More Stories

Informist, Wednesday, Jul. 1, 2026

MUMBAI – Pragyawan Technologies Ltd. Tuesday filed a draft red herring prospectus with the Securities and Exchange Board of India for its initial public offering of shares. The offer comprises a fresh issue of INR 4 billion and an offer for sale of up to 15 million shares. Each share will have a face value of INR 2. Promoters Puneet Jain and Shefali Jain will offload 7.5 million shares each under the offer for sale, according to the draft papers.

The company plans to use INR 3.04 billion from the proceeds of the fresh issue to fund its working capital requirements. Of this amount, the company will deploy INR 1.42 billion in the financial year 2026-27 (Apr-Mar) and INR 1.62 billion in FY28.

Pragyawan Technologies provides skill development and training products and delivers utility solutions and operations and maintenance services. For the nine months ended Dec. 31, the company had reported a net profit of INR 991 million on revenues of INR 7.8 billion.

On risk factors, the company said its revenues are generated from a diversified mix of customers that includes state and central public-sector undertakings across the two segments. This implies that the revenue from the segments is prone to fluctuation due to inability to secure new projects, and any downturn in any of the verticals can impact the company's operations and financials.

For the nine months ended Dec. 31, income of INR 5.9 billion from the skill development segment constituted nearly 76% of the total revenue. Sales of INR 1.9 billion from the utility solutions segment made up the rest of the top line. The company's order book stood at INR 16.5 billion, of which nearly INR 13 billion, or 79%, was from the utility solutions segment. Skill development constituted the remaining 21%, amounting to INR 3.5 billion.

Between FY23 and FY25, the company's revenue from operations grew at a compounded annual growth rate of 131%. "However, such historical growth rates may not be indicative of our future performance, and there can be no assurance that similar levels of growth will continue...," the company said.

There are four direct tax proceedings against the company, which amount to INR 1.16 million, and one indirect tax proceeding of INR 47.93 million, as of the day before the company filed the draft papers.

The initial public offering will be made by way of the book-building process. Not more than 50% of the offer will be available to qualified institutional buyers and not less than 35% of the offer will be allocated to retail investors for bidding. Non-institutional investors are allocated 15% of the offer. Pantomath Capital Advisors Pvt. Ltd. is the book-running lead manager for the public issue and MUFG Intime India Pvt. Ltd. is the registrar.  (Adhithya Aji)  End

Edited by Shubhayan Bhattacharya

For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.

Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd. by NSE Data & Analytics Ltd., a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt. Ltd.

Informist Media Tel +91 (22) 6985-4000 

Send comments to feedback@informistmedia.com

© Informist Media Pvt. Ltd. 2026. All rights reserved.