Bonbloc Technologies IPO
Bonbloc Technologies Limitedbonbloc.com
- Price band
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- Issue size
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- Lot size
- —
- Bidding
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- Grey market
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Split not disclosed
Listing date to be set
No quote recorded
Market data to 17 Oct 2026. Company figures are as filed, sourced 17 Oct 2026. Every figure’s origin is listed under Sources.
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.
IPOVista score
Broadly well-balanced
56% of the scoring model was backed by disclosed data for Bonbloc Technologies, giving low confidence. Weights for anything missing were redistributed rather than scored as zero.
How this score is builtBelow the line: market sentiment. Capped at 8 of 100 points so a hot grey market can tilt a score but never carry one.
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 2020 · Chennai, Tamil Nadu · 315 employees · part of Bonbloc Inc. (incorporated in Delaware, USA, 12 March 2018) — corporate promoter holding 97.49% pre-issue
Bonbloc Technologies builds enterprise software and sells IT services, with almost all of its work done for customers in the United States. Its own product line is the Onelign platform, which combines AI, IoT sensors and blockchain record-keeping to track goods and evidence regulatory compliance, with traceability and food-safety modules aimed at food, grocery and pharmaceutical supply chains and built around US rules such as the Food Safety Modernization Act and the Drug Supply Chain Security Act. Alongside the platform it runs a larger services business: ERP implementation, web and mobile application development, cloud engineering and identity and access management for organisations with older, complex IT estates. It also sells iBOTZ, a GPS-based public-announcement and analytics system for transit and public spaces, acquired under a business transfer agreement in July 2025. The company had 46 customers and 315 employees as of 31 August 2025.
Revenue is billed to enterprise customers largely in US dollars while most delivery staff sit in Chennai, and the gap between the two is the margin. Own-platform products generated only Rs 31.91 crore of FY2025 revenue (30.87%); the rest came from services. People are the cost base: employee benefits were 48.26% of total expenses in FY2025 and subcontracting charges a further 27.09%. The structural constraint is concentration. In FY2025 one customer accounted for 75.44% of revenue from operations, the top five for 99.95%, food and groceries for 95.83%, and US customers for 99.77%. The US subsidiary booked 79.12% of consolidated revenue.
The company on paper
- Legal name
- Bonbloc Technologies Limited
- IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first
- 11 Aug 2020
- CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA
- U62091TN2020PLC137054
- Parent group
- Bonbloc Inc. (incorporated in Delaware, USA, 12 March 2018) — corporate promoter holding 97.49% pre-issue
- Sector
- Information Technology · AI-native enterprise SaaS and IT modernization services
- Employees
- 315
- Registered office
- Chennai, Tamil Nadu
- Promoters
- Durai Appadurai, Sourirajan, Bonbloc Inc.
- Promoter holding, pre-issue
- 97.5%
- Website
- bonbloc.com
The numbers
Financial performance
Revenue has compounded at 128.4% a year across the 3 reported financial years.
Revenue and profit
Figures in ₹ crore, as reported in the prospectus. 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
Ratios as disclosed in the prospectus, calculated at the upper end of the price band. P/E is always shown on post-issue earnings so issues stay comparable with each other.
No price band has been fixed yet, so there is no multiple to quote
3 listed companies the prospectus names itself
What you pay
Earnings and sales behind one share, and the multiple the band asks for them.
- EPS, pre-issue (Fiscal 2025 (financial year ended March 31, 2025))
- ₹1.78
- EPS, post-issueNot disclosed, so computed from FY2025 profit after tax and the disclosed share count — this is the figure the multiple above is built on
- ₹1.73
- Price / sales
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- Net asset value per shareBook value behind one share — a floor, not a target
- ₹2.58
What it earns on what it has
Returns and margins on FY2025. These are the figures that say whether the multiple above is deserved.
- Return on net worthAs disclosed in the prospectus, on its own formula — Indian issuers define RoNW on average net worth, not closing.
- 68.2%
- Return on capital employed
- 118.8%
- EBITDA margin
- 43.6%
- Net margin
- 32.4%
What it owes
Gearing at the latest balance-sheet date.
- Debt to equityAs disclosed in the prospectus. Issuers divide by total equity, which includes non-controlling interests — a wider base than the net worth used for RoNW.
- 0.01×
Valuation against listed peers
Asking P/E against operating margin. All marks are the same size — market capitalisation is not disclosed for every company here, and sizing only some of them would read as a measurement.
- Bonbloc Technologies
- Listed peers
Peer companies are those named in the issuer’s own prospectus. A higher position means better margins; further right means a more expensive multiple. Market capitalisation, where disclosed, is in the tooltip and the table. These figures are the prospectus’s, not today’s. A P/E is a price divided by earnings and the price half moves every day, so this comparison is as it stood on 23 Sep 2025 and is not refreshed. It is dated rather than chased on purpose: no reachable source publishes a current earnings figure per scrip, and putting a live price over a stale one would be a worse number than an openly old one.
The terms
How the issue is structured
- Fresh issueNew shares — proceeds go to the company
- ₹230 Cr
- Offer for saleExisting shares — proceeds go to the selling shareholders
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- Total issue size
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- Shares offered in the OFS
- 3,00,00,000
- Pre-issue shares outstanding
- 19,31,86,380
- Employee discount
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Who the shares are reserved for
Share of the net offer set aside for each investor category
Select a category to see who bids in it and how allotment works there.
Percentages are of the net offer, which excludes any employee or shareholder reservation.
Use of proceeds
Stated objects of the fresh issue, largest first
- Funding inorganic growth through unidentified acquisitions and other strategic initiatives and general corporate purposes — amount not quantified in the prospectus
Hover or focus an object to see whether that spending grows the business or repairs the balance sheet.
100% of the quantified proceeds is earmarked for growth; the rest repairs the balance sheet or is unallocated.
Who owns it before the issue
2 holders named, covering 98.5% of pre-issue equity. The prospectus does not name the rest.
Pre-issue. The offer document leaves the post-issue column to be filled at the prospectus stage, so it is not shown here.
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
No dates have been set yet, so bidding has not opened.
Grey market premium
Unofficial over-the-counter sentiment
No grey-market quotes have been recorded for this issue.
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.
The lot size and price band are not fixed yet, so there is nothing to calculate.
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.
Retail subscription figures are not available yet, so there is nothing to estimate from.
What the grey market implies
Arithmetic on an unofficial quote. The grey market has no clearing house and no obligation to settle — this is sentiment made numeric, not a forecast.
No grey-market quote has been recorded for this issue.
Our read
Easy to misread
Grounded only in figures disclosed in the prospectus. This is analysis, not a recommendation.
Easy to miss in the prospectus
- Press coverage describing a "Rs 233 crore" IPO is not supported by the filing. The DRHP states only the fresh issue (up to Rs 2,300.00 million = Rs 230 crore); the OFS is expressed as up to 3,00,00,000 equity shares of Re 1 face value with no rupee value, and the total offer size appears as "Rs [bullet] million". No total offer size exists until the price is fixed.
- FY2025 revenue of Rs 103.37 crore nearly tripled year on year, but 75.44% of it came from a single unnamed customer and 99.77% from customers in the United States. The EBITDA margin rose from 16.51% in FY2023 to 43.59% in FY2025.
- Promoters hold 97.49% pre-issue entirely through the corporate promoter Bonbloc Inc.; the two individual promoters, Durai Appadurai and Sourirajan, held no equity shares as of the DRHP date.
- A Pre-IPO Placement of up to 20% of the fresh issue is permitted under the DRHP and would reduce the Rs 230 crore fresh issue if undertaken.
Straight from the filing
Read it yourself
Every figure on this page comes out of these. Go and check them.
- Draft Red Herring Prospectus dated 28 September 2025 (SEBI)28 Sep 2025The first draft, filed for review. No price band and no dates.Opens on sebi.gov.in
- Addendum cum Corrigendum to the DRHP dated 28 September 2025, dated 10 February 2026 (SEBI)10 Feb 2026A correction to an earlier filing. Can move a stated figure.Opens on sebi.gov.in
Served by the issuer, the exchange or the regulator — never a copy hosted here, so what you open is the filing itself.
The paperwork
Who is running the issue
- Lead managers
- Pantomath Capital Advisors Private Limited
- RegistrarAllotment status is checked on the registrar's own site
- KFin Technologies Limited
How these figures were checked
Reconciled to Bonbloc Technologies's own prospectus and to exchange disclosures, then cross-checked against 4 other independently published compilations of the same filing. Where a stated ratio disagreed with the line items it should come from, the disagreement was settled against the prospectus itself.
- Bonbloc Technologies Limited — Draft Red Herring Prospectus dated 28 September 2025 (SEBI, read in full) · read 17 Oct 2026
The prospectus is the authoritative document. Check anything that matters against it before you act.
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