Japan's Fujita Corporation-backed Neilsoft refiles IPO papers, reduces fresh issue size

Neilsoft IPO

Pune-based engineering services and solutions provider Neilsoft, which is backed by the Japan-based Fujita Corporation, has refiled its preliminary papers with the SEBI for its initial public offering, while reducing the fresh issue size.

The IPO will be a combination of fresh issuance of equity shares worth Rs 90 crore, and an offer-for-sale of 80 lakh shares by the existing shareholders including promoters, as per the draft papers filed on May 26.

The company has reduced its fresh issue size from Rs 100 crore planned at the time of filing previous DRHP on December 26, 2024. The SEBI had returned these draft papers on March 10, 2025.

Promoters hold 54.43 percent shareholding in the company and the remainder 45.47 percent shares are owned by public shareholders including Japanese construction company Fujita Corporation (14.14 percent stake), Small Industries Development Bank of India (6.49 percent), and SICOM (4.93 percent).

The company will utilise Rs 63.5 crore out of net fresh issue proceeds for capital expenditure, and the remainder funds for general corporate purposes.

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Neilsoft is a technology-driven engineering services and solutions company, catering to the architecture, engineering and construction, manufacturing, and industrial plant segments. Engineering services business contributed 72.3 percent to topline and engineering solutions 27.7 percent.

The company that competes with listed entities like KPIT Technologies, Onward Technologies, Cyient, L&T Technology Services, and Tata Technologies has delivered 24 percent growth in profit at Rs 57.9 crore for the year ended March 2024 and 12 percent increase in revenue at Rs 325.9 crore compared to previous fiscal. Profit in the nine months period ended December 2024 stood at Rs 41.2 crore on revenue of Rs 289.1 crore.

Merchant bankers - Equirus Capital, and IIFL Capital Services - will manage the Neilsoft IPO.