Fujita Corp-backed Neilsoft refiles draft IPO papers; cuts fresh issue size

Fujita Corporation-backed Neilsoft Ltd has refiled its draft papers with markets regulator Sebi to raise funds through an initial public offering (IPO). The IPO will have a combination of a fresh issue of shares worth Rs 90 crore and an offer-for-sale (OFS) of 80 lakh shares by promoters and existing shareholders, according to the draft red herring prospectus filed on Monday.

The company has reduced its fresh issue size from Rs 100 crore planned at the time of filing draft papers in December 2024. The regulator had returned these preliminary papers in March this year.

Neilsoft, a technology-driven engineering services and solutions company, plans to use Rs 69.63 crore to fund capital expenditure and the rest for general corporate purposes.

Founded in 1991, Neilsoft provides customised engineering services, including AEC design solutions, industrial plant design, and manufacturing equipment and production line design. It also offers Engineering Process Outsourcing (EPO) services and develops tailored software applications to enable digital transformation.

The Pune-headquartered company’s revenue from operations increased by 12 per cent from Rs 291 crore in the fiscal 2023 to Rs 326 crore in FY24. Profit after tax increased by 24 per cent from Rs 46.64 crore in the fiscal 2023 to Rs 57.85 crore in FY24.

For the three months ended June 30, 2024, revenue from operations was Rs 88.24 crore and PAT stood at Rs 14.09 crore. Equirus Capital and IIFL Capital Services are the book-running lead managers. The equity shares are proposed to be listed on the NSE and BSE.