transition may disrupt operations, affect stakeholder confidence, and impact the company's strategic direction and execution capabilities.
Dependence on Personal Guarantees
The company's loan facilities are secured by personal guarantees from promoters. Any revocation of these guarantees could force lenders to demand alternative security or immediate repayment of outstanding amounts totaling ₹39,654.05 thousands as of March 31, 2026, potentially hampering operations.
Company Analysis
from RHPENS Enterprises Limited is an ISO 27001:2022 & ISO 9001:2015 certified technology company providing end-to-end digital commerce enablement and software solutions across e-commerce platforms, ONDC integrations, custom software development, mobile applications, cloud services, and digital marketing.
ENS Enterprises Limited, originally incorporated as a private limited company on January 7, 2016, was converted to a public limited company on May 8, 2025. Headquartered in Noida, Uttar Pradesh, the company operates as a recognized Technology Service Provider (TSP) for India's ONDC (Open Network for Digital Commerce) initiative. With over 140 professionals across 12+ countries, the company has built a diversified portfolio spanning digital commerce enablement, software development, mobile app development, cloud hosting, DevOps, digital marketing, and proprietary SaaS products. The company's hybrid revenue model combines one-time project fees (76.82% of FY26 revenue) with recurring revenues from maintenance contracts, SaaS subscriptions, and managed services (23.18% of FY26 revenue). The company has demonstrated strong financial growth, with revenue from operations growing from ₹101.09 crore in FY24 to ₹283.33 crore in FY25 and ₹513.73 crore in FY26—representing a 71.93% CAGR. Geographically, domestic revenue constitutes 88.95% of total revenue, with international presence in 11+ countries including USA, Singapore, Japan, Canada, and UK.
Objects of the Issue
- Investment related to enhancement, maintenance and upgrading of existing products through manpower hiring ₹1,702.00 lakhs p.84
- Investment in upgradation of IT Infrastructure ₹675.21 lakhs p.88
- Repayment of Borrowings ₹120.00 lakhs p.95
- General Corporate Purposes [●] p.95
Issue Structure
- Total Issue
- Upto 36,02,400 Equity Shares of face value of ₹10/- each aggregating to ₹[●] Lakhs
- Fresh Issue
- Upto 36,02,400 Equity Shares of face value of ₹10/- each aggregating to ₹[●] Lakhs
- Offer for Sale
- Not Applicable (Entire Issue constitutes Fresh Issue)
- Price Band
- ₹87 to ₹92 per share
- Lot Size
- Bid Lot: 2,400 Equity Shares and in multiples of 1,200 Equity Shares thereafter
- Face Value
- ₹10/- per Equity Share
Business Model
The company operates a hybrid revenue model: (1) One-time project fees for e-commerce development, software development, ONDC integrations, and custom implementations; (2) Recurring revenue from hosting, maintenance, analytics, platform support, and managed services contracts; (3) Subscription-based revenue from proprietary SaaS products and AI-enabled tools. This model balances upfront project revenues with recurring, subscription-based streams to reduce reliance on one-time engagements and enhance financial stability.
Business Segments
SWOT Analysis
- • Established expertise in digital commerce and ONDC integration(p.128)
- • Government-backed ONDC Technology Service Provider status(p.128)
- • Diversified client base across sectors(p.128)
- • Hybrid revenue model with recurring streams(p.128)
- • Experienced management with strong networks(p.128)
- • Skilled multi-disciplinary workforce(p.132)
- • High customer concentration risk(p.26)
- • Delays in regulatory filings and compliance(p.26)
- • No registered intellectual property rights(p.31)
- • Reliance on rental premises for registered office(p.32)
- • History of negative cash flows(p.31)
- • SME digitization driven by ONDC(p.128)
- • International expansion potential(p.128)
- • SaaS and recurring revenue growth(p.128)
- • Government sector digitization projects(p.128)
- • Strategic partnerships and ecosystem integration(p.128)
- • Intensified competition from global and local players(p.128)
- • Regulatory changes in e-commerce and data protection(p.128)
- • Rapid technological disruption(p.129)
- • Talent retention and rising HR costs(p.129)
- • Global economic volatility affecting IT spending(p.129)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Manish Kumar Srivastava | Promoter | 24.96% | 18.35% |
| Avinash Kumar Singh | Promoter | 25.00% | 18.38% |
| Anupam Kumar Srivastava | Promoter | 24.94% | 18.33% |
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.
Peer comparison
The comparable listed companies named in the offer document, as on 31 Mar 2026
| Company | EPS | NAV | P/E | P/BV | RoNW |
|---|---|---|---|---|---|
| ENS Enterprises Ltd. THIS ISSUE | 4.50 | 14.55 | 14.89, computed at the offer price | 2.48, computed at the offer price | 36.61% |
| 53.77 | 230.85 | 92.27 | 21.57 | 24.49% | |
| 6.90 | 37.97 | 24.31 | 4.51 | 19.66% | |
| 14.89 | 66.28 | 12.99 | 2.92 | 22.47% |
Blank cells are figures the offer document does not publish. This issue is unlisted, so it has no market price and the document publishes no multiple for it — its P/E and P/BV here are computed at the offer price, on the post-issue share count, and are comparable to a listed peer's.