Sotefin Bharat
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Subscription
- Qualified institutionalQIB
- 2.20×
- Big non-institutionalbNII · above ₹10 lakh
- 6.72×
- Small non-institutionalsNII · ₹2–10 lakh
- 2.99×
- Retail individualRII · up to ₹2 lakh
- 3.20×
Grey market premium
Unofficial and indicative — not a forecast
Day-wise premium · 7 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 23 Jul 2026 | ₹2.5 | — | ₹1,100 | — | ₹1,500 |
| 22 Jul 2026 | ₹2.5 | — | ₹1,100 | — | ₹1,500 |
| 21 Jul 2026 | ₹0 | — | ₹0 | — | ₹0 |
| 20 Jul 2026 | ₹1 | — | ₹500 | — | ₹600 |
| 19 Jul 2026 | ₹13 | — | ₹5,900 | — | ₹7,800 |
| 18 Jul 2026 | ₹13 | — | ₹5,900 | — | ₹7,800 |
| 17 Jul 2026 | ₹13 | — | ₹5,900 | — | ₹7,800 |
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
- 16 Jul 2026 – 20 Jul 2026
- Listing date
- 23 Jul 2026
- Face value
- ₹10 per share
- Price band
- ₹178 – ₹187
- Issue price
- ₹187 per share
- Lot size
- 600 shares
- Sale type
- Fresh capital
- Issue type
- Book Building issue
- Listing at
- BSE
- Total issue size
- ₹89.76 Cr
- Fresh issue
- ₹85.27 Cr 45,60,000 shares
- Offer for sale
- ₹0 Cr 0 shares
- Market cap at offer price
- ₹340 Cr
- Promoter holding
- 62.10% → 45.70% pre-issue → post-issue
- ISIN
- INE12Z301012
- CIN
- U29221WB2012PLC175825
- Registrar
- Bigshare Services Pvt.Ltd.
- Lead managers
- Choice Capital Advisors Pvt.Ltd.
- Registered office
- 72/B, Barakhola Kalikapur, Kolkata, West Bengal, India, 700099
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 | 9,12,000 | 28.57% | 26.57% |
| Anchor investor · within QIB | 13,68,000 | — | 39.86% |
| NII (HNI) | 6,84,000 | 21.43% | 19.93% |
| bNII > ₹10L · within NII | 4,56,000 | — | 13.29% |
| sNII < ₹10L · within NII | 2,28,000 | — | 6.64% |
| Retail (RII) | 15,96,000 | 50.00% | 46.50% |
| Employee | 0 | — | 0.00% |
| Market maker | 2,40,000 | — | 6.99% |
| Total issue | 34,32,000 | — | 100.00% |
Net offer to the public of 31,92,000 shares, out of a total issue of 34,32,000. Indented rows sit inside the category above them and are not added to it.
Application size
Minimum 600 shares per lot, in multiples, at ₹187
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 600 | ₹1,12,200 |
| S-HNI (min) | 2 | 1,200 | ₹2,24,400 |
| S-HNI (max) | 8 | 4,800 | ₹8,97,600 |
| B-HNI (min) | 9 | 5,400 | ₹10,09,800 |
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
₹187 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 13.00 | 9.56 |
| P/E (×) | 14.38 | 19.56 |
| Price to book (×) | 4.68 | — |
| Market cap | — | ₹340 Cr |
Key performance indicators
Latest reported period, standalone
- Return on net worth
- 26.98%
- ROCE
- 31.00%
- Debt / equity
- 0.31
- PAT margin
- 14.88%
- EBITDA margin
- 25.55%
- NAV per share
- ₹60
- Price to book
- 4.68
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 | 118.23 | 94.15 | 56.87 |
| Revenue from operations | 116.75 | 93.78 | 56.28 |
| Other income | 1.48 | 0.38 | 0.59 |
| Total expenses | 93.17 | 77.97 | 48.27 |
| Operating profit | 25.06 | 16.18 | 8.6 |
| Operating margin | 21.20% | 17.19% | 15.12% |
| Profit before tax | 25.06 | 16.18 | 8.6 |
| Profit after tax | 17.37 | 11.31 | 6.25 |
| PAT margin | 14.69% | 12.01% | 10.99% |
| Balance sheet | |||
| Total assets | 129.06 | 98.68 | 60.64 |
| Current assets | 92.06 | 72.56 | 47.91 |
| Current liabilities | 40.63 | 37.84 | 30.35 |
| Total liabilities | 45.14 | 42.17 | 32.76 |
| Net worth | 83.93 | 56.51 | 27.88 |
| Current ratio | 2.27× | 1.92× | 1.58× |
| Return on equity | 20.70% | 20.01% | 22.42% |
| Cash flow | |||
| Operating cash flow | -6.86 | 4.02 | 1.33 |
| Investing cash flow | -12.54 | -12.8 | -1.95 |
| Financing cash flow | 19.41 | 8.84 | 0.15 |
| Net cash flow | 0 | 0.06 | -0.48 |
Objects of the issue
Stated use of the net proceeds— open a row for the issuer's full explanation
1 Funding capital expenditure requirements for setting up a manufacturing facility in Kolkata, West Bengal ₹20.13 Cr
The company proposes to establish a new manufacturing facility for in-house manufacturing of robots used in automated parking solutions, currently being imported. This represents vertical integration and supports diversification into adjacent segments including Automated Storage and Retrieval Systems.
2 Funding capital expenditure requirements for the proposed new office premises ₹8.17 Cr
The company proposes to undertake capital expenditure towards construction and establishment of new office premises to support administrative, managerial, engineering, and support functions by providing an integrated and technology-enabled workplace.
3 Funding working capital requirements of the Company ₹40 Cr
The company operates in a working capital-intensive industry requiring significant upfront expenditure towards procurement of raw materials, steel structures, automation subsystems, and electro-mechanical components. The funds will bridge timing gaps between execution and collections.
4 General corporate purposes —
The company proposes to deploy funds towards strategic initiatives, growth opportunities, additional capital expenditure requirements, strengthening marketing capabilities, brand building exercises, meeting corporate contingencies and other purposes as approved by the Board.
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 Sotefin Bharat
Sotefin Bharat Limited (formerly Sotefin Parking Private Limited) was incorporated in 2012 and operates as a provider of mechanised and automated parking solutions. The company delivers comprehensive turnkey services integrating advanced automated parking systems powered by Silomat shuttle and dolly technology sourced from Switzerland. With over 55 completed projects and 30+ ongoing projects, the company serves government bodies (MCD, MCGM/BMC, CPWD, MMRDA) and private developers across India. The company generates revenue from design, manufacturing, installation, and commissioning of parking systems. As of March 31, 2026, revenue from operations was ₹11,674.65 lakhs with net profit of ₹1,736.86 lakhs.
Management
Arup Choudhuri
MD
Jignesh Pravinchandra Sanghavi
CEO
Strengths
As stated in the offer document
Swiss Engineering Excellence Adapted for India
The company benefits from its long-standing association with Sotefin SA, Switzerland, a pioneer in automated parking technology since 1956. This combination of international engineering expertise and localized execution capabilities enables the company to offer commercially viable automated parking solutions for Indian customers.
International Quality and Safety Certifications
The company has achieved ISO 9001:2015 certification (UKAS-accredited) and CE certification (TV) for compliance with European safety and quality standards. The Automatic Parking System is certified by TV Cyprus Ltd for compliance with EU Machinery Directive 2006/42/EC and EN 14010:2003+A1:2009 standards.
Integrated, Customized, and Scalable Execution Capabilities
The company operates a fully integrated business model covering the entire lifecycle of automated parking projects at its 40,000 sq. ft. Bagnan facility. The solutions are custom-engineered to align with site-specific requirements across varied applications, with systems designed for scalability and future capacity expansion.
Established Execution Track Record and Diversified Client Base
The company has successfully executed more than 55 projects across India and international markets, comprising over 12,000 automated parking spaces. As of March 31, 2026, the company has an order book of ₹53,439.85 lakhs, providing clear visibility of future project execution and revenues.
Domain Expertise in Automated and Smart Parking Solutions
The management and technical teams possess deep domain expertise spanning automated parking technologies, robotics, and urban infrastructure development. The Promoter, Mr. Arup Choudhuri, has over 25 years of experience supported by a team of 147 permanent employees.
Comprehensive Post-Sale Service and Long-Term Support
The company offers structured post-installation service and maintenance support through annual maintenance contracts (AMCs) and preventive maintenance schedules. The company undertakes to support installed systems for up to 20 years post-installation, including availability of spare parts and software updates.
Risk factors
As stated in the offer document
Dependence on Swiss Technology Partner for Critical Components
The company leverages advanced technology and sources critical patented parking robots from Sotefin SA, Switzerland, representing 50.40% of total purchases in FY2026. Any disruption in this supply arrangement due to geopolitical factors, trade restrictions, or changes in Sotefin's operations could materially adversely affect business operations and revenue recognition.
High Customer Concentration Risk
The company's revenue is highly concentrated with top 10 customers contributing 91.77%, 84.85%, and 87.30% for FY2026, FY2025, and FY2024 respectively. Loss of or reduction in orders from key customers may adversely affect business operations and financial condition.
Dependence on Government Procurement Processes
A majority of revenue (56.52% in FY2026) is derived from government clients, exposing the company to risks of policy changes, budget allocations, administrative delays, and extended payment cycles. Any reduction in government spending on automated parking infrastructure could materially affect business performance.
Negative Operating Cash Flows
The company experienced negative cash flows from operating activities of ₹685.84 lakhs in FY2026, primarily due to higher trade receivables from government customers with longer credit cycles. Sustained negative cash flows could adversely impact business operations and growth plans.
Project Execution and Liquidated Damages Risk
Project contracts contain liquidated damages and penalty clauses for timeline delays. Execution involves multiple stages with risks from supply chain disruptions, regulatory approvals, and technical challenges, which could result in significant financial liabilities exceeding project profit margins.
Limited Scale and Track Record Compared to Global Players
The company has executed 55+ projects with 12,000+ parking spaces, while competitors like Sotefin SA have 500+ projects and 40,000+ spaces across 30+ countries. This scale disparity could affect ability to compete for large, complex projects and international expansion.
High Working Capital Requirements
Working capital requirements were 60.55% of revenue in FY2026 (₹7,068.80 lakhs), driven by project execution model requiring substantial upfront costs before customer payments. The company's order book of ₹53,439.85 lakhs requires significant working capital financing.
Supply Chain and Vendor Dependency Risks
The company depends on third-party suppliers for raw materials, components, and outsourced machining services. Supply chain disruptions, price volatility, quality issues, or vendor concentration risks could adversely affect operations and project delivery timelines.
Company Analysis
from DRHPSotefin Bharat Limited designs, manufactures, and installs mechanised and automated parking solutions for urban infrastructure through advanced robotics and integration with supporting infrastructure.
Sotefin Bharat Limited (formerly Sotefin Parking Private Limited) was incorporated in 2012 and operates as a provider of mechanised and automated parking solutions. The company delivers comprehensive turnkey services integrating advanced automated parking systems powered by Silomat shuttle and dolly technology sourced from Switzerland. With over 55 completed projects and 30+ ongoing projects, the company serves government bodies (MCD, MCGM/BMC, CPWD, MMRDA) and private developers across India. The company generates revenue from design, manufacturing, installation, and commissioning of parking systems. As of March 31, 2026, revenue from operations was ₹11,674.65 lakhs with net profit of ₹1,736.86 lakhs.
Objects of the Issue
- Funding capital expenditure requirements for setting up a manufacturing facility in Kolkata, West Bengal for in-house robot manufacturing ₹2,012.72 lakhs p.98
- Funding capital expenditure requirements for the proposed new office premises ₹817.06 lakhs p.98
- Funding working capital requirements of the Company ₹4,000.00 lakhs p.98
- General corporate purposes ₹888.18 lakhs p.98
Issue Structure
- Total Issue
- ₹8,976.00 lakhs (up to 48,00,000 Equity Shares)
- Fresh Issue
- ₹8,976.00 lakhs (up to 48,00,000 Equity Shares of face value ₹10 each at ₹187 per share)
- Offer for Sale
- Not Applicable
- Price Band
- ₹178 to ₹187 per Equity Share
- Lot Size
- 1,200 Equity Shares (minimum Bid Lot), thereafter in multiples of 600 Equity Shares
- Face Value
- ₹10 per Equity Share
Business Model
The company operates primarily on a project execution model with milestone-linked payments. Revenue is generated from design and engineering services, manufacturing of structural steel and automation components, installation and commissioning services, and after-sales maintenance contracts (AMC). Payment is typically received after project milestones and on agreed credit periods following customer certifications.
Business Segments
SWOT Analysis
- • ISO 9001:2015 certification (UKAS-accredited) and international technical certifications(p.135)
- • Strong track record of project execution and client relationships(p.33)
- • Access to Swiss technology through partnership with Sotefin SA(p.135)
- • Strong revenue and profitability growth trajectory(p.140)
- • Experienced leadership with deep industry expertise(p.135)
- • Diverse customer base including government and private sectors(p.140)
- • Heavy dependence on limited number of customers(p.27)
- • Critical dependency on single imported component supplier(p.26)
- • Limited proprietary intellectual property(p.27)
- • Negative operating cash flows in recent period(p.32)
- • Limited execution track record and scale compared to global competitors(p.33)
- • Working capital intensive business model(p.127)
- • Growing market for automated parking systems in India(p.104)
- • Establishment of in-house manufacturing facility for robots(p.105)
- • Diversification into adjacent automation segments(p.41)
- • Smart City initiatives and urban infrastructure spending(p.104)
- • International market expansion opportunities(p.33)
- • Supply chain disruption risk from sole Swiss supplier(p.27)
- • Government procurement process risks and policy changes(p.29)
- • Project execution delays and liquidated damages exposure(p.30)
- • Intense competition with low barriers to entry(p.31)
- • Market adoption risks in Indian market(p.42)
- • Foreign exchange volatility on imports(p.44)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Jignesh Pravinchandra Sanghavi | Promoter | 20.56% | 15.13% |
| Pisa International Private Limited | Promoter | 20.56% | 15.13% |
Leadership
Auto-extracted from the company's DRHP 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 DRHP before relying on it.