- Price band
- ₹87 – ₹92
- Issue size
- ₹33.14 Cr
- Lot size
- 1200 sh
- Bidding
- 14 – 18 Aug
- Grey market
- —
Face value ₹10.00
100% fresh capital
Lists 21 Aug 2026
No quote recorded
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
The record describes ENS Enterprises Limited, incorporated on 7 January 2016 and run from Sector 63, Noida, as a builder of e-commerce platforms, mobile apps and custom software with roughly 100 people as on 30 June 2026, serving clients the company cites across 12-plus countries. Revenue was Rs 10.11 Cr in FY24, Rs 28.33 Cr in FY25 and Rs 51.37 Cr in FY26, with profit after tax of Rs 0.90 Cr, Rs 3.70 Cr and Rs 8.40 Cr across the same three years. The Rs 33.14 Cr issue was entirely fresh, priced at Rs 87-92 with a 1,200-share lot, and closed subscribed 13.11 times overall; it listed on BSE SME on 21 August 2026 at Rs 96 against a band top of Rs 92, closed day one at Rs 100.8 and last traded at Rs 101.3 on 23 October 2026. The same record puts trade receivables at Rs 17.11 Cr on 31 March 2026 and FY26 operating cash flow at negative Rs 1.10 Cr against PAT of Rs 8.40 Cr.
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
63% of the scoring model was backed by disclosed data for ENS Enterprises, giving medium 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.
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 2016 · B-16, 2nd Floor, Sector 63, Noida, Gautam Buddha Nagar, Uttar Pradesh 201301 · 100 employees
ENS Enterprises builds and runs digital commerce systems for other companies. From an office in Sector 63, Noida, a team of roughly 100 people as on 30 June 2026 writes e-commerce platforms, mobile apps and custom software, handles cloud and DevOps work, and runs digital marketing for corporates, SMEs and government-backed programmes. In 2022 it was empanelled as a Technology Service Provider for the Government of India's ONDC network, and it also sells blockchain consulting and smart-contract development. Most of the billing is domestic: of FY26 operating revenue of Rs 51.37 crore, Rs 45.69 crore was earned within India and Rs 5.68 crore outside it, the company citing clients across 12-plus countries including the United States, Japan, Singapore, the UK and Canada. ONDC work itself contributed Rs 0.63 crore.
Revenue is billed work, not licences. In FY26, one-time project fees were Rs 39.47 crore of Rs 51.37 crore of operating revenue and recurring support and retainer income Rs 11.91 crore; the prospectus's own service-wise table records subscription revenue as nil in all three restated years, despite the SaaS framing in the overview. Delivery is largely bought in rather than staffed: FY26 cost of services was Rs 28.54 crore against an in-house wage bill of Rs 7.77 crore, holding EBITDA margin at 22.78%. The binding constraint is collection. Trade receivables stood at Rs 17.11 crore on 31 March 2026 against Rs 51.37 crore of revenue, and that build-up turned FY26 operating cash flow negative at Rs -1.10 crore even on Rs 8.40 crore of PAT.
The company on paper
- Legal name
- ENS Enterprises Limited
- IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first
- 7 Jan 2016
- CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA
- U74120UP2016PLC075577
- Sector
- Information Technology · Digital commerce enablement, custom software and cloud services
- Employees
- 100
- Registered office
- B-16, 2nd Floor, Sector 63, Noida, Gautam Buddha Nagar, Uttar Pradesh 201301
- Promoters
- Manish Kumar Srivastava, Avinash Kumar Singh, Anupam Kumar Srivastava
- Promoter holding, pre-issue
- 75.0%
- Promoter holding, post-issue
- 55.1%
- Website
- ens.enterprises
The numbers
Financial performance
Revenue has compounded at 125.4% 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
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
- ₹33.14 Cr
- Offer for saleExisting shares — proceeds go to the selling shareholders
- ₹0
- Total issue size
- ₹33.14 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
- 1,81,200
What the issue does to ownership
Share of paid-up equity before and after the offer. The promoters give up 19.9% 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.
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
- ₹92.00
- Listed at
- ₹96.00
- Listing gain
- up 4.3%
- Since listing
- up 35.6%
- Against the issue price
- up 41.5%
Trading at ₹130.20 on 30 Oct 2026
What an allotment is worth now, before costs
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.
- Shares applied for
- 2,400
- At cut-off price
- ₹92.00
- Amount blocked
- ₹2,20,800
One lot is 1200 shares at ₹1,10,400. This issue requires a minimum of 2 lots, so the smallest application is ₹2,20,800. 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.
~9%
chance of one lot, per application
- Retail subscription
- 11.02×
- Applicants per share available
- 11.0× 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.
₹96.00
listed at, 4.3% against the issue price
- Issue price
- ₹92.00
- Premium said
- —
- If allotted 1200 shares
- ₹4,800
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 was Rs 10.11 Cr in FY24, Rs 28.33 Cr in FY25 and Rs 51.37 Cr in FY26: higher by 180.22% in FY25 (Rs 18.22 Cr on Rs 10.11 Cr) and by 81.33% in FY26 (Rs 23.04 Cr on Rs 28.33 Cr).
- Profit after tax was Rs 0.90 Cr in FY24, Rs 3.70 Cr in FY25 and Rs 8.40 Cr in FY26, higher at both steps, by 311.11% and then 127.03%. PAT was 8.90% of revenue in FY24 (Rs 0.90 Cr on Rs 10.11 Cr), 13.06% in FY25 (Rs 3.70 Cr on Rs 28.33 Cr) and 16.35% in FY26 (Rs 8.40 Cr on Rs 51.37 Cr).
- EBITDA was Rs 1.38 Cr on revenue of Rs 10.11 Cr in FY24 (13.65%), Rs 5.48 Cr on Rs 28.33 Cr in FY25 (19.34%) and Rs 11.71 Cr on Rs 51.37 Cr in FY26 (22.80%), each year's margin above the one before; the record's own business note states the FY26 EBITDA margin as 22.78%.
- Net worth was Rs 1.90 Cr at FY24, Rs 10.04 Cr at FY25 and Rs 18.44 Cr at FY26. Total borrowings were nil in FY24 and nil in FY25, and Rs 3.97 Cr at FY26, which is 0.22 times the FY26 net worth of Rs 18.44 Cr.
What to weigh against it
- Trade receivables stood at Rs 17.11 Cr on 31 March 2026, equal to 33.31% of FY26 revenue of Rs 51.37 Cr, and the record puts FY26 operating cash flow at negative Rs 1.10 Cr against PAT of Rs 8.40 Cr. The financials carry no operating cash flow figure for FY24 or FY25, so the FY26 number stands alone in the record.
- Of FY26 operating revenue of Rs 51.37 Cr, one-time project fees were Rs 39.47 Cr (76.84%) and recurring support and retainer income Rs 11.91 Cr (23.18%). The record notes that the prospectus's own service-wise table records subscription revenue as nil in all three restated years, despite the SaaS framing in the overview.
- FY26 cost of services was Rs 28.54 Cr, or 55.56% of Rs 51.37 Cr of operating revenue, against an in-house wage bill of Rs 7.77 Cr; the record describes delivery as largely bought in rather than staffed.
- Total borrowings were nil in FY24 and nil in FY25 and Rs 3.97 Cr at FY26. The record carries no total-assets figure for any of the three years.
Easy to miss in the prospectus
- The record carries no valuation block, no peer set, no allocation split and no post-issue share count, so no earnings multiple or per-share figure can be computed from it. It also lists no offer objects for the Rs 33.14 Cr raised.
- Of FY26 operating revenue of Rs 51.37 Cr, Rs 45.69 Cr (88.94%) was earned within India and Rs 5.68 Cr (11.06%) outside it. ONDC work, for which the record states the company was empanelled as a Technology Service Provider in 2022, contributed Rs 0.63 Cr, or 1.23% of the Rs 51.37 Cr.
- Promoter holding is 75% pre-issue and 55.14% post-issue. The Rs 33.14 Cr fresh issue is 1.80 times the FY26 net worth of Rs 18.44 Cr.
Straight from the filing
Read it yourself
Every figure on this page comes out of these. Go and check them.
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
- Corporate Makers Capital Limited
- RegistrarAllotment status is checked on the registrar's own site
- Abhipra Capital Limited
How these figures were checked
Reconciled to ENS Enterprises's own prospectus and to exchange disclosures, then cross-checked against 9 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.
- BSE Equity Bhavcopy, 21 August 2026 — scrip 544876, series MT (ISIN, NewBrdLotQty, listing-day OHLC) · read 16 Oct 2026
The prospectus is the authoritative document. Check anything that matters against it before you act.
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