Identixweb Limited, a custom Shopify app development company, is set to launch its initial public offering (IPO) with a fresh issue of 30.80 lakh shares, valued at ₹16.63 crores. The subscription period runs from March 26 to March 28, 2025, ahead of the company's planned listing on the BSE SME platform on April 3, 2025. Investors can follow Identixweb’s market debut as it steps into the public domain, aiming to expand its presence in the e-commerce technology sector.
The IPO offers equity shares with a face value of ₹10, priced within a band of ₹51 to ₹54 per share, with a lot size of 2,000 shares. Retail investors can participate with a minimum investment of ₹1,02,000 (1 lot), while High Net-worth Individuals (HNIs) need to subscribe to at least 2 lots (₹2,16,000). The post-subscription process is set to move swiftly, with share allotment on April 1, 2025, followed by the listing on April 3, 2025. As Identixweb takes this significant step toward growth, investors have an opportunity to engage with a rising player in India’s e-commerce technology development space.
Identixweb Limited IPO is a fundraise worth ₹16.63 crores comprising purely of a fresh issue with 154,000 shares reserved for the market maker Spread X Securities Private Limited. Qualified Institutional Buyers are being offered not more than 50% of the net issue, retail investors are being offered not less than 35% of the net issue and Non-Institutional Investors (NIIs) / High Net-worth Individuals (HNIs) are being offered not less than 15% of the net issue. The IPO will be available for subscription from March 26, 2025, to March 28, 2025, providing an opportunity for investors looking to gain a stake in the e-commerce technology space.
| Identixweb IPO date | March 26, 2025 - March 28, 2025 |
| Price band / Fixed price | ₹51 to ₹54 per share |
| Face value | ₹10 per share |
| Lot size | 2,000 shares |
| Issue type | Book Built Issue IPO |
| Fresh issue size | 30,80,000 shares amounting to ₹16.63 crores |
| Total issue size | 30,80,000 shares amounting to ₹16.63 crores |
| Listing at | BSE SME |
| Market maker portion | 1,54,000 - Spread X Securities Pvt Ltd |
| Shareholding post-issue | 1,04,41,550 shares |
| Shareholding pre-issue | 73,61,550 shares |
The Identixweb Limited IPO opens for subscription on March 26, 2025, and closes on MArch 28, 2025, with allotment scheduled for April 1, 2025.
| IPO open date | March 26, 2025 (Wednesday) |
| IPO close date | March 28, 2025 (Friday) |
| Basis of allotment | April 1, 2025 (Tuesday) |
| Initiation of refunds | April 2, 2025 (Wednesday) |
| Credit of shares to Demat account | April 2, 2025 (Wednesday) |
| Listing date on BSE / NSE SME | April 3, 2025 (Thursday) |
| Cut-off time for UPI mandate confirmation | 5 PM on March 28, 2025 (Friday) |
Founded in 2017, Identixweb Limited is a technology firm specializing in e-commerce solutions, particularly Shopify app development and custom web solutions. With a team of 64 employees as of February 2025, the company has delivered over 35 public Shopify apps and completed more than 100 projects across e-commerce, fashion, fintech, and SaaS industries.
The company offers comprehensive development services including Shopify applications, Node.js and PHP development, and custom web applications. Their product portfolio includes solutions like Stellar Delivery Date & Pickup for order management, iCart for increasing average order value, TablePress for creating embeddable data tables, and WooCommerce plugins for sales acceleration through effective upselling.
Identixweb Limited plans to utilize the net proceeds from its IPO for marketing investments to support growth in India and internationally, market research and product development through talent hiring, and investments in its subsidiary for product development. Additionally, a portion of the funds will be allocated for general corporate purposes, ensuring overall business expansion and operational efficiency.
The Identixweb Limited IPO’s key performance indicators, as on March 31, 2024, reflect the company's financial health with a Return on Equity of 37.70%, Return on Capital Employed (ROCE) at 57.25% and a Return on Net-Worth (RoNW) stands at 27.39%. The PAT Margin was 44.86% and the Price to Book Value was 3.84. The company’s market capitalisation is ₹56.38 crores.
| Period Ended | September 30, 2024 | March 31, 2024 | March 31, 2023 |
| Assets | 14.57 | 11.96 | 6.13 |
| Revenue | 4.79 | 6.66 | 6.27 |
| Profit After Tax | 2.00 | 2.77 | 1.35 |
| Net Worth | 12.3 | 10.29 | 4.67 |
| Reserves & Surplus | 4.94 | 2.93 | 4.59 |
| Total Borrowing | 0.11 | 0.11 | 0.46 |
Amount in ₹ crores
The pre-IPO EPS is at ₹3.76 while the post-IPO EPS will be ₹3.84. Similarly, the pre-IPO Price to Earnings ratio is 14.36 and will become 14.07 post-IPO.
Identixweb Limited benefits from a skilled professional team and strong leadership, enabling it to deliver tailored solutions and comprehensive development services. The company’s client-centric approach, combined with its focus on innovation and adaptability, allows it to stay ahead in the competitive technology sector. Additionally, Identixweb maintains high standards of quality, reliability, and support, ensuring strong customer satisfaction and long-term client relationships. These factors contribute to the company’s ability to provide customized web solutions and Shopify app development, catering to diverse industry needs.
Financially, the company has demonstrated strong performance metrics, with a healthy Return on Equity (ROE) of 58.71% and Return on Capital Employed (ROCE) of 64.88% over the past three years. Moreover, Identixweb has successfully reduced its debt by ₹0.50 crore, making it virtually debt-free. This strong financial position enhances its ability to invest in future growth initiatives, maintain operational stability, and expand its market presence without significant financial constraints.
Despite its strengths, Identixweb faces significant revenue concentration risk, as a major portion of its revenue is generated from a single client, Shopify Inc. Any adverse developments affecting this partnership could negatively impact its financial performance. Additionally, the company’s promoters and directors are involved in certain legal proceedings, and any unfavorable rulings could lead to liabilities or penalties, potentially affecting business operations and investor confidence. Furthermore, sustaining consistent growth remains a challenge, as failure to anticipate market needs or introduce timely new solutions could weaken the company's competitive edge.
Operationally, the company is exposed to risks associated with cash flow fluctuations and costly, time-consuming product development processes. Undetected software defects or delays in hiring talent for its planned expansion could affect product rollouts, impacting revenue and customer satisfaction. Identixweb also does not own its office premises, which poses potential risks if there are disputes regarding lease agreements. Additionally, the absence of definitive agreements for hiring talent under its Munim ERP Private Limited subsidiary may delay planned expansions, affecting the company’s growth trajectory and financial position.
Investing early in Identixweb Limited offers a chance to be part of the company's growth in e-commerce technology development. However, before making a decision, investors should evaluate key aspects such as the company's financial health, operational history, industry trends, and expansion plans, while ensuring alignment with their investment goals and risk tolerance. To make an informed choice, it is advisable to carefully review the offer document and, if necessary, seek professional financial guidance before participating in this IPO.
What is the Identixweb Limited IPO?
The Identixweb Limited IPO is a BSE SME offering consisting of 30.80 equity shares with a face value of ₹10 per share, aiming to raise ₹16.63 crores. The price band has been set between ₹51 to ₹54 per share, with a minimum order quantity of 2,000 shares. This IPO will be open for subscription from March 26, 2025, to March 28, 2025. Beeline Capital Advisors Private Limited is the book-running lead manager, Skyline Financial Services Private Limited is the registrar while Spread X Securities Private Limited is the market maker.
When will the Identixweb IPO open?
The Identixweb Limited IPO will open for subscription on March 26, 2025, and will close on March 28, 2025.
When is the Identixweb IPO listing date?
The tentative listing date for the Identixweb Limited IPO is Thursday, April 3, 2025.
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