Aegeus Technologies IPO

Aegeus Technologies Limitedaegeustechnologies.com

ListedSMEIndustrialsBSE SME

Price band: ₹100 – ₹105
Issue size: ₹23.71 Cr
Lot size: 1200 sh
Bidding: 4 – 6 Aug
Grey market: —

Market data to 30 Oct 2026. Company figures are as filed, sourced 16 Oct 2026. Every figure’s origin is listed under Sources.

The question this issue poses

In one sentence

Aegeus Technologies makes robotic solar-panel cleaning systems and sells solar plant operations and maintenance work, and raised Rs 23.71 crore in an all-fresh BSE SME issue priced at Rs 100-105 a share. Revenue from operations was Rs 15.27 crore in FY24, Rs 21.89 crore in FY25 and Rs 40.94 crore in FY26, with profit after tax of Rs 0.93 crore, Rs 1.39 crore and Rs 4.02 crore across the same three years. Total borrowings were Rs 4.16 crore in FY24, Rs 4.10 crore in FY25 and Rs 11.93 crore in FY26, against net worth of Rs 5.83 crore, Rs 11.42 crore and Rs 15.40 crore. The book closed 29.91 times subscribed; the shares listed at Rs 124.50 against a band top of Rs 105 and last traded at Rs 111.85 on 23 October 2026.

IPOVista score

How this issue scores, and why

Every pillar opens to show the raw metric, the curve it was mapped through, the sub-score and its weight. Disagree with the weighting if you like — the arithmetic is all here.

80Exceptional

IPOVista score

Broadly well-balanced

63% of the scoring model was backed by disclosed data for Aegeus Technologies, giving medium confidence. Weights for anything missing were redistributed rather than scored as zero.

How this score is built

PillarScoreWeight

Below the line: market sentiment. Capped at 8 of 100 points so a hot grey market can tilt a score but never carry one.

Read this before the number

SME platform listing
SME issues trade in larger lot sizes with thinner volumes than mainboard listings, which makes exiting a position harder.

The IPOVista Score is a transparent summary of disclosed fundamentals and issue terms. It is research, not investment advice, and it cannot predict listing performance.

The company

What the business actually does

Founded 2017 · Bengaluru, Karnataka, India · 55 employees

Aegeus Technologies builds robots that clean solar panels without water, and also sells the service of running them. Its Unicorn robot is made for ground-mounted utility-scale plants, Unicorn R2R is a semi-autonomous row-to-row variant, and Shreem is built for rooftop arrays. Alongside the hardware the company provides solar operations and maintenance work, annual maintenance contracts, and module-cleaning-as-a-service, where the customer pays for panels to be cleaned rather than buying machines outright. Buyers are independent power producers, EPC contractors and utility-scale solar developers in India. The company runs two manufacturing and testing facilities out of Bengaluru with a regional hub in Rajasthan, and had 55 employees on payroll plus 33 contractual workers as of 30 June 2026.

Revenue comes from two streams: one-off sales of cleaning robots and recurring maintenance and cleaning contracts, reported at roughly 55% hardware and 45% services in FY26. Revenue from operations rose from Rs 15.27 crore in FY24 to Rs 21.89 crore in FY25 and Rs 40.94 crore in FY26, with EBITDA margin widening from 10.84% to 15.82% across those three years and PAT reaching Rs 4.02 crore in FY26. The structural constraint is working capital and factory capacity: total borrowings climbed to Rs 11.93 crore in FY26 against Rs 15.40 crore of net worth, and the issue earmarked Rs 8.00 crore for working capital and Rs 5.74 crore for a new manufacturing facility.

The company on paper

Legal name: Aegeus Technologies Limited
IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first: 20 Apr 2017
CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA: U74999KA2017PLC102441
Sector: Industrials · Robotic solar-panel cleaning systems and solar plant operations & maintenance services
Employees: 55
Registered office: Bengaluru, Karnataka, India
Promoters: Suraj Vernekar'D, Roopa Vernekar, Nishith Rameshchandra Shah
Promoter holding, pre-issue: 64.8%
Promoter holding, post-issue: 46.1%
Website: aegeustechnologies.com

The numbers

Financial performance

Revenue has compounded at 63.7% a year across the 3 reported financial years.

Revenue and profit

Figures in ₹ crore, as published in the accounts this record was built from. Interim quarters are not annualised.

Revenue
Profit after tax

Margin trend

Profit and operating margin as a percentage of revenue

Net margin
EBITDA margin

Net worth and borrowings

At each period end, in ₹ crore. Gearing below each period is borrowings over net worth, from these same figures.

Net worth
Total borrowings

The price

Valuation

What the issue asks for the business, set against what the business earns.

No valuation ratios are recorded for this issue. The price band and the reported financials above are what this record holds.

The terms

How the issue is structured

100% of the money raised is fresh capital that goes to the company; the rest goes to shareholders selling down.

Fresh issueNew shares — proceeds go to the company: ₹23.71 Cr
Offer for saleExisting shares — proceeds go to the selling shareholders: ₹0
Total issue size: ₹23.71 Cr
Shares offered in the OFS: —
Pre-issue shares outstanding: —
Employee discount: —
Market maker portionSME issues require a market maker to provide two-way quotes: 3,25,200

What the issue does to ownership

Share of paid-up equity before and after the offer. The promoters give up 18.7% of the company.

Promoters
Everyone else

Hover or focus a segment to see who it is. The two bars are the same company, measured before and after the offer.

Percentages are of paid-up equity, and the “after” column assumes the offer is fully subscribed, which is how the offer document states it. This record does not disclose a pre- and post-issue share count, so the part of the company actually changing hands is not split out — everyone who is not a promoter is shown together.

Demand

What the market is bidding

Subscription is hard exchange data. Grey-market premium is not — it is an unofficial quote, shown because readers want it and labelled because it deserves the label.

Subscription by category

Cumulative bid multiples at the end of day 3. Anchor allocations are excluded.

Hover or focus a category to see who bids in it.

Total subscription29.91×

A category subscribed above 1× is oversubscribed; allotment in that category then runs as a lottery or on a proportionate basis.

Grey market premium

Unofficial over-the-counter sentiment

No grey-market quotes have been recorded for this issue.

Outcome

How it actually listed

Issue price: ₹105.00
Listed at: ₹124.50
Listing gain: up 18.6%
Since listing: down 12.4%
Against the issue price: up 3.8%

Work it out

What this means for one application

Three calculations, each stating the assumption it rests on.

What one application costs

Shares are applied for in whole lots at the cut-off price. The full amount is blocked in your bank account under ASBA, not debited, until allotment.

Lots

Shares applied for: 2,400
At cut-off price: ₹105.00
Amount blocked: ₹2,52,000

One lot is 1200 shares at ₹1,26,000. This issue requires a minimum of 2 lots, so the smallest application is ₹2,52,000. That is how the SME board is built rather than a quirk of this issue: the minimum application is set above the ₹2,00,000 that caps a retail bid on the mainboard — two lots rather than one. The smallest bid here still sits in the individual investors’ category, the one the subscription figures call retail, and when that category is oversubscribed the minimum application is allotted by draw of lots — so the odds beside this apply directly.

Odds of getting an allotment

When the retail category is oversubscribed, SEBI requires a lottery for the minimum lot. Every application has the same chance, whatever its size.

~4%

chance of one lot, per application

Retail subscription: 25.59×
Applicants per share available: 25.6× the retail quota

This is an estimate of a lottery, not a prediction. Actual odds depend on the final basis of allotment, how many applications were at the minimum lot, and rejections for technical reasons. Applying from multiple distinct PANs is the only legitimate way to hold more tickets in that lottery.

What it actually did

This issue has listed, so there is a real number instead of a prediction. The grey-market premium is shown beside it for comparison.

₹124.50

listed at, 18.6% against the issue price

Issue price: ₹105.00
Premium said: —
If allotted 1200 shares: ₹23,400

Listing-day figures are as reported by the exchanges.

Our read

The case for and against

Grounded only in figures disclosed in the prospectus. This is analysis, not a recommendation.

What works

Revenue from operations rose from Rs 15.27 crore in FY24 to Rs 21.89 crore in FY25, a rise of 43.35%, and to Rs 40.94 crore in FY26, a further rise of 87.03%.
EBITDA margin was 10.87% in FY24 (Rs 1.66 crore on Rs 15.27 crore of revenue), 14.30% in FY25 (Rs 3.13 crore on Rs 21.89 crore) and 15.83% in FY26 (Rs 6.48 crore on Rs 40.94 crore) — higher in each successive year on record.
Profit after tax was Rs 0.93 crore in FY24, Rs 1.39 crore in FY25 (a rise of 49.46%) and Rs 4.02 crore in FY26 (a rise of 189.21%). As a share of revenue from operations that is 6.09%, 6.35% and 9.82%.
On the final day of bidding, 6 August 2026, the issue was subscribed 29.91 times overall, with the QIB portion at 23.88 times, the non-institutional portion at 48.05 times and retail at 25.59 times.

What to weigh against it

Total borrowings were Rs 4.16 crore in FY24 and Rs 4.10 crore in FY25, then Rs 11.93 crore in FY26, a rise of 190.98% in the latest year. Set against net worth of Rs 5.83 crore, Rs 11.42 crore and Rs 15.40 crore, borrowings were 0.71 times net worth in FY24, 0.36 times in FY25 and 0.77 times in FY26 — the ratio fell and then rose rather than moving one way.
The record carries no cash flow from operations and no total assets figure for any of FY24, FY25 or FY26, so the profit figures above cannot be checked against cash generated or against the asset base. It also carries no valuation block, no peer set and no category-wise allocation.
The shares listed at Rs 124.50 against a band top of Rs 105, a listing gain of 18.57%, and closed day one at Rs 130.70. The last price on the record is Rs 111.85 as of 23 October 2026 — 14.42% below that day-one close and 6.52% above the band top.
Net worth at FY26 was Rs 15.40 crore against an issue size of Rs 23.71 crore, 1.54 times that net worth. Headcount was 55 employees on payroll plus 33 contractual workers as of 30 June 2026, and promoter holding goes from 64.75% before the issue to 46.09% after it.

Easy to miss in the prospectus

The record holds subscription data for the final day only (day 3, 6 August 2026); there are no day-one or day-two figures, and no anchor book — the anchor and anchor-bid fields are both empty.
The record's business-model note states that Rs 8.00 crore of the issue was earmarked for working capital and Rs 5.74 crore for a new manufacturing facility — Rs 13.74 crore between them, or 57.95% of the Rs 23.71 crore raised. The record's offer-objects list is otherwise empty, so the remaining Rs 9.97 crore is not itemised here.
The business-model note reports the FY26 revenue split as roughly 55% hardware and 45% services, but the record's segment list is empty, so no per-stream revenue or margin figures are carried.

Straight from the filing

Read it yourself

The prospectus for this issue exists, but the only copy held here is a third party’s mirror of it. We link filings from the issuer, the exchanges or the regulator, never somebody else’s copy.

The paperwork

Who is running the issue

Lead managers: Turnaround Corporate Advisors Private Limited
RegistrarAllotment status is checked on the registrar's own site: Skyline Financial Services Private Limited

How these figures were checked

Built from 13 independently published accounts of this issue, agreeing with each other. No copy of the filing itself is linked here, so nothing on this page has been reconciled against the primary document — treat every figure as reported rather than verified.

BSE cash-market bhavcopy, 11 Aug 2026 (listing day) — ISIN INE0WR901013, scrip 544858, series MT, NewBrdLotQty 1200, OHLC 124.50/130.70/122.00/130.70 · read 16 Oct 2026

The prospectus is the authoritative document. Check anything that matters against it before you act.

At a glance

Board: SME platform
Opens: 4 Aug 2026
Closes: 6 Aug 2026
Allotment: 7 Aug 2026
Lists: 11 Aug 2026
Revenue (FY26): ₹40.94 Cr
Profit (FY26): ₹4.02 Cr

Timeline

Every step in this issue's calendar has passed.

Tap a step for what it means. Dates are as disclosed in the prospectus and can move.

On this page

IPOVista publishes research and data compiled from public filings and exchange disclosures. Nothing here is investment advice, a recommendation, or an offer to buy or sell any security. Figures can contain errors and sources can be stale — verify against the prospectus before you act, and speak to a SEBI-registered adviser. Investing in securities carries risk, including loss of capital.