EverestIMS' ₹48.46 Cr SME IPO Subscribed 274x, Lists October 8

Bengaluru-based SaaS company EverestIMS Technologies has closed its ₹48.46 crore SME IPO with a blockbuster 273.68x subscription — one of the most oversubscribed SME issues of this season — and lists on the BSE SME platform on October 8, 2026.

The issue ran September 29–October 5 at a price band of ₹80–85 per share (lot size 1,600 shares; minimum retail investment ₹2,72,000). It comprised a fresh issue of ₹39.05 crore (46 lakh shares) and an offer for sale of ₹9.41 crore (11.01 lakh shares) by promoters and employees.

Demand was extraordinary: investors placed bids for 111.87 crore shares worth ₹9,510 crore through 2.04 lakh applications, against an offer of just 40.88 lakh shares. Non-institutional investors led at 406.34x, followed by retail at 268.3x and QIBs at 148.63x. The grey market was pricing the shares at about a 49% premium ahead of listing.

Founded in 2017 and led by MD/CEO Satish Kumar Vijayaragavan, EverestIMS provides SaaS and on-premise products for digital transformation, IT operations and service management — including AIOps, GenAI-powered ITSM, IT infrastructure management and its flagship Infraon Infinity platform for remote monitoring of networks, servers and applications. It sells directly and through its US subsidiary Infraon Corp, with offices in Bangalore, Mumbai and Gurugram.

Of the proceeds, ₹6 crore will fund IT hardware for an AI Innovation and Experience Laboratory, ₹30 crore goes to working capital, and the rest to general corporate purposes. Allotment was finalised on October 6.