Overview

• The Rs 3,000 crore IPO is a pure offer-for-sale of up to about 4.63 crore shares within a price band of Rs 615–648, opening Oct. 3 and closing Oct. 7.
• Anchor investors bought 2.08 crore shares at Rs 648 each across 67 accounts, with 46.52% of the allocation going to 13 domestic mutual funds including ICICI Prudential Technology Fund, Goldman Sachs India Equity Portfolio and Motilal Oswal Small Cap Fund.
• Promoter Embassy Buildcon LLP plans to sell up to 3.54 crore shares and 1 Ariel Way Tenant Ltd. up to 1.08 crore, with shares slated to list on the NSE and BSE on Oct. 10.
• At the upper band, the post-issue P/E is about 67.75x and Angel One assigns a Neutral view, flagging high fixed costs, revenue concentration and market risks despite sector growth.
• As of June 30, 2025, the company operated 68 centres with 114,077 desks (7.67 million sq. ft., 94% in Grade A assets), and in Q1 FY26 revenue rose 19.3% year-on-year to Rs 535.3 crore as the net loss narrowed to Rs 14.1 crore.