Pragyawan Technologies IPO
Pragyawan Technologies Limited has filed a draft red herring prospectus (DRHP) with SEBI for a mainboard IPO, a fresh issue and offer for sale. As of SEBI's report dated 30 October 2026, SEBI has asked the lead manager for clarifications. The draft proposes a fresh issue of up to ₹400 crore and an offer for sale of up to 1,50,00,000 shares by promoters Puneet Jain and Shefali Jain. In FY25 the company made a profit of ₹39.88 crore on revenue of ₹359.37 crore. The price band, lot size and IPO dates are not announced yet.
- Status
- SEBI has asked questionsSEBI report, 30 Oct 2026
- SEBI received draft
- 6 Jul 2026
- Type of issue
- Fresh issue and offer for sale
- Lead manager
- Pantomath Capital Advisors Ltd.
- Last SEBI contact
- 4 Sep 2026
- Price band and dates
- Not announced
Where it stands
Pragyawan Technologies IPO: where it stands
SEBI processing status, 30 Oct 2026- Draft filed with SEBI6 Jul 2026
- SEBI reviewSEBI has asked questions
- SEBI observations
- RHP and price bandNot yet
- Bidding and listingNot yet
SEBI has sought clarifications and is waiting for the lead manager to reply.
SEBI received the draft on 6 July 2026, 123 days ago, and its last communication on the draft was on 4 September 2026 (day count is our calculation).
DRHP at a glance
Pragyawan Technologies DRHP at a glance
Draft red herring prospectus, 30 Jun 2026What 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. 187 to 188) and Risk Factors (p. 19 to 27)Pragyawan Technologies works in two areas. In skill development it supplies and installs smart classrooms, video studios, educational kits, science and maths labs and trade toolkits, and digitises public records. In utility solutions it builds and maintains power, water and renewable energy projects. Much of its work is for central and state governments and public sector bodies.
It uses contract manufacturers rather than its own plants for most products. Its order book was ₹1,648.31 crore on 31 December 2025, and it works in 21 states and 3 union territories. The top ten customers gave 99.43% of FY25 revenue. It was incorporated in 2011; the registered office is in Delhi and the corporate office in Noida.
The offer
DRHP cover page and The Offer (p. 56)| Fresh issue | Up to ₹400 croreMoney goes to the company |
| Offer for sale | Up to 1,50,00,000 shares75,00,000 each by promoters Puneet Jain (average cost ₹0.10 a share) and Shefali Jain (average cost nil) |
| Shares before the IPO | 23,79,73,500Face value ₹2. The offer for sale is about 6.3% of them (ours) |
| Pre-IPO placement | Up to ₹80 croreOptional; would reduce the fresh issue |
| Listing | BSE and NSEMainboard, under Regulation 6(1) |
| Lead manager | Pantomath Capital Advisors Private Limited |
| Registrar | MUFG Intime India Private Limited |
| Promoters | Puneet Jain and Shefali Jain |
What the company plans to do with the money
DRHP, Objects of the Offer (p. 90 to 91)| Object | ₹ crore | Share of fresh issue |
|---|---|---|
| Working capital | 304.16 | 76.0% |
| General corporate purposes (set later, up to 25% of the fresh issue) |
Each object's share of the ₹400 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 promoters, not the company.
Financials
DRHP, Summary of Financial Information (p. 59 to 61) and Basis for Offer Price, KPIs (p. 100 to 102), ₹ crore| ₹ crore | FY23 | FY24 | FY25 | 9M FY26 |
|---|---|---|---|---|
| Revenue from operations | 67.30 | 211.74 | 359.37 | 777.08 |
| EBITDA | 11.80 | 31.99 | 57.25 | 136.86 |
| EBITDA margin | 17.53% | 15.11% | 15.93% | 17.61% |
| Profit after tax | 8.84 | 24.07 | 39.88 | 99.09 |
| Diluted EPS (₹) | 0.37 | 1.01 | 1.68 | 4.16 |
| Net worth | 26.71 | 50.79 | 90.64 | 189.63 |
| Cash from operations | 8.46 | 12.11 | -7.84 | 15.28 |
| Return on net worth | 33.11% | 47.39% | 44.00% | 52.25% |
| Debt to equity | Nil | 0.02 | 0.41 | 0.34 |
| Order book | 229.67 | 291.94 | 1,058.97 | 1,648.31 |
Restated figures. 9M FY26 is April to December 2025 and is not annualised. Return on net worth uses year-end net worth. Revenue grew at 131.07% a year from FY23 to FY25 (DRHP, p. 188).
Risks the draft lists first
DRHP, Risk Factors (p. 19 to 27)- Customer concentrationThe top ten customers gave 99.43% of FY25 revenue and 99.99% in the nine months to December 2025. (Risk factor 1, p. 19)
- Fast growthRevenue grew 131.07% a year from FY23 to FY25, and this growth may not continue. (Risk factor 3, p. 22)
- Order bookOrders may be delayed, changed, cancelled or not fully paid. (Risk factor 4, p. 22)
- Working capitalThe business needs a lot of working capital, and ₹304.16 crore of the fresh issue is for it. (Risk factor 8, p. 25)
- ReceivablesTrade receivables were ₹306.73 crore on 31 December 2025 and may not be collected on time. (Risk factor 9, p. 26)
- State concentrationGujarat, Karnataka and Uttar Pradesh gave 51.51% of revenue in the nine months to December 2025 (our sum). (Risk factor 10, p. 27)
Documents
Pragyawan Technologies DRHP and documents
SEBI filingsThe DRHP has the issue size, use of the money, financials, promoters and risk factors. It can change before the final red herring prospectus.
Questions
Pragyawan Technologies IPO FAQs
When will the Pragyawan Technologies IPO open?
The date is not announced. The company first needs SEBI's observations on its draft, then files a red herring prospectus with the dates. SEBI received the draft 123 days ago (our calculation).
Has SEBI approved the Pragyawan Technologies IPO?
SEBI has sought clarifications and is waiting for the lead manager to reply. Source: SEBI processing status as on 30 October 2026.
What is the Pragyawan Technologies 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 Pragyawan Technologies 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 Pragyawan Technologies IPO?
Pantomath Capital Advisors Ltd. 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 Pragyawan Technologies do with the IPO money?
According to the DRHP, the fresh issue money goes to working capital (₹304.16 crore), and the rest to general corporate purposes. The offer for sale money goes to the selling shareholders, not the company.
What does Pragyawan Technologies do?
Pragyawan Technologies works in two areas. In skill development it supplies and installs smart classrooms, video studios, educational kits, science and maths labs and trade toolkits, and digitises public records. In utility solutions it builds and maintains power, water and renewable energy projects. Much of its work is for central and state governments and public sector bodies.
Where can I read the Pragyawan Technologies DRHP?
On SEBI's website, where the draft red herring prospectus was published on 6 July 2026. The draft is dated 30 June 2026 and runs to 477 pages. It has the issue size, use of the money, financials and risk factors.
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 30 June 2026. Day counts and the last date to open are our calculations. This page is information only, not a recommendation.