India’s IPO market continues to witness strong investor participation, and Infinity Infoway Limited, a leading SaaS company specialising in customised cloud-based ERP solutions, is set to tap the capital markets. The IPO opens on September 30, 2025, providing an opportunity for investors to participate in the growth of a tech-driven company serving education, manufacturing, retail, construction, and HR sectors.
About Infinity Infoway Ltd.
Incorporated in 2008, Infinity Infoway Limited provides cloud-based ERP solutions tailored to the needs of educational institutions and industries. Its flagship Campus Management System is deployed in 26 universities, managing student administration, attendance, exams, and academic monitoring. The company also delivers Industrial ERP solutions covering sales, accounting, GST, CRM, and supply chain modules, deployed across 13 enterprises in the last three fiscal years.
Additional offerings include:
- Web development and digital learning platforms
- Online exam portals and QPDS
- Custom ERP development
- Business process consulting
- ERP support and manpower outsourcing
Clientele: Nirma University, Saurashtra University, Shivaji University, IISER, HiBond Cement, Davat Beverages, Kich – Steel for Life, and others.
Competitive Strengths:
- Expert management with deep domain knowledge
- AI-enabled products aligned with the National Education Policy 2020
- Proven track record in ERP implementation
- Strong financial performance and robust product portfolio
Infinity Infoway IPO Details
Infinity Infoway IPO is a book-building issue of ₹24.42 crore, entirely a fresh issue of 0.16 crore shares. The IPO will list on the BSE SME.
IPO Timeline:
| Event | Date (Tentative) |
| IPO Open Date | Sep 30, 2025 |
| IPO Close Date | Oct 3, 2025 |
| Tentative Allotment | Oct 6, 2025 |
| Initiation of Refunds | Oct 7, 2025 |
| Credit of Shares to Demat | Oct 7, 2025 |
| Tentative Listing Date | Oct 8, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on Oct 3, 2025 |
Key IPO Details:
| Parameter | Details |
| Face Value | ₹10 per share |
| Issue Price Band | ₹147 – ₹155 per share |
| Lot Size | 800 shares |
| Total Issue Size | 15,75,200 shares (₹24.42 Cr) |
| Sale Type | Fresh Capital |
| Reserved for Market Maker | 79,200 shares (₹1.23 Cr) |
| Net Offered to Public | 14,96,000 shares (₹23.19 Cr) |
| Listing At | BSE SME |
| Shareholding Pre-Issue | 38,77,000 shares |
| Shareholding Post-Issue | 54,52,200 shares |
Investor Category Reservation:
| Investor Category | Shares Offered |
| Market Maker | 79,200 (5.03%) |
| QIB | 6,80,800 (43.22%) |
| NII (HNI) | 2,06,400 (13.10%) |
| Retail | 4,79,200 (30.42%) |
| Employee | 1,29,600 (8.23%) |
| Total | 15,75,200 (100%) |
Lot Size & Investment:
| Application | Lots | Shares | Amount |
| Retail (Min) | 2 | 1,600 | ₹2,48,000 |
| Retail (Max) | 2 | 1,600 | ₹2,48,000 |
| S-HNI (Min) | 3 | 2,400 | ₹3,72,000 |
| S-HNI (Max) | 8 | 6,400 | ₹9,92,000 |
| B-HNI (Min) | 9 | 7,200 | ₹11,16,000 |
| Employee (Min) | 2 | 1,600 | ₹2,48,000 |
| Employee (Max) | 4 | 3,200 | ₹4,96,000 |
Promoter Holding:
- Promoters: Bhaveshkumar Dhirajlal Gadhethriya, Dhirajlal Bhanjibhai Gadhethariya, Rinaben Bhaveshkumar Gadhethariya
- Pre-IPO: 96.34%
- Post-IPO: NA
Book Running Lead Manager: Holani Consultants Pvt. Ltd.
Registrar: Bigshare Services Pvt. Ltd.
Infinity Infoway Ltd.: Financials
Financial Highlights (₹ Crore):
| Period Ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
| Assets | 14.92 | 8.10 | 3.59 |
| Total Income | 13.48 | 10.35 | 5.38 |
| Profit After Tax | 4.19 | 3.47 | 0.94 |
| EBITDA | 6.16 | 4.91 | 1.46 |
| Net Worth | 12.68 | 5.03 | 1.58 |
| Total Borrowing | 0.23 | 0.48 | 0.70 |
Key Performance Indicators (FY2025):
- Market Cap: ₹82.31 Cr
- ROE: 47.33%
- ROCE: 43.95%
- RoNW: 33.06%
- PAT Margin: 31.77%
- EBITDA Margin: 46.70%
- Price to Book Value: 4.74
- EPS Pre-IPO: ₹11.22 | Post-IPO: ₹7.89
- P/E Pre-IPO: 13.81x | Post-IPO: 19.64x
Objects of the Issue
| S.No | Object | Expected Amount (₹ Cr) |
| 1 | Development of the Product ZEROTOUCH Device as a Service (“DaaS”) | 3.75 |
| 2 | Purchase of new IT Infrastructure and Certification | 2.61 |
| 3 | Funding of Tender Deposits and Earnest Money Deposits (EMD) | 4.00 |
| 4 | Funding incremental Working Capital Requirements | 8.58 |
| 5 | General corporate purposes | Balance |
Industry Outlook
The Indian SaaS and ERP market continues to expand, supported by:
- Growing adoption of cloud-based solutions in education, manufacturing, and retail
- Government initiatives like the National Education Policy 2020 are encouraging tech-enabled learning
- Increasing demand for AI-driven ERP systems to enhance operational efficiency
- Small and medium enterprises seeking scalable ERP solutions
Infinity Infoway’s established presence in universities and industrial ERP deployment, along with AI-enabled solutions, positions it well to capture the growing market opportunity.
Infinity Infoway IPO: Peer Comparison
Infinity Infoway IPO can be compared with peers like Tally Solutions Pvt Ltd, Focus Eduventures Ltd, SAP India Pvt Ltd, Ramco Systems Ltd, and Greytip Software Ltd. Reviewing these companies helps investors gauge Infinity Infoway’s position in the SaaS and ERP sector and make informed decisions.
Conclusion
Infinity Infoway IPO provides investors access to a growing SaaS company with a proven ERP product portfolio. Strong client base, innovative solutions, and consistent revenue growth make it attractive. Potential investors should consider risks such as tech obsolescence, competitive pressures, and dependency on key clients for revenue.
If you are exploring more investment opportunities, check out our dedicated page on upcoming IPO listings to stay updated on the latest market offerings.
