Updated on 5.12.2025 @ 9.25 AM
Logiciel Solutions Limited is launching its Initial Public Offering (IPO) on the BSE SME platform. It is an outsourced software development company specializing in IT solutions for the Home segment,
The subscription for Logiciel Solutions IPO will open on November 28, 2025, and close on December 2, 2025.
The company aims to raise up to ₹36.30 crores through a mix of a fresh issue and a small Offer for Sale (OFS) by its promoters.
The price band has been fixed at ₹183 to ₹193 per share, with a minimum lot size of 600 shares.
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Logiciel has demonstrated impressive financial growth and profitability, making it an interesting proposition for investors.
In this article, you will find Logiciel Solutions IPO GMP today, subscription status, allotment date, price band, and a detailed, unbiased review to help you make an informed decision.
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Briefs of Logiciel Solutions IPO Details
- Price Band: ₹183 to ₹193 per share
- IPO Open / Close Dates: November 28, 2025 – December 2, 2025
- Lot Size: 600 Shares
- Issue Size: 18,81,000 shares (aggregating up to ₹36.30 Crores)
- Fresh Issue: 15,90,600 shares (₹30.70 Crores)
- Offer for Sale (OFS): 1,86,600 shares (₹3.60 Crores)
- Registrar: MAASHITLA SECURITIES PRIVATE LIMITED
- Listing Exchange: BSE SME
Listing Updates
| Type | Issue Price | Open | Gain/loss |
| Lisiting | 193 | 154.4 | -20.0 |
Source: BSE India
What is the Logiciel Solutions IPO GMP Today?
Check the grey market premium of this and other ipos at our grey market premium hub page. (Grey Market Premium (GMP) is an unofficial indicator )
What Are The Logiciel Solutions 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 Logiciel Solutions IPO?
The company intends to utilise the net proceeds from the fresh issue for its growth and operational needs:
- Capital Expenditure: To upgrade its physical infrastructure and office space.
- Investment in Human Resources: To hire new talent and expand its workforce.
- Business Development & Marketing: To fund marketing initiatives and acquire new clients.
- General Corporate Purposes: The balance amount will be used for other strategic requirements.
- Note: The proceeds from the Offer for Sale (OFS) of ₹3.60 crores will go to the selling promoters and not the company.
How is the Financial Performance of Logiciel Solutions?
The following table summarizes the company's financial performance based on restated consolidated data.
(Amounts in ₹ Crores)
| Particulars | Period Ended 30 Sep 2025 | Year Ended 31 Mar 2025 | Year Ended 31 Mar 2024 | Year Ended 31 Mar 2023 |
Total Income | ₹12.83 | ₹21.20 | ₹17.10 | ₹14.09 |
Profit After Tax (PAT) | ₹3.55 | ₹5.47 | ₹3.97 | ₹1.34 |
EBITDA | ₹5.03 | ₹8.14 | ₹6.16 | ₹2.52 |
Net Worth | ₹27.28 | ₹23.72 | ₹9.66 | ₹5.69 |
Total Borrowings | Zero | ₹0.02 (1.53 lakhs) | ₹0.52 | ₹0.52 |
Source: RHP
Key Financial Observations:
Profit After Tax (PAT): The company's PAT has shown a remarkable upward trajectory, growing from ₹1.34 Crores in FY23 to ₹5.47 Crores in FY25. This indicates strong operational efficiency and an ability to scale profitably.
Total Income: Revenue has grown consistently, driven largely by export sales, with over 96% of revenue in FY25 coming from the US market. The growth reflects increasing demand for its custom software solutions.
EBITDA: Operational profit has more than tripled between FY23 and FY25, with EBITDA margins expanding significantly to nearly 79% in FY25. This highlights the company's high-margin service model.
Total Borrowings: The company is virtually debt-free, with zero outstanding borrowings as of September 2025. This clean balance sheet is a major positive, reducing financial risk.
Net Worth: The net worth has grown substantially, indicating strong retention of earnings and a solid equity base to support future expansion.
How is the P/E Ratio & Peer Comparison?
Based on its Fiscal Year 2025 earnings per share (EPS) of ₹10.00, the IPO is priced at a Price-to-Earnings (P/E) multiple of approximately 19.3x at the upper end of the price band (₹193).
This valuation appears quite attractive when compared to its listed industry peers.
| Company Name | P/E Ratio | RoNW (%) (FY25) | EPS (₹) |
Logiciel Solutions (at IPO price) | ~19.3x | 32.80% | 10.00 |
| Kody Technolab Ltd | 52.81x | 30.33% | 13.82 |
| Infobeans Technologies Ltd | 36.38x | 12.09% | 15.51 |
| Systango Technologies Ltd | 14.94x | 26.26% | 16.18 |
Analysis for Investors:
The industry average P/E is around 35.8x. Logiciel Solutions is being offered at a significant discount to this average and to peers like Kody Technolab and Infobeans. Furthermore, its Return on Net Worth (RoNW) of nearly 33% is superior to most of its competitors, indicating highly efficient use of capital. This combination of fair valuation and high efficiency makes it a compelling investment case.
Industry Outlook
- Logiciel Solutions operates in the global IT services sector, catering specifically to the 'Home' segment and startups.
- The demand for custom software development, especially in the US market, remains robust.
- With the growing need for digital transformation, cloud solutions, and specialized IT services, nimble players like Logiciel are well-positioned to capture market share by offering cost-effective and tailored solutions.
What are The Strengths and Risks of Logiciel Solutions IPO?
Strengths:
- Strong Financial Growth: Consistent revenue growth and a sharp increase in profitability over the last three years.
- High Profit Margins: EBITDA margins of ~39% and PAT margins of ~26% indicate a very healthy business model.
- Debt-Free Status: A zero-debt balance sheet provides financial stability and flexibility.
- Attractive Valuation: The IPO is priced reasonably compared to industry peers.
Risks:
- High Customer Concentration: A significant portion of revenue comes from a limited number of clients. The top customer contributes more than 50% of revenue, which is a major risk.
- Geographical Concentration: Over 96% of revenue is derived from the US market, exposing the company to geopolitical and economic risks in that region.
- Negative Operating Cash Flow: The company has reported negative cash flow from operations in FY24 and FY25, which investors should monitor closely.
- Foreign Exchange Risk: Since most revenue is in USD, currency fluctuations can impact profitability.
What are The Expert Recommendations – Should You Apply?
Subscribe
The Logiciel Solutions IPO presents an attractive opportunity to invest in a high-growth, profitable IT services company at a reasonable valuation.
- For Value Investors: The P/E of ~19.3x is a discount to the industry average, making it an attractive pick.
- For Growth Investors: The company's rapid profit growth and high return ratios are compelling indicators of future potential.
- Our View: Despite the risks of customer concentration and negative cash flow, the strong fundamentals, debt-free status, and attractive pricing outweigh the concerns. We recommend "Subscribe" for potential listing gains and long-term holding.
Key Takeaways
- IPO Price Band: ₹183 to ₹193 per share
- Lot Size: 600 Shares (Note: The minimum application for retail investors is for 2 lots or 1,200 shares, costing ₹2,31,600, which falls into the sHNI category).
- Allotment & Listing Dates: Tentative listing on December 5, 2025.
- Recommendations of experts: A "Subscribe" recommendation. A financially strong, debt-free company offered at an attractive valuation compared to its peers.
FAQs on Logiciel Solutions IPO
What is Logiciel Solutions IPO price band?
The price band for the IPO is set at ₹183 to ₹193 per equity share.
What is Logiciel Solutions IPO allotment date?
The allotment of shares is tentatively expected to be finalized on Wednesday, December 3, 2025.
How to check Logiciel Solutions IPO allotment status?
You can check the allotment status on the website of the IPO registrar once the basis of allotment is finalized.
What is Logiciel Solutions 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 Logiciel Solutions IPO?
Yes, this is a recommended IPO. The company has demonstrated strong financial performance, is debt-free, and is offered at a valuation that is attractive compared to its industry peers. However, investors should be aware of the high customer concentration risk.
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Disclaimer:
This content is for information and education only. It is not investment advice or a recommendation to buy, sell, or apply for any IPO. Market investments are subject to risks; please do your own research or consult a financial advisor before making any decisions.
