IPO Details

Bidding Dates

15 Mar '24 - 19 Mar '24

Minimum Investment

₹ 115,200 / 1 Lot ( 1200 Shares )

Price Range

₹91 - ₹96

Maximum Investment

₹ 115,200 / 1 Lot ( 1200 Shares )

Retail Discount

To be announced

Issue Size

₹22.44 Cr

Investor category and sub category

Retail Individual Investors  |   Non-Institutional Investors  |   Qualified Institutional Buyers (QIB)  |  

IPO Dates

Important dates with respect to IPO allotment and listing

Anchor Date

Mar 14, 2024

Opening Date

Mar 15, 2024

Closing Date

Mar 19, 2024

Basis of Allotment

Mar 20, 2024

Initiation of Refunds

Mar 21, 2024

Credit of Shares to Demat

Mar 21, 2024

Listing Date

Mar 22, 2024

Cut-off time for UPI mandate confirmation

Mar 19, 2024

Enfuse Solutions IPO Subscription Details


Day 1Mar 15, 2024

1.93X 5.21X 12.85X 8.09X

Day 2Mar 18, 2024

3.57x 35.14x 61.82x 39.45x

Day 3Mar 19, 2024

99.97x 953.22x 248.42x 357.31x

Enfuse Solutions IPO Subscription Status Live

Investor Category Subscription (Times)
Qualified Institutions 99.97
Non-Institutional Buyers 953.22
Retail Investors 248.42
Total 357.31

About Enfuse Solutions Limited

Founded in 2019 with a Delivery Centre in Mumbai, Maharashtra, the company expanded with a second centre in Vikroli, Mumbai. Enfuse Solutions Ltd generates its revenue from both domestic and international operations, majorly from service exports to countries including the USA, Ireland, the Netherlands, and Canada.

Enfuse Solutions Ltd specialises in delivering comprehensive digital solutions across a variety of domains, including

  1. Data Management & Analytics,
  2. E-commerce & Digital Services,
  3. Machine Learning & Artificial Intelligence, and
  4. Edtech & Technology Solutions.
The company leverages a combination of custom-designed data processes, skilled delivery teams comprising generalists and domain experts, and proprietary software to enhance and automate various processes.

Enfuse Solutions Ltd serves a wide range of clients, from startups to established blue-chip companies across sectors like Technology, BFSI, Retail, FinTech, and more. Recently, it secured a project worth ₹64.53 Crores from Maharashtra's Commissioner for Co-operation & Registrar of Cooperative Societies to implement a computerisation project for Primary Agricultural Credit Societies (PACS), covering software operationalisation, data digitisation, testing, support centers, and compliance reporting.

Industry Outlook

  1. In fiscal year 2023, India's IT export earnings experienced a growth of approximately 9% in constant currency, reaching a total of around US$ 194 billion.
  2. Over half of these exports, specifically more than 53%, were attributed to IT services, marking them as the primary source of IT export revenue, inclusive of hardware.
  3. Additionally, the exports in the Business Process Management (BPM) sector, along with engineering, research and development (ER&D), and software products, constituted 22% and 25% of the overall IT exports, respectively, during the same fiscal year.

Enfuse Solutions Limited IPO Details

Enfuse Solutions Limited IPO Dates

The IPO of Enfuse Solutions Limited is open for subscription from March 15, 2024, to March 19, 2024.

Enfuse Solutions Limited IPO's Price Band

Enfuse Solutions Limited’s IPO is a fresh issue IPO of up to ₹22.44 crore. It is a book-building issue. The price range is set to ₹91 to ₹96 per share.

Enfuse Solutions Limited IPO's Lot Size

The lot size for Enfuse Solutions Limited’s IPO is 1,200 shares with a minimum investment of ₹1,15,200.

Enfuse Solutions Limited IPO's Objectives

The company plans to allocate the net proceeds from the issuance to the following purposes:

  1. Enfuse Solutions Ltd intends to use ₹383.93 lakhs from the IPO proceeds for the repayment of particular debts the company has incurred.
  2. An allocation of ₹1,050.00 lakhs from the IPO funds is earmarked by Enfuse Solutions Ltd for bolstering its working capital, ensuring smooth business operations.
  3. General Corporate Purposes.

Peer Details

As per RHP, the listed peer whose business portfolio is comparable to the Enfuse Solutions are as follows:

  1. Insolation Energy Limited,
  2. eClerx Services Limited,
  3. Systango Technologies Limited

How To Check the Allotment Status of Enfuse Solutions Limited’s IPO?

Steps to check IPO allotment status on Angel One’s app:

  • Log in to the Angel One app.
  • Go to the IPO Section and then to IPO Orders.
  • Select the individual IPO that you had applied for and check the allotment status.
  • As such, Angel One will notify you of your IPO allotment status via push notification and email.

Contact Details of Enfuse Solutions Limited

Registered office: A/1503, Bonaventure Building No.5, Rangnath Kesar Road, Dahisar West, Mumbai 400068, Maharashtra, India.

Contact Person: Shubhra Maheshwari (Company Secretary and Compliance Officer)

Phone: +91-22-28118383

E-mail: cs@enfuse-solutions.com

IPO Financials

Particulars For the period Ended on December 31, 2023 Year ending on March 31, 2023 Year ending on March 31, 2022 Year ending on March 31, 2021
Total Income (in ₹ lakh) 2,805.28 2,610.42 2,556.64 1,720.26
EBITDA Margin (%) 18.96% 19.05% 12.65% 12.87%
Profit After Tax (PAT) (in ₹ lakh) 322.50 292.73 198.11 155.43
PAT Margin (%) 11.51% 11.22% 7.76% 9.04%
Cash & Cash Equivalents (in ₹ lakh) 191.34 13.48 24.90 19.26
Debt to Equity Ratio(x) 0.93 0.37 0.66 -
Return on Equity (%) 39.88% 58.42% 77.49% 197.02%
Return on Capital Employed (RoCE) (%) 24.05% 46.61% 46.71% 133.23%
Earning Per Share (EPS)-in absolute ₹ 4.95 4.50 3.04 2.39

Know before investing


  1. Enfuse Solutions Limited boasts a broad international market reach, with a significant portion of its revenue coming from exports, enhancing its global client base and technological adaptability.

  2. The company serves a wide array of industries, including Technology, BFSI, Retail, and more, through subcontracting agreements, catering to both startups and established enterprises.

  3. Enfuse Solutions offers diverse services like Data Management, E-commerce, Machine Learning, and Edtech, leveraging new technologies for business growth and improved client outcomes.


  1. Enfuse Solutions Limited heavily relies on a few key customers, with the top three contributing up to 99.93% of revenue, posing a significant risk if these relationships end.

  2. Rapid technological shifts in the IT sector demand Enfuse Solutions Limited to continuously innovate and update services, failing which could jeopardise its competitive edge.

  3. The company's success hinges on securing and keeping highly skilled professionals in a competitive industry, essential for project execution and new client acquisition.

  4. Despite thorough testing, Enfuse Solutions Limited's services might contain errors, potentially harming its reputation, incurring high correction costs, delaying revenue, and leading to legal challenges.

  • How to Apply in IPO
  • How to Check IPO Allotment Status

Login to Angel One App / Website & click on IPO

Select desired IPO & tap on "Apply"

Enter UPI ID, set quantity/price & submit

Accept mandate on the UPI app to complete the process

Login to Angel One App / Website

Choose IPO section on Home Page

Click IPO Orders

Chose the IPO application you want to view the status for

Enfuse Solutions Limited IPO FAQs

What is Enfuse Solutions Limited's IPO?

Enfuse Solutions Limited IPO is a fresh issue of up to ₹22.44 Crore. It is a book-built issue.

When will Enfuse Solutions Limited's IPO be allotted?

The Enfuse Solutions Limited’s shares will be allotted on March 21, 2024.

When will Enfuse Solutions Limited's IPO open for subscription?

The IPO subscription window for Enfuse Solutions Limited will open on March 15, 2024.

What minimum lot size can retail investors subscribe to?

Retail investors can apply for at least one lot, which is a size of 1,200 shares, with a sum of ₹1,15,200.

When will Enfuse Solutions Limited list on exchanges?

Enfuse Solutions Limited will be listed on NSE Emerge. The stock will be listed on March 22, 2024.

How do I check the allotment status of Enfuse Solutions Limited?

Steps to check IPO allotment status on Angel One’s app:

  • Log in to the Angel One app
  • Go to the IPO Section and then to IPO Orders
  • Select the individual IPO that you had applied for and check the allotment status.
  • As such, Angel One will notify you of your IPO allotment status via push notification and email.

What would be the listing gains on Enfuse Solutions Limited's IPO?

Listing gains cannot be ascertained before the listing of the IPO on the stock exchange.

I have finished the application process for Enfuse Solutions Limited, but the funds still need to be debited. What is the reason?

Initially, the bank will only block the amount in your account. The money will not be debited until the stocks are allotted to you.

How do I approve the UPI mandate request for Enfuse Solutions Limited's IPO?

You must complete the payment process by logging in to your UPI handle and approving the payment mandate.

Can I submit more than one application for the public issue of Enfuse Solutions Limited using one PAN?

You can submit only one application using your PAN card.