Bonbloc Technolgies IPO
Bonbloc Technolgies Limited has filed a draft red herring prospectus (DRHP) with SEBI for a mainboard IPO, a fresh issue and offer for sale. SEBI issued its observations on 5 March 2026, so the company can open the IPO any time up to 5 March 2027. The draft proposes a fresh issue of up to ₹230 crore and an offer for sale of up to 3,00,00,000 shares by promoter Bonbloc Inc. In FY25 the company made a profit of ₹33.49 crore on revenue of ₹103.37 crore. The price band, lot size and IPO dates are not announced yet.
- Status
- SEBI observations issued5 Mar 2026
- SEBI received draft
- 8 Oct 2025
- Type of issue
- Fresh issue and offer for sale
- Lead manager
- Pantomath Capital Advisors Private Limited
- Must open by
- 5 Mar 202712 months from observations
- Price band and dates
- Not announced
Where it stands
Bonbloc Technolgies IPO: where it stands
SEBI processing status, 30 Oct 2026- Draft filed with SEBI8 Oct 2025
- SEBI reviewDone
- SEBI observations5 Mar 2026
- RHP and price bandNot yet
- Bidding and listingNot yet
SEBI has issued its final observations, which in practice is the go-ahead. The company can now file a red herring prospectus and open the IPO within 12 months.
DRHP at a glance
Bonbloc Technolgies DRHP at a glance
Draft red herring prospectus, 28 Sep 2025What the company's draft offer document says. Figures can change in the red herring prospectus, and nothing here is a review or a recommendation.
The business
DRHP, Our Business (p. 203) and Risk Factors (p. 24 to 27)Bonbloc Technologies sells AI-based software as a service, IoT products, digital transformation and data services. Its platforms, such as Onelign, help apps and devices share data within a company or across a network of companies.
Over 98% of revenue in each of the last three years came from customers in the USA, with one customer giving 75% to 99%, and 95% to 99% came from the food and grocery industry. It was incorporated in 2020 and is based in Chennai.
The offer
DRHP cover page and The Offer (p. 55)| Fresh issue | Up to ₹230 croreMoney goes to the company |
| Offer for sale | Up to 3,00,00,000 sharesBy promoter Bonbloc Inc.; its average cost is negligible |
| Shares before the IPO | 19,31,86,380Face value ₹1. The offer for sale is about 15.5% of them (ours) |
| Listing | BSE and NSEMainboard, under Regulation 6(2), as it does not meet Regulation 6(1)(a) |
| Lead manager | Pantomath Capital Advisors Private Limited |
| Registrar | KFin Technologies Limited |
| Promoters | Durai Appadurai, Sourirajan and Bonbloc Inc. |
What the company plans to do with the money
DRHP, Objects of the Offer (p. 85 to 86)| Object | ₹ crore | Share of fresh issue |
|---|---|---|
| Developing its products and platforms | 136.02 | 59.1% |
| Buying laptops | 12.92 | 5.6% |
| Unidentified acquisitions, other strategic initiatives and general corporate purposes (set later) |
Each object's share of the ₹230 crore fresh issue, shown in the table, is our calculation. Offer expenses are deducted before these amounts. The offer for sale money goes to the selling promoter, not the company.
Financials
DRHP, Summary of Financial Information (p. 58 to 61) and Basis for Offer Price, KPIs (p. 97 to 100), ₹ crore| ₹ crore | FY23 | FY24 | FY25 |
|---|---|---|---|
| Revenue from operations | 19.81 | 37.23 | 103.37 |
| EBITDA | 3.27 | 7.97 | 45.06 |
| EBITDA margin | 16.51% | 21.42% | 43.59% |
| Profit after tax | 2.11 | 5.42 | 33.49 |
| Diluted EPS (₹) | 0.11 | 0.29 | 1.78 |
| Net worth | 2.91 | 8.56 | 49.12 |
| Cash from operations | 1.84 | 8.19 | 17.29 |
| Return on net worth | 72.51% | 63.28% | 68.17% |
Restated consolidated figures. Net worth is total equity. Revenue grew 128.42% a year from FY23 to FY25 (DRHP, Risk factor 5).
Listed peers named in the draft
DRHP, Basis for Offer Price (p. 97 to 98). Peer prices as of 23 Sep 2025.The P/E for Bonbloc is not given until the price band is set.
| Company | Diluted EPS (₹) | P/E | RoNW |
|---|---|---|---|
| Bonbloc Technologies (FY25) | 1.78 | Set with the price band | 68.17% |
| Happiest Minds Technologies | 12.26 | 45.43x | 11.73% |
| Newgen Software Technologies | 21.89 | 40.39x | 20.85% |
| Saksoft | 8.21 | 26.24x | 17.57% |
Risks the draft lists first
DRHP, Risk Factors (p. 24 to 28)- One US customerOver 98% of revenue came from US customers, and 75% to 99% from a single customer. (Risk factor 1, p. 24)
- One platformThe Onelign platform gave 29% to 42% of revenue over the last three years. (Risk factor 2, p. 25)
- One industryFood and grocery customers gave 95% to 99% of revenue. (Risk factor 3, p. 26)
- Technology changeIt may fail to keep up with fast technology changes. (Risk factor 4, p. 27)
- Fast growthRevenue grew 128.42% and profit 298.68% a year, which may not continue. (Risk factor 5, p. 27)
- Defects and outagesDefects or outages in its platforms could harm its name and add costs. (Risk factor 6, p. 28)
Documents
Bonbloc Technolgies DRHP and documents
SEBI filingsWe have not found this draft in SEBI's public filings list yet. See SEBI's list of draft offer documents.
The DRHP has the issue size, use of the money, financials, promoters and risk factors. It can change before the final red herring prospectus.
Questions
Bonbloc Technolgies IPO FAQs
When will the Bonbloc Technolgies IPO open?
The date is not announced. SEBI issued observations on 5 March 2026, and SEBI rules require the IPO to open within 12 months of that date, so by 5 March 2027 (our calculation). The company announces the dates in its red herring prospectus and price band notice.
Has SEBI approved the Bonbloc Technolgies IPO?
Yes. SEBI issued its final observations on 5 March 2026 (SEBI processing status archive, April 2025 to March 2026). SEBI does not "approve" an IPO as such; its observations let the company go ahead.
What is the Bonbloc Technolgies IPO price band and lot size?
Not announced. The price band is published at least two working days before the IPO opens, and the lot size is set with it. We add both here the day they are filed.
What is the Bonbloc Technolgies IPO GMP?
We do not publish a GMP. Grey market premium is unofficial: it is not regulated by SEBI and not published by any exchange. Before the price band is announced there is no issue price to compare it with.
Who is the lead manager of the Bonbloc Technolgies IPO?
Pantomath Capital Advisors Private Limited is the coordinating book running lead manager named in SEBI's processing status report. The DRHP lists all the lead managers and the registrar.
What will Bonbloc Technolgies do with the IPO money?
According to the DRHP, the fresh issue money goes to developing its products and platforms (₹136.02 crore), buying laptops (₹12.92 crore), and the rest to general corporate purposes. The offer for sale money goes to the selling shareholders, not the company.
What does Bonbloc Technolgies do?
Bonbloc Technologies sells AI-based software as a service, IoT products, digital transformation and data services. Its platforms, such as Onelign, help apps and devices share data within a company or across a network of companies.
Sources: SEBI processing status of draft offer documents as on 30 October 2026, SEBI's yearly processing status archive and SEBI's list of draft offer documents, and the company's DRHP dated 28 September 2025. Day counts and the last date to open are our calculations. This page is information only, not a recommendation.