Logiciel Solutions Limited

CLOSED 🏛️ BSE SME

BSE SME IPO · IPO Guide

📄 View RHP

Price Band

₹183 – ₹193

Lot Size

600Shares

Min. Investment

₹115,800

Listing Platform

BSE SME

Subscription

1.99x

Expert Rating

Neutral

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Lot Size Calculator (Rs 193/share)

Application	Lots	Shares	Amount
🏷️ Retail (Min)	1	600	₹1,15,800
🏷️ Retail (Max)	2	1,200	₹2,31,600
💼 S-HNI (Min)	3	1,800	₹3,47,400
💼 S-HNI (Max)	8	4,800	₹9,26,400
💼 B-HNI (Min)	9	5,400	₹10,42,200

As per financials, Logiciel Solutions Limited has shown steady growth, RoNW is 32.80% and P/E is 36.29, 26.33 and 20.28 respectively as per FY24, FY25 and annualised FY26 earnings. So issue looks fully priced, sudden rise in net profit just before IPO & higher trade receivables raises doubts. Company is a software development firm, delivering end-to-end custom software solutions, which is highly competitive & growing business segment. BRLM is vey new. So, we give NEUTRAL rating for this IPO. Readers must consult a qualified financial advisor prior to making any actual investment decisions.

As on Date	QIB	NII	RII	Total
Shares Offered / Reserved	1,00,200	10,32,600	9,34,800	20,67,600
Day 1 28-11-25	0 (0)	4,23,600 (0.41)	15,45,600 (1.65)	19,69,200 (0.95)
Day 2 01-12-25	1,800 (0.02)	5,71,800 (0.55)	24,30,000 (2.6)	30,03,600 (1.45)
Day 3 02-12-25	1,32,600 (1.32)	7,77,600 (0.75)	32,02,800 (3.43)	41,13,000 (1.99)

Open Date	Nov 28, 2025
Close Date	Dec 02, 2025
Allotment Date	Dec 04, 2025
Listing Date	Dec 05, 2025
Listing Platform	BSE SME
Face Value	₹ 10 Per Equity Share
Issue Price	₹ 183 to ₹ 193 Per Equity Share
Issue Size	Total Issue of up to 24,40,800 Equity Shares aggregating up to ₹47.11 Cr Fresh Issue of up to 20,67,600 Equity Shares aggregating up to ₹39.90 Cr Offer for Sale of up to 3,73,200 Equity Shares aggregating up to ₹7.20 Cr
Retail Min Lot	1 Lot (600 Shares - ₹ 1,15,800)
S-HNI Min Lot	3 Lots (1,800 Shares - ₹ 3,47,400)
S-HNI Max Lot	8 Lots (4,800 Shares - ₹ 9,26,400)
B-HNI Min Lot	9 Lots (5,400 Shares - ₹ 10,42,200)
Promoter Shareholding	82.78% (Pre-Issue) 59% (Post-Issue)
Lead Manager	Fintellectual Corporate Advisors Private Limited

Logiciel Solutions Limited is an experienced outsourced software development firm, delivering end-to-end custom software solutions to enterprises and startups worldwide. The expertise spans Cloud Engineering, AI/ML, UI/UX Design, and ApplicationDevelopment, leveraging cutting-edge technologies to build high-performing digital solutions. Company's core operations are anchored at the central development centre in Ludhiana, Punjab, which houses the majority of the engineering and delivery teams. While a large portion of the workforce operates from the primary development centre, they also maintain a strategically structured remote engineering workforce across India. As on October 31, 2025, they have the 107 Employees in the payroll. As per financial performance, Logiciel Solutions Limited has posted total income / net profits of Rs 14.09 Cr / 1.34 Cr (FY23), Rs 17.10 Cr / Rs 3.97 Cr (FY24), Rs 21.19 Cr / 5.47 Cr (FY25) and Rs 12.82 Cr / 3.55 (upto Q2 FY26). So as per previous financials data, company has shown steady growth, but sudden rise in net-profit just before IPO raises doubts. Also trade receivables is around 49% of FY25 total sales. Company has an average EPS of Rs 8.10 and average RoNW of 38.13% for last three fiscals. Issue is priced at a P/BV of 4.08 as per NAV of Rs 47.25/- as on 30.09.25. If we attribute latest earnings of FY24, FY25 and annualised FY26 on equity post issue, then asking price is at a P/E of around 36.29, 26.33 and 20.28 respectively. As per RHP, comparison between listed peers is shown in above table. On BRLM's front, Fintellectual Corporate Advisors Private Limited is associated with this SME IPO, and has handled 2 SME IPOs in last two fiscal years. From last 2 IPOs, all opened above issue price on the day of listing. As of now, from last 2 IPOs, one is trading below issue price and remaining all are trading above issue price. ( As on 25.11.25 ) As per financials, Logiciel Solutions Limited has shown steady growth, RoNW is 32.80% and P/E is 36.29, 26.33 and 20.28 respectively as per FY24, FY25 and annualised FY26 earnings. So issue looks fully priced, sudden rise in net profit just before IPO & higher trade receivables raises doubts. Company is a software development firm, delivering end-to-end custom software solutions, which is highly competitive & growing business segment. BRLM is vey new. So, we give NEUTRAL rating for this IPO. Readers must consult a qualified financial advisor prior to making any actual investment decisions.

Offer for Sale

1
Offer for Sale Sell 3,73,200 upto equity shares (Rs 7.20/- Cr) of the selling shareholders of the company. Issue related expenses. Fresh Issue Capital Expenditure towards upgrading of physical infrastructure. ( Rs 1.85/- Cr ) Investment in Human Resources through Manpower hiring. ( Rs 15.27/- Cr ) Capital expenditure towards upgradation of IT infrastructure. ( Rs 4.17/- Cr ) Funding for business development and marketing activities. ( Rs 2.50/- Cr ) General Corporate Purposes.
2
Sell 3,73,200 upto equity shares (Rs 7.20/- Cr) of the selling shareholders of the company.
3
Issue related expenses.

Fresh Issue

1
Capital Expenditure towards upgrading of physical infrastructure. ( Rs 1.85/- Cr )
2
Investment in Human Resources through Manpower hiring. ( Rs 15.27/- Cr )
3
Capital expenditure towards upgradation of IT infrastructure. ( Rs 4.17/- Cr )
4
Funding for business development and marketing activities. ( Rs 2.50/- Cr )
5
General Corporate Purposes.
6
All matter published here is purely for educational and information purposes only and under no circumstances should be used for making investment decision
7
Readers must consult a qualified financial advisor prior to making any actual investment decisions, based on information published on this applicatio
8
Above information is based on information available as on date coupled with market perception

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Disclaimer

No financial information whatsoever published herein, should be construed as an offer to buy or sell securities, or as information to make investment decisions, or as an official confirmation of any transaction. All matter published herein is purely for educational and informational purposes only and under no circumstances should be used for making investment decisions. Readers must consult a qualified financial advisor prior to making any actual investment decisions.

Period	Total Income	Total Expenses	Profit After Tax (PAT)
Upto Q2 FY26	12.82	8.07	3.55
FY25	21.19	13.63	5.47
FY24	17.10	11.77	3.97
FY23	14.09	12.34	1.34

Company	P/B Ratio	P/E Ratio	RoNW	Total Revenue (Cr)
Logiciel Solutions Limited Current	4.08	26.33	32.80%	211
Kody Technolab Limited	11.8	52.8	%	72
Systango Technologies Limited	4.62	17.2	23.4%	84
Infobeans Technologies Limited	3.86	22.1	12.4%	437

Logiciel Solutions Limited

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