The Indian SME (Small and Medium Enterprise) stock market segment continues to witness robust traction in late 2025. The latest entrant capturing investor attention is Exato Technologies Limited. As the company prepares to open its books for subscription, investors are keenly analyzing the fundamentals of this digital solutions provider.
This detailed review covers the Exato Technologies IPO dates, price band, financial health, grey market sentiment, and a crucial risk-reward analysis to help you make an informed investment decision.
Exato Technologies IPO: Snapshot
Exato Technologies Limited, a prominent player in the digital solutions and Customer Experience (CX) space, has announced its Initial Public Offering (IPO). The issue is a Book Built Issue aimed at raising approximately ₹37.45 Crores.
The company has carved a niche in providing Unified Communications, CX Analytics, and AI-driven infrastructure to major sectors including BFSI (Banking, Financial Services, and Insurance), Healthcare, and Retail.
- IPO Opening Date: November 28, 2025
- IPO Closing Date: December 2, 2025
- Listing Exchange: BSE SME
- Face Value: ₹10 Per Equity Share
- Price Band: ₹133 to ₹140 Per Share
Company Business Model: What Does Exato Do?
Before investing, it is vital to understand the underlying business. Founded in 2016, Exato Technologies has evolved from a standard IT service provider into a specialized digital solutions architect.
Core Offerings
The company operates primarily through its proprietary Exato IQ platform. Their services are designed to enhance customer engagement and streamline operations for large enterprises. Key verticals include:
- CX and Analytics: Improving how brands interact with customers.
- Unified Communications: Streamlining internal and external corporate communication.
- ICT Infrastructure: Providing the tech backbone for operations.
Client Base and Reach
One of the strongest indicators of Exato’s market standing is its clientele. The company services domestic giants and international clients in the USA and Singapore. Notable clients include:
- MakeMyTrip
- RBL Bank
- IGT Solutions
- WNS
With an operational team of over 60 engineers based in India, the company utilizes Artificial Intelligence (AI) and Cloud Platforms to deliver scalable solutions.
Exato Technologies IPO Financial Report (Deep Dive)
For an astute investor, the numbers speak louder than narratives. Exato Technologies has shown a consistent upward trajectory in its financial performance over the last three fiscal years.
Key Financial Highlights (Figures in ₹ Crores):
| Financial Year | Revenue | Expense | PAT (Profit After Tax) | Assets |
| 2023 | ₹73.13 | ₹68.10 | ₹5.06 | ₹34.51 |
| 2024 | ₹114.91 | ₹107.18 | ₹5.31 | ₹54.48 |
| 2025 | ₹126.16 | ₹112.65 | ₹9.76 | ₹95.16 |
| Sept 2025 | ₹71.53 | ₹61.42 | ₹7.26 | ₹99.22 |
Financial Analysis
- Revenue Growth: The company witnessed a massive jump in revenue from ₹73.13 Cr in 2023 to ₹126.16 Cr in 2025. This suggests strong demand for their digital services.
- Profitability Surge: The most attractive metric is the jump in Profit After Tax (PAT). While 2024 saw stable profits, 2025 saw a near doubling of profits to ₹9.76 Cr. Furthermore, in just the first half of FY25 (up to Sept), they have already clocked ₹7.26 Cr, indicating that FY26 could be a breakout year.
- Asset Base: The asset base has tripled from 2023 to 2025, showing significant capital reinvestment into the business.
Valuation Metrics: Is the Price Justified?
The IPO price band is set at ₹133 to ₹140. Let’s look at the Key Performance Indicators (KPIs) for FY2025 to see if this valuation is expensive or fair.
- Earning Per Share (EPS): ₹13.86
- Return on Net Worth (RoNW): 23.03%
- ROE: 28.13%
- ROCE: 26.38%
- Debt to Equity Ratio: 0.75
The Verdict on Valuation:
With an EPS of roughly ₹13.86, the P/E ratio at the upper price band comes to approximately 10x. When compared to peers like Black Box Limited (which trades at a P/E of roughly 45x), Exato Technologies appears to be reasonably priced, leaving room for listing gains for investors.
IPO Reservation and Lot Size
As this is an SME IPO, the investment dynamics differ from mainboard IPOs. The minimum investment requires a larger capital outlay.
Market Lot Details:
- Retail Minimum: 1 Lot (2,000 Shares) – ₹2,80,000
- HNI Minimum: 2 Lots (4,000 Shares) – ₹5,60,000
Investor Quota:
- QIB (Qualified Institutional Buyers): 50%
- Retail: 35%
- NII (Non-Institutional Investors): 15%
The anchor book was robust, with 7,61,000 shares allocated to anchor investors on November 27, 2025, indicating institutional confidence in the stock.
Objectives of the Issue
Why is Exato raising funds? A look at the “Objects of the Issue” reveals a growth-oriented mindset rather than a cash-out strategy.
- Working Capital (₹15.73 Cr): To fund day-to-day operations and manage the increased scale of business.
- Product Development (₹6.80 Cr): Investment in R&D is crucial for an IT company to stay ahead of AI trends.
- Debt Repayment (₹2.53 Cr): Reducing debt burden to improve margins further.
Exato Technologies IPO Dates & Timeline
Investors must keep a close watch on the following dates to ensure they do not miss the application window or the allotment status check.
- IPO Open Date: Friday, November 28, 2025
- IPO Close Date: Tuesday, December 2, 2025 (Deadline: 5 PM)
- Basis of Allotment: Wednesday, December 3, 2025
- Initiation of Refunds: Thursday, December 4, 2025
- Credit to Demat: Thursday, December 4, 2025
- Listing Date: Friday, December 5, 2025
Review: Should You Subscribe?
Rating: 4/5 (Apply for Long Term)
The Bull Case (Pros):
- Strong Financials: Consistent revenue growth and a high spike in profitability in the current fiscal year.
- Blue-Chip Clients: Service contracts with companies like RBL Bank and MakeMyTrip provide revenue stability.
- Reasonable Valuation: Compared to industry peers, the issue is not overpriced.
- Tech-Focus: Exposure to AI and Analytics is a high-growth area.
The Bear Case (Cons):
- SME Liquidity: SME stocks often suffer from lower liquidity post-listing compared to mainboard stocks.
- Lot Size: The high entry barrier (₹2.80 Lakhs) locks in capital.
Conclusion:
Given the strong uptick in profits and the reasonable valuation, Exato Technologies represents a solid opportunity for investors with a moderate-to-high risk appetite. The financial health suggests it is not just a listing-gain play but potentially a good portfolio hold for the medium to long term.
How to Check Exato Technologies IPO Allotment Status
Once the subscription closes, the allotment status will be the most anticipated event. The registrar for this issue is Kfin Technologies Ltd.
Steps to Check:
- Visit the official Kfin Technologies IPO status website.
- Select “Exato Technologies Ltd” from the dropdown menu (active on Dec 3, 2025).
- Enter your Application Number, PAN, or DP Client ID.
- Click Submit to view your allotment status.
Frequently Asked Questions (FAQs)
1. What is the GMP of Exato Technologies IPO?
While Grey Market Premium (GMP) fluctuates daily based on market sentiment, the strong financials and anchor book interest suggest a positive premium. Investors are advised to check live market sources for the specific daily figure.
2. Is Exato Technologies IPO good for the long term?
Yes. With a robust client list including MakeMyTrip and RBL Bank, and a sharp increase in profitability in 2025, the fundamentals support long-term growth.
3. What is the minimum investment for Retail investors?
The minimum investment is one lot, which contains 2,000 shares. At the upper price band of ₹140, this amounts to ₹2,80,000.
4. When will the Exato Technologies IPO list?
The shares are scheduled to list on the BSE SME platform on December 5, 2025.
5. Who are the promoters of the company?
The company is promoted by Mr. Appuorv K Sinha and Mrs. Swati Sinha, holding a pre-issue stake of 75.85%.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Investments in the stock market, especially SME IPOs, are subject to market risks. Please consult your financial advisor before investing.
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