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Informist, Tuesday, Jun. 30, 2026

MUMBAI – Stalwart People Services India Ltd. has filed a draft red herring prospectus with the Securities and Exchange Board of India for an initial public offering. The offer comprises a fresh issue of shares aggregating up to INR 1.5 billion and an offer for sale of up to 5.26 million shares with a face value of INR 5 per share.

Promoters Christopher Arvinth and Caroline Mendez will offload up to 2.63 million shares each. The public offer will be made through the book-building process. Bajaj Capital Securities Ltd. is the book-running lead manager of the offer and KFin Technologies Ltd. is the registrar. Shares of the company are proposed to be listed on both the National Stock Exchange and BSE.

Stalwart People Services is a business service provider offering solutions to its clients to streamline routine operations by managing their various business support service needs, and enabling them to focus on their core business activities. A wide range of security solutions comprising both manned guarding and artificial intelligence-enabled video surveillance are offered. It also offers analytics through the company's proprietary platform 'Intelisenz', facilities management services including hard and soft facilities management services, and staffing services across diverse organisational requirements. Security services, facilities management services, and staffing solutions are the business segments of the company.

The company will use INR 650 million of the proceeds to fund working capital expenditure requirements. It will use INR 400 million for the pre-payment or re-payment of all or a portion of certain outstanding borrowings availed by the company. The amount to be used for general corporate purposes will not exceed 25% of the gross proceeds, the company said in the draft papers.

Qualified institutional buyers will be allocated up to 50% of the shares on offer. Not less than 15% of the offer will be available for allocation to non-institutional bidders, while not less than 35% will be available for allocation to retail individual bidders, according to the draft papers.

Among the risk factors, the company pointed to any adverse development in South India, where a significant portion of the company's revenue comes from, could materially affect its business. For the nine months ended December, 78.3% of the company's total revenue from operations was from this region.

Any failure to scale, maintain, upgrade, or secure the AI-based video surveillance platform is likely to adversely affect the company's business prospects, results of operations, and financial condition, it said. The company is also exposed to service-related claims and losses or employee disruptions, as well as employee-related regulatory risks, as it has a large workforce deployed across workplaces and client sites. Insufficient cash flows from operations or inability to borrow funds to meet its working capital requirements may materially affect business and results of operations, the company said in the draft papers.

For the nine months ended December, the company reported a consolidated net profit of INR 224.94 million on revenue of INR 4.74 billion. For 2024–25 (Apr-Mar), the company's consolidated net profit was INR 173.07 million, and for FY24 it was INR 141.04 million.

There is only one tax proceeding against the company, which aggregates to INR 16.94 million. There are no criminal proceedings or material civil litigation against the company, it said in the draft papers.  (Arundathi A R)  End

Edited by Avishek Dutta

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