ENS Enterprises IPO
smelistedAbout the company
Incorporated in January 2016, ENS Enterprises is a technology company focused on digital commerce enablement and software development, with operations spanning e-commerce, ONDC integration, custom software, mobile applications, cloud and DevOps, digital marketing and proprietary SaaS products. The company operates with an asset-light business model and serves corporates, SMEs and government-linked initiatives and has built capabilities across the digital commerce value chain from technology consulting and platform development to deployment, maintenance and digital growth services. It was also empanelled as a Technology Service Provider under the Government of India’s ONDC initiative in 2022. ENS follows a hybrid revenue model comprising one-time project fees, recurring retainers/managed services and subscription-based offerings. Project revenue is generally linked to the scope and complexity of digital commerce implementations, while recurring contracts cover areas such as hosting, maintenance, analytics and AI-enabled enhancements. The company also has a sizable focus on R&D and is working across AI/ML, generative AI, predictive analytics, IoT, blockchain and cloud-native technologies. ENS primarily operates as a B2B technology service provider, with corporate clients forming the end-user base. Its target customers include FMCG companies, technology and consumer electronics companies, telecom and infrastructure players, public-sector and government-linked programmes, as well as e-commerce marketplaces and aggregators. The top 10 customers accounted for ₹35.54 crore or 69.1% of revenue from operations in FY26, compared with 60.1% in FY25 and 87.1% in FY24. India remains the core market for ENS, contributing ₹45.69 crore or 88.9% of revenue from operations in FY26, although the international contribution has been increasing. Revenue from outside India stood at ₹5.68 crore or 11.1%, in FY26 compared with 8.9% in FY25 and 9.1% in FY24. Within the domestic business, Maharashtra was the largest contributor at ₹15.55 crore, accounting for 34.1% of total revenue, followed by Delhi at 18.8%, Uttar Pradesh at 15.9%, Tamil Nadu at 8.2%, and others. The top 10 suppliers accounted for ₹25.94 crore, or 90.8% of total cost of services in FY26, compared with 91.3% in FY25.
GMP trend (Grey Market Premium by date)
| Date | GMP (₹) | Est. Listing | Change |
|---|---|---|---|
| 18 Aug | ₹0 | ₹92 | 0 |
| 17 Aug | ₹0 | ₹92 | -1 |
| 16 Aug | ₹1 | ₹93 | -2 |
| 15 Aug | ₹3 | ₹95 | +2 |
| 14 Aug | ₹1 | ₹93 | +1 |
| 13 Aug | ₹0 | ₹92 | 0 |
| 12 Aug | ₹0 | ₹92 | -1 |
| 11 Aug | ₹1 | ₹93 | 0 |
Strengths
- Strong revenue growth, with FY26 revenue rising 100% year-on-year to ₹56.68 crore.
- Profitability has improved significantly, with FY26 PAT increasing 117.3% to ₹8.04 crore.
- EBITDA grew 110.95% to ₹11.56 crore in FY26, while the EBITDA margin improved to 20.40%.
- Presence in international markets, including the US, UK, Japan, Singapore and Canada.
- Offers digital commerce, software development and technology-related solutions across multiple client segments.
- IPO proceeds are planned for upgrading products, strengthening IT infrastructure, repaying borrowings and general corporate purposes.
Risks
- Relatively small scale of operations compared with established IT and technology companies.
- Dependence on the Indian market remains a key revenue-concentration risk.
- Limited operating history, with the company incorporated in 2016.
- Relatively small workforce could limit the company's ability to handle multiple large-scale projects simultaneously.
- Technology and software businesses face intense competition and rapidly changing technology requirements.
- As an SME IPO, the stock may face lower liquidity and higher price volatility after listing.
Financial performance (₹ Cr)
Subscription breakup (final, times)
IPO Roadmap / Timeline
IPO Opens
Completed14 Aug 2026Bidding starts for all investor categories
IPO Closes
Completed18 Aug 2026Last day to place your bid
Basis of Allotment
Completed20 Aug 2026Share allotment finalised
Refund Initiation
Completed21 Aug 2026Refunds credited for non-allottees
Credit to Demat
Completed22 Aug 2026Allotted shares credited to demat account
Listing on Exchange
Completed21 Aug 2026Shares list on NSE / BSE
Post-close dates are indicative as per SEBI T+3 listing framework and may change per registrar updates.
Lot size & minimum investment
| Investor Type | Min Lots | Min Shares | Min Amount | Max Lots | Max Amount | Notes |
|---|---|---|---|---|---|---|
| Retail / Individual | 1 | 1200 | ₹110,400 | 1 | ₹110,400 | 1 lot only |
| HNI | 2 | 2400 | ₹220,800 | 2 | ₹220,800 | Min 2 lots |
Shares reserved per category & allotment probability
| Category | Reservation | Shares Offered | Amount (₹ Cr) | Shares Bid | Subscribed | Allotment % |
|---|---|---|---|---|---|---|
| QIB | 50% | 1,843,576 | 16.5 | 0 | 0.00x | 100% |
| NII | 15% | 553,073 | 4.95 | 3,589,444 | 6.49x | 15.4% |
| Retail | 35% | 1,290,503 | 11.55 | 335,531 | 0.26x | 100% |
Retail is a lottery-based allotment when oversubscribed; QIB/NII get pro-rata. Probability ≈ 1 / subscription times (100% if under-subscribed).
Date-wise daily subscription (all categories)
| Date / Day | Retail (x) | QIB (x) | NII (x) | EMP (x) | OTHER (x) | Total (x) | Total |
|---|---|---|---|---|---|---|---|
14 Aug Day 1 | 0.04x | 0.00x | 1.10x | 0.00x | 0.00x | 0.09x | 1.23x |
15 Aug Day 2 | 0.16x | 0.00x | 3.55x | 0.00x | 0.00x | 0.41x | 4.12x |
16 Aug Day 3 | 0.21x | 0.00x | 4.95x | 0.00x | 0.00x | 0.53x | 5.69x |
17 Aug Day 4 | 0.24x | 0.00x | 6.49x | 0.00x | 0.00x | 0.69x | 7.42x |
18 Aug Day 5 | 0.26x | 0.00x | 6.49x | 0.00x | 0.00x | 0.69x | 7.44x |
Date-wise cumulative subscription figures per category, refreshed each bidding day.