Japan's Fujita Corp-Backed Neilsoft Refiles For IPO With Reduced Fresh Issue

Japan's Fujita Corp.-backed Neilsoft Ltd., an engineering services and solutions firm, has refiled its initial-public-offering papers with SEBI. The refiling comes with a reduced fresh issue size, reflecting an adjustment from its earlier submission.

The revised IPO proposal, submitted on Monday, is a blend of both a fresh issuance of equity shares valued at up to Rs 90 crore and an offer for sale of up to 80 lakh shares by existing shareholders, including promoters. This marks a decrease from the previously planned fresh issue of Rs 100 crore, which was part of the DRHP filed on Dec. 26, 2024, according to the company. The earlier submission was returned by SEBI on March 10, 2025.

The company plans to allocate approximately Rs 63.5 crore from the net fresh issue proceeds towards capital expenditure, with the balance earmarked for general corporate purposes.

As things stand, promoters hold 54.43% of Neilsoft's shares, with the remaining 45.47% held by public shareholders. Notable public investors include Fujita Corp. with 14.14% stake, Small Industries Development Bank of India with 6.49%, and Sicom with 4.93%.

Established in 1991, Neilsoft is a technology-driven company specialising in engineering research and development. It serves clients across the architecture, engineering, and construction, manufacturing, and industrial plant sectors. The company's business is segmented into engineering services and engineering solutions, with engineering services contributing 72.3% to its top-line revenue and engineering solutions accounting for 27.7%.

For the fiscal year ended March 2024, Neilsoft reported a 24% growth in profit to Rs 57.9 crore and a 12% increase in revenue to Rs 325.9 crore. In the nine months ended December 2024, the company posted a profit of Rs 41.2 crore on revenue of Rs 289.1 crore.

Neilsoft competes with other listed entities in the sector, such as KPIT Technologies, Onward Technologies, Cyient, L&T Technology Services and Tata Technologies.

The IPO will be conducted through a book-building process, with a minimum of 75% of the offer allocated to qualified institutional buyers, 15% to non-institutional investors, and 10% to retail individual investors.

Equirus Capital Pvt. and IIFL Capital Services Ltd. are acting as the book-running lead managers for the issue, with Link Intime India Pvt. serving as the registrar. The equity shares are proposed to be listed on both the NSE and BSE.