Updated on 25.11.2025 @ 12:43 PM
Exato Technologies Limited is launching its Initial Public Offering (IPO) on the BSE SME platform.
It is a tech company providing Customer Experience-as-a-Service (CXaaS) and AI solutions,
The subscription for this public issue will open on November 28, 2025, and close on December 2, 2025.
The company aims to raise up to ₹37.45 crores through an issue that includes a fresh issue of shares and a small Offer for Sale (OFS).
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The price band has been fixed at ₹133 to ₹140 per share, with a minimum lot size of 1,000 shares.
The IPO is generating a massive buzz in the unlisted market, with a powerful Grey Market Premium (GMP) of ₹80, signalling robust demand and high expectations for a blockbuster listing.
In this article, you will find Exato Technologies IPO GMP today, subscription status, allotment date, price band, and a detailed, unbiased review.
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Briefs of Exato Technologies IPO Details
- Price Band: ₹133 to ₹140 per share
- IPO Open / Close Dates: November 28, 2025 – December 2, 2025
- Lot Size: 1,000 Shares
- Issue Size: ₹37.45 Crores (Fresh Issue of ₹29.97 Cr + OFS of ₹5.60 Cr)
- Fresh Issue / OFS: Both
- Registrar: GYR Capital Advisors Pvt.Ltd.
- Listing Exchange: BSE SME
What is The Exato Technologies IPO GMP Today?
- Note: The current Grey Market Premium (GMP) of ₹80 suggests a potential listing premium of a spectacular 57% over the upper price band. GMP is an unofficial indicator of listing day performance and changes frequently, but such a strong premium indicates very high demand.
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What Are The Exato Technologies IPO Dates & Allotment Schedule
- IPO Open & Close Date: November 28, 2025 – December 2, 2025
- Basis of Allotment Date: December 3, 2025
- Refund Initiation Date: December 4, 2025
- Credit of Shares: December 4, 2025
- Listing Date: December 5, 2025
What Are The Objectives of Exato Technologies IPO?
The company intends to utilise the net proceeds from the fresh issue for its growth and product development:
- Funding Working Capital Requirements (₹15.73 Crores): To manage its operational needs and support business expansion.
- Investment in Product Development (₹6.80 Crores): To fund the commercialisation of its proprietary software platforms.
- Repayment of Borrowings (₹2.53 Crores): To reduce its outstanding debt.
- General Corporate Purposes: The balance amount will be used for other strategic requirements.
- Note: The proceeds from the Offer for Sale (OFS) of ₹5.60 crores will go to the selling promoter and not the company.
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How is The Financial Performance of Exato Technologies?
(Amounts in ₹ Crores)
Particulars | Period Ended: 30 Sep 2025 | Period Ended: 31 Mar 2025 | Period Ended: 31 Mar 2024 | Period Ended: 31 Mar 2023 |
Total Income | 71.53 | 126.16 | 114.91 | 73.13 |
Profit After Tax (PAT) | 7.26 | 9.75 | 5.31 | 5.06 |
EBITDA | 11.46 | 15.95 | 9.07 | 6.12 |
Net Worth | 49.6 | 42.33 | 27.02 | 21.71 |
Reserves and Surplus | 41.96 | 42.29 | 26.99 | 21.69 |
Total Borrowing | 27.98 | 31.63 | 16.52 | 6.21 |
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Exato Technologies has shown a strong growth trajectory.
Its revenue has grown consistently, and its profitability has also seen a healthy upward trend, with profit after tax (PAT) nearly doubling in two years.
However, this is countered by a major red flag: the company has reported negative cash flow from operating activities in FY24 and the first half of the current fiscal year (H1-FY26), indicating struggles in converting profits into cash. And this may be a reason for increasing borrowings.
Source: RHP
What is The P/E Ratio & Peer Comparison
Based on its Fiscal Year 2025 earnings per share (EPS) of ₹13.86, the IPO is priced at a Price-to-Earnings (P/E) multiple of approximately 10.1x at the upper end of the price band (₹140).
P/E Ratio = ₹140 (Price) / ₹13.86 (Earnings Per Share)
P/E Ratio ≈ 10.1x
This valuation is extremely attractive when compared to its much larger peer, Black Box Limited, which trades at a P/E of around 46x. This bargain pricing is a key factor driving the strong grey market interest.
Industry Outlook
Exato operates in the high-growth CXaaS (Customer Experience-as-a-Service) and AI services market. The company helps large enterprises manage and enhance customer engagement through technology solutions.
As a NICE Platinum Partner, it has strong credentials in this space. The global AI and CXaaS markets are projected to grow at a CAGR of over 20%, providing a massive tailwind for companies like Exato.
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What Are The Strengths and Risks of Exato Technologies IPO?
Strengths:
- Strong Financial Growth: The company has a proven track record of growing revenues and profits.
- Very Attractive Valuation: The IPO is priced at a steep discount to its listed peer, offering a potential valuation upside.
- High-Growth Industry: Operates in the fast-growing CXaaS and AI services sector.
- Strong Partnerships: Holds top-tier partner status with global tech leaders like NICE.
Risks:
- Extreme Customer Concentration: The top 10 customers contribute over 88% of the company's revenue, a major business risk.
- Negative Operating Cash Flow: The company's recent inability to generate cash from its core operations is a major concern.
- Geographical Concentration: A substantial portion of the company's revenue comes from Maharashtra and Madhya Pradesh.
- SME Segment Risks: SME stocks are often less liquid and more volatile.
What Are The Expert Recommendations – Should You Apply?
Subscribe (For Listing Gains)
The Exato Technologies IPO is a classic case of an attractive valuation and strong market sentiment clashing with significant underlying business risks.
- For Long-Term Investors: The extreme customer concentration and negative cash flow are fundamental weaknesses that make this a very high-risk long-term bet.
- For Listing Gains: The strong Grey Market Premium of ₹80 is impossible to ignore. It indicates massive demand and suggests a very high probability of a strong listing. The attractive P/E of just over 10x is the primary driver of this sentiment.
- Our View: The IPO is a high-risk proposition from a fundamental standpoint. However, the combination of a bargain valuation and powerful market momentum makes it a compelling opportunity for short-term gains. We recommend "Subscribe for Listing Gains". Investors should consider booking profits on listing day given the underlying business risks.
Key Takeaways
- IPO Price Band: ₹133 to ₹140 per share
- Lot Size: 1,000 Shares (Note: The minimum application for retail investors is for 2 lots or 2,000 shares, costing ₹2,80,000, which falls into the sHNI category).
- GMP Today: ₹80 (Indicating a very strong premium of ~57%)
- Allotment & Listing Dates: Tentative listing on December 5, 2025.
- Recommendations of experts: Subscribe for listing gains. A very attractively valued IPO with strong market sentiment, but long-term investors should be cautious of the fundamental risks.
FAQs on Exato Technologies IPO
What is Exato Technologies IPO price band?
The price band for the IPO is set at ₹133 to ₹140 per equity share.
What is Exato Technologies IPO allotment date?
The allotment of shares is tentatively expected to be finalized on Wednesday, December 3, 2025.
How to check Exato Technologies IPO allotment status?
You can check the allotment status on the website of the IPO registrar once the basis of allotment is finalised.
What is Exato Technologies IPO listing date?
The company's shares are tentatively scheduled to be listed on the BSE SME platform on Friday, December 5, 2025.
Should I apply for Exato Technologies IPO?
This is a high-risk IPO due to fundamental weaknesses. However, the very strong market interest and healthy Grey Market Premium make it attractive for listing gains. Long-term investors should proceed with caution.
Disclaimer:
Not financial advice. Please verify IPO details independently before making investment decisions.
