Ivalue Infosolutions IPO: Check IPO Date, Lot Size, Price & Details

Company Overview

Founded in 2008 and headquartered in Bengaluru, iValue Infosolutions operates as a bridge between global technology providers (OEMs) and enterprise customers, working closely with system integrators who implement solutions for clients. iValue designs and delivers multi-OEM solutions that combine products from different technology providers, ensuring interoperability and smooth deployment. Its key focus areas are cybersecurity, data centre infrastructure, application lifecycle management, information lifecycle management, and hybrid cloud solutions.

The company has built a strong partner ecosystem, working with multiple OEMs, including Check Point, Splunk, Google Cloud, Hitachi, and Nutanix. As of March 2025, it had relationships with 804 system integrators and served nearly 2,900 enterprise customers across sectors such as banking and financial services, government, telecom, manufacturing, and e-commerce. iValue has also expanded internationally, with operations in Singapore, the UAE, Sri Lanka, Bangladesh, Cambodia, and Kenya, in addition to eight offices in India.

The company also provides associated services, including solution design, implementation, 24x7 managed services, training, and technical support. More than half of its 400+ employees are in technical roles, with certifications across multiple OEMs. This technical strength allows iValue to support enterprises throughout the lifecycle of technology adoption – from identifying solutions to deployment and ongoing support.

In terms of business mix, cybersecurity is the largest vertical, contributing 46.8% in FY23, 50.5% in FY24, and 46.9% in FY25. The information lifecycle management segment contributed 32.9% in FY23, easing to 22.0% in FY25. Data centre infrastructure has grown its share from 9.2% in FY23 to 17.0% in FY25, while application lifecycle management, cloud, and other solutions contributed steadily at 11-14% over the same period.

On an overall basis, iValue’s gross sales billed to customers rose from ₹1,811 crore in FY23 to ₹2,110 crore in FY24 and further to ₹2,439 crore in FY25, reflecting consistent growth across verticals, with cybersecurity and data centre solutions driving the momentum.

IPO Details

Objectives of the Issue:

Note: The IPO is entirely an Offer for Sale (OFS). Hence, the company will not receive any proceeds from the issue. The selling shareholders will receive the proceeds.

Key Strengths

• Comprehensive Multi-OEM Solutions and End-to-End Enterprise Services
  The company offers a holistic portfolio of enterprise technology solutions across cybersecurity, data management, application lifecycle management, hybrid cloud, and data centre infrastructure, supported by strong partnerships with leading OEMs like Check Point, Splunk, Google Cloud, Nutanix, and SuSe. Through over 30 pre-integrated solution stacks, a consultative sales approach, and end-to-end pre-sales, post-sales, and managed services – including 24x7 SOC (Security Operations Centre)/NOC (Network Operations Centre) support – it addresses complex IT requirements, ensures scalability and security, and enables long-term engagements. High customer retention, repeat business, and renewals demonstrate its role as a trusted strategic technology advisor for enterprises and system integrators.
• Partner of Choice for OEMs with Expanding Relationships
  The company has established itself as a preferred partner for OEMs across cybersecurity, information lifecycle management, data centre infrastructure, application lifecycle management, cloud, and other enterprise technology segments. Its OEM network has grown from 93 in FY2023 to 109 in FY2025, with long-standing relationships – 19 partners for over 10 years and 38 for six or more years. Leveraging these partnerships, the company designs and delivers purpose-built solutions through system integrators, enabling end-to-end enterprise deployments and repeat business. Strong multi-OEM engagement allows cross-selling, curated solution stacks, and alignment with evolving technology trends, reinforcing its role as a strategic enabler for both OEMs and enterprise customers.
• Large, Diversified, and Expanding System Integrator Network
  The company has built a robust network of System Integrators (SIs), expanding from 567 in FY2023 to 804 in FY2025, comprising global, national, and local partners such as Hitachi, Sify, Quess Corp, and Value Point. With 287 partners engaged consistently over the past three years and retention rates improving from 64% in FY2023 to 81% in FY2025, the company benefits from high stickiness and repeat business. Supported by curated multi-OEM stacks, lifecycle services, and 24x7 managed offerings, this diversified SI base drives revenue growth, wider end-customer reach, and strengthens cross-sell and up-sell opportunities for OEMs.
• Experienced Leadership and Skilled Workforce with In-house Training Initiatives
  The company is led by experienced promoters and senior management, supported by an advisory board comprising industry veterans such as the former National Cyber Security Coordinator and the former President of Dell EMC. With an average senior management tenure of 12 years and over 51% of employees in technical roles holding more than 1,000 OEM certifications, the company has strong domain expertise across key functions. To address industry-wide talent shortages and high attrition, it launched iAcademy in FY2023, an in-house training and recruitment programme that has already inducted over 100 professionals, ensuring a steady pipeline of skilled talent aligned with its business needs. This combination of leadership depth, workforce capability, and structured talent development underpins the company’s rapid growth and operational resilience.

Key Risks

• Dependence on OEM Relationships
  A significant portion of the company’s revenue is derived from a concentrated set of OEM partnerships, with the top 10 OEMs contributing 63.02% of gross sales billed to the customers in fiscal 2025. Since these arrangements are largely non-exclusive and short- to medium-term in nature, any adverse changes—such as delays in supply, termination or modification of contracts, pricing adjustments, or OEMs opting to distribute directly—could materially impact the company’s business, profitability, and reputation. Furthermore, OEM operational challenges, including supply chain disruptions, labour issues, financial instability, or market share erosion, may affect the company’s ability to deliver technology solutions, making this dependence a key business risk.
• Concentration of Revenue from System Integrators
  The company relies on system integrators as a key channel to access end customers, with the top 10 SIs contributing 33.77% of gross sales billed to the customers in fiscal 2025 and the top SI alone accounting for 8.66%. Since there are no long-term or exclusive arrangements with most SIs, the volume of business derived from them may vary significantly from year to year. Any loss of a major SI relationship, reduction in technology spending by their enterprise clients, or increased pricing pressure from large SIs could constrain market access and adversely affect the company’s revenue stability, profitability, and growth prospects.
• Non-Exclusive and Short-Term Agreements
  The company’s relationships with OEMs and SIs are governed by largely non-exclusive agreements, generally spanning one to three years, many of which can be terminated without cause or with short notice. These contracts may also include restrictive covenants or be subject to termination for reasons such as breaches, strategic realignments, or consolidation among technology providers. The non-exclusive structure allows OEMs and SIs to simultaneously work with competing resellers, which could limit the company’s share of business. Any premature termination, non-renewal, or unfavourable modification of such agreements could disrupt operations, reduce gross sales billed to the customers, and materially impact revenue, profitability, and customer satisfaction.

Financial Snapshots

KPI comparison with Industry Peers

Notes:

• We do not have domestically comparable listed players for this firm.
• Data for the listed global peer has been converted to INR at 1 SGD = ₹ 62.9335, being the exchange rate as on December 31, 2024

Conclusion

iValue Infosolutions has established a strong niche with diversified solutions in cybersecurity, cloud, and data management, supported by deep OEM and SI partnerships. However, scalability is constrained by thin margins, high working capital intensity, and revenue concentration from a few OEMs and system integrators. These structural challenges limit long-term risk-reward, making the IPO less attractive, so we recommend avoiding the IPO.