iValue Infosolutions Limited – IPO Reviews 2025, Analysis and Notes

Recommendation: Neutral

Key Highlights

Company Background:

iValue Infosolutions Limited (“iValue”) is a technology services and solutions integrator specializing in cybersecurity, cloud, data center infrastructure, and managed services. Founded in 2008 and headquartered in Bengaluru, the company operates through eight Indian offices and international subsidiaries in Singapore, Sri Lanka, Cambodia, and UAE, with reach into Bangladesh, Nepal, Bhutan, and Kenya. Backed by a strong partner ecosystem of 101+ OEMs and 648+ system integrators, iValue has served over 3,600 corporates across BFSI, IT/ITeS, e-commerce, manufacturing, and government sectors. By delivering multi-OEM, pre-integrated solution stacks, the company positions itself as a leading value-added distributor, ensuring digital optimization, protection, and transformation.

Market Opportunity:

The Indian IT infrastructure and cybersecurity industry represents a large and expanding opportunity, driven by rapid digital adoption, regulatory compliance needs, and increasing cyber threats. Valued at around USD 28–30 billion in FY2025, the sector is expected to grow at a double-digit CAGR over the next five years, fueled by investments in cloud migration, data protection, application security, and managed services. Enterprises across BFSI, IT/ITeS, e-commerce, and manufacturing are prioritizing scalable, secure, and integrated solutions to safeguard digital assets and enable transformation. Despite robust growth, the market remains fragmented, with strong demand for valueadded distributors and technology enablers capable of delivering multiOEM, pre-integrated solutions.

Comprehensive Value-Added Distribution Platform:

iValue operates a comprehensive, value-added distribution model integrating multi-OEM technologies across cybersecurity, cloud, data center, and information lifecycle management. Partnering with 100+ global OEMs and 600+ system integrators, it delivers pre-integrated solutions for BFSI, IT/ITeS, e-commerce, manufacturing, and government sectors. Its expertise in design, implementation, and managed services differentiates it from traditional distributors, fostering deeper engagement and client stickiness. This ecosystem-driven model enhances scalability, supports higher margins, and builds entry barriers, while a customer-centric approach positions iValue as a trusted technology enabler in India’s digital economy.

Strong Market Presence with Diversified Customer Base:

iValue’s strength lies in its broad and diversified presence across geographies and industries, enabling resilience and sustainable growth. With operations spanning eight offices in India and subsidiaries in Singapore, Sri Lanka, Cambodia, and the UAE, the company caters to clients across South Asia, the Middle East, and Africa. Serving over 3,600 corporates between FY22FY24, iValue has established deep relationships in high-growth sectors such as BFSI, telecom, IT/ITeS, manufacturing, and e-commerce. This wide coverage reduces concentration risk while creating cross-selling opportunities across solution stacks. Its ability to address varied customer needs through localized expertise and global best practices reinforces its reputation as a trusted partner, enhancing competitive positioning.

Financials:

For FY24, iValue posted revenue of ₹780.2 crore, down from ₹796.8 crore in FY23. EBITDA stood at ₹111.1 crore with a 14.2% margin. The net profit for FY24 was ₹70.6 crore, reflecting a PAT margin of 8.9%. On the valuation front, at the upper price band of ₹299, the IPO is valued at 17.8x FY24 P/E based on post-issue capital.

Key Risks:

A key risk for iValue arises from its reliance on non-exclusive, short-term agreements with OEMs and system integrators, which may be terminated without cause. The business depends on OEMs to maintain quality, launch new products, and ensure timely delivery. Intense competition, talent retention challenges, and no proceeds from the Offer for Sale further heighten operational and growth risks.

Issue Highlights

Offer Structure

Lead Book Running Managers

• IIFL Securities Limited

• Motilal Oswal Investment Advisors Limited

Registrar to the Offer

• Kfin Technologies Limited

Research Analyst

Vinay Kalani
📧 vinay.kalani1@religare.com

Research Team

• Ajit Mishra – ajit.mishra@religare.com

• Abhijeet Banerjee – abhijeet.banerjee@religare.com

• Gaurav Sharma – gauravsharma2@religare.com

• Ashwani Harit – ashwani.harit@religare.com

• Divya Parmar – divya.parmar@religare.com

• Vinay Kalani – vinay.kalani1@religare.com

• Rajan Gupta – rajan.gupta1@religare.com

• Author: Religare Broking
• Last Updated: September 22, 2025