GenXAI Analytics IPO

GenXAI Analytics Limitedgenxai.com

ListedSMEInformation TechnologyNSE Emerge

Price band: ₹110 – ₹116
Issue size: ₹54.66 Cr
Lot size: 1200 sh
Bidding: 5 – 9 Jun
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

GenXAI Analytics is a Jaipur-headquartered IT services company incorporated on 12 June 2007, whose profile describes two main practices — enterprise performance management on Anaplan and ERP work on SAP — and 116 employees on a standalone basis at 31 March 2026. Revenue was Rs 16.57 Cr in FY23, Rs 24.07 Cr in FY24 and Rs 28.53 Cr in FY25, rises of 45.26% and then 18.53%, while EBITDA was Rs 1.42 Cr, Rs 4.13 Cr and Rs 10.03 Cr, or 8.57%, 17.16% and 35.16% of revenue. The Rs 54.66 Cr issue was entirely fresh capital, with the offer-for-sale component at zero, priced at Rs 110 to Rs 116 against a face value of Rs 10, and open from 5 to 9 June 2026. It listed on NSE Emerge on 12 June 2026 at Rs 92.80 against the band top of Rs 116, closed day one at Rs 97.40, and last traded at Rs 77.10 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 GenXAI Analytics, 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 2007 · Jaipur, Rajasthan, India · 116 employees

GenXAI Analytics is a Jaipur-headquartered IT services company that builds and runs enterprise planning and analytics systems for corporate clients. Its two main practices are Enterprise Performance Management, delivered mainly on the Anaplan connected-planning platform, and Enterprise Resource Planning, delivered on SAP S/4HANA, SAP Analytics Cloud and SAP Business Technology Platform. It also does data engineering, application development, web design and generative-AI work, and deploys proprietary products with clients. Customers are businesses in BFSI, technology, media and telecommunications, consumer goods and retail, and manufacturing. The company served 79 clients in Fiscal 2025, up from 46 in Fiscal 2023, and had 116 employees on a standalone basis at March 31, 2026, of whom 14 were contractual consultants. Offices are in Singapore, California and Delaware alongside seven Indian cities.

Revenue is billed on a time-and-resource basis: man-month rates in India, man-hour rates in the United States and man-day rates in Asia-Pacific, with subscription pricing on platform-based work. The main input is people, so employee benefits dominate costs — Rs 1,264.25 lakhs against Rs 2,853.18 lakhs of revenue from operations in Fiscal 2025 — and salaries are paid monthly while B2B clients settle on extended credit cycles. That mismatch is the structural constraint: working capital was Rs 623.82 lakhs at March 31, 2025, funded partly by short-term borrowings, while trade payables stay minimal because there is little to buy in. Demand is concentrated: the top ten customers were 65.23% of Fiscal 2025 revenue, under no long-term contracts.

The company on paper

Legal name: GenXAI Analytics Limited
IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first: 12 Jun 2007
CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA: U74140RJ2007PLC024587
Sector: Information Technology · Enterprise performance management and ERP implementation services (Anaplan and SAP) with data engineering and analytics
Employees: 116
Registered office: Jaipur, Rajasthan, India
Promoters: Rakesh Agarwal, Lakshmi Agarwal
Promoter holding, pre-issue: 90.3%
Promoter holding, post-issue: 66.5%
Website: genxai.com

The numbers

Financial performance

Revenue has compounded at 31.2% 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: ₹54.66 Cr
Offer for saleExisting shares — proceeds go to the selling shareholders: ₹0
Total issue size: ₹54.66 Cr
Shares offered in the OFS: —
Pre-issue shares outstanding: —
Employee discount: ₹10 per share
Market maker portionSME issues require a market maker to provide two-way quotes: 2,37,600

What the issue does to ownership

Share of paid-up equity before and after the offer. The promoters give up 23.8% 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 subscription17.07×

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: ₹116.00
Listed at: ₹92.80
Listing gain: down 20.0%
Since listing: down 12.1%
Against the issue price: down 29.7%

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: ₹116.00
Amount blocked: ₹2,78,400

One lot is 1200 shares at ₹1,39,200. This issue requires a minimum of 2 lots, so the smallest application is ₹2,78,400. 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.

~8%

chance of one lot, per application

Retail subscription: 12.59×
Applicants per share available: 12.6× 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.

₹92.80

listed at, −20.0% against the issue price

Issue price: ₹116.00
Premium said: —
If allotted 1200 shares: −₹27,840

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 rose at both year-on-year steps the record carries: Rs 16.57 Cr in FY23 to Rs 24.07 Cr in FY24, a rise of 45.26%, and on to Rs 28.53 Cr in FY25, a rise of 18.53%. The second step was the smaller of the two.
EBITDA was a wider share of revenue at each year present: Rs 1.42 Cr on Rs 16.57 Cr in FY23 (8.57%), Rs 4.13 Cr on Rs 24.07 Cr in FY24 (17.16%) and Rs 10.03 Cr on Rs 28.53 Cr in FY25 (35.16%). In FY25 EBITDA was 142.86% higher than FY24's Rs 4.13 Cr, on revenue 18.53% higher.
Profit after tax was Rs 0.84 Cr in FY23, Rs 2.65 Cr in FY24 and Rs 6.55 Cr in FY25 — 5.07%, 11.01% and 22.96% of the revenue of those years — and net worth across the same three years was Rs 1.77 Cr, Rs 4.43 Cr and Rs 11.03 Cr.
The company profile states it served 79 clients in Fiscal 2025 against 46 in Fiscal 2023, and that it had 116 employees on a standalone basis at 31 March 2026, of whom 14 were contractual consultants, with offices in Singapore, California and Delaware alongside seven Indian cities.

What to weigh against it

The company profile states that the top ten customers were 65.23% of Fiscal 2025 revenue and that they are under no long-term contracts.
Total borrowings were higher at each step on record: Rs 0.82 Cr in FY23, Rs 4.11 Cr in FY24 and Rs 7.27 Cr in FY25. Against net worth of Rs 1.77 Cr, Rs 4.43 Cr and Rs 11.03 Cr, borrowings were 0.46x, then 0.93x, then 0.66x of net worth, so that multiple did not move in a single direction across the three years.
The issue was subscribed 17.07 times overall on 9 June 2026, with QIB at 17.58x, NII at 31.26x and retail at 12.59x. It listed at Rs 92.80 against a band top of Rs 116, closed day one at Rs 97.40, and last traded at Rs 77.10 on 23 October 2026, 33.53% below that band top.
The record carries no valuation block, no peer set, no offer objects and no post-issue share count, so the Rs 110 to Rs 116 band cannot be placed against earnings, against peers, or against stated uses of the Rs 54.66 Cr raised using this record alone.

Easy to miss in the prospectus

The newest financial period in the record ends on 31 March 2025 (FY25, revenue Rs 28.53 Cr). The issue opened on 5 June 2026 and listed on 12 June 2026, and no financial period after FY25 is present in the record.
Promoter holding is 90.28% pre-issue and 66.49% post-issue, a fall of 23.79 percentage points. The whole of the Rs 54.66 Cr is fresh issue, which is 4.96x the FY25 net worth of Rs 11.03 Cr.
The profile states employee benefits of Rs 1,264.25 lakhs against revenue from operations of Rs 2,853.18 lakhs in Fiscal 2025, which is 44.31% of that revenue, and working capital of Rs 623.82 lakhs at 31 March 2025.

Straight from the filing

Read it yourself

Every figure on this page comes out of these. Go and check them.

GenXAI Analytics — Prospectus dated 2026-06-1010 Jun 2026Filed after pricing, with every placeholder filled in.Opens on nsearchives.nseindia.com

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: Choice Capital Advisors Private Limited
RegistrarAllotment status is checked on the registrar's own site: Bigshare Services Private Limited

How these figures were checked

Reconciled to GenXAI Analytics's own prospectus and to exchange disclosures, then cross-checked against 5 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.

NSE Emerge - GenXAI Analytics Limited final Prospectus dated June 10, 2026 · read 16 Oct 2026
NSE Emerge - GenXAI Analytics DRHP dated December 1, 2025 · read 16 Oct 2026
NSE cash-market bhavcopy, 12-Jun-2026 (listing day; GENXAI, series ST, ISIN INE1W0N01014) · read 16 Oct 2026
NSE IPO bid details API, GENXAI (final snapshot 09-Jun-2026 19:00) · 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: 5 Jun 2026
Closes: 9 Jun 2026
Allotment: 10 Jun 2026
Lists: 12 Jun 2026
Revenue (FY25): ₹28.53 Cr
Profit (FY25): ₹6.55 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.